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GEA Group Aktiengesellschaft
Oberhausen, April 16, 2014
Check against delivery.
Annual General Meeting Fiscal Year 2013
engineering for a better world 2 Annual General Meeting Fiscal Year 2013
Performance of GEA Group
engineering for a better world
HX reported under discontinued operations since 12/31/2013
Highlights of the fiscal year 2013
Increase in order intake (excl. HX): +6.8 % yoy - organic
Decision to separate from the GEA Heat Exchangers Segment (HX)
Increase in sales (excl. HX): +6.5 % yoy - organic
Operating EBITDA: EUR 701 million
Record operating EBIT margin (excl. HX): 10.6 %
Cash flow drivers: 9.4 % of sales
Operating
Results
Strategy
Significant reduction in net debt
3 Annual General Meeting Fiscal Year 2013
“GEA 2020” strategy elaborated
engineering for a better world
4,425
0
4,727 4,142
0
4,410
2012
Organic
2013
adjusted
2013
reported
2013
reported
w/o HX
5,901 6,223 6,093
4,628
5,720 5,898 5,772
4,320 HX* HX
+6.8%
+5.5%
+6.5%
+3.1%
GEA achieved targets (1)
(EUR million)
4 Annual General Meeting Fiscal Year 2013
2012
Organic
2013
adjusted
2013
reported
2013
reported
w/oHX
Order Intake Sales
* GEA Heat Exchangers = HX
engineering for a better world
2013 Reduction
WC
103
Reduction
CAPEX
10
63
2012
368
544
6.4%
9.4%
494
0
540
662 701 688
530 HX +9.2%
+5.9%
GEA achieved targets (2)
(EUR million)
5 Annual General Meeting Fiscal Year 2013
Operating EBITDA Cash-Flow-Driver-Margin (incl. HX)
2012
Organic
2013
adjusted
2013
reported
2013
reported
w/o HX
EBITDA
engineering for a better world
368.1
544.1
2012 2013
9.4%
GEA fiscal year 2013
+176
325.5
178.6
2012 2013
-147
0.55 € 0.60 €
2012 2013
+0.05 €
(Proposal) Cash-Flow-Driver-Margin:
EBITDA – Capex +/- Working Capital (LTM*)
Sales
6.4%
368
544
326
179
6 Annual General Meeting Fiscal Year 2013
(EUR million)
Cash-Flow-Driver Net Debt
Divided
* Last 12 months
engineering for a better world 7 Annual General Meeting Fiscal Year 2013
• Sales increased by 6.5% (organic)
• Positive operating EBITDA (EUR 3.8 million)
• Steady sales
• Operating EBITDA margin nearly on par with prior-year level
• Sales increased by 6.5% (organic)
• Record EBITDA of EUR 211 million
• Sales increased by 7.5% (organic)
• Record operating EBITDA margin (11.3%)
• Sales increased by 9.1% (organic)
• Record operating EBITDA margin (9.6%)
Performance by segment
GEA Food
Solutions
GEA Farm
Technologies
GEA Mechanical
Equipment
GEA Process
Engineering
GEA Refrigeration
Technologies
engineering for a better world
756 726
1,850 2,061
972 1,018
584 597
376 350
2012 2013
+2%
-7%
8 Annual General Meeting Fiscal Year 2013
Order intake*
(EUR million) +5%
4,425 4,628
+5%
+11%
-4%
GEA Food
Solutions
GEA Farm
Technologies
GEA Mechanical
Equipment
GEA Process
Engineering
GEA Refrigeration
Technologies
* Continued operations
engineering for a better world 9 Annual General Meeting Fiscal Year 2013
Sales*
695 737
1,716 1,798
934 978
581 578
332 350
2012 2013
-1%
+5%
+4%
4,142 4,320
+5%
+5%
+6%
* Continued operations
GEA Food
Solutions
GEA Farm
Technologies
GEA Mechanical
Equipment
GEA Process
Engineering
GEA Refrigeration
Technologies
(EUR million)
engineering for a better world 10 Annual General Meeting Fiscal Year 2013
Sales* by customer industry
35%
14% 23%
7%
6%
4% 3%
3% 5%
Dairy
Beverages
Solid food
Pharma
Chemical
Climate & Environment
Oil & Gas
Marine
Others
Sales
2013
EUR 4,320 million
Food/Beverages
72%
* Continued operations
engineering for a better world
Emerging markets2
exposure:
