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GEA Group Aktiengesellschaft
Düsseldorf, February 4th, 2015
Q4 2014 Presentation for Roadshows and Conferences
engineering for a better world
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 that could cause such a divergence include 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. We are under no obligation to update
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
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Table of Contents
GEA Equity Story Pages 4 - 26
Q4 2014 Results Presentation Pages 28 - 50
Back-ups Pages 56 - 68
Historical Key Figures GEA Group & Segments Pages 69 - 74
ADR Information Page 75
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GEA is a global leader in equipment and process technology providing innovative solutions
for smart food processing and for a more efficient use of energy resources.
GEA in summary
Sales
EUR 4.5bn (FY14)
Operating EBIT Margin
11.4% (FY14)
Employees
>18,000 (Dec 14)
Market Cap
>EUR 7.7bn (Jan 15)
Dairy Farming Dairy Processing Beverages Food
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You are in touch with food processed by GEA equipment every day…
GEA in summary
…we are all this and more every day.
Every 4th liter
of milk you are
consuming has been
processed through
GEA equipment.
Every 3rd instant
coffee production
line around the globe
has been built by
GEA.
Every 3rd chicken
nugget you are
eating has been
processed by our
equipment.
Every 2nd liter of
beer you are
drinking has gone
through our
components.
5 GEA on Roadshows and Conferences – Q4 2014
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Urbanization
Shanghai
necessary agricultural supply area
Illustrative
What we like about the food industry (1): Steady growth rates due to continuing urbanization
2.6
5.3
2010 2050
Emerging markets (B)
1.0 1.1
2010 2050
Developed economies (B)
~ 200 million people moving into cities p.a. consuming
ever more processed and convenience food
Source: United Nations; Euromonitor; The Guardian; Oxford Economics; Documentation “Wie wird die Stadt satt” (ARD 24.09.2014)
By the year 2050 the
world’s population will live
50% in the cities
50% in the countryside
300 KM
Germany
Today the world’s
population lives
75% in the cities
25% in the countryside
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What we like about the food industry (2): Stable consumer spending also in tough times
Economically
good times
Economically
difficult times
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What we like about the food industry (3): Zero failure tolerance a significant entry barrier
If equipment fails in the food industry, the end-consumer’s health could be at risk
Would you as a food producer save money on a machine risking a food scandal
if the machine is not working properly?
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…
…
…
…
Quality of After-Sales Service 23%
Price 30%
Machine Quality and Performance 71%
…
…
Ranking of key buying criterion according to GEA customer satisfaction survey,
September 20141
For GEA’s customers, machine quality and performance is by far #1 buying criterion
What we like about the food industry (4): Price apparently not the most decisive purchase criterion
1 Stratified sample size n=3274, external poll
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Source: Frankfurter Allgemeine Zeitung (26.06.2014)
~ 3,500 new products p.a. entering
the US food market
~ 2,000 new food products p.a.
in German supermarkets alone
What we like about the food industry (5): Continuous launch of new products to stimulate demand
Additionally, higher resource efficiency (e.g. power, water usage) is a major competitive
advantage for an equipment supplier
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~2%
~12%
~32%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Top Customer Top 10 Top 50 Top 100 Top 150 Top 200
What we like about the food industry (6): GEA’s client base is highly fragmented
Cumulative Revenue Share
Number of customers
~ 30% of the Top 50 customers
are already coming from
Emerging Markets
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Local Emerging Markets food producers grow faster than multinationals
1 65 listed local food players in EM with sales > EUR 1bn, in total sales of EUR 210bn in FY 2013 ; 11% CAGR based on FY 2010 – FY 2013 sales in EUR Source: Thomson Reuters
Sales CAGR FY 2010-13
Local EM
food producers1
32%
68%
1/3 of local players are
not yet GEA customers1
GEA
customers
Selection of local GEA customers in Emerging Markets
11%
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Our vision “GEA 2020”: To be the first choice of our customers
Our ARTE framework defines our strategy how to reach
the target footprint “GEA 2020”
In particular we always want to be the first choice
of our customers in the relevant food industry.
the globally leading engineering group to provide smart
solutions to sophisticated process industries.
GEA to become
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ARTE framework as pillars for GEA’s strategy
Regions Technologies Functional Excellence
• Exploit market
potential in target
applications
• Align GEA-wide
application strategy
and customer
approach
• Capture global
growth opportunities
• Expand local
presence
• Coordinate regional
approaches across
GEA
• Strengthen
innovation and
technological
leadership
• Foster cross-
business colla-
boration in R&D
• Increase efficiency
in operations and
support functions
• Reduce
organizational
complexity
Target Footprint 2020
Applications
• Exploit market
potential in target
applications
• Align GEA-wide
application strategy
and customer
approach
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1
4
2
3
5
8
6
Targeted applications for target footprint “GEA 2020”
Grow leading position in dairy
Grow leading position in liquid food
Strengthen personal care
Expand in animal proteins
Expand in total solutions for
edible oils, starch & sugar
Enter confectionery, biscuits & pizza
Strengthen packaging
competencies
Foster processing intelligence &
automation
7
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Example how GEA executes its application strategy
Milk intake
& preparation
Milk storage
& distribution Standardization
Bacteria removal
(optional) Pasteurization
Whey drainage
& pre-press Pressing
Water cooling,
brining, ripening
Cutting
& Slicing
Primary
packaging
Curd
production
Final process Press & ripe Coagulate & de-whey
Bacteria
starter mixing
• Milking
parlor
• Standardization
separator
• Sterilization
separator
• Heat
exchanger
• Valves
• Pumps
• Tanks
• Tank
• Dosing unit • Cheese vat • Pressing line • Brining system
• Brine treatment
• Cutter
• Slicer
• Packer • Curd filler
Milk intake & preparation
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GEA’s food exposure 75% - 80%
Food
Non-
Food
Sales exposure 2020:
75% - 80% food No 100% food exposure due to multi-purpose
functionality of our products:
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Project “Fit for 2020”: From four stand-alone Segments to two integrated Business Areas
Current Organization Future Blueprint
Executive Board
• Stand-alone effective Segments driving
own technologies and market approaches
• Limited group perspective and role of the
corporate center
• Each Segment with individual go-to-market
concepts and regional footprint
• Bundling of Segments into two BAs
according to business model logic
• “One GEA” in countries as a platform for
growth within regions / countries
• Strengthening and streamlining of
global group functions
• Increased efficiency and standardization in
newly established Shared Service Center
Equipment BA
Solutions BA
Global Corp.
Center
SSC RT FT ME PE Head-
quarter
Regions Regions Regions Regions
Support Support Support Support
Regions / Countries
Executive Board
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A pplications R egions T echnologies Functional E xcellence
Future organizational set-up (“Fit for 2020”) reflects all elements of ARTE strategy
Executive Board
Shared Services Center (SCC)
Global Corporate Center (GCC)
North
America
Latin
America
Western E.
& MEA
Nordics, UK/IE,
& BeNeLux Asia-Pacific
DACH &
Eastern E.
Product Engineering & Development
Product Management & Sales
Supply Chain & Production
Equipment Service
Global Corporate Center (GCC)
Technology Centers
Application Centers
Solutions Service
Equipment Business Area Solutions Business Area
A
R
T
T E
E
T
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Financial Targets
FY 2014 - 2020
CAGR Organic Sales Growth FY 2014 - FY 2020: 4% to 6%
FY 2017 - 2020
Service to Sales Ratio: ~30%
Operating EBIT Margin: 13% to 16%
Working Capital to Sales Ratio: 10% to 12%
Capex to Sales Ratio: 1.5% to 2.0%
Cash Flow Driver Margin: 12% to 15%
ROCE: 20% to 25%
Net Effective Tax Rate: 24%
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294
192
248
403 426
459
514 8.8%
6.8%
8.4%
10.5% 10.3% 10.6% 11.4%
13,2%
2008 2009 2010 2011 2012 2013 2014 1 Target 2017-2020
Operating EBIT Operating EBIT-Margin (LTM)
GEA has gradually managed up Operating EBIT Margin to > 11%
Financial Targets for FY 2017 - FY 2020: Operating EBIT Margin: 13% to 16%
Sales growth
[EURm]
16%
13% 100
Savings
“Fit for 2020“
Target
Range
Target
2017 - 2020
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Strong focus on ROCE and cash generation
[EURm]
1,772 1,830 1,873 1,887 1,890 1,891 1,886 1,895 1,900 1,912 1,929 1,943
17.5% 18.6% 18.6%
16.7%
18.8% 19.3% 19.6%
22.1% 22.6% 22.9% 23.2%
22.6%
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Capital Employed (average LTM) ROCE (average LTM)
Note: ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
ROCE ~23%
-138 -147 -132 -88 -26 10 33 19 -1 -19 -38 -40
410 436 441 420 462 471 478 515 527 536 546 540
-129 -116 -120 -125
-126 -126 -124 -120 -122 -123 -114 -94
3.6% 4.3% 4.6% 5.0%
7.4% 8.3%
9.0% 9.6% 9.3% 9.0% 8.8% 9.0%
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Delta Working Capital (Average LTM) EBITDA (LTM)Capex (LTM) Cash Flow Driver Margin (LTM)
[EURm]
Cash Flow Driver Margin
22 GEA on Roadshows and Conferences – Q4 2014
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Sources of funds:
Significant cash flow 2015 - 2017
Stronger cash generation going forward leading to higher dividend payout ratio
2. Strengthen GEA’s application know-how by
doing (bolt-on) acquisitions over a couple of
years
3. Repayment of financial debt
4. Invest in organic business development
(Service, R&D, regional presence)
5. Distribution of residual cash to shareholders
Capital allocation priorities
2017 Proceeds GEA HX Cash flow before
M&A and dividends
~1
~2
~1
Key objectives
• Maintain financial flexibility
• Maintain investment grade credit rating
• Rating relevant gross debt: 2.0-2.5x EBITDA
• Average net financial debt: 0.5-1.0x EBITDA
[EURbn] 1. Dividend payments: Change of payout ratio
from 1/3 to 40-50% of net income
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Steady growth rates
(catch-up in Emerging Markets)
Superior margin levels
(high technological requirements; high barriers to entry)
Food safety concerns
Innovation for resource efficiency
(power, water, etc.)
