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GEA Group AG

Quarterly Report Nov 23, 2007

176_10-q_2007-11-23_deeab304-f484-4a47-9f86-ee8844eb29a4.pdf

Quarterly Report

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Interim Report for the 3rd Quarter of 2007

Key Figures for the GEA Group (IFRS)

(EUR million) Q3
2007
Q3
2006
Change
%
Q1 - Q3
2007
Q1 - Q3
2006
Change
%
Results of operations
New orders 1,276.1 1,235.4 3.3 3,923.7 3,500.7 12.1
Sales 1,351.8 1,077.4 25.5 3,660.6 2,947.5 24.2
thereof outside Germany 1,027.1 849.4 20.9 2,865.0 2,295.0 24.8
thereof in Germany 324.7 228.0 42.4 795.6 652.5 21.9
Order book 2,440.4 1,997.7 22.2 2,440.4 1,997.7 22.2
EBITDA 127.6 91.5 39.5 322.9 226.8 42.3
EBIT 107.7 74.5 44.5 267.6 179.5 49.1
% of sales 8.0 6.9 - 7.3 6.1 -
Earnings before tax on continuing operations 92.6 63.8 45.1 225.8 148.4 52.1
% of sales 6.8 5.9 - 6.2 5.0 -
Net income on continuing operations 3.6 39.0 -90.8 96.6 90.7 6.5
Net income/loss on discontinued operations 180.7 -181.4 199.6 149.0 -237.1 162.8
Net income/loss 184.3 -142.4 229.4 245.5 -146.5 267.6
Net assets
Total assets 4,919.0 5,304.0 -7.3 4,919.0 5,304.0 -7.3
Equity 1,476.4 1,408.0 4.9 1,476.4 1,408.0 4.9
% of total assets 30.0 26.5 - 30.0 26.5 -
Net position (adjusted) 1/2 109.0 277.4 -60.7 109.0 277.4 -60.7
Gearing (%) 1/3 -7.4 -19.7 - -7.4 -19.7 -
Financial position
Cash flow from operating activities 81.5 77.6 5.1 -52.1 -31.3 -66.7
Free cash flow 4 140.2 66.5 111.0 -111.1 -81.0 -37.1
Investment (at balance sheet date) 5 2,692.2 2,399.2 12.2 2,692.2 2,399.2 12.2
ROCE (%) 6 4.0 3.1 - 9.9 7.5 -
Capital expenditure incl. finance leases 37.2 23.0 61.6 188.6 67.3 180.2
Employees 7
Employees at balance sheet date 19,230 16,584 16.0 19,230 16,584 16.0
thereof in Germany 6,677 6,344 5.2 6,677 6,344 5.2
thereof outside Germany 12,553 10,240 22.6 12,553 10,240 22.6
GEA Group's shares
Share price at balance sheet date (EUR) 24.67 14.22 73.5 24.67 14.22 73.5
Basic earnings per share (EUR) 0.98 -0.76 229.1 1.30 -0.78 267.4
thereof on continuing operations 0.02 0.21 -92.4 0.51 0.48 5.7
thereof on discontinued operations 0.96 -0.97 199.6 0.79 -1.26 162.8
Weighted average number of shares outstanding (million) 187.8 187.9 -0.1 187.9 187.9 -

1) Including Plant Engineering

2) Net position = cash + securities – bank debt

3) Gearing = net position / equity

5) Investment = non-current assets + current assets – trade payables – other liabilities – advances received – cash 7) Full-time equivalents (FTEs), excl. trainees

4) Free cash flow = cash flow from operating activities + cash flow from investing activities

6) ROCE = EBIT / investment

2 GEA Group's Shares

Management Report

  • 4 Economic Environment
  • 5 Business Performance
  • 12 Outlook

Financial Statements

  • 16 Consolidated Balance Sheet
  • 18 Consolidated Income Statement
  • 20 Consolidated Cash Flow Statement
  • 21 Consolidated Statement of Changes in Equity
  • 22 Notes to the Consolidated Financial Statements

The GEA Group's participation in nine roadshows, 300 one-on-one meetings and 14 capital markets conferences represents a marked overall increase on 2006. It is evidence of the heightened interest shown by the capital markets and underlines the intensive nature of the GEA Group's IR activities.

Shares and options held by directors and employees

No options are held by either directors of the company or employees of the Group.

In 2006 the company launched a new long-term remuneration program for executives of the first and second management levels. To receive their allocation, executives must use their own money to buy a certain number of GEA Group shares and then hold them throughout the three-year term of the program. At the end of the program – initially June 30, 2009 – the performance of GEA Group shares is compared with the performance of MDAX stocks. Executives only receive a payout from the program if the performance of the GEA Group's share price at the end of the term at least matches the average performance of stocks in the MDAX.

GEA Group's shares: key performance indicators Q3 Q3 Q1 - Q3 Q1 - Q3
2007 2006 2007 2006
Shares in issue at September 30 (million) 188.1 194.4 188.1 194.4
Number of shares at September 30 (million) 187.5 187.9 187.5 187.9
Average number of shares (million) 187.8 187.9 187.9 187.9
Share price at September 30 1
(EUR)
24.67 14.22 24.67 14.22
Highest share price (EUR) 26.66 14.31 26.66 16.08
Lowest share price (EUR) 20.86 11.41 16.23 10.97
Market capitalization at September 30 1
(EUR billion) 2
4.6 2.8 4.6 2.8
Basic earnings per share (EUR) 0.98 -0.76 1.30 -0.78
thereof on discontinued operations 0.96 -0.97 0.79 -1.26

1) Or on the last trading day of the reporting period

2) Based on number of shares in issue

Prices: Xetra closing prices

Management Report

Reallocation of Responsibilities on the Executive Board of GEA Group Aktiengesellschaft

As announced, Klaus Moll and Peter Schenk stepped down from the Executive Board in the third quarter of 2007. Niels Graugaard was appointed to the Executive Board on a three-year contract with effect from August 1, 2007. He will have operational responsibility for the Refrigeration, Process Equipment, Mechanical Separation and Process Engineering divisions. The Air Treatment, Dairy Farm Systems, Energy Technology and Gas Cleaning divisions will report to the CEO Jürg Oleas. Hartmut Eberlein will retain responsibility for the "Other" segment in addition to his role as Chief Financial Officer.

Sale of Lurgi Approved by the Regulator

After the relevant antitrust authorities in Brussels and the United States had approved the sale of Lurgi to the Air Liquide Group, Paris, France, the disposal was completed on July 20, 2007.

