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GEA Group Aktiengesellschaft
Düsseldorf, October 28th, 2014
Q3 2014 Presentation for Roadshows and Conferences
engineering for a better world
Forward-looking statements are based on our current assumptions and forecasts. These statements naturally entail
risks and uncertainties, which may cause the actual results of operations, financial position or performance to diverge
significantly from the estimates given here. Factors that could cause such a divergence include changes in the
economic and business environment, fluctuations in exchange rates and interest rates, launches of competing products,
poor acceptance of new products or services, and changes in business strategy. We are under no obligation to update
forward-looking statements.
Due to rounding, the sum of percentages of order intake and sales by region as well as by customer industry may vary
from 100%.
Disclaimer
GEA on Roadshows and Conferences - Q3 2014 2
engineering for a better world
Table of Contents
GEA Equity Story Pages 4 - 26
Q3 2014 Results Presentation Pages 28 - 47
Back-ups Pages 49 - 59
Historical Key Figures GEA Group & Segments Pages 60 - 65
ADR Information Page 66
GEA on Roadshows and Conferences - Q3 2014 3
engineering for a better world
GEA is a global leader in equipment and process technology providing innovative solutions
for smart food processing and for a more efficient use of energy resources.
GEA in summary
Sales
EUR 4.3bn (FY13)
Operating EBIT Margin
10.6% (FY13)
Employees
>18,000 (Sep 14)
Market Cap
>EUR 6.5bn (Sep 14)
Dairy Farming Dairy Processing Beverages Food
GEA on Roadshows and Conferences - Q3 2014 4
engineering for a better world
You are in touch with food processed by GEA equipment every day…
GEA in summary
…we are all this and more every day.
Every 4th liter
of milk you are
consuming has been
processed through
GEA equipment.
Every 3rd instant
coffee production
line around the globe
has been built by
GEA.
Every 3rd chicken
nugget you are
eating has been
processed by our
equipment.
Every 2nd liter of
beer you are
drinking has gone
through our
components.
GEA on Roadshows and Conferences - Q3 2014 5
engineering for a better world
Urbanization
Shanghai
necessary agricultural supply area
Illustrative
What we like about the food industry (1): Steady growth rates due to continuing urbanization
2.6
5.3
2010 2050
Emerging markets (B)
1.0 1.1
2010 2050
Developed economies (B)
~ 200 million people moving into cities p.a. consuming
ever more processed and convenience food
Source: United Nations; Euromonitor; The Guardian; Oxford Economics; Documentation “Wie wird die Stadt satt” (ARD 24.09.2014)
By the year 2050 the
world’s population will live
50% in the cities
50% in the countryside
300 KM
Germany
Today the world’s
population lives
75% in the cities
25% in the countryside
GEA on Roadshows and Conferences - Q3 2014 6
engineering for a better world
What we like about the food industry (2): Stable consumer spending also in tough times
Economically
good times
Economically
difficult times
GEA on Roadshows and Conferences - Q3 2014 7
engineering for a better world
What we like about the food industry (3): Zero failure tolerance a significant entry barrier
If equipment fails in the food industry, the end-consumer’s health could be at risk
Would you as a food producer save money on a machine risking a food scandal
if the machine is not working properly?
GEA on Roadshows and Conferences - Q3 2014 8
engineering for a better world
…
…
…
…
Quality of After-Sales Service 23%
Price 30%
Machine Quality and Performance 71%
…
…
Ranking of key buying criterion according to GEA customer satisfaction survey,
September 20141
For GEA’s customers, machine quality and performance is by far #1 buying criterion
What we like about the food industry (4): Price apparently not the most decisive purchase criterion
1 Stratified sample size n=3274, external poll
GEA on Roadshows and Conferences - Q3 2014 9
engineering for a better world
Source: Frankfurter Allgemeine Zeitung (26.06.2014)
~ 3,500 new products entered
the US food market in 2012
~ 2,000 new food products p.a.
in German supermarkets alone
What we like about the food industry (5): Continuous launch of new products to stimulate demand
Additionally, higher resource efficiency (e.g. power, water usage) is a major competitive
advantage for an equipment supplier
GEA on Roadshows and Conferences - Q3 2014 10
engineering for a better world
~2%
~12%
~32%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Top Customer Top 10 Top 50 Top 100 Top 150 Top 200
What we like about the food industry (6): GEA’s client base is highly fragmented
Cumulative Revenue Share
Number of customers
~ 30% of the Top 50 customers
are already coming from
Emerging Markets
GEA on Roadshows and Conferences - Q3 2014 11
engineering for a better world
Local Emerging Markets food producers grow faster than multinationals
1 65 listed local food players in EM with sales > EUR 1bn, in total sales of EUR 210bn in FY 2013 ; 11% CAGR based on FY 2010 – FY 2013 sales in EUR Source: Thomson Reuters
Sales CAGR FY 2010-13
Local EM
food producers1
32%
68%
1/3 of local players are
not yet GEA customers1
GEA
customers
Selection of local GEA customers in Emerging Markets
11%
GEA on Roadshows and Conferences - Q3 2014 12
engineering for a better world
Our vision “GEA 2020”: To be the first choice of our customers
Our ARTE framework defines our strategy how to reach
the target footprint “GEA 2020”
In particular we always want to be the first choice
of our customers in the relevant food industry.
the globally leading engineering group to provide smart
solutions to sophisticated process industries.
GEA to become
GEA on Roadshows and Conferences - Q3 2014 13
engineering for a better world
ARTE framework as pillars for GEA’s strategy
Regions Technologies Functional Excellence
• Exploit market
potential in target
applications
• Align GEA-wide
application strategy
and customer
approach
• Capture global
growth opportunities
• Expand local
presence
• Coordinate regional
approaches across
GEA
• Strengthen
innovation and
technological
leadership
• Foster cross-
business colla-
boration in R&D
• Increase efficiency
in operations and
support functions
• Reduce
organizational
complexity
Target Footprint 2020
Applications
• Exploit market
potential in target
applications
• Align GEA-wide
application strategy
and customer
approach
GEA on Roadshows and Conferences - Q3 2014 14
engineering for a better world
1
4
2
3
5
8
6
Targeted applications for target footprint “GEA 2020”
Grow leading position in dairy
Grow leading position in liquid food
Strengthen personal care
Expand in animal proteins
Expand in total solutions for
edible oils, starch & sugar
Enter confectionery, biscuits & pizza
Strengthen packaging
competencies
Foster processing intelligence &
automation
7
GEA on Roadshows and Conferences - Q3 2014 15
engineering for a better world
Example how GEA executes its application strategy
Milk intake
& preparation
Milk storage
& distribution Standardization
Bacteria removal
(optional) Pasteurization
Whey drainage
& pre-press Pressing
Water cooling,
brining, ripening
Cutting
& Slicing
Primary
packaging
Curd
production
Final process Press & ripe Coagulate & de-whey
Bacteria
starter mixing
• Milking
parlor
• Standardization
separator
• Sterilization
separator
• Heat
exchanger
• Valves
• Pumps
• Tanks
• Tank
• Dosing unit • Cheese vat • Pressing line • Brining system
• Brine treatment
• Cutter
• Slicer
• Packer • Curd filler
Milk intake & preparation
GEA on Roadshows and Conferences - Q3 2014 16
engineering for a better world
GEA’s food exposure 75% - 80%
Food
Non-
Food
Sales exposure 2020:
75% - 80% food No 100% food exposure due to multi-purpose
functionality of our products:
GEA on Roadshows and Conferences - Q3 2014 17
engineering for a better world
Project “Fit for 2020”: From four stand-alone Segments to two integrated Business Areas
Current Organization Future Blueprint
Executive Board
• Stand-alone effective Segments driving
own technologies and market approaches
• Limited group perspective and role of the
corporate center
• Each Segment with individual go-to-market
concepts and regional footprint
• Bundling of Segments into two BAs
according to business model logic
• “One GEA” in countries as a platform for
growth within regions / countries
• Strengthening and streamlining of
global group functions
• Increased efficiency and standardization in
newly established Shared Service Center
Equipment BA
Solutions BA
Global Corp.
Center
SSC RT FT ME PE Head-
quarter
Regions Regions Regions Regions
Support Support Support Support
Regions / Countries
Executive Board
GEA on Roadshows and Conferences - Q3 2014 18
engineering for a better world
A pplications R egions T echnologies Functional E xcellence
Future organizational set-up (“Fit for 2020”) reflects all elements of ARTE strategy
Executive Board
Shared Services Center (SCC)
Global Corporate Center (GCC)
North
America
Latin
America
Western E.
& MEA
Nordics, UK/IE,
& BeNeLux Asia-Pacific
DACH &
Eastern E.
Product Engineering & Development
Product Management & Sales
Supply Chain & Production
Equipment Service
Global Corporate Center (GCC)
Technology Centers
Application Centers
Solutions Service
Equipment Business Area Solutions Business Area
A
R
T
T E
E
T
GEA on Roadshows and Conferences - Q3 2014 19
engineering for a better world
Financial Targets
FY 2014 - 2020
CAGR Organic Sales Growth FY 2014 - FY 2020: 4% to 6% p.a.
FY 2017 - 2020
Service to Sales Ratio: ~30%
Operating EBIT Margin: 13% to 16%
Working Capital to Sales Ratio: 10% to 12%
Capex to Sales Ratio: 1.5% to 2.0%
Cash Flow Driver Margin: 12% to 15%
ROCE: 20% to 25%
Net Effective Tax Rate: 24%
GEA on Roadshows and Conferences - Q3 2014 20
engineering for a better world
Financial Targets for FY 2014 - FY 2020: Organic sales growth of 4% to 6% p.a. until 2020
(Index 2009 = 100)
70
80
90
100
110
120
130
2009 2010 2011 2012 2013
GEA:
+5.8% p.a.
GDP:
+3.8% p.a.
