GEA increases earnings per share significantly
• Earnings per share up by 46.7% from EUR 0.15 to EUR 0.22
• Order intake increases by 23.0% year-on-year to EUR 1,242 million
• Revenue up 10.6% compared with Q1/2010 to EUR 1,038 million
• EBIT margin grows by 76 basis points to 6.4%
Düsseldorf, May 6, 2011 – In the first quarter of 2011, GEA Group continued its strong order intake from the previous quarter, recording a 23.0 percent increase to EUR 1,242 million. This represents the fourth significant quarterly year-on-year rise in a row since the beginning of the financial and economic crisis. As a result, Group revenue climbed by 10.6 percent compared with the previous year to EUR 1,038.0 million.
“The encouraging performance of our order intake is attributable to continued strong global demand for food process technology, in particular from Asia. This positive trend continued in April,” said Jürg Oleas, Chairman of the Executive Board of GEA Group Aktiengesellschaft.
Earnings before interest and tax (EBIT) increased by 25.7 percent in the reporting period to EUR 66.1 million (previous year: EUR 52.6 million). As a result, the EBIT margin improved by 76 basis points to 6.4 percent of revenue. Once again, discontinued operations did not affect GEA Group’s profit for the period. The Company’s improved results lifted earnings per share by 46.7 percent to EUR 0.22.
Following the approval by the responsible antitrust authorities, the purchase prices for the acquisitions of Convenience Food Systems and Bock Kältemaschinen were paid as of March 31, 2011.
GEA Group financial data (in EUR million)
While the balance sheets and other data as of the reporting date (such as order backlog) from the recent acquisitions have been consolidated as of March 31, 2011 in accordance with IFRSs, period performance data (P&L) will only be consolidated from April 1, 2011 and hence are not part of the Q1 figures presented.
GEA Group Aktiengesellschaft is one of the largest suppliers of process technology and components for the food and energy industries. As an international technology group, the Company focuses on sophisticated production processes. In 2010, GEA generated consolidated revenues in excess of EUR 4.4 billion, 70 percent of which came from the food and energy sectors, which are long-term growth industries. The group employed about 23,000 people worldwide as of March 31, 2011. 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).