AI Terminal
GEA Group AG
Quarterly Report • May 18, 2021
176_10-q_2021-05-18_a760a872-607f-4a45-beeb-4b3cb7dd95ad.pdf
Quarterly Report
Open in ViewerOpens in native device viewer
QUARTERLY STATEMENT Q1 2021
January 1 to March 31, 2021
GEA with strong start to the year: Growth in organic revenue, margin and liquidity; 2021 guidance confirmed
Order intake third successive quarter increased; at EUR 1.28 billion down 6.9 percent on record previous year; organic decline of just 2.5 percent
Revenue slightly down by 2.6 percent to EUR 1.07 billion; but growth of 2.2 percent organically
Share of service business increased to 35.2 percent (previous year: 34.3 percent)
Very good book-to-bill ratio of 1.20 (previous year: 1.26)
EBITDA before restructuring expenses up by 15.4 percent to EUR 121.2 million, growth in all divisions, with the exception of Refrigeration Technologies
Corresponding margin clearly increased by 1.8 percentage points to 11.4 percent
Net liquidity significantly higher at EUR 428 million
Financial Key Figures of GEA
| Q1 | Q1 | Change | |
|---|---|---|---|
| (EUR million) | 2021 | 2020 | in % |
| Results of operations | |||
| Order intake | 1,282.4 | 1,376.7 | –6.9 |
| Book-to-bill ratio | 1.20 | 1.26 | – |
| Order backlog | 2,516.7 | 2,628.7 | –4.3 |
| Revenue | 1,065.4 | 1,093.8 | –2.6 |
| Organic sales growth in %1 | 2.2 | – | – |
| Share service revenue in % | 35.2 | 34.3 | – |
| EBITDA before restructuring expenses | 121.2 | 105.0 | 15.4 |
| as % of revenue | 11.4 | 9.6 | – |
| EBITDA | 105.5 | 96.9 | 9.0 |
| EBIT before restructuring expenses | 76.2 | 56.4 | 35.2 |
| EBIT | 60.6 | 48.2 | 25.6 |
| Profit for the period | 56.7 | 29.8 | 90.2 |
| ROCE in %2 | 19.3 | 12.3 | – |
| Financial position | |||
| Cash flow from operating activities | 45.6 | 23.3 | 96.3 |
| Cash flow from investing activities Free cash flow |
–5.8 39.8 |
–14.2 9.1 |
59.0 > 100 |
| Net assets | |||
| Net working capital (reporting date) | 376.0 | 719.9 | –47.8 |
| as % of revenue (LTM) | 8.2 | 14.6 | – |
| Capital employed (reporting date)3 | 1,660.3 | 2,169.4 | –23.5 |
| Equity | 2,053.7 | 2,111.4 | –2.7 |
| Equity ratio in % | 36.3 | 37.3 | – |
| Leverage4 | –0.9 x | –0.0 x | – |
| Net liquidity (+)/Net debt (-)5 | 427.7 | 10.1 | > 100 |
| GEA Shares | |||
| Earnings per share (EUR) | 0.31 | 0.17 | 90.2 |
| Earnings per share before restructuring expenses (EUR) | 0.39 | 0.20 | 95.0 |
| Market capitalization (EUR billion; reporting date) | 6.3 | 3.4 | 86.6 |
| Employees (FTE; reporting date) | 18,070 | 18,392 | –1.8 |
| Total workforce (FTE; reporting date) | 19,008 | 19,952 | –4.7 |
1) By "organic", GEA means changes that are adjusted for currency and portfolio effects.
2) Capital employed excluding goodwill from the acquisition of the former GEA AG by former Metallgesellschaft AG in 1999 (average of the last 4 quarters).
3) Capital employed excluding goodwill from the acquisition of the former GEA AG by former Metallgesellschaft AG in 1999.
4) Total net debt/cons. EBITDA based on frozen GAAP (covenant concept).
5) Excluding lease liabilities of EUR 157 milllion in the 1st quarter 2021 (prior year 1st quarter EUR 168 million).
GEA in the First Quarter of 2021
GEA made a good start to the 2021 fiscal year, again demonstrating the resilience of the group's business model to challenging market conditions and the ongoing effectiveness of its efficiency measures. Despite the sustained Covid-19 pandemic and the high prior-year figures, the company saw slight organic revenue growth (+2.2 percent), while EBITDA before restructuring expenses (+15.4 percent) and ROCE (+7.0 percentage points) again rose significantly. As a result, earnings per share before restructuring expenses almost doubled to EUR 0.39 in the reporting period. In addition, GEA again substantially improved its cash flow, net working capital, and net liquidity. On the basis of this performance, GEA confirmed its full-year guidance for revenue, EBITDA before restructuring expenses, and ROCE.
