Gea Group Aktiengesellschaft · XETR:G1A
Gea Group Aktiengesellschaft — GEA Group — Q1 2012 Earnings Presentation
37 slides from Gea Group Aktiengesellschaft's earnings presentation, May 8, 2012
Slide 1: Conference Call Q1 2012
Conference Call Q1 2012 Düsseldorf, May 8, 2012 GEA Group
Slide 2: Disclaimer
Disclaimer Forward-looking statements are based on our current assumptions and forecasts. These statements naturally entail risks and uncertainties, which may cause the actual results of operations, financial position or performance to diverge significantly from the estimates given here. Factors tha
Slide 3: Key Messages Q1 2012
Key Messages Q1 2012 Order Intake GEA Group: +24% yoy, +3% qoq; Pages 5, 6, 7 EUR 1,545m w/o GEA FS: +17% yoy; organic: +10% yoy Sales* GEA Group: +22% yoy; Pages 5, 6, 31 EUR 1,264m w/o GEA FS: +17% yoy; organic: +13% yoy GEA Group: Book to Bill Ratio Pages 13, 14 Q1 2012 : 1.22; L4Q: 1.04; Operati
Slide 4: Agenda January – March 2012
Agenda January – March 2012 I. Key Figures II. Performance III. Outlook Backup Performance GEA Group and Segments 4 Conference Call Q1 2012 - May 8, 2012 engineering for a better world
Slide 5: Key Figures GEA Group Q1 2012 YoY
I. Key Figures GEA Group Q1 2012 YoY [in EUR million] Order Intake Sales* +24% +22% ( w/o FS: +17%) ( w/o FS: +17%) 1,502 1,545 1,632 1,242 1,264 1,038 Q1 2011 Q4 2011 Q1 2012 Q1 2011 Q4 2011 Q1 2012 Operating EBITDA** Operating EBIT** +10% +9% ( w/o FS: +18%) ( w/o FS: +22%) 237 207 92
Slide 6: Key Figures Segments Q1 2012 YoY
I. Key Figures Segments Q1 2012 YoY [in EUR million] Order Intake Sales* +24% +22% ( w/o FS: +17%) ( w/o FS: +17%) 1,545 1,264 GEA FS 1,242 97 GEA FS 1,038 53 +18% 148 +18% 118 GEA FT 126 GEA FT 406 100 +8% 390 GEA HX 376 GEA HX 338 +15% 239 GEA ME +9% 217 219 GEA ME 192 +13% 511 G
Slide 7: Order Intake Q1 2012
II. Performance Order Intake Q1 2012 [in EUR million] Q1 2012 vs. Q1 2012 vs. Q1 2011 Q4 2011 ∆ abs. ∆ in ∆ in % ∆ abs. ∆ abs. ∆ in ∆ in % % % Order Intake 1,242 1,502 previous period Structural Change +149 +12.0% -7 -0.5% Currency Effects +25 +2.0% +31 +2.1% Organic Development +128 +10.3% +19 +1.3
Slide 8: Regional Order Intake Trend as of Q1 2012
II. Performance Regional Order Intake Trend as of Q1 2012 [in EUR million] North America Western Europe Eastern Europe & CIS Q1 2012 ∆ QoQ: +11% Q1 2012 ∆ QoQ: +14% Q1 2012 ∆ QoQ: -11% Q4 2011 w/o FS: +11% Q4 2011 w/o FS: +18% Q4 2011 w/o FS: -10% Q3 2011 Q3 2011 Q3 2011 ∆ YoY: +56% ∆ YoY: +19% ∆ Yo
Slide 9: Regional Order Intake by Customer Industry (L4Q)
II. Performance Regional Order Intake by Customer Industry (L4Q) North America Western Europe Eastern Europe & CIS 2% 5% 6% 1% 5% 9% 16% 21% 6% 50% 53% 63% 1% 8% 15% 3% 35% + 3% 10% + + 4% 6% 2% 7% 5% 9% 3% - 12% Latin America Asia Pacific 1%1% 3% 3%4% 5% 6% 3% 6% 8% 52% 67% 14% 7% 6% 25% + + + 15%
Slide 10: Large Order Development since Q4 2008
II. Performance Large Order Development since Q4 2008 [in EUR million] Q1 2012 base orders (< EUR 1m): more than EUR 1bn; highest level since 2008 1,600 130 63 162 1,400 60 63 129 178 161 183 1,200 72 178 146 275 93 82 231 106 91 60 69 228 16 88 241 1,000 80 95 214 134 110 76 52 211 101 220 128 105
Slide 11: Regional Sales Split Q1 2012 (Q1 2011)
II. Performance Regional Sales Split Q1 2012 (Q1 2011) Africa Top 3 Countries Middle East abs.: +3% YoY abs.: +55% YoY USA Western Europe 14% (13%) Latin America abs.: +11% YoY abs.: +38% YoY abs.: +31% YoY 5% 5% (6%) (4%) Germany 7% 11% (13%) Eastern Europe (6%) abs.: +5% YoY & CIS 36%
Slide 12: Order Intake by Customer Industry since Q4 2009
II. Performance Order Intake by Customer Industry since Q4 2009* 260% 160% 220% 140% 180% 120% 140% 100% 100% 80% 60% 60% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 09 10 10 10 10 11 11 11 11 12 09 10 10 10 10 11 11 11 11 12 Food - Dairy Food - Beverages Oil & Gas Power Food - Solid
Slide 13: Book to Bill Ratios by Industry/Region L4Q
II. Performance Book to Bill Ratios by Industry/Region L4Q Book to bill ratio Western Eastern North Latin America Africa Middle - East Asia - Pacific Total (L4Q) Europe Europe & CIS America Q1 2012 BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI Food -
Slide 14: Top Line Trend / Order Backlog
II. Performance Top Line Trend / Order Backlog [in EUR million] 3500.00 3,500 2,936 3000.00 3,000 2,771 2,756 2,667 2,677 2,469 2,424 2,414 2500.00 2,312 2,301 836 2,500 2,164 767 2000.00 2,000 701 2,100 1,900 1500.00 1,500 1,600 1000.00 1,000 500.00 500 0.90 0.93 0.94 0.98 1.00 1.04 1.06 1.06 1.06
Slide 15: Working Capital Development
II. Performance Working Capital Development [in EUR million] 900 18% 17.2% - 430 bps 800 15.0% 16% 16.4% 13.9% 700 13.1% 14% 12.9% 12.4% 12.4% 12.4% 12.6% 12.6% 600 12% 500 10% 400 8% 772 707 720 657 647 300 577 6% 567 555 566 482 445 200 4% 100 2% 0 0% Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 1
Slide 16: Net Liquidity Reconciliation – Cash Flow Drivers
II. Performance Net Liquidity Reconciliation – Cash Flow Drivers [in EUR million] (386.8) Net Debt December 31, 2011 64.9 EBITDA (191.9) Working Capital CAPEX (22.7) CAPEX (24.3) Interests / Taxes Other (27.5) Other (588.3) Net Debt before M&A and One-offs March 31, 2012 (8.7) Cash out Restructuri
Slide 17: Service Business
II. Performance Service Business Growth in service sales Q1 2012 yoy: +24% to a total of EUR 283m Share of service sales Q1 2012: 22.4% (Q1 2011: 22.1%) [in EUR million] +24% 283 +8% 229 +12% +10% 72 22% 67 +1% 22% 55 +16% 49 49 44 43 43 35% 33% 34 30 16% 26 15% 32% 29% 13% 12% 36%* 26%
Slide 18: GEA Food Solutions
II. Performance GEA Food Solutions [in EUR million] Operating EBIT Operating EBIT Margin Order Intake Sales* before PPA** before PPA** (%) Q1 Q1 ∆ Q1 Q1 ∆ Q1 Q1 ∆ Q1 Q1 ∆ 2011 2012 (%) 2011 2012 (%) 2012 2012 (%) 2012 2012 (bps) n.a. 97.4 n.a. n.a. 94.7 n.a. n.a. -9.4 n.a. n.a. -9.9 n.a. thereof org
Slide 19: GEA Food Solutions: Weak order execution and quality issues