40% abs.: +5% YoY
*)
Regional sales1 split
11
Top-3-Countries
1 continued operations
2 According to the definition of emerging/developing economies by International Monetary Funddenen 17 für GEA relevant sind
Annual General Meeting Fiscal Year 2013
34%
25%
17%
9%
7%
5% 4%
Western Europe
Asia/Pacific
North America
Eastern Europe
Latin America
Middle East
Africa
China
10% abs.: +10% YoY
USA
16% abs.: +0% YoY
Germany
9% abs.: +10% YoY
Sales
2013
EUR 4,320 million
engineering for a better world 12
Development service business*
Change in service sales FY 2013 yoy: +3.5% to a total of EUR 1,153m
Share of service sales FY 2013: 26.7 % (FY 2012: 26.9 %)
Annual General Meeting Fiscal Year 2013
1,114 1,153
2012 2013
+4%
* Continued operations
(EUR million)
engineering for a better world
Operating EBITDA*
13 Annual General Meeting Fiscal Year 2013
65 71
178 203
205 211
59 57
-6
4
2012 2013
-3%
+7%
494 530
+3%
+14%
+9%
GEA Food
Solutions
GEA Farm
Technologies
GEA Mechanical
Equipment
GEA Process
Engineering
GEA Refrigeration
Technologies
(EUR million)
* Continued operations
engineering for a better world
Development operating EBITDA-Margin1
14 Annual General Meeting Fiscal Year 2013
3,353
2,814 2,963 3,828
4,142 4,320
10.2%
8.8%
10.5%
12.3% 11.9% 12.3%
0%
2%
4%
6%
8%
10%
12%
14%
0
1,000
2,000
3,000
4,000
5,000
6,000
2008 2009 2010 2011 2012 2013
Sales Operating EBITDA-Margin1 Continued operations
2 before purchase price allocation and restructuring
3 before purchase price allocation
4 before purchase price allocation and non-recurring items
2 2 2 3 4 4
(% of Sales) (EUR million)
engineering for a better world
286 349 345 351
269
404 449 460
395
523 521 511
356
515 521 538
364
15.3%
14.4%
13.4%
12.4% 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%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
100
200
300
400
500
600
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
Working Capital Working Capital (average LTM) as % of sales (LTM)
Working Capital Development*
15
- 355 bps
(EUR million)
Working Capital / Sales ratio stabilised on low level
Annual General Meeting Fiscal Year 2013
* Continued operations
engineering for a better world 16
(EUR million)
-178.6
-105.9
-6.8
-7.0
-58.9
-177.3
-151.3
-12.6
659.8
-325.5
Net Liquidity Reconciliation
Cash generation LTM: EUR ~320m
Δ +319
Taxes / Interests / Others
Delta Working Capital
EBITDA
Net Debt 12/31/2012
Net Debt 12/31/2013
Dividend
CAPEX
Discontinued Operations
Net Debt bef. DOP, M&A and Dividend
Effect from Acquisitions
Annual General Meeting Fiscal Year 2013
1 Incl. HX
2 w/o HX
1
2
engineering for a better world
525 506
Ø WC 2012 Ø WC 2013
142 173 189
207
310
355 387
414 3.6%
4.3% 4.6%
5.0%
7.4%
8.3%
9.0%
9.6%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
0
50
100
150
200
250
300
350
400
450
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13
Cash-Flow-Driver (LTM) Cash-Flow-Driver-Marge (LTM)
17 Annual General Meeting Fiscal Year 2013
515 414
-120 +19
Cash Flow
Driver
Δ Working
Capital Capex EBITDA
Cash Flow Driver Margin Development*
(EUR million)
* Continued operations
engineering for a better world 18 Annual General Meeting Fiscal Year 2013
63%
17%
11%
4% 2% 2%
1% Western Europe
Asia/Pacific
North America
Eastern Europe
Latin America
Africa
Middle East
* Full-time equivalents (FTE) excluding vocational trainees and inactive employment contracts
Worldwide employees* of GEA Group
Employees
2013
17,750
+3%
11,230
3,069
1,964
673
387
361
66
engineering for a better world
GEA – That‘s all of us!
