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GEA Group AG
Quarterly Report • Nov 11, 2024
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Quarterly Report
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GEAMPIE
@3 2024
Quarterly Statement
July 1 to September 30, 2024
| Financial Key Figures of GEA | ||||||
|---|---|---|---|---|---|---|
| (EUR million) | $\begin{gathered} \text { Q3 } \ 2024 \end{gathered}$ | $\begin{gathered} \text { Q3 } \ 2023 \end{gathered}$ | Change in \% | Q1-Q3 2024 | $\begin{gathered} \text { Q1-Q3 } \ 2023 \end{gathered}$ | Change in\% |
| Results of operations | ||||||
| Order intake | 1,300.6 | 1,247.4 | 4.3 | 3,955.0 | 4,209.5 | $-6.0$ |
| Book-to-bill ratio | 0.96 | 0.92 | - | 1.01 | 1.06 | - |
| Order backlog | 3,014.2 | 3,348.7 | $-10.0$ | 3,014.2 | 3,348.7 | $-10.0$ |
| Revenue | 1,349.8 | 1,331.1 | $-0.1$ | 3,914.4 | 3,964.2 | $-1.3$ |
| Organic revenue growth ${ }^{1}$ | 1.4 | 6.9 | -552 bp | 1.9 | 9.8 | -795 bp |
| Share of service business rose once again to 39.2 percent (Q3 2023: 36.2 percent), growth in all divisions | ||||||
| EBITDA before restructuring expenses further increased to EUR 217.1 million (Q3 2023: EUR 207.0 million) | 39.2 | 36.2 | 301 bp | 38.7 | 36.1 | 263 bp |
| EBITDA margin before restructuring expenses with renewed growth to 16.1 percent (Q3 2023: 15.3 percent) | 217.1 | 207.0 | 4.9 | 598.2 | 570.3 | 4.9 |
| ROCE remains at a high level at 32.3 percent (Q3 2023: 33.9 percent) | 16.1 | 15.3 | 76 bp | 15.3 | 14.4 | 90 bp |
| Free cash flow decreased against the high comparative basis of the prior-year quarter to EUR 126.0 million (Q3 2023: EUR 186.9 million) | ||||||
| Net working capital as a percentage of revenue at 9.3 percent remained stable within the target range of 8.0 to 10.0 percent (September 30, 2023: 8.3 percent) | ||||||
| Net liquidity decreased to EUR 65.9 million as a result of the payments for the share buyback program (September 30, 2023: EUR 232.9 million) | ||||||
| Mission 28 financial targets achieved ahead of schedule; new, ambitious targets for 2030 presented at Capital Markets Day on October 2, 2024 | ||||||
| Earnings forecast for 2024 increased once again | ||||||
| - EBITDA margin before restructuring expenses 15.4 to 15.6 percent (previously 14.9 to 15.2 percent) | ||||||
| - Organic revenue growth 2.0 to 4.0 percent (unchanged) | ||||||
| - ROCE 32.0 to 35.0 percent (unchanged) |
Financial Key Figures of GEA
| Financial position | ||||||
|---|---|---|---|---|---|---|
| Cash flow from operating activities | 180.3 | 235.7 | $-23.5$ | 255.4 | 217.1 | 17.6 |
| Cash flow from investing activities | $-54.2$ | $-48.8$ | $-11.2$ | $-103.6$ | $-115.6$ | 10.4 |
| Free cash flow | 126.0 | 186.9 | $-32.6$ | 151.8 | 101.5 | 49.5 |
| Net assets | ||||||
| Net working capital (reporting date) | 493.5 | 448.7 | 10.0 | 493.5 | 448.7 | 10.0 |
| as \% of revenue (LTM) | 9.3 | 8.3 | 93 bp | 9.3 | 8.3 | 93 bp |
| Capital employed (reporting date) ${ }^{2}$ | 1,909.3 | 1,831.2 | 4.3 | 1,909.3 | 1,831.2 | 4.3 |
| Equity | 2,336.2 | 2,424.8 | $-3.7$ | 2,336.2 | 2,424.8 | $-3.7$ |
| Equity ratio in \% | 41.0 | 41.3 | $-28$ bp | 41.0 | 41.3 | $-28$ bp |
| Net liquidity ( + )/Net debt ( - ) $^{3}$ | 65.9 | 232.9 | $-71.7$ | 65.9 | 232.9 | $-71.7$ |
| GEA Shares | ||||||
| Earnings per share (EUR) | 0.67 | 0.70 | $-4.1$ | 1.79 | 1.74 | 2.8 |
| Earnings per share before restructuring expenses (EUR) | 0.72 | 0.72 | 0.0 | 1.97 | 1.89 | 4.3 |
| Market capitalization (EUR billion; reporting date) ${ }^{4}$ | 7.6 | 6.3 | 20.6 | 7.6 | 6.3 | 20.6 |
| Employees (FTE; reporting date) | 18,484 | 18,773 | $-1.5$ | 18,484 | 18,773 | $-1.5$ |
| Total workforce (FTE; reporting date) | 19,303 | 19,700 | $-2.0$ | 19,303 | 19,700 | $-2.0$ |
1) Adopted by portfolio and currency translation effects.
2) 2021 before restructuring expenses of the last twelve months. Capital employed average of the last four quarters and excluding goodwill from the acquisition of the former GEA AG by former Metallgesetzschaft AG in 1999.
3) Capital employed excluding goodwill from the acquisition of the former GEA AG by former Metallgesetzschaft AG in 1999.
4) Including lease liabilities of EUR 187.6 million or of September 30, 2024 (September 30, 223; EUR 136.2 million).
5) The market capitalization include treasury shares; 95 TPA closing price as of September 30, 2024: EUR 43.86; 95 TPA closing price as of September 28, 2023: EUR 34.98.
GEA in the third quarter of 2024
GEA further increased profitability in the third quarter of 2024 and once again demonstrated a continuous improvement in the company's earnings. As a result of the profitable development the Executive Board raised the outlook for the EBITDA margin before restructuring expenses for the full year to between 15.4 and 15.6 percent (previously 14.9 to 15.2 percent) on October 11, 2024. The forecasts for organic revenue growth of 2.0 percent to 4.0 percent and for return on capital employed (ROCE) of 32 percent to 35 percent were confirmed.
In a persistently challenging global economic environment, order intake was encouraging with an increase of 4.3 percent to EUR 1,300.6 million (Q3 2023: EUR 1,247.4 million). It was driven by strong base orders (orders less than EUR 1 million) and orders between EUR 5 and 15 million. Liquid \& Powder Technologies (LPT) also received a major order worth EUR 58.6 million. The negative currency translation effects decreased to EUR 28.7 million (Q3 2023: EUR 95.6 million). Accordingly, organic growth in order intake amounted to 6.6 percent, with all divisions contributing.
