Conference Call. Preliminary Key Figures Financial Year Bochum, February 7, GEA Group

Transcription

1 Conference Call Preliminary Key Figures Financial Year 2010 Bochum, February 7, 2011 GEA Group

2 Disclaimer All figures for 2010 are preliminary and have therefore not yet been audited. The yearend financial statements for the GEA Group and GEA Group Aktiengesellschaft are to be finalized by the Executive Board at the beginning of March and subsequently to be approved by the Supervisory Board. The Annual Press Conference and the Financial Analyst Conference Call will take place on March 10, 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 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. We are under no obligation to update forward-looking statements. 2 CC Preliminary Key Figures FY February 7th, 2011

3 Key Messages of preliminary figures Order Intake Sales EBIT before restruct. EBIT-margin before restructuring Cash generation capacity Discont d operations/ Plant Engineering Q4 2010: +23.6% yoy Q1-Q4 2010: +12.2% yoy Q4 2010: +8.3% yoy Q1-Q4 2010: +0.2% yoy Q4 2010: +17.8% yoy Q1-Q4 2010: +7.1% yoy Q4 2010: ~10.8% Q1-Q4 2010: between 8.0% and 8.1% Net liquidity of EUR 105m No impact on the Group result in 2010 Pages 4, 6 Page 4 Page 4 Page 4 Page 9 Page 10 Dividend Proposal of 0.40 EUR per share Page 12 Outlook 2011 Growth to continue Pages 8, 13 3 CC Preliminary Key Figures FY February 7th, 2011

4 I. Preliminary Key figures GEA Group FY 2010 [in EUR million] Order Intake +12% Sales +0% Q4 Q3 Q2 4,081 4,578 1, % 1,248 +8% % 1,153 1, % 1,167 Q1 1,073-6% 1,010 Q1 1,055-11% Q4 Q3 Q2 4,411 4,418 1,192 +8% 1,290 1,061 +6% 1, % % Q4 Q3 Q2 Q1 EBITDA* +6% % % % % % * Before restructuring expenses (Q1-Q4 2009: EUR 65m; Q1-Q4 2010: EUR 119m) 4 CC Preliminary Key Figures FY February 7th, 2011 Q4 Q3 Q2 Q1 EBIT* +7% % % 87 +6% % %

5 I. Preliminary Key figures Segments Q [in EUR million] FT HX ME PE RT FT HX ME PE RT 1, % % % 8 14 Q Q * Before restructuring expenses (Q4 2009: EUR 26m, Q4 2010: EUR 72m) Q Q Order Intake +24% +18% +33% +7% +25% EBIT* +18% +85% -23% +22% 1, CC Preliminary Key Figures FY February 7th, 2011 FT HX ME PE RT 1, Sales +8% +18% -8% +16% +28% 1, % Q Q Some Highlights in Q4 2010: Order Intake: HX-Segment : +33% yoy PE-Segment : Highest quarterly order intake since beginning of 2008 EBIT before restructuring: ME-Segment: Highest EBIT-Margin ever at 19.6% (+88 bps yoy)

6 II. Preliminary Performance Large order development since Q [in EUR million] 1,400 Order intake Q back to average 2008 level 1,200 1, Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 OI < EUR 1m OI >= EUR 1m < EUR 5m OI >= EUR 5m < EUR 15m OI >= EUR 15m 6 CC Preliminary Key Figures FY February 7th, 2011

7 II. Preliminary Performance Examples of major orders during 2010 [in EUR million] France: ACC Heller Power EUR 18m Russia: Power: Several orders totaling EUR 66m China: Beverage: Several orders totaling EUR 78m USA: Compressors & Heat Exchangers Oil & Gas: EUR 10m Ireland: Baby Nutrition Plant EUR 25m Great Britain: Brewery EUR 13m Japan: Dairy: Several orders totaling EUR 27m Vietnam: Milk powder plant EUR 33m Brazil: Oil & Gas: EUR 11m Chile: Wet Gas Cleaning Climate & Environment: EUR 10m Turkey: ACC Power EUR 15m Egypt: Evaporation technology for Chemicals EUR 16m Israel: Dairy Plant EUR 25m Syria: Several ACC Heller Power orders totaling EUR 76m UAE: Pharma & Power: Several orders totaling EUR 28m Papa New Guinea: AFC Oil & Gas: EUR 13m Food Energy / Other New Zealand: Dairy EUR 24m 7 CC Preliminary Key Figures FY February 7th, 2011

8 II. Preliminary Performance Top Line Trend [in EUR million] 2,500 2,000 2,451 2,476 2,435 2,312 2, ,301 2,469 2,424 2, ,500 Sales 1,900 2) 1,000 Order Intake 1,700 1) Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 1) Order backlog invoicable in FY ) Order backlog invoicable in FY CC Preliminary Key Figures FY February 7th, 2011