19 Annual General Meeting Fiscal Year 2013
engineering for a better world 20 Annual General Meeting Fiscal Year 2013
Development GEA Heat Exchangers
(EUR million) 2013 2012
Order intake 1,500.3 1,509.8
Order backlog* 805.1 933.3
Sales 1,489.1 1,608.8
Operating EBITDA 158.2 167.5
as % of sales 10.6 10.4
EBITDA 155.2 167.5
Operating EBIT 123.3 135.0
as % of sales 8.3 8.4
EBIT 116.0 130.3
Employees* 7,201 7,329
* As of reporting date
engineering for a better world 21 Annual General Meeting Fiscal Year 2013
Comparison of net assets (2013 v. 2012)*
* Amounts adjusted due to first time classification of a business area as discontinued operation and due to change in accounting policy for employee benefits
(EUR million)
engineering for a better world 22 Annual General Meeting Fiscal Year 2013
Financial liabilities – main cash credit lines
As of 12/31/2013 (EUR million)
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2013 2014 2015 2016 2017 2018
Extension of debt maturity profile by concluding agreement on a new syndicated credit facility
Scheduled redemption and repayment in the amount of EUR 89m in 2013
engineering for a better world 23 Annual General Meeting Fiscal Year 2013
GEA Share 2013 appreciably better than benchmark
Total Shareholder Return (TSR) 2013 at +44.5%
90%
100%
110%
120%
130%
140%
150%GEA Group MDAX STOXX® Europe TMI Industrial Engineering
Feb Jan Mar Apr May Jun Jul Aug Sep Oct Nov Dec
GEA (TSR) = +44.5%
engineering for a better world 24 Annual General Meeting Fiscal Year 2013
GEA* vs. STOXX® Europe TMI Industrial Engineering
Last 3 months + 14 + 14 percentage points
Last 6 months + 16 + 16 percentage points
Last 12 months + 30 + 30 percentage points
Last 24 months + 22 + 29 percentage points
Last 36 months + 47 + 55 percentage points
* Balance sheet date (12/31/2013)
Share development Market capitalization
engineering for a better world 25 Annual General Meeting Fiscal Year 2013
Earnings per share
1.68 1.75
2012 2013
+4%
(EUR)
Proposed dividend: 0.60 EUR per share
(paid from the tax contribution account (section 27 of the Körperschaftsteuergesetz (KStG – German
Corporate Income Tax Act))
engineering for a better world 26 Annual General Meeting Fiscal Year 2013
Dividend payments1 and -proposal
73.8
55.4 73.7
101.1 105.9 115.5
0.40
0.30
0.40
0.55 0.55
0.60
0
0.1
0.2
0.3
0.4
0.5
0.6
0
20
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014
Dividend payment Dividend per Share in EUR
1 Dividend payments respectively for the preceding fiscal year
2 On basis of dividend proposal
(EUR million)
2
(in EUR)
0.6
0.5
0.4
0.3
0.2
0.1
0
engineering for a better world 27 Annual General Meeting Fiscal Year 2013
Agenda
engineering for a better world
Annual General Meeting: Agenda (1/2)
Annual General Meeting Fiscal Year 2013 28
1. Annual Financial Statements, Management Report & Report of the Supervisory Board
2. Appropriation of Net Earnings
3. Ratification of the Acts of the Executive Board in the 2013 Fiscal Year
4. Ratification of the Acts of the Supervisory Board in the 2013 Fiscal Year
5. Election of the Auditor for the 2014 Fiscal Year
6. Cancellation of Authorized Capital III in accordance with s. 4 para. 5 of the Articles of Association, Creation of new Authorized Capital III and Authorization to decide on the Exclusion of Shareholders‘ Subscription Rights, and the corresponding Amendment to s. 4 para. 5 of the Articles of Association
engineering for a better world
9. Approval of the Amendment and Revision of existing Profit & Loss Transfer Agreements concluded between GEA Group Aktiengesellschaft and various subsidiaries
7. Approval of the Amendment to existing Domination and Profit & Loss Transfer Agreements concluded between GEA Group Aktiengesellschaft and various subsidiaries
8. Approval of the Amendment and Revision of existing Domination and Profit & Loss Transfer Agreements concluded between GEA Group Aktiengesellschaft and various subsidiaries
Annual General Meeting: Agenda (2/2)
Annual General Meeting Fiscal Year 2013 29
engineering for a better world 30 Annual General Meeting Fiscal Year 2013
GEA 2020
engineering for a better world
Structured strategic realignment
HX Divestment
Long-term
strategic
direction
Comprehensive
portfolio
analysis of all
GEA BUs
2012 2013 – 2014
31 Annual General Meeting Fiscal Year 2013
„GEA Fit for 2020“
Technology & Competence
Mapping
Application Strategy Analysis of >30 applications and
selected technologies
2015
engineering for a better world
75%
25%
Target Footprint 2020 with focus on food