II. Performance GEA Food Solutions Sales EBIT bef. PPA Reported Key Figures Q1 2012 EUR 53m EUR -45m Thereof non-recurring items Q1 2012 EUR -42m EUR -36m thereof POC-adjustments: EUR -42m EUR -21m thereof other risk provisions: EUR -14m Operating EBIT before PPA Q1 2012 EUR -9m Reasons for operatin
Slide 20: GEA Farm Technologies
II. Performance GEA Farm Technologies [in EUR million] Operating EBIT Operating EBIT Margin Order Intake Sales before PPA before PPA (%) Q1 Q1 ∆ Q1 Q1 ∆ Q1 Q1 ∆ Q1 Q1 ∆ 2011 2012 (%) 2011 2012 (%) 2011 2012 (%) 2011 2012 (bps) 125.9 148.1 +17.7 99.6 117.8 +18.3 2.1 1.9 -8.8 2.1 1.6 -49 thereof organ
Slide 21: GEA Heat Exchangers
II. Performance GEA Heat Exchangers [in EUR million] Operating EBIT Operating EBIT Margin Order Intake Sales before PPA before PPA (%) Q1 Q1 ∆ Q1 Q1 ∆ Q1 Q1 ∆ Q1 Q1 ∆ 2011 2012 (%) 2011 2012 (%) 2011 2012 (%) 2011 2012 (bps) 375.5 406.1 +8.2 338.1 389.7 +15.3 20.8 24.0 +15.6 6.1 6.2 +2 thereof organ
Slide 22: GEA Mechanical Equipment
II. Performance GEA Mechanical Equipment [in EUR million] Operating EBIT Operating EBIT Margin Order Intake Sales before PPA before PPA (%) Q1 Q1 ∆ Q1 Q1 ∆ Q1 Q1 ∆ Q1 Q1 ∆ 2011 2012 (%) 2011 2012 (%) 2011 2012 (%) 2011 2012 (bps) 219.2 238.7 +8.9 191.6 216.7 +13.1 28.6 36.3 +27.0 14.9 16.8 +184 ther
Slide 23: GEA Process Engineering
II. Performance GEA Process Engineering [in EUR million] Operating EBIT Operating EBIT Margin Order Intake Sales before PPA before PPA (%) Q1 Q ∆ Q1 Q1 ∆ Q1 Q1 ∆ Q1 Q1 ∆ 2011 2012 (%) 2011 2012 (%) 2011 2012 (%) 2011 2012 (bps) 401.5 511.3 +27.4 300.8 373.2 +24.1 16.5 16.6 +0.2 5.5 4.4 -106 thereof
Slide 24: GEA Refrigeration Technologies
II. Performance GEA Refrigeration Technologies [in EUR million] Operating EBIT Operating EBIT Margin Order Intake Sales before PPA before PPA (%) Q1 Q1 ∆ Q1 Q1 ∆ Q1 Q1 ∆ Q1 Q1 ∆ 2011 2012 (%) 2011 2012 (%) 2011 2012 (%) 2011 2012 (bps) 152.7 177.9 +16.5 132.8 149.5 +12.6 7.1 8.7 +23.0 5.3 5.8 +49 th
Slide 25: Outlook Key Figures FY 2012
III. Outlook Key Figures FY 2012 For FY 2012 we aim at an order intake growth: at least +5% a sales growth: at least +5% Operating EBIT-margin* bef. PPA at least on FY 2011 level of 9.7%* incl. GEA FS: * Before PPA and non-recurring items of EUR 36m in Q1 2012 within GEA FS. 25 Conference Call Q1 20
Slide 26: Additional Financial Information for 2012
III. Outlook Additional Financial Information for 2012 Impact from PPA in 2012 and in around EUR 25m p.a. subsequent years: thereof GEA FS around EUR 14m p.a. Working Capital LTM: approx. 12% - 14% of sales LTM Interest result: Interest rate for financial liabilities (excl. pensions) below 4% p.a. T
Slide 27: Investor Relations Calendar
Investor Relations Calendar Upcoming Roadshows and Conferences May 9 Roadshow Germany Frankfurt May 9 Roadshow Sweden Stockholm May 10 Roadshow Great Britain London May 11 Roadshow France Paris May 15 Conference Germany Frankfurt May 22 Roadshow Germany Munich May 24 Roadshow The Netherlands Amsterd