Following the record figure of the prior-year quarter – which was virtually untouched by the pandemic – order intake in the first quarter remained more or less stable, declining by 2.5 percent organically. However, developments were very mixed across the different regions and customer industries. At EUR 1,283 million (previous year: EUR 1,377 million), reported order intake was 6.9 percent lower than the previous year's figure, but higher than the last three quarters. This is attributable in particular to negative exchange rate effects. In addition, the figure for the previous year still includes group companies that have since been sold.
With regard to revenue, GEA recorded organic growth of 2.2 percent compared with the already high prior-year figure. However, due to negative currency effects and company disposals, the reported figure was 2.6 percent down on the previous year at EUR 1,065 million (previous year: EUR 1,094 million). The share of revenue attributable to the important service business increased from 34.3 to 35.2 percent.
EBITDA before restructuring expenses amounted to EUR 121 million in the first quarter, compared with EUR 105 million in the prior-year period. Alongside the improved gross profit attributable to higher margins in the new machinery business, the efficiency measures introduced last year coupled with reduced travel and marketing costs contributed to this development. The corresponding margin improved by a clear 1.8 percentage points to 11.4 percent.
Return on capital employed (ROCE) rose to 19.3 percent (previous year: 12.3 percent). Free cash flow improved to EUR 40 million in the first quarter (previous year: EUR 9 million), while net working capital was significantly reduced to EUR 376 million as of March 31, 2021 (previous year: EUR 720 million). As a proportion of revenue, this represents a considerable decrease from 14.6 percent to 8.2 percent. Net liquidity was again significantly improved from around EUR 10 million as of the prior-year reporting date to EUR 428 million.
Report on Economic Position
Business performance
Order intake
| Order intake (EUR million) |
Q1 2021 |
Q1 2020 |
Change in % |
|---|---|---|---|
| Separation & Flow Technologies | 341.4 | 332.3 | 2.8 |
| Liquid & Powder Technologies | 387.7 | 565.7 | –31.5 |
| Food & Healthcare Technologies | 244.0 | 222.4 | 9.7 |
| Farm Technologies | 198.4 | 177.4 | 11.9 |
| Refrigeration Technologies | 168.8 | 184.4 | –8.5 |
| Consolidation | –58.0 | –105.4 | 45.0 |
| GEA | 1,282.4 | 1,376.7 | –6.9 |
| Order intake development (in %) |
Q1 2021 |
|---|---|
| Change compared to prior year | –6.9 |
| FX effects | –3.6 |
| Acquisitions/divestments | –0.7 |
| Structure | – |
| Organic | –2.5 |
- • Order intake in the first quarter down 6.9 percent on the previous year's record figure; organic decline of just 2.5 percent
- • Year-on-year increase in order intake across all divisions, with the exception of Liquid & Powder Technologies and Refrigeration Technologies
- • Regional development very mixed: strong growth in Latin America, Western Europe, Middle East & Africa, declining order intake, in particular in DACH & Eastern Europe and Asia Pacific
- • The trend in order intake showed a clear decline in the beverage, chemical and dairy processing customer industries; in contrast, significant double-digit growth in pharma and dairy farming
- • Growth in orders worth up to EUR 5 million, while orders worth more than EUR 5 million declined
- • Just one large order (> EUR 15 million) of EUR 34 million for a food project in the Liquid & Powder Technologies division in Latin America (prior-year quarter: five large orders in the Liquid & Powder Technologies division worth a total of EUR 140 million)
Revenue
| Revenue (EUR million) |
Q1 2021 |
Q1 2020 |
Change in % |
|---|---|---|---|
| Separation & Flow Technologies | 278.6 | 278.4 | 0.1 |
| Liquid & Powder Technologies | 344.6 | 385.5 | –10.6 |
| Food & Healthcare Technologies | 222.9 | 212.5 | 4.9 |
| Farm Technologies | 131.0 | 141.4 | –7.4 |
| Refrigeration Technologies | 145.0 | 169.8 | –14.6 |
| Consolidation | –56.7 | –93.7 | 39.5 |
| GEA | 1,065.4 | 1,093.8 | –2.6 |
| Sales development (in %) |
Q1 2021 |
|---|---|
| Change compared to prior year | –2.6 |
| FX effects | –3.7 |
| Acquisitions/divestments | –1.1 |
| Structure | – |
| Organic | 2.2 |
- • Revenue, which reached a record level for a first quarter in the prior year, was down 2.6 percent year-on-year; organic revenue showed growth of 2.2 percent
