Order intake at Düsseldorf-based engineering company GEA increased by 12.3 percent year-on-year in the second quarter of 2013 to EUR 1,574.0 million, despite offsetting currency translation effects.
This rise is attributable in particular to more intensive sales activities as well as the company’s strong market position in its demanding end markets. In the first half of the year, order intake improved by 2.6 percent to EUR 3,021.1 million. Thanks to a number of major orders, the food and beverage sector expanded significantly by 11 percent in this period. Its share of GEA’s order intake has now increased to nearly 59 percent. Revenue rose by 3.6 percent to EUR 1,441.9 million in the second quarter of 2013 and by 0.7 percent to EUR 2,674.7 million in the first half of the year.
The group’s operating EBITDA, which is adjusted for purchase price allocation effects as well as for nonrecurring items in the GEA Food Solutions Segment in the case of 2012, rose by 1.4 percent to EUR 250.7 million in the first half of 2013. This increased the corresponding EBITDA margin to 9.4 percent of revenue. At EUR 199.4 million, operating EBIT was up 1.1 percent as against first half of 2012. The operating EBIT margin improved from 7.4 to 7.5 percent of revenue. Consolidated profit in the first quarter rose by 37.2 percent to EUR 116.2 million. This lifted earnings per share to EUR 0.60, after EUR 0.46 in the comparable prior-year period. It should be noted here that earnings per share have been diluted by a further 4.7 percent since July 2012 due to the settlement award proceedings and the resulting increase in the average number of GEA shares.
“Strict liquidity management allowed us to reduce our net debt by EUR 150 million compared with June 30, 2012, to EUR 580.4 million, despite the cash outflows of around EUR 160 million for dividends, acquisitions, and legacy issues relating to discontinued operations. This means that GEA has successfully converted over half of its EBITDA into liquidity over the last twelve months,” said Jürg Oleas, Chairman of the Executive Board of GEA Group Aktiengesellschaft.
Excluding lower double-digit million costs relating to the strategy and portfolio project, GEA confirmed its previous business outlook for 2013.