Q3 2019 - GEA engineering for a better world Call... · Q3 order intake was also positively...
Transcript of Q3 2019 - GEA engineering for a better world Call... · Q3 order intake was also positively...
Results Presentation
Q3 2019
This presentation contains forward-looking statements. Forward-looking statements may include, in
particular, statements about future events, future financial performance, plans, strategies, expectations,
prospects, competitive environment, regulation and supply and demand. Statements with respect to the
future are characterized by the use of words such as "expect", "intend", "plan", "anticipate", "believe",
"estimate" and similar terms. 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 materially from the estimates given here.
Factors that could cause such a divergence include, inter alia, changes in the economic and business
environment, fluctuations in exchange rates and interest rates, launches of competing products, poor
acceptance of new products or services, and changes in business strategy. Given these uncertainties,
readers should not put undue reliance on any forward-looking statements. We undertake no obligation
to update or revise any forward-looking statements.
Due to rounding, the sum of percentages of order intake and sales by region as well as by customer
industry may vary from 100%.
Disclaimer
GEA Q3 2019 Figures 2
1. Results Q3 2019
2. Financials Q3 2019
3. Outlook FY 2019
3
€m Q3 19 Q3 18 ∆FY 2019 Sales Guidance upgraded,
EBITDA1 and ROCE1,2 Guidance confirmed
Order
Intake1,255 1,197 4.8%
Growth in both Business Areas
Book-to-bill ratio of 1.02x
Sales 1,235 1,189 3.9%Strong service business (growth of 8.3% YoY)
Record sales volume in both business areas for a Q3
EBITDA1 143.1 145.2 -1.4%Special effects of -€3m; would be slightly above prior
years level excl. special effects
EBIT1 93.6 92.4 1.4%Increase YoY due to lower amount of purchase price
allocation effects
ROCE1,2 10.5% 14.6% -417bpsDecrease due to a YoY decline in EBIT and an increase
in capital employed from a net working capital increase
Executive Summary Q3 2019
4GEA Q3 2019 Figures
1 Before effects from restructuring (see Annual Report, page 28 ff.); previous year: pro-forma figure incl. IFRS 16 effects; 2 Capital employed excluding goodwill from the acquisition
of the former GEA AG by former Metallgesellschaft AG in 1999 (average of the last 4 quarters); previous year: pro-forma figure incl. IFRS 16 effects
➢ Start of the exit process for businesses for which GEA is not the best owner
➢ Leading supplier of open and semi-hermetic piston compressors for stationary and
transport-related cooling applications
➢ Around €90m sales in FY 2018
➢ Around 300 employees of which are two-thirds located at the company’s headquarters in
Frickenhausen
➢ In total four locations
➢ Germany
➢ Czech Republic
➢ India
➢ China
Update on strategic initiativesPossible disposal of GEA Bock
5GEA Q3 2019 Figures
• Johannes Giloth to join GEA’s Executive Board
on January 20th 2020
• Responsible for Procurement, Production and
Logistics
• Different management positions in the areas of
procurement, logistics and production, amongst
others with Nokia and Siemens
• Holding a Master of Business Administration
and an Engineering Degree
C-level teams now all completed
• CEO and CSO of Farm Technologies appointed
New Chief Technology Officer appointed
• Further strengthening the strategic focus on
technology
• Ensuring that GEA’s portfolio matches market
trends and customer demands (e.g. plant-based
food products, meat and dairy substitutes)
Divisional representatives nominated
• The representatives are the backbone of the
future matrix structure in the countries
New COO: Johannes Giloth Further personnel updates
Update on the new organizational structurePersonnel updates
6GEA Q3 2019 Figures
1. Results Q3 2019