- • Revenue decline primarily driven by the Liquid & Powder Technologies and Refrigeration Technologies division, while the Food & Healthcare Technologies and Separation & Flow Technologies divisions posted slightly higher revenue
- • The share of service revenue increased further: from 34.3 percent in the prior-year quarter to 35.2 percent in the quarter under review
- • Book-to-bill ratio remains very good at 1.20 (previous year: 1.26)
- • Revenue decline, especially in the DACH & Eastern Europe, North America and Latin America regions; revenue growth in Western Europe, Middle East & Africa and Asia Pacific
- • Clear downward revenue development, particularly in the beverage customer industry, while dairy processing, food and pharma experienced growth
Results of operations
| Development of selected key figures (EUR million) |
Q1 2021 |
Q1 2020 |
Change in % |
|---|---|---|---|
| Revenue | 1,065.4 | 1,093.8 | –2.6 |
| Gross profit | 355.1 | 333.5 | 6.5 |
| Gross margin (in %) | 33.3 | 30.5 | – |
| EBITDA before restructuring expenses | 121.2 | 105.0 | 15.4 |
| as % of revenue | 11.4 | 9.6 | – |
| Restructuring expenses (EBITDA) | –15.6 | –8.1 | – |
| EBITDA | 105.5 | 96.9 | 9.0 |
| Depreciation, impairment losses and reversals of impairment losses on property, plant and equipment as well as amortization of impairment losses and reversals of impairment losses on intangible assets and goodwill |
–45.0 | –48.6 | – |
| EBIT | 60.6 | 48.2 | 25.6 |
| Restructuring expenses (EBIT) | 15.6 | 8.1 | – |
| EBIT before restructuring expenses | 76.2 | 56.4 | 35.2 |
| Profit for the period | 56.7 | 29.8 | 90.2 |
| Earnings per share (EUR) | 0.31 | 0.17 | 90.2 |
| Earnings per share before restructuring expenses (EUR) | 0.39 | 0.20 | 95.0 |
- • Slight revenue decline of 2.6 percent compared with the record first-quarter figure achieved in the previous year; organic revenue growth of 2.2 percent
- • Gross profit rose significantly, particularly due to higher margins in the new machinery business; accordingly, the gross margin increased to 33.3 percent from 30.5 percent in the previous year
- • EBITDA before restructuring expenses clearly up by 15.4 percent compared to the prior year figure to EUR 121.2 million (EUR 126.5 million at constant exchange rates); alongside improved gross profit, this was also attributable to the efficiency measures already implemented in the previous year, as well as to lower travel and marketing expenses; corresponding margin clearly improved by 1.8 percentage points to 11.4 percent
- • Improved results across almost all divisions: particularly Liquid & Powder Technologies, Food & Healthcare Technologies and Farm Technologies with significant growth; only Refrigeration Technologies reported a decline
- • Accordingly, all divisions except Refrigeration Technologies saw a year-on-year improvement in their EBITDA margin before restructuring expenses – in some cases, by several percentage points
- • Restructuring expenses (EBITDA) up on the prior-year level at EUR 15.6 million (previous year: EUR 8.1 million) due to expenses related to the sale of GEA Bock (Refrigeration Technologies division)
- • EBIT before restructuring expenses continued the positive operating trend, rising by 35.2 percent to EUR 76.2 million
- • Profit after tax from continuing operations increased by 35.1 percent to EUR 41.1 million, at a tax rate of 28.0 percent
- • Profit for the period virtually doubled to EUR 56.7 million, partly due to proceeds from the reversal of provisions of EUR 14.5 million for a legal dispute in connection with the disposal of GEA Heat Exchangers (discontinued operation)
- • Corresponding earnings per share increased from EUR 0.17 to EUR 0.31; earnings per share before restructuring expenses almost doubled from EUR 0.20 to EUR 0.39
Return on Capital Employed
| Return on capital employed (ROCE) | 03/31/2021 | 03/31/2020 |
|---|---|---|
| EBIT before restructuring expenses of the last 12 months (EUR million) | 351.2 | 300.8 |
| Capital employed (EUR million)* | 1,815.7 | 2,436.9 |
| Return on capital employed (in %) | 19.3 | 12.3 |
| Return on capital employed (in %) at constant currencies | 19.7 | – |
*) Capital employed excluding goodwill from the acquisition of the former GEA AG by former Metallgesellschaft AG in 1999 (average of the last 4 quarters); this also applies for the ROCE of the divisions.