Economic Environment

Global economic growth remains strong. According to the autumn report published by Germany's leading economic research institutes, what was already a very strong expansion in the emerging markets – especially in Asia and, above all, China – accelerated during 2007. By contrast, the report notes that output in the industrialized nations has been growing at only a modest rate for some time. In the euro zone and Japan, where real gross domestic product (GDP) had achieved strong growth until earlier this year, the underlying economic trends weakened. The report concludes that the German economy is booming despite slower consumer spending, the strong euro and high oil prices. The turmoil in the financial markets triggered by the subprime mortgage crisis in the US caused the ECB to cancel an interest rate hike that had been announced and persuaded the Federal Reserve to cut its key lending rate.

The German Engineering Federation (VDMA) is predicting that sales in the euro-zone engineering sector will rise by 6 percent in real terms in 2007 on the back of brisk demand for capital goods. It is also expecting global equipment sales to increase by over 5 percent year-on-year in real terms in 2007. In October, Germany's engineering firms revised their forecasts for 2007 upward for the second time this year and now expect to increase their output by 11 percent.

Business Performance

New orders

In the third quarter of 2007 the GEA Group slightly increased its volume of new orders by 3.3 percent compared with the strong corresponding quarter of 2006 to EUR 1.276 billion (2006: EUR 1.235 billion). New orders won in the first three quarters of 2007 totaled EUR 3.924 billion, a year-onyear rise of 12.1 percent (2006: EUR 3.501 billion). Newly acquired companies contributed EUR 133.7 million to this growth in new orders in the first three quarters.

The Customized Systems segment reported an encouraging increase. The Air Treatment division benefited from a general recovery in the western European commercial construction sector. Both of the companies acquired in 2006 – Turkey's Isisan and Denco of the UK – performed extremely well within this division. Conditions in the industrial refrigeration market remained benign in the third quarter of 2007. The Refrigeration division increased its volume of new orders in comparison with both the third quarter and the first three quarters of 2006, principally as a result of buoyant demand from key markets such as the food and chemical industries. This division also benefited from growing replacement investment in state-of-the-art refrigeration plant and equipment, also driven by greater global awareness of environmental issues as a result of climate change.

In the Process Equipment segment, the Process Equipment division generated strong growth, especially in heat exchangers and homogenizers. Significant capital spending in the dairy industry and in the petrochemical industry as a result of persistently high oil prices, brisk activity in the shipbuilding sector and buoyant demand for heat exchangers for applications in the secondary energy market, such as transformer stations, is driving business in this division, which is a leading equipment supplier to the process engineering sectors. Production of plate heat exchangers started at the division's new state-of-the-art plant in York, United States, in the third quarter. Persistently strong demand led to a slight increase in the volume of new orders received by the Mechanical Separation division. Growth stimulus came mainly from the pharmaceuticals, chemicals, sewage treatment and shipbuilding markets. The volume of business in the Dairy Farm Systems division grew significantly year on year, primarily due to the contribution of the newly acquired J. Houle & Fils. Demand from central, eastern and southeastern Europe – especially Russia - was encouraging.

In the Process Engineering segment, the record level of construction and erection activity and the consequent shortage of resources available for other potential projects continued to be reflected in the more subdued performance of new orders in the Energy Technology division. The division only partly managed to compensate for this by winning a larger number of small-ticket orders. The Process Engineering division significantly increased the volume of new orders it won in the first nine months, largely on the back of its performance in the first half of the year. The level of new orders remained high in the third quarter. Demand from Asia and eastern Europe – particularly in the dairy and brewing industries – remained buoyant.

Q3 Q3 Change Q1 - Q3 Q1 - Q3 Change
2007 2006 % 2007 2006 %
253.0 222.7 13.6 776.1 656.2 18.3
443.7 382.9 15.9 1,254.5 1,071.0 17.1
492.8 530.4 -7.1 1,601.4 1,509.9 6.1
1,189.5 1,135.9 4.7 3,632.0 3,237.0 12.2
86.5 99.5 -13.0 291.7 263.7 10.7
1,276.1 1,235.4 3.3 3,923.7 3,500.7 12.1

Although the volume of new orders received by the Gas Cleaning division in the third quarter fell marginally year on year, it increased slightly in the first nine months.

Sales

The GEA Group's sales for the third quarter of 2007 grew by 25.5 percent year on year to EUR 1.352 billion (2006: EUR 1.077 billion) on the back of its well-stocked order books and consistently strong market demand. Sales for the first three quarters grew by 24.2 percent from EUR 2.948 billion in 2006 to EUR 3.661 billion in 2007. New acquisitions generated sales of EUR 146.7 million in the first nine months of the year.

Sales
(EUR million)
Q3
2007
Q3
2006
Change
%
Q1 - Q3
2007
Q1 - Q3
2006
Change
%
Customized Systems 253.2 199.3 27.1 709.9 565.2 25.6
Process Equipment 403.5 342.9 17.7 1,099.5 953.1 15.4
Process Engineering 603.2 438.0 37.7 1,533.7 1,174.5 30.6
Total 1,259.9 980.1 28.5 3,343.0 2,692.8 24.1
Eliminated and "Other" 91.9 97.3 -5.5 317.5 254.7 24.7
GEA Group 1,351.8 1,077.4 25.5 3,660.6 2,947.5 24.2

The Customized Systems segment raised its sales in the third quarter by 27.1 percent to EUR 253.2 million (2006: EUR 199.3 million). By integrating Denco, the Air Treatment division increased its sales compared with the third quarter of 2006, and the Refrigeration division's sales also rose significantly. In the first nine months the segment's sales rose by 25.6 percent from EUR 565.2 million to EUR 709.9 million. Third-quarter sales in the Process Equipment segment advanced by a further 17.7 percent from an already high level to EUR 403.5 million (2006: EUR 342.9 million). The Process Equipment division is the segment's biggest growth driver. The segment's sales for the first three quarters increased by 15.4 percent from EUR 953.1 million to EUR 1.100 billion. The Process Engineering segment raised its sales by 37.7 percent to EUR 603.2 million (2006: EUR 438.0 million). This effect is due to its acquisitions and well-stocked order book. In the first nine months the segment's sales rose by 30.6 percent from EUR 1.175 billion to EUR 1.534 billion.

The Gas Cleaning division achieved strong sales growth in the first nine months.