9 II. Preliminary Performance Financial Leeway [in EUR million] 12/31/ /31/2009 Change Cash & Equivalents Securities Loans Net cash GEA credit lines [in EUR million] Due date 12/31/2010 granted 12/31/2010 utilized 12/31/2010 unutilized Total cash credit lines 1, ,119 of which: Syndicated credit line I 07/ Borrowers note loan Syndicated credit line II 08/ / / / European Investment Bank CC Preliminary Key Figures FY February 7th, 2011

10 II. Preliminary Performance Progress of Lurgi and Lentjes Projects Typical duration: 2-4 yrs 1-6 mts 1-3 mts 2-3 yrs 12/31/2009: Construction Le Le Le Le Le Le Le Le Le Lu Lu Lu Warranty period Com. Test PAC FAC Provision per 12/31/2009:* EUR 266m Cash out in 2010*: EUR ~110m 12/31/2010: Construction Le Le Le Le Le Le Le Le Lu Warranty period Com. Test PAC FAC Provision per 12/31/2010:* EUR ~156m Expected cash out*: 2011: EUR ~110m Later: EUR ~46m * Incl. Ruhr-Zink Time flow Phases within plant engineering: Construction: Concrete and steel works Com.: Commissioning of the plant Test: Performance and availability test Le: Lentjes PAC: Provisional acceptance / Transition of operating risk to the customer Warr.Per.: Duration of liability for repair or replacement in case of malfunctioning FAC: Final acceptance / end of warranty period Lu: Lurgi 10 CC Preliminary Key Figures FY February 7th, 2011

11 II. Preliminary Performance GEA Group is delivering on its promises (1/2) What we promised is what we delivered! a moderate increase in order intake Q1-Q4 2010: +12.2% yoy a corresponding stabilization of revenue Q1-Q4 2010: +0.2% yoy EBIT-margins (before restructuring) to at least match FY 2009 level (7.6%) Q1-Q4 2010: 8.0% to 8.1% Prolongation of credit lines due in 2010 Strong focus on working capital management Strict management of capex 11 CC Preliminary Key Figures FY February 7th, 2011 Extension until 2015 already in Q2 Further reduction in 2010; WC/Sales EOP: 10.0% WC/Sales LTM: 12.4% Capex in 2010: < EUR 90m => Reduction by 1/3

12 II. Preliminary Performance GEA Group is delivering on its promises (2/2) What we promised is what we delivered! Reorganisation to be implemented by end of 2011 Total restructuring cost 2010 EUR 120m Sufficient provisions for discontinued operations Aquisitions mainly in food applications Dividend announcement in Q2: At least 0.30 EUR per share Implementation of HX-, ME- and RT-reorganisation fully on track EUR 119m booked in 2010; no further program planned No impact on the Group result in 2010 CFS and Bock acquisitions announced in December 2010 Dividend proposal: 0.40 EUR 12 CC Preliminary Key Figures FY February 7th, 2011

13 III. Outlook GEA s customer industries across the cycle 40% Order intake Growth Q1-Q yoy 30% 20% 10% 0% -10% -20% Chemicals 6% 14% Climate & Environment Food 47% 5% Pharma ~ ¾ of GEA s customer industries are mid-to-late cycle Oil & Gas 7% Power 13% 4% Marine -30% Share of order intake: Early Cycle Mid Cycle Late Cycle 20%* 52%* 24%* *Not pictured are the remaining 4% of various industries such as Transportation, Mining, Pulp & Paper, Cement. 13 CC Preliminary Key Figures FY February 7th, 2011

14 III. Outlook Long term Over the Cycle Long term growth of GEA end markets: 3% 6% p.a., clearly > GDP growth EBIT margin GEA Group: Target of 12% after recovery to pre-crisis market conditions Dividend payout ratio: 1/3 of net income Acquisitions to continue 14 CC Preliminary Key Figures FY February 7th, 2011

15 Financial Calendar March 10, 2011 Annual Report FY 2010 April 21, 2011 Annual General Meeting May 6, 2011 Interim Report Q June 29-30, 2011 Capital Markets Day July 29, 2011 Interim Report Q November 2, 2011 Interim Report Q CC Preliminary Key Figures FY February 7th, 2011