• Return on Capital Employed (ROCE) significantly improved: higher EBIT before restructuring expenses alongside reduced capital employed
GEA Divisions
Separation & Flow Technologies
| Separation & Flow Technologies (EUR million) |
Q1 2021 |
Q1 2020 |
Change in % |
|---|---|---|---|
| Order intake | 341.4 | 332.3 | 2.8 |
| Revenue | 278.6 | 278.4 | 0.1 |
| Share service revenue in % | 46.0 | 43.5 | – |
| EBITDA before restructuring expenses | 61.8 | 59.8 | 3.3 |
| as % of revenue | 22.2 | 21.5 | – |
| EBITDA | 61.5 | 59.7 | 3.0 |
| EBIT before restructuring expenses | 51.9 | 49.7 | 4.4 |
| EBIT | 51.6 | 49.6 | 4.0 |
| ROCE in % (3rd Party)* | 24.4 | 21.4 | – |
| Sales development (in %) |
Q1 2021 |
|---|---|
| Change compared to prior year | 0.1 |
| FX effects | –4.0 |
| Acquisitions/divestments | – |
| Structure | –1.8 |
| Organic | 5.9 |
- • Order intake in the first quarter up 2.8 percent to EUR 341.4 million organic growth of 6.9 percent; this development was largely attributable to the dairy processing and pharma customer industries
- • With a book-to-bill ratio of 1.23 (previous year: 1.19), this development followed the rising demand experienced by all three business units in the last quarter
- • Slight revenue growth of 0.1 percent to EUR 278.6 million, organic growth amounted to 5.9 percent, primarily due to the increase in the share of the service business to 46.0 percent (previous year: 43.5 percent)
- • Revenue decline in the North America and North and Central Europe regions almost offset growth in the other regions
- • EBITDA before restructuring expenses up 3.3 percent to EUR 61.8 million due to improved margins in the new machinery business as well as the higher share of the service business; corresponding EBITDA margin increased by 0.7 percentage points to 22.2 percent
Liquid & Powder Technologies
| 565.7 | |
|---|---|
| –31.5 | |
| 385.5 | –10.6 |
| 22.2 | – |
| 8.2 | > 100 |
| 2.1 | – |
| 8.1 | > 100 |
| –1.7 | – |
| –1.8 | – |
| 22.8 | – |
| Sales development (in %) |
Q1 2021 |
|---|---|
| Change compared to prior year | –10.6 |
| FX effects | –3.6 |
| Acquisitions/divestments | – |
| Structure | –7.7 |
| Organic | 0.7 |
- • Order intake, compared to the high prior-year figure, declined substantially by 31.5 percent to EUR 387.7 million, which corresponds to an organic decline of 22.6 percent; development largely attributable to the drop in large orders from EUR 140 million to EUR 34 million
- • Development relates to all customer industries, particularly applications in the beverage, dairy processing and chemical industries
- • Revenue down 10.6 percent to EUR 344.6 million; organic growth of 0.7 percent
- • Share of service revenue down from 22.2 to 21.3 due to structural factors
- • The North and Latin America regions registered sharp double-digit declines, partly due to exchange rate effects; in contrast, revenue increased in the Western Europe, Middle East & Africa and Asia Pacific regions, among others
- • EBITDA before restructuring expenses significantly increased from EUR 8.2 million to EUR 23.4 million; alongside better margin quality and optimized order processing, the efficiency measures already implemented in the previous year contributed to performance
Food & Healthcare Technologies
| Food & Healthcare Technologies (EUR million) |
Q1 2021 |
Q1 2020 |
Change in % |
|---|---|---|---|
| Order intake | 244.0 | 222.4 | 9.7 |
| Revenue | 222.9 | 212.5 | 4.9 |
| Share service revenue in % | 28.1 | 27.4 | – |
| EBITDA before restructuring expenses | 21.5 | 16.5 | 30.2 |
| as % of revenue | 9.6 | 7.8 | – |
| EBITDA | 21.1 | 16.4 | 28.6 |
| EBIT before restructuring expenses | 8.6 | 3.6 | > 100 |
| EBIT | 8.2 | 3.5 | > 100 |
| ROCE in % (3rd Party)* | 7.8 | 1.9 | – |
| Sales development (in %) |
Q1 2021 |
|---|---|
| Change compared to prior year | 4.9 |
| FX effects | –1.1 |
| Acquisitions/divestments | – |
| Structure | 6.6 |
| Organic | –0.6 |
- • Order intake up sharply by 9.7 percent to EUR 244.0 million; organic growth of 4.3 percent; development primarily driven by customers from the pharma industry in Europe
- • At EUR 222.9 million, revenue increased by 4.9 percent mainly due to positive structural effects; slight organic decline by 0.6 percent
- • Share of service revenue up from 27.4 percent to 28.1 percent
- • Revenue growth in almost all regions, particularly North America; only the Asia Pacific and DACH & Eastern Europe regions reported a decline