Order book

The GEA Group's order book as at September 30, 2007 amounted to EUR 2.440 billion, a 22.2 percent increase on the same date in 2006 (EUR 1.998 billion). This was an improvement of EUR 355.2 million, or 17.0 percent, on December 31, 2006 (EUR 2.085 billion).

Order book Change
(EUR million) 09/30/2007 09/30/2006 %
Customized Systems 297.4 258.7 15.0
Process Equipment 538.3 428.3 25.7
Process Engineering 1,547.7 1,272.7 21.6
Total 2,383.4 1,959.7 21.6
Eliminated and "Other" 57.0 38.0 50.0
GEA Group 2,440.4 1,997.7 22.2

Discontinued operations

GEA Group AG completed the sale of Lurgi to the French-based Air Liquide Group with effect from July 20, 2007 after the final outstanding approval had been issued by the US antitrust authorities on July 12.

The antitrust authorities are still studying the Lentjes deal. Because of the complex market structures involved, the Brussels-based antitrust regulator responsible has not yet concluded its analysis. As things stand, we believe it is fairly likely that this deal will be approved by the end of the fourth quarter.

The net income on discontinued operations for the first three quarters (EUR 149.0 million) comprises the income contributed by Lurgi (EUR 207.3 million) and losses incurred by Lentjes (EUR 139.1 million), EUR 38.0 million of which is attributable to the third quarter. This item also includes income of EUR 80.7 million that stems mainly from reductions in provisions in the second quarter.

Results of operations

The GEA Group's earnings before interest and tax (EBIT) for the third quarter of 2007 came to EUR 107.7 million, an increase of 44.5 percent on the third quarter of 2006 (EUR 74.5 million). All core segments, the Gas Cleaning division and Ruhr-Zink contributed to this rise. The EBIT margin rose from 6.9 percent to 8.0 percent. In the first nine months of 2007 the GEA Group's EBIT advanced by 49.1 percent from EUR 179.5 million to EUR 267.6 million. The EBIT margin for the first three quarters widened from 6.1 percent in 2006 to 7.3 percent in 2007.

Key figures on results of operations
(EUR million)
Q3
2007
Q3
2006
Change
%
Q1 - Q3
2007
Q1 - Q3
2006
Change
%
Sales 1,351.8 1,077.4 25.5 3,660.6 2,947.5 24.2
EBITDA 127.6 91.5 39.5 322.9 226.8 42.3
EBIT 107.7 74.5 44.5 267.6 179.5 49.1
Earnings before tax on continuing
operations 92.6 63.8 45.1 225.8 148.4 52.1
Income taxes -89.0 -24.8 -258.5 -129.2 -57.7 -123.8
Net income on continuing operations 3.6 39.0 -90.8 96.6 90.7 6.5
Net income/loss on discontinued
operations 180.7 -181.4 199.6 149.0 -237.1 162.8
Net income/loss 184.3 -142.4 229.4 245.5 -146.5 267.6

The Customized Systems, Process Equipment and Process Engineering core segments increased their EBIT (up by 37.9 percent from EUR 76.9 million to EUR 106.0 million) and their EBIT margin (from 7.8 percent to 8.4 percent) in the third quarter of 2007. In the first nine months of 2007, EBIT grew by 41.6 percent year on year to EUR 262.2 million (2006: EUR 185.2 million), and the EBIT margin improved from 6.9 percent to 7.8 percent.

At the end of the third quarter of 2007, all of the Group's segments had achieved year-on-year increases in their EBIT margins for both the third quarter and the first nine months. The largest third-quarter margin growth was achieved by the Customized Systems segment, which widened its EBIT margin by 140 basis points to 8.7 percent. This was mainly because the problem of start-up costs for new products in the Air Treatment division had been resolved. The segment increased its EBIT margin for the first three quarters by 100 basis points to 6.9 percent. The highest EBIT margin was generated by the Process Equipment segment. It amounted to 13.1 percent in the third quarter (an increase of 80 basis points) and 12.0 percent in the first nine months (a rise of 170 basis points). This improvement would have been even greater had it not been for the start-up of production at a new factory in the US in the Process Equipment division. The Process Engineering segment raised its EBIT margin by 50 basis points to 5.2 percent in the third quarter and by 70 basis points to 5.3 percent in the first nine months.

The GEA Group raised its third-quarter earnings before tax (EBT) by EUR 28.8 million, or 45.1 percent, to EUR 92.6 million and its EBT for the first nine months by EUR 77.4 million, or 52.1 percent, to EUR 225.8 million. The lower level of net interest income is mainly attributable to the change in the GEA Group's funding following the sale of its plant engineering operations.

As announced, the 10 percentage point reduction in Germany's business tax rates to less than 30 percent required the GEA Group to recognize an adjustment of EUR 67 million on its deferred tax assets in the third quarter.

Including the net income on discontinued operations, the GEA Group's net income for the third quarter came to EUR 184.3 million (2006: net loss of EUR 142.4 million); its net income for the first nine months amounted to EUR 245.5 million (2006: net loss of EUR 146.5 million). The GEA Group's net income equates to earnings of EUR 0.98 per share in the third quarter (2006: loss of EUR 0.76) and earnings of EUR 1.30 per share for the first nine months of 2007, compared with a loss of EUR 0.78 per share in 2006.

Financial position

The adjusted net position – including discontinued operations – deteriorated by EUR 383.0 million compared with December 31, 2006. The largest net outflows of cash related to capital spending on financial assets and property, plant and equipment; cash payments in connection with divestments; and the increase in working capital. The net position deteriorated by EUR 168.5 million compared with the third quarter of 2006. The gearing ratio was minus 7.4 percent.

Summary cash flow statement Q1 - Q3 Q1 - Q3 Change
(EUR million) 2007 2006 %
Cash flow from operating activities -52.1 -31.3 -66.7
ROCE (%) 9.9 7.5 -
Cash flow from investing activities -58.9 -49.7 -18.6
Free cash flow -111.1 -81.0 -37.1
Cash flow from financing activities 155.3 20.8 645.3
Net position (adjusted) 109.0 277.4 -60.7
Gearing (%) -7.4 -19.7 -

Net assets

The total assets figure reported as at September 30, 2007 had hardly changed since December 31, 2006. While the assets held for sale decreased significantly once the sale of Lurgi had been completed, the volume of current assets in particular increased as a result of the continued expansion of business. The same trend was evident on the liabilities side of the balance sheet. Liabilities related to assets held for sale also decreased significantly after the Lurgi disposal had been completed. By contrast, the increase in current liabilities stems partly from the debtfinanced acquisitions completed in the first half of the year.