2. Financials Q3 2019
3. Outlook FY 2019
7
Order Intake, Sales and Book-to-Bill
8GEA Q3 2019 Figures
1,0
57
1,3
17
1,1
03
1,3
83
1,1
97
1,2
35
1,1
86
1,1
47 1
,25
5
1,1
31
1,3
31
1,0
39
1,2
27
1,1
89
1,3
73
1,0
57
1,2
47
1,2
35
0 €m
200 €m
400 €m
600 €m
800 €m
1,000 €m
1,200 €m
1,400 €m
Q3 17 Q3 18 Q3 19
Order Intake Sales
0.93 0.99 1.06 1.13 1.01 0.90 1.12 0.92 1.02
BtB
➢ Sales reached a new record level for a Q3
➢ Solid book-to-bill ratio of 1.02x
➢Q3 order intake was also positively impacted by
order deferrals of ~€60m
YoY Development
➢ Especially small (<€1m) and large (>€15m)
orders contributed to the order growth
➢ Accelerating sales momentum compared to the
prior quarters
QoQ Development
➢ Strong improvement in orders >€5m
➢Orders <€5m were trending weaker
➢ Sales sequentially slightly down
11
2
20
1
61
12
6
12
8
15
7
75
11
1
14
3
83
16
8
27
91
91 9
7
27
57
94
21.8%19.8%
16.8%16.0%15.3%
12.3%12.0%10.5%10.5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0 €m
50 €m
100 €m
150 €m
200 €m
250 €m
Q3 17 Q3 18 Q3 19
EBITDA EBIT ROCE
EBITDA1, EBIT1 and ROCE1,2
9GEA Q3 2019 Figures
➢ Accounting change IFRS 16 from Q1 2019
onwards
➢Q3 2019 EBITDA1 down YoY due to special
effects of -€3m despite positive IFRS 16 impact
of €18m
➢ Excluding special effects, EBITDA1 would have
been above prior year’s level
➢ EBIT1 with slight improvements compared to
prior year’s Q3 due to lower PPA effects
➢ ROCE1,2 declined YoY also due to the phasing
in of IFRS 16 assets in capital employed
Change in IFRS 16
accounting
1 Before effects from restructuring (see Annual Report, page 28 ff.); 2 Capital employed excluding goodwill from the acquisition of the former GEA AG by former Metallgesellschaft
AG in 1999 (average of the last 4 quarters)
1 1 1,2
EBITDA before restructuringYoY Development [€m]
10
18
12
17
Volume
145
0
EBITDA Q3 18
incl. €18m
IFRS 16
effect
Margin OtherR&D
-19
EBITDA Q3 19SG&A
-7-5
F/X and
delta D&A
128
143
GEA Q3 2019 Figures
BA-E
• +€1m New Machines
• +€10m Service
BA-S
• -€3m New Machines
• +€3m Service
BA-E
• +€2m New Machines
• -€3m Service
BA-S
• +€10m New Machines (therein
+€1m backlog review BA-S)
• +€3m Service
Cons. / other
• +€4m other
FX impacts
• -€1m
Delta D&A (total)
• -€4m other
Other
• -€4m legal disputes
• -€3m other
Expenses highlighted in bold letters are special effects
Total special effects in Q3 2019: -€3m
SG&A
• -€15m Personnel expenses
• -€4m other
EBITDA before restructuring per SegmentYoY Development [€m]
11
18
4
F/X impactsEBITDA Q3 18
incl. €18m IFRS 16
effect
-3
128
BA-E BA-S
-2
RoC/GCC
-2 143
EBITDA Q3/19
145
GEA Q3 2019 Figures
BA-S
• +€0 Volume
• +€13m Margin (therein +€1m
backlog review BA-S)
• +€0 R&D
• -€11m SG&A
• +€2m other
• -€1m Delta D&A
BA-E
• +€11m Volume
• -€1m Margin
• -€1m R&D
• -€4m SG&A
• -€6m other (therein -€4m
legal disputes)
• -€2m Delta D&A
RoC/GCC
• -€2m personnel expenses
FX impacts
• BA-E -€1m
• BA-S +€2m
• RoC/GCC -€2m
Expenses highlighted in bold letters are special effects
Total special effects in Q3 2019: -€3m
Service Sales
12GEA Q3 2019 Figures
220260
225 237 241269
243 255 263
123
171
117
144 138
171
117
153 148
331
415
329
368 366
428
346
394 396
0 €m
100 €m
200 €m
300 €m
400 €m
500 €m
Q3 17 Q3 18 Q3 19
BA Equipment BA Solutions
Please note that the differences between the sum of the BAs and the Group are explained by consolidation/others
➢ Service sales grew by 8.3% YoY to €396m
➢ Record service sales volumes for both Business
Areas for a Q3
➢ Growth at Business Area Equipment was especially
driven by service in Separation and Homogenizers
➢ Growth at Business Area Solutions was supported by
an increase in service volume as well as in pricing
➢ Growth at both Business Areas supported by better
pricing and by solid underlying demand
➢ Net working capital stood at the end of Q3 19 at €941m or
19.2% of L4Q sales – an increase of €37m or 30bps YoY