- • EBITDA before restructuring expenses significantly increased by 30.2 percent to EUR 21.5 million in the quarter under review due to the positive revenue trend and the efficiency measures already implemented in the previous year, with positive developments in all business units; corresponding EBITDA margin improved by 1.9 percentage points to 9.6 percent
Farm Technologies
| Farm Technologies (EUR million) |
Q1 2021 |
Q1 2020 |
Change in % |
|---|---|---|---|
| Order intake | 198.4 | 177.4 | 11.9 |
| Revenue | 131.0 | 141.4 | –7.4 |
| Share service revenue in % | 50.9 | 51.1 | – |
| EBITDA before restructuring expenses | 13.4 | 10.9 | 23.3 |
| as % of revenue | 10.3 | 7.7 | – |
| EBITDA | 13.7 | 10.7 | 28.4 |
| EBIT before restructuring expenses | 7.1 | 4.1 | 74.0 |
| EBIT | 7.4 | 3.9 | 91.1 |
| ROCE in % (3rd Party)* | 15.9 | 11.3 | – |
| Sales development (in %) |
Q1 2021 |
|---|---|
| Change compared to prior year | –7.4 |
| FX effects | –6.9 |
| Acquisitions/divestments | –2.8 |
| Structure | –4.3 |
| Organic | 6.6 |
- • First-quarter order intake at EUR 198.4 million up 11.9 percent 29.6 percent organically on the previous year; growth mainly driven by orders for conventional milking carousels from China, Russia and North America and the sustained high demand for milking robots
- • Very good book-to-bill ratio of 1.51 (previous year: 1.25)
- • Revenue down 7.4 percent to EUR 131.0 million; up 6.6 percent organically
- • Clear growth in the Asia Pacific, Western Europe, and Middle East & Africa regions, while in particular DACH & Eastern Europe and Latin America experienced a decline
- • Share of service revenue declined slightly on a very high level: from 51.1 percent in the prior-year quarter to 50.9 percent in the quarter under review
- • EBITDA before restructuring expenses up by 23.3 percent to EUR 13.4 million due to efficiency measures already implemented in the previous year and lower travel and marketing costs
Refrigeration Technologies
| Refrigeration Technologies (EUR million) |
Q1 2021 |
Q1 2020 |
Change in % |
|---|---|---|---|
| Order intake | 168.8 | 184.4 | –8.5 |
| Revenue | 145.0 | 169.8 | –14.6 |
| Share service revenue in % | 40.3 | 35.2 | – |
| EBITDA before restructuring expenses | 11.9 | 17.4 | –31.6 |
| as % of revenue | 8.2 | 10.2 | – |
| EBITDA | 0.8 | 17.4 | –95.1 |
| EBIT before restructuring expenses | 7.6 | 12.1 | –37.0 |
| EBIT | –3.4 | 12.0 | – |
| ROCE in % (3rd Party)* | 15.2 | 15.6 | – |
| Sales development (in %) |
Q1 2021 |
|---|---|
| Change compared to prior year | –14.6 |
| FX effects | –2.2 |
| Acquisitions/divestments | –5.0 |
| Structure | 2.5 |
| Organic | –9.9 |
- • First-quarter order intake at EUR 168.8 million down 8.5 percent 5.8 percent organically on the previous year's high level, particularly due to restrained customer investments as a result of the pandemic
- • At EUR 145.0 million, revenue was down 14.6 percent organically down 9.9 percent on the previous year; this was largely attributable to the ongoing Covid-19 pandemic and the resulting lower order backlog
- • Revenue decline visible across all regions
- • The share of the service business in revenue was up to 40.3 percent, also due to structural effects, on the already good prior-year level (35.2 percent)
- • EBITDA before restructuring expenses down by 31.6 percent to EUR 11.9 million; alongside the decline in revenue this is attributable to negative currency effects and the sale of the Bock Group
Other/Consolidation
| Other/consolidation (EUR million) |
Q1 2021 |
Q1 2020 |
Change in % |
|---|---|---|---|
| Order intake | –58.0 | –105.4 | 45.0 |
| Revenue | –56.7 | –93.7 | 39.5 |
| EBITDA before restructuring expenses | –10.8 | –7.7 | –39.8 |
| EBITDA | –14.3 | –15.3 | 6.6 |
| EBIT before restructuring expenses | –13.7 | –11.4 | –19.7 |
| EBIT | –17.2 | –19.0 | 9.6 |
- • Change in the consolidation of order intake and revenue due to minor adjustments to the divisional structure that took effect on January 1, 2021, whereby individual companies whose activities related to two or more divisions but were allocated to just one, are now broken down by their respective business activities
- • EBITDA before restructuring expenses increased to EUR –10.8 million, primarily due to the initial consolidation of GEA Group Services GmbH
Business outlook 2021
The outlook for 2021 published in the 2020 Annual Report is confirmed. It is based on the market projections and other assumptions described in the Annual Report under "Economic environment in 2021".
