Gea Group Aktiengesellschaft · XETR:G1A
Gea Group Aktiengesellschaft — GEA Group — FY2011 Earnings Presentation
41 slides from Gea Group Aktiengesellschaft's earnings presentation, Feb 6, 2012
Slide 1: Q4 2011 Presentation Preliminary Results FY 2011
Q4 2011 Presentation Preliminary Results FY 2011 Düsseldorf, February 6, 2012 GEA Group
Slide 2: Disclaimer
Disclaimer All figures for 2011 are preliminary and have therefore not yet been audited. The year- end financial statements for the GEA Group and GEA Group Aktiengesellschaft are to be finalized by the Executive Board at the beginning of March and subsequently to be approved by the Supervisory Board
Slide 3: Key Messages of preliminary figures
Key Messages of preliminary figures Order Intake Q4 2011 incl. GEA CT: +20% yoy Pages 7, 8 Q4 2011 w/o GEA CT: +11% yoy Q4 2011 incl. GEA CT: +26% yoy Sales Pages 7, 8 Q4 2011 w/o GEA CT: +16% yoy Underlying EBIT Q4 2011 incl. GEA CT: +44% yoy Pages 7, 8 (before ppa) Q4 2011 w/o GEA CT: +37% yoy Und
Slide 4: Agenda January – December 2011
Agenda January – December 2011 I. Preliminary Key Figures II. Preliminary Performance III. Outlook Backup Preliminary Performance GEA Group and Segments 4 Q4 Presentation Preliminary results FY 2011 - February 6, 2012 engineering for a better world
Slide 5: GEA Group is delivering on its promises (1/2)
I. Preliminary Key Figures GEA Group is delivering on its promises (1/2) What we promised … … is what we delivered! Order intake w/o GEA CT: between EUR Q1-Q4 2011: EUR 5,280m 5,100m and EUR 5,300m Sales w/o GEA CT: between EUR Q1-Q4 2011: EUR 5,071m 4,800m and EUR 5,000m EBIT-margins bef. ppa w/o G
Slide 6: GEA Group is delivering on its promises (2/2)
I. Preliminary Key Figures GEA Group is delivering on its promises (2/2) What we promised … … is what we delivered! Cash out guidance DOP: EUR 80m Q1-Q4 2011: EUR 37m Strong focus on working capital WC/Sales EOP: 10.7% management WC/Sales LTM: 12.7% Reduction of Net Debt position down to Net Debt: E
Slide 7: GEA Group Q1-Q4 2011 YoY
I. Preliminary Key Figures GEA Group Q1-Q4 2011 YoY [in EUR million] Order Intake Sales +23% +23% ( w/o CT: +15%) ( w/o CT: +15%) 5,610 5,417 4,578 1,502 4,418 +20% 1,632 Q4 +7% qoq +26% 1,248 Q4 1,290 +17% qoq 1,403 Q3 +22% Q3 +24% 1,397 1,153 1,125 +25% 1,463 Q2 1,167 Q2 1,065
Slide 8: Segments Q4 2011 YoY
I. Preliminary Key Figures Segments Q4 2011 YoY [in EUR million] Order Intake Sales +20% +27% ( w/o CT: +11%) ( w/o CT: +16%) 1,502 1,632 120 1,290 1,248 132 131 GEA CT GEA CT 116 +13% 154 +14% GEA FT 462 GEA FT 135 +16% 464 399 +13% GEA HX GEA HX 410 182 +12% 204 +19% 240 GEA ME G
Slide 9: Order Intake Q4 2011
II. Preliminary Performance Order Intake Q4 2011 [in EUR million] Q4 2011 vs. Q1-Q4 2011 vs. Q4 2011 vs. Q4 2010 Q1-Q4 2010 Q3 2011 ∆ abs. ∆ abs.∆ in % ∆∆in abs. ∆ in % ∆ abs. ∆ ∆ abs. in ∆ in % % % Order Intake 1,248 4,578 1,403 previous period Structural +168 +13.5% +458 +10.0% +11 +0.8% Change Cu
Slide 10: Regional Order Intake Trend per Q4 2011
II. Preliminary Performance Regional Order Intake Trend per Q4 2011 [in EUR million] North America Western Europe Eastern Europe & CIS Q4 2011 ∆ QoQ: +9% Q4 2011 ∆ QoQ: -6% Q4 2011 ∆ QoQ: -4% Q3 2011 w/o CT: +14% Q3 2011 w/o CT: -8% Q3 2011 w/o CT: -9% Q2 2011 Q2 2011 Q2 2011 ∆ YoY: +45% ∆ YoY: +6%
Slide 11: Regional Order Intake by Customer Industry (L4Q)
II. Preliminary Performance Regional Order Intake by Customer Industry (L4Q) North America Western Europe Eastern Europe & CIS 5% 2% 5% 6% 1% 10% 18% 22% 49% 56% 6% 62% 7% 14% + 4% 35% + 2% 3% 10% + 4% 5% 7% 5% 2% 8% 3% 8% - Latin America Asia Pacific 2%3% 3% 5% 4% 2% 6% 6% 50% 8% 65% 17% 7% + 6% 26
Slide 12: Examples of major orders during 2011
II. Preliminary Performance Examples of major orders* during 2011 Russia: *Orders > EUR 10m The Russia: Oil & Gas: China: China: Netherlands: Beverage: Several Beverage Several orders Dairy: Dairy orders totaling EUR 16m totaling EUR 10m USA: EUR 13m EUR 80m EUR 27m Power: Several orders totaling EU
Slide 13: Large Order Development since Q3 2008
II. Preliminary Performance Large Order Development since Q3 2008 [in EUR million] 1,600 63 162 1,400 60 63 178 37 161 183 1,200 72 178 146 141 93 82 231 106 91 69 228 60 16 88 241 1,000 80 95 214 76 52 211 177 134 110 101 220 128 105 210 203 185 140 165 59 800 123 156 140 600 991 954 869 877 905 91
Slide 14: Regional Sales Split Q1-Q4 2011 (Q1-Q4 2010)
II. Preliminary Performance Regional Sales Split Q1-Q4 2011 (Q1-Q4 2010) Middle East Top 3 Countries Africa abs.: +76% YoY abs.: +22% YoY USA Western Europe 12%(12%) Latin America abs.: +15% YoY abs.: +18% YoY abs.: +41% YoY 5% 5% (4%) (5%) Germany 7% 11% (12%) Eastern Europe (6%) abs.:
Slide 15: Order Intake by Customer Industry since Q4 2009
II. Preliminary Performance Order Intake by Customer Industry since Q4 2009* 260% 160% 220% 140% 180% 120% 140% 100% 100% 80% 60% 60% Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Food - Dairy Food - Beverages Oil & Gas Power Food - Solid
Slide 16: Book to Bill Ratios by Industry/Region Last 4 Quarters
II. Preliminary Performance Book to Bill Ratios by Industry/Region Last 4 Quarters Western Eastern Europe & North America Latin America Africa Middle - East Asia - Pacific Total Book to bill ratio (L4Q) Europe CIS Q4 2011 BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB %
Slide 17: Top Line Trend / Order Backlog
II. Preliminary Performance Top Line Trend / Order Backlog [in EUR million] 3,000 3,000 2,771 2,756 2,667 2,677 2,469 2,424 2,500 2,500 2,435 2,414 2,312 2,301 527 2,164 514 2,000 2,000 464 1,500 1,500 2,150³ 1,000 1,000 1,900² 1,700¹ 500 500 0.90 0.90 0.93 0.94 0.98 1.00 1.04 1.06 1.06 1.06 1.04 -
Slide 18: Working Capital Development
II. Preliminary Performance Working Capital Development [in EUR million] 800 18% 17.2% -451 bps 16% 700 16.4% 720 707 13.9% 657 15.0% 13.1% 647 14% 600 12.6% 12.7%* 12.4% 12.4% 12.4% 567 566 12% 555 579* 500 482 10% 445 400 8% 300 6% 200 4% 100 2% 0 0% Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '1
Slide 19: Working Capital Development
II. Preliminary Performance Working Capital Development [in EUR million] Trade Inven- Trade Advance Working Receivables tories Payables Payments Capital Q4 2011 w/o CT 1,251 691 831 587 523 -108 -52 -72 -32 -55 Change -8% -7% -8% -5% -10% Q4 2011 incl. CT 1,358 743 903 620 579 +120 -56 +197
Slide 20: Net Liquidity Reconciliation – Cash Flow Drivers