➢ However, the momentum of the Net Working Capital
increase is getting sequentially lower
➢ Net Working Capital increased at BA Equipment by €60m
and declined at BA Solutions by €25m
➢ Inventories were almost on prior year’s level and
increased YoY by just €2m
➢ Net trade receivables (without POC) were down by €34m
YoY while net POC receivables increased by €8m
➢ Trade payables declined by €61m and therefore
contributed most to the increase in net working capital
Net working capital to sales ratio
13GEA Q3 2019 Figures
731
674
761
848
904
747
833
906941
16.0%
14.6%
16.4%
17.9%18.9%
15.5%17.2%
18.6%19.2%
0%
5%
10%
15%
20%
25%
0€m
200€m
400€m
600€m
800€m
1,000€m
1,200€m
Q3 17 Q3 18 Q3 19
NWC as of reporting date
NWC as of reporting date as % of sales (L4Q)
Cash flow and net financial debtper Q3 19
14GEA Q3 2019 Figures
Free Cash Flow
• Negative effect in net working capital of €28m
mainly related to a reduction of payables
• Restructuring related cash outflow of €6m: BA-E
€2m; BA-S €1m; GCC €3m
• Others cash in of €21m: includes pension related
cash outflows of €10m and non cash add-backs
from provisions of €35m
• Capex €29m: BA-E €16m, BA-S €8m, GCC €5m
Net Cash flow
• IFRS 16: BA-E €7m, BA-S €8m, GCC €1m
Net financial debt
• FX €1m: translation effects from valuation
changes of cash positions
• Others €6m: mostly F/X translation effects from
intercompany financing and interests
Free Cash Flow Q3 19 [€m]
Net financial debt Q3 19 vs. Q2 19 [€m]
143
118
90
71
28
21 29
1616
InterestEBITDA
before
Restructuring
Delta
NWC
12
Taxes Operating
Cash flow
Others IFRS 16
payments
Cash-out
Restructuring
OthersCapex
1
Free Cash
Flow
Net Cash
Flow
Capex
Restructuring
3
-330
-2636
Net debt
Q2 2019
1
71
Net debt
Q3 2019
Net Cash Flow
0
DOP F/X impacts Other
Maturites [€m]
* Total net debt / cons. EBITDA based on frozen GAAP (covenant concept)
** According to Moody’s consideration (3.1x in September as of June 2019)
Financing and liquidity
15
*Including uncommitted lines and credit lines < 1 Year.
**From the €150m EIB €100m will be lapsed in 2020 if not utilized
10
0
193
650
128 1281
22
12
2
25
0
50
2019 20232020 20252021 2022 20245
0
350
172 172
Evergreens*
EIB**
BNL (2023)
BNL (2025)
Syn Loan
Left side: committed
Right side: utilization
Rating
Agency Rating Outlook Last update
Moody's Baa2 negative February 27, 2019
Fitch BBB negative June 29, 2019
Financing and liquidity
➢ Sufficient financial leeway and flexibility due to long term financing and
liquidity back-up facility; However, limited headroom for maintaining
current investment grade rating
➢ Evergreens: Mainly uncommitted lines that are shown to the extent of
their utilization and which will be extended if needed
➢ EIB: No further utilization planned in 2019; availability period ends in 2020
but could be extended on a mutual agreement in 2020, whereby a
maximum maturity up to 2027 is possible
GEA Q3 2019 Figures
Spot∆ Sep Sep FY
€m A 2019A 2018A 2018A
Equity 2,380 2,476 2,449
Leverage* (Covenant 3x) 0.6x 0.7x 0.2x
Leverage** (Rating) 3.1x 2.7x 2.3x
Financial Headroom 750 800 750
Cash and Cash Equivalents 230 263 248
Net Debt 263 331 72
Committe
€m Sep 19 Sep 19 FY 2018
Borrower's note loan (2023) 128 128 128
Borrower's note loan (2025) 122 122 122
European Investment Bank (EIB) 150 50 50
Other bilateral credit l ines 250 193 20
Syndicated credit l ine ("Club Deal") 650 - -
Total 1.300 493 320
Utilized
1. Results Q3 2019
2. Financials Q3 2019
3. Outlook FY 2019
16
Guidance FY 2019
GEA Q3 2019 Figures
This forecast is based on the assumptions described in the Report on Expected Developments on pages 124 ff. in
the 2018 Annual Report and takes into account, among other things, the assumption that there will be no significant
slowdown in global economic growth. Potential acquisitions and divestments in 2019 are not considered.
