Corporate press release
GEA publishes figures for the second quarter
30 Jul 2018
In the second quarter of 2018, GEA topped the previous year’s figure for order intake, setting a new quarterly record. Second-quarter revenue was above the level of the previous year. Operating EBITDA in the second quarter was slightly above the figure for the same quarter of the previous year. The corresponding margin remained on a par with the previous year.
“Demand for our products and applications hit record levels in the second quarter of the year thanks to our innovative capabilities and leading technologies. Whereas negative currency effects produced a headwind, our latest acquisitions had a positive impact. Revenue was in line with expectations. Due to an increase in revenue and ongoing cost discipline, among other factors, operating EBITDA was slightly above the previous year’s level. However, GEA was not able to make up the shortfall from the first quarter. The negative effects of a strong euro, increases in material costs and the resulting pressure on margins means that hitting our margin targets will remain a big challenge,” said Jürg Oleas, CEO of GEA. “Judging by the key indicators for the first half of the year, we assume that revenue growth for the whole of 2018 will likely land at the upper end of the published corridor. However, in terms of the figures for the operating EBITDA margin and, thus, the operating cash flow driver margin, we now expect to close the financial year at the lower end of the forecasted corridor.”
IFRS key figures1 of GEA
| (EUR million) | Q2 2018 | Q2 2017 | Change in % | Organic change in % | Q1-Q2 2018 | Q1-Q2 2017 | Change in % | Organic change in % |
|---|---|---|---|---|---|---|---|---|
| Results of operations | ||||||||
| Order intake | 1,383.0 | 1,241.1 | 11.4 | 9.9 | 2,485.6 | 2,377.1 | 4.6 | 3.4 |
| Revenue | 1,227.0 | 1,138.5 | 7.8 | 6.7 | 2,266.4 | 2,142.4 | 5.8 | 5.7 |
| Operating EBITDA2 | 133.0 | 122.4 | 8.6 | – | 199.5 | 218.8 | –8.8 | – |
| as % of revenue | 10.8 | 10.8 | – | – | 8.8 | 10.2 | – | – |
| Operating EBIT2 | 108.9 | 101.9 | 6.9 | – | 152.7 | 178.2 | –14.3 | – |
| as % of revenue | 8.9 | 8.9 | – | – | 6.7 | 8.3 | – | – |
| EBIT | 87.6 | 78.7 | 11.3 | – | 111.1 | 142.3 | –21.9 | – |
| Net assets | ||||||||
| Working capital intensity in % (average of the last 12 months) | 15.8 | 16.1 | – | – | 15.8 | 16.1 | – | – |
| Net liquidity (+)/Net debt (-) | –326.9 | 343.7 | – | – | –326.9 | 343.7 | – | – |
| Financial position | ||||||||
| Operating cash flow driver margin3 | 9.3 | 7.0 | – | – | 9.3 | 7.0 | – | – |
| ROCE in % (goodwill adjusted)4 | 13.3 | 15.1 | – | – | 13.3 | 15.1 | – | – |
| Full-time equivalents (reporting date)5 | 18,287 | 17,093 | 7.0 | 1.9 | 18,287 | 17,093 | 7.0 | 1.9 |
| GEA Shares | ||||||||
| Earnings per share (EUR) | 0.36 | 0.29 | 23.0 | – | 0.38 | 0.58 | –34.7 | – |
1) The key figures for the constant exchange rates are presented on page 15 of the half-yearly financial report.
2) Before effects of purchase price allocations and adjustments
3) Operating cash flow driver = operating EBITDA – capital expenditure + adjustment of capital expenditure in strategic projects – change in working capital (average of the last 12 months)
4) Capital employed excluding goodwill from the acquisition of the former GEA AG by former Metallgesellschaft AG in 1999 (average of the last 12 months)
5) Organic change without acquisitions but including other changes in the basis of consolidation
Media Relations
GEA Group Aktiengesellschaft
Peter-Müller-Str. 12
40468
Düsseldorf
Germany
+49 211 9136-0
About GEA
GEA is one of the world’s largest suppliers of systems and components to the food, beverage and pharmaceutical industries. The international technology group, founded in 1881, focuses on machinery and plants, as well as advanced process technology, components and comprehensive services.