Summary balance sheet % of % of Change
(EUR million) 09/30/2007 total assets 12/31/2006 total assets %
Assets
Non-current assets 2,308.4 46.9 2,248.9 45.4 2.6
thereof goodwill 1,299.4 26.4 1,250.8 25.3 3.9
thereof deferred taxes 344.1 7.0 431.8 8.7 -20.3
Current assets 2,426.6 49.3 2,119.1 42.8 14.5
Assets held for sale 184.0 3.7 583.5 11.8 -68.5
Total assets 4,919.0 100.0 4,951.4 100.0 -0.7
Equity and liabilities
Equity 1,476.4 30.0 1,261.5 25.5 17.0
Non-current liabilities 932.6 19.0 876.1 17.7 6.4
thereof deferred taxes 87.5 1.8 47.5 1.0 84.0
Current liabilities 2,175.8 44.2 1,870.8 37.8 16.3
Liabilities related to assets held for sale 334.2 6.8 943.0 19.0 -64.6
Total equity and liabilities 4,919.0 100.0 4,951.4 100.0 -0.7

Employees

The number of employees - excluding trainees - working in continuing operations came to 19,230 at the end of the third quarter of 2007 (September 30). This was an increase of 1,758 people compared with December 31, 2006, reflecting both growth by acquisition and organic growth in all segments. The acquisitions of J. Houle & Fils, Procomac and Aero Heat Exchanger added 940 employees to the GEA Group. Organic growth increased the total headcount by 818 people, 226 of whom worked in Germany.

Employees in the GEA Group, excl. trainees
09/30/2007
09/30/2006
Customized Systems 5,245 4,392
Process Equipment 6,746 6,117
Process Engineering 6,686 5,565
Total 18,677 16,074
Other 553 510
GEA Group 19,230 16,584

A total of 323 people were employed in discontinued operations as at September 30, 2007 (December 31, 2006: 1,777 people).

Research and development

Research and development (R&D) costs in the first three quarters of 2007 came to EUR 52.2 million compared with EUR 49.5 million in the same period last year, bringing the R&D ratio to 1.4 percent of sales.

Research and development (R&D) costs Q3 Q3 Change Q1 - Q3 Q1 - Q3 Change
(EUR million) 2007 2006 % 2007 2006 %
Customer-funded (reimbursed) 5.3 7.0 -24.9 15.5 16.6 -6.5
Group-funded (non-reimbursed) 12.1 11.2 8.0 36.6 32.8 11.6
Total R&D costs 17.4 18.3 -4.7 52.2 49.5 5.5
R&D ratio (% of sales) 1.3 1.7 -24.0 1.4 1.7 -15.1

Risks

Specialty mechanical engineering has continued to perform well during the year to date in 2007, with the level of new orders received ensuring that all segments are fully employed. The disposal of discontinued operations will significantly improve the Group's risk profile.

As reported, the ruling by the Federal Court of Justice (BGH) on July 9, 2007 has reduced the risk that we will be called upon to pay under the action brought by the Polyamid 2000 AG insolvency administrator. Although the Federal Court of Justice considers the contract for the construction of a carpet-recycling plant null and void due to failure to comply with German Stock Corporation Act (AktG) regulations, the outcome will be a claim for compensation for unjust enrichment amounting to any difference between the cost of works paid and the value of the work and services unduly received, rather than for reimbursement of the full cost of the works undertaken, which amounts to EUR 164.6 million plus interest, which the claimant is demanding. We had therefore reduced the provision to reflect a lower risk.

Our overall assessment of ongoing litigation did not change materially during the period under review compared with the situation as described in the Opportunities and Risks Report in the 2006 annual report and in the reports on the first and second quarters.

As things stand overall, there are no risks that might jeopardize the continued existence of the GEA Group. Adequate financial provision was made for all risks in accordance with the relevant legislation.

Outlook

Economy

The autumn report published by Germany's leading economic research institutes concludes that the global economy will slow significantly this year and next. The main cause will not be the current problems in the financial markets, which the institutes expect to recede; rather, they believe a more important factor is that the correction in the US housing market is more serious than originally forecast. What's more, business activity in the euro zone will be impaired by the stronger euro and the discontinuation of an expansionary monetary policy. They also expect growth in the United Kingdom and Japan to slow, although without leading to an economic downturn. Weaker economic conditions in the industrialized countries are likely to be accompanied by slowing output growth in the emerging markets. The autumn report states that the upturn in the German economy, far from being over, is merely taking a breather.

The German Engineering Federation (VDMA) is forecasting that although the global economy will slow, it will remain robust. It is predicting that output in the German engineering sector will achieve double-digit growth this year and rise by 5 percent in 2008.

The GEA Group's key sales markets – the food and beverages, pharmaceuticals, energy and chemicals/petrochemicals industries – will continue to grow in the next few years because they are largely driven by global population growth and rising personal incomes, particularly in the emerging markets. Growing demand for processed foodstuffs, medicines and energy will boost demand for process engineering. This will benefit the GEA Group, which has a sizeable market presence in these areas.

Business outlook

The Executive Board expects the volume of new orders received in 2007 as a whole to increase in all divisions except Energy Technology. The volume of new orders in the Energy Technology division is likely to decrease as our customers' high levels of existing capacity utilization curb demand. Excluding this effect, we are forecasting that the volume of new orders in our core divisions plus Gas Cleaning will grow by more than 15 percent. We continue to expect sales to rise by over 15 percent for 2007 as a whole and margins in our core business to improve by over 60 basis points.

Our upbeat forecasts for 2008 and 2009 have further improved slightly in view of the quality of our new orders and the positive overall outlook for the engineering sector. In particular we believe that in 2008 we will be able to make further substantive progress toward achieving our target margin. Organic sales growth should be between 5 and 10 percent per annum in 2008 and 2009. We will continue to pursue a proactive acquisitions policy by taking advantage of the financial scope provided by the sale of the Plant Engineering segment. We plan to achieve a gearing (net debt to equity) ratio of between 50 and 60 percent, which equates to a multiple of earnings before interest, tax, depreciation and amortization (EBITDA) of around two, excluding pension liabilities. To meet this target we would not rule out the option of repurchasing and then retiring our own shares. In July 2007 we retired approximately 6.2 million of the treasury shares we held. Following the approval of the Supervisory Board on September 18, the GEA Group launched a program to buy back its own shares. In September it repurchased an initial 452,999 shares, which it plans to retire by the end of 2007.