Product Innovation
(continuous launch of new products to stimulate demand)
Summary: What we like about the food industry
1l 10l
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Provided that there is no decline in global economic growth and a constant currency
basis compared to FY 2014, and without taking into account the impact of
acquisitions and one-off effects, we are aiming in FY 2015 for:
Guidance FY 2015
Sales
moderate organic
growth
Operating EBITDA (EURm)
580 - 620
Cash Flow Driver Margin
9.0% - 9.5%
This forecast does not include first savings realized in connection with Group restructuring.
Against this backdrop, GEA will present a more detailed outlook on business progress in
May.
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Key Messages
• 4% to 6% organic sales growth (FY 2014 – FY 2020)
• 13% to 16% Operating EBIT-Margin (FY 2017 – FY 2020)
GEA with clear growth and profitability targets
• Clear plans for midterm use of net cash position for further growth
• Dividend payout ratio increased to a range of 40% to 50%
• Priority on M&A following clear criteria and strategic vision
Capital allocation
• Cost savings of at least EUR 100m net p.a.
• New set-up offers further potential to increase efficiency
Future organizational set-up “Fit for 2020”
GEA is the largest stock listed company to invest in the growing food processing equipment market
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GEA achieved FY 2014 targets
Sales Operating EBITDA Cash Flow Driver
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414 406
FY 2013 FY 2014
530 596 596 591
-5
FY 2013 organicchange
FY 2014adjusted
FX effect FY 2014reported
D +5.6% D +12%
9.6% 9.0%
[EURm] [EURm] [EURm]
Target Organic sales
growth: approximately 5%
Target Operating
EBITDA: EUR 550-590m
Target Cash Flow Driver
Margin: 9.0% - 9.5%
4,320 4,562 4516 4,516
-47
FY 2013 organicchange
FY 2014adjusted
FX effect FY 2014reported
engineering for a better world
8.8%
10.5%
12.3% 11.9%
12.3%
13.1%
6.8%
8.4%
10.5% 10.3%
10.6%
11.4%
6%
7%
8%
9%
10%
11%
12%
13%
2000
3000
4000
5000
6000
Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Order Intake Sales Operating EBITDA Margin Operating EBIT Margin
Development LTM: Order Intake, Sales, Operating Margins [EURm]
6,000
5,000
4,000
3,000
2,000
Prelim. Operating EBIT Margin at record 11.4% in FY 2014
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GEA achieved FY 2014 targets
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Dividend
0.60 € 0.70 €
FY 2013 FY 2014
[EUR]
Capex and Capex Ratio
121 94
FY 2013 FY 2014
2.8%
2.1%
[EURm]
Cash Generation
[EURm]
(proposed)
Target Capex to Sales
Ratio: around 2%
Target of strong cash
generation
Target Dividend Payout
Ratio: 40% to 50%
288 338
50
Net Debtw/o HX
FY 2013
CashGeneration
Net CashFY 2014 bef.M&A, DOP &
Div.
engineering for a better world
Strong Operating Results
Sale of Segment Heat Exchangers
Sound Improvement of Financial Situation
• Organic sales growth +5.6% yoy
• Operating margins at new record levels
• Highest margins ever in Segments GEA PE and GEA RT
• Purchase agreement signed in April 2014 with economic effect to January 1, 2014
• Based on Enterprise Value of approx. EUR 1.3bn corresponding to around 11x EV/EBIT
• Conclusion of sale in October 2014
• Cash proceeds of approx. EUR 1.1bn
• Turn from net debt position in 2013 into net cash position of EUR 904m
• Debt reduction of around EUR 500m until end of January
• Improvement of credit rating to now “Baa2” (Moody’s) and “BBB” (Fitch), both with “stable
outlook”
Highlights FY 2014 (1/2)
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Strategy “GEA 2020” with clear growth and profitability targets
Future organizational set-up “Fit for 2020”
New Capital Allocation Plans
• GEA to be the first choice for our customers in the relevant food industry
• Sales exposure 2020: 75% to 80% coming from Food Industry
• 4% to 6% CAGR organic sales growth (FY 2014 – FY 2020)
• 13% to 16% Operating EBIT-Margin (FY 2017 – FY 2020)
• Cost savings of at least EUR 100m p.a.
• New organizational set-up offers further potential to increase efficiency
• Project is progressing according to expectations
• Clear plans for midterm use of net cash position for further growth
• Change in dividend policy by raising payout ratio to a range of 40% to 50% of net income
• Priority on bolt-on M&A following clear criteria and strategic vision
Highlights FY 2014 (2/2)
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“Fit for 2020”: Project well on track to deliver cost savings of at least EUR 100m p.a. as of 2017
Preparation for execution of new
structure
Sizing of functions
Detailed organizational design
Implementation and external
reporting from Q2 2015 onwards
Strict ongoing saving tracking
Preparation for implementation & set-up of ”saving tracking tool”
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 onwards
• Detailed savings plan
• Employee allocation & training
• Systems adaption
Q2 2015
Q2 2015
Q2 2015
Announcement of
expected savings for
FY 2015/2016 with Q1
results on May 11th 2015
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Sales
1,242 1,301
Q4 2013 Q4 2014
[EURm] [EURm]
Operating EBIT Margin
15.0% 15.9%
Q4 2013 Q4 2014
Operating EBIT
1,144 1,157
Q4 2013 Q4 2014
187 207
Q4 2013 Q4 2014
Order Intake
Preliminary Key Figures Q4 2014 and change YoY
[EURm]
organic: -1% organic: +4%
D +1% D +5%
D +11% D +88 bps
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Operating EBIT
25 31
79 89
63 75
24
30
Q4 2013 Q4 2014
192 213
495 462
334 353
152 161
Q4 2013 Q4 2014
Operating EBIT Margin
Sales Order Intake
Segments - Preliminary Performance Q4 2014
1,157 1,144
GEA RT
GEA PE
GEA ME
GEA FT
GEA RT
GEA PE
GEA ME
GEA FT
[EURm]
organic: -1%
D +1%
D +6%
D -7%
D +11%
D +6%
211 223
527 539
359 381
176 193
Q4 2013 Q4 2014
1,242 1,301
D +6%
D +2%
D +6%
D +9%
organic: +4%
D +5%
GEA RT
GEA PE
GEA ME
GEA FT
187 207
D +12%
D +19%
D +25%
D +11%
Q4 2013 Q4 2014 D YoY
GEA FT 13.9% 15.4% +151 bps
GEA ME 17.5% 19.7% +217 bps
GEA PE 15.0% 16.5% +149 bps
GEA RT 12.0% 14.1% +211 bps
GEA Group 15.0% 15.9% +88 bps
[EURm] [EURm]
D +21%
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Order Intake Development by size since Q4 2010
Strong growth in orders < EUR 1m +12% Q4 2014 YoY; +8% FY 2014 YoY
[EURm]
576 596 619 705 686 669
737 711 702 745 710 722 724 747 754 773 765 835
149 173 168
185 166 208
214 172
221 175 144
234 167
211 160 170 174
182
63 64
135
135 128 111
96 102
124 107 131
102 132
67 88
103 68
87
66 41
60 58
100
44 65 112
110
162 144 121 22
123 160 54
0
200
400
600
800
1.000
1.200
1.400
Q4 10 Q1 11 Q2 11(excl.FS)
Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
1,400
1,200
1,000
f L4Q:
782 f L4Q:
726 f L4Q:
724
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Preliminary Sales and organic sales growth FY 2014: Strong Western Europe driven by dairy business
North America
D YoY: +7%
17%
Eastern Europe
& CIS
8%
D YoY: +6%
Western Europe
37%
D YoY: +12%
Latin America
D YoY: -1%
6%
Africa
D YoY: -3%
3%
Middle East
D YoY: -22%
3%
Asia-Pacific
D YoY: +4%
25%
Emerging Markets1
37%
D YoY: -3%
Top-3-Countries
USA: 16% (16%)
D YoY: +6%
China: 9% (10%)
D YoY: -2%
Germany: 9% (9%)
