15.05.2020 GEA Group Aktiengesellschaft  DE0006602006

DGAP-News: GEA Group Aktiengesellschaft: GEA delivers very good first-quarter results in a challenging year


 

DGAP-News: GEA Group Aktiengesellschaft / Key word(s): Quarterly / Interim Statement
GEA Group Aktiengesellschaft: GEA delivers very good first-quarter results in a challenging year

15.05.2020 / 07:30
The issuer is solely responsible for the content of this announcement.


GEA delivers very good first-quarter results in a challenging year

  • Order intake (EUR 1.38 bn) up 16.0 percent
  • Revenue (EUR 1.09 bn) up 3.5 percent; share of service business reaches 34.3 percent
  • Book-to-bill ratio of 1.26 (previous year: 1.12)
  • EBITDA before restructuring measures (EUR 105 million) up 41 percent due to operational improvements and savings from ongoing restructuring programs

Düsseldorf, May 15, 2020 - With the coronavirus crisis affecting operating business only to a very minor extent in the first quarter of 2020, technology group GEA began the current financial year with significant increases in both order intake and EBITDA before restructuring measures. These positive developments were achieved largely due to the new group organization introduced in January as well as to operational improvements resulting from measures introduced last year to increase efficiency in the group.

At EUR 1.38 billion, order intake in the first quarter increased by 16.0 percent year on year, setting a new GEA record for first quarter in a financial year. Nearly all divisions posted gains in order intake. Five large orders with a total value of around EUR 140 million - three of them in the dairy processing sector - contributed significantly to the increase. With a 3.5 percent increase to EUR 1.09 billion, revenue also exceeded the prior-year figure. This resulted in a book-to-bill ratio (the ratio of order intake to revenue) of 1.26 for the first three months of 2020, compared to a figure of 1.12 a year earlier. The share contributed by the important service business increased from 32.7 to 34.3 percent.

In the first quarter, EBITDA before restructuring measures stood at EUR 105 million - an increase of 40.7 percent. This significant increase was primarily the result of substantial operational improvements in the Liquid & Powder Technologies and Refrigeration Technologies divisions. Despite lower revenue, the Farm Technologies division also posted higher earnings - largely due to new machinery business with improved margins and a higher share of service business.

ROCE (return on capital employed) rose to 12.3 percent (previous year: 12.0 percent). Net working capital stood at EUR 720 million as of March 31, 2020. Expressed as a ratio to revenue, last year's figure of 17.2 percent was therefore cut significantly to 14.6 percent. The group's net financial position improved greatly from a net debt of EUR 155 million in the previous year to net liquidity of EUR 10 million in the quarter under review.

"GEA had a very good start to the 2020 financial year. Even if the duration and, thus, the financial implications of Covid-19 remain difficult to predict, we confirm our outlook for 2020. Even in the current crisis, our customers are working at capacity, especially in the food and pharmaceutical sectors. And, as a reliable partner, we're on hand to provide them with all the support they need. Especially in these challenging times, GEA stands to benefit from its robust, forward-thinking business model. In addition, the measures we introduced last year mean we're now much better placed to deal with the challenges posed by Covid-19. That said, Covid-19 will undoubtedly have negative consequences for GEA too. Our job is to manage them throughout the course of the remaining year. But GEA is not dealing with a long-term problem here," said Stefan Klebert, CEO of GEA Group Aktiengesellschaft.

As announced at the start of April, due to Covid-19, GEA has rescheduled the Annual General Meeting originally due to be held in Düsseldorf on April 30, 2020. The new date is November 26, 2020. The company's proposed dividend of EUR 0.85 per share remains unchanged. Thanks to its robust operating position, on May 6, 2020 - the original dividend date - GEA paid shareholders the maximum possible advance payment of EUR 0.42 per share permitted by law.


IFRS Key Figures of GEA

(EUR million) Q1
2020
Q1
2019
Change
in %
Results of operations      
Order intake 1,376.7 1,186.3 16.0
Book-to-bill ratio 1.26 1.12 -
Order backlog 2,628.7 2,550.7 3.1
Revenue 1,093.8 1,057.3 3.5
EBITDA before restructuring measures 105.0 74.6 40.7
as % of revenue 9.6 7.1 -
EBITDA 96.9 69.3 39.8
EBIT before restructuring measures 56.4 27.0 > 100
as % of revenue 5.2 2.6 -
EBIT 48.2 21.7 > 100
EBT1 41.7 25.7 62.4
Profit for the period1 29.8 30.2 -1.2
ROCE in %2 12.3 12.0 -
       
Net assets      
Net working capital (reporting date) 719.9 833.2 -13.6
as % of revenue (LTM) 14.6 17.2 -
Capital employed (reporting date) 2,169.4 2,687.5 -19.3
Equity 2,111.4 2,486.2 -15.1
Equity ratio in % 37.3 41.7 -
Leverage3 -0.0 x 0.4 x -
Net liquidity (+)/Net debt (-) 10.1 -155.3 -
       
Financial position      
Cash flow from operating activities 23.3 -39.0 -
Cash flow from investing activities -14.2 -25.2 43.8
Free cash flow 9.1 -64.2 -
       
GEA Shares      
Earnings per share (EUR)1 0.17 0.17 -1.2
Weighted average number of shares outstanding (million) 180.5 180.5 -
Market capitalization (EUR billion; reporting date) 3.4 4.2 -19.8
Employees (FTE; reporting date) 18,392 18,718 -1.7
Total workforce (FTE; reporting date) 19,952 20,643 -3.3
1) 2019 incl. interest income of EUR 26 million due to adjustment of the interest calculation method used to measure provisions for Environmental protection and mining. The interest income is omitted in the amount of EUR 10 million the result from continuing operations and EUR 16 million on the result from discontinued operations.
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).
3) Total net debt/cons. EBITDA based on frozen GAAP (covenant concept).
 

Corporate Media & 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 of related industries that generated consolidated revenues of over EUR 4.9 billion in 2019. 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, 2019, the company employed about 18,500 people worldwide. The company is listed on the German MDAX (G1A, WKN 660 200), the STOXX(R) Europe 600 Index as well as the DAX 50 ESG 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


15.05.2020 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: 1045827

 
End of News DGAP News Service

1045827  15.05.2020 

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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 39,190 Kaufen 6.753,65
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
14,51 23,65 0,62 28,69
KBV KCV KUV EV/EBITDA
3,03 12,66 1,26 8,94
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,95 1,00 2,55 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
5,17% 8,60% 3,98% -6,91%
    
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