Bochum, October 31, 2007

GEA Group Aktiengesellschaft

The Executive Board

Financial Statements

Financial Statements for the 3rd Quarter of 2007

Consolidated Balance Sheet

at September 30, 2007

Assets Change
(EUR thousand) 09/30/2007 12/31/2006 %
Property, plant and equipment 455,537 404,927 12.5
Investment property 52,760 56,869 -7.2
Goodwill 1,299,389 1,250,763 3.9
Other intangible assets 86,030 41,280 108.4
Investments in enterprises reported at equity 14,058 10,876 29.3
Other non-current financial assets 56,547 52,343 8.0
Deferred taxes 344,106 431,825 -20.3
Non-current assets 2,308,427 2,248,883 2.6
Inventories 689,755 531,794 29.7
Trade receivables 1,232,560 1,163,512 5.9
Income tax assets 17,712 17,162 3.2
Other current financial assets 190,525 146,501 30.1
Cash and cash equivalents 296,042 260,101 13.8
Current assets 2,426,594 2,119,070 14.5
Assets held for sale 184,021 583,476 -68.5
Total assets 4,919,042 4,951,429 -0.7
Total equity and liabilities 4,919,042 4,951,429 -0.7
Liabilities related to assets held for sale 334,247 942,989 -64.6
Current liabilities 2,175,822 1,870,839 16.3
Other current liabilities 698,114 557,964 25.1
Income tax liabilities 46,567 29,098 60.0
Trade payables 616,349 707,027 -12.8
Current financial liabilities 315,538 89,674 251.9
Current obligations to employees 159,489 165,814 -3.8
Current provisions 339,765 321,262 5.8
Non-current liabilities 932,603 876,138 6.4
Deferred taxes 87,472 47,535 84.0
Other non-current liabilities 7,106 13,766 -48.4
Non-current financial liabilities 18,379 17,585 4.5
Non-current obligations to employees 513,222 509,676 0.7
Non-current provisions 306,424 287,576 6.6
Equity 1,476,370 1,261,463 17.0
Minority interest 3,415 1,582 115.9
Treasury shares -12,029 -65,263 81.6
Accumulated other comprehensive loss/income -21,428 327 < -1,000
Retained earnings -67,554 -249,149 72.9
Additional paid-in capital 1,077,076 1,077,076 -
Issued capital 496,890 496,890 -
Equity and liabilities
(EUR thousand)
09/30/2007 12/31/2006 Change
%

Consolidated Income Statement

July 1 - September 30, 2007

Q3 Q3 Change
(EUR thousand) 2007 2006 %
Sales 1,351,803 1,077,427 25.5
Cost of sales -1,020,859 -801,582 -27.4
Gross profit 330,944 275,845 20.0
Selling expenses -107,809 -104,313 -3.4
Administrative expenses -112,914 -93,773 -20.4
Other income 18,657 7,380 152.8
Other expenses -21,312 -10,149 -110.0
Net income on enterprises reported at equity 1 198 -99.5
Other financial income 381 115 231.3
Other financial expenses -199 -756 73.7
Earnings before interest and tax (EBIT) 107,749 74,547 44.5
Interest and similar income 5,543 3,801 45.8
Interest expense and similar charges -20,698 -14,530 -42.5
Earnings before tax on continuing operations 92,594 63,818 45.1
Income taxes -88,997 -24,825 -258.5
thereof current taxes -14,496 -8,542 -69.7
thereof deferred taxes -74,501 -16,283 -357.5
Net income on continuing operations 3,597 38,993 -90.8
Net income/loss on discontinued operations 180,676 -181,426 199.6
Net income/loss 184,273 -142,433 229.4
thereof minority interest 642 -159 503.8
thereof attributable to shareholders of
GEA Group Aktiengesellschaft
183,631 -142,274 229.1
Per share (EUR)
Basic earnings per share 0.98 -0.76 229.1
thereof on continuing operations 0.02 0.21 -92.4
thereof on discontinued operations 0.96 -0.97 199.6
Diluted earnings per share 0.98 -0.76 229.1
Weighted average number of shares outstanding (million) 187.8 187.9 -0.1

Consolidated Income Statement

January 1 - September 30, 2007

Q1 - Q3 Q1 - Q3 Change
(EUR thousand) 2007 2006 %
Sales 3,660,581 2,947,517 24.2
Cost of sales -2,736,315 -2,179,908 -25.5
Gross profit 924,266 767,609 20.4
Selling expenses -319,940 -294,494 -8.6
Administrative expenses -320,940 -279,932 -14.6
Other income 41,556 37,061 12.1
Other expenses -58,225 -50,579 -15.1
Net income on enterprises reported at equity 677 168 303.0
Other financial income 414 394 5.1
Other financial expenses -199 -768 74.1
Earnings before interest and tax (EBIT) 267,609 179,459 49.1
Interest and similar income 11,663 10,252 13.8
Interest expense and similar charges -53,505 -41,310 -29.5
Earnings before tax on continuing operations 225,767 148,401 52.1
Income taxes -129,215 -57,728 -123.8
thereof current taxes -35,858 -23,594 -52.0
thereof deferred taxes -93,357 -34,134 -173.5
Net income on continuing operations 96,552 90,673 6.5
Net income/loss on discontinued operations 148,958 -237,144 162.8
Net income/loss 245,510 -146,471 267.6
thereof minority interest 584 -116 603.4
thereof attributable to shareholders of
GEA Group Aktiengesellschaft 244,926 -146,355 267.4
Per share (EUR)
Basic earnings per share 1.30 -0.78 267.4
Weighted average number of shares outstanding (million) 187.9 187.9 -
Diluted earnings per share 1.30 -0.78 267.4
thereof on discontinued operations 0.79 -1.26 162.8
thereof on continuing operations 0.51 0.48 5.7

