DJ DGAP-Media: GEA Group Aktiengesellschaft: GEA records double-digit growth in order intake
GEA Group Aktiengesellschaft / Enterprise .. Dissemination of a Press Release, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.=--------------------------------------------------------------------------
* Order intake up 12.7% in Q2
* Highest order intake since Q3 2008
* Revenue slightly below prior-year quarter
* Increase in EBIT margin
* Outlook for 2010 confirmed
Bochum, July 30, 2010 - In the second quarter of 2010, GEA Group
Aktiengesellschaft's order intake increased by 12.7 percent year-on-year to
EUR 1,167 million (previous year: EUR 1,036 million) - its highest level
since the outbreak of the financial and economic crisis. At EUR 1,065
million, revenue in Q2 was up 13.5 percent on the first quarter of 2010 and
thus only 3.5 percent below the prior-year quarter. Revenue in the second
half of the year is expected to exceed the figure for H2 2009. Earnings
before interest and tax (EBIT) and the EBIT margin were on a level with the
previous year. Adjusted by restructuring costs, the EBIT margin rose by 28
basis points to 6.7 percent.
'Demand for our beverage and food process technology in Asia, and in
particular in China, is currently extremely encouraging,' said Jürg Oleas,
CEO of GEA Group. 'At the beginning of July, we recorded another major
order worth over EUR 30 million in the food segment from this region. Order
intake is developing in line with our previously announced expectations.
Provided that this positive trend is not slowed by fresh turbulence in the
global economy, we should meet our 2010 revenue target of EUR 4.4 billion.'
Despite price pressure, EBIT before restructuring expenses was up slightly
in the second quarter to EUR 71.7 million (previous year: EUR 71.2
million). 'We expect an improvement in the second half of the year, when
revenue - with a time lag - will follow the upward trend in order intake,'
said Oleas. In the medium term, GEA's goal is to increase its EBIT margin
to 12 percent.
GEA Group consolidated data for Q2 2010
(EUR million) Q2 2010 Q2 2009
Order Intake 1,167.3 1,036.0
Revenue 1,065.1 1,103.9
EBITDA before restructuring expenses 98.3 95.4
as % of revenue 9.2 8.6
EBITDA 83.3 82.3
EBIT before restructuring expenses 71.7 71.2
as % of revenue 6.7 6.4
EBIT 56.7 58.1
as % of revenue 5.3 5.3
EBT 41.3 44.5
Profit after tax from continuing operations 28.8 32.6
Profit or loss after tax from discontinued operat. 0.0 -0.2
Profit for the period 28.8 32.4
Earnings per share from continuing operations 1) 0.15 0.18
Earnings per share from discontinued operations 1) 0.00 0.00
Earnings per share 1) 0.15 0.18
Net debt 2)3) 106.1 266.2
Capital expenditure 17.3 32.2
Employees as of the reporting date 4) 20,401 20,996
1) in EUR
2) Including discontinued operations
3) Net debt= bank liabilities - cash - securities
4) Full-time equivalents (FTE) excl. apprentices/trainees and
inactive employment contracts
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 June 30, 2010. 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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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: GEA Group Aktiengesellschaft
Dorstener Straße 484
44809 Bochum
Deutschland
Internet: www.geagroup.com
End of News DGAP-Media
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(END) Dow Jones Newswires
July 30, 2010 01:30 ET (05:30 GMT)
© 2010 Dow Jones News