16 16 CC Preliminary Key Figures FY February 7th, 2011

17 Back up: Performance GEA Group & Segments Key Figures Time Line (1/2) Order Intake prelim. Q1 08 Q2 08 Q3 08 Q Q1 09 Q2 09 Q3 09 Q Q1 10 Q2 10 Q3 10 prelim [In EUR million] Q4 10 GEA Farm Technologies GEA Heat Exchangers , , ,506 GEA Mechanical Equipment GEA Process Engineering , , ,416 GEA Refrigeration Technologies GEA Group 1, , , , , , , , , , , , ,248 4,578 Order Backlog prelim. Q1 08 Q2 08 Q3 08 Q Q1 09 Q2 09 Q3 09 Q Q1 10 Q2 10 Q3 10 prelim [In EUR million] Q4 10 GEA Farm Technologies GEA Heat Exchangers 1, , , , , , , , , , , , , ,087 1,087 GEA Mechanical Equipment GEA Process Engineering GEA Refrigeration Technologies GEA Group 2, , , , , , , , , , , , , ,415 2,415 Sales [in EUR million] Q1 08 Q2 08 Q3 08 Q Q1 09 Q2 09 Q3 09 Q Q1 10 Q2 10 Q3 10 prelim. Q4 10 prelim GEA Farm Technologies GEA Heat Exchangers , , ,483 GEA Mechanical Equipment GEA Process Engineering , , ,289 GEA Refrigeration Technologies GEA Group 1, , , , , , , , , , , , ,290 4, CC Preliminary Key Figures FY February 7th, 2011

18 Back up: Performance GEA Group & Segments Key Figures Time Line (2/2) EBITDA before restructuring prelim. [in EUR million] Q1 08 Q2 08 Q3 08 Q Q1 09 Q2 09 Q3 09 Q Q1 10 Q2 10 Q3 10 prelim Q4 10 GEA Farm Technologies GEA Heat Exchangers GEA Mechanical Equipment GEA Process Engineering GEA Refrigeration Technologies GEA Group EBIT before restructuring prelim. [in EUR million] Q1 08 Q2 08 Q3 08 Q Q1 09 Q2 09 Q3 09 Q Q1 10 Q2 10 Q3 10 prelim Q4 10 GEA Farm Technologies GEA Heat Exchangers GEA Mechanical Equipment GEA Process Engineering GEA Refrigeration Technologies GEA Group EBIT-Margin before prelim. Q1 08 Q2 08 Q3 08 Q Q1 09 Q2 09 Q3 09 Q Q1 10 Q2 10 Q3 10 prelim restructuring [in%] Q4 10 GEA Farm Technologies 4.3% 9.4% 13.6% 12.8% 10.6% -1.8% 5.7% 7.1% 5.7% 4.5% 0.0% 1.8% 6.5% 9.0% 4.9% GEA Heat Exchangers 9.1% 10.9% 12.1% 13.6% 11.6% 7.2% 6.9% 9.8% 10.9% 8.7% 7.0% 6.6% 7.9% 9.1% 7.7% GEA Mechanical Equipment 13.7% 15.6% 13.9% 18.7% 15.5% 11.5% 10.7% 15.0% 18.7% 13.8% 13.1% 13.0% 17.3% 19.6% 16.0% GEA Process Engineering 2.8% 5.8% 6.8% 10.8% 6.7% 2.8% 4.9% 6.3% 11.2% 6.5% 4.3% 5.6% 5.8% 10.9% 7.1% GEA Refrigeration Technologies 4.4% 6.2% 6.8% 8.7% 6.7% 1.8% 4.6% 1.9% 5.0% 3.4% 1.4% 4.4% 5.1% 8.0% 5.0% GEA Group 6.7% 9.2% 10.0% 12.3% 9.7% 5.3% 6.4% 8.2% 10.0% 7.6% 5.6% 6.7% 8.2% 10.8% 8.0%-8.1% Employees prelim. Q1 08 Q2 08 Q3 08 Q Q1 09 Q2 09 Q3 09 Q Q1 10 Q2 10 Q3 10 prelim Q4 10 GEA Farm Technologies 1,918 1,947 2,058 2,020 2,020 1,911 1,894 1,952 1,918 1,918 1,931 1,964 1,979 2,004 2,004 GEA Heat Exchangers 6,744 6,860 7,598 7,854 7,854 7,984 7,881 7,636 7,590 7,590 7,464 7,427 7,378 7,340 7,340 GEA Mechanical Equipment 3,399 3,399 3,452 3,471 3,471 3,481 3,485 3,450 3,519 3,519 3,475 3,458 3,446 3,386 3,386 GEA Process Engineering 4,772 4,819 4,827 4,813 4,813 4,708 4,558 4,502 4,545 4,545 4,416 4,408 4,477 4,563 4,563 GEA Refrigeration Technologies 2,861 2,896 2,936 2,948 2,948 2,934 2,922 2,908 2,857 2,857 2,895 2,889 2,874 2,828 2,828 GEA Group 19,905 20,133 21,084 21,327 21,327 21,257 20,996 20,708 20,693 20,693 20,441 20,401 20,421 20,386 20, CC Preliminary Key Figures FY February 7th, 2011