Consolidated Cash Flow Statement

January 1 - September 30, 2007

Q1 - Q3 Q1 - Q3
(EUR thousand) 2007 2006
Net income/loss 245,510 -146,471
plus income taxes 129,215 57,728
plus net income/loss on discontinued operations -148,958 237,144
Earnings before tax on continuing operations 225,767 148,401
Net interest income
Earnings before interest and tax (EBIT)
41,842
267,609
31,058
179,459
Depreciation, amortization, impairment and reversal of impairment on non-current assets 55,002 47,388
Other non-cash income and expenses -563 -562
Obligations to employees -19,789 -10,337
Change in provisions 1,818 45,995
Losses on disposal of non-current assets -393 -3,425
Change in inventories, incl. unbilled PoC receivables 1 -42,099 -110,158
Change in trade receivables -18,919 -87,543
Change in trade payables -161,569 28,920
Change in other operating assets and liabilities -24,558 5,570
Tax payments -18,939 -29,299
Net cash flow from operating activities of discontinued operations -89,742 -97,286
Cash flow from operating activities -52,142 -31,278
Proceeds from disposal of non-current assets 11,904 7,147
Cash payments for purchase of property, plant and equipment and intangible assets -81,873 -57,091
Cash payments for purchase of non-current financial assets -5,087 -6,158
Interest and dividend income 6,903 8,629
Cash payments for acquisitions -76,678 -3,311
Proceeds from disposals of discontinued operations 571,513 -
Repayment of non-trade receivables from discontinued operations -484,925 -
Net cash flow from investing activities of discontinued operations -700 1,066
Cash flow from investing activities -58.943 -49,718
Cash payments for purchase of treasury shares -10,109 -
Change in finance lease liabilities -1,723 -2,297
Dividend paid by GEA Group AG for 2005 - -18,795
Cash receipts from finance facilities 203,198 42,559
Cash payments for redemption of finance facilities -31,580 -29,500
Interest payments -30,372 -11,868
Net cash flow from financing activities of discontinued operations 25,871 40,736
Cash flow from financing activities 155,285 20,835
Exchange-rate-related and other changes in cash and cash equivalents -2,615 -2,225
Change in unrestricted cash and cash equivalents 41,585 -62,386
Unrestricted cash and cash equivalents at beginning of year 252,240 424,363
Adjustment of unrestricted cash and cash equivalents
of discontinued operations at beginning of year
- -88,501
Unrestricted cash and cash equivalents at balance sheet date 293,825 273,476
Restricted cash and cash equivalents 2,217 4,140
Cash and cash equivalents reported on the face of the balance sheet 296,042 277,616

1) Including advances received

Consolidated Statement of Changes in Equity

at September 30, 2007

(EUR thousand) Issued
capital
Additional
paid-in
capital
Retained
earnings
Accumulated
other compre
hensive
income/loss
Treasury
shares
Minority
interest
Total
Balance at 12/31/2005
(187,945,616 shares) 496,890 1,077,076 58,086 16,418 -65,263 884 1,584,091
Net loss -288,224 -288,224
Minority interest -215 215
Accumulated other comprehensive income/loss -16,091 49 -16,042
Total income and expense for the year -304,266
thereof minority interest 264
thereof attributable to shareholders
of GEA Group AG
-304,530
Dividend paid by GEA Group AG -18,795 -18,795
Change in other minority interest 434 434
Balance at 12/31/2006
(187,945,616 shares)
496,890 1,077,076 -249,149 327 -65,263 1,582 1,261,463
Net income 245,510 245,510
Minority interest -584 584
Accumulated other comprehensive income/loss -21,755 -119 -21,874
Total income and expense for the year 223,636
thereof minority interest 465
thereof attributable to shareholders
of GEA Group AG
223,171
Retirement of treasury shares -63,331 63,331
Purchase of treasury shares -10,097 -10,097
Change in other minority interest 1,368 1,368
Balance at 09/30/2007
(187,542,617 shares)
496,890 1,077,076 -67,554 -21,428 -12,029 3,415 1,476,370
Accumulated other comprehensive income/loss
(EUR thousand)
Cumulative
translation
adjustment
Available-for-sale
securities
Hedge accounting Total
Balance at 12/31/2005 23,598 836 -8,016 16,418
Accumulated other comprehensive income/loss -29,255 -631 13,795 -16,091
Balance at 12/31/2006 -5,657 205 5,779 327
Accumulated other comprehensive income/loss -21,774 957 -938 -21,755
Balance at 09/30/2007 -27,431 1,162 4,841 -21,428

Notes to the Consolidated Financial Statements

1 Basis of presentation

The interim financial statements of GEA Group Aktiengesellschaft and its subsidiaries' consolidated interim accounts have been prepared in accordance with the International Financial Reporting Standards (IFRSs) and the relevant interpretations of the International Accounting Standards Board (IASB), as applicable under Regulation No. 1606/2002 of the European Parliament and Council concerning the adoption of International Accounting Standards in the EU. These consolidated financial statements for the third quarter have not been reviewed by an auditor.

The accounting policies applied in these interim financial statements are unchanged since December 31, 2006 and are described in detail on pages 66 to 77 of the annual report and consolidated IFRS financial statements of the GEA Group. Otherwise, no IFRS accounting pronouncements of relevance to the GEA Group were issued or adopted during the reporting period.

The interim financial statements give a fair presentation of the GEA Group's financial position and financial performance during the reporting period.

The preparation of interim financial statements requires estimates and assumptions to be made that impact on the company's net assets, liabilities, provisions, deferred tax assets and liabilities as well as income and expenses. Although such estimates and assumptions are made carefully and in good faith, the actual amounts may differ from the estimates used in these interim financial statements.

Factors that may cause these amounts to differ from projections are a deterioration in the global economy, movements in exchange rates and interest rates, significant litigation, and changes in environmental or other legislation. Production errors, the loss of key customers, and changes in funding can also impair the GEA Group's future performance.

The interim financial statements have been prepared in euros. All amounts, including comparative figures, have been rounded; consequently there may be differences between the sum of individual values and the total value shown.

2 Basis of consolidation

On April 17, 2007, the GEA Group signed an agreement to sell Lurgi to the Air Liquide Group, Paris, France, a globally active producer of medical and industrial gases. This disposal was completed on July 20, 2007 and reduced the number of consolidated companies by a total of twelve.

Including the changes made in the first two quarters, the number of consolidated companies had increased by a total of ten since December 31, 2006.

3 Discontinued operations

The net income/loss on discontinued operations is broken down as follows:

Q3 Q3 Q1 - Q3 Q1 - Q3
(EUR thousand) 2007 2006 2007 2006
Sales 153,009 248,754 671,369 746,913
Other income 3,939 3,896 84,645 8,467
Expenses -173,537 -367,098 -802,310 -962,307
Net interest income 2,056 2,150 29,818 3,437
Taxes -7,692 -64,767 -37,103 -29,293
Current net loss -22,225 -177,065 -53,581 -232,783
Net gain on disposal (2006: measurement at net
realizable value)
207,556 -4,361 207,038 -4,361
Taxes -4,655 - -4,499 -
Net income/loss on discontinued operations 180,676 -181,426 148,958 -237,144

The net income on discontinued operations for the third quarter and for the first to third quarters relates to the profits contributed by the Energy and Environment (Lentjes) and the Gasto-Chemicals, Synthetic Fuels and Biofuels (Lurgi) divisions. The comparative figures for 2006 include income and expenses attributable to Lurgi and Lentjes as well as to the former PET and Fibers (Zimmer) division. The Zimmer plant engineering operations specializing in plant for the manufacture of chemical fibers and nonwovens were sold with effect from December 14, 2006. As already reported, the remaining plant engineering operations relating to polymers, synthetic fibers and thermoplastics were sold within the GEA Group to Lurgi on December 31, 2006 as part of an asset deal.

The total net gain on the disposal of Lurgi before tax amounted to EUR 207.038 million. The transaction costs incurred prior to the disposal and those still expected to be incurred have been deducted from this net gain on disposal. The provisions for the warranties specified in the sale and purchase agreement have also reduced this net gain. The warranties provided essentially relate to the freedom of the assets sold from legal defects as well as various exemptions from environmental, contract-related and taxation risks. Some of these exemptions stipulate both upper limits and minimum thresholds.

4 Net financial income/loss

The financial income and expenses shown in the segment tables starting on page 26 comprise interest income and other financial income as well as interest expenses and other financial expenses. Other financial income essentially consists of income from equity investments. Interest income includes interest income from receivables, deposits and securities as well as the projected return on plan assets. Other financial expenses comprise impairment of financial assets and expenses incurred by the transfer of losses. Interest expenses consist of borrowing costs and the interest cost of other provisions and provisions for pensions, other postemployment benefits and supplementary healthcare benefits. The figure resulting from the netting of interest income and interest expenses represents the interest element of EBITDA and EBIT.

5 Taxes

The approval of Germany's business tax reform by the Bundesrat (second chamber of the German parliament) on July 6, 2007 reduced the tax rate applicable to German Group companies from 38.9 percent to 29.5 percent. This required the deferred taxes applicable to German Group companies to be remeasured, which incurred a tax expense of EUR 61 million on continuing operations. Because this tax expense is recognized as a one-off item in the taxation rate of 57.2 percent, the remeasurement of deferred taxes has not been factored into the GEA Group's tax planning for the year as a whole. The taxation rate expected to be applied to profits has therefore not changed since the end of the second quarter of 2007 and remains 30.2 percent. The net income on discontinued operations includes a tax expense of EUR 6 million as a result of the remeasurement of deferred taxes.

6 Cash flow statement

The cash flow statement is prepared under the indirect method with respect to cash flow from operating activities and under the direct method with respect to cash flow from investing and financing activities. Interest payments, interest proceeds and income tax payments are shown separately. Consequently, the computation of cash flow is based on earnings before interest and tax (EBIT). Whereas interest payments and interest proceeds are reported in the sections containing interest-bearing items, cash flow from income taxes is reported as cash flow from operating activities.

Cash flow
(EUR thousand)
Customized
Systems
Process
Equipment
Process
Engineering
Other GEA Group
Q1 - Q3 2007
Cash flow from operating activities 28,253 54,766 -13,527 -121,634 -52,142
Cash flow from investing activities -35,573 -61,689 -42,778 81,097 -58,943
Cash flow from financing activities 20,533 7,272 70,842 56,638 155,285
Exchange-rate-related changes in cash and
cash equivalents
600 360 -935 -2,640 -2,615
Change in unrestricted cash and cash equivalents 13,813 710 13,602 13,460 41,585
Q1 - Q3 2006
Cash flow from operating activities 18,525 45,905 16,518 -112,226 -31,278
Cash flow from investing activities -11,580 -9,717 -16,951 -11,470 -49,718
Cash flow from financing activities -4,393 -16,617 -14,044 55,889 20,835
Exchange-rate-related changes in cash and
cash equivalents
0 688 -2,509 -404 -2,225
Change in unrestricted cash and cash equivalents 2,552 20,259 -16,986 -68,211 -62,386

The individual activities shown on the face of the cash flow statement have been adjusted to exclude the cash flows from the Lentjes division for both 2007 and 2006. This cash flow is shown for each individual activity as net cash flow from discontinued operations. The net cash flow from discontinued operations shown for 2006 also includes the cash flows from the Lurgi division. The current year's cash flow accruing from the disposal of the Lurgi division is reported as cash flow from investing activities. The comparative figures for 2006 have also been adjusted to exclude the cash flows from the Zimmer division, whose plant engineering operations specializing in plant for the manufacture of chemical fibers and nonwovens were sold with effect from December 14, 2006.

7 Segment information

7.1 Primary reporting format: business segments

The GEA Group was organized into the following four business segments as at September 30, 2007:

  • Customized Systems
  • Process Equipment
  • Process Engineering
  • Other

A detailed description of the individual business segments' business operations and the products and services they offer can be found on pages 15 and 16 of the annual report and consolidated IFRS financial statements of the GEA Group.

The segment results for the third quarter were as follows:

