Upload
gea-group
View
241
Download
9
Embed Size (px)
DESCRIPTION
http://www.gea.com/global/en/binaries/02_GEA%20CMD%202012%20-%20Presentation%20CEO%20Juerg%20Oleas%20FINAL%20per%202012_06_26_tcm11-25476.pdf
Citation preview
GEA Group
Jürg Oleas, CEOStuttgart / Frickenhausen, June 28-29, 2012
Capital Markets Day 2012Bringing GEA from a good to an excellent company
engineering for a better world2 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
Forward-looking statements are based on our current assumptions and forecasts. These statements naturally entail risks and uncertainties, which may cause the actual results of operations, financial position or performance to diverge significantly from the estimates given here. Factors that could cause such a divergence include changes in the economic and business environment, fluctuations in exchange rates and interest rates, launches of competing products, poor acceptance of new products or services, and changes in business strategy. We are under no obligation to update forward-looking statements.Due to rounding, the sum of percentages of order intake and sales by region as well as by customer industry may vary from 100%.Since Q1 2012, the segment, GEA Convenience-Food Technologies (GEA CT), is renamed as GEA Food Solutions (GEA FS).
Disclaimer
engineering for a better world3 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
Agenda
I. Development of GEA Group since 2004
II. Further Growth Strategy – Main Focus on Food Industry
III. Stronger Focus on Cash Flow and ROCE
IV. New Bonus System – Additional Financial Targets
engineering for a better world4 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
I. Development of GEA Group since 2004GEA‘s development into today‘s structure
1999* - 2004 Status 2009 Since 2010
Strategic realignment of the Group focusing on specialty mechanical engineering
Successive disposals/closures Special Chemicals (Dynamit Nobel)
2004 Automotive Plastics 2005 Plant engineering (Lurgi, Lentjes,
Zimmer) until 2007 Zinc Smelter (Ruhrzink) 2008
and several others
Plan
t Eng
inee
ring
Che
mic
als
Spec
ialty
M
echa
nica
lEng
in.
Oth
er C
ompa
nies
mg technologies* GEA Group*
GEA’s specialty mechanical engineering business (incl. Bischoff, a mg leftover) was organized in a divisional structure adopted by Gea old in 1997
Organizational allocation of the >300 legal entities to 9 Divisions followed no clearcut principles which created various overlaps and operational inefficiencies
management focus on legal entities rather than businesses
FS-S
egm
ent
GEA Group*
Reorganization of GEA’s 9 Divisions into technologically distinct Segments (e.g. all heat exchangers now in HX-Segment)
Acquisition of the FS-Segment (4/2011) for strategic portfolio expansion
Management focus now on global Business Units (BUs = level below segments)
Uniform reporting procedures across all Segments and BUs
FT-S
egm
ent
HX-
Segm
ent
PE-S
egm
ent
ME-
Segm
ent
RT-
Segm
ent
A-D
ivis
ion
R-D
ivis
ion
C-D
ivis
ion
M-D
ivis
ion
D-D
ivis
ion
E-D
ivis
ion
H-D
ivis
ion
P-D
ivis
ion
B-D
ivis
ion
* mg acquired GEA in 1999;mg and GEA merged in 2005 for legal and tax reasons;the portfolio of GEA Group 2012 is similar to pre 1999 GEA old
engineering for a better world5 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
I. Development of GEA Group since 2004Active portfolio management
Desinvestments
• Aseptomag• KET Marine
• EurotekEngineering
• Intec• DB Wilaard
Holding• Ion Blast• ACO
Engineering (India)
• Univalve• ViEx• Bloksma• ICG• PSSP
Fabricat.• Caldemon
Iberica• Norbco• Astair• Deichmann• NEMA Air Fin • ADG
• Procomac• J. Houle &
Fils• Aero Heat
Exchangers
• Huppmann• ISISAN• Denco• AWP Kälte-
Klima-Armaturen
• Munters / 2H Aqua UK
• Membraflow• FlatPlate• Steris• 2H Kunststoff• Hapco
• Closing ofRuhr-Zink
• Zimmer AG• Lurgi AG• Lentjes• MG Industrial
Products
• Claus Queck • Fleissner • Polytrade• MG NE-
Produkt-handel
• MVG Metall-verkaufs-gesellschaft
• Dynamic Fabricators
• Dynamit NobelKunststoff Group
appr. € 70m revenue p.a.
appr. € 130m revenue p.a.
appr. € 210m revenue p.a..
appr. € 200m revenue p.a.