D YoY: +12%
1 According to the definition of emerging/developing economies by International Monetary Fund.
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Preliminary Sales and organic sales growth by Customer Industry: Strong growth from dairy sector
Average last four quarters: Q1 – Q4 2009 = Index 100
Note: Organic growth rates per customer industry are only available since Q1 2011
14% (13%)
24% (22%)
22% (23%)
12% (14%)
12% (13%)
16% (15%)
Sales LTM
per Q4 2014:
EUR 4,516m
+6% org. YoY
Dairy Farming
D +15% YoY
Food
D +1% YoY
Beverages
D -11% YoY
Other Industries
D +12% YoY
Pharma/
Chemical
D -2% YoY Dairy
Processing
D +16% YoY
60%
100%
140%
180%
220%
Dairy Farming Dairy Processing GEA Group
60%
100%
140%
180%
220%
Q409
Q110
Q210
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Pharma/Chemical Other Industries GEA Group
60%
100%
140%
180%
220%
Food Beverages GEA Group
Organic CAGR 10-14: +15%
Organic CAGR 10-14: +9%
Organic CAGR 10-14: +4%
Organic CAGR 10-14: +3%
Organic CAGR 10-14: +7%
Organic CAGR 10-14: +5%
GEA Group Organic CAGR 09-14: +6%
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Book to bill ratio (L4Q)
Q4 2014
Dairy Farming 1,01 5,4% 0,98 1,1% 1,02 5,0% 0,99 1,0% 1,00 0,0% 0,80 0,0% 1,06 1,7% 1,02 14,2%
Dairy Processing 0,81 8,2% 1,66 2,6% 1,03 3,1% 1,38 1,9% 1,40 0,8% 0,77 0,7% 1,16 7,7% 1,03 25,0%
Food 1,05 9,4% 1,12 2,5% 1,00 3,4% 0,92 1,2% 0,89 1,4% 1,03 0,9% 0,94 3,4% 1,01 22,1%
Beverages 0,88 3,2% 0,69 1,1% 0,78 1,1% 0,78 0,6% 2,52 2,0% 0,49 0,2% 0,90 3,1% 0,94 11,3%
Food & Beverages 0,93 26,2% 1,12 7,3% 0,99 12,6% 1,05 4,6% 1,44 4,2% 0,83 1,8% 1,04 15,8% 1,01 72,6%
Pharma 1,04 2,5% 0,75 0,3% 0,90 1,0% 0,88 0,5% 0,30 0,0% 0,81 0,3% 0,88 2,0% 0,92 6,6%
Chemical 0,99 1,3% 0,81 0,1% 0,90 1,1% 0,70 0,2% 5,01 0,3% 0,76 0,2% 1,01 1,9% 1,00 4,9%
Pharma/Chemical 1,02 3,7% 0,77 0,4% 0,90 2,1% 0,83 0,7% 2,08 0,3% 0,79 0,4% 0,94 3,9% 0,95 11,6%
Environment 1,14 1,6% 1,09 0,3% 0,90 0,7% 1,00 0,2% 1,05 0,1% 0,93 0,1% 0,89 1,1% 1,00 4,1%
Oil & Gas 0,90 0,7% 1,55 0,9% 1,16 0,9% 0,66 0,1% 3,53 0,1% 0,46 0,1% 0,42 0,7% 0,83 3,5%
Marine 1,13 1,5% 1,11 0,1% 0,98 0,1% 0,71 0,1% 0,81 0,0% 0,94 0,0% 1,17 1,7% 1,12 3,6%
Power 0,59 0,2% 2,34 0,0% 0,54 0,1% 0,85 0,1% 0,95 0,1% 3,77 0,4% 0,85 0,1% 1,09 1,1%
Others 1,02 1,2% 1,41 0,4% 1,00 0,3% 0,90 0,2% 1,01 0,0% 0,84 0,1% 1,18 1,4% 1,10 3,6%
Other Industries 1,04 5,3% 1,41 1,7% 0,97 2,1% 0,88 0,6% 1,34 0,4% 1,19 0,8% 0,88 5,0% 1,01 15,8%
Total 0,96 35,2% 1,14 9,5% 0,98 16,8% 1,00 6,0% 1,47 4,9% 0,90 3,0% 0,99 24,6% 1,00 100,0%
Western
Europe
Eastern Europe
& CIS
North America Latin America Africa Middle - East Asia - Pacific Total
<= 0.8 > 0.8 and < 1.0 >= 1.2 > 1.0 and < 1.2
Colour code: Only cross-sections with a share of > 1% of group order intake are colored
Book to Bill categories
BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI BtB % of OI
Preliminary Book to Bill Ratio > 1 in Food & Beverages driven by Dairy Processing
GEA on Roadshows and Conferences – Q4 2014 39
engineering for a better world
1,2501
1,5502
1,7003 1,7504
349
280
315 288
Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Preliminary Order Backlog: Sound backlog for FY 2015
[EURm]
1.06 1.05 1.07 1.05 1.05 1.02 1.04 1.06 1.07 1.08 1.07 1.01 1.00
2,015
1,599
1,841 1,901 1,932 2,085 2,136
1,983 1,830
2,087 2,137 2,185 2,038
LTM BtB ratio # 1 Order backlog invoiceable in FY 2012 2 Order backlog invoiceable in FY 2013
3 Order backlog invoiceable in FY 2014 4 Order backlog invoiceable in FY 2015
GEA on Roadshows and Conferences – Q4 2014 40
engineering for a better world
Preliminary ROCE Development: Sequential decline following higher one-off expenses in Q4 2014
[EURm]
1,772 1,830 1,873 1,887 1,890 1,891 1,886 1,895 1,900 1,912 1,929 1,943
17.5% 18.6% 18.6%
16.7%
18.8% 19.3% 19.6%
22.1% 22.6% 22.9% 23.2% 22.6%
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Capital Employed (average LTM) ROCE (average LTM)
Note: ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
ROCE trailing at around 23% - clearly in target range of 20% to 25%
GEA on Roadshows and Conferences – Q4 2014 41
engineering for a better world
Preliminary Working Capital ratio stabilized at around 12%
[EURm]
269
404 449 460
395
523 521 511
356
515 521 538
363
535
590 548
417
11.6% 11.3% 11.0% 11.3% 11.4% 12.1%
12.8% 12.9% 12.7% 12.2% 11.9% 11.7% 11.7% 11.8% 11.9% 12.1% 12.1%
Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Working Capital Working Capital (average LTM) as % of sales (LTM)
GEA on Roadshows and Conferences – Q4 2014 42
engineering for a better world
Preliminary Cash Flow Driver Margin stabilizing at around 9% of sales
-138 -147 -132 -88 -26 10 33 19 -1 -19 -38 -40
410 436 441 420 462 471 478 515 527 536 546 540
-129 -116 -120 -125
-126 -126 -124 -120 -122 -123 -114 -94
3.6% 4.3% 4.6% 5.0%
7.4% 8.3% 9.0% 9.6% 9.3% 9.0% 8.8% 9.0%
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Delta Working Capital (Average LTM) EBITDA (LTM) Capex (LTM) Cash Flow Driver Margin (LTM)
[EURm]
EBITDA Capex D Working Capital (Average LTM)
Sales Sales Sales - - +
GEA on Roadshows and Conferences – Q4 2014 43
engineering for a better world
Net Liquidity reconciliation
[EURm]
1,030.1
Dividend -115.6
Effects from Acquisitions
Discontinued Operations (w/o HX) -27.5
Net Cash bef. DOP, M&A and Dividend
-109.3
Net Debt 31.12.2013 incl. HX -178.6
50.4
-33.7
903.8 Net Cash 31.12.2014
Proceeds from HX-Sale Net of Transaction Costs
Others 57.2
Taxes / Interests -120.0
Capex -93.8
Delta Working Capital -45.0
EBITDA 539.9
Net Debt 31.12.2013 w/o HX -287.9
Elimination Net Cash Position HX
Preliminary Cash generation LTM: ~ EUR 340m
D +EUR 338m
1therein cash with maturity 6-12 months (EUR 200m)
1
GEA on Roadshows and Conferences – Q4 2014 44
engineering for a better world
1,433
904
529
754
384
Target corridor for indebtedness levels
applying reduced debt profile
1,667
Operating
lease
Pensions Gross
financial
debt
Rating-
relevant
gross debt
Cash Net Cash
Position Net Cash
Position
Rating-
relevant
gross debt
Target Gross Debt:
2.0-2.5x EBITDA
Average Net Debt:
0.5-1.0x EBITDA
[EURm] [EURm]
Trigger thresholds for GEA’s credit rating
GEA’s rating relevant gross debt
applying reduced debt profile
1,667
904
GEA on Roadshows and Conferences – Q4 2014 45
engineering for a better world
Maturity structure of main financial debt
per 30/09/14
GEA has reduced main financial debt by ~0.5bn EUR using parts of HX proceeds
2017 2016 2015 2014
KfW Loans
GEA Bond
EIB Loan
Borrower‘s Note Loan
34
450
4
434
34
400
150
300
[EURm]
Maturity structure of main financial debt
per 31/01/15
2017 2016 2015 2014
GEA Bond
EIB Loan
Borrower‘s Note Loan
140
0
275
50 275
90
[EURm]
0
Corresponding interests: < EUR 17m Corresponding interests: < EUR 27m
GEA on Roadshows and Conferences – Q4 2014 46
engineering for a better world
Preliminary Service Business per Q4 LTM: 27% of Sales
Organic growth YoY of +7.6% (+6.3% reported)
[EURm]
1,153
235
466
252 200
1,225
269
493
270 215
GEA Group GEA FT GEA ME GEA PE GEA RT
D +8%
(+6% reported)
D +18%
(+14% reported)
D +7%
(+6% reported)
D +8%
(+7% reported)
D +8%
(+7% reported)
41% 27% 27% 41% 35% 36% 14% 15% 27% 28%
Q4 2013 LTM Q4 2014 LTM Share of Service Sales %
GEA on Roadshows and Conferences – Q4 2014 47
engineering for a better world
Provided that there is no decline in global economic growth and a constant currency
basis compared to FY 2014, and without taking into account the impact of
acquisitions and one-off effects, we are aiming in FY 2015 for:
Guidance FY 2015
Sales
moderate organic
growth
Operating EBITDA (EURm)
580 - 620
Cash Flow Driver Margin
9.0% - 9.5%
This forecast does not include first savings realized in connection with Group restructuring.
Against this backdrop, GEA will present a more detailed outlook on business progress in
May.
GEA on Roadshows and Conferences – Q4 2014 48
engineering for a better world
Additional Financial Information for FY 2015
Depreciation
& Amortization
(incl PPA) (EURm)
around
90
Thereof
impact from
PPA in 2015
and in
subsequent
years (EURm)
around
23 p.a.
Interests
Financial
Liabilities (EURm)
below
17
Dividend Policy
payout
ratio around
40-50% of net income
Working
Capital LTM
(of sales
LTM)
around
12%
Target Capex
Level
(of sales)
max.