GEA’s organic sales growth until 2020:
4% to 6% CAGR
until 2020
GEA’s organic sales growth 2009 – 2013
has outperformed GDP by ~200 bps
GEA on Roadshows and Conferences - Q3 2014 21
engineering for a better world
294
192
248
403 426
459 493
8.8%
6.8%
8.4%
10.5% 10.3% 10.6% 11.1%
13,2%
2008 2009 2010 2011 2012 2013 Q3 2014(LTM)
1 Target 2017-2020
Operating EBIT Operating EBIT-Margin (LTM)
GEA has gradually managed up Operating EBIT Margin to > 11%
Financial Targets for FY 2017 - FY 2020: Operating EBIT Margin: 13% to 16%
Sales growth
[EURm]
16%
13% 100
Savings
“Fit for 2020“
Target
2017 - 2020
Target
Range
GEA on Roadshows and Conferences - Q3 2014 22
engineering for a better world
Strong focus on ROCE and cash generation
[EURm]
1,772 1,830 1,873 1,887 1,890 1,891 1,886 1,895 1,900 1,912 1,929
17.5% 18.6% 18.6%
16.7%
18.8% 19.3% 19.6%
22.1% 22.6% 22.9% 23.2%
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14
Capital Employed (average LTM) ROCE (average LTM)
Note: ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
ROCE > 23%
-138 -147 -132 -88 -26 10 33 19 -1 -19 -38
410 436 441 420 462 471 478 515 527 536 546
-129 -116 -120 -125
-126 -126 -124 -120 -122 -123 -114
3.6% 4.3% 4.6% 5.0%
7.4% 8.3%
9.0% 9.6% 9.3% 9.0% 8.8%
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14
Delta Working Capital (Average LTM) EBITDA (LTM)Capex (LTM) Cash Flow Driver Margin (LTM)
[EURm]
Cash Flow Driver Margin
GEA on Roadshows and Conferences - Q3 2014 23
engineering for a better world
Sources of funds:
Significant cash flow 2015 - 2017
Stronger cash generation going forward leading to higher dividend payout ratio
2. Strengthen GEA’s application know-how by
doing (bolt-on) acquisitions over a couple of
years
3. Repayment of financial debt
4. Invest in organic business development
(Service, R&D, regional presence)
5. Distribution of residual cash to shareholders
Capital allocation priorities
2017 Proceeds GEA HX Cash flow before
M&A and dividends
~1
~2
~1
Key objectives
• Maintain financial flexibility
• Maintain investment grade credit rating
• Rating relevant gross debt: 2.0-2.5x EBITDA
• Average net financial debt: 0.5-1.0x EBITDA
[EURbn] 1. Dividend payments: Change of payout ratio
from 1/3 to 40-50% of net income
GEA on Roadshows and Conferences - Q3 2014 24
engineering for a better world
Steady growth rates
(catch-up in Emerging Markets)
Superior margin levels
(high technological requirements; high barriers to entry)
Food safety concerns
Innovation for resource efficiency
(power, water, etc.)
Summary: What we like about the food industry
Product Innovation
(continuous launch of new products to stimulate demand)
10l 1l
GEA on Roadshows and Conferences - Q3 2014 25
engineering for a better world
Key Messages
• 4% to 6% organic sales growth (FY 2014 – FY 2020)
• 13% to 16% Operating EBIT-Margin (FY 2017 – FY 2020)
GEA with clear growth and profitability targets
• Clear plans for use of net cash position within 1 – 2 years
• Change in dividend policy by raising payout ratio to a range of 40% to 50%
• Priority on M&A following clear criteria and strategic vision
Capital allocation
• Cost savings of at least EUR 100m net p.a.
• New set-up offers further potential to increase efficiency
Future organizational set-up “Fit for 2020”
GEA is the largest stock listed company to invest in the growing food processing equipment market
engineering for a better world
Confirmation of FY14 guidance due to strong Q3 results
Order
Intake (EURm)
1,168
Sales
(EURm)
1,146
Operating
EBITDA (EURm)
149.0
Operating
EBIT (EURm)
130.2
ROCE
23.2%
CFD Margin
8.8%
D organic:
-1% YoY
D organic:
+5% YoY D +12% YoY D +13% YoY
D +361 bps
YoY
D -19 bps
YoY
D reported:
0% YoY
Organic
growth in all
segments
Q3 record
margin of
13.0%
+74 bps YoY
Q3 record
margin of
11.4%
+75 bps YoY
Key Highlights Q3 2014:
GEA on Roadshows and Conferences - Q3 2014 28
engineering for a better world
Sales
1,089 1,146
Q3 2013 Q3 2014
[EURm] [EURm]
Operating EBIT Margin
10.6% 11.4%
Q3 2013 Q3 2014
Operating EBIT
1,168 1,168
Q3 2013 Q3 2014
116 130
Q3 2013 Q3 2014
Order Intake
Key Figures Q3 2014 and change YoY
[EURm]
organic: -1% organic: +5%
D 0% D +5%
D +13% D +75 bps
GEA on Roadshows and Conferences - Q3 2014 29
engineering for a better world
Development LTM: Order Intake, Sales, Operating Margins
[EURm]
9.6%
11.4%
12.1% 11.9%
12.7%
7.4%
9.5%
10.5% 10.2%
11.1%
6%
7%
8%
9%
10%
11%
12%
13%
2000
3000
4000
5000
6000
Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14
Order Intake Sales Operating EBITDA Margin Operating EBIT Margin
6,000
5,000
4,000
3,000
2,000
Operating EBIT Margin first time > 11% on rolling LTM
GEA on Roadshows and Conferences - Q3 2014 30
engineering for a better world
Operating EBIT
15 21
42 46
50 48
14 19
Q3 2013 Q3 2014
175 195
515 506
358 329
151 166
Q3 2013 Q3 2014
Operating EBIT Margin
Sales Order Intake
Segments Q3 2014
1,168 1,168
GEA RT
GEA PE
GEA ME
GEA FT
GEA RT
GEA PE
GEA ME
GEA FT
[EURm]
organic: -1%
D 0%
D -8%
D -2%
D +11%
D +10%
185 196
441 454
336 349
157 176
Q3 2013 Q3 2014
1,089 1,146
D +4%
D +3%
D +6%
D +12%
organic: +5%
D +5%
GEA RT
GEA PE
GEA ME
GEA FT
116 130
D +8%
D -5%
D +44%
D +13%
Q3 2013 Q3 2014 D YoY
GEA FT 9.2% 10.9% +173 bps
GEA ME 14.9% 13.6% -127 bps
GEA PE 9.6% 10.1% +44 bps
GEA RT 8.0% 10.7% +279 bps
GEA Group 10.6% 11.4% +75 bps
[EURm] [EURm]
D +34%
GEA on Roadshows and Conferences - Q3 2014 31
engineering for a better world
Order development per size since Q3 2010
Strong growth YoY in orders < EUR 1m (+6%)
[EURm]
518 576 596 619 705 686 669
737 711 702 745 710 722 724 747 754 773 765
139 149
173 168
185 166 208
214 172
221 175 144
234 167
211 160 170 174
65 63
64 135
135 128 111
96 102
124 107 131
102 132
67 88
103 68
33 66 41
60 58
100
44 65 112
110
162 144 121 22
123 160
0
200
400
600
800
1.000
1.200
1.400
Q3 10 Q4 10 Q1 11 Q2 11(excl.FS)
Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
1,400
1,200
1,000
f L4Q:
760 f L4Q:
725 f L4Q:
705
GEA on Roadshows and Conferences - Q3 2014 32
engineering for a better world
Sales LTM per Q3 2014: Strong Western Europe driven by dairy export business
North America
D YoY: -3%
16%
Eastern Europe
& CIS
8%
D YoY: +4%
Western Europe
37%
D YoY: +13%
Latin America
D YoY: -2%
6%
Africa
D YoY: -5%
4%
Middle East
D YoY: -18%
4%
Asia-Pacific
D YoY: +3%
25%
Emerging Markets1
38%
D YoY: -4%
Top-3-Countries
USA: 15% (16%)
D abs.: -3% YoY
China: 9% (10%)
D abs.: -1% YoY
Germany: 9% (9%)
D abs.: +3% YoY
1 According to the definition of emerging/developing economies by International Monetary Fund.
GEA on Roadshows and Conferences - Q3 2014 33
engineering for a better world
Sales by Customer Industry since Q4 20091: Strong growth from dairy sector
1 Average last four quarters: Q1 – Q4 2009 = Index 100
.
14% (13%)
23% (22%)
22% (24%)
13% (14%)
12% (13%)
16% (14%)
Sales LTM
per Q3 2014:
EUR 4,456m
+4% YoY
Dairy Farming
D +10% YoY
Food
D -4% YoY
Beverages
D -2% YoY
Other Industries
D +16% YoY
Pharma/
Chemical
D -6% YoY Dairy
Processing
D +11% YoY
60%
100%
140%
180%
220%
Dairy Farming Dairy Processing GEA Group
60%
100%
140%
180%
220%
Q409
Q110
Q210
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Pharma/Chemical Other Industries GEA Group
60%
100%
140%
180%
220%
Food Beverages GEA Group
GEA on Roadshows and Conferences - Q3 2014 34
engineering for a better world
Book to bill ratio (L4Q)
Q3 2014
Dairy Farming 1,01 5,5% 1,00 1,1% 1,05 4,8% 1,00 1,0% -6,43 0,0% 1,68 0,1% 1,04 1,6% 1,02 14,0%
Dairy Processing 0,84 8,1% 1,57 2,8% 1,06 3,1% 1,64 2,0% 1,52 0,9% 1,02 0,8% 1,30 8,1% 1,11 25,7%
Food 1,02 9,2% 0,96 2,2% 1,12 3,5% 1,12 1,4% 0,89 1,4% 1,14 0,9% 0,87 3,1% 1,00 21,8%
Beverages 0,87 3,2% 0,52 0,8% 0,80 1,1% 0,57 0,5% 2,60 2,0% 0,31 0,1% 0,84 3,5% 0,87 11,3%
Food & Beverages 0,93 26,0% 1,02 6,9% 1,04 12,4% 1,12 4,9% 1,47 4,3% 0,93 1,9% 1,05 16,3% 1,02 72,8%
Pharma 1,14 2,6% 0,50 0,3% 0,92 1,0% 1,07 0,6% 0,20 0,0% 1,04 0,3% 0,97 2,1% 0,97 7,0%
Chemical 1,02 1,3% 0,86 0,1% 0,99 1,0% 0,95 0,3% 3,25 0,1% 0,44 0,1% 1,17 2,1% 1,05 5,0%
Pharma/Chemical 1,10 4,0% 0,57 0,4% 0,95 2,0% 1,03 0,9% 0,75 0,2% 0,75 0,4% 1,06 4,1% 1,00 12,0%
Environment 1,19 1,6% 0,92 0,3% 0,94 0,7% 0,39 0,1% 1,17 0,1% 0,99 0,1% 0,96 1,1% 1,00 3,9%
Oil & Gas 1,31 0,9% 2,60 0,7% 1,03 0,8% 0,41 0,0% 2,23 0,1% 0,30 0,1% 0,40 0,7% 0,83 3,4%
Marine 1,13 1,5% 1,26 0,1% 1,00 0,1% 0,66 0,1% 0,89 0,0% 0,64 0,0% 1,35 1,9% 1,20 3,7%
Power 0,75 0,2% 0,42 0,0% 1,24 0,1% 1,07 0,1% 0,97 0,1% 0,97 0,2% 0,85 0,1% 0,89 0,9%
Others 1,08 1,2% 1,07 0,3% 0,95 0,3% 0,72 0,2% 0,48 0,0% 0,73 0,1% 1,04 1,2% 0,99 3,3%
Other Industries 1,13 5,4% 1,41 1,3% 1,00 2,1% 0,62 0,5% 1,19 0,4% 0,62 0,6% 0,89 5,0% 0,98 15,2%
Total 0,98 35,4% 1,03 8,6% 1,02 16,5% 1,03 6,3% 1,39 4,8% 0,82 2,9% 1,02 25,4% 1,01 100,0%
Latin America Africa Middle - East Asia - Pacific TotalWestern
Europe
Eastern Europe
& CIS
North America
<= 0.8 > 0.8 and < 1.0 >= 1.2 > 1.0 and < 1.2
Colour code: Only cross-sections with a share of > 1% of group order intake are colored
Book to Bill categories
BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI
Book to Bill Ratio > 1 in Food & Beverages driven by Dairy Processing
GEA on Roadshows and Conferences - Q3 2014 35
engineering for a better world
750 850 850 900
951
1,082
1,286 1,285
Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14
Order Backlog invoicable in respective FY Order Backlog invoicable after respective FY
Order Backlog: Continuously increasing
[EURm]
1.06 1.06 1.05 1.07 1.07 1.05 1.07 1.04 1.05 1.07 1.08 1.02 1.01
2,136
1,701 1,599
1,841 1,901
1,983 2,085
1,830 1,932
2,015 2,087 2,137 2,185
LTM BtB ratio #
GEA on Roadshows and Conferences - Q3 2014 36
engineering for a better world
ROCE Development: Already above 23%
[EURm]
1,772 1,830 1,873 1,887 1,890 1,891 1,886 1,895 1,900 1,912 1,929
17.5% 18.6% 18.6%
16.7%
18.8% 19.3% 19.6%
22.1% 22.6% 22.9% 23.2%
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14
Capital Employed (average LTM) ROCE (average LTM)
Note: ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
GEA on Roadshows and Conferences - Q3 2014 37
engineering for a better world
Working Capital ratio stabilized at around 12%
[EURm]
351
269
404 449 460
395
523 521 511
356
515 521 538
363
535
590 548
12.4% 11.6% 11.3% 11.0% 11.3% 11.4%
12.1% 12.8% 12.9% 12.7%
12.2% 11.9% 11.7% 11.7% 11.8% 11.9% 12.1%
Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14
Working Capital Working Capital (average LTM) as % of sales (LTM)
GEA on Roadshows and Conferences - Q3 2014 38
engineering for a better world
Cash Flow Driver Margin Development
-138 -147 -132 -88 -26 10 33 19 -1 -19 -38
410 436 441 420 462 471 478 515 527 536 546
-129 -116 -120 -125
-126 -126 -124 -120 -122 -123 -114
3.6% 4.3% 4.6% 5.0%
7.4% 8.3% 9.0% 9.6% 9.3% 9.0% 8.8%
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14
Delta Working Capital (Average LTM) EBITDA (LTM) Capex (LTM) Cash Flow Driver Margin (LTM)
[EURm]
EBITDA Capex D Working Capital (Average LTM)
Sales Sales Sales - - +
GEA on Roadshows and Conferences - Q3 2014 39
engineering for a better world
Net Liquidity reconciliation incl. GEA HX
[EURm]
-356.3
Dividend
Net Debt 30.09.2014
-115.5
-6.1
Discontinued Operations -40.0
Net Debt bef. DOP, M&A and Dividend -194.7
-18.5 Delta Working Capital
-145.2 CAPEX
-140.8
678.7
Net Debt 30.09.2013
Effect from acquisitions
-515.9
Taxes / Interests
-53.0 Others
EBITDA
D +EUR 321m
Cash generation LTM: EUR ~320m
(YTD 2014: EUR 8m)
GEA on Roadshows and Conferences - Q3 2014 40
engineering for a better world
Service Business per Q3 LTM: 27% of Sales
Organic growth YoY of +8.1% (+5.2% reported)
[EURm]
1,137
240
461
242 194
1,196
257
479
266 209
GEA Group GEA FT GEA ME GEA PE GEA RT
D +8%
(+5% reported)
D +12%
(+7% reported)
D +7%
(+4% reported)
D +12%
(+10% reported)
D +10%
(+8% reported)
42% 27% 27% 41% 35% 35% 14% 14% 27% 28%
Q3 2013 LTM Q3 2014 LTM Share of Service Sales %
GEA on Roadshows and Conferences - Q3 2014 41
engineering for a better world
At the condition of no unexpected economic downturns, assuming constant FX-rates
versus FY 2013 and disregarding potential acquisitions and one-off expenses we are
aiming in 2014 for:
Cash Flow Driver Margin:
Guidance FY 2014 continuing operations confirmed
Sales
moderate growth
Operating EBITDA (EURm)
550 - 590
Cash Flow Driver Margin
9.0% - 9.5%
EBITDA Capex D Working Capital (Average LTM)
Sales Sales Sales - - +
GEA on Roadshows and Conferences - Q3 2014 42
engineering for a better world
Additional Financial Information for 2014
Depreciation &
amortization
(incl PPA) (EURm)
around
100
Thereof impact
from PPA in
2014 and in
subsequent
years (EURm)
around
23p.a.
Long term
target capex
level
(of sales)
around 2%
Interest rate
financial
liabilities
below
3%p.a.
Dividend policy
payout
ratio around
40-50% of net income
Working Capital
LTM
(of sales LTM)
approx.11% -13%
GEA on Roadshows and Conferences - Q3 2014 43
engineering for a better world
Financial Targets
FY 2014 - 2020
CAGR Organic Sales Growth FY 2014 - FY 2020: 4% to 6% p.a.
FY 2017 - 2020
Service to Sales Ratio: ~30%
Operating EBIT Margin: 13% to 16%
Working Capital to Sales Ratio: 10% to 12%
Capex to Sales Ratio: 1.5% to 2.0%
Cash Flow Driver Margin: 12% to 15%
ROCE: 20% to 25%
Net Effective Tax Rate: 24%
GEA on Roadshows and Conferences - Q3 2014 44
engineering for a better world
Nov 5, 2014 Roadshow France Paris
Nov 11, 2014 Roadshow Germany Frankfurt
Nov 6, 2014 Roadshow Sweden Stockholm
Nov 11-12, 2014 Conference UK London
Nov 19, 2014 Conference UK London
Nov 21, 2014 Roadshow Belgium Brussel
Nov 26, 2014 Roadshow Switzerland Geneva
Investor Relations Calendar
Nov 27, 2014 Conference Switzerland Zurich
Nov 20, 2014 Roadshow Netherlands Amsterdam
2 0 1 4
GEA on Roadshows and Conferences - Q3 2014 45
engineering for a better world
Dec 1, 2014 Roadshow Spain Madrid
Dec 3, 2014 Roadshow Switzerland Lugano
Dec 2, 2014 Roadshow Italy Milan
Dec 1-2, 2014 Conference UK London
Dec 8, 2014 Roadshow Luxembourg Luxembourg
Investor Relations Calendar
2 0 1 4
GEA on Roadshows and Conferences - Q3 2014 46
engineering for a better world
Jan 8, 2015 Conference France Lyon
Feb 4, 2015 Preliminary Results FY 2014 Düsseldorf
Jan 12-14, 2015 Conference USA New York
Jan 19-21, 2015 Conference Germany Frankfurt
Mar 10, 2015 Annual Report FY 2014 Düsseldorf
May 11, 2015 Interim Report Q1/2015 Düsseldorf
Investor Relations Calendar
Apr 16, 2015 Annual General Meeting Oberhausen
2 0 1 5
GEA on Roadshows and Conferences - Q3 2014 47
engineering for a better world
Order Intake by Size / Large Order
Development Q3 2014
518 576 596 619 705 686 669 737 711 702 745 710 722 724 747 754 773 765
139 149 173 168
185 166 208 214 172 221 175 144 234 167 211 160 170 174
65 63 64 135
135 128 111 96
102 124 107 131 102 132 67 88 103 68
33 66 41
60 58 100 44 65
112 110 162 144 121 22 123 160
0
200
400
600
800
1000
1200
1400
Q310
Q410
Q111
Q211
Q2112
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
7.4%
9.5% 10.5% 10.2%
11.1%
0%
2%
4%
6%
8%
10%
12%
0
1000
2000
3000
4000
5000
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Order Intake Sales Operating EBIT Margin
Sales by Customer
Industry
37%
25%
16%
8%
6% 4% 4%
Western Europe
Asia-Pacific
North America
Eastern Europe&CIS
Latin America
Middle East
Africa
14%
23%
22%
13%
12%
16%
Dairy Farming
Dairy Processing
Food
Beverages
Pharma/Chemical
Other Industries
[in EUR million] Q3 2013 Q3 2014 ∆ Q1-Q3
2013
Q1-Q3
2014 ∆
Order Intake
organic 1,168.3 1,167.9
0.0%
-0.9% 3,483.4 3,362.1
-3.5%
-1.6%
Sales
organic 1,089.1 1,146.0
+5.2%
+5.2% 3,077.8 3,214.3
+4.4%
+6.4%
Order Backlog 2,136.2 2,185.4 +2.3% 2,136.2 2,185.4 +2.3%
Operating EBITDA 133.5 149.0 +11.6% 324.3 362.2 +11.7%
Operating EBITDA-
Margin 12.3% 13.0% +74 bps 10.5% 11.3% +73 bps
Operating EBIT 115.6 130.2 +12.7% 272.0 306.3 +12.6%
Operating EBIT-Margin 10.6% 11.4% +75 bps 8.8% 9.5% +69 bps
ROCE (LTM)1 19.6% 23.2% +361 bps 19.6% 23.2% +361 bps
Order Intake, Sales and Operating EBIT
Margin (LTM)
GEA Group
[EURm] [EURm]
LTM per
Q3 2014:
EUR 4,456m
+4% YoY
LTM per
Q3 2014:
EUR 4,456m
+4% YoY
+16%
-2%
-4%
+11%
+10%
Δ YoY
-18%
+4% -3% +3% +13%
Δ YoY -2%
-5%
-6%
Sales by Region
1 ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
3,000
4,000
5,000
2,000
1,000
1,000
1,200
1,400
w/o FS Incl.FS
GEA on Roadshows and Conferences - Q3 2014 49
engineering for a better world
Sales by Customer
Industry
40%
11%
34%
8% 7%
Western Europe
Asia-Pacific
North America
Eastern Europe&CIS
Latin America
100%
Dairy Farming
[in EUR million] Q3 2013 Q3 2014 ∆ Q1-Q3
2013
Q1-Q3
2014 ∆
Order Intake
organic 150.7 166.4
+10.4%
+12.2% 445.1 497.7
+11.8%
+15.9%
Sales
organic 156.9 176.4
+12.4%
+14.2% 401.5 457.2
+13.9%
+18.0%
Order Backlog 112.2 120.8 +7.6% 112.2 120.8 +7.6%
Operating EBITDA 17.6 22.3 +26.8% 29.2 41.5 +42.2%
Operating EBITDA-
Margin 11.2% 12.7% +143 bps 7.3% 9.1% +181 bps
Operating EBIT 14.4 19.3 +33.6% 20.1 32.3 +61.1%
Operating EBIT-Margin 9.2% 10.9% +173 bps 5.0% 7.1% +207 bps
ROCE (LTM)1 11.5% 15.8% +426 bps 11.5% 15.8% +426 bps
GEA Farm Technologies
LTM per
Q3 2014:
EUR 633m
+10% YoY
LTM per
Q3 2014:
EUR 633m
+10% YoY
+10% Δ YoY -31%
+13%
+21%
+17%
Δ YoY
+17%
Sales by Region
Order Intake by Size / Large Order
Development Q3 2014
115 116 126 130 140 129 147 144 146 143 139 151 149 151 161 165 165
3 1 1 1 5 2 1 1
5 1
0
30
60
90
120
150
180
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
4.7%
6.7% 6.9% 7.2%
9.0%
0%
2%
4%
6%
8%
10%
0
200
400
600
800
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Order Intake Sales Operating EBIT Margin
Order Intake, Sales and Operating EBIT
Margin (LTM) [EURm] [EURm]
1 ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
GEA on Roadshows and Conferences - Q3 2014 50
engineering for a better world
35%
27%
18%
7%
7% 4%
3%
Western Europe
Asia-Pacific
North America
Eastern Europe&CIS
Latin America
Middle East
Africa
Sales by Customer
Industry 14%
42% 9%
9%
26%
Dairy Processing
Food
Beverages
Pharma/Chemical
Other Industries
[in EUR million] Q3 2013 Q3 2014 ∆ Q1-Q3
2013
Q1-Q3
2014 ∆
Order Intake
organic 357.7 328.7
-8.1%
-7.9% 1,033.8 996.9
-3.6%
-2.1%
Sales
organic 336.3 349.2
+3.8%
+4.0% 968.4 999.7
+3.2%
+4.8%
Order Backlog 456.8 421.7 -7.7% 456.8 421.7 -7.7%
Operating EBITDA 56.8 55.4 -2.4% 143.7 146.0 +1.6%
Operating EBITDA-
Margin 16.9% 15.9% -102 bps 14.8% 14.6% -23 bps
Operating EBIT 50.1 47.6 -5.0% 124.8 122.9 -1.5%
Operating EBIT-Margin 14.9% 13.6% -127 bps 12.9% 12.3% -60 bps
ROCE (LTM)1 13.8% 16.5% +267 bps 13.8% 16.5% +267 bps
GEA Mechanical Equipment
LTM per
Q3 2014:
EUR 1,359m
+3% YoY
LTM per
Q3 2014:
EUR 1,359m
+3% YoY
Sales by Region
+11%
-7%
-5%
-3%
Δ YoY
+20% -41%
+27% -3% +15% +2%
Δ YoY -12%
+33%
Order Intake by Size / Large Order
Development Q3 2014
278 280 274 336
280 271 289 289 300 301 283 311 302 297
46 30 49 42 44 26 19 38 31 40
21 27 24
9 19 7 12 8 5
8 8 11 6 7 33 17 18
0
50
100
150
200
250
300
350
400
Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
14.2% 13.8% 13.7%
0%
2%
4%
6%
8%
10%
12%
14%
16%
0
200
400
600
800
1000
1200
1400
1600
Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14
Order Intake Sales Operating EBIT Margin
Order Intake, Sales and Operating EBIT
Margin (LTM) [EURm] [EURm]
1 ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
1,200
1,400
1,600
1,000
GEA on Roadshows and Conferences - Q3 2014 51
engineering for a better world
Sales by Customer
Industry
44%
5% 24%
20%
7%
Dairy Processing
Food
Beverages
Pharma/Chemical
Other Industries
34%
33%
11%
8%
7% 4% 4%
Western Europe
Asia-Pacific
North America
Eastern Europe&CIS
Latin America
Middle East
Africa
[in EUR million] Q3 2013 Q3 2014 ∆ Q1-Q3 2013 Q1-Q3 2014 ∆
Order Intake
organic 515.2 506.4
-1.7%
-4.5% 1,566.4 1,374.0
-12.3%
-11.2%
Sales
organic 441.3 453.8
+2.8%
+1.9% 1,271.3 1,313.6
+3.3%
+4.6%
Order Backlog 1,334.9 1,370.5 +2.7% 1,334.9 1,370.5 +2.7%
Operating EBITDA 46.3 49.4 +6.6% 120.7 128.4 +6.4%
Operating EBITDA
Margin 10.5% 10.9% +39 bps 9.5% 9.8% +28 bps
Operating EBIT 42.4 45.6 +7.5% 109.3 117.2 +7.2%
Operating EBIT
Margin 9.6% 10.1% +44 bps 8.6% 8.9% +32 bps
ROCE (LTM)1 70.3% 76.4% +610 bps 70.3% 76.4% +610 bps
GEA Process Engineering
LTM per
Q3 2014:
EUR 1,840m
+3% YoY
LTM per
Q3 2014:
EUR 1,840m
+3% YoY
Sales by Region
+15%
-6%
-3%
-27%
+14%
Δ YoY
-6%
+11% -20% -4% +25%
Δ YoY -3%
-10%
Order Intake by Size / Large Order
Development Q3 2014
136 177 169 178 167 159 186 175 170 197 174 170 166 194 184 185 182
110 119 133 122 116 121
144 107 132 100 104 155
98 130
91 96 109 43
58 59 127
90 111 82
75 101 94 126
82 124 50
69 96 55 33
66 41 60 58 100
44 65 79 78
162 127 121
22
123 160
0
100
200
300
400
500
600
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
7.0%
8.3% 9.5%
10.1% 10.7%
0%
2%
4%
6%
8%
10%
12%
0
400
800
1200
1600
2000
2400
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Order Intake Sales Operating EBIT Margin
Order Intake, Sales and Operating EBIT
Margin (LTM) [EURm] [EURm]
1 ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
1,600
2,000
2,400
1,200
GEA on Roadshows and Conferences - Q3 2014 52
engineering for a better world
43%
15%
14%
13%
2% 6%
7%
Western Europe
Asia-Pacific
North America
Eastern Europe&CIS
Latin America
Middle East
Africa
Sales by Customer
Industry 6%
51%
5%
7%
32%
Dairy Processing
Food
Beverages
Pharma/Chemical
Other Industries
[in EUR million] Q3 2013 Q3 2014 ∆ Q1-Q3
2013
Q1-Q3
2014 ∆
Order Intake
organic 174.9 195.0
+11.5%
+11.9% 534.0 592.0
+10.9%
+13.5%
Sales
organic 184.8 196.4
+6.3%
+6.8% 526.0 540.3
+2.7%
+5.1%
Order Backlog 253.1 293.9 +16.1% 253.1 293.9 +16.1%
Operating EBITDA 17.1 23.6 +38.2% 43.5 55.9 28.6%
Operating EBITDA-
Margin 9.3% 12.0% +278 bps 8.3% 10.3% +208 bps
Operating EBIT 14.7 21.1 +43.6% 36.4 48.4 +33.2%
Operating EBIT-Margin 8.0% 10.7% +279 bps 6.9% 9.0% +205 bps
ROCE (LTM)1 22.1% 26.2% +417 bps 22.1% 26.2% +417 bps
GEA Refrigeration Technologies
LTM per
Q3 2014:
EUR 751m
+3% YoY
LTM per
Q3 2014:
EUR 751m
+3% YoY
Sales by Region
-29%
+28%
+4%
+8%
Δ YoY
+11% -1%
+3% +9% +1% +7%
Δ YoY +21%
-14%
Order Intake by Size / Large Order
Development Q3 2014
122 120 128 145 126 135 140 139 146 142 140 134 139 146 134 155 149
17 27 19 17
20 35 29 22
44 50 22 35 35 40 46
42 40 10
5 6 19
8 20
10 6
12
6 13 7 6
16
0
50
100
150
200
250
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
4.4%
7.1% 8.0% 8.1%
9.8%
0%
2%
4%
6%
8%
10%
0
200
400
600
800
1000
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Order Intake Sales Operating EBIT Margin
Order Intake, Sales and Operating EBIT
Margin (LTM) [EURm] [EURm]
1 ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
GEA on Roadshows and Conferences - Q3 2014 53
engineering for a better world
Q3 2014 vs.
Q3 2013
Q1-Q3 2014 vs.
Q1-Q3 2013
Q3 2014 vs.
Q2 2014
∆ abs. ∆ in % ∆ abs. ∆ in % ∆ abs. ∆ in %
Order Intake
previous period 1,168 3,483 1,170
Structural Change 0 0 % 0 0 % 0 0 %
Currency Effects +10 +0.9 % -65 -1.9 % +16 +1.4 %
Organic Development -11 -0.9 % -56 -1.6 % -18 -1.6 %
Order Intake
current period 1,168 0 % 3,362 -3.5 % 1,168 -0.2 %
Order Intake Q3 2014
[EURm]
GEA on Roadshows and Conferences - Q3 2014 54
engineering for a better world
Q3 2014 vs.
Q3 2013
Q1-Q3 2014 vs.
Q1-Q3 2013
Q3 2014 vs.
Q2 2014
∆ abs. ∆ in % ∆ abs. ∆ in % ∆ abs. ∆ in %
Sales
previous period 1,089 3,078 1,118
Structural Change 0 0 % 0 0 % 0 0 %
Currency Effects 0 0 % -60 -1.9 % +14 +1.3 %
Organic Development +57 +5.2 % +196 +6.4 % +14 +1.3 %
Sales
current period 1,146 +5.2 % 3,214 +4.4 % 1,146 +2.5 %
Sales Q3 2014
[EURm]
GEA on Roadshows and Conferences - Q3 2014 55
engineering for a better world
Q3 2014 vs.
Q3 2013
Q1-Q3 2014 vs.
Q1-Q3 2013
Q3 2014 vs.
Q2 2014
∆ abs. ∆ in % ∆ abs. ∆ in % ∆ abs. ∆ in %
Operating EBITDA
previous period 134 324 128
Structural Change 0 0 % 0 0 % 0 0 %
Currency Effects -1 -0.6 % -6 -1.9 % +2 +1.3 %
Organic Development +16 +12.2 % +44 +13.6 % +19 +15.1 %
Operating EBITDA
current period 149 +11.6 % 362 +11.7 % 149 +16.4 %
Operating EBITDA Q3 2014
[EURm]
GEA on Roadshows and Conferences - Q3 2014 56
engineering for a better world
140
149150
134
Organic Q3 2013 Operating
EBITDA
One-Offs Q3 2014
Reported EBITDA
Q3 2014
Operating EBITDA
FX Q3 2014 Operating
EBITDA before FX
+16 -1 -9
+12.2%
-0.6% -6.8%
GEA’s reported EBITDA negatively impacted by FX and One-Offs
EBITDA bridge Q3 2014 [EURm]
GEA on Roadshows and Conferences - Q3 2014 57
engineering for a better world
FX Development Q3 2014 YoY
Currency % total Q3
3rd party sales
FX development
Q3 14 vs Q3 13 (average)
USD 16 % -2.8 %
DKK 5 % 0.0 %
CNY 5 % -2.8 %
GBP 5 % +5.0 %
NZD 4 % +0.8 %
SGD 3 % -3.2 %
BRL 2 % -10.0 %
PLN 2 % +0.6 %
AUD 2 % -8.7 %
CAD 2 % -9.0 %
GEA on Roadshows and Conferences - Q3 2014 58
engineering for a better world
[EURm]
Working Capital Development
622
551
641
944
929
939
535
647
537
492
470
495
538
363
548
Trade
Receivables Inventories
Trade
Payables
Advance
Payments
Working
Capital
Q4 2013
Q3 2014
+10
+1%
+90
+16%
-110
-17%
+24
+5%
+185
+51%
Q3 2013
-15
-2%
-71
-11%
+111
+21%
-22
-4%
-175
-32%
=
=
=
GEA on Roadshows and Conferences - Q3 2014 59
engineering for a better world
Key Figures Time Line (1/6)
Order Intake
[in EUR million]Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Food Solutions1) 95,1 116,4 100,5 85,7 397,7 75,6 101,2 81,6 95,5 353,9 115,5 94,5 100,7 98,9 409,6
GEA Farm Technologies 123,5 120,5 137,0 116,0 497,1 94,9 101,2 94,9 98,6 389,6 101,1 116,1 115,0 116,3 448,5
GEA Mechanical Equipment2) 257,4 258,0 237,0 177,0 929,4 194,9 162,2 158,6 169,4 685,1 172,0 194,7 191,9 181,8 740,4
GEA Process Engineering 367,3 355,4 346,4 264,4 1.333,6 251,0 308,7 254,0 334,6 1.148,3 335,7 339,0 321,7 419,7 1.416,1
GEA Refrigeration Technologies 174,1 152,3 144,2 143,3 613,9 138,9 143,2 114,3 130,3 526,6 127,5 150,6 148,9 152,5 579,6
GEA Group excluding HX 899,2 863,9 842,9 687,1 3.293,0 664,4 703,0 605,0 715,6 2.688,1 713,4 777,3 755,3 854,4 3.100,3
GEA Heat Exchangers 485,0 416,4 389,1 431,4 1.721,9 413,6 338,9 365,0 301,3 1.418,7 304,4 398,3 404,1 399,2 1.506,0
GEA Group incl. HX 1.374,3 1.272,7 1.223,5 1.113,3 4.983,9 1.072,5 1.036,0 962,3 1.009,9 4.080,7 1.010,2 1.167,3 1.152,6 1.247,8 4.578,0
Order Backlog
[in EUR million]Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Food Solutions1) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
GEA Farm Technologies 107,8 106,0 111,1 77,5 77,5 86,0 89,5 77,2 61,5 61,5 77,1 89,4 80,6 63,1 63,1
GEA Mechanical Equipment2) 290,8 357,5 376,5 338,0 338,0 325,6 303,5 285,2 280,8 280,8 298,3 319,1 306,1 284,1 284,1
GEA Process Engineering 850,7 830,9 826,6 666,2 666,2 651,5 658,2 627,9 660,2 660,2 757,6 821,2 788,9 813,0 813,0
GEA Refrigeration Technologies 241,9 235,5 236,8 204,1 204,1 222,4 231,7 196,7 169,9 169,9 183,8 203,9 205,9 183,8 183,8
GEA Group excluding HX 1.483,5 1.520,3 1.539,2 1.283,6 1.283,6 1.276,0 1.274,4 1.175,8 1.161,1 1.161,1 1.301,8 1.417,0 1.362,1 1.333,5 1.333,5
GEA Heat Exchangers 1.348,3 1.344,1 1.291,7 1.172,1 1.172,1 1.203,6 1.165,3 1.142,6 1.008,6 1.008,6 1.006,7 1.061,1 1.071,3 1.086,9 1.086,9
GEA Group incl. HX 2.822,6 2.857,8 2.823,8 2.450,7 2.450,7 2.476,2 2.435,3 2.312,2 2.164,1 2.164,1 2.301,1 2.468,5 2.423,7 2.414,0 2.414,0
Sales
[in EUR million]Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Food Solutions1) 91,8 99,1 98,5 104,8 394,2 89,0 79,8 82,8 82,5 334,1 101,0 99,8 93,1 103,7 397,6
GEA Farm Technologies 94,9 123,9 138,5 147,1 504,5 86,6 98,5 112,0 114,7 411,8 85,4 106,6 119,8 134,9 446,7
GEA Mechanical Equipment2) 196,9 190,7 210,9 211,2 809,7 200,0 179,9 163,8 174,0 717,5 156,7 173,7 193,1 201,9 725,4
GEA Process Engineering 328,2 395,8 364,5 398,9 1.487,4 270,7 281,9 278,1 313,2 1.144,0 256,9 298,5 330,9 402,2 1.288,5
GEA Refrigeration Technologies 132,5 159,3 142,9 175,9 610,6 122,3 136,9 148,2 158,2 565,6 117,4 135,3 139,7 171,3 563,7
GEA Group excluding HX 735,9 856,2 844,4 916,2 3.352,7 674,5 688,4 695,0 756,1 2.814,0 603,2 700,7 769,7 889,5 2.963,1
GEA Heat Exchangers 398,7 449,8 481,7 529,0 1.859,2 387,0 421,2 372,0 443,1 1.623,4 340,9 370,8 361,6 410,1 1.483,4
GEA Group incl. HX 1.127,2 1.295,8 1.318,0 1.438,0 5.179,0 1.054,5 1.103,9 1.060,8 1.191,9 4.411,2 938,2 1.065,1 1.124,7 1.290,4 4.418,4
Operating EBITDA
[in EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Food Solutions1) -4,5 7,0 9,4 7,6 19,4 -2,9 4,9 7,0 6,4 15,5 13,5 10,3 5,5 6,8 36,2
GEA Farm Technologies 6,0 13,6 21,3 21,5 62,3 0,8 8,1 10,8 9,4 29,1 3,8 6,1 11,8 16,2 37,9
GEA Mechanical Equipment2) 30,1 32,9 32,8 43,5 139,3 26,7 23,2 28,4 37,0 115,2 24,8 26,9 37,7 46,9 136,4
GEA Process Engineering 12,1 26,1 28,0 47,0 113,2 11,1 17,3 21,0 38,6 88,0 14,7 20,5 23,0 48,3 106,5
GEA Refrigeration Technologies 7,7 11,9 11,7 16,9 48,1 4,3 8,6 5,0 10,7 28,6 3,8 8,2 9,2 15,8 37,1
GEA Group excluding HX 51,9 82,7 87,8 120,7 343,0 42,7 57,3 66,2 82,6 248,7 44,9 63,7 79,8 122,3 310,6
GEA Heat Exchangers 42,6 55,7 65,2 79,8 243,2 36,1 38,2 45,5 58,6 178,4 33,2 34,2 38,3 47,0 152,7
GEA Group incl. HX 94,5 138,6 152,7 200,1 585,9 78,8 95,4 111,7 147,2 433,1 78,1 97,9 118,1 169,5 463,5
Operating EBITDA - Margin
[in %] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Food Solutions1) -4,9% 7,1% 9,5% 7,2% 4,9% -3,2% 6,2% 8,4% 7,8% 4,6% 13,4% 10,3% 5,9% 6,6% 9,1%
GEA Farm Technologies 6,3% 11,0% 15,4% 14,6% 12,4% 0,9% 8,2% 9,6% 8,2% 7,1% 4,4% 5,7% 9,9% 12,0% 8,5%
GEA Mechanical Equipment2) 15,3% 17,3% 15,5% 20,6% 17,2% 13,4% 12,9% 17,3% 21,3% 16,1% 15,8% 15,5% 19,5% 23,3% 18,8%
GEA Process Engineering 3,7% 6,6% 7,7% 11,8% 7,6% 4,1% 6,2% 7,5% 12,3% 7,7% 5,7% 6,9% 7,0% 12,0% 8,3%
GEA Refrigeration Technologies 5,8% 7,5% 8,2% 9,6% 7,9% 3,5% 6,3% 3,4% 6,7% 5,1% 3,2% 6,1% 6,6% 9,2% 6,6%
GEA Group excluding HX 7,0% 9,7% 10,4% 13,2% 10,2% 6,3% 8,3% 9,5% 10,9% 8,8% 7,4% 9,1% 10,4% 13,7% 10,5%
GEA Heat Exchangers 10,7% 12,4% 13,5% 15,1% 13,1% 9,3% 9,1% 12,2% 13,2% 11,0% 9,7% 9,2% 10,6% 11,5% 10,3%
GEA Group incl. HX 8,4% 10,7% 11,6% 13,9% 11,3% 7,5% 8,6% 10,5% 12,4% 9,8% 8,3% 9,2% 10,5% 13,1% 10,5%
GEA on Roadshows and Conferences - Q3 2014 60
engineering for a better world
Key Figures Time Line (2/6)
Order Intake
[in EUR million]Q1 11 Q2 11 Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14
GEA Food Solutions1) 125,5 - - - - - - - - - - - - - - - - -
GEA Farm Technologies 125,9 129,5 140,3 131,7 527,4 148,1 145,7 147,4 142,6 583,9 138,8 155,7 150,7 151,6 596,7 161,6 169,7 166,4
GEA Mechanical Equipment2) 219,2 332,5 329,5 323,6 1.204,7 336,2 329,0 327,1 355,6 1.347,9 329,7 346,4 357,7 334,4 1.368,2 339,1 329,1 328,7
GEA Process Engineering 401,5 426,2 433,3 449,0 1.709,9 511,3 401,2 468,5 469,2 1.850,2 481,3 570,0 515,2 494,6 2.061,0 366,7 500,9 506,4
GEA Refrigeration Technologies 152,7 162,8 164,8 170,1 650,4 177,9 180,4 200,1 197,8 756,2 177,9 181,2 174,9 192,3 726,3 192,9 204,1 195,0
GEA Group excluding HX 874,3 1.024,8 1.040,6 1.047,0 3.986,7 1.146,0 1.028,6 1.111,6 1.139,2 4.425,4 1.095,1 1.220,0 1.168,3 1.144,4 4.627,9 1.024,3 1.169,9 1.167,9
GEA Heat Exchangers 375,5 445,6 369,8 462,3 1.653,2 406,1 379,0 375,1 349,7 1.509,8 361,9 363,5 348,1 426,8 1.500,3 399,7 350,0 290,2
GEA Group incl. HX 1.242,1 1.462,5 1.402,8 1.502,2 5.609,7 1.544,9 1.401,0 1.477,3 1.477,9 5.901,1 1.447,1 1.574,0 1.509,2 1.562,5 6.092,7 1.415,1 1.510,0 1.449,9
Order Backlog
[in EUR million]Q1 11 Q2 11 Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14
GEA Food Solutions1) 104,4 - - - - - - - - - - - - - - - - -
GEA Farm Technologies 85,4 92,5 93,9 74,4 74,4 104,5 117,3 107,1 79,9 79,9 107,8 120,9 112,2 85,6 85,6 114,3 129,8 120,8
GEA Mechanical Equipment2) 304,1 431,2 445,9 395,2 395,2 446,5 452,9 442,5 438,4 438,4 442,6 446,5 456,8 428,4 428,4 456,3 437,5 421,7
GEA Process Engineering 888,2 927,4 972,2 951,2 951,2 1.082,3 1.104,5 1.142,5 1.069,6 1.069,6 1.164,2 1.269,5 1.334,9 1.290,5 1.290,5 1.267,9 1.304,7 1.370,5
GEA Refrigeration Technologies 210,4 206,6 206,1 197,0 197,0 224,4 245,8 265,4 257,0 257,0 283,6 268,8 253,1 229,5 229,5 272,2 288,1 293,9
GEA Group excluding HX 1.581,2 1.643,7 1.700,9 1.599,2 1.599,2 1.841,1 1.900,9 1.932,4 1.829,9 1.829,9 1.982,6 2.085,3 2.136,2 2.015,5 2.015,5 2.086,7 2.137,2 2.185,4
GEA Heat Exchangers 1.092,5 1.135,4 1.063,5 1.086,0 1.086,0 1.103,2 1.074,1 1.045,5 933,3 933,3 979,3 846,5 799,5 805,1 805,1 878,8 874,8 815,7
GEA Group incl. HX 2.666,6 2.770,6 2.755,7 2.677,3 2.677,3 2.935,6 2.967,4 2.967,8 2.751,6 2.751,6 2.950,0 2.919,1 2.926,5 2.810,9 2.810,9 2.956,6 2.999,5 2.989,3
Sales
[in EUR million]Q1 11 Q2 11 Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14
GEA Food Solutions1) 112,9 - - - - - - - - - - - - - - - - -
GEA Farm Technologies 99,6 118,3 138,1 153,8 509,8 117,8 133,1 157,8 172,3 580,9 110,8 133,8 156,9 176,2 577,7 126,6 154,2 176,4
GEA Mechanical Equipment2) 191,6 311,1 317,0 371,0 1.190,7 269,3 319,2 328,6 349,2 1.266,4 298,1 334,0 336,3 359,3 1.327,8 310,0 340,4 349,2
GEA Process Engineering 300,8 385,1 394,7 496,6 1.577,2 373,2 401,2 423,6 518,3 1.716,3 394,3 435,6 441,3 526,7 1.798,0 390,7 469,1 453,8
GEA Refrigeration Technologies 132,8 166,6 166,2 181,6 647,2 149,5 165,2 177,0 203,1 694,8 152,1 189,2 184,8 210,6 736,6 154,9 189,0 196,4
GEA Group excluding HX 706,7 964,6 980,5 1.176,4 3.828,3 880,5 994,1 1.060,5 1.207,2 4.142,3 924,2 1.064,6 1.089,1 1.242,2 4.320,0 950,7 1.117,7 1.146,0
GEA Heat Exchangers 338,1 390,9 424,2 463,6 1.616,8 389,7 404,3 392,1 422,7 1.608,8 318,1 385,9 380,8 404,2 1.489,1 311,4 355,7 377,5
GEA Group incl. HX 1.038,0 1.349,0 1.397,4 1.632,2 5.416,5 1.263,7 1.391,3 1.445,6 1.619,6 5.720,1 1.232,7 1.441,9 1.459,5 1.638,1 5.772,2 1.253,1 1.466,4 1.514,3
Operating EBITDA
[in EUR million] Q1 11 Q2 11 Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14
GEA Food Solutions1) 6,2 - - - - - - - - - - - - - - - - -
GEA Farm Technologies 5,0 8,4 15,0 16,8 45,2 5,0 11,2 17,8 24,5 58,5 3,1 8,5 17,6 27,8 56,9 6,1 13,1 22,3
GEA Mechanical Equipment2) 32,7 50,9 51,5 69,9 204,9 32,9 47,7 54,9 63,8 199,3 38,6 48,3 56,8 71,0 214,7 42,1 48,4 55,4
GEA Process Engineering 20,0 31,2 38,6 73,4 163,2 20,1 39,4 43,0 75,9 178,4 29,4 45,0 46,3 82,5 203,2 30,2 48,8 49,4
GEA Refrigeration Technologies 8,9 14,5 14,1 22,4 60,0 11,0 13,4 16,0 24,9 65,2 9,6 16,8 17,1 27,5 71,0 12,4 19,9 23,6
GEA Group excluding HX 62,4 100,3 119,8 187,0 469,6 68,0 110,7 132,3 183,5 494,4 72,4 118,4 133,5 205,7 530,1 85,1 128,0 149,0
GEA Heat Exchangers 29,5 35,3 46,9 48,7 160,4 32,6 35,9 37,5 61,5 167,5 26,1 37,6 38,6 55,9 158,2 25,8 32,7 43,7
GEA Group incl. HX 91,9 135,7 166,7 235,7 630,1 100,6 146,6 169,8 245,0 661,9 98,5 156,0 172,1 261,6 688,3 110,6 160,3 192,7
Operating EBITDA - Margin
[in %] Q1 11 Q2 11 Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14
GEA Food Solutions1) 5,5% - - - - - - - - - - - - - - - - -
GEA Farm Technologies 5,0% 7,1% 10,8% 10,9% 8,9% 4,2% 8,5% 11,3% 14,2% 10,1% 2,8% 6,4% 11,2% 15,8% 9,9% 4,8% 8,5% 12,7%
GEA Mechanical Equipment2) 17,1% 16,4% 16,2% 18,8% 17,2% 12,2% 14,9% 16,7% 18,3% 15,7% 12,9% 14,5% 16,9% 19,8% 16,2% 13,6% 14,2% 15,9%
GEA Process Engineering 6,6% 8,1% 9,8% 14,8% 10,3% 5,4% 9,8% 10,1% 14,6% 10,4% 7,5% 10,3% 10,5% 15,7% 11,3% 7,7% 10,4% 10,9%
GEA Refrigeration Technologies 6,7% 8,7% 8,5% 12,4% 9,3% 7,3% 8,1% 9,0% 12,2% 9,4% 6,3% 8,9% 9,3% 13,1% 9,6% 8,0% 10,5% 12,0%
GEA Group excluding HX 8,8% 10,4% 12,2% 15,9% 12,3% 7,7% 11,1% 12,5% 15,2% 11,9% 7,8% 11,1% 12,3% 16,6% 12,3% 9,0% 11,5% 13,0%
GEA Heat Exchangers 8,7% 9,0% 11,1% 10,5% 9,9% 8,4% 8,9% 9,6% 14,5% 10,4% 8,2% 9,7% 10,1% 13,8% 10,6% 8,3% 9,2% 11,6%
GEA Group incl. HX 8,9% 10,1% 11,9% 14,4% 11,6% 8,0% 10,5% 11,7% 15,1% 11,6% 8,0% 10,8% 11,8% 16,0% 11,9% 8,8% 10,9% 12,7%
GEA on Roadshows and Conferences - Q3 2014 61
engineering for a better world
Key Figures Time Line (3/6)
EBITDA reported
[in EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Food Solutions1) -4,5 7,0 9,4 7,6 19,4 -2,9 4,9 7,0 6,4 15,5 13,5 10,3 5,5 6,8 36,2
GEA Farm Technologies 6,0 13,6 21,3 21,5 62,3 0,8 6,0 10,2 5,9 23,0 3,8 5,7 11,7 13,1 34,3
GEA Mechanical Equipment2) 30,1 32,9 32,8 43,5 139,3 26,7 23,1 26,6 27,1 103,5 24,8 25,3 28,9 45,2 124,1
GEA Process Engineering 12,1 26,1 28,0 47,0 113,2 10,2 14,0 11,2 30,9 66,4 14,7 19,8 22,8 48,1 105,4
GEA Refrigeration Technologies 7,7 11,9 11,7 16,9 48,1 4,0 8,1 3,9 6,6 22,5 3,7 7,5 7,1 2,6 21,0
GEA Group excluding HX 49,8 80,5 85,6 118,5 334,4 38,6 49,0 48,3 51,7 187,6 47,0 57,2 65,4 102,3 271,9
GEA Heat Exchangers 42,6 55,7 65,2 79,8 243,2 35,5 30,7 35,2 59,4 160,8 32,1 23,4 18,7 15,2 89,4
GEA Group incl. HX 94,5 138,6 152,7 200,1 585,9 76,7 82,3 87,9 121,8 368,7 76,8 83,3 86,7 118,9 365,7
Operating EBIT
[in EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Food Solutions1) -8,6 3,4 6,1 4,4 5,3 -8,2 1,5 3,7 3,4 0,4 9,5 7,0 1,6 3,1 21,2
GEA Farm Technologies 4,3 11,9 19,5 19,5 55,2 -1,3 6,0 8,6 7,0 20,3 1,0 3,1 8,8 13,4 26,3
GEA Mechanical Equipment2) 27,2 29,9 29,6 39,7 126,4 23,3 19,4 24,7 32,8 100,2 20,8 22,8 33,6 39,7 117,0
GEA Process Engineering 9,5 23,5 25,2 43,6 101,8 8,0 14,2 18,0 35,5 75,7 11,5 17,2 19,8 44,7 93,2
GEA Refrigeration Technologies 5,9 10,0 9,9 15,4 41,2 2,5 6,6 3,1 8,9 21,1 1,9 6,3 7,3 13,9 29,4
GEA Group excluding HX 40,6 71,0 75,4 107,2 294,1 29,4 43,4 52,4 66,3 191,6 29,9 48,5 65,3 104,1 247,9
GEA Heat Exchangers 36,5 49,3 58,4 72,3 216,6 28,5 29,8 37,0 49,0 144,3 24,5 25,1 29,2 40,0 118,8
GEA Group incl. HX 77,1 120,6 133,6 179,1 510,4 57,9 73,3 89,4 121,4 341,9 54,4 73,6 94,5 144,3 366,8
Operating EBIT - Margin
[in %] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Food Solutions1) -9,4% 3,4% 6,2% 4,2% 1,3% -9,2% 1,9% 4,5% 4,1% 0,1% 9,4% 7,0% 1,7% 3,0% 5,3%
GEA Farm Technologies 4,6% 9,6% 14,1% 13,2% 10,9% -1,5% 6,1% 7,6% 6,1% 4,9% 1,2% 2,9% 7,4% 9,9% 5,9%
GEA Mechanical Equipment2) 13,8% 15,7% 14,0% 18,8% 15,6% 11,6% 10,8% 15,1% 18,8% 14,0% 13,3% 13,1% 17,4% 19,7% 16,1%
GEA Process Engineering 2,9% 5,9% 6,9% 10,9% 6,8% 3,0% 5,0% 6,5% 11,3% 6,6% 4,5% 5,8% 6,0% 11,1% 7,2%
GEA Refrigeration Technologies 4,5% 6,3% 6,9% 8,7% 6,8% 2,0% 4,8% 2,1% 5,6% 3,7% 1,6% 4,6% 5,3% 8,1% 5,2%
GEA Group excluding HX 5,5% 8,3% 8,9% 11,7% 8,8% 4,4% 6,3% 7,5% 8,8% 6,8% 5,0% 6,9% 8,5% 11,7% 8,4%
GEA Heat Exchangers 9,2% 11,0% 12,1% 13,7% 11,7% 7,4% 7,1% 9,9% 11,1% 8,9% 7,2% 6,8% 8,1% 9,8% 8,0%
GEA Group incl. HX 6,8% 9,3% 10,1% 12,5% 9,9% 5,5% 6,6% 8,4% 10,2% 7,8% 5,8% 6,9% 8,4% 11,2% 8,3%
EBIT reported
[in EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Food Solutions1) -8,6 3,4 6,1 4,4 5,3 -8,2 1,5 3,7 3,4 0,4 9,5 7,0 1,6 3,1 21,2
GEA Farm Technologies 4,1 11,6 18,8 18,8 53,4 -1,6 3,6 7,4 3,1 12,4 0,5 2,2 8,1 9,2 20,0
GEA Mechanical Equipment2) 27,0 29,7 29,4 39,5 125,6 23,0 19,1 22,7 22,7 87,6 20,5 21,0 24,6 37,6 103,8
GEA Process Engineering 9,2 23,1 24,8 43,1 100,2 6,7 10,4 7,8 27,4 52,3 11,1 16,1 19,1 43,9 90,2
GEA Refrigeration Technologies 5,9 9,8 9,7 15,2 40,7 1,8 5,9 1,7 3,9 13,3 1,5 5,3 5,0 0,4 12,2
GEA Group excluding HX 37,6 67,7 71,7 103,5 280,5 24,0 33,7 33,0 33,4 124,2 30,5 40,4 49,3 82,0 202,2
GEA Heat Exchangers 36,4 49,1 58,1 71,8 215,4 27,2 21,8 26,0 48,8 123,8 22,8 13,4 8,9 -15,2 29,9
GEA Group incl. HX 76,1 119,3 131,8 177,1 504,2 53,8 58,1 63,5 92,8 268,2 51,0 56,4 60,8 68,2 236,5
GEA on Roadshows and Conferences - Q3 2014 62
engineering for a better world
Key Figures Time Line (4/6)
EBITDA reported
[in EUR million] Q1 11 Q2 11 Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14
GEA Food Solutions1) 6,2 - - - - - - - - - - - - - - - - -
GEA Farm Technologies 5,0 8,4 15,0 16,8 45,2 5,0 11,2 17,8 24,2 58,2 2,8 8,5 17,6 27,8 56,7 6,1 13,1 19,8
GEA Mechanical Equipment2) 32,7 31,4 52,1 69,9 186,1 -3,0 43,5 48,3 46,1 134,9 38,6 48,3 56,8 71,0 214,7 42,1 48,4 53,6
GEA Process Engineering 20,0 31,2 38,6 73,4 163,2 20,1 39,4 42,7 75,9 178,1 29,4 45,0 46,3 82,5 203,2 30,2 48,8 49,3
GEA Refrigeration Technologies 8,9 14,3 14,1 21,7 59,0 11,0 13,4 16,0 24,9 65,2 9,6 16,8 17,1 27,5 71,0 12,4 19,9 21,6
GEA Group excluding HX 59,9 78,1 117,9 184,4 440,3 29,4 104,1 123,0 163,5 420,1 71,1 113,8 130,0 200,3 515,2 83,0 123,1 140,0
GEA Heat Exchangers 29,5 35,3 46,9 48,6 160,3 32,6 35,9 37,5 61,5 167,5 26,0 36,3 38,4 54,5 155,2 25,8 32,7 42,2
GEA Group incl. HX 91,9 116,0 167,4 234,9 610,2 64,7 142,4 162,9 226,9 597,0 98,1 152,4 168,9 240,5 659,8 106,7 151,5 180,0
Operating EBIT
[in EUR million] Q1 11 Q2 11 Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14
GEA Food Solutions1) 2,8 - - - - - - - - - - - - - - - - -
GEA Farm Technologies 2,1 5,6 12,1 14,0 33,8 1,9 8,2 14,7 21,5 46,3 0,1 5,5 14,4 24,5 44,6 3,1 10,0 19,3
GEA Mechanical Equipment2) 28,6 44,4 44,8 64,0 181,7 26,8 42,6 49,1 57,0 175,5 32,7 42,0 50,1 62,8 187,6 34,5 40,8 47,6
GEA Process Engineering 16,5 27,6 34,6 69,4 148,2 16,6 35,8 39,1 71,3 162,7 25,7 41,2 42,4 79,0 188,3 26,6 45,0 45,6
GEA Refrigeration Technologies 7,1 12,3 11,9 20,1 51,3 8,7 11,1 13,8 22,6 56,2 7,3 14,3 14,7 25,2 61,5 10,0 17,4 21,1
GEA Group excluding HX 48,2 83,2 101,9 169,3 402,6 50,7 94,9 115,4 164,7 425,8 55,4 101,0 115,6 186,8 458,8 66,8 109,3 130,2
GEA Heat Exchangers 20,8 26,5 37,9 36,7 121,8 24,0 27,6 31,3 52,1 135,0 17,8 29,0 30,0 46,5 123,3 17,6 24,4 35,1
GEA Group incl. HX 69,0 109,7 139,8 206,1 524,6 74,7 122,5 146,7 216,8 560,8 73,2 129,9 145,6 233,3 582,1 84,1 133,3 165,3
Operating EBIT - Margin
[in %] Q1 11 Q2 11 Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14
GEA Food Solutions1) 2,5% - - - - - - - - - - - - - - - - -
GEA Farm Technologies 2,1% 4,7% 8,7% 9,1% 6,6% 1,6% 6,2% 9,3% 12,5% 8,0% 0,1% 4,1% 9,2% 13,9% 7,7% 2,4% 6,5% 10,9%
GEA Mechanical Equipment2) 14,9% 14,3% 14,1% 17,2% 15,3% 9,9% 13,3% 15,0% 16,3% 13,9% 11,0% 12,6% 14,9% 17,5% 14,1% 11,1% 12,0% 13,6%
GEA Process Engineering 5,5% 7,2% 8,8% 14,0% 9,4% 4,4% 8,9% 9,2% 13,8% 9,5% 6,5% 9,5% 9,6% 15,0% 10,5% 6,8% 9,6% 10,1%
GEA Refrigeration Technologies 5,3% 7,4% 7,2% 11,0% 7,9% 5,8% 6,7% 7,8% 11,1% 8,1% 4,8% 7,6% 8,0% 12,0% 8,4% 6,4% 9,2% 10,7%
GEA Group excluding HX 6,8% 8,6% 10,4% 14,4% 10,5% 5,8% 9,5% 10,9% 13,6% 10,3% 6,0% 9,5% 10,6% 15,0% 10,6% 7,0% 9,8% 11,4%
GEA Heat Exchangers 6,1% 6,8% 8,9% 7,9% 7,5% 6,2% 6,8% 8,0% 12,3% 8,4% 5,6% 7,5% 7,9% 11,5% 8,3% 5,7% 6,9% 9,3%
GEA Group incl. HX 6,6% 8,1% 10,0% 12,6% 9,7% 5,9% 8,8% 10,1% 13,4% 9,8% 5,9% 9,0% 10,0% 14,2% 10,1% 6,7% 9,1% 10,9%
EBIT reported
[in EUR million] Q1 11 Q2 11 Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14
GEA Food Solutions1) 2,8 - - - - - - - - - - - - - - - - -
GEA Farm Technologies 1,5 5,0 11,4 13,2 31,1 1,2 7,5 13,9 20,3 42,9 -0,9 4,8 13,7 23,7 41,2 2,3 9,3 16,0
GEA Mechanical Equipment2) 28,4 17,6 38,9 60,3 145,2 -12,8 34,5 38,5 21,8 82,1 28,7 38,1 46,1 58,8 171,7 30,5 37,0 41,9