In March 2021, the IMF slightly upgraded its forecasts for global gross domestic product. Following a decline of around 3.3 percent in 2020 (previously –3.5 percent ), the global economy is expected to grow by roughly 6.0 percent in 2021 (previously 5.5 percent), due to additional fiscal support in some major economies and the expected recovery in the second half of the year as a result of vaccination programs. GEA anticipates a gradual improvement in the course of the year due to the roll-out of Covid-19 vaccinations.
With regard to the 2021 fiscal year, GEA is expecting:
| Outlook* fiscal year 2021 | Expectations for 2021 | 2020 |
|---|---|---|
| Revenue development (organic) | 0 bis 5 % (slightly rising) |
EUR 4,635 million |
| EBITDA before restructuring expenses (at constant exchange rates) | EUR 530 – 580 million | EUR 532 million |
| ROCE (at constant exchange rates) | 16.0 – 20.0 % | 17.1 % |
*) For revenue, "slight" corresponds to a change of up to +/- 5 %, while a change of more than +/- 5 % is referred to as "significant".
Further information on the outlook for 2021 can be found in the 2020 Annual report (p. 117 ff.).
Düsseldorf, May 6, 2021
Consolidated Balance Sheet As of March 31, 2021
| Assets | Change | ||
|---|---|---|---|
| (EUR thousand) | 03/31/2021 | 12/31/2020 | in % |
| Property, plant and equipment | 627,930 | 627,791 | 0.0 |
| Goodwill | 1,501,182 | 1,502,073 | –0.1 |
| Other intangible assets | 375,872 | 381,845 | –1.6 |
| Other non-current financial assets | 63,320 | 51,601 | 22.7 |
| Other non-current assets | 2,717 | 2,599 | 4.5 |
| Deferred taxes | 319,023 | 333,830 | –4.4 |
| Non-current assets | 2,890,044 | 2,899,739 | –0.3 |
| Inventories | 705,007 | 623,813 | 13.0 |
| Contract assets | 324,731 | 348,335 | –6.8 |
| Trade receivables | 671,981 | 744,091 | –9.7 |
| Income tax receivables | 33,982 | 30,119 | 12.8 |
| Other current financial assets | 74,191 | 60,624 | 22.4 |
| Other current assets | 124,258 | 113,878 | 9.1 |
| Cash and cash equivalents | 839,983 | 821,852 | 2.2 |
| Assets held for sale | 152 | 44,455 | –99.7 |
| Current assets | 2,774,285 | 2,787,167 | –0.5 |
| Total assets | 5,664,329 | 5,686,906 | –0.4 |
| Equity and liabilities | Change | ||
|---|---|---|---|
| (EUR thousand) | 03/31/2021 | 12/31/2020 | in % |
| Subscribed capital | 520,376 | 520,376 | – |
| Capital reserve | 1,217,861 | 1,217,861 | – |
| Retained earnings | 283,293 | 177,152 | 59.9 |
| Accumulated other comprehensive income | 31,728 | 5,642 | > 100 |
| Equity attributable to shareholders of GEA Group AG | 2,053,258 | 1,921,031 | 6.9 |
| Non-controlling interests | 417 | 418 | –0.2 |
| Equity | 2,053,675 | 1,921,449 | 6.9 |
| Non-current provisions | 128,820 | 132,762 | –3.0 |
| Non-current employee benefit obligations | 831,580 | 888,560 | –6.4 |
| Non-current financial liabilities | 507,598 | 518,824 | –2.2 |
| Non-current contract liabilities | 86 | 86 | – |
| Other non-current liablities | 934 | 875 | 6.7 |
| Deferred taxes | 106,462 | 98,573 | 8.0 |
| Non-current liabilities | 1,575,480 | 1,639,680 | –3.9 |
| Current provisions | 211,031 | 207,671 | 1.6 |
| Current employee benefit obligations | 199,007 | 220,308 | –9.7 |
| Current financial liabilities | 174,676 | 193,809 | –9.9 |
| Trade payables | 636,462 | 666,794 | –4.5 |
| Current contract liabilities | 689,009 | 682,265 | 1.0 |
| Income tax liabilities | 29,851 | 43,852 | –31.9 |
| Other current liabilities | 95,138 | 83,695 | 13.7 |
| Liabilities held for sale | – | 27,383 | – |
| Current liabilities | 2,035,174 | 2,125,777 | –4.3 |
| Total equity and liabilities | 5,664,329 | 5,686,906 | –0.4 |
Consolidated Income Statement
for the period January 1 – March 31, 2021
| Q1 | Q1 | Change | |
|---|---|---|---|
| (EUR thousand) | 2021 | 2020 | in % |
| Revenue | 1,065,409 | 1,093,842 | –2.6 |
| Cost of sales | 711,526 | 760,411 | –6.4 |
| Gross profit | 353,883 | 333,431 | 6.1 |
| Selling expenses | 135,572 | 142,382 | –4.8 |
| Research and development expenses | 22,999 | 23,028 | –0.1 |
| General and administrative expenses | 136,279 | 118,506 | 15.0 |
| Other income | 72,162 | 135,931 | –46.9 |
| Other expenses | 74,411 | 134,340 | –44.6 |