< € 1,000m revenue p.a.
> € 200m revenue p.a.
< € 1,400m revenue p.a.
appr. € 200m revenue p.a
no disinvestments
appr. € 60m revenue p.a.
• Agroserve• Goedhart• WTT• Messo-
Chemie-technik
• Colby• Diessel
appr. € 150mrevenue p.a..
• Standard-kessel Group
• Dynamit Nobel AIS
• Dynamit Nobel AG
• solvadischemag ag
• Lurgi Lentjes NA
• GEA Spiro Gills
• Großmunition• Safic-Alcan
> € 3,000mrevenue p.a.
• Skiold Mullerup• Breconcherry• ACC Air
Pollution Control Division
• Farmers Industries
• BSGT Beijing
appr. € 22mrevenue p.a.
appr. € 12mrevenue p.a.
• GEA GrencoKøleteknik
• Mashimpeks• Bock Kälte-
maschinen• CFS• Nu-Con• San-Joaquin
appr. € 520mrevenue p.a.
appr. € 45mrevenue p.a.
• Packagingfoil businesswithin GEA FS
2004 2005 2006 2007 2008 2009 2010 2011 2012
appr. € 21mrevenue p.a.
no disinvestments
engineering for a better world6 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
I. Development of GEA Group since 2004Sales and margin performance
4.0593.391
4.3464.856
5.179
4.411 4.4185.071
346
2,1%
6,6%6,9%
8,3%
9,9%
7,8%8,3%
10,0%
9,7%
0%
2%
4%
6%
8%
10%
12%
0
1.000
2.000
3.000
4.000
5.000
6.000
2004 2005 2006 2007 2008 2009 2010 2011
Sales w/o GEA FS Sales GEA FSEBIT margin w/o GEA FS bef. PPA. and restr. EBIT margin incl. GEA FS bef. PPA. and restr.
* EBIT margin before PPA. and restructuring
[in EUR million]
engineering for a better world7 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
769 802901
964
102
14,9%
18,2%
20,4%
19,0%
19,7%
0%
5%
10%
15%
20%
25%
0
200
400
600
800
1.000
1.200
2008 2009 2010 2011Service Sales GEA (w/o FS) Service Sales GEA FSService as % of Group Sales (w/o FS) Service as % of Group Sales (incl. FS)
I. Development of GEA Group since 2004Service business: above EUR 1 billion in FY 2011
[in EUR million]
CAGR w/o GEA FS 2008-2011: +7.8%
engineering for a better world8
I. Development of GEA Group since 2004Overall Development of GEA sales*
GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
0
1.000
2.000
3.000
4.000
5.000
6.000
[in EUR million]
CAGR GEA sales 1983-2012e:
+10.9%
• Unconsolidated total sales incl. acquisitions at each point in time; left out were entities outside the segments, even if they generated revenues (eg GEA Real Estate); 2012e sales estimate based on guidance of „at least 5% growth [over 2011]“.
engineering for a better world
I. Development of GEA Group since 2004GEA organic sales growth outperforms global GDP
9 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
0
20
40
60
80
100
120
140
160
180
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012e
GDP GEASource: IMF World Economic Outlook April 2012.GEA 2012e sales growth based on guidance of „at least 5% growth“.