2%
Tax Rate
around
23%
GEA on Roadshows and Conferences – Q4 2014 49
engineering for a better world
Financial Targets
FY 2014 - 2020
CAGR Organic Sales Growth FY 2014 - FY 2020: 4% to 6%
FY 2017 - 2020
Service to Sales Ratio: ~30%
Operating EBIT Margin: 13% to 16%
Working Capital to Sales Ratio: 10% to 12%
Capex to Sales Ratio: 1.5% to 2.0%
Cash Flow Driver Margin: 12% to 15%
ROCE: 20% to 25%
Net Effective Tax Rate: 24%
GEA on Roadshows and Conferences – Q4 2014 50
engineering for a better world
Feb 09, 2015 Roadshow Germany Frankfurt Deutsche Bank
Feb 17, 2015 Roadshow UK London Berenberg
Feb 11, 2015 Roadshow France Paris Barclays
Feb 24, 2015 Roadshow Germany Munich equinet
Feb 26, 2015 Roadshow Switzerland Geneva Credit Suisse
Investor Relations Calendar Upcoming Roadshows and Conferences
Feb 25, 2015 Roadshow Switzerland Zurich Credit Suisse
2 0 1 5
Mar 05, 2015 Roadshow Finland Helsinki equinet
Mar 09, 2015 Roadshow Norway Oslo MainFirst
Mar 05-10, 2015 Roadshow USA tbc Jefferies / HSBC
GEA on Roadshows and Conferences – Q4 2014 51
engineering for a better world
Mar 17, 2015 Roadshow Poland Warsaw Hauck&Aufhäuser
Mar 11-12, 2015 Conference USA San Francisco Citi
Mar 12, 2015 Roadshow France Paris KeplerCheuvreux
Mar 17, 2015 Conference UK London Merrill Lynch
Mar 19, 2015 Roadshow Ireland Dublin MainFirst
Investor Relations Calendar Upcoming Roadshows and Conferences
Mar 18, 2015 Roadshow UK Edinburgh HSBC
2 0 1 5
Mar 26, 2015 ANUGA Foodtec Cologne HSBC
Apr 21, 2015 Roadshow Italy Milan equita
Apr 16, 2015 Conference Germany Baden-Baden Bankhaus Lampe
GEA on Roadshows and Conferences – Q4 2014 52
engineering for a better world
Apr 28, 2015 Roadshow Austria Vienna Commerzbank
Apr 22, 2015 Roadshow Switzerland Lugano Bankhaus Lampe
Investor Relations Calendar Upcoming Roadshows and Conferences
2 0 1 5
GEA on Roadshows and Conferences – Q4 2014 53
engineering for a better world
Financial Calendar
2 0 1 5 Mar 09, 2015 Annual Report FY 2014 Düsseldorf
Apr 16, 2015 Annual General Meeting Oberhausen
May 11, 2015 Interim Report Q1 2015 Düsseldorf
Jul 29, 2015 Interim Report Q2 2015 Düsseldorf
Oct 27, 2015 Interim Report Q3 2015 Düsseldorf
GEA on Roadshows and Conferences – Q4 2014 54
engineering for a better world
Order Intake Development by Size
576 596 619 705 686 669 737 711 702 745 710 722 724 747 754 773 765 835
149 173 168 185 166 208
214 172 221 175 144 234 167 211 160 170 174 182
63 64 135 135 128 111
96 102 124 107 131
102 132 67 88 103 68 87
66 41 0
60 58 100 44 65
112 110 162 144 121 22 123 160
54
0
200
400
600
800
1000
1200
1400
Q410
Q111
Q211
Q2112
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
8.4%
10.5% 10.3% 10.6%
11.4%
0%
2%
4%
6%
8%
10%
12%
0
1000
2000
3000
4000
5000
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Order Intake Sales Operating EBIT Margin
Sales by Customer
Industry
37%
25%
17%
8%
6% 3% 3%
Western Europe
Asia-Pacific
North America
Eastern Europe&CIS
Latin America
Middle East
Africa
14%
24%
22%
12%
12%
16%
Dairy Farming
Dairy Processing
Food
Beverages
Pharma/Chemical
Other Industries
[in EUR million] Q4 2013 Q4 2014 ∆ Q1-Q4
2013
Q1-Q4
2014 ∆
Order Intake
organic 1,144.4 1,157.5
+1.1%
-0.7% 4,627.9 4,519.6
-2.3%
-1.4%
Sales
organic 1,242.2 1,301.4
+4.8%
+3.6% 4,320.0 4,515.7
+4.5%
+5.6%
Order Backlog 2,015.5 2,037.6 +1.1% 2,015.5 2,037.6 +1.1%
Operating EBITDA 205.7 228.5 +11.0% 530.1 590.7 +11.4%
Operating EBITDA-
Margin 16.6% 17.6% +99 bps 12.3% 13.1% +81 bps
Operating EBIT 186.8 207.2 +10.9% 458.8 513.5 +11.9%
Operating EBIT-Margin 15.0% 15.9% +88 bps 10.6% 11.4% +75 bps
ROCE (LTM)1 22.1% 22.6% +50 bps 22.1% 22.6% +50 bps
Order Intake, Sales and Operating EBIT
Margin (LTM)
GEA Group - Preliminary Performance
[EURm] [EURm]
LTM per
Q4 2014:
EUR 4,516m
+6% org YoY
LTM per
Q4 2014:
EUR 4,516m
+6% org YoY
+10% / +12% org.
-12% / -11% org.
+0% / +1% org.
+16% / +16% org.
+12% / +15% org.
Δ YoY
-23% / -22% org.
+2% / +6% org. +6% / +7% org. +3% / +4% org. +13% / +12% org.
Δ YoY -7% / -1% org.
-7% / -3% org.
-3% / -2% org.
Sales by Region
1 ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
3,000
4,000
5,000
2,000
1,000
1,000
1,200
1,400
w/o FS Incl.FS
GEA on Roadshows and Conferences – Q4 2014 56
engineering for a better world
Sales by Customer
Industry
38%
11%
35%
8% 7%
Western Europe
Asia-Pacific
North America
Eastern Europe&CIS
Latin America
100%
Dairy Farming
[in EUR million] Q4 2013 Q4 2014 ∆ Q1-Q4
2013
Q1-Q4
2014 ∆
Order Intake
organic 151.6 161.3
+6.4%
+5.7% 596.7 659.0
+10.4%
+13.3%
Sales
organic 176.2 192.7
+9.4%
+9.7% 577.7 650.0
+12.5%
+15.5%
Order Backlog 85.6 87.0 +1.6% 85.6 87.0 +1.6%
Operating EBITDA 27.8 33.0 +19.0% 56.9 74.5 +30.9%
Operating EBITDA-
Margin 15.8% 17.1 % +137 bps 9.9% 11.5% +161 bps
Operating EBIT 24.5 29.7 +21.3% 44.6 62.0 +39.2%
Operating EBIT-Margin 13.9% 15.4% +151 bps 7.7% 9.5% +183 bps
ROCE (LTM)1 12.7% 17.1% +448 bps 12.7% 17.1% +448 bps
GEA Farm Technologies - Preliminary Performance
LTM per
Q4 2014:
EUR 650m
+15% org YoY
LTM per
Q4 2014:
EUR 650m
+15% org YoY
+13% / +15% org.
-13% / -4% org.
+18% / +20% org.
+16% / +16% org.
+11% / +10% org.
+19% / +44% org.
Sales by Region
Order Intake Development by Size
116 126 130 140 129 147 144 146 143 139 151 149 151 161 165 165 160
3 1 1 1 5 2 1
1 5 1 1
0
30
60
90
120
150
180
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
5.9% 6.6%
8.0% 7.7%
9.5%
0%
2%
4%
6%
8%
10%
0
200
400
600
800
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Order Intake Sales Operating EBIT Margin
Order Intake, Sales and Operating EBIT
Margin (LTM) [EURm] [EURm]
1 ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
Δ YoY Δ YoY
GEA on Roadshows and Conferences – Q4 2014 57
engineering for a better world
Contrasting MFP ratio development and organic growth of GEA FT order intake over time
Source World Milk-Feed Price Ratio: IFCN
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0,0
0,5
1,0
1,5
2,0
2,5
3,0
Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14
World Milk-Feed
Price Ratio
2006 2007 2011 2012 2013 2014 2010 2009 2008
Milk to feed price ratios below 1.5 have not prevented GEA FT orders from rising in the past
• Milk-feed price ratio (MFPR) >1.5
considered as signal to invest for
farmers (threshold could drop with
advancing machine productivity)
• MFPR <1.5 can still be ok, if farmers
expect the MFPR to improve in the short
run
• Among GEA’s FT offering, hygiene
consumables and spare parts (together
41% of sales) are not directly affected by
the MFP ratio
Organic Order
Growth GEA FT
GEA on Roadshows and Conferences – Q4 2014 58
engineering for a better world
35%
27%
19%
7%
7% 4%
3%
Western Europe
Asia-Pacific
North America
Eastern Europe&CIS
Latin America
Middle East
Africa
Sales by Customer
Industry 14%
42% 9%
9%
26%
Dairy Processing
Food
Beverages
Pharma/Chemical
Other Industries
[in EUR million] Q4 2013 Q4 2014 ∆ Q1-Q4
2013
Q1-Q4
2014 ∆
Order Intake
organic 334.4 352.9
+5.6%
+3.7% 1,368.2 1,349.8
-1.3%
-0.7%
Sales
organic 359.3 380.8
+6.0%
+4.4% 1,327.8 1,380.4
+4.0%
+4.7%
Order Backlog 428.4 394.9 -7.8% 428.4 394.9 -7.8%
Operating EBITDA 71.0 85.6 +20.5% 214.7 231.5 +7.9%
Operating EBITDA-
Margin 19.8% 22.5% +271 bps 16.2% 16.8% +60 bps
Operating EBIT 62.8 74.8 +19.1% 187.6 197.7 +5.4%
Operating EBIT-Margin 17.5% 19.7% +217 bps 14.1% 14.3% +19 bps
ROCE (LTM)1 17.4% 17.0% -42 bps 17.4% 17.0% -42 bps
GEA Mechanical Equipment - Preliminary Performance
LTM per
Q4 2014:
EUR 1,380m
+5% org YoY
LTM per
Q4 2014:
EUR 1,380m
+5% org YoY
Sales by Region
+3% / +4% org.
+4% / +5% org.
-1% / 0% org.
-2% / -1% org.
+16% / +17% org. -34% / -31% org.
+24% / +24% org. +6% / +6% org. +13% / +15% org. +1% / +1% org.
-10% / -8% org.
+32% / +37% org.
Order Intake Development by Size
278 280 274 336
280 271 289 289 300 301 283 311 302 297 309
46 30 49 42 44 26 19 38 31 40
21 27 24 23 9 19 7 12
8 5 8 8 11 6 7 21 33 17
18
0
50
100
150
200
250
300
350
400
Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
13.9% 14.1% 14.3%
0%
2%
4%
6%
8%
10%
12%
14%
16%
0
200
400
600
800
1000
1200
1400
1600
Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
Order Intake Sales Operating EBIT Margin
Order Intake, Sales and Operating EBIT
Margin (LTM) [EURm] [EURm]
1 ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
1,200
1,400
1,600
1,000
Δ YoY Δ YoY
GEA on Roadshows and Conferences – Q4 2014 59
engineering for a better world
Sales by Customer
Industry
47%
4%
21%
20%
8%
Dairy Processing
Food
Beverages
Pharma/Chemical
Other Industries
35%
33%
11%
8%
7% 4% 4%
Western Europe
Asia-Pacific
North America
Eastern Europe&CIS
Latin America
Middle East
Africa
[in EUR million] Q4 2013 Q4 2014 ∆ Q1-Q4 2013 Q1-Q4 2014 ∆
Order Intake
organic 494.6 461.7
-6.7%
-8.9% 2,061.0 1,835.7
-10.9%
-10.6%
Sales
organic 526.7 538.5
+2.2%
+0.6% 1,798.0 1,852.1
+3.0%
+3.4%
Order Backlog 1,290.5 1,293.4 +0.2% 1,290.5 1,293.4 +0.2%
Operating EBITDA 82.5 92.2 +11.8% 203.2 220.6 +8.6%
Operating EBITDA
Margin 15.7% 17.1% +146 bps 11.3% 11.9% +61 bps
Operating EBIT 79.0 88.7 +12.4% 188.3 206.0 +9.4%
Operating EBIT
Margin 15.0% 16.5% +149 bps 10.5% 11.1% +65 bps
ROCE (LTM)1 73.2% 78.8% +560 bps 73.2% 78.8% +560 bps
GEA Process Engineering - Preliminary Performance
LTM per
Q4 2014:
EUR 1,852m
+3% org YoY
LTM per
Q4 2014:
EUR 1,852m
+3% org YoY
Sales by Region
+4% / +5% org.
-4% / -3% org.
-16% / -15% org.
-13% / -12% org.
+21% / +21% org.
-8% / -8% org.
0% / 0% org. -12% / -12% org. -3% / -2% org. +26% / +26% org.
-15% / -12% org.
-13% / -11% org.
Order Intake Development by Size
177 169 178 167 159 186 175 170 197 174 170 166 194 184 185 182 241
119 133 122 116 121 144
107 132 100 104 155 98
130 91 96 109
118 58 59 127
90 111 82
75 101 94 126
82 124 50
69 96 55
66 66 41 0 58
100
44 65 79 78
162 127 121
22
123 160 37
0
100
200
300
400
500
600
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
7.2%
9.4% 9.5%
10.5% 11.1%
0%
2%
4%
6%
8%
10%
12%
0
400
800
1200
1600
2000
2400
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Order Intake Sales Operating EBIT Margin
Order Intake, Sales and Operating EBIT
Margin (LTM) [EURm] [EURm]
1 ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
1,600
2,000
2,400
1,200
Δ YoY Δ YoY
GEA on Roadshows and Conferences – Q4 2014 60
engineering for a better world
In dairy processing the medium and long term outlook is more relevant for the capex decision
GEA Dairy processing orders > EUR 15m with country of origin
10
20
30
40
50
60
1Source: IFCN; http://www.ifcndairy.org/en/output/prices/milk_indicator2013.php
World milk price
indicator1
SA
IN
AUZ
GER
NZ
US VN UY NZ
US
PO
BE
NZ
NO NZ
IE
IL
NZ
GER
IE
DK
NZ
NL
GER
NZ
NL
NZ
PH
US
NZ
FR
IE
CN
JP
GEA on Roadshows and Conferences – Q4 2014 61
engineering for a better world
43%
14%
15%
13%
2% 5%
7%
Western Europe
Asia-Pacific
North America
Eastern Europe&CIS
Latin America
Middle East
Africa
Sales by Customer
Industry 5%
50%
4% 8%
32%
Dairy Processing
Food
Beverages
Pharma/Chemical
Other Industries
[in EUR million] Q4 2013 Q4 2014 ∆ Q1-Q4
2013
Q1-Q4
2014 ∆
Order Intake
organic 192.3 212.7
+10.6%
+9.4% 726.3 804.7
+10.8%
+12.5%
Sales
organic 210.6 223.4
+6.1%
+6.0% 736.6 763.7
+3.7%
+5.4%
Order Backlog 229.5 281.4 +22.6% 229.5 281.4 +22.6%
Operating EBITDA 27.5 33.8 +22.7% 71.0 89.7 26.3%
Operating EBITDA-
Margin 13.1% 15.1% +205 bps 9.6% 11.7% +210 bps
Operating EBIT 25.2 31.4 +24.8% 61.5 79.8 +29.7%
Operating EBIT-Margin 12.0% 14.1% +211 bps 8.4% 10.5% +210 bps
ROCE (LTM)1 22.7% 28.9% +617 bps 22.7% 28.9% +617 bps
GEA Refrigeration Technologies - Preliminary Performance
LTM per
Q4 2014:
EUR 764m
+5% org YoY
LTM per
Q4 2014:
EUR 764m
+5% org YoY
Sales by Region
-8% / -7% org.
-3% / -1% org.
+4% / +6% org.
+4% / +7% org.
+7% / +9% org. -31% / -31% org.
+1% / +9% org. +27% / +28% org. -4% / -2% org. +9% / +8% org.
+29% / +30% org.
-16% / -8% org.
Order Intake Development by Size
120 128 145 126 135 140 139 146 142 140 134 139 146 134 155 149 156
27 19 17
20 35 29 22
44 50 22 35 35 40 46
42 40 40 5 6 19
8 20 10
6 12
6 13 7 6
16
17
0
50
100
150
200
250
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m
5.2%
7.9% 8.1% 8.4%
10.5%
0%
2%
4%
6%
8%
10%
12%
0
200
400
600
800
1000
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Order Intake Sales Operating EBIT Margin
Order Intake, Sales and Operating EBIT
Margin (LTM) [EURm] [EURm]
1 ROCE LTM = EBIT (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999 (average LTM)
Δ YoY Δ YoY
GEA on Roadshows and Conferences – Q4 2014 62
engineering for a better world
Q4 2014 vs.
Q4 2013
Q1-Q4 2014 vs.
Q1-Q4 2013
Q4 2014 vs.
Q3 2014
∆ abs. ∆ in % ∆ abs. ∆ in % ∆ abs. ∆ in %
Order Intake
previous period 1,144 4,628 1,168
Structural Change 2 0.1 % 2 0.0 % 2 +0.1 %
Currency Effects +19 +1.7 % -46 -1.0 % +15 +1.3 %
Organic Development -8 -0.7 % -64 -1.4 % -27 -2.3 %
Order Intake
current period 1,157 +1.1 % 4,520 -2.3 % 1,157 -0.9 %
Preliminary Order Intake Q4 2014
[EURm]
GEA on Roadshows and Conferences – Q4 2014 63
engineering for a better world
Q4 2014 vs.
Q4 2013
Q1-Q4 2014 vs.
Q1-Q4 2013
Q4 2014 vs.
Q3 2014
∆ abs. ∆ in % ∆ abs. ∆ in % ∆ abs. ∆ in %
Sales
previous period 1,242 4,320 1,146
Structural Change +1 +0.1 % +1 +0.0 % +1 +0.1 %
Currency Effects +13 +1.1 % -47 -1.1 % +14 +1.2 %
Organic Development +45 +3.6 % +241 +5.6 % +140 +12.3 %
Sales
current period 1,301 +4.8 % 4,516 +4.5 % 1,301 +13.6 %
Preliminary Sales Q4 2014
[EURm]
GEA on Roadshows and Conferences – Q4 2014 64
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Q4 2014 vs.
Q4 2013
Q1-Q4 2014 vs.
Q1-Q4 2013
Q4 2014 vs.
Q3 2014
∆ abs. ∆ in % ∆ abs. ∆ in % ∆ abs. ∆ in %
Operating EBITDA
previous period 206 530 149
Structural Change 0 0.1 % 0 0 % 0 +0.1 %
Currency Effects +1 +0.4 % -5 -1.0 % +3 +1.7 %
Organic Development +22 +10.6 % +66 +12.4 % +77 +51.5 %
Operating EBITDA
current period 228 +11.0 % 591 +11.4 % 228 +53.3 %
Preliminary Operating EBITDA Q4 2014
[EURm]
GEA on Roadshows and Conferences – Q4 2014 65
engineering for a better world
206
Q4 2014
Reported EBITDA
One-Offs
194
Q4 2014
Operating EBITDA
228
FX Q4 2014 Operating
EBITDA before FX
228
Organic Q4 2013 Operating
EBITDA
+22 +1 -35
+10.6%
+0.4%
-15.1%
GEA’s reported preliminary EBITDA negatively impacted by FX and One-Offs
EBITDA bridge Q4 2014 [EURm]
GEA on Roadshows and Conferences – Q4 2014 66
engineering for a better world
Preliminary FX Development FY 2014 YoY
Currency
% total FY
2014
3rd party
sales
EUR 45 %
USD 16 %
CNY 6 %
DKK 5 %
GBP 5 %
NZD 4 %
SGD 3 %
BRL 2 %
PLN 2 %
CAD 2 %
AUD 1 %
FX Rates
Q4 2014
(average)
D FX YoY
Q4 2014 vs Q4
2013
- -
1.25 +8.9 %
7.68 +7.9 %
7.44 +0.2 %
0.79 +6.5 %
1.60 +3.0 %
1.62 +5.1 %
3.18 -2.5 %
4.21 -0.6 %
1.42 +0.7 %
1.46 +0.5 %
FX Rates
FY 2014
(average)
D FX YoY
FY 2014 vs FY
2013
- -
1.33 0.0 %
8.19 -0.3 %
7.45 0.0 %
0.81 +5.4 %
1.60 +1.3 %
1.68 -1.2 %
3.12 -8.1 %
4.18 +0.3 %
1.47 -6.7 %
1.47 -6.4 %
GEA on Roadshows and Conferences – Q4 2014 67
engineering for a better world
[EURm]
Preliminary Working Capital Development
551
641
562
929
939
946
647
537
647
470
495
444
363
548
417
Trade
Receivables Inventories
Trade
Payables
Advance
Payments
Working
Capital
Q3 2014
Q4 2014
+7
+1%
-79
-12%
+110
+21%
-51
-10%
-132
-24%
Q4 2013
+10
+1%
+90
+16%
-110
-17%
+24
+5%
+185
+51%
=
=
=
GEA on Roadshows and Conferences – Q4 2014 68
engineering for a better world
Preliminary Key Figures Time Line (1/6)
Order Intake
[in EUR million]Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11
GEA Food Solutions1) 95,1 116,4 100,5 85,7 397,7 75,6 101,2 81,6 95,5 353,9 115,5 94,5 100,7 98,9 409,6 125,5 -
GEA Farm Technologies 123,5 120,5 137,0 116,0 497,1 94,9 101,2 94,9 98,6 389,6 101,1 116,1 115,0 116,3 448,5 125,9 129,5
GEA Mechanical Equipment2) 257,4 258,0 237,0 177,0 929,4 194,9 162,2 158,6 169,4 685,1 172,0 194,7 191,9 181,8 740,4 219,2 332,5
GEA Process Engineering 367,3 355,4 346,4 264,4 1.333,6 251,0 308,7 254,0 334,6 1.148,3 335,7 339,0 321,7 419,7 1.416,1 401,5 426,2
