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Ad hoc: GEA Group AG has recognized non-cash impairments in the fourth quarter of 2019 and accelerates the recognition of restructuring expenses - Group forecast unchanged

27 Jan 2020

Within the framework of its annual planning process, GEA Group Aktiengesellschaft has recognized a non-cash impairment in the amount of approximately EUR 248 million in the fourth quarter of 2019.

GEA Center Düsseldorf

This impairment has solely resulted from the impairment test of the goodwill of GEA’s Italian subsidiary Pavan S.p.A. acquired in November 2017. In fiscal years 2018 and 2019, the economic performance of the Pavan Group was well below expectations. It was therefore decided by GEA to separately monitor the company’s goodwill and business progress as well as to take restructuring measures with effect from October 2019. The current business plan for the Pavan Group anticipates a business development that will continue to be significantly below the business plan assumed at the time of the acquisition. This has led to the complete impairment of the goodwill of the Pavan Group.

Furthermore, overall, GEA is making rapid progress with its restructuring programs and has therefore accelerated the recognition of restructuring expenses. In comparison to the previously expected amount of up to EUR 55 million, this amount now totals approximately EUR 105 million on an EBITDA level in fiscal year 2019. The difference mainly results from accelerated restructuring expenses in the amount of approximately EUR 47 million that have already been accrued for the planned reduction of a total number of 800 full-time employees by the end of 2020. 

The impairments and restructuring expenses will have no earnings effect on the key financials underlying GEA’s guidance for 2019. These figures include primarily sales revenue, EBITDA* as well as ROCE*, each adjusted for restructuring expenses.   

Nonetheless, there will be an impact on specific key financial indicators like reported EBITDA and ROCE, net income, earnings per share, as well as the company’s equity and leverage ratios. In turn, this will result in a negative reported EBIT as well as a negative net income for fiscal year 2019. However, GEA does not anticipate any effect on the dividend proposal for fiscal year 2019.

Furthermore, preliminary key financials indicate that the results for the 2019 fiscal year are in line with GEA’s guidance. Both order intake at an estimated EUR 4.93 billion and consolidated revenues, which are expected to total EUR 4.88 billion, are slightly higher than the previous year. As to EBITDA before restructuring, GEA is expected to achieve a level that ranges between EUR 470 million and EUR 480 million. ROCE before restructuring is expected to amount to approximately 10 percent. 

The final figures and the Annual Report for fiscal year 2019 will be released on March 17, 2020.  

* EBITDA and ROCE, each before restructuring, as defined in the 2018 Annual Report for fiscal year 2019, p. 28 f, forecast p. 127 

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GEA Group Aktiengesellschaft

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About GEA

GEA 是食品加工行业及众多工业领域的领先供应商之一,2019 年的销售总额约达 49 亿欧元。

作为国际技术集团,我们专注于机械制造,生产运营,工艺技术及其设备组件。 GEA 为各种终端用户市场的复杂生产流程提供可持续的能源解决方案,并提供全面的服务组合。集团在长期持续增长的食品和饮料行业的收入约占其总收入的 70%。截至 2018 年 12 月 31 日,集团的全球员工已超过 18,500 人。GEA 在其业务领域中是市场和技术领导者。GEA 是德国 MDAX 上市公司(G1A,WKN 660 200),拥有 STOXX® Europe 600 指数和优选的 MSCI 全球可持续发展指数。
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