II. Preliminary Performance Net Liquidity Reconciliation – Cash Flow Drivers [in EUR million] Net December 31, 2010 Cash 104.8 EBITDA 604.2 Working Capital (45.4) (155.2) CAPEX (134.2) Interests / Taxes (93.5) Other Net Cash before M&A, dividend and 280.7 one-offs as of December 31, 2011 (36.9) Ca
Slide 21: Financial Leeway
II. Preliminary Performance Financial Leeway [in EUR million] 12/31/2011 12/31/2010 Change Cash & Equivalents 432 564 -132 Securities 0 0 0 Loans 819 459 +360 Net cash -387 105 -492 Equity 1,865 Gearing -5.6% GEA credit lines Due date 12/31/2011 12/31/2011 12/31/2011 [in EUR million] granted utilize
Slide 22: Service Business
II. Preliminary Performance Service Business Growth in service sales FY 2011 yoy: +18% to a total of EUR 1,066m Share of service sales FY 2011: 19.7% (FY 2010: 20.4%) [in EUR million] +18% 1,066 +8% 901 +8% 20% -1% +10% 271 251 20% +10% 206 190 196 180 178 178 35% 32% 103 113 32% 30% 102
Slide 23: GEA Convenience-Food Technologies
II. Preliminary Performance GEA Convenience-Food Technologies [in EUR million] EBIT Margin bef. PPA* Order Intake Sales EBIT bef. PPA* (%) Q4 Q4 ∆ Q4 Q4 ∆ Q4 Q4 ∆ Q4 Q4 ∆ 2010 2011 (%) 2010 2011 (%) 2010 2011 (%) 2010 2011 (bps) n.a. 119.6 n.a. n.a. 130.6 n.a. n.a. 10.2* n.a. n.a. 7.8* n.a. *Includi
Slide 24: GEA Farm Technologies
II. Preliminary Performance GEA Farm Technologies [in EUR million] EBIT Margin bef. PPA* Order Intake Sales EBIT bef. PPA* (%) Q4 Q4 ∆ Q4 Q4 ∆ Q4 Q4 ∆ Q4 Q4 ∆ 2010 2011 (%) 2010 2011 (%) 2010 2011 (%) 2010 2011 (bps) 116.3 131.7 +13.3 134.9 153.8 +14.0 14.8 14.8 -0.3 11.0 9.6 -138 thereof organic: +
Slide 25: GEA Heat Exchangers
II. Preliminary Performance GEA Heat Exchangers [in EUR million] EBIT Margin bef. PPA* Order Intake Sales EBIT bef. PPA* (%) Q4 Q4 ∆ Q4 Q4 ∆ Q4 Q4 ∆ Q4 Q4 ∆ 2010 2011 (%) 2010 2011 (%) 2010 2011 (%) 2010 2011 (bps) 399.2 462.3 +15.8 410.1 463.6 +13.0 40.0 36.8 -8.1 9.8 7.9 -183 thereof organic: +10.
Slide 26: GEA Mechanical Equipment
II. Preliminary Performance GEA Mechanical Equipment [in EUR million] EBIT Margin bef. PPA* Order Intake Sales EBIT bef. PPA* (%) Q4 Q4 ∆ Q4 Q4 ∆ Q4 Q4 ∆ Q4 Q4 ∆ 2010 2011 (%) 2010 2011 (%) 2010 2011 (%) 2010 2011 (bps) 181.8 203.9 +12.2 201.9 240.4 +19.1 39.7 54.0 +36.0 19.7 22.4 +279 thereof organ
Slide 27: GEA Process Engineering
II. Preliminary Performance GEA Process Engineering [in EUR million] EBIT Margin bef. PPA* Order Intake Sales EBIT bef. PPA* (%) Q4 Q4 ∆ Q4 Q4 ∆ Q4 Q4 ∆ Q4 Q4 ∆ 2010 2011 (%) 2010 2011 (%) 2010 2011 (%) 2010 2011 (bps) 419.7 449.0 +7.0 402.2 496.4 +23.5 44.6 69.6 +55.9 11.1 14.0 +292 thereof organic
Slide 28: GEA Refrigeration Technologies
II. Preliminary Performance GEA Refrigeration Technologies [in EUR million] EBIT Margin bef. PPA* Order Intake Sales EBIT bef. PPA* (%) Q4 Q4 ∆ Q4 Q4 ∆ Q4 Q4 ∆ Q4 Q4 ∆ 2010 2011 (%) 2010 2011 (%) 2010 2011 (%) 2010 2011 (bps) 152.5 170.1 +11.5 171.3 181.6 +6.0 13.9 20.0 +44.2 8.1 11.0 +292 thereof o
Slide 29: Key Figures FY 2012
III. Outlook Key Figures FY 2012 For FY 2012 we aim at an order intake growth: up to +5% a sales growth: at least +5% EBIT-margin bef. ppa. incl GEA CT: at least on FY 2011 level of 9.7% 29 Q4 Presentation Preliminary results FY 2011 - February 6, 2012 engineering for a better world
Slide 30: 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 CT 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 31: Long term – Over the Cycle
III. Outlook Long term – Over the Cycle Long term growth of GEA end markets: 3% – 6% p.a., clearly > GDP growth EBIT margin before ppa-impact: Target of 12% after recovery to pre-crisis market conditions Dividend payout ratio: 1/3 of net income Acquisitions to continue 31 Q4 Presentation Preliminary
Slide 32: Investor Relations Calendar
Investor Relations Calendar Upcoming roadshows and conferences March 14 Roadshow Switzerland Zurich March 15 Roadshow Italy Milan March 20-21 Roadshow France Paris March 22 Roadshow Germany Frankfurt March 23 Roadshow Denmark Copenhagen March 26 Roadshow Germany Duesseldorf/Cologne March 27 Roadshow
Slide 33: Financial Calendar
Financial Calendar February 6, 2012 Preliminary Key Figures FY 2011 March 12, 2012 Annual Report FY 2011 April 24, 2012 Annual General Meeting May 8, 2012 Interim Report Q1 2012 June 28-29, 2012 Capital Markets Day 33 Q4 Presentation Preliminary results FY 2011 - February 6, 2012 engineering for a b
Slide 34: engineering for a better world
engineering for a better world www.geagroup.com
Slide 35: Agenda January – December 2011
Agenda January – December 2011 I. Preliminary Key Figures II. Preliminary Performance III. Outlook Backup Preliminary Performance GEA Group and Segments 35 Q4 Presentation Preliminary results FY 2011 - February 6, 2012 engineering for a better world
Slide 36: Backup: Preliminary Performance GEA Group Sales Q4 2011
Backup: Preliminary Performance GEA Group Sales Q4 2011 [in EUR million] Q4 2011 vs. Q1-Q4 2011 vs. Q4 2011 vs. Q4 2010 Q1-Q4 2010 Q3 2011 ∆ abs. ∆ abs.∆ in % ∆∆in abs. ∆ in % ∆ abs. ∆ ∆ abs. in ∆ in % % % Sales previous 1,290 4,418 1,397 period Structural +173 +13.4% +458 +10.4% +14 +1.0% Change Cu
Slide 37: Key Figures Time Line (1/5)
Backup: Prel. 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 Convenience-Food Technologies* 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 4
Slide 38: Key Figures Time Line (2/5)
Backup: Prel. 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 [In EUR million] GEA Convenience-Food Technologies* 115,5 94,5 100,7 98,9 409,6 125,5 102,3 107,9 119,6 329,8 GEA Farm Technologies 101,1 116,1 115,0 116,
Slide 39: Key Figures Time Line (3/5)
Backup: Prel. Performance GEA Group & Segments Key Figures Time Line (3/5) 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 Convenience-Food Technologies* -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
Slide 40: Key Figures Time Line (4/5)
Backup: Prel. Performance GEA Group & Segments Key Figures Time Line (4/5) EBIT before PPA & restructuring Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11 Q3 11 Q4 11 2011 [in EUR million] GEA Convenience-Food Technologies* 9,5 7,0 1,6 3,1 21,2 3,8 4,0 5,5 10,2 19,6 GEA Farm Technologies 0,5 2,6 8,3 14,8 2
Slide 41: Key Figures Time Line (5/5): Definitions
Backup: Performance GEA Group & Segments Key Figures Time Line (5/5): Definitions * All historical figures for GEA Convenience-Food Technologies before Q2 2011 are pro-forma figures only and haven't been audited due to the fact that GEA Convenience-Food Technologies Financial Year was ending end of