GEA Refrigeration Technologies 174,1 152,3 144,2 143,3 613,9 138,9 143,2 114,3 130,3 526,6 127,5 150,6 148,9 152,5 579,6 152,7 162,8
GEA Group 899,2 863,9 842,9 687,1 3.293,0 664,4 703,0 605,0 715,6 2.688,1 713,4 777,3 755,3 854,4 3.100,3 874,3 1.024,8
Order Backlog
[in EUR million]Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11
GEA Food Solutions1) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 104,4 -
GEA Farm Technologies 107,8 106,0 111,1 77,5 77,5 86,0 89,5 77,2 61,5 61,5 77,1 89,4 80,6 63,1 63,1 85,4 92,5
GEA Mechanical Equipment2) 290,8 357,5 376,5 338,0 338,0 325,6 303,5 285,2 280,8 280,8 298,3 319,1 306,1 284,1 284,1 304,1 431,2
GEA Process Engineering 850,7 830,9 826,6 666,2 666,2 651,5 658,2 627,9 660,2 660,2 757,6 821,2 788,9 813,0 813,0 888,2 927,4
GEA Refrigeration Technologies 241,9 235,5 236,8 204,1 204,1 222,4 231,7 196,7 169,9 169,9 183,8 203,9 205,9 183,8 183,8 210,4 206,6
GEA Group 1.483,5 1.520,3 1.539,2 1.283,6 1.283,6 1.276,0 1.274,4 1.175,8 1.161,1 1.161,1 1.301,8 1.417,0 1.362,1 1.333,5 1.333,5 1.581,2 1.643,7
Sales
[in EUR million]Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11
GEA Food Solutions1) 91,8 99,1 98,5 104,8 394,2 89,0 79,8 82,8 82,5 334,1 101,0 99,8 93,1 103,7 397,6 112,9 -
GEA Farm Technologies 94,9 123,9 138,5 147,1 504,5 86,6 98,5 112,0 114,7 411,8 85,4 106,6 119,8 134,9 446,7 99,6 118,3
GEA Mechanical Equipment2) 196,9 190,7 210,9 211,2 809,7 200,0 179,9 163,8 174,0 717,5 156,7 173,7 193,1 201,9 725,4 191,6 311,1
GEA Process Engineering 328,2 395,8 364,5 398,9 1.487,4 270,7 281,9 278,1 313,2 1.144,0 256,9 298,5 330,9 402,2 1.288,5 300,8 385,1
GEA Refrigeration Technologies 132,5 159,3 142,9 175,9 610,6 122,3 136,9 148,2 158,2 565,6 117,4 135,3 139,7 171,3 563,7 132,8 166,6
GEA Group 735,9 856,2 844,4 916,2 3.352,7 674,5 688,4 695,0 756,1 2.814,0 603,2 700,7 769,7 889,5 2.963,1 706,7 964,6
Organic Sales Growth
[in %]Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11
GEA Food Solutions1) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. - -
GEA Farm Technologies n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9,4% 12,6%
GEA Mechanical Equipment2) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 20,4% 22,1%
GEA Process Engineering n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 14,7% 31,8%
GEA Refrigeration Technologies n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 10,9% 11,4%
GEA Group n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 14,2% 22,7%
Operating EBITDA
[in EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11
GEA Food Solutions1) -4,5 7,0 9,4 7,6 19,4 -2,9 4,9 7,0 6,4 15,5 13,5 10,3 5,5 6,8 36,2 6,2 -
GEA Farm Technologies 6,0 13,6 21,3 21,5 62,3 0,8 8,1 10,8 9,4 29,1 3,8 6,1 11,8 16,2 37,9 5,0 8,4
GEA Mechanical Equipment2) 30,1 32,9 32,8 43,5 139,3 26,7 23,2 28,4 37,0 115,2 24,8 26,9 37,7 46,9 136,4 32,7 50,9
GEA Process Engineering 12,1 26,1 28,0 47,0 113,2 11,1 17,3 21,0 38,6 88,0 14,7 20,5 23,0 48,3 106,5 20,0 31,2
GEA Refrigeration Technologies 7,7 11,9 11,7 16,9 48,1 4,3 8,6 5,0 10,7 28,6 3,8 8,2 9,2 15,8 37,1 8,9 14,5
GEA Group 51,9 82,7 87,8 120,7 343,0 42,7 57,3 66,2 82,6 248,7 44,9 63,7 79,8 122,3 310,6 62,4 100,3
YoY
GEA on Roadshows and Conferences – Q4 2014 69
engineering for a better world
Preliminary Key Figures Time Line (2/6)
Order Intake
[in EUR million]Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014
GEA Food Solutions1) - - - - - - - - - - - - - - - - - -
GEA Farm Technologies 140,3 131,7 527,4 148,1 145,7 147,4 142,6 583,9 138,8 155,7 150,7 151,6 596,7 161,6 169,7 166,4 161,3 659,0
GEA Mechanical Equipment2) 329,5 323,6 1.204,7 336,2 329,0 327,1 355,6 1.347,9 329,7 346,4 357,7 334,4 1.368,2 339,1 329,1 328,7 352,9 1.349,8
GEA Process Engineering 433,3 449,0 1.709,9 511,3 401,2 468,5 469,2 1.850,2 481,3 570,0 515,2 494,6 2.061,0 366,7 500,9 506,4 461,7 1.835,7
GEA Refrigeration Technologies 164,8 170,1 650,4 177,9 180,4 200,1 197,8 756,2 177,9 181,2 174,9 192,3 726,3 192,9 204,1 195,0 212,7 804,7
GEA Group 1.040,6 1.047,0 3.986,7 1.146,0 1.028,6 1.111,6 1.139,2 4.425,4 1.095,1 1.220,0 1.168,3 1.144,4 4.627,9 1.024,3 1.169,9 1.167,9 1.157,5 4.519,6
Order Backlog
[in EUR million]Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014
GEA Food Solutions1) - - - - - - - - - - - - - - - - - -
GEA Farm Technologies 93,9 74,4 74,4 104,5 117,3 107,1 79,9 79,9 107,8 120,9 112,2 85,6 85,6 114,3 129,8 120,8 87,0 87,0
GEA Mechanical Equipment2) 445,9 395,2 395,2 446,5 452,9 442,5 438,4 438,4 442,6 446,5 456,8 428,4 428,4 456,3 437,5 421,7 394,9 394,9
GEA Process Engineering 972,2 951,2 951,2 1.082,3 1.104,5 1.142,5 1.069,6 1.069,6 1.164,2 1.269,5 1.334,9 1.290,5 1.290,5 1.267,9 1.304,7 1.370,5 1.293,4 1.293,4
GEA Refrigeration Technologies 206,1 197,0 197,0 224,4 245,8 265,4 257,0 257,0 283,6 268,8 253,1 229,5 229,5 272,2 288,1 293,9 281,4 281,4
GEA Group 1.700,9 1.599,2 1.599,2 1.841,1 1.900,9 1.932,4 1.829,9 1.829,9 1.982,6 2.085,3 2.136,2 2.015,5 2.015,5 2.086,7 2.137,2 2.185,4 2.037,6 2.037,6
Sales
[in EUR million]Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014
GEA Food Solutions1) - - - - - - - - - - - - - - - - - -
GEA Farm Technologies 138,1 153,8 509,8 117,8 133,1 157,8 172,3 580,9 110,8 133,8 156,9 176,2 577,7 126,6 154,2 176,4 192,7 650,0
GEA Mechanical Equipment2) 317,0 371,0 1.190,7 269,3 319,2 328,6 349,2 1.266,4 298,1 334,0 336,3 359,3 1.327,8 310,0 340,4 349,2 380,9 1.380,6
GEA Process Engineering 394,7 496,6 1.577,2 373,2 401,2 423,6 518,3 1.716,3 394,3 435,6 441,3 526,7 1.798,0 390,7 469,1 453,8 538,5 1.852,1
GEA Refrigeration Technologies 166,2 181,6 647,2 149,5 165,2 177,0 203,1 694,8 152,1 189,2 184,8 210,6 736,6 154,9 189,0 196,4 223,4 763,7
GEA Group 980,5 1.176,4 3.828,3 880,5 994,1 1.060,5 1.207,2 4.142,3 924,2 1.064,6 1.089,1 1.242,2 4.320,0 950,7 1.117,7 1.146,0 1.301,4 4.515,7
Organic Sales Growth
[in %]Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014
GEA Food Solutions1) - - - - - - - - - - - - - - - - - -
GEA Farm Technologies 14,1% 15,2% 13,2% 16,2% 8,1% 9,6% 8,6% 10,2% -8,5% -1,1% 0,0% 5,3% -0,4% 20,2% 20,6% 14,2% 9,7% 15,5%
GEA Mechanical Equipment2) 26,3% 9,8% 19,4% 11,4% 2,3% 1,9% -6,9% 0,8% 9,8% 6,2% 5,5% 5,9% 6,5% 6,5% 4,0% 4,0% 4,4% 4,7%
GEA Process Engineering 21,5% 20,6% 22,3% 20,3% -1,2% 1,5% 1,9% 4,5% 6,7% 10,0% 8,5% 5,4% 7,5% 1,5% 10,1% 1,9% 0,6% 3,4%
GEA Refrigeration Technologies 6,7% -2,6% 5,9% 0,4% -3,5% 2,3% 9,6% 2,5% 3,0% 16,5% 8,9% 7,8% 9,1% 5,3% 3,5% 6,8% 6,0% 5,4%
GEA Group 16,4% 12,7% 16,4% 22,8% -0,4% 4,0% 0,5% 3,4% 5,0% 8,0% 6,2% 6,5% 6,5% 6,0% 7,9% 5,2% 3,6% 5,6%
Operating EBITDA
[in EUR million] Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014
GEA Food Solutions1) - - - - - - - - - - - - - - - - - -
GEA Farm Technologies 15,0 16,8 45,2 5,0 11,2 17,8 24,5 58,5 3,1 8,5 17,6 27,8 56,9 6,1 13,1 22,3 33,0 74,5
GEA Mechanical Equipment2) 51,5 69,9 204,9 32,9 47,7 54,9 63,8 199,3 38,6 48,3 56,8 71,0 214,7 42,1 48,4 55,4 85,6 231,5
GEA Process Engineering 38,6 73,4 163,2 20,1 39,4 43,0 75,9 178,4 29,4 45,0 46,3 82,5 203,2 30,2 48,8 49,4 92,2 220,6
GEA Refrigeration Technologies 14,1 22,4 60,0 11,0 13,4 16,0 24,9 65,2 9,6 16,8 17,1 27,5 71,0 12,4 19,9 23,6 33,8 89,7
GEA Group 119,8 187,0 469,6 68,0 110,7 132,3 183,5 494,4 72,4 118,4 133,5 205,7 530,1 85,1 128,0 149,0 228,5 590,7
YoY
GEA on Roadshows and Conferences – Q4 2014 70
engineering for a better world
Preliminary Key Figures Time Line (3/6)
Operating EBITDA - Margin
[in %] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11
GEA Food Solutions1) -4,9% 7,1% 9,5% 7,2% 4,9% -3,2% 6,2% 8,4% 7,8% 4,6% 13,4% 10,3% 5,9% 6,6% 9,1% 5,5% -
GEA Farm Technologies 6,3% 11,0% 15,4% 14,6% 12,4% 0,9% 8,2% 9,6% 8,2% 7,1% 4,4% 5,7% 9,9% 12,0% 8,5% 5,0% 7,1%
GEA Mechanical Equipment2) 15,3% 17,3% 15,5% 20,6% 17,2% 13,4% 12,9% 17,3% 21,3% 16,1% 15,8% 15,5% 19,5% 23,3% 18,8% 17,1% 16,4%
GEA Process Engineering 3,7% 6,6% 7,7% 11,8% 7,6% 4,1% 6,2% 7,5% 12,3% 7,7% 5,7% 6,9% 7,0% 12,0% 8,3% 6,6% 8,1%
GEA Refrigeration Technologies 5,8% 7,5% 8,2% 9,6% 7,9% 3,5% 6,3% 3,4% 6,7% 5,1% 3,2% 6,1% 6,6% 9,2% 6,6% 6,7% 8,7%
GEA Group 7,0% 9,7% 10,4% 13,2% 10,2% 6,3% 8,3% 9,5% 10,9% 8,8% 7,4% 9,1% 10,4% 13,7% 10,5% 8,8% 10,4%
EBITDA reported
[in EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11
GEA Food Solutions1) -4,5 7,0 9,4 7,6 19,4 -2,9 4,9 7,0 6,4 15,5 13,5 10,3 5,5 6,8 36,2 6,2 -
GEA Farm Technologies 6,0 13,6 21,3 21,5 62,3 0,8 6,0 10,2 5,9 23,0 3,8 5,7 11,7 13,1 34,3 5,0 8,4
GEA Mechanical Equipment2) 30,1 32,9 32,8 43,5 139,3 26,7 23,1 26,6 27,1 103,5 24,8 25,3 28,9 45,2 124,1 32,7 31,4
GEA Process Engineering 12,1 26,1 28,0 47,0 113,2 10,2 14,0 11,2 30,9 66,4 14,7 19,8 22,8 48,1 105,4 20,0 31,2
GEA Refrigeration Technologies 7,7 11,9 11,7 16,9 48,1 4,0 8,1 3,9 6,6 22,5 3,7 7,5 7,1 2,6 21,0 8,9 14,3
GEA Group 49,8 80,5 85,6 118,5 334,4 38,6 49,0 48,3 51,7 187,6 47,0 57,2 65,4 102,3 271,9 59,9 78,1
Operating EBIT
[in EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11
GEA Food Solutions1) -8,6 3,4 6,1 4,4 5,3 -8,2 1,5 3,7 3,4 0,4 9,5 7,0 1,6 3,1 21,2 2,8 -
GEA Farm Technologies 4,3 11,9 19,5 19,5 55,2 -1,3 6,0 8,6 7,0 20,3 1,0 3,1 8,8 13,4 26,3 2,1 5,6
GEA Mechanical Equipment2) 27,2 29,9 29,6 39,7 126,4 23,3 19,4 24,7 32,8 100,2 20,8 22,8 33,6 39,7 117,0 28,6 44,4
GEA Process Engineering 9,5 23,5 25,2 43,6 101,8 8,0 14,2 18,0 35,5 75,7 11,5 17,2 19,8 44,7 93,2 16,5 27,6
GEA Refrigeration Technologies 5,9 10,0 9,9 15,4 41,2 2,5 6,6 3,1 8,9 21,1 1,9 6,3 7,3 13,9 29,4 7,1 12,3
GEA Group 40,6 71,0 75,4 107,2 294,1 29,4 43,4 52,4 66,3 191,6 29,9 48,5 65,3 104,1 247,9 48,2 83,2
Operating EBIT - Margin
[in %] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11
GEA Food Solutions1) -9,4% 3,4% 6,2% 4,2% 1,3% -9,2% 1,9% 4,5% 4,1% 0,1% 9,4% 7,0% 1,7% 3,0% 5,3% 2,5% -
GEA Farm Technologies 4,6% 9,6% 14,1% 13,2% 10,9% -1,5% 6,1% 7,6% 6,1% 4,9% 1,2% 2,9% 7,4% 9,9% 5,9% 2,1% 4,7%
GEA Mechanical Equipment2) 13,8% 15,7% 14,0% 18,8% 15,6% 11,6% 10,8% 15,1% 18,8% 14,0% 13,3% 13,1% 17,4% 19,7% 16,1% 14,9% 14,3%
GEA Process Engineering 2,9% 5,9% 6,9% 10,9% 6,8% 3,0% 5,0% 6,5% 11,3% 6,6% 4,5% 5,8% 6,0% 11,1% 7,2% 5,5% 7,2%
GEA Refrigeration Technologies 4,5% 6,3% 6,9% 8,7% 6,8% 2,0% 4,8% 2,1% 5,6% 3,7% 1,6% 4,6% 5,3% 8,1% 5,2% 5,3% 7,4%
GEA Group 5,5% 8,3% 8,9% 11,7% 8,8% 4,4% 6,3% 7,5% 8,8% 6,8% 5,0% 6,9% 8,5% 11,7% 8,4% 6,8% 8,6%
EBIT reported
[in EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11
GEA Food Solutions1) -8,6 3,4 6,1 4,4 5,3 -8,2 1,5 3,7 3,4 0,4 9,5 7,0 1,6 3,1 21,2 2,8 -
GEA Farm Technologies 4,1 11,6 18,8 18,8 53,4 -1,6 3,6 7,4 3,1 12,4 0,5 2,2 8,1 9,2 20,0 1,5 5,0
GEA Mechanical Equipment2) 27,0 29,7 29,4 39,5 125,6 23,0 19,1 22,7 22,7 87,6 20,5 21,0 24,6 37,6 103,8 28,4 17,6
GEA Process Engineering 9,2 23,1 24,8 43,1 100,2 6,7 10,4 7,8 27,4 52,3 11,1 16,1 19,1 43,9 90,2 16,1 27,2
GEA Refrigeration Technologies 5,9 9,8 9,7 15,2 40,7 1,8 5,9 1,7 3,9 13,3 1,5 5,3 5,0 0,4 12,2 6,8 10,6
GEA Group 37,6 67,7 71,7 103,5 280,5 24,0 33,7 33,0 33,4 124,2 30,5 40,4 49,3 82,0 202,2 44,0 51,1
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Preliminary Key Figures Time Line (4/6)
Operating EBITDA - Margin
[in %] Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014
GEA Food Solutions1) - - - - - - - - - - - - - - - - - -
GEA Farm Technologies 10,8% 10,9% 8,9% 4,2% 8,5% 11,3% 14,2% 10,1% 2,8% 6,4% 11,2% 15,8% 9,9% 4,8% 8,5% 12,7% 17,1% 11,5%
GEA Mechanical Equipment2) 16,2% 18,8% 17,2% 12,2% 14,9% 16,7% 18,3% 15,7% 12,9% 14,5% 16,9% 19,8% 16,2% 13,6% 14,2% 15,9% 22,5% 16,8%
GEA Process Engineering 9,8% 14,8% 10,3% 5,4% 9,8% 10,1% 14,6% 10,4% 7,5% 10,3% 10,5% 15,7% 11,3% 7,7% 10,4% 10,9% 17,1% 11,9%
GEA Refrigeration Technologies 8,5% 12,4% 9,3% 7,3% 8,1% 9,0% 12,2% 9,4% 6,3% 8,9% 9,3% 13,1% 9,6% 8,0% 10,5% 12,0% 15,1% 11,7%
GEA Group 12,2% 15,9% 12,3% 7,7% 11,1% 12,5% 15,2% 11,9% 7,8% 11,1% 12,3% 16,6% 12,3% 9,0% 11,5% 13,0% 17,6% 13,1%
EBITDA reported
[in EUR million] Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014
GEA Food Solutions1) - - - - - - - - - - - - - - - - - -
GEA Farm Technologies 15,0 16,8 45,2 5,0 11,2 17,8 24,2 58,2 2,8 8,5 17,6 27,8 56,7 6,1 13,1 19,8 32,6 71,5
GEA Mechanical Equipment2) 52,1 69,9 186,1 -3,0 43,5 48,3 46,1 134,9 38,6 48,3 56,8 71,0 214,7 42,1 48,4 53,6 80,4 224,5
GEA Process Engineering 38,6 73,4 163,2 20,1 39,4 42,7 75,9 178,1 29,4 45,0 46,3 82,5 203,2 30,2 48,8 49,3 92,2 220,6
GEA Refrigeration Technologies 14,1 21,7 59,0 11,0 13,4 16,0 24,9 65,2 9,6 16,8 17,1 27,5 71,0 12,4 19,9 21,6 34,1 88,0
GEA Group 117,9 184,4 440,3 29,4 104,1 123,0 163,5 420,1 71,1 113,8 130,0 200,3 515,2 83,0 123,1 140,0 193,9 539,9
Operating EBIT
[in EUR million] Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014
GEA Food Solutions1) - - - - - - - - - - - - - - - - - -
GEA Farm Technologies 12,1 14,0 33,8 1,9 8,2 14,7 21,5 46,3 0,1 5,5 14,4 24,5 44,6 3,1 10,0 19,3 29,7 62,0
GEA Mechanical Equipment2) 44,8 64,0 181,7 26,8 42,6 49,1 57,0 175,5 32,7 42,0 50,1 62,8 187,6 34,5 40,8 47,6 74,8 197,7
GEA Process Engineering 34,6 69,4 148,2 16,6 35,8 39,1 71,3 162,7 25,7 41,2 42,4 79,0 188,3 26,6 45,0 45,6 88,7 206,0