At EUR 1,349.8 million, revenue in the third quarter was down slightly compared to the prior-year quarter (Q3 2023: EUR 1,351.1 million). The negative currency translation effects also decreased here and amounted to EUR 19.5 million (Q3 2023: EUR 85.2 million). This resulted in organic revenue growth of 1.4 percent. This growth came from the Separation \& Flow Technologies (SFT), Food \& Healthcare Technologies (FHT) and Heating \& Refrigeration Technologies (HRT) divisions. In terms of customer industries, food, beverage and pharma in particular developed positively. The above-average profitable service business was further expanded in all divisions. The share of the service business in revenue thus rose to 39.2 percent (Q3 2023: 36.2 percent).
With an increase of 4.9 percent, EBITDA before restructuring expenses rose again to EUR 217.1 million, mainly due to an increase in gross profit. Offsetting effects resulted from higher selling and administrative expenses. The EBITDA margin before restructuring expenses continued to rise and improved by a further 0.8 percentage points to 16.1 percent.
Profit for the period in the third quarter of 2024 fell by 7.3 percent to EUR 112.0 million (Q3 2023: EUR 120.8 million) and includes negative earnings after taxes from discontinued operations in the amount of EUR 3.3 million. With a simultaneously reduced average number of shares, earnings per share before restructuring expenses corresponded to the prior-year figure of EUR 0.72. Earnings per share decreased slightly to EUR 0.67 (Q3 2023: EUR 0.70).
As of September 30, 2024, net liquidity amounted to EUR 65.9 million (September 30, 2023: EUR 232.9 million). In particular, the payments made in the last twelve months for the share buyback program contributed to this decline. Capital employed as an average of the last four quarters rose disproportionately by 5.0 percent to EUR 1,844.0 million, mainly as a result of a significant increase in non-current assets and net working capital. In relation to this, EBIT before restructuring expenses remained almost unchanged over the last twelve months. Accordingly, ROCE fell slightly from a high level to 32.3 percent (Q3 2023: 33.9 percent). At 9.3 percent, net working capital as a percentage of revenue remained stable within the target range of 8.0 to 10.0 percent (September 30, 2023: 8.3 percent).
At the beginning of June 2024, GEA launched the second tranche of its share buyback program, amounting to a further volume of up to EUR 250 million. As part of this tranche, 1,226,112 shares were acquired for EUR 48.9 million in the third quarter. The first tranche of EUR 150 million was completed at the end of May 2024. Since the beginning on November 9, 2023, around 6.2 million shares have been bought back for EUR 228.8 million. The share buyback program has a total volume of up to EUR 400 million.
Order intake declined in the first nine months of 2024 by 6.0 percent to EUR 3,955.0 million (9M 2023: EUR 4,209.5 million). This corresponded to an organic decline of 2.8 percent. Revenue declined slightly by 1.3 percent to EUR 3,914.4 million (9M 2023: EUR 3,964.2 million). In organic terms, however, there was a growth of 1.9 percent. EBITDA before restructuring expenses increased by 4.9 percent to EUR 598.2 million (9M 2023: EUR 570.3 million), so that the corresponding margin further increased by 0.9 percentage points to 15.3 percent (9M 2023: 14.4 percent). At EUR 301.3 million at the end of the first three quarters of 2024, profit for the period was slightly higher than in the prior-year period. (9M 2023: EUR 300.3 million). Earnings per share before restructuring expenses increased from EUR 1.89 to EUR 1.97. Earnings per share increased to EUR 1.79 (9M 2023: EUR 1.74).
GEA presented the group's Mission 30 strategy with new medium-term targets at its Capital Markets Day on October 2, 2024. Organic revenues are expected to grow by an average of more than five percent per year until 2030. Additionally, an EBITDA margin of 17 to 19 percent and a return on capital employed of over 45 percent are expected. The ambitious plan shows how GEA will continue to grow profitably until 2030 and significantly increase the proportion of sustainable solutions. The Mission 26 financial targets announced in 2021 will be achieved at the end of 2024 - two years earlier than planned.
REPORT ON ECONOMIC POSITION
Business developments
Order intake
| Order intake (EUR million) | Q3 | Q3 | Change in \% | Q1-Q3 2024 | Q1-Q3 2023 | Change in\% |
|---|---|---|---|---|---|---|
| Separation \& Flow Technologies | 377.9 | 350.7 | 7.8 | 1,169.2 | 1,188.0 | $-1.4$ |
| Liquid \& Powder Technologies | 426.7 | 410.8 | 3.9 | 1,215.3 | 1,375.2 | $-11.6$ |
| Food \& Healthcare Technologies | 238.0 | 236.5 | 0.6 | 750.8 | 775.4 | $-3.2$ |
| Farm Technologies | 161.3 | 165.4 | $-2.5$ | 518.2 | 607.8 | $-14.7$ |
| Heating \& Refrigeration Technologies | 151.3 | 142.0 | 6.5 | 456.3 | 456.9 | $-0.1$ |
| Consolidation | $-54.5$ | $-58.0$ | 5.9 | $-154.9$ | $-191.9$ | 19.3 |
| GEA | 1,300.6 | 1,247.4 | 4.3 | 3,955.0 | 4,209.5 | $-6.0$ |
| Change in order intake in \% |
Q3 2024 | Q1-Q3 2024 | ||||
| Change compared to prior year | 4.3 | $-6.0$ | ||||
| Fit effects | $-2.3$ | $-3.2$ | ||||
| Acquisitions/divestments | - | $-0.0$ | ||||
| Organic | 6.6 | $-2.8$ |
- Order intake in the third quarter improved by 4.3 percent to EUR 1,300.6 million; significant organic growth of 6.6 percent; negative currency translation effects of EUR 28.7 million (Q3 2023: EUR 95.6 million)
- Increase in organic order intake in all divisions
- Regional order development with significant increase in Asia Pacific, Latin America and North America as well as in Western Europe, the Middle East and Africa
- Positive trend with in some cases high double-digit growth rates particularly in the dairy processing, food and chemical customer industries, while beverage and pharma experienced a decline
- Very good demand in base orders (orders less than EUR 1 million) and orders between EUR 5 and 15 million, as well as stable development for orders between EUR 1 and 5 million; in contrast, continued restraint in awarding large orders (>EUR 15 million)