CAGR Global GDP 2003-2012e:
+3.9%
CAGR GEA sales w/o portfolio adjustments
2003-2012e: +5.6%
(Index 2003 = 100)
engineering for a better world10 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
43%37%
15%
13%
16%22%
12%10%
6%7%
5% 5%
3% 5%
2008 2011
Sales by Region
Africa
Middle - East
Latin America
Eastern Europe& CIS
Asia - Pacific
North America
Western Europe
I. Development of GEA Group since 2004Sales structural development
41%51%
13%
6%
14% 12%
5% 5%8% 6%
6% 3%
11%12%
2% 5%
2008 2011
Sales by Customer Industry
Other Industries
Climate &Environment
Marine
Chemicals
Pharma
Power
Oil & Gas
Food
engineering for a better world
I. Development of GEA Group since 2004Development sales vs. employees
11 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
43%
71%
37%
63%
15%
11%
13%
10%16%
10%
22%
14%12%
2%
10%
7%6%
3%
7%
3%5%1%
5%1%3% 2% 5%
2%
Africa
Middle - East
Latin America
Eastern Europe& CIS
Asia - Pacific
North America
Western Europe
20112008
Sales Employee Sales Employee
engineering for a better world
0
50
100
150
200
250
300
350
400
450
Chi
na
Rus
sia
Sou
th A
frica
Bra
zil
Pol
and
Turk
ey
Indi
a
Mex
ico
Thai
land
Cze
ch R
epub
lik
Sau
di A
rabi
a
Uni
ted
Ara
b E
mira
tes
Arg
entin
a
Rom
ania
Indo
nesi
a
Egy
pt
Chi
le
Sin
gapo
re
Col
ombi
a
Hun
gary
GEA Sales 2010 GEA Sales 2011
23% of Sales +25% yoy
11% of Sales +33% yoy
I. Development of GEA Group since 2004Sales of top 20 single countries in emerging markets
12 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
* Definition of Dow Jones and MSCI
FY 2011: 23% Emerging Markets exposure generated in only four countries
67% 66%
33% 34%
FY 2010 FY 2011
+28% YoY
Emerging Markets
DevelopedMarkets
+20% YoY
engineering for a better world
I. Development of GEA Group since 2004Emerging middle class in developing countries
13 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
CAGR
North America 338 18% 333 10% 322 7% -0,2%
Central and South America 181 10% 251 8% 313 6% 2,6%
Europe 664 36% 703 22% 680 14% 0,1%
Asia / Pacific 525 28% 1 740 54% 3 228 66% 9,0%
Middle East and North Africa 105 6% 165 5% 234 5% 3,9%
Sub-Saharan Africa 32 2% 57 2% 107 2% 5,9%
Global Middle Class 1 845 100% 3 249 100% 4 884 100% 4,7%
Total Population 6 818 7 657 8 321 1,0%
2009 2020 2030
Global Middle Class defined as households with daily expenditures between USD 10 and USD 100 per person inpurchasing power parity terms. CAGR: Compound Annual Growth Rate between 2009 and 2030.
Numbers (millions) and share (percent) of the Global Middle Class
In the future the middle class growth, in absolute and relative terms, is projected tocome mainly from Asia. By the end of the decade the middle class will have grown bymore than 1 billion people.
Sou
rce:
OE
CD
engineering for a better world
I. Development of GEA Group since 2004GEA’s global presence & target regions
14 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
All SegmentsMin. 3 Segments
1SegmentNot present with own entity
Calculation GEA Sales/GDP per country 2011*
100
*Value for China = Index 100; Source: IMF WEO 2012 April. GEA Sales in EUR million and GDP USD trillion.
50
94
145
89
61
84
60
Peru
Chile
Indonesia
Mexico
Argentina
Brazil
India
Thailand
China
Colombia
137
Turkey
354
Vietnam
102
44
engineering for a better world15 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
• GEA is not utilizing all market potential in certain geographical areas
Detailed analysis of market potentials in emerging markets Stronger regional setup in emerging markets Development of a GEA products and process catalogue for target
industries and markets Development of industry selective sales and marketing approaches Push for stronger GEA brand recognition
=> Incubator model needed to conquer these geographies with a common efficient approach based on the individual strength of each GEA segment
I. Development of GEA Group since 2004Incubator model to increase sales in EM
engineering for a better world
Agenda
16 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
I. Development of GEA Group since 2004
II. Further Growth Strategy – Main Focus on Food Industry
III. Stronger Focus on Cash Flow and ROCE
IV. New Bonus System – Additional Financial Targets
engineering for a better world
II. Further Growth Strategy – Main Focus on FoodStable investment behavior of food industry
17
100
120
140
160
180
200
220
0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
40.000M
ar-0
5
Jun-
05
Sep
-05
Dec
-05
Mar
-06
Jun-
06
Sep
-06
Dec
-06
Mar
-07
Jun-
07
Sep
-07
Dec
-07
Mar
-08
Jun-
08
Sep
-08
Dec
-08
Mar
-09
Jun-
09
Sep
-09
Dec
-09
Mar
-10
Jun-
10
Sep
-10
Dec
-10
Mar
-11
Jun-
11
Sep
-11
Dec
-11
[EUR Million]
Rolling Capex* Food Price Index**
Source: Citi Investment Research* Capex Model based on >70 manufacturers ** Food Price Index: 2002-2004 = 100. Food Price Index consists of the average of 5 commodity group price indices (meat, dairy, cereals, oil & fat, and sugar) weighted with the average export shares of each of the groups for 2002-2004.
