19.10.2016
GEA Group Aktiengesellschaft DE0006602006
DGAP-Adhoc: GEA Group Aktiengesellschaft: Preliminary Q3-figures, adjustment of Guidance for 2016
GEA Group Aktiengesellschaft / Key word(s): Quarter Results/Change in Forecast
19.10.2016 23:52
Disclosure of an inside information according to Article 17 MAR,
transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Ad-hoc notification pursuant to sec. 15 WpHG
Preliminary Q3-figures, adjustment of Guidance for 2016
Düsseldorf, October 19, 2016 - Based on preliminary figures for September
2016, GEA expects for Q3 2016 sales around EUR 1,100 million (last year EUR
1,107 million, -1.8% organic change - i.e. adjusted for currency and
acquisition effects - against Q3 2015), order intake around EUR 1,084
million (last year EUR 1,068 million, 0.3% organic change against Q3 2015)
and operating EBITDA* around EUR 113 million (last year EUR 144 million).
Influencing factors for sales
- Business Area Solutions:
Slower execution mainly of dairy processing projects - in large parts
customer induced - and decline in cooling solutions for the oil and gas
industry leading to an approx. 4.5% organic decline
- Business Area Equipment:
Limited overall growth in light of an organic decline of approx. 8% in the
dairy farming business
Influencing factors for order intake
Only slight organic growth due to delays in the placement of larger dairy
processing orders which were expected for Q3 2016, as well as a continuing
investment-restraint in the dairy farming and oil and gas industries.
Influencing factors EBITDA
- Business Area Solutions:
Cost overruns in a couple of large projects including additional provisions
for remaining risks from these; adverse operating leverage effect from
approx. 4.5% organic sales decline of the entire business area in Q3 2016
compared to previous year
- Business Area Equipment:
Adverse operating leverage effect from 8% organic sales decline in the
dairy farming business during Q3 2016 compared to previous year
The figures for September revealed that adverse impacts for the group had
accrued to such an extent that further potentials to fully mitigate these
impacts until year's end by countermeasures such as additional saving
initiatives seemed exhausted. While all other businesses are on track, they
cannot mitigate the above mentioned adverse effects any more.
As a consequence, GEA adjusts its guidance for the financial year 2016 with
assumptions unchanged as follows:
- Moderate sales decline against prior year (previously: moderate
increase)
- An operating EBITDA* of around EUR 570 million including approx. EUR 10
million from the acquisition Imaforni (previously: guided range between
EUR 645 million and EUR 715 million without Imaforni)
- Operating cash flow driver margin** around 10% (previously: 10.0-11.0%)
The mid-term financial targets given at the occasion of the Capital Markets
Day at the beginning of October 2016 are confirmed in all aspects (see CMD
2016 presentation p. 98; accessible at www.gea.com).
GEA's Q3 results will be published on 28 October 2016.
* operating EBITDA is defined in GEA's half-yearly financial report 2016,
p. 42
** operating cash flow driver margin is defined in GEA's half-yearly
financial report 2016, p. 3, FN 2
GEA's half-yearly financial report 2016 is accessible at www.gea.com.
Contact:
GEA Group Aktiengesellschaft
Phone +49 (0)211 9136 1492
Fax +49 (0)211 9136 31087
www.gea.com
19.10.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: GEA Group Aktiengesellschaft
Peter-Müller-Straße 12
40468 Düsseldorf
Germany
Phone: +49 (0)211 9136-0
Fax: +49 (0)211 9136-31087
E-mail: [email protected]
Internet: www.gea.com
ISIN: DE0006602006
WKN: 660200
Indices: MDAX
Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime
Standard), Hamburg, Munich; Regulated Unofficial Market in
Hanover, Stuttgart, Tradegate Exchange
End of Announcement DGAP News-Service
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