EBITDA(before restructuring measures)
ROCE(before restructuring measures)
Revenue
On par with
last year’s level
(EUR 4,828m)
between
EUR 450 and 490m(previous year pro forma figure incl. IFRS 16
effects from 2019: approx. EUR 535m)
between
8.5% and 10.5%
(previous year pro forma figure incl. IFRS 16
effects from 2019: ca. 11.5%)
1717
Roadmap for 2019/20
18GEA Q3 2019 Figures
Q3 201925 October
2019
Divisional
Strategy
Day
Q2 2020
FY 2019
March 17
2020
Q1 2020
May 15
2020
Q2 2020
August 12
2020
AGM
April 30
2020
New org.
structure
fully
implemented
1 January
2020
Appendix
19
23%
20%
7%18%
14%
17%
Sales by Customer
Industry12%
18%
30%
11%
14%
15%
GEA – Q3 2019 figures
GEA Q3 2019 Figures
1 Adjusted = before FX and structural effects; 2 Before effects from restructuring (see Annual Report, page 28 ff.); previous year: pro-forma figure incl. IFRS 16 effects; 3 ROCE = EBIT1 (L4Q) / Capital
employed excluding EUR ~800m goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average L4Q); previous year: pro-forma figure incl. IFRS 16 effects
Order Intake Development by SizeOrder Intake and Sales (L4Q)
Sales by Region
Dairy Farming -2% YoY
Dairy Processing 2% YoY
Food 2% YoY
Beverages 6% YoY
Pharma/Chemical -1% YoY
Other Industries 13% YoY
GEA 3% YoY
Sales L4Q
as of Q3 19
EUR 4,912m
Sales L4Q
as of Q3 19
EUR 4,912m
Asia-Pacific 8% YoY 7% adj. YoY
DACH & Eastern Europe -2% YoY -3% adj. YoY
Latin America 1% YoY 5% adj. YoY
North America 0% YoY -4% adj. YoY
Northern/Central Europe 11% YoY 10% adj. YoY
Western Europe, M. East & Africa -1% YoY -2% adj. YoY
GEA 3% YoY 2% adj. YoY
4,000 €m
4,500 €m
5,000 €m
5,500 €m
Q3 16 Q3 17 Q3 18 Q3 19
Order Intake Sales
754 812 758 788 729850 853 802 748 791 802 811 792
156221
211 228185
270 218 281210
260 219 238 192137
79116 89
107
12232
180
16076 127 80 14836
11150
136
35
75
0
120
79 107 38 181221,084
1,2231,136
1,241
1,057
1,317
1,103
1,383
1,197 1,2351,186 1,147
1,255
0€m
200€m
400€m
600€m
800€m
1,000€m
1,200€m
1,400€m
Q3 16 Q3 17 Q3 18 Q3 19
< €1m >= €1m < €5m >= €5m < €15m >= €15m
[ in EU R mill ion] Q3 18 Q3 19 ∆ Y oY L4 Q Q3 18 L4 Q Q3 19 ∆ Y oY
Order Int ake 4.8% -3.5%
Organic1
3.3% -4.3%
Sales 3.9% 2.6%
Organic1
2.4% 1.5%
Order B acklog 2,550.1 2 ,4 3 5.6 -4.5% 2,550.1 2 ,4 3 5.6 -4.5%
EB ITD A2
145.2 14 3 .1 -1.4% 565.0 4 8 6 .3 -13.9%
EB ITD A M arg in2
12.2% 11.6 % -62 bps 11.8% 9 .9 % -190 bps
EB IT2
92.4 9 3 .6 1.4% 379.5 2 75.5 -27.4%
EB IT M arg in2
7.8% 7.6 % -18 bps 7.9% 5.6 % -232 bps
R OC E3 14.6% 10 .5% -417 bps 14.6% 10 .5% -417 bps
1,197.2 1,2 54 .8 4,999.7 4 ,8 2 2 .8
1,188.9 1,2 3 4 .7 4,786.7 4 ,9 12 .2
20
Sales by Customer
Industry24%
10%
36%
6%
8%
16%
BA Equipment – Q3 2019 figures
GEA Q3 2019 Figures
Order Intake Development by SizeOrder Intake and Sales (L4Q)
Sales by Region
Dairy Farming -2% YoY
Dairy Processing -1% YoY
Food 7% YoY
Beverages 10% YoY
Pharma/Chemical 11% YoY
Other Industries 7% YoY
BA Equipment 5% YoY
Sales L4Q
as of Q3 19
EUR 2,690m
Asia-Pacific 22% YoY 20% adj. YoY
DACH & Eastern Europe 5% YoY 5% adj. YoY
Latin America -2% YoY 5% adj. YoY
North America -5% YoY -10% adj. YoY
Northern/Central Europe 2% YoY 2% adj. YoY
Western Europe, M. East & Africa 2% YoY -1% adj. YoY
BA Equipment 5% YoY 3% adj. YoY
21%
23%
7%20%
13%
17%
Sales L4Q
as of Q3 19
EUR 2,690m
2,000 €m
2,200 €m
2,400 €m
2,600 €m
2,800 €m
3,000 €m
3,200 €m
3,400 €m
Q3 16 Q3 17 Q3 18 Q3 19
Order Intake Sales
522 556 550 566 538595 633 585 536
590 594 585 580
3242 53 36
4049
6056
8132 73 69 40
80 19 20
279
486 5
16 619562
598 622 622577
671701 688
624 649683 660 672
0€m
100€m
200€m
300€m
400€m
500€m
600€m
700€m
800€m
Q3 16 Q3 17 Q3 18 Q3 19
< €1m >= €1m < €5m >= €5m < €15m >= €15m
[ in EU R mill ion] Q3 18 Q3 19 ∆ Y oY L4 Q Q3 18 L4 Q Q3 19 ∆ Y oY
Order Int ake 7.8% -0.7%
Organic1
6.4% -1.7%
Sales 5.6% 4.5%
Organic1
4.2% 3.1%
Order B acklog 871.2 8 2 8 .7 -4.9% 871.2 8 2 8 .7 -4.9%
EB ITD A2
116.0 112 .3 -3.1% 413.9 3 9 6 .8 -4.1%
EB ITD A M arg in2
17.8% 16 .3 % -148 bps 16.1% 14 .8 % -133 bps
EB IT2
85.1 8 3 .1 -2.3% 299.3 2 6 5.8 -11.2%
EB IT M arg in2
13.1% 12 .1% -98 bps 11.6% 9 .9 % -174 bps
R OC E3 16.2% 14 .1% -212 bps 16.2% 14 .1% -212 bps
623.9 6 72 .3 2,684.4 2 ,6 6 4 .6
2,573.7 2 ,6 8 9 .6650.5 6 8 7.1
21
1 Adjusted = before FX and structural effects; 2 Before effects from restructuring (see Annual Report, page 28 ff.); previous year: pro-forma figure incl. IFRS 16 effects; 3 ROCE = EBIT1 (L4Q) / Capital
employed excluding EUR ~800m goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average L4Q); previous year: pro-forma figure incl. IFRS 16 effects
BA Solutions – Q3 2019 figures
GEA Q3 2019 Figures
Sales by Customer
Industry
Order Intake Development by SizeOrder Intake and Sales (L4Q)
Sales by Region
Dairy Processing 3% YoY
Food -5% YoY
Beverages 5% YoY
Pharma/Chemical -5% YoY
Other Industries 21% YoY
BA Solutions 1% YoY
26%
25%17%
20%
13%
Asia-Pacific -1% YoY -1% adj. YoY
DACH & Eastern Europe -9% YoY -9% adj. YoY
Latin America 4% YoY 5% adj. YoY
North America 8% YoY 3% adj. YoY
Northern/Central Europe 20% YoY 20% adj. YoY
Western Europe, M. East & Africa -4% YoY -3% adj. YoY
BA Solutions 1% YoY 1% adj. YoY
26%
18%
8%15%
16%
17%
Sales L4Q
as of Q3 19
EUR 2,481m
Sales L4Q
as of Q3 19
EUR 2,481m
2,000 €m
2,200 €m
2,400 €m
2,600 €m
2,800 €m
3,000 €m
3,200 €m
3,400 €m
Q3 16 Q3 17 Q3 18 Q3 19
Order Intake Sales
278 316258 274 242
326 281 278 267 269 278 297 279
125
179
158192
146
221
158225
129229
146169
152
129
79
9770
108
95
23
132
15371
111 74 12936
111
50
136
35
75
0
120
79 8538 18
105569
685
564
672
531
717
462
755
628654
573 557
665
0€m
100€m
200€m
300€m
400€m
500€m
600€m
700€m
800€m
Q3 16 Q3 17 Q3 18 Q3 19
< €1m >= €1m < €5m >= €5m < €15m >= €15m
22
[ in EU R mill ion] Q3 18 Q3 19 ∆ Y oY L4 Q Q3 18 L4 Q Q3 19 ∆ Y oY
Order Int ake 6.0% -4.4%
Organic1
4.3% -4.9%
Sales 2.7% 1.4%
Organic1
1.2% 0.7%
Order B acklog 1,740.4 1,6 9 8 .9 -2.4% 1,740.4 1,6 9 8 .9 -2.4%
EB ITD A2
40.8 4 6 .7 14.4% 176.1 12 9 .6 -26.4%
EB ITD A M arg in2
6.8% 7.6 % 78 bps 7.2% 5.2 % -198 bps
EB IT2
23.5 3 0 .3 29.0% 119.1 6 2 .2 -47.8%
EB IT M arg in2
3.9% 4 .9 % 100 bps 4.9% 2 .5% -236 bps
R OC E3 16.3% 8 .9 % -739 bps 16.3% 8 .9 % -739 bps
627.6 6 6 5.1 2,562.1 2 ,4 4 9 .5
2 ,4 8 1.12,445.96 14 .2598.0
1 Adjusted = before FX and structural effects; 2 Before effects from restructuring (see Annual Report, page 28 ff.); previous year: pro-forma figure incl. IFRS 16 effects; 3 ROCE = EBIT1 (L4Q) / Capital
employed excluding EUR ~800m goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average L4Q); previous year: pro-forma figure incl. IFRS 16 effects
Order intake Q3 2019
GEA Q3 2019 Figures 23
in EURm ∆ abs. ∆ in % ∆ abs. ∆ in % ∆ abs. ∆ in % ∆ abs. ∆ in %
Order Intake
previous period
Structural Change 0 0.0% 0 0.0% 0 0.0% 22 0.4%
Currency Translation 19 1.5% 1 0.1% 31 0.9% 16 0.3%
Like-for-Like Development 39 3.3% 107 9.3% -126 -3.4% -215 -4.3%
Order Intake
current period4,823 -3.5%1,255 4.8% 1,255 9.4% 3,588 -2.6%
L4Q Q3 19 vs. L4Q
Q3 18
1,197 1,147 3,683 5,000
Q3 19 vs. Q3 18 Q3 19 vs. Q2 19Q1 - Q3 19 vs. Q1 -
Q3 18
Sales Q3 2019
GEA Q3 2019 Figures
in EURm ∆ abs. ∆ in % ∆ abs. ∆ in % ∆ abs. ∆ in % ∆ abs. ∆ in %
Sales
previous period
Structural Change 0 0.0% 0 0.0% 0 0.0% 37 0.8%
Currency Translation 18 1.5% 1 0.1% 32 0.9% 15 0.3%
Like-for-Like Development 28 2.4% -13 -1.1% 52 1.5% 73 1.5%
Sales
current period
4,787
1,235 3.9% 1,235 -1.0% 3,539 2.4% 4,912 2.6%
1,189 1,247 3,455
Q3 19 vs. Q3 18 Q3 19 vs. Q2 19Q1 - Q3 19 vs. Q1 -
Q3 18
L4Q Q3 19 vs. L4Q
Q3 18
24
Reported order intake development YoY/QoQ as of Q3 2019
GEA Q3 2019 Figures
Q3 19 L4Q Share of order intake BtB
QoQ YoY YoY Q3 19 L4Q L4Q
Dairy Farming 12% 0.95
Dairy Processing 17% 0.93
Food 29% 0.95
Beverages 14% 1.23
Food & Beverages 72% 0.99
Pharma 6% 0.87
Chemical 6% 0.92
Pharma/Chemical 13% 0.90
Oil & Gas 2% 1.19
Marine 2% 1.04
Others 11% 1.00
Other Industries 15% 1.02
GEA 100% 0.98
Q3 19 Quarter selective
Less than -5% Between -5% and -1% Between -1% and 1% Between 1% and 5% More than 5%
25