Segment information Customized Process Process
(EUR million) Systems Equipment Engineering Other Eliminated GEA Group
Q3 2007
Sales 252.9 379.3 600.4 119.3 - 1,351.8
Intersegment sales 0.3 24.2 2.9 0.3 -27.6 -
Total sales 253.2 403.5 603.2 119.5 -27.6 1,351.8
EBITDA 26.1 59.5 36.5 5.5 - 127.6
EBIT 22.0 52.8 31.3 1.7 - 107.7
Segment earnings before tax (EBT) 21.4 50.7 29.0 -8.5 - 92.6
Financial income 1.3 2.6 3.1 9.1 -10.1 5.9
Financial expenses 1.9 4.5 5.2 19.4 -10.1 20.9
Equity method income/loss in net financial income - 0.1 -0.1 - - 0.0
Net income on discontinued operations - - - 180.7 - 180.7
Sales from discontinued operations - - - 152.1 - 152.1
Capital expenditure 4.0 19.2 6.3 6.7 - 36.1
Depreciation, amortization and impairment 4.1 6.7 5.3 3.8 - 19.9
Q3 2006
Sales 198.9 322.6 436.0 119.9 - 1,077.4
Intersegment sales 0.3 20.4 2.0 2.5 -25.2 -
Total sales 199.3 342.9 438.0 122.5 -25.2 1,077.4
EBITDA 18.4 47.6 24.1 1.4 - 91.5
EBIT 14.4 42.1 20.3 -2.3 - 74.5
Segment earnings before tax (EBT) 14.1 40.6 19.3 -10.2 - 63.8
Financial income 0.8 2.8 2.5 6.7 -8.8 3.9
Financial expenses 1.9 4.2 3.5 14.5 -8.8 15.3
Equity method income/loss in net financial income - -0.3 0.1 0.4 - 0.2
Net loss on discontinued operations - - - -181.4 - -181.4
Sales from discontinued operations - - - 248.8 - 248.8
Capital expenditure 3.8 7.5 5.9 4.8 - 22.1
Depreciation, amortization and impairment 4.0 5.4 3.8 3.8 - 16.9
708.1 1,028.1 1,523.6 400.7 - 3,660.6
1.7 71.4 10.1 7.1 -90.3 -
709.9 1,099.5 1,533.7 407.8 -90.3 3,660.6
60.7 150.1 95.1 17.1 - 322.9
49.0 131.6 81.5 5.4 - 267.6
47.3 125.9 77.7 -25.1 - 225.8
2.8 7.0 7.7 20.8 -26.2 12.1
4.5 12.7 11.4 51.4 -26.2 53.7
- 0.3 0.3 - - 0.7
- - - 149.0 - 149.0
- - - 663.4 - 663.4
911.7 1,855.1 1,776.5 2,282.7 -1,906.9 4,919.0
- - - 171.1 - 171.1
394.6 800.7 1,086.1 2,079.7 -918.4 3,442.7
- - - 334.2 - 334.2
14.6 37.8 15.7 13.9 - 81.9
11.6 18.4 13.5 11.7 - 55.3
5,245 6,746 6,686 553 - 19,230
Sales 564.6 888.0 1,167.7 327.1 - 2,947.5
Intersegment sales 0.6 65.0 6.8 9.6 -82.0 -
Total sales 565.2 953.1 1,174.5 336.8 -82.0 2,947.5
EBITDA 43.9 113.5 64.8 4.6 - 226.8
EBIT 33.5 97.5 54.1 -5.7 - 179.5
Segment earnings before tax (EBT) 32.9 92.6 51.5 -28.7 - 148.4
Financial income 2.4 5.5 6.4 17.3 -21.0 10.6
Financial expenses 3.8 10.2 8.8 40.2 -21.0 42.1
Equity method income/loss in net financial income - -0.4 0.2 0.4 - 0.2
Net loss on discontinued operations - - - -237.1 - -237.1
Sales from discontinued operations - - - 746.9 - 746.9
Segment assets 783.8 1,650.4 1,568.0 2,805.1 -1,503.3 5,304.0
thereof from discontinued operations - - - 725.1 - 725.1
Segment liabilities 291.3 622.7 926.2 2,665.3 -609.5 3,896.0
thereof from discontinued operations - - - 896.4 - 896.4
Capital expenditure 12.5 16.3 16.9 11.3 - 57.1
Depreciation, amortization and impairment 10.4 16.0 10.7 10.3 - 47.4
Number of employees 4,392 6,117 5,565 510 - 16,584

With the exception of depreciation, amortization and impairment, no material non-cash expenses were incurred in the segments in either the third quarter of 2007 or in the corresponding period of 2006.

7.2 Secondary reporting format: geographical segments

The GEA Group's business segments operate in five main geographical regions. Most of the Group's sales are generated in Germany, other European countries and the Americas:

Segmentation by region
(EUR million)
Germany Rest of
Europe
Americas Asia,
Oceania
Africa GEA Group
Q1 - Q3 2007
Sales 795.6 1,361.3 673.3 742.9 87.5 3,660.6
percentage of total 21.7 37.2 18.4 20.3 2.4 100.0
Segment assets 2,293.3 1,711.7 598.9 289.1 26.1 4,919.0
thereof from discontinued operations 126.5 44.5 - 0.1 - 171.1
Capital expenditure 43.8 17.1 12.5 8.2 0.3 81.9
Employees 1 6,677 7,700 2,569 1,967 317 19,230
Q1 - Q3 2006
Sales 652.5 1,051.7 546.2 616.3 80.8 2,947.5
percentage of total 22.1 35.7 18.5 20.9 2.8 100.0
Segment assets 3,043.8 1,429.6 536.1 252.7 41.7 5,304.0
thereof from discontinued operations 590.0 47.4 53.5 29.3 4.9 725.1
Capital expenditure 31.8 17.3 5.1 2.8 0.1 57.1
Employees 1 6,344 6,588 1,967 1,366 320 16,584

1) Full-time equivalents (FTEs), excl. trainees

7.3 Capital expenditure and depreciation, amortization and impairment

Capital expenditure in the segment information relates to cash acquisitions of intangible assets and property, plant and equipment plus - unlike the cash flow statement - additionally capitalized liabilities under finance leases. Depreciation, amortization and impairment represent the diminution in the value of property, plant and equipment and intangible assets.

This interim report is a translation of the German original. Only the German version is legally binding.

This interim report includes forward-looking statements on GEA Group AG, its subsidiaries and associates, and on the economic and political conditions that may influence the business performance of the GEA Group. All 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.

Financial Calendar

March 13, 2008 Financial Statements Press Conference /
Analysts' Meeting for 2007
April 23, 2008 Annual Shareholders' Meeting for 2007
May 8, 2008 Interim Report for the period to
March 31, 2008
July 31, 2008 Interim Report for the period to
June 30, 2008
October 31, 2008 Interim Report for the period to
September 30, 2008

GEA Group's shares: key data

WKN 660 200
ISIN DE0006602006
Reuters code G1AG.DE
Bloomberg code G1A.GR
Xetra G1A.DE

GEA Group Aktiengesellschaft Dorstener Str. 484 44809 Bochum Germany www.geagroup.com

Corporate Communications Tel. +49 (0) 234 980-1081 Fax +49 (0) 234 980-1087 Email [email protected]

Investor Relations Tel. +49 (0) 234 980-1490 Fax +49 (0) 234 980-1087 Email [email protected]

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