GEA: Solid results in Q1
• Order intake: EUR 1,010.2 million
• EBIT before restructuring expenses: EUR 52.6 million (EBIT margin: 5.6%)
• Earnings per share: EUR 0.15
Bochum, May 6, 2010 – In an environment that remained challenging, GEA Group Aktiengesellschaft’s order intake in the first quarter was on a level with Q4 2009 at EUR 1,010.2 million. The 11.0 percent year-on-year reduction in sales reflects the decline in order intake in 2009, with a time lag.
Although EBIT was below the prior-year figure at EUR 51.3 million (before restructuring expenses: EUR 52.6 million), the EBIT margin increased to 5.5 percent (before restructuring expenses: 5.6 percent). Discontinued operations again had no impact on the group’s results in the first quarter. Liquidity has declined since the end of the past fiscal year due to the increase in working capital that is attributable to seasonal factors. However, the ratio of working capital to the annual revenue improved as against the prior-year quarter.
“Although we were again confronted by the effects of the financial and economic crisis in the first quarter, we have generated respectable results,” said Jürg Oleas, CEO of GEA Group Aktiengesellschaft. “We stabilized our order intake in the first quarter at the level of Q4 2009, and therefore above EUR 1 billion. Our profitability increased compared with the prior-year period. This shows that the measures we implemented to adjust capacity in 2009 are now taking full effect, despite price pressures.
GEA Group Aktiengesellschaft is one of the largest system providers for food and energy processes with about EUR 4.4 billion in 2009 revenue. As an internationally operating technology group, the company focuses on process technology and components for demanding production processes in various end markets. The group gains about 70 percent of its revenue in the long-term growing food and energy industries. The company's workforce comprised over 20,000 employees worldwide as of December 31, 2009. GEA Group is a market and technology leader in its business areas. The company is listed in the MDAX index (G1A, WKN 660200).
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