| Net result from impairment and reversal of impairment on trade receivables and contract assets | 2,431 | –2,610 | – |
| Other financial income* | 1,349 | 229 | > 100 |
| Other financial expenses* | – | 493 | – |
| Earnings before interest and tax (EBIT) | 60,564 | 48,232 | 25.6 |
| Interest income | 2,128 | 724 | > 100 |
| Interest expense | 5,649 | 7,293 | –22.5 |
| Profit before tax from continuing operations | 57,043 | 41,663 | 36.9 |
| Income taxes | 15,950 | 11,249 | 41.8 |
| Profit after tax from continuing operations | 41,093 | 30,414 | 35.1 |
| Profit or loss after tax from discontinued operations | 15,641 | –584 | – |
| Profit for the period | 56,734 | 29,830 | 90.2 |
| thereof attributable to shareholders of GEA Group AG | 56,734 | 29,830 | 90.2 |
| thereof attributable to non-controlling interests | – | – | – |
*) The disclosure for the share of profit or loss of at-equity investments has been adjusted compared to the 2019 annual report
| Q1 | Q1 | Change | |
|---|---|---|---|
| (EUR) | 2021 | 2020 | in % |
| Basic and diluted earnings per share from continuing operations | 0.23 | 0.17 | 35.1 |
| Basic and diluted earnings per share from discontinued operations | 0.09 | –0.00 | – |
| Basic and diluted earnings per share | 0.31 | 0.17 | 90.2 |
| Weighted average number of ordinary shares used to calculate basic and diluted earnings per share (million) | 180.5 | 180.5 | –0.0 |
Consolidated Cash Flow Statement
for the period January 1 – March 31, 2021
| Q1 | Q1 | |
|---|---|---|
| (EUR thousand) | 2021 | 2020 |
| Profit for the period | 56,734 | 29,830 |
| plus income taxes | 15,950 | 11,249 |
| minus profit or loss after tax from discontinued operations | –15,641 | 584 |
| Profit before tax from continuing operations | 57,043 | 41,663 |
| Net interest income | 3,521 | 6,569 |
| Earnings before interest and tax (EBIT) | 60,564 | 48,232 |
| Depreciation, amortization, impairment losses, and reversal of impairment losses on non-current assets | 44,974 | 48,623 |
| Other non-cash income and expenses | 15,311 | 6,555 |
| Employee benefit obligations from defined benefit pension plans | –11,008 | –10,824 |
| Change in provisions and other employee benefit obligations | –20,985 | –31,744 |
| Losses and disposal of non-current assets | –347 | –104 |
| Change in inventories including unbilled construction contracts* | –46,692 | –10,731 |
| Change in trade receivables | 79,450 | 49,588 |
| Change in trade payables | –38,885 | –87,441 |
| Change in other operating assets and liabilities | –12,240 | 17,118 |
| Tax payments | –24,501 | –6,021 |
| Cash flow from operating activities of continued operations | 45,641 | 23,251 |
| Cash flow from operating activities of discontinued operations | –676 | –1,201 |
| Cash flow from operating activities | 44,965 | 22,050 |
| Proceeds from disposal of non-current assets | 3,662 | 879 |
| Payments to acquire property, plant and equipment, and intangible assets | –17,715 | –15,371 |
| Payments from non-current financial assets | – | –37 |
| Interest income | 827 | 374 |
| Dividend income | 779 | – |
| Proceeds from sale of subsidiaries and other businesses | 6,641 | – |
| Cash flow from investing activities of continued operations | –5,806 | –14,155 |
| Q1 | Q1 | |
|---|---|---|
| (EUR thousand) | 2021 | 2020 |
| Cash flow from investing activities of discontinued operations | –69 | – |
| Cash flow from investing activities | –5,875 | –14,155 |
| Payments from lease liabilities | –16,383 | –15,292 |
| Repayments of finance loans | –6,481 | –6,497 |
| Interest payments | –5,092 | –5,873 |
| Cash flow from financing activities of continued operations | –27,956 | –27,662 |
| Cash flow from financing activities of discontinued operations | –19 | –7 |
| Cash flow from financing activities | –27,975 | –27,669 |
| Effect of exchange rate changes on cash and cash equivalents | 6,352 | –5,638 |
| Change in unrestricted cash and cash equivalents | 17,467 | –25,412 |
| Unrestricted cash and cash equivalents at beginning of period | 821,844 | 354,179 |
| Unrestricted cash and cash equivalents at end of period | 839,311 | 328,767 |
| Restricted cash and cash equivalents | 672 | 887 |
| Cash and cash equivalents reported in the balance sheet | 839,983 | 329,654 |
*) Including advanced payments received.