Slide 28: Financial Calendar
Financial Calendar June 28-29, 2012 Capital Markets Day July 30, 2012 Interim Report Q2 2012 October 29, 2012 Interim Report Q3 2012 28 Conference Call Q1 2012 - May 8, 2012 engineering for a better world
Slide 29: engineering for a better world
29 engineering for a better world
Slide 30: Agenda January – March 2012
Agenda January – March 2012 I. Key Figures II. Performance III. Outlook Backup Performance GEA Group and Segments 30 Conference Call Q1 2012 - May 8, 2012 engineering for a better world
Slide 31: Backup: Performance GEA Group Sales Q1 2012
Backup: Performance GEA Group Sales Q1 2012 [in EUR million] Q1 2012 vs. Q1 2012 vs. Q1 2011 Q4 2011 ∆ abs. ∆ in % ∆ abs. ∆ in % Sales previous 1,038 1,632 period Structural Change +80 +7.7% -7 -0.4% Currency Effects +14 +1.4% +24 +1.5% Organic Development +132 +12.7% -385 -23.6% Sales current perio
Slide 32: Backup: Working Capital Development
Backup: Performance GEA Group Working Capital Development [in EUR million] Trade Inven- Trade Advance Working Receivables tories Payables Payments Capital Q1 2012 1,323 805 677 680 772 -34 +62 -226 +60 +195 -3% +8% -25% +10% +34% Q4 2011 1,357 743 903 620 577 +249 +35 +291 +63 -70 +23% +5% +48%
Slide 33: Key Figures Time Line (1/5)
Backup: Performance GEA Group & Segments Key Figures Time Line (1/5) Order Intake Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 [In EUR million] GEA Food Solutions1) 95.1 116.4 100.5 85.7 397.7 75.6 101.2 81.6 95.5 353.9 GEA Farm Technologies 123.5 120.5 137.0 116.0 497.1 94.9 101.2 94.9
Slide 34: Key Figures Time Line (2/5)
Backup: Performance GEA Group & Segments Key Figures Time Line (2/5) Order Intake Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011 Q1 12 [In EUR million] GEA Food Solutions1) 115.5 94.5 100.7 98.9 409.6 125.5 102.3 107.9 119.6 329.8 97.4 GEA Farm Technologies 101.1 116.1 115.0 116.3 448.5 1
Slide 35: Key Figures Time Line (3/5)
Backup: Performance GEA Group & Segments Key Figures Time Line (3/5) 2) EBIT before PPA & restructuring Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 [in EUR million] GEA Food Solutions1) -8.6 3.4 6.1 4.4 5.3 -8.2 1.5 3.7 3.4 0.4 GEA Farm Technologies 4.3 11.9 19.5 19.5 55.2 -1.3 6.0 8.6
Slide 36: Key Figures Time Line (4/5)
Backup: Performance GEA Group & Segments Key Figures Time Line (4/5) 2) EBIT before PPA & restructuring Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011 Q1 12 [in EUR million] GEA Food Solutions1) 9.5 7.0 1.6 3.1 21.2 2.8 4.0 5.5 10.2 19.6 -45.1 GEA Farm Technologies 1.0 3.1 8.8 13.4 26.3 2
Slide 37: Key Figures Time Line (5/5): Remarks
Backup: Performance GEA Group & Segments Key Figures Time Line (5/5): Remarks 1) All historical figures for GEA FS before Q2 2011 are pro-forma figures only and haven't been audited due to the fact that GEA FS's Financial Year was ending end of February. The listed historical figures before Q2 2011