GEA Group

GEA Farm Technologies

GEA Mechanical Equipment

GEA Process Engineering

GEA Refrigeration Technologies


Outlook and Objectives

Business outlook

Provided that there is no slowdown in global economic growth and that exchange rates remain the same as in 2013, and excluding the effect of acquisitions and nonrecurring items, we are aiming for our key performance indicators to develop as follows in the current fiscal year:

We expect GEA Group’s segments to register moderate revenue growth overall in fiscal year 2014, with the notable exception of GEA Process Engineering, which will grow more strongly than the other segments due to its very healthy order intake in the previous year.

We expect operating EBITDA to reach EUR 550 million to EUR 590 million during the period, compared with EUR 530 million in fiscal year 2013. All of GEA Group’s segments will contribute to this year-on-year increase. The term “operating” means that the earnings figures are adjusted for the effects of the remeasurement of assets added due to acquisitions, as well as expenses that are nonrecurring in terms of their type or amount.

Cash flow driver margin
With respect to our cash flow drivers, i.e., the net amount of EBITDA, the change in working capital, and capital expenditure, we are aiming for a ratio to revenue of between 9.0 percent and 9.5 percent in 2014, after 9.6 percent in the year under review.


Provided that there is no slowdown in the global economy, we expect the group to achieve moderate organic growth. The further increase in profitability together with the ongoing focus on liquidity generation should help ensure we have the financial leeway to successfully implement our strategic growth targets. In addition, we are maintaining our long-term target of distributing around one-third of the group’s earnings to shareholders as a dividend.

Düsseldorf, February 26, 2014

GEA Group Aktiengesellschaft

The Executive Board

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