10.05.2019 GEA Group Aktiengesellschaft  DE0006602006

DGAP-News: GEA Group Aktiengesellschaft: GEA confirms guidance for 2019 and introduces measures to improve earnings in Business Area Solutions


 

DGAP-News: GEA Group Aktiengesellschaft / Key word(s): Quarterly / Interim Statement/Restructure of Company
GEA Group Aktiengesellschaft: GEA confirms guidance for 2019 and introduces measures to improve earnings in Business Area Solutions

10.05.2019 / 07:30
The issuer is solely responsible for the content of this announcement.


GEA confirms guidance for 2019 and introduces measures to improve earnings in Business Area Solutions

- Order intake 7.6 % above previous year

- Revenue 1.7 % above previous year

- Promising development in service business in Business Area Equipment

- All parameters lie within expectations for the financial year


Düsseldorf, May 10, 2019 - Düsseldorf-based engineering group GEA posted order intake of around EUR 1.2 billion for the first quarter of 2019, a rise of 7.6 percent. With a slight increase of 1.7 percent to around EUR 1.1 billion, revenue was slightly up on the previous year - North and Central Europe, Asia Pacific and North America being the principal motors of growth. Apart from the Compression product group and the Dairy application center, all areas recorded growth. Service business in the Business Area Equipment posted above-average growth, leading to a rise in profit margins in this area. In contrast, a decline in the gross margin, higher selling expenses, and risk provisioning adversely affected the result of the Business Area Solutions. At EUR 74.6 million, group EBITDA before restructuring measures was around EUR 2.8 percent below the figure - adjusted for IFRS 16 - for the same quarter of the previous year. The return on capital employed (ROCE) was 12 percent in the first quarter. Both indicators, ROCE and EBITDA before restructuring measures, were in line with expectations. In order to create more transparency and comparability, GEA revised its management system for the current fiscal year. Therefore, as of this quarter, GEA has been applying the customary market indicators of EBITDA before restructuring measures, and ROCE.

"GEA made a solid start to 2019. The Business Area Equipment managed to increase earnings in the first quarter, thanks largely to higher revenues and a disproportionate increase in service business. As announced in March, we have now drawn up further measures to counter the decline in earnings in the Business Area Solutions in the short term, this following the personnel changes already introduced there," said Stefan Klebert, CEO of GEA Group Aktiengesellschaft.

They include measures to address the issue of overcapacity in the short term - notably in the field of dairy processing - and the fixing of selective underperforming businesses. According to initial estimates, between 200 and 250 full time equivalents will be affected by the cuts at various locations around the world.

"These measures are the result of analyses conducted in recent weeks, and aim solely to optimize the operative business side of the Business Area Solutions. The provisions set aside for the planned restructuring will amount to between EUR 30 and 45 million and will probably be posted in the second quarter of the year. All in all, we can confirm our forecast for the 2019 financial year," said Stefan Klebert.

At the same time, GEA is working on plans to restructure the future organization of the group, which is to be communicated on June 24.
 

IFRS Key Figures of GEA

(EUR million) Q1
2019
Q1
2018
Change
in %

Results of operations
     
Order intake 1,186.3 1,102.6 7.6
Revenue 1,057.3 1,039.4 1.7
EBITDA before restructuring measures1 74.6 76.8 -2.8
as % of revenue 7.1 7.4 -
EBIT before restructuring measures1 27.0 28.0 -3.6
as % of revenue 2.6 2.7 -
EBIT 21.7 23.5 -7.8

Net assets
     
Working capital intensity in % (average of the last 4 quarters) 17.2 15.5 -
Net liquidity (+)/Net debt (-) -155.3 -162.9 4.7

Financial position
     
ROCE in % (goodwill adjusted)2 12.0 16.6 -
Full-time equivalents (reporting date) 18,718 18,073 3.6

GEA shares
     
Earnings per share (EUR)3 0.17 0.02 > 100
1) Before effects from restructuring (see Annual Report 2018, page 28 ff.); pro-forma figures for Q1 2018 incl. IFRS 16 effects from 2019.
2) Capital employed excluding goodwill from the acquisition of the former GEA AG by former Metallgesellschaft AG in 1999 (average of the last 4 quarters); pro-forma figures for Q1 2018 incl. IFRS 16 effects from 2019.
3) 2019 incl. interest income of around EUR 26 million due to an adjustment in the method of calculating interest when measuring provisions for long-term liabilities. The adjustment in the method of calculating interest is a change in an accounting estimate according to IAS 8.36.
 

Corporate Media and Press:
Marc Pönitz
Peter-Müller-Str. 12, 40468 Düsseldorf, Germany
Phone +49 211 9136-1500
[email protected]

About GEA
GEA is one of the largest suppliers for the food processing industry and a wide range of other industries that generated consolidated revenues of approximately EUR 4.8 billion in 2018. The international technology group specializes in machinery, and plants as well as process technology and components. GEA provides sustainable energy solutions for sophisticated production processes in various end-user markets and offers a comprehensive service portfolio. The group generates around 70 percent of its revenue in the food and beverages sector that enjoys long-term sustainable growth. As of December 31, 2018, the company employed more than 18,500 people worldwide. GEA is a market and technology leader in its business areas. The company is listed on the German MDAX (G1A, WKN 660 200), the STOXX(R) Europe 600 Index and selected MSCI Global Sustainability Indexes. Further information is available on the Internet at gea.com.


Contact:
GEA Group Aktiengesellschaft
Phone +49 (0)211 9136 1081
Fax +49 (0)211 9136 31087
gea.com



10.05.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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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
EQS News ID: 809595

 
End of News DGAP News Service

809595  10.05.2019 

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 4.604,51 4.828,21 4.879,70 4.635,05 4.702,91 5.164,71 5.373,49
EBITDA1,2 563,90 431,20 374,40 478,33 569,27 654,04 713,77
EBITDA-Marge3 12,25 8,93 7,67 10,32 12,11 12,66
EBIT1,4 380,91 259,78 -109,09 221,18 379,71 460,98 519,70
EBIT-Marge5 8,27 5,38 -2,24 4,77 8,07 8,93 9,67
Jahresüberschuss1 243,31 113,53 -170,67 96,83 305,17 401,43 392,76
Netto-Marge6 5,28 2,35 -3,50 2,09 6,49 7,77 7,31
Cashflow1,7 262,00 262,66 478,00 715,22 682,00 469,33 533,57
Ergebnis je Aktie8 1,31 0,63 -0,95 0,54 1,70 2,28 2,28
Dividende8 0,85 0,85 0,85 0,85 0,90 0,95 0,80
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: KPMG

INVESTOR-INFORMATIONEN
©boersengefluester.de
GEA Group
WKN Kurs in € Einschätzung Börsenwert in Mio. €
660200 39,440 Kaufen 6.796,74
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
14,61 23,66 0,61 28,87
KBV KCV KUV EV/EBITDA
3,05 12,74 1,26 9,00
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,95 1,00 2,54 30.04.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
08.05.2024 07.08.2024 06.11.2024 07.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
5,96% 9,30% 4,64% -6,63%
    
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