- One large order in the third quarter with a volume of EUR 58.6 million in the LPT division (Q3 2023: three large orders with a total volume of EUR 138.0 million)
- Order intake declined by 6.0 percent to EUR 3,955.0 million in the first nine months, decline of 2.8 percent organically; negative currency translation effects totaling EUR 135.1 million
Revenue
| Revenue | Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change |
|---|---|---|---|---|---|---|
| EUR million | 2024 | 2023 | in\% | 2024 | 2023 | in\% |
| Separation \& Flow Technologies | 404.5 | 390.4 | 3.8 | 1,143.9 | 1,142.9 | 0.1 |
| Liquid \& Powder Technologies | 401.7 | 437.7 | $-8.2$ | 1,192.1 | 1,258.3 | $-5.3$ |
| Food \& Healthcare Technologies | 252.8 | 244.3 | 3.5 | 730.5 | 739.2 | $-1.2$ |
| Farm Technologies | 195.1 | 209.7 | $-7.0$ | 572.3 | 591.5 | $-3.3$ |
| Heating \& Refrigeration Technologies | 151.4 | 133.8 | 13.2 | 434.0 | 409.6 | 5.9 |
| Consolidation | $-55.6$ | $-64.8$ | 14.1 | $-158.4$ | $-177.4$ | 10.7 |
| GEA | 1,349.8 | 1,351.1 | $-0.1$ | 3,914.4 | 3,984.2 | $-1.3$ |
| Change | Q3 | Q1-Q3 | ||||
| In revenue in \% | 2024 | 2024 | ||||
| Change compared to prior-year | $-0.1$ | $-1.3$ | ||||
| FX effects | $-1.4$ | $-3.1$ | ||||
| Acquisitions/divestments | $-$ | $-0.0$ | ||||
| Organic | 1.4 | 1.9 |
- Revenue in the third quarter almost at the level of the prior-year quarter at EUR 1,349.8 million (Q3 2023: EUR 1,351.1 million); organic growth of 1.4 percent; negative currency translation effects of EUR 19.5 million (Q3 2023: EUR 85.2 million)
- Organic revenue growth in the SFT, FHT and HRT divisions offsets decline in the LPT and FT divisions
- Book-to-bill ratio improved to 0.96 (Q3 2023: 0.92)
- Positive regional development, especially in Northern and Central Europe, as well as Western Europe, the Middle East and Africa
- Heterogeneous development in the customer industries, particularly food, beverage, pharma, and marine as well as distribution \& storage with positive development; other customer industries declining
- Further expansion of the above-average profitable service business in all divisions; service business share in revenue increased to 39.2 percent (Q3 2023: 36.2 percent)
- Revenue declined slightly by 1.3 percent to EUR 3,914.4 million in the first nine months; organic growth of 1.9 percent; negative currency translation effects totaling EUR 123.1 million
Results of operations
| Development of selected key figures (EUR million) | $\begin{gathered} \text { Q3 } \ 2024 \end{gathered}$ | $\begin{gathered} \text { Q3 } \ 2023 \end{gathered}$ | Change in \% | Q1-Q3 2024 | Q1-Q3 2023 | Change in \% |
|---|---|---|---|---|---|---|
| Revenue | 1,349.8 | 1,351.1 | $-0.1$ | 3,914.4 | 3,964.2 | $-1.3$ |
| Gross profit | 490.1 | 473.4 | 3.5 | 1,401.6 | 1,363.0 | 2.8 |
| Gross margin (in \%) | 36.3 | 35.0 | 127 bp | 35.8 | 34.4 | 142 bp |
| EBITDA before restructuring expenses | 217.1 | 207.0 | 4.9 | 598.2 | 570.3 | 4.9 |
| as \% of revenue | 16.1 | 15.3 | 76 bp | 15.3 | 14.4 | 90 bp |
| Restructuring expenses (EBITDA) | $-7.9$ | $-3.9$ | - | $-30.8$ | $-30.7$ | - |
| EBITDA | 209.2 | 203.2 | 3.0 | 567.4 | 539.6 | 5.1 |
| Depreciation, impairment losses and reversals of impairment losses* | $-51.6$ | $-45.0$ | - | $-151.8$ | $-133.5$ | - |
| EBIT | 157.6 | 158.2 | $-0.3$ | 415.6 | 406.2 | 2.3 |
| Restructuring expenses (EBIT) | 10.6 | 3.9 | - | 36.7 | 31.1 | - |
| EBIT before restructuring expenses | 168.3 | 162.0 | 3.9 | 452.3 | 437.2 | 3.4 |
| Profit for the period | 112.0 | 120.8 | $-7.3$ | 301.3 | 300.3 | 0.3 |
| Earnings per share (EUR) | 0.67 | 0.70 | $-4.1$ | 1.79 | 1.74 | 2.8 |
| Earnings per share before restructuring expenses (EUR) | 0.72 | 0.72 | 0.0 | 1.97 | 1.89 | 4.3 |
-
In property, plant and equipment as well as amortization of impairment losses and reversals of impairment losses on triangle asaxts and financial assets and reversals of impairment losses and impairment losses.
-
Gross profit in the third quarter of 2024 increased by 3.5 percent; gross margin improved by 1.3 percentage points to 36.3 percent, higher service share and increased gross margins in new machine business with the greatest positive effect
- Gross margin before restructuring expenses up on the prior-year period at 36.7 percent (Q3 2023: 34.8 percent)
- EBITDA before restructuring expenses grew by 4.9 percent to EUR 217.1 million, primarily due to higher gross profit
- EBITDA margin improved once again by a further 0.8 percentage points to 16.1 percent
- EBIT before restructuring expenses benefited from positive operating performance in the third quarter and increased by 3.9 percent to EUR 168.3 million
- Profit after tax from continuing operations fell by 2.1 percent to EUR 115.3 million; tax rate fell slightly to 22.8 percent (Q3 2023: 23.0 percent)
- Profit for the period is down on prior year by 7.3 percent to EUR 112.0 million and includes negative earnings from discontinued operations in the amount of EUR 3.3 million (Q3 2023: positive earnings of EUR 3.0 million)
- Earnings per share before restructuring expenses with a lower average number of shares unchanged from the prior-year quarter at EUR 0.72; earnings per share declined slightly to EUR 0.67 (Q3 2023: EUR 0.70)
Financial position
| Net financial position incl. discontinued operations | |||||
|---|---|---|---|---|---|
| EUR million | 09/30/2024 | 12/31/2023 | 09/30/2023 | ||
| Cash and cash equivalents | 354.7 | 623.9 | 483.0 | ||
| Current securities | - | 4.0 | 9.4 | ||
| Liabilities to banks | 101.2 | 101.9 | 103.4 | ||
| Leasing liabilities | 187.6 | 154.8 | 156.2 | ||
| Net liquidity ( + )/Net debt ( - ) | 65.9 | 371.2 | 232.9 |
| Overview of cash flow statement | Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change |
|---|---|---|---|---|---|---|
| EUR million) | 2024 | 2023 | absolute | 2024 | 2023 | absolute |
| Cash flow from operating | ||||||
| activities | 180.3 | 235.7 | $-55.4$ | 255.4 | 217.1 | 38.2 |