Despite volatile food price, food manufacturers’ expenditure (implied byCAPEX) for durable capital goods, such as machinery, remains stable.
Rol
ling
Cap
ex*
Food Price Index**
CAGR 2008-2011:
+9.3%
GEA Sales from Food Industry
CAGR 2008-2011: +9.4%
GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
engineering for a better world
80%
20%
from Local Players from Global Players
Global China
II. Further Growth Strategy – Main Focus on FoodFocus on local players in emerging markets
18 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
Retail market share of two largest western and Chinese suppliers*
* Source: Financial Times 4.4.2011.
2009-2011 GEA large orders with value of more than €10m
100% of GEA Food & Beverage large ordersfrom China were bookedwith value of more than€10m by local players.
Some large Chinese local players in Food & Beverage industry have larger market share in China than global players.
77%
23%
from Emergin Markets from Mature Market
16.823.5 16.8 12.6 3.0
0.8 13.00.9 7.9
Soft drinksCoca-Cola
18.2 6.9
Ice cream
Tingyi Hangzhou Wahaha Yili Industrial Mengniu Dairy
PepsiCo Unilever Nestle
0.9 15.81.5 12.6
5.910.7
engineering for a better world
Growth Drivers Implication for Equipment Suppliers (like GEA)
GEA as Full Scope Supplier
■ Worldwide population and GDP growth
■ Urbanization leading to different living and eating habits
■ Growing demand for convenience food
■ Increasing affluence leading to more spending on food
■ Favoring high level, full scope suppliers of internationally uniform quality
■ Efficiency improvements expected
■ Stricter hygienic standards and regulations
■ Demand for low cost of owner-ship to cope with increasing input costs in production
■ Accelerating “time to market” of new or improved products
II. Further Growth Strategy – Main Focus on FoodGrowth in food industry: challenges and opportunities
19 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
GEA Group is a full scope supplier offering its customers energy efficient innovationsand solutions
engineering for a better world
Food processing industry with high standard requirements for hygiene, safety and quality is showing much more opportunities for GEA to leverage its technological leadership than the energy industry
Food Industry – Dairy Plant
20 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
…defines high market entry barrier
II. Further Growth Strategy – Main Focus on FoodDemand for high level safety & quality solutions…
engineering for a better world
Food processing industry with high standard requirements for hygiene, safety and quality is showing much more opportunities for GEA to leverage its technological leadership than the energy industry
21 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
…defines high market entry barrier
II. Further Growth Strategy – Main Focus on FoodDemand for high level safety & quality solutions…
Energy Industry – Power Plant
engineering for a better world
II. Further Growth Strategy – Main Focus on FoodVery diversified customer base
Our largest customer in food industry has a revenue share of only 1.3 percent
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Top Customer Top 10 Top 50 Top 100 Top 150 Top 200
Rev
enue
Sha
re
Customer
GEA Group CMD 2012 - Presentation Jürg Oleas, CEO22
3 out of the Top 10 customers arealready coming from Emerging Markets
GEA is independent of single customers
engineering for a better world
II. Further Growth Strategy – Main Focus on FoodWhy revenue share of food industry can not be >75%
23 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
Segment Product example Examples offood application
Examples of other application
GEA Heat Exchangers
Plate heat exchangers
Milk production,beverage processing
Marine, cargo, cruiser; pulp and paper
processing
GEA Mechanical Equipment
Separator Dairy processing,beverage processing
Oil & Gas, chemicals, water treatment
GEA Process Engineering Spray dryer Milk powder, instant
coffee, food ingredient