Consolidated Statement of Changes in Equity As of March 31, 2021
| Accumulated other comprehensive income | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Result from fair value | Equity attributable | ||||||||
| (EUR thousand) | Subscribed capital | Capital reserves | Retained earnings | Translation of foreign operations |
measurement of financial instruments |
Result of cash flow hedges |
to shareholders of GEA Group AG |
Non-controlling interests |
Total |
| Balance at Jan. 1, 2020 (180,492,172 shares) |
520,376 | 1,217,861 | 265,176 | 86,260 | – | – | 2,089,673 | 421 | 2,090,094 |
| Profit for the period | – | – | 29,830 | – | – | – | 29,830 | – | 29,830 |
| Other comprehensive income | – | – | 4,410 | –13,085 | – | – | –8,675 | – | –8,675 |
| Total comprehensive income | – | – | 34,240 | –13,085 | – | – | 21,155 | – | 21,155 |
| Adjustment Hyperinflation* | – | – | 198 | – | – | – | 198 | – | 198 |
| Changes in combined Group | – | – | – | – | – | – | – | – | – |
| Change in other non-controlling interests | – | – | – | – | – | – | – | 1 | 1 |
| Balance at March 31, 2020 (180,492,172 shares) |
520,376 | 1,217,861 | 299,614 | 73,175 | – | – | 2,111,026 | 422 | 2,111,448 |
| Balance at Jan. 1, 2021 (180,492,172 shares) |
520,376 | 1,217,861 | 177,152 | 5,541 | – | 101 | 1,921,031 | 418 | 1,921,449 |
| Profit for the period | – | – | 56,734 | – | – | – | 56,734 | – | 56,734 |
| Other comprehensive income | – | – | 41,347 | 26,488 | – | –395 | 67,440 | – | 67,440 |
| Total comprehensive income | – | – | 98,081 | 26,488 | – | –395 | 124,174 | – | 124,174 |
| Adjustment Hyperinflation* | – | – | 342 | –7 | – | – | 335 | – | 335 |
| Changes in combined Group | – | – | 7,718 | – | – | – | 7,718 | – | 7,718 |
| Change in other non-controlling interests | – | – | – | – | – | – | – | –1 | –1 |
| Balance at March 31, 2021 (180,492,172 shares) |
520,376 | 1,217,861 | 283,293 | 32,022 | – | –294 | 2,053,258 | 417 | 2,053,675 |
*) Effect of accounting for Hyperinflation in Argentina.
Financial Calendar
GEA Stock: Key data
| WKN 660 200 | |
|---|---|
| ISIN DE0006602006 | |
| Reuters code G1AG.DE | |
| Bloomberg code G1A.GR | |
| Xetra G1A.DE |
American Depository Receipts (ADR)
| CUSIP 361592108 | |
|---|---|
| Symbol GEAGY | |
| Sponsor Deutsche Bank Trust | |
| Company Americas | |
| ADR-Level 1 | |
| Ratio 1:1 | |
Communication, Marketing & Branding
Phone +49 211 9136-1492 Fax +49 211 9136-31492 Mail [email protected]
Investor Relations
Phone +49 211 9136-1081 Mail [email protected]
Quarterly Statement for the period up to September 30, 2021
Imprint
Published by:
GEA Group Aktiengesellschaft Peter-Müller-Straße 12 40468 Düsseldorf, Germany gea.com
Edited by:
Corporate Accounting, Investor Relations, Corporate Finance
Coordination:
Mareike Junglen
Layout:
Christiane Luhmann luhmann & friends
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. 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.
Note regarding the rounding of figures
Due to the commercial rounding of figures and percentages, small deviations may occur.
Note to the quarterly statement
This quarterly statement is the English translation of the original German version. In case of deviations between these two, the German version prevails.
We live our values.
Excellence • Passion • Integrity • Responsibility • GEA-versity
"Engineering for a better world" is the driving and energizing principle connecting GEA's workforce. As one of the largest systems suppliers, GEA makes an important contribution to a sustainable future with its solutions and services, particularly in the food, beverage and pharmaceutical sectors. Across the globe, GEA's plants, processes and components contribute significantly to the reduction of CO2 emissions, plastic use as well as food waste in production.
GEA is listed on the German MDAX and the STOXX® Europe 600 Index and also included in the DAX 50 ESG and MSCI Global Sustainability indexes.
GEA Group Aktiengesellschaft Peter-Müller-Straße 12 40468 Düsseldorf, Germany Tel.: +49 211 9136-0