| Cash flow from investing activities | $-54.2$ | $-48.8$ | $-5.5$ | $-103.6$ | $-115.6$ | 12.0 |
| Free cash flow | 128.0 | 186.9 | $-80.9$ | 151.8 | 101.5 | 50.3 |
| Cash flow from financing activities | $-78.8$ | $-14.3$ | $-64.5$ | $-410.9$ | $-322.0$ | $-88.9$ |
| Cash flow of other discontinued | ||||||
| operations | $-0.2$ | $-0.7$ | 0.4 | $-1.5$ | $-2.2$ | 0.7 |
| Change in unrestricted cash and | ||||||
| cash equivalents | 41.6 | 169.3 | $-127.6$ | $-269.2$ | $-235.7$ | $-33.5$ |
- As of September 30, 2024, net liquidity fell to EUR 65.9 million (September 30, 2023: EUR 232.9 million); largest cash outflows in the last twelve months for payments for the share buyback program (EUR 229.6 million) and the dividends paid in May 2024 for the fiscal year 2023 (EUR 168.6 million)
- Net working capital increased to EUR 493.5 million (September 30, 2023: EUR 448.7 million) as at September 30, 2024; increase mainly due to sharp decline in contract liabilities and trade payables; further significant reduction in inventories combined with lower contract assets only partially offset this decline
- At 9.3 percent, net working capital as a percentage of revenue remained stable within the target range of 8.0 to 10.0 percent
- Cash flow from operating activities attributable to continued operations in the third quarter of 2024 with a cash inflow of EUR 180.3 million (Q3 2023: cash inflow EUR 235.7 million); cash inflow from profit for the period was offset primarily by an increase in net working capital and cash outflow in other operating assets and liabilities
- Cash flow from investing activities in the third quarter with a cash outflow of EUR 54.2 million (Q3 2023: cash outflow EUR 48.8 million); including EUR 53.4 million for payments for investments in property, plant and equipment and intangible assets
- Free cash flow decreased to EUR 126.0 million against the high comparative basis of the prior-year quarter (Q3 2023: EUR 186.9 million); free cash flow in Q1 to Q3 2024 increased to EUR 151.8 million (9M 2023: EUR 101.5 million)
- Financing activities led to a cash outflow in the third quarter at EUR 78.8 million (Q3 2023: cash outflow EUR 14.3 million); including EUR 56.0 million payments for the acquisition of treasury shares
Return on capital employed (ROCE)
| Return on capital employed (ROCE) | 09/30/2024 | 09/30/2023 |
|---|---|---|
| EBIT before restructuring expenses of the last 12 months (EUR million) | 595.6 | 594.5 |
| Capital employed (EUR million)* | 1,844.0 | 1,755.5 |
| Return on capital employed (in \%) | 32.3 | 33.9 |
| * Capital employed excluding goodwill from the acquisition of the former GEA AG by former Metalgesetzschaft AG in 1999 (average of the last four quarters). this also applies for the ROCE of the divisions. |
||
| Calculation capital employed* (EUR million) | 09/30/2024 | 09/30/2023 |
| Total assets | 5,796.0 | 5,826.8 |
| minus current liabilities | 2,401.1 | 2,460.4 |
| minus goodwill $\mathrm{mg} / \mathrm{GEA}$ | 790.3 | 790.5 |
| minus deferred tax assets | 355.6 | 328.5 |
| minus cash and cash equivalents | 443.4 | 512.7 |
| minus other adjustments | $-28.5$ | $-10.8$ |
| Capital employed | 1,844.0 | 1,755.5 |
-
Averag of the last four quarters
-
Return on capital employed (ROCE) remained at a high level at 32.3 percent (September 30, 2023: 33.9 percent)
- Capital employed as an average of the last four quarters compared to the stable EBIT before restructuring expenses rose disproportionately, mainly as a result of an increase in non-current assets and net working capital
GEA Divisions
Separation \& Flow Technologies
| Separation \& Flow Technologies (EUR million) | $\begin{gathered} \text { Q3 } \ 2024 \end{gathered}$ | $\begin{gathered} \text { Q3 } \ 2023 \end{gathered}$ | Change in \% | Q1-Q3 2024 |
$\begin{gathered} \text { Q1-Q3 } \ 2023 \end{gathered}$ | Change in \% |
|---|---|---|---|---|---|---|
| Order intake | 377.9 | 350.7 | 7.8 | 1,169.2 | 1,188.0 | $-1.4$ |
| Revenue | 404.5 | 390.4 | 3.6 | 1,143.9 | 1,142.9 | 0.1 |
| Share service revenue in \% | 48.7 | 46.2 | 257 bp | 48.3 | 46.3 | 199 bp |
| EBITDA before restructuring expenses | 109.7 | 101.6 | 8.0 | 310.3 | 295.8 | 4.9 |
| as \% of revenue | 27.1 | 26.0 | 109 bp | 27.1 | 25.9 | 125 bp |
| EBITDA | 107.3 | 105.7 | 1.5 | 303.8 | 298.8 | 2.4 |
| EBIT before restructuring expenses | 96.1 | 90.4 | 6.3 | 271.9 | 263.1 | 3.3 |
| EBIT | 93.7 | 94.5 | $-0.9$ | 265.3 | 264.1 | 0.5 |
| ROCE in \% (3rd Party)* | 36.7 | 38.4 | $-173$ bp | 36.7 | 38.4 | $-173$ bp |
*1 ROCE, as one of the relevant performance indicators, has now been considered as „ROCE 3rd Party" (excluding interdivisional effects in the capital employer) at the divisional level.
| Change in revenue in \% | Q3 | Q1-Q3 2024 | |
|---|---|---|---|
| Change compared to prior-year | 3.6 | 0.1 | |
| Fill effects | $-2.8$ | $-6.2$ | |
| Acquisitions/divestments | |||
| Organic | 6.5 | 6.3 |
- Order intake in third quarter rose by 7.8 percent to EUR 377.9 million compared to the prior-year quarter; organic growth of 13.4 percent; growth in almost all customer industries, particularly dairy processing, food and beverage; all regions with the exception of Latin America recorded an increase
- Book-to-bill ratio improved to 0.93 (Q3 2023: 0.90)
- Revenue increased by 3.6 percent to EUR 404.5 million, organic growth amounted to 6.5 percent
- Share of service revenue at a high level with further expansion to 48.7 percent (Q3 2023: 46.2 percent)
- High revenue growth rate in the DACH and Eastern Europe regions as well as Western Europe, the Middle East and Africa; food, beverage, pharma and marine customer industries recorded significant growth
- Increase in EBITDA before restructuring expenses by 8.0 percent to EUR 109.7 million, primarily due to high service share; corresponding EBITDA margin increased by 1.1 percentage points to 27.1 percent
- ROCE fell slightly to 36.7 percent (Q3 2023: 38.4 percent) due to higher capital employed
Liquid \& Powder Technologies
| Liquid \& Powder Technologies | $\begin{gathered} \text { Q3 } \ 2024 \end{gathered}$ | $\begin{gathered} \text { Q3 } \ 2023 \end{gathered}$ | Change in $\%$ | Q1-Q3 2024 | Q1-Q3 2023 | Change in $\%$ |