Pharmaceutical active ingredients, chemical
compounds
GEA Refrigeration Technologies
Compressor Frozen meals, brewery
Transportation, cargo, storage
GEA Group with its food related technologies and product applications is also delivering the same technology into other customer industries, e.g.:
engineering for a better world
II. Further Growth Strategy – Main Focus on Food GEA continues to head for external growth
• Complementary markets, products or process technologies
• Focus on process technologies for food applications
• Operational returns above GEA average expected
• Easy to integrate into existing segments
• Significant synergy potential (e.g. by leveraging global GEA sales channels oradministrative shared services)
• Purchase price in line with market level
• Specialist companies available (cash requirements, ownership succession)
• Limited competition from LBO investors
• Attractive valuations
Criteria for acquisitions
Advantageous market conditions for acquiring companies
24 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
engineering for a better world
II. Further Growth Strategy – Main Focus on FoodGEA is serving many applications (1/3)
25 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
Sector Industry Market Application
Food & Beverages
DAIRY
Milk ProductionMilk ProductionFarm EquipmentFarm Supplies
Dairy Processing
Drinking MilkYogurt, Sour Milk DrinksCheeseButterIce CreamMilk Powder / Whey PowderBaby Food (milk formula)Dairy Ingredients (whey, lactose, casein)
LIQUID
Beverages Non-alcoholic
Fruits & Vegetables JuiceSoft Drinks (Carbonated)Bottled WaterCoffee / Tee (instant)
Beverages AlcoholicBeerWineSpirits
SOLID
Raw FoodMeat / PoultryFish / ShrimpFruits / Vegetables
Processed Food
Bakery / DoughConfectionaryConvenience FoodBaby Food (non-milk formula)Animal FatsEdible Oils
Food IngredientsStarchSugarOther Food Ingredients
engineering for a better world
II. Further Growth Strategy – Main Focus on FoodGEA is serving many applications (2/3)
26 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
Sector Industry Market Application
Energy
OIL & GAS
Oil / Gas
LNG LiquefactionLNG Re-GasificationPipelines / DistributionOil-ExtractionGas ProductionRefinery
BiofuelsBiodieselBioethanolBiogas
POWER
Power Generators Diesel Power Generators
Thermal Power Plants
BiomassSolarGeothermalCoal FiredGas FiredOil FiredNuclearWaste-To-Energy
Power Distribution Transformer Oil Cooling
engineering for a better world
II. Further Growth Strategy – Main Focus on FoodGEA is serving many applications (3/3)
27 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
Sector Industry Market Application
Other
PHARMA Pharma / BiotechPharmaBiopharmaPersonal Care
CHEMICALS Chemicals
Inorganic ChemicalsOrganic ChemicalsFine ChemicalsPetrochemicalPolymersIndustrial Process Separation
MARINE Marine
CruiserCargoOff-shoreOthers (Fishing trawlers)
CLIMATE & ENVIRONMENT
Climate
Comfort HVAC (Residential & Non-Residential / Cruiser)Processes HVAC (Industrial, IT, Telecom, Pharma, Biopharma)Refrigeration - Distribution / Storage / CargoRefrigeration - Leisure / Sports
Environment
Flue Gas CleaningGas Cleaning in Process IndustryWater Treatment CommunalWater Treatment IndustrialIndustrial Recycling of Liquids
OTHER INDUSTRIALSIndustry
Mining & Minerals / GlassMetallurgyIce PlantsPulp & PaperCement Production
Land Transportation LocomitivesMachinery for Construction
engineering for a better world
II. Further Growth Strategy – Main Focus on FoodPortfolio review
28 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
Stra
tegi
c A
ttrac
tiven
ess
Value Creation Potential
Hig
hLo
w
HighLow
Portfolio TodayPortfolio TodayDrive to full profit and
growth potential Drive to leadership or harvest
Sustain position and manage
for cashHarvest or divest
BU 1
BU 2
BU 4
BU 3
BU 5
Evaluation of strategic attractiveness and value creation potential of the business leads to a role definition with strategic options for the individual Business Units.