32 Annual General Meeting Fiscal Year 2013
Clear growth path in target applications
Expand presence in animal proteins,
renewable foods* & packaging
Maintain growth in demanding non-food
industries
Well-balanced application & customer portfolio
+
=
Sales exposure 2020
Organic growth and
acquisitions
Grow market position in milk production,
dairy & liquid food processing
Food
Non-Food
+
* e.g. edible oils or starch
engineering for a better world
Divestment of GEA Heat Exchangers
Bowl Choppers
Spiral Cookers
Slicers
Thermoformers
GEA Food
Solutions
Compressors
Packages and Skids
Ice Machines
Freezers
GEA Refrigeration
Technologies
Finned, Shell & Tube
Cooling Towers
Plate Heat Exchangers
HVAC Systems
)
GEA Heat
Exchangers
Milking & Cooling
Farm Services
Farm Equipment
GEA Farm
Technologies
33 Annual General Meeting Fiscal Year 2013
GEA Process
Engineering
Spray Drying
Aseptic Filling
Brewery & Dairy
Systems
Pharma Systems
Separators
Decanters
Homogenizers
Valves
GEA Mechanical
Equipment
engineering for a better world
Finned, Shell & Tube
Cooling Towers
Plate Heat Exchangers
HVAC Systems
)
GEA Heat
Exchangers
Consolidation of current Group Structure
Bowl Choppers
Spiral Cookers
Slicers
Thermoformers
GEA Food
Solutions
Compressors
Packages and Skids
Ice Machines
Freezers
GEA Refrigeration
Technologies
Milking & Cooling
Farm Services
Farm Equipment
GEA Farm
Technologies
34 Annual General Meeting Fiscal Year 2013
GEA Process
Engineering
Spray Drying
Aseptic Filling
Brewery & Dairy
Systems
Pharma Systems
Separators
Decanters
Homogenizers
Valves
GEA Mechanical
Equipment
engineering for a better world
Compressors
Packages and Skids
Ice Machines
Freezers
GEA Refrigeration
Technologies
Milking & Cooling
Farm Services
Farm Equipment
GEA Farm
Technologies
Current Group Structure
35 Annual General Meeting Fiscal Year 2013
GEA Process
Engineering
Spray Drying
Aseptic Filling
Brewery & Dairy
Systems
Pharma Systems
Mechanical
Separation
Food Solutions
Homogenizers
Valves
GEA Mechanical
Equipment
engineering for a better world 36 Annual General Meeting Fiscal Year 2013
Adjustment of customer industries
Food/
Beverages
Non-Food
13%
22%
23%
14%
13%
15%
Dairy Farming
Dairy Processing
Food
Beverages
Pharma/Chemical
Other Industries(incl. former Industries
Environment, Oil & Gas,
Marine and Power)
(until now part of
milk processing)
28%
72%
End market customer industry Share of sales *
* Continued operations
engineering for a better world 37 Annual General Meeting Fiscal Year 2013
Innovations for the Future
engineering for a better world 38
Principle
• Water partly frozen out (e.g. of fruit juices,
coffee or milk) in crystallizer
• Flavor-preserving separation of ice crystals
from juice concentrate in a wash column
New
• Continuous process
• Significantly less expensive in terms of
purchase price and operating costs, floor space
reduced by half
GEA IceCon™ freeze concentration
Annual General Meeting Fiscal Year 2013
engineering for a better world 39 Annual General Meeting Fiscal Year 2013
Outlook
engineering for a better world
Guidance FY 2014 continued operations
40 Annual General Meeting Fiscal Year 2013
Sales: moderate growth
Cash Flow Driver Margin:
EBITDA – Capex +/- Working Capital (LTM*)
Sales
Operating EBITDA: EUR 550m - EUR 590m
At the condition of no unexpected economic downturns, assuming constant FX-rates versus FY
2013 and disregarding potential acquisitions and one-off expenses we are aiming in 2014 for:
Cash Flow Driver Margin: 9.0% – 9.5%
* Last 12 months
engineering for a better world
Preliminary Sales Q1 2014
41 Annual General Meeting Fiscal Year 2013
(EUR million)
Q1 2014
951
154
390
309
127
924 29 55
Q1 2013
152
394
298
111
+2.9%
-3.1% +6.0%
111
298
394
152
127
310
391
155
GEA Farm
Technologies
GEA Mechanical
Equipment
GEA Process
Engineering
GEA Refrigeration
Technologies
Organic
Development
Currency
Effects
engineering for a better world 42 Annual General Meeting Fiscal Year 2013
Financial Calendar 2014
May 6, 2014 Interim Report Q1
October 28, 2014 Interim Report Q3
July 28, 2014 Interim Report Q2
engineering for a better world 43 Annual General Meeting Fiscal Year 2013
Disclaimer
Forward-looking statements are based on our current assumptions and forecasts. These
statements naturally entail risks and uncertainties, which may cause the actual results of
operations, financial position or performance to diverge significantly from the estimates
given here. Factors 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.