|---|---|---|---|---|---|---|
| Order intake | 426.7 | 410.8 | 3.9 | 1,215.3 | 1,375.2 | $-11.6$ |
| Revenue | 401.7 | 437.7 | $-8.2$ | 1,192.1 | 1,258.3 | $-5.3$ |
| Share service revenue in \% | 27.1 | 23.7 | 334 bp | 26.7 | 23.5 | 318 bp |
| EBITDA before restructuring expenses | 50.3 | 46.1 | 9.1 | 118.4 | 116.1 | 2.0 |
| as \% of revenue | 12.5 | 10.5 | 198 bp | 9.9 | 9.2 | 71 bp |
| EBITDA | 47.3 | 44.9 | 5.5 | 102.9 | 111.2 | $-7.5$ |
| EBIT before restructuring expenses | 41.9 | 37.4 | 12.1 | 93.4 | 90.9 | 2.8 |
| EBIT | 39.0 | 36.2 | 7.8 | 74.8 | 86.1 | $-13.1$ |
| ROCE in \% (3rd Party)* | - | - | - | - | - | - |
| * ROCE, as one of the relevant performance indicators, has now been considered as „ROCE 3rd Party" (excluding interdivisional effects in the capital employed) at the divisional level. Due to negative capital employed, ROCE is not meaningful for the years 2024 and 2023. | ||||||
| Change in revenue in \% | $\begin{gathered} \text { Q3 } \ 2024 \end{gathered}$ | $\begin{gathered} \text { Q1-Q3 } \ 2024 \end{gathered}$ | ||||
| Change compared to prior-year | $-8.2$ | $-5.3$ | ||||
| FX effects | $-0.7$ | $-1.6$ | ||||
| Acquisitions/divestments | - | - | ||||
| Organic | $-7.6$ | $-3.7$ |
- Increase in order intake in the third quarter by 3.9 percent to EUR 426.7 million (Q3 2023: EUR 410.8 million), organic growth of 4.8 percent; growth primarily in the dairy processing, food and chemical customer industries; increase in almost all regions with the exception of Northern and Central Europe; DACH and Eastern Europe showed stable development
- One large order (> EUR 15 million) totaling EUR 58.6 million in the dairy processing industry (Q3 2023: two large orders totaling EUR 121.8 million)
- Book-to-bill ratio improved to 1.06 (Q3 2023: 0.94)
- Revenue decreased by 8.2 percent to EUR 401.7 million, organic decline of 7.6 percent; beverage industry recorded growth, all other customer industries with lower revenues; regionally, Western Europe, the Middle East and Africa showed positive revenue development
- Very good development in service business leads to increase in share of service revenue to 27.1 percent (Q3 2023: 23.7 percent)
- EBITDA before restructuring expenses rose by 9.1 percent to EUR 50.3 million mainly due to the changed product mix (Q3 2023: EUR 46.1 million); correspondingly significant increase in the EBITDA margin to 12.5 percent (Q3 2023: 10.5 percent)
Food \& Healthcare Technologies
| Food \& Healthcare Technologies | Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change |
|---|---|---|---|---|---|---|
| EUR million | 2024 | 2023 | in \% | 2024 | 2023 | in \% |
| Order intake | 238.0 | 236.5 | 0.6 | 750.8 | 775.4 | $-3.2$ |
| Revenue | 252.8 | 244.3 | 3.5 | 730.5 | 739.2 | $-1.2$ |
| Share service revenue in \% | 35.4 | 34.4 | 103 bp | 35.7 | 33.2 | 254 bp |
| EBITDA before restructuring expenses | 25.6 | 16.7 | 53.3 | 71.7 | 57.5 | 24.9 |
| as \% of revenue | 10.1 | 6.8 | 329 bp | 9.8 | 7.8 | 205 bp |
| EBITDA | 25.5 | 14.6 | 75.3 | 70.0 | 48.9 | 49.0 |
| EBIT before restructuring expenses | 14.5 | 6.2 | $>100$ | 38.2 | 26.4 | 44.9 |
| EBIT | 11.6 | 4.1 | $>100$ | 33.7 | 15.5 | $>100$ |
| ROCE in \% (3rd Party)* | 9.7 | 11.1 | -141 bp | 9.7 | 11.1 | -141 bp |
| *1 ROCE, as one of the relevant performance indicators, has now been considered as „ROCE 3rd Party" (excluding interdivisional effects in the capital employed) at the divisional level. | ||||||
| Change in revenue in \% | Q3 2024 | Q1-Q3 2024 | ||||
| Change compared to prior-year | 3.5 | $-1.2$ | ||||
| FX effects | 0.1 | $-0.1$ | ||||
| Acquisitions/divestments | $-$ | $-$ | ||||
| Organic | 3.4 | $-1.0$ |
- Order intake in the third quarter compared with the previous year increased slightly by 0.6 percent to EUR 238.0 million, organically also growth of 0.6 percent; positive development mainly driven by the food customer industry and the Latin America and Western Europe regions
- Book-to-bill ratio decreased slightly to 0.94 (Q3 2023: 0.97)
- Revenue up on the prior-year quarter by 3.5 percent to EUR 252.8 million, organic growth of 3.4 percent
- Share of service revenue increased to 35.4 percent (Q3 2023: 34.4 percent)
- Regionally heterogeneous revenue development: significant increases in the regions of Asia Pacific, Northern and Central Europe as well as Western Europe, the Middle East and Africa; primarily growth in the food and pharma customer industries
- EBITDA before restructuring expenses rose significantly by 53.3 percent to EUR 25.6 million (Q3 2023: EUR 16.7 million), in particular due to improved gross margin; corresponding EBITDA margin compared to the prior-year quarter increased by 3.3 percentage points to 10.1 percent (Q3 2023: 6.8 percent), the positive trend continued in line with previous quarters (Q4 2023: 7.2 percent; Q1 2024: 9.5 percent; Q2 2024: 9.8 percent)
- In the reporting quarter, ROCE fell to 9.7 percent, due to the lower EBIT before restructuring expenses over the last twelve months compared with the prior-year period
Farm Technologies
| Farm Technologies | Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change |
|---|---|---|---|---|---|---|
| EUR million | 2024 | 2023 | in \% | 2024 | 2023 | in \% |
| Order intake | 161.3 | 165.4 | -2.5 | 518.2 | 607.8 | -14.7 |
| Revenue | 195.1 | 209.7 | -7.0 | 572.3 | 591.5 | -3.3 |
| Share service revenue in \% | 49.0 | 42.7 | 625 bp | 48.2 | 44.7 | 343 bp |
| EBITDA before restructuring expenses | 31.5 | 33.0 | -4.4 | 86.9 | 86.1 | 0.9 |
| as \% of revenue | 16.2 | 15.7 | 43 bp | 15.2 | 14.6 | 63 bp |
| EBITDA | 30.8 | 31.8 | -3.1 | 84.4 | 82.3 | 2.5 |
| EBIT before restructuring expenses | 25.2 | 26.8 | -6.1 | 67.8 | 67.3 | 0.8 |
| EBIT | 24.5 | 25.6 | -4.5 | 65.3 | 63.5 | 2.8 |
| ROCE in \% (3rd Party)* | 27.8 | 30.4 | -262 bp | 27.8 | 30.4 | -262 bp |
*1 ROCE, as one of the relevant performance indicators, has now been considered as „ROCE 3rd Party" (excluding interdivisional effects in the capital employed) at the divisional level.
| Change in revenue in \% | Q3 | Q1-Q3 |
|---|---|---|
| 2024 | 2024 | |
| Change compared to prior-year | ||
| Flt effects | -7.0 | |
| Acquisitions/divestments | -3.3 | |
| Organic | -5.6 |
- Order intake fell by 2.5 percent to EUR 161.3 million; by contrast, growth of 1.1 percent organically compared to the prior-year quarter; decline in new machine business with conventional and automatic milking systems was more than offset by growth in the service business; positive regional development, particularly in Latin America as well as Northern and Central Europe
- Book-to-bill ratio improved to 0.83 (Q3 2023: 0.79)
- Revenue decreased by 7.0 percent to EUR 195.1 million, organic decline of 4.0 percent
- The share of service revenue rose from 42.7 percent in the prior-year quarter to 49.0 percent
- The negative revenue trend mainly affected the new machine business in North America, China and Northern and Central Europe
- Despite improved gross margins, EBITDA before restructuring expenses reduced by 4.4 percent to EUR 31.5 million due to the decline in revenue; nevertheless, corresponding EBITDA margin increased from 15.7 percent to 16.2 percent
- ROCE fell to 27.8 percent (Q3 2023: 30.4 percent), primarily due to the lower EBIT before restructuring expenses combined with an increase in capital employed
Heating \& Refrigeration Technologies
| Heating \& Refrigeration Technologies | Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change |
|---|---|---|---|---|---|---|
| EUR million | 2024 | 2023 | in \% | 2024 | 2023 | in \% |
| Order intake | 151.3 | 142.0 | 6.5 | 456.3 | 456.8 | $-0.1$ |
| Revenue | 151.4 | 133.8 | 13.2 | 434.0 | 409.6 | 5.9 |
| Share service revenue in \% | 37.8 | 37.1 | 63 bp | 38.4 | 36.9 | 144 bp |
| EBITDA before restructuring expenses | 19.6 | 17.6 | 11.8 | 56.2 | 49.6 | 13.3 |
| as \% of revenue | 13.0 | 13.1 | $-16 \mathrm{bp}$ | 12.9 | 12.1 | 84 bp |
| EBITDA | 19.6 | 16.3 | 20.6 | 57.3 | 45.9 | 24.8 |
| EBIT before restructuring expenses | 16.1 | 14.2 | 13.3 | 45.6 | 39.5 | 15.5 |
| EBIT | 16.1 | 12.9 | 24.5 | 46.8 | 35.9 | 30.5 |
| ROCE in \% (3rd Party)* | 49.0 | 35.4 | 1,352 bp | 49.0 | 35.4 | 1,352 bp |
*1 ROCE, as one of the relevant performance indicators, has now been considered as „ROCE 3rd Party" (excluding interdivisional effects in the capital employed) at the divisional level.
| Change in revenue in \% |
Q3 | Q1-Q3 |
|---|---|---|
| 2024 | 2024 | |
| Change compared to prior-year | ||
| $\mathbf{1 0 . 2}$ | $\mathbf{5 . 0}$ | |
| FX effects | 0.3 | 0.2 |
| Acquisitions/divestments | - | -0.2 |
| Organic* | 12.9 |
*2 Organic sales growth is calculated on the basis of the revenue reported in the previous year less disposed businesses.
- Order intake in third quarter rose significantly by 6.5 percent - corresponding to 6.1 percent organically to EUR 151.3 million; growth in almost all regions with the exception of DACH and Eastern Europe as well as Northern and Central Europe
- Book-to-bill ratio decreased to 1.00 (Q3 2023: 1.06)
- Revenue up significantly on the prior-year quarter by 13.2 percent to EUR 151.4 million - primarily due to the high order backlog as well as increased service revenues in a generally positive market environment; organic growth of 12.9 percent
- Revenue growth in almost all regions, strongest in the Northern and Central Europe region due to the strong order intake both this year and last year; slight decline in revenue in North America
- Share of service revenue rose from 37.1 percent to 37.8 percent, primarily due to increased service revenue in the North America as well as in the Northern and Central Europe regions
- Significant improvement in EBITDA margin before restructuring expenses of 11.8 percent to EUR 19.6 million based on a strong growth in gross profit; EBITDA margin before restructuring expenses on a level with the prior-year quarter at 13.0 percent (Q3 2023: 13.1 percent)
- ROCE increased further to 49.0 percent (Q3 2023: 35.4 percent) due to improvement in EBIT before restructuring expenses in conjunction with lower capital employed
Other/Consolidation
| Others/consolidation | Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change |
|---|---|---|---|---|---|---|
| EUR million | 2024 | 2023 | in.\% | 2024 | 2023 | in.\% |
| Order intake | -54.5 | -58.0 | 5.9 | -154.9 | -191.9 | 19.3 |
| Revenue | -55.6 | -64.8 | 14.1 | -158.4 | -177.4 | 10.7 |
| EBITDA before restructuring expenses | -19.6 | -7.9 | $<-100$ | -45.3 | -34.6 | -30.9 |
| EBITDA | -21.3 | -10.0 | $<-100$ | -50.9 | -43.5 | -17.0 |
| EBIT before restructuring expenses | -25.6 | -13.1 | -95.3 | -64.7 | -49.9 | -29.6 |
| EBIT | -27.3 | -15.2 | -79.8 | -70.3 | -58.9 | -19.5 |
- Other/Consolidation primarily comprises the support functions (e.g. finance, legal, communication, etc.) bundled in the Global Corporate Center (GCC) for management of the group and the divisions as well as consolidation effects between the segments; intra-group order intake and revenue streams are correspondingly eliminated, with costs allocated according to their source
- Change in EBITDA before restructuring expenses (decrease of EUR 11.7 million) mainly due to increased internal service expenses in the GCC in the third quarter
Outlook for 2024
GEA continued to develop very profitably also in the third quarter of 2024. On October 11, 2024, the Executive Board therefore once again raised the outlook for the group EBITDA margin before restructuring expenses for the full year to now between 15.4 and 15.6 percent. The forecasts for organic revenue growth and return on capital employed (ROCE) were confirmed.
This forecast is based on the market projections and other assumptions described in the 2023 Annual Report under "Economic environment in 2024" as well as other assumptions and further expectations for the fourth quarter of 2024. We have based our outlook on the assumption that there will be no significant deterioration or improvement in the parameters previously described, beyond the statements made above, that could have a negative or positive impact on global economic developments or GEA's business performance.
Economic environment in 2024
In its October 2024 outlook, the International Monetary Fund (IMF) continues to anticipate a rise in global production of 3.2 percent for the full-year 2024. The IMF expects advanced economies to grow by 1.8 percent, slightly higher than in its July forecast (1.7 percent). In emerging and developing economies, the growth prospects for 2024 are 4.2 percent, slightly below the 4.3 percent that was forecasted in July. The IMF lowered its forecast by 0.1 percentage points to 0.8 percent for the euro area. The IMF now assumes zero growth for Germany and has lowered its forecast accordingly by 0.2 percentage points compared to July.
Global inflation is expected to fall further to 5.3 percent by the end of 2024 (July 2024 projection: 5.9 percent). Differences between the individual economies remain. The IMF expects inflation of 2.3 percent in advanced economies and 7.7 percent in emerging markets and developing economies ( 0.4 and 0.5 percentage points lower than projected in July).
With regard to the 2024 fiscal year, GEA is expecting for the group:
| Forecast for 2024 (according to half-yearly financial report 2024) |
New Forecast for 2024 |
2023 | |
|---|---|---|---|
| Outlook financial year 2024 | +2.0\% to +4.0\% | unchanged | EUR 5,373 million |
| Revenue development (organic ${ }^{1}$ ) | 14.9\% to 15.2\% | 15.4\% to 15.6\% | 14.4\% |
| EBITDA margin before restructuring expenses | 32.0\% to 35.0\% | unchanged | 32.7\% |
| ROCE $^{2}$ |
GEA does not expect any changes for the individual divisions compared to the Half-yearly Financial Report 2024. Further information on the outlook for 2024 can be found in the 2023 Annual Report (p. 167 et seq.).
Düsseldorf, November 6, 2024
Consolidated Balance Sheet
as of September 30, 2024
| Assets (EUR thousand) | Change in \% | Equity and liabilities (EUR thousand) | Change in \% | |||||
|---|---|---|---|---|---|---|---|---|
| Property, plant and equipment | 856,491 | 796,278 | 7.6 | Issued capital | 501,778 | 515,992 | $-2.8$ | |
| Goodwill | 1,488,789 | 1,476,108 | 0.9 | Capital reserve | 1,217,861 | 1,217,861 | - | |
| Other intangible assets | 391,435 | 392,423 | $-0.3$ | Retained earnings | 599,857 | 628,487 | $-4.6$ | |
| Other non-current financial assets | 31,525 | 47,360 | $-33.4$ | Accumulated other comprehensive income | 16,336 | 34,969 | $-53.3$ | |
| Other non-current assets | 4,790 | 5,567 | $-14.0$ | Equity attributable to shareholders of GEA Group AG | 2,335,832 | 2,397,309 | $-2.6$ | |
| Deferred taxes | 325,031 | 382,723 | $-15.1$ | Non-controlling interests | 411 | 412 | $-0.2$ | |
| Non-current assets | 3,098,061 | 3,100,459 | $-0.1$ | Equity | 2,336,243 | 2,397,721 | $-2.6$ | |
| Inventories | 843,555 | 842,355 | 0.1 | Non-current provisions | 112,327 | 114,867 | $-2.2$ | |
| Contract assets | 377,756 | 373,960 | 1.0 | Non-current employee benefit obligations | 617,852 | 634,633 | $-2.6$ | |
| Trade receivables | 727,742 | 770,688 | $-5.6$ | Non-current financial liabilities | 132,861 | 205,267 | $-35.3$ | |
| Income tax receivables | 70,891 | 53,499 | 32.5 | Non-current contract liabilities | 7,273 | 5,608 | 29.7 | |
| Other current financial assets | 67,677 | 62,261 | 8.7 | Other non-current liabilities | 660 | 685 | $-3.6$ | |
| Other current assets | 157,109 | 124,946 | 25.7 | Deferred taxes | 113,999 | 106,875 | 6.7 | |
| Cash and cash equivalents | 354,735 | 623,886 | $-43.1$ | Non-current liabilities | 984,972 | 1,067,935 | $-7.8$ | |
| Assets held for sale | 4,700 | 1,991 | $>100$ | Current provisions | 281,788 | 266,247 | 5.8 | |
| Current assets | 2,604,165 | 2,853,786 | $-8.7$ | Current employee benefit obligations | 249,973 | 291,439 | $-14.2$ | |
| Total assets | 5,702,226 | 5,954,245 | $-4.2$ | Current financial liabilities | 266,878 | 135,747 | 96.6 | |
| Trade payables | 697,470 | 769,036 | $-9.3$ | |||||
| Current contract liabilities | 749,148 | 864,692 | $-13.4$ | |||||
| Income tax liabilities | 33,666 | 65,136 | $-48.3$ | |||||
| Other current liabilities | 102,088 | 96,292 | 6.0 | |||||
| Liabilities held for sale | - | - | - | |||||
| Current liabilities | 2,381,011 | 2,488,589 | $-4.3$ | |||||
| Total equity and liabilities | 5,702,226 | 5,954,245 | $-4.2$ |
Consolidated Income Statement
for the period July 1 - September 30, 2024
| (EUR thousand) | $\begin{gathered} \text { Q3 } \ 2024 \end{gathered}$ | $\begin{gathered} \text { Q3 } \ 2023 \end{gathered}$ | Change in \% |
|---|---|---|---|
| Revenue | 1,349,849 | 1,351,072 | $-0.1$ |
| Cost of sales | 859,770 | 877,707 | $-2.0$ |
| Gross profit | 490,079 | 473,365 | 3.5 |
| Selling expenses | 151,737 | 138,789 | 9.3 |
| Research and development expenses | 24,780 | 26,685 | $-7.1$ |
| General and administrative expenses | 158,254 | 150,217 | 5.4 |
| Other income | 80,436 | 118,164 | $-32.5$ |
| Other expenses | 80,402 | 121,891 | $-34.0$ |
| Net result from impairment and reversal of impairment on trade receivables and contract assets | $-123$ | 217 | - |
| Other financial income | 3,486 | 1,593 | $>100$ |
| Other financial expenses | 1,065 | $-1,411$ | - |
| Earnings before interest and tax (EBIT) | 157,640 | 158,168 | $-0.3$ |
| Interest income | 1,432 | 3,634 | $-62.6$ |
| Interest expense | 9,641 | 8,988 | 7.3 |
| Profit before tax from continuing operations | 149,431 | 153,014 | $-2.3$ |
| Income taxes | 34,082 | 35,212 | $-3.2$ |
| Profit after tax from continuing operations | 115,349 | 117,802 | $-2.1$ |
| Profit or loss after tax from discontinued operations | $-3,331$ | 3,048 | - |
| Profit for the period | 112,018 | 120,848 | $-7.3$ |
| thereof attributable to shareholders of GEA Group AG | 112,018 | 120,848 | $-7.3$ |
| thereof attributable to non-controlling interests | - | - | - |
| (EUR) | Q3 2024 |
Q3 2023 |
Change in \% |
| Basic and diluted earnings per share from continuing operations | 0.69 | 0.68 | 1.3 |
| Basic and diluted earnings per share from discontinued operations | $-0.02$ | 0.02 | - |
| Basic and diluted earnings per share | 0.67 | 0.70 | $-4.1$ |
| Weighted average number of ordinary shares used to calculate basic and diluted earnings per share (million) | 186.5 | 172.3 | $-3.4$ |
Consolidated Income Statement
for the period January 1 - September 30, 2024
| (EUR thousand) | $\begin{gathered} \text { Q1-Q3 } \ 2024 \end{gathered}$ | $\begin{gathered} \text { Q1-Q3 } \ 2023 \end{gathered}$ | Change in \% |
|---|---|---|---|
| Revenue | 3,914,357 | 3,964,171 | $-1.3$ |
| Cost of sales | 2,312,722 | 2,601,148 | $-3.4$ |
| Gross profit | 1,401,635 | 1,363,023 | 2.8 |
| Selling expenses | 460,075 | 432,703 | 6.3 |
| Research and development expenses | 79,372 | 82,337 | $-3.6$ |
| General and administrative expenses | 464,389 | 453,362 | 2.4 |
| Other income | 190,182 | 345,661 | $-45.0$ |
| Other expenses | 175,255 | 340,512 | $-48.5$ |
| Net result from impairment and reversal of impairment on trade receivables and contract assets | $-3,002$ | $-1,103$ | $<-100$ |
| Other financial income | 8,567 | 8,330 | 2.8 |
| Other financial expenses | 2,729 | 842 | $>100$ |
| Earnings before interest and tax (EBIT) | 415,962 | 408,155 | 2.3 |
| Interest income | 12,200 | 10,528 | 15.9 |
| Interest expense | 32,615 | 27,130 | 20.2 |
| Profit before tax from continuing operations | 395,147 | 389,553 | 1.4 |
| Income taxes | 93,526 | 89,895 | 4.0 |
| Profit after tax from continuing operations | 301,621 | 299,658 | 0.7 |
| Profit or loss after tax from discontinued operations | $-284$ | 676 | $-$ |
| Profit for the period | 301,337 | 300,334 | 0.3 |
| thereof attributable to shareholders of GEA Group AG | 301,337 | 300,334 | 0.3 |
| thereof attributable to non-controlling interests | $-$ | $-$ | $-$ |
| (EUR) | Q1-Q3 2024 | Q1-Q3 2023 | Change in \% |
| Basic and diluted earnings per share from continuing operations | 1.79 | 1.74 | 3.1 |
| Basic and diluted earnings per share from discontinued operations | $-0.00$ | 0.00 | $-$ |
| Basic and diluted earnings per share | 1.79 | 1.74 | 2.8 |
| Weighted average number of ordinary shares used to calculate basic and diluted earnings per share (million) | 168.3 | 172.3 | $-2.4$ |
Consolidated Cash Flow Statement
for the period July 1 - September 30, 2024
Consolidated Cash Flow Statement
for the period January 1 - September 30, 2024
| Q1-Q3 | Q1-Q3 | |
|---|---|---|
| (EUR thousand) | 2024 | 2023 |
| Profit for the period | 301,337 | 300,334 |
| plus income taxes | 93,526 | 89,895 |
| plus-/minus profit or loss after tax from discontinued operations | 284 | $-676$ |
| Profit before tax from continuing operations | 395,147 | 389,553 |
| Net interest income | 20,415 | 16,602 |
| Earnings before interest and tax (EBIT) | 415,562 | 400,155 |
| Depreciation, amortization, impairment losses, and reversal of impairment losses on non-current assets | 101,630 | 133,491 |
| Other non-cash income and expenses | 16,369 | 11,988 |
| Employee benefit obligations from defined benefit pension plans | $-32,687$ | $-34,649$ |
| Change in provisions and other employee benefit obligations | $-22,901$ | $-32,663$ |
| Losses and disposal of non-current assets | $-6,299$ | $-128$ |
| Change in inventories including unbilled construction contracts* | $-128,144$ | $-83,250$ |
| Change in trade receivables | 34,330 | $-12,347$ |
| Change in trade payables | $-64,195$ | $-33,821$ |
| Change in other operating assets and liabilities | $-25,035$ | $-58,097$ |
| Tax payments | $-83,478$ | $-79,578$ |
| Cash flow from operating activities of continued operations | 255,352 | 217,103 |
| Cash flow from operating activities of discontinued operations | $-1,729$ | $-2,248$ |
| Cash flow from operating activities | 253,623 | 214,855 |
| Proceeds from disposal of non-current assets | 16,181 | 4,911 |
| Payments to acquire property, plant and equipment, and intangible assets | $-121,644$ | $-139,696$ |
| Payments from non-current financial assets | $-3,403$ | $-10,195$ |
| Interest income | 7,489 | 6,324 |
| Dividend income | 1,973 | 1,379 |
| Payments from company acquisitions | $-5,970$ | - |
| Proceeds from sale of subsidiaries and other businesses | 2,022 | 21,690 |
| Received securities from disposal of subsidiaries and other businesses | - | - |
| Cash flow from investing activities of continued operations | $-103,552$ | $-115,587$ |
| Cash flow from investing activities of discontinued operations | 226 | - |
| Cash flow from investing activities | $-103,328$ | $-115,587$ |
| [EUR thousand) | Q1-Q3 | Q1-Q3 |
|---|---|---|
| Dividend payments | $-168,566$ | $-163,715$ |
| Payments for acquisition of treasury shares | $-178,137$ | $-1,315$ |
| Payments from lease liabilities | $-50,139$ | $-48,008$ |
| Repayments of borrower's note loans | - | $-100,000$ |
| Repayments of finance loans | $-5,054$ | 64 |
| Proceeds from the taking up of financial loans | - | - |
| Interest payments | $-9,030$ | $-9,034$ |
| Cash flow from financing activities of continued operations | $-410,926$ | $-322,008$ |
| Cash flow from financing activities of discontinued operations | - | - |
| Cash flow from financing activities | $-410,926$ | $-322,008$ |
| Effect of exchange rate changes on cash and cash equivalents | $-8,522$ | $-12,945$ |
| Change in cash and cash equivalents | $-280,151$ | $-235,685$ |
| Cash and cash equivalents at beginning of period | 623,886 | 718,727 |
| Cash and cash equivalents total | 354,735 | 483,042 |
| thereof restricted cash and cash equivalents | 17,703 | 12,616 |
| Cash and cash equivalents reported in the balance sheet | 354,735 | 483,042 |
| * Including advanced payments received |
Consolidated Statement of Changes in Equity
as of September 30, 2024
- Construtio
- Construtio
- Construtio
- Construtio
- Construtio
- Construtio
- Construtio
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FINANCIAL CALENDER
March 11, 2025
Annual Report 2024
April 30, 2025
Annual General Meeting for 2024
May 8, 2025
Quarterly Statement as of March 31, 2025
August 7, 2025
Half-yearly Financial Report as of June 30, 2025
November 6, 2025
Quarterly Statement as of September 30, 2025
GEA Stock: Key data
| WKN | 660200 |
|---|---|
| ISIN | DE0006602006 |
| Reuters code | G1AG.DE |
| Bloomberg code | G1A.GR |
| Xetra | G1A.DE |
| Investor Relations | |
|---|---|
| Phone | +492119136 -1081 |
| [email protected] |
Media Relations
Phone +49 2119136 -1492
Mail
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Imprint
Published by:
GEA Group Aktiengesellschaft
Peter-Müller-Straße 12, 40468 Düsseldorf, Germany
gea.com
Edited by:
Investor Relations, Corporate Accounting Corporate Controlling \& Regional Finance
Coordination:
Katja Redwick
This quarterly statement includes forward-looking statements on GEA Group Aktiengesellschaft, its subsidiaries and associates, and on the economic and political conditions that may influence the business performance of GEA. At these statements are based on assumptions made by the Executive Board using information available to it at the time. Should these assumptions prove to be wholly or partly incorrect, or should further risks arise, actual business performance may differ from that expected. The Executive Board therefore cannot assume any liability for the statements made.
Note regarding the rounding of figures
Due to the commercial rounding of figures and percentages, small deviations may occur.
Note regarding translation
This quarterly statement is the English translation of the original German version. In case of deviations between these two, the German version prevails.