engineering for a better world
Agenda
29 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
I. Development of GEA Group since 2004
II. Further Growth Strategy – Main Focus on Food Industry
III. Stronger Focus on Cash Flow and ROCE
IV. New Bonus System – Additional Financial Targets
engineering for a better world
0%
2%
4%
6%
8%
10%
12%
14%
16%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%
30 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
III. Stronger Focus on Cash Flow and ROCEHigher margin-business not linked to higher cash
GEA PE
GEA ME
GEA HX
GEA FT
GEA w/o FS
GEA Group
GEA RT
Cas
h Fl
ow D
river
Mar
gin*
EBIT-Margin before PPA
* Cash-Flow-Driver Margin: (EBITDA – Capex +/- Delta Working Capital (LTM)) / Sales (P. 39)
engineering for a better world
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0
31
ROCE as product of EBIT-Margin and capital turnover Q1 2012 (LTM)
Capital turnover (Sales / Capital Employed* average LTM)* Capital employed excl. Goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999
EBIT
-Mar
gin
befo
rere
stru
ctur
ing
(LTM
)
10% ROCE15% ROCE20% ROCE
70% ROCE
60% ROCE
50% ROCE
RT: 19.8%PE: 53.4%
ME: 48.9%
HX: 17.6%
FT: 10.2%
GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
III. Stronger Focus on Cash Flow and ROCEROCE development Q1 2012 (LTM)
GEA w/o FS: 26.1%
engineering for a better world
Agenda
32 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
I. Development of GEA Group since 2004
II. Further Growth Strategy – Main Focus on Food Industry
III. Stronger Focus on Cash Flow and ROCE
IV. New Bonus System – Additional Financial Targets
engineering for a better world
IV.New Bonus System – Additional Financial TargetsElements of new bonus system
33 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
engineering for a better world
IV.New Bonus System – Additional Financial TargetsElements of new bonus system
34
2012 2013 20142010 2011
Weight of the three bonus components (%ppts of X, Y, Z) depends on management level scoring
GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
engineering for a better world
IV.New Bonus System – Additional Financial Targets1) Individual targets
35 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
engineering for a better world
IV.New Bonus System – Additional Financial Targets2) GEA share price performance
36 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
engineering for a better world
IV.New Bonus System – Additional Financial Targets2) GEA share price performance
37
*Source: Thomson Reuters (Sales: FY 2010; market capitalization exclusively based on free float)
Unternehmen Umsatz*(in Mio. €) Mitarbeiter* Marktkapitalisierung
30.09.2011 (in Mio. €)*Aalberts Industries N.V. 1.683 11.536 1.218ABB Ltd 23.547 116.500 29.876AF B 481 4.475 352Alfa Laval AB 2.741 12.618 4.971ALSTOM S.A. 20.923 94.648 7.326Andritz AG 3.554 14.655 3.203Atlas Copco 7.748 32.790 11.213Beijer Alma 254 1.397 311Bodycote 583 5.603 549Bucher Industries 1.626 7.899 1.235CHF n/a n/a n/aCargo Tec Corp 2.575 9.954 1.004CHARTER INTERNATIONAL PLC 2.007 12.407 1.682Cramo 492 2.131 264Danieli & CRSP 3.079 9.392 636Demag Cranes 1.062 6.456 1.235Fenner 812 n/a 698Fiat Industrial Pref n/a n/a n/aFiat Industrial RNC n/a n/a n/aFiat Industrial 21.342 62.123 6.188Frigoglass 457 5.418 271GEA Group Aktiengesellschaft 4.418 20.386 3.247Georg Fischer Ltd. 2.757 12.908 1.073Gildemeister 1.377 5.445 577Heidelberger Druck 2.629 15.828 368IMI PLC 2.231 14.653 2.647Interpump Grp 425 2.492 416KONE Corