DGAP-News: GEA Group Aktiengesellschaft / Key word(s): Quarter Results
GEA Group Aktiengesellschaft: GEA Increases Operating EBITDA Margin to
11.5 Percent (news with additional features)
28.07.2014 / 07:30
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GEA Increases Operating EBITDA Margin to 11.5 Percent
- Order intake of EUR 1,170 million in Q2 beats consensus
- Second quarter organic revenue up 8 percent year-on-year
- Q2 earnings per share up 7 percent year-on-year
- Moody's Investors Service lifts rating to Baa2 with stable outlook
Dusseldorf, July 28, 2014 - GEA closed the second quarter of 2014 on a
positive note. The GEA Farm Technologies and GEA Refrigeration Technologies
segments in particular saw encouraging growth. At EUR 1,170 million, the
company's order intake adjusted for currency translation effects again
almost reached the all-time highs seen in the prior-year quarter. This
places GEA's order intake at the upper end of expectations.
In the second quarter of 2014, the revenue generated by GEA's continuing
operations increased by 5.0 percent to EUR 1,118 million (previous year:
EUR 1,065 million). Exchange rate movements reduced revenue by 3.0 percent.
In the first half of 2014, revenue amounted to EUR 2,068 million (previous
year: EUR 1,989 million). This corresponds to organic growth of 7.0
percent.
The group's operating EBITDA in the second quarter rose to EUR 128 million,
up EUR 10 million (8.1 percent) year-on-year. The operating EBITDA margin
saw further improvement to 11.5 percent of revenue. The company's operating
EBITDA in the first six months of the year increased by EUR 22 million to
EUR 213 million. At 10.3 percent, the operating EBITDA margin was up 71
basis points year-on-year.
Consolidated profit amounted to EUR 81 million in the second quarter, a 7.2
percent increase year-on-year. This corresponds to earnings per share of
EUR 0.42 for the period (previous year: EUR 0.39).
"In 2014, GEA generated its highest ever operating EBITDA for a first
half-year period. This applies in particular also to the 10.3 percent
margin. The improvement in margins in our GEA Farm Technologies and GEA
Refrigeration Technologies segments was a particularly positive sign. We
are also pleased that Moody's has increased our credit rating from Baa3 to
Baa2 with a stable outlook. The main reason for this is our improved risk
profile thanks to the strategic realignment towards the more stable food
industry," said Jürg Oleas, CEO of GEA Group Aktiengesellschaft.
Assuming that there is no unexpected slowdown in global economic growth,
GEA is reiterating its previous business outlook for 2014.
~
GEA Group: Key IFRS figures
(EUR million)
Q1-Q2 Q1-Q2 1)
2014 2013
Order Intake 2,194.2 2,315.1
Revenue 2,068.3 1,988.7
Order backlog 2,137.2 2,085.3
Operating EBITDA 2) 213.2 190.8
as % of revenue 10.3 9.6
EBITDA 206.1 184.9
Operating EBIT 2) 176.1 156.4
as % of revenue 8.5 7.9
EBIT 157.4 138.5
as % of revenue 7.6 7.0
EBT 119.8 109.8
Profit after tax from continuing operations 94.2 86.5
Profit or loss after tax from discontinued operat. 33.8 29.7
Profit for the period 128.0 116.2
Earnings per share pre ppa (EUR) 0.71 0.65
Earnings per share (EUR) 0.66 0.60
Working capital (reporting date) 590.1 521.1
Working capital (average of the past 12m) 524.4 505.4
as % of revenue (average of the past 12m) 11.9 11.9
Net liquidity (+)/Net debt (-) (incl. DOP) -551.8 -580.4
Cash flow driver 3) 394.4 354.7
as % of revenue (average of the past 12m) 9.0 8.3
ROCE in % (EBIT/Capital Employed) 4) 16.2 13.4
ROCE in % (goodwill adjusted) 5) 22.9 19.3
CAPEX on property, plant and equipment 42.2 39.8
Employees (reporting date) 6) 18,186 17,438
1) Amounts adjusted due to classification of an operation as discontinued
operation
2) Before effects of purchase price allocations and before one-offs
3) Cash flow driver = EBITDA - Capital expenditure - Change in Working
Capital (average of the past 12 months)
4) Capital employed (average of the past 12 months) including goodwill from
the acquisition of the former GEA AG by the former Metallgesellschaft AG in
1999
5) Capital employed (average of the past 12 months) excluding goodwill from
the acquisition of the former GEA AG by the former Metallgesellschaft AG in
1999
6) Full-time equivalents (FTE) excluding vocational trainees and inactive
employment contracts
~
About GEA Group
GEA Group Aktiengesellschaft is one of the largest suppliers for the food
processing industry and a wide range of other process industries. As an
international technology group, the Company focuses on process technology
and components for sophisticated production processes. In 2013, GEA
generated consolidated revenues in excess of EUR 4.3 billion, more than 70
percent of which came from the food sector, which is a long-term growth
industry. The group employed about 18,000 people worldwide as of June 30,
2014. GEA Group is a market and technology leader in its business areas. It
is listed in Germany's MDAX stock index (G1A, WKN 660 200) and the STOXX(R)
Europe 600 Index. Further information is available on the Internet at:
www.gea.com.
To unsubscribe from GEA Group Aktiengesellschaft's news distribution list,
please send an e-mail to pr@gea.com.
Contact:
GEA Group Aktiengesellschaft
Phone +49 (0)211 9136 1492
Fax +49 (0)211 9136 31087
www.gea.com
End of Corporate News
+++++
Additional features:
Document: http://n.equitystory.com/c/fncls.ssp?u=KIJTCWEGPQ
Document title: Q2 report GEA Group
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Language: English
Company: GEA Group Aktiengesellschaft
Peter-Müller-StraÃe 12
40468 Düsseldorf
Germany
Phone: +49 (0)211 9136-0
Fax: +49 (0)211 9136-31087
E-mail: ir@gea.com
Internet: www.gea.com
ISIN: DE0006602006
WKN: 660200
Indices: MDAX
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, München; Freiverkehr in Hannover,
Stuttgart
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DGAP-News: GEA Group Aktiengesellschaft: GEA Increases Operating EBITDA Margin to 11.5 Percent (news with additional features)
| Source: EQS Group AG