GEA Refrigeration Technologies 11,9 20,1 51,3 8,7 11,1 13,8 22,6 56,2 7,3 14,3 14,7 25,2 61,5 10,0 17,4 21,1 31,4 79,8
GEA Group 101,9 169,3 402,6 50,7 94,9 115,4 164,7 425,8 55,4 101,0 115,6 186,8 458,8 66,8 109,3 130,2 207,2 513,5
Operating EBIT - Margin
[in %] Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014
GEA Food Solutions1) - - - - - - - - - - - - - - - - - -
GEA Farm Technologies 8,7% 9,1% 6,6% 1,6% 6,2% 9,3% 12,5% 8,0% 0,1% 4,1% 9,2% 13,9% 7,7% 2,4% 6,5% 10,9% 15,4% 9,5%
GEA Mechanical Equipment2) 14,1% 17,2% 15,3% 9,9% 13,3% 15,0% 16,3% 13,9% 11,0% 12,6% 14,9% 17,5% 14,1% 11,1% 12,0% 13,6% 19,7% 14,3%
GEA Process Engineering 8,8% 14,0% 9,4% 4,4% 8,9% 9,2% 13,8% 9,5% 6,5% 9,5% 9,6% 15,0% 10,5% 6,8% 9,6% 10,1% 16,5% 11,1%
GEA Refrigeration Technologies 7,2% 11,0% 7,9% 5,8% 6,7% 7,8% 11,1% 8,1% 4,8% 7,6% 8,0% 12,0% 8,4% 6,4% 9,2% 10,7% 14,1% 10,5%
GEA Group 10,4% 14,4% 10,5% 5,8% 9,5% 10,9% 13,6% 10,3% 6,0% 9,5% 10,6% 15,0% 10,6% 7,0% 9,8% 11,4% 15,9% 11,4%
EBIT reported
[in EUR million] Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014
GEA Food Solutions1) - - - - - - - - - - - - - - - - - -
GEA Farm Technologies 11,4 13,2 31,1 1,2 7,5 13,9 20,3 42,9 -0,9 4,8 13,7 23,7 41,2 2,3 9,3 16,0 28,5 56,0
GEA Mechanical Equipment2) 38,9 60,3 145,2 -12,8 34,5 38,5 21,8 82,1 28,7 38,1 46,1 58,8 171,7 30,5 37,0 41,9 65,9 175,3
GEA Process Engineering 34,1 68,8 146,1 15,9 35,0 38,1 70,8 159,8 25,0 40,6 41,8 78,3 185,7 26,0 44,3 44,9 88,0 203,2
GEA Refrigeration Technologies 11,1 18,0 46,6 8,2 10,6 13,3 22,0 54,0 6,8 13,8 14,2 24,2 59,0 9,4 16,8 18,6 31,4 76,2
GEA Group 91,6 160,2 347,0 6,5 82,3 100,1 125,4 314,3 48,1 90,4 106,0 175,1 419,6 58,7 98,7 115,4 167,0 439,9
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Preliminary Key Figures Time Line (5/6)
Capital Employed w/o
goodwill3) (average LTM)
[in EUR million]
Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11
GEA Food Solutions1) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
GEA Farm Technologies n.a. n.a. n.a. 204,0 204,0 219,7 235,5 241,7 241,4 241,4 250,5 260,9 271,3 284,0 284,0 288,6 289,7
GEA Mechanical Equipment2) n.a. n.a. n.a. 349,8 349,8 364,3 371,3 374,2 367,7 367,7 346,5 327,9 309,9 300,7 300,7 303,6 481,6
GEA Process Engineering n.a. n.a. n.a. 270,6 270,6 274,2 276,2 269,7 255,1 255,1 241,1 235,7 237,8 238,9 238,9 237,4 235,8
GEA Refrigeration Technologies n.a. n.a. n.a. 221,1 221,1 236,8 249,9 258,6 258,7 258,7 244,9 226,6 202,4 177,9 177,9 176,5 187,8
GEA Group n.a. n.a. n.a. 1.063,4 1.063,4 1.097,4 1.117,9 1.113,4 1.094,3 1.094,3 1.078,4 1.071,0 1.066,0 1.069,5 1.069,5 1.117,9 1.266,4
ROCE w/o goodwill4) LTM
[in%]Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010 Q1 11 Q2 11
GEA Food Solutions1) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
GEA Farm Technologies n.a. n.a. n.a. 26,2% 26,2% 21,7% 16,8% 11,6% 5,1% 5,1% 5,8% 5,0% 5,1% 7,1% 7,1% 7,3% 8,3%
GEA Mechanical Equipment2) n.a. n.a. n.a. 35,9% 35,9% 33,4% 29,9% 27,9% 23,8% 23,8% 24,5% 26,5% 28,7% 34,5% 34,5% 36,8% 22,5%
GEA Process Engineering n.a. n.a. n.a. 37,0% 37,0% 35,7% 30,8% 25,2% 20,5% 20,5% 23,5% 26,4% 31,0% 37,7% 37,7% 40,1% 45,1%
GEA Refrigeration Technologies n.a. n.a. n.a. 18,4% 18,4% 15,5% 13,1% 9,5% 5,1% 5,1% 5,3% 5,5% 7,8% 6,9% 6,9% 9,9% 12,2%
GEA Group n.a. n.a. n.a. 26,4% 26,4% 24,3% 20,8% 17,4% 11,3% 11,3% 12,1% 12,8% 14,4% 18,9% 18,9% 19,3% 17,9%
Capital Employed w/o
goodwill3) (average LTM)
[in EUR million]
Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014
GEA Food Solutions1) n.a. n.a. n.a. - - - - - - - - - - - - - - -
GEA Farm Technologies 292,5 297,7 297,7 302,1 308,2 314,8 319,3 319,3 324,7 327,9 327,4 325,4 325,4 322,4 321,2 323,7 326,6 326,6
GEA Mechanical Equipment2) 625,8 770,7 770,7 874,7 903,6 929,1 949,5 949,5 966,9 972,6 977,2 985,9 985,9 999,0 1.012,7 1.023,2 1.032,0 1.032,0
GEA Process Engineering 238,7 249,0 249,0 273,3 290,0 296,7 286,0 286,0 270,8 262,2 253,5 253,9 253,9 249,4 248,8 253,2 258,0 258,0
GEA Refrigeration Technologies 205,4 225,9 225,9 241,8 249,0 253,6 254,7 254,7 255,6 256,1 257,3 259,5 259,5 259,1 261,1 263,4 263,7 263,7
GEA Group 1.436,7 1.619,6 1.619,6 1.771,9 1.830,3 1.872,7 1.887,4 1.887,4 1.890,1 1.890,6 1.886,5 1.895,0 1.895,0 1.900,4 1.912,0 1.929,0 1.942,8 1.942,8
ROCE w/o goodwill4) LTM
[in%]Q3 11 Q4 11 2011 Q1 12 Q2 12 Q3 12 Q4 12 2012 Q1 13 Q2 13 Q3 13 Q4 13 2013 Q1 14 Q2 14 Q3 14 Q4 14 2014
GEA Food Solutions1) n.a. n.a. n.a. - - - - - - - - - - - - - - -
GEA Farm Technologies 9,3% 10,4% 10,4% 10,2% 10,8% 11,3% 13,4% 13,4% 12,6% 11,6% 11,5% 12,7% 12,7% 13,8% 15,2% 15,8% 17,1% 17,1%
GEA Mechanical Equipment2) 19,6% 18,8% 18,8% 11,9% 13,4% 13,0% 8,6% 8,6% 12,8% 13,1% 13,8% 17,4% 17,4% 17,4% 17,0% 16,5% 17,0% 17,0%
GEA Process Engineering 50,8% 58,7% 58,7% 53,4% 53,0% 53,2% 55,9% 55,9% 62,4% 66,6% 70,3% 73,2% 73,2% 74,6% 76,5% 76,4% 78,8% 78,8%
GEA Refrigeration Technologies 14,1% 20,6% 20,6% 19,8% 19,2% 19,7% 21,2% 21,2% 20,6% 21,8% 22,1% 22,7% 22,7% 23,8% 24,8% 26,2% 28,9% 28,9%
GEA Group 18,7% 21,4% 21,4% 17,5% 18,6% 18,6% 16,7% 16,7% 18,8% 19,3% 19,6% 22,1% 22,1% 22,6% 22,9% 23,2% 22,6% 22,6%
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Preliminary Key Figures Time Line (6/6): 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 are not included in the Group-
numbers of the corresponding period.
2) Since Q2 2011 GEA ME figures includes GEA FS
3) Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999.
4) ROCE LTM = EBIT reported (LTM) / Capital employed excluding goodwill from the acquisition of the former GEA AG by the
former Metallgesellschaft AG in 1999 (average LTM).
GEA on Roadshows and Conferences – Q4 2014 74
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ADR Information
GEA Group has a sponsored level I ADR program
Ratio: 1 ADR = 1 Ordinary share
Bloomberg ticker: GEAGY:US
CUSIP: 361592108
ISIN: US3615921083
Depositary bank: Deutsche Bank Trust Company Americas
Depositary bank contacts: ADR broker helpline
Tel: +1 212 250 9100 (New York)
Tel: +44 207 547 6500 (London)
Email: adr@db.com and website: www.adr.db.com
Depositary bank’s local custodian: Deutsche Bank Frankfurt
GEA on Roadshows and Conferences – Q4 2014 75
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Investor Relations Contact
Donat von Müller
+49 211 9136 1080
donat.vonmueller
@gea.com
Dr. Helmut Schmale
CFO
+49 211 9136 1082
ir@gea.com
Axel Wolferts
+49 211 9136 1490
axel.wolferts
@gea.com
Rebecca Grabotin
+49 211 9136 1081
rebecca.grabotin
@gea.com
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