会社のプレスリリース

GEA posts increase in order intake and revenue in the third quarter, raising 2019 revenue outlook slightly

25 Oct 2019

Technology group GEA posted an increase in both order intake and revenue in the third quarter of 2019. Order intake rose to EUR 1.25 billion in the last quarter, an increase of around 5 percent compared to the same quarter in 2018. Both basic business and six large projects (three of which were awarded in dairy processing) contributed to this positive development.

Q3 quarterly report

At EUR 1.23 billion (4 percent above the previous year’s figure), revenue fared equally well, with growth recorded primarily in the Separation, Homogenizers, Flow Components and Compression product groups, as well as in Dairy and Utilities. With an increase of around 8 percent to some EUR 400 million, GEA chalked up healthy year-on-year revenue growth in its high-margin service business, too. These developments gave rise to a book-to-bill ratio (i.e. order intake relative to revenue) of 1.02 for the third quarter of the year. Reflecting the rise in order intake and the positive revenue trend, GEA decided to increase its previous revenue forecast slightly; the company now expects revenue for 2019 as a whole to be on par with previous year (2018: EUR 4.83 billion). A revenue figure slightly below the 2018 level had been postulated in the earlier outlook. 

At EUR 143 million, EBITDA before restructuring measures was around 1.4 percent below the previous year’s value. With regard to the Business Area Equipment, third-quarter earnings were impacted by disproportionate growth in low-margin product groups, declining margins in new machinery business, and special effects relating to the settlement of a legal dispute. In the Business Area Solutions, conversely, an initiative to optimize project management in dairy processing increased earnings. GEA’s accumulated figure for EBITDA before restructuring measures for the first three quarters of the year was around EUR 329 million (previous year: EUR 364 million). All told, special effects impacted earnings in the amount of around EUR 3 million in the quarter under review, and by EUR 47 million over the nine-month period.

Owing to a considerably positive free cash flow, GEA succeeded in improving its net financial position as of September 30, 2019 (EUR -263 million), by almost EUR 70 million compared with the same period of the previous year. ROCE (Return on Capital Employed) for the period ending September 30, 2019, amounted to 10.5 percent (average of the last 4 quarters).

“We’re delighted to have countered the trend in the engineering sector by posting an increase in order intake in the third quarter. This, coupled with the positive revenue figure for the first nine months of the year, allowed us to increase our general revenue forecast for 2019 slightly. We’re pleased to confirm our outlook for the other key ratios, too – EBITDA before restructuring measures and ROCE,” said Stefan Klebert, CEO of GEA Group Aktiengesellschaft. “We can already tell that the efficiency measures in the Business Area Solutions are starting to bear fruit. And as reported, initial measures to streamline our portfolio have been initiated. The next milestones are the official launch of the new organizational structure on January 1, 2020, and the arrival in mid-January of Johannes Giloth as board member for our newly mandated Procurement, Production and Logistics organization.”

IFRS Key Figures of GEA

(EUR million)Q32019Q32018Changein %Q1-Q32019Q1-Q32018Changein %
 Results of operations      
Order intake1,254.81,197.24.83,587.83,682.7–2.6
Book-to-bill ratio1.021.011.011.07
Order backlog2,435.62,550.1–4.52,435.62,550.1–4.5
Revenue1,234.71,188.93.93,539.33,455.32.4
EBITDA before restructuring measures1143.1145.2–1.4328.9363.8–9.6
as % of revenue11.612.29.310.5
EBITDA (IFRS)138.5120.814.7308.9300.72.7
EBIT before restructuring measures193.692.41.4178.2211.8–15.9
as % of revenue7.67.85.06.1
EBIT (IFRS)88.884.74.8148.7195.8–24.0
EBT(IFRS)81.378.43.8141.6172.2–17.8
Profit for the period(IFRS)259.860.0–0.3115.4128.5–10.2
ROCE in % (goodwill adjusted)310.514.610.514.6
 Net assets      
Net working capital (reporting date)941.1904.44.1941.1904.44.1
as % of revenue (LTM)19.218.919.218.9
Capital employed (reporting date)2,733.52,576.06.12,733.52,576.06.1
Equity2,379.62,476.1–3.92,379.62,476.1–3.9
Equity ratio in %39.640.539.640.5
Leverage40.6 x0.7 x0.6 x0.7 x
Net liquidity (+)/Net debt (-)–262.9–330.720.5–262.9–330.720.5
 Financial position      
Cash flow from operating activities117.948.6> 100110.8–35.8
Cash flow from investing activities–28.1–27.8–1.1–76.5–84.99.9
Free cash flow89.820.7> 10034.3–120.8
 GEA shares      
Earnings per share (EUR)20.330.33–0.10.640.71–10.1
Weighted average number of shares outstanding (million)180.5180.5180.5180.5–0.0
Market capitalization (EUR billion; reporting date)4.55.5–19.34.55.5–19.3
Employees (FTE; reporting date)18,82018,5351.518,82018,5351.5

1) Pro-forma figures for 2018 incl. IFRS 16 effects from 2019.
2) First half of 2019 incl. interest income of EUR 32.7 million due to adjustment of the interest calculation method used to measure provisions for long-term liabilities (see Half-yearly Financial Report 2019, page 36).
3) Capital employed excluding goodwill from the acquisition of the former GEA AG by former Metallgesellschaft AG in 1999 (average of the last 4 quarters); pro-forma figures for 2018 incl. IFRS 16 effects from 2019.
4) Total net debt / cons. EBITDA based on frozen GAAP (covenant concept).

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GEA Group Aktiengesellschaft

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GEA の概要

GEA は、世界レベルの食品製造プロセス技術を有するとともに、乳業、飲料、パーソナル・ホームケア、化学など食品以外の幅広い分野にも実績があり、2019年度の連結売上高は約49億ユーロとなりました。

最先端のプロセスソリューションと洗練されたプロセス機器を世界中のお客様に提供している国際企業です。 GEA は、お客様が抱える課題やニーズに対して、経験・実績に基づいた最適なソリューションを提供致します。。当グループでは、長期的に成長している食品と飲料分野が売上の約70%を占めています。2018年12月31日の時点で、GEAの総従業員数は約18,500人です。GEA は自社のビジネスエリアにおいて市場とテクノロジーのリーダーとなっています。当社は、ドイツ株価指数の MDAX主要銘柄に採用されています。
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