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GEA with strong start to the year

11 May 2021

GEA made a good start to the 2021 fiscal year, again demonstrating the resilience of the group’s business model to challenging market conditions and the ongoing effectiveness of its efficiency measures.

Q1 quarterly report
  • Order intake increased for third successive quarter; at EUR 1.28 billion, 6.9 percent below record prior-year quarter; organic decline of just 2.5 percent
  • Revenue down slightly by 2.6 percent to EUR 1.07 billion; but organic growth of 2.2 percent; share contributed by service business further increases to 35.2 percent (previous year: 34.3 percent)
  • EBITDA before restructuring expenses up 15.4 percent to EUR 121.2 million, margin increased by a significant 1.8 percentage points to 11.4 percent

Despite the sustained Covid-19 pandemic and the high prior-year figures, the company saw slight organic revenue growth (+2.2 percent), while EBITDA before restructuring expenses (+15.4 percent) and ROCE (+7.0 percentage points) again rose significantly. As a result, earnings per share before restructuring measures almost doubled to EUR 0.39 in the reporting period. In addition, GEA again substantially improved its cash flow, net working capital, and net liquidity. On the basis of this performance, GEA confirmed its full-year guidance for revenue, EBITDA before restructuring expenses, and ROCE.

“Despite the still challenging market environment due to the pandemic, we performed very well in the first quarter, paving the way for a successful fiscal year 2021,” said Stefan Klebert, CEO of GEA Group AG. “Positive sales developments in customer industries such as Dairy Processing, Food and Pharma more than offset the declining developments in other industries - adjusted for currency and acquisition effects. GEA is clearly benefiting from its diversified portfolio and its strong service business.” 

Following the record figure of the prior-year quarter – which was virtually untouched by the pandemic – order intake in the first quarter remained more or less stable, declining by 2.5 percent organically. However, developments were very mixed across our different regions and customer industries. At EUR 1,282 million (previous year: EUR 1,377 million), reported order intake was 6.9 percent lower than the previous year’s figure, but higher than the last three quarters. This is attributable in particular to negative exchange rate effects. In addition, the figure for the previous year still includes group companies that have since been sold. 

With regard to revenue, GEA recorded organic growth of 2.2 percent compared with the already high prior-year figure. However, due to negative currency effects and company disposals, the reported figure was 2.6 percent down on the previous year at EUR 1,065 million (previous year: EUR 1,094 million). The share of revenue attributable to the important service business increased from 34.3 to 35.2 percent.

EBITDA before restructuring expenses amounted to EUR 121 million in the first quarter, compared with EUR 105 million in the prior-year period. Alongside the improved gross profit attributable to higher margins in the new machinery business, the efficiency measures introduced last year coupled with reduced travel and marketing costs contributed to this development. The corresponding margin improved by a clear 1.8 percentage points to 11.4 percent. 

Return on capital employed (ROCE) rose to 19.3 percent (previous year: 12.3 percent). Free cash flow improved to EUR 40 million in the first quarter (previous year: EUR 9 million), while net working capital was significantly reduced to EUR 376 million as of March 31, 2021 (previous year: EUR 720 million). As a proportion of revenue, this represents a considerable decrease from 14.6 percent to 8.2 percent. Net liquidity was again significantly improved from around EUR 10 million as of the prior-year reporting date to EUR 428 million.

Financial Key Figures of GEA

(EUR million)Q1 2021Q1 2020Change in %
Results of operations   
Order intake1,282.41,376.7–6.9
Book-to-bill ratio1.201.26
Order backlog2,516.72,628.7–4.3
Revenue1,065.41,093.8–2.6
Organic sales growth in %12.2
Share service revenue in %35.234.3
EBITDA before restructuring expenses121.2105.015.4
as % of revenue11.49.6
EBITDA105.596.99.0
EBIT before restructuring expenses76.256.435.2
EBIT60.648.225.6
Profit for the period56.729.890.2
ROCE in %219.312.3
Financial position   
Cash flow from operating activities45.623.396.3
Cash flow from investing activities–5.8–14.259.0
Free cash flow39.89.1> 100
Net assets   
Net working capital (reporting date)376.0719.9–47.8
as % of revenue (LTM)8.214.6
Capital employed (reporting date)31,660.32,169.4–23.5
Equity2,053.72,111.4–2.7
Equity ratio in %36.337.3
Leverage4–0.9 x–0.0 x
Net liquidity (+)/Net debt (-)5427.710.1> 100
GEA Shares   
Earnings per share (EUR)0.310.1790.2
Earnings per share before restructuring expenses (EUR)0.390.2095.0
Market capitalization (EUR billion; reporting date)6.33.486.6
Employees (FTE; reporting date)18,07018,392–1.8
Total workforce (FTE; reporting date)19,00819,952–4.7

1) By "organic", GEA means changes that are adjusted for currency and portfolio effects. 

2) Capital employed excluding goodwill from the acquisition of the former GEA AG by former Metallgesellschaft AG in 1999 (average of the last 4 quarters). 

3) Capital employed excluding goodwill from the acquisition of the former GEA AG by former Metallgesellschaft AG in 1999. 

4) Total net debt/cons. EBITDA based on frozen GAAP (covenant concept). 

5) Excluding lease liabilities of EUR 157 milllion in the 1st quarter 2021 (prior year 1st quarter EUR 168 million).

Media Relations

GEA Group Aktiengesellschaft

Peter-Müller-Str. 12


40468

Düsseldorf


Germany

+49 211 9136-0

Informazioni su GEA

GEA è fra i principali fornitori dell'industria di processo alimentare e di una vasta gamma di altri settori. Nel 2019 ha realizzato un fatturato consolidato di circa 4,9 miliardi di euro.

Il Gruppo tecnologico internazionale è specializzato in macchinari, impianti, tecnologia di processo e componenti. GEA offre soluzioni energetiche sostenibili per processi di produzione all'avanguardia in diversi ambiti applicativi e un portafoglio completo di servizi. Circa il 70% del fatturato viene realizzato nel settore alimentare e delle bevande che vanta una crescita sostenibile a lungo termine. Al 31 dicembre 2018, l'organico della Società ammontava a circa 18.500 dipendenti in tutto il mondo. GEA è leader tecnologico e di mercato nelle proprie aree di business. La società è quotata nell’indice di borsa tedesco MDAX (G1A, WKN 660 200), nell’indice STOXX® Europe 600 e nei più importanti indici MSCI Global Sustainability.
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