GEA Process Engineering 16,1 27,2 34,1 68,8 146,1 15,9 35,0 38,1 70,8 159,8 25,0 40,6 41,8 78,3 185,7 26,0 44,3 44,9
GEA Refrigeration Technologies 6,8 10,6 11,1 18,0 46,6 8,2 10,6 13,3 22,0 54,0 6,8 13,8 14,2 24,2 59,0 9,4 16,8 18,6
GEA Group excluding HX 44,0 51,1 91,6 160,2 347,0 6,5 82,3 100,1 125,4 314,3 48,1 90,4 106,0 175,1 419,6 58,7 98,7 115,4
GEA Heat Exchangers 20,2 25,7 37,2 35,0 118,0 23,4 27,0 30,7 49,2 130,3 17,1 27,1 29,3 42,4 116,0 17,0 23,8 10,6
GEA Group incl. HX 66,8 79,3 131,3 197,2 474,6 32,6 111,7 133,1 176,5 453,9 66,2 119,7 135,8 203,2 525,0 73,6 118,2 123,8
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Key Figures Time Line (5/6)
Capital Employed w/o goodwill3) (average LTM)
[in EUR million]Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Food Solutions1) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
GEA Farm Technologies n.a. n.a. n.a. 204,0 204,0 219,7 235,5 241,7 241,4 241,4 250,5 260,9 271,3 284,0 284,0
GEA Mechanical Equipment2) n.a. n.a. n.a. 349,8 349,8 364,3 371,3 374,2 367,7 367,7 346,5 327,9 309,9 300,7 300,7
GEA Process Engineering n.a. n.a. n.a. 270,6 270,6 274,2 276,2 269,7 255,1 255,1 241,1 235,7 237,8 238,9 238,9
GEA Refrigeration Technologies n.a. n.a. n.a. 221,1 221,1 236,8 249,9 258,6 258,7 258,7 244,9 226,6 202,4 177,9 177,9
GEA Group excluding HX n.a. n.a. n.a. 1.063,4 1.063,4 1.097,4 1.117,9 1.113,4 1.094,3 1.094,3 1.078,4 1.071,0 1.066,0 1.069,5 1.069,5
GEA Heat Exchangers n.a. n.a. n.a. 707,3 707,3 757,2 789,7 793,4 752,0 752,0 711,8 687,1 677,7 672,8 672,8
GEA Group incl. HX n.a. n.a. n.a. 1.772,4 1.772,4 1.853,4 1.903,4 1.899,0 1.835,9 1.835,9 1.780,9 1.750,3 1.738,4 1.739,9 1.739,9
ROCE w/o goodwill4) LTM
[in%]Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010
GEA Food Solutions1) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
GEA Farm Technologies n.a. n.a. n.a. 26,2% 26,2% 21,7% 16,8% 11,6% 5,1% 5,1% 5,8% 5,0% 5,1% 7,1% 7,1%
GEA Mechanical Equipment2) n.a. n.a. n.a. 35,9% 35,9% 33,4% 29,9% 27,9% 23,8% 23,8% 24,5% 26,5% 28,7% 34,5% 34,5%
GEA Process Engineering n.a. n.a. n.a. 37,0% 37,0% 35,7% 30,8% 25,2% 20,5% 20,5% 23,5% 26,4% 31,0% 37,7% 37,7%
GEA Refrigeration Technologies n.a. n.a. n.a. 18,4% 18,4% 15,5% 13,1% 9,5% 5,1% 5,1% 5,3% 5,5% 7,8% 6,9% 6,9%
GEA Group excluding HX n.a. n.a. n.a. 26,4% 26,4% 24,3% 20,8% 17,4% 11,3% 11,3% 12,1% 12,8% 14,4% 18,9% 18,9%
GEA Heat Exchangers n.a. n.a. n.a. 30,5% 30,5% 27,2% 22,7% 18,5% 16,5% 16,5% 16,8% 16,2% 13,8% 4,4% 4,4%
GEA Group incl. HX n.a. n.a. n.a. 28,4% 28,4% 26,0% 22,1% 18,6% 14,6% 14,6% 14,9% 15,1% 15,0% 13,6% 13,6%
Capital Employed w/o goodwill3) (average LTM)
[in EUR million]Q1 11 Q2 11 Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14
GEA Food Solutions1) n.a. n.a. n.a. n.a. n.a. - - - - - - - - - - - - -
GEA Farm Technologies 288,6 289,7 292,5 297,7 297,7 302,1 308,2 314,8 319,3 319,3 324,7 327,9 327,4 325,4 325,4 322,4 321,2 323,7
GEA Mechanical Equipment2) 303,6 481,6 625,8 770,7 770,7 874,7 903,6 929,1 949,5 949,5 966,9 972,6 977,2 985,9 985,9 999,0 1.012,7 1.023,2
GEA Process Engineering 237,4 235,8 238,7 249,0 249,0 273,3 290,0 296,7 286,0 286,0 270,8 262,2 253,5 253,9 253,9 249,4 248,8 253,2
GEA Refrigeration Technologies 176,5 187,8 205,4 225,9 225,9 241,8 249,0 253,6 254,7 254,7 255,6 256,1 257,3 259,5 259,5 259,1 261,1 263,4
GEA Group excluding HX 1.117,9 1.266,4 1.436,7 1.619,6 1.619,6 1.771,9 1.830,3 1.872,7 1.887,4 1.887,4 1.890,1 1.890,6 1.886,5 1.895,0 1.895,0 1.900,4 1.912,0 1.929,0
GEA Heat Exchangers 680,7 684,2 691,6 694,6 694,6 690,5 688,2 675,9 669,9 669,9 658,2 646,6 641,2 634,7 634,7 639,8 644,3 648,7
GEA Group incl. HX 1.796,3 1.949,7 2.128,3 2.314,2 2.314,2 2.462,7 2.518,1 2.548,2 2.556,5 2.556,5 2.546,1 2.534,0 2.523,5 2.525,5 2.525,5 2.536,5 2.553,6 2.576,1
ROCE w/o goodwill4) LTM
[in%]Q1 11 Q2 11 Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14
GEA Food Solutions1) n.a. n.a. n.a. n.a. n.a. - - - - - - - - - - - - -
GEA Farm Technologies 7,3% 8,3% 9,3% 10,4% 10,4% 10,2% 10,8% 11,3% 13,4% 13,4% 12,6% 11,6% 11,5% 12,7% 12,7% 13,8% 15,2% 15,8%
GEA Mechanical Equipment2) 36,8% 22,5% 19,6% 18,8% 18,8% 11,9% 13,4% 13,0% 8,6% 8,6% 12,8% 13,1% 13,8% 17,4% 17,4% 17,4% 17,0% 16,5%
GEA Process Engineering 40,1% 45,1% 50,8% 58,7% 58,7% 53,4% 53,0% 53,2% 55,9% 55,9% 62,4% 66,6% 70,3% 73,2% 73,2% 74,6% 76,5% 76,4%
GEA Refrigeration Technologies 9,9% 12,2% 14,1% 20,6% 20,6% 19,8% 19,2% 19,7% 21,2% 21,2% 20,6% 21,8% 22,1% 22,7% 22,7% 23,8% 24,8% 26,2%
GEA Group excluding HX 19,3% 17,9% 18,7% 21,4% 21,4% 17,5% 18,6% 18,6% 16,7% 16,7% 18,8% 19,3% 19,6% 22,1% 22,1% 22,6% 22,9% 23,2%
GEA Heat Exchangers 4,0% 5,8% 9,8% 17,0% 17,0% 17,6% 17,8% 17,2% 19,4% 19,4% 18,8% 19,2% 19,1% 18,3% 18,3% 18,1% 17,5% 14,5%
GEA Group incl. HX 14,0% 14,1% 16,2% 20,5% 20,5% 17,9% 18,8% 18,6% 17,8% 17,8% 19,2% 19,6% 19,7% 20,8% 20,8% 21,0% 20,8% 20,1%
GEA on Roadshows and Conferences - Q3 2014 64
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Key Figures Time Line (6/6): Remarks
1) All historical figures for GEA FS before Q2 2011 are pro-forma figures only and haven't been audited due to the fact that GEA
FS's Financial Year was ending end of February. The listed historical figures before Q2 2011 are not included in the Group-
numbers of the corresponding period.
2) Since Q2 2011 GEA ME figures includes GEA FS
3) Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999.
4) ROCE LTM = EBIT reported (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the
former Metallgesellschaft AG in 1999 (average LTM).
GEA on Roadshows and Conferences - Q3 2014 65
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ADR Information
GEA Group has a sponsored level I ADR program
Ratio: 1 ADR = 1 Ordinary share
Bloomberg ticker: GEAGY:US
CUSIP: 361592108
ISIN: US3615921083
Depositary bank: Deutsche Bank Trust Company Americas
Depositary bank contacts: ADR broker helpline
Tel: +1 212 250 9100 (New York)
Tel: +44 207 547 6500 (London)
Email: [email protected] and website: www.adr.db.com
Depositary bank’s local custodian: Deutsche Bank Frankfurt
GEA on Roadshows and Conferences - Q3 2014 66
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Investor Relations Contact
Donat von Müller
+49 211 9136 1080
donat.vonmueller
@gea.com
Dr. Helmut Schmale
CFO
+49 211 9136 1082
Axel Wolferts
+49 211 9136 1490
axel.wolferts
@gea.com
Rebecca Grabotin
+49 211 9136 1081
rebecca.grabotin
@gea.com
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