Pharma/Chemical 3%
Other Industries 2%
GEA 3%
CAGR Q2 12 - Q3 19
Dairy Farming 0%
Dairy Processing -1%
GEA 2%
CAGR Q2 12 - Q3 19
L4Q order intake and sales indexedQ2 2012 to Q3 2019 per customer industry
Ord
er
Inta
ke
Sa
les
GEA Q3 2019 Figures
Food 4%
Beverages 3%
GEA 2%
CAGR Q2 12 - Q3 19
Pharma/Chemical 1%
Other Industries 2%
GEA 2%
CAGR Q2 12 - Q3 19
Dairy Farming 2%
Dairy Processing 1%
GEA 3%
CAGR Q2 12 - Q3 19
Food 6%
Beverages 0%
GEA 3%
CAGR Q2 12 - Q3 19
26
60%
80%
100%
120%
140%
160%
60%
80%
100%
120%
140%
160%
Order intake split as of Q3 2019 L4Q: Top 20 countries account for 75% of GEA‘s order intake
More than 5%
Betw een 1% and 5%
Betw een -1% and 1%
Betw een -5% and -1%
Less than -5%
GEA Q3 2019 Figures 27
33% of order intake
16% of order intake
0% of order intake
14% of order intake
37% of order intake
USA 15% 0.97
China 9% 0.99
Germany 9% 0.98
France 5% 1.08
Russia 4% 1.10
Canada 4% 1.39
Netherlands 3% 0.87
Great Britain 3% 0.86
Brazil 3% 1.10
Spain 3% 0.91
Italy 3% 1.05
Poland 2% 1.05
Belgium 2% 0.84
India 2% 0.70
Ireland 2% 0.88
New Zealand 2% 1.30
Australia 2% 1.13
Indonesia 2% 1.10
Japan 2% 0.75
Switzerland 1% 1.26
Emerging Markets 37% 0.94
GEA 100% 0.98
CountryShare of total
order intakeGrowth yoy BtB
Additional financial information for FY 2019
GEA Q3 2019 Figures
Strategic
Projects
(included in
EBITDA
before
restructuring)
(€m)
around
40
Depreciation
&
Amortization
(incl. PPA,
IFRS 16)
(€m)
around
214
Thereof
impact from
PPA (€m)
around
35
Capex
before
restructuring
(of sales)
ca.
3.3%
Tax Rate
around
23%
Dividend
Policy
28
Thereof
impact from
initial
application of
IFRS 16
(€m)
around
61For FY 19:
Stable
dividend
Pro Forma Q3 2018 EBITDA and EBIT before restructuring
29GEA Q3 2019 Figures
€m
Q3 18op. EBITDA
Pro Forma
IFRS 16
Pro Forma
op. EBITDAStrategic Projects PPA
Pro Forma
EBITDA bef. Restr.
GEA AG 137.6 +17.7 155.3 -9.8 -0.2 145.2
BAE 108.8 +7.7 116.5 -0.3 -0.2 116.0
BAS 32.7 +8.5 41.2 -0.3 0.0 40.8
Other/GCC -3.9 +1.5 -2.4 -9.2 0.0 -11.6
€m
Q3 18op. EBIT
Pro Forma
IFRS 16
Pro Forma
op. EBITStrategic Projects PPA
Pro Forma
EBIT bef. Restr.
GEA AG 112.2 +0.9 113.1 -9.8 -11.0 92.4
BAE 93.7 +0.4 94.2 -0.3 -8.8 85.1
BAS 25.6 +0.5 26.0 -0.3 -2.2 23.5
Other/GCC -7.1 +0.0 -7.1 -9.2 0.0 -16.2
FX Development
GEA Q3 2019 Figures 30
EUR 46% - -
USD 16% 1.12 -6%
CNY 6% 7.71 -1%
DKK 4% 7.46 0%
GBP 4% 0.88 0%
RUB 3% 73.09 0%
CAD 2% 1.49 -3%
SGD 2% 1.53 -4%
BRL 2% 4.36 2%
PLN 2% 4.30 1%
JPY 2% 122.57 -6%
∆ FX YoY Sep 2019 vs
Sep 2018Currency % total Sep Q3 *
FX Rates Sep Q3
(average)
*Share of functional (i.e. local P&Ls) currencies in the translation mix of the group
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