DGAP-News: GEA Group Aktiengesellschaft: GEA issues Guidance for 2011
(firmenpresse) - DGAP-News: GEA Group Aktiengesellschaft / Key word(s): Forecast/Final
Results
GEA Group Aktiengesellschaft: GEA issues Guidance for 2011
10.03.2011 / 07:30
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Düsseldorf, March 10, 2011 - At its 2010 earnings press conference, GEA
confirmed the preliminary figures it had already published at the beginning
of February. In 2010, order intake increased by 12 percent to EUR 4,578
million. Revenue reached the previous year's volume at EUR 4,418 million.
Profit from operating activities before interest, tax, and restructuring
expenses amounted to EUR 356.8 million. The corresponding margin of 8.1
percent represents a year-on-year increase of 52 bps. EBIT after
restructuring expenses amounted to EUR 237.5 million. Consolidated profit
amounted to EUR 133.7 million, producing earnings per share of EUR 0.72.
Once again, discontinued operations did not affect GEA Group's consolidated
profit.
Net liquidity more than doubled year-on-year to EUR 104.8 million, partly
due to lower investing activities and the targeted reduction in working
capital, which could be reduced by approximately EUR 350 million in the
course of the past two fiscal years.
Commenting on business expectations for the current year, Jürg Oleas, CEO
of GEA Group Aktiengesellschaft, noted: 'The now encouraging level of
investment in the food industry is likely to remain firm, and the energy
sector, which has been muted to date, is set to continue recovering. As a
result, we are forecasting an organic increase in order intake and revenue
of at least 5 percent in 2011. With regard to earnings, we are expecting
the EBIT margin to grow to approximately 9 percent. No further significant
one-off expenses are expected for 2011.'
In addition, the recent acquisitions of Convenience Food Systems (CFS),
Bock, and Mashimpeks, which together generated almost EUR 500 million in
revenue in the past fiscal year, will contribute to GEA's business volume
on a time-proportionate basis in 2011. Their initial consolidation is
expected between February and July.
Looking to the future, Oleas believes that 'Our revenue will continue to
increase in fiscal year 2012 as against 2011. In 2012, when all
restructuring measures will have taken full effect, we are expecting
additional increases in both earnings and the EBIT margin. We expect all
segments to contribute to this positive development.'
GEA's policy is to distribute one-third of the group's earnings as a
dividend. The distribution of EUR 0.40 which has been proposed for the past
fiscal year is in fact significantly in excess of this.
GEA Group consolidated data for 2010
(EUR million) 2010 2009
Order Intake 4,578.0 4,080.7
Revenue 4,418.4 4,411.2
Order backlog 2,414.0 2,164.1
EBITDA before restructuring expenses 463.5 433.7
as % of revenue 10.5 9.8
EBIT before restructuring expenses 356.8 333.2
as % of revenue 8.1 7.6
EBIT 237.5 268.2
as % of revenue 5.4 6.1
EBT174.8 209.2
Profit after tax from continuing operations 133.5 161.4
Profit or loss after tax from discontinued operat. 0.2 0.3
GEA Group profit for the period 133.7 161.7
Earnings per share from continuing operations 1) 0.72 0.87
Earnings per share from discontinued operations 1) 0.00 0.00
Earnings per share 1) 0.72 0.87
Working capital (reporting date) 2) 444.6 481.7
Working capital (average) 3) 549.6 721.9
as % of revenue 4) 12.4 16.4
Net liquidity 5)6) 104.8 47.1
ROCE in % 3)7)8) 12.2 11.6
ROCE in % (goodwill adjusted) 3)7)9) 20.8 18.2
Capital expenditure 87.9 135.4
Employees as of the reporting date 10) 20,386 20,693
1) in EUR
2) WC=inventories+trade receivables-trade payables-advance
payments received
3) Average of the past 12 months
4) WC (average) / revenue
5) Including discontinued operations
6) Net liquidity(+) or debt(-) = cash + securities - loan liabilities
7) ROCE=EBIT before restructuring expenses/capital employed (average)
8) Capital employed including goodwill from the acquisition of the
former GEA AG by the former Metallgesellschaft AG in 1999
9) Capital employed excluding goodwill from the acquisition of the
former GEA AG by the former Metallgesellschaft AG in 1999
10) Full-time equivalents (FTE) excl. apprentices/trainees and
inactive employment contracts
GEA Group Aktiengesellschaft is one of the largest suppliers of process
technology and components for the food and energy industries. As an
international technology group, the Company focuses on sophisticated
production processes. In 2010, GEA generated consolidated revenues in
excess of EUR 4.4 billion, 70 percent of which came from the food and
energy sectors, which are long-term growth industries. The group employed
over 20,000 people worldwide as of December 31, 2010. GEA Group is a market
and technology leader in its business areas. It is listed in Germany's MDAX
stock index (G1A, WKN 660 200).
To unsubscribe from GEA Group Aktiengesellschaft's news distribution list,
please send an e-mail to pr(at)geagroup.com or call us on +49
(0)211-9136-1081.
End of Corporate News
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Language: English
Company: GEA Group Aktiengesellschaft
Dorstener Straße 484
44809 Bochum
Deutschland
Phone: +49 (0)234 980-0
Fax: +49 (0)234 980-1004
E-mail: ir(at)geagroup.com
Internet: www.geagroup.com
ISIN: DE0006602006
WKN: 660200
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, München; Freiverkehr in Hannover,
Stuttgart
End of News DGAP News-Service
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115015 10.03.2011
Datum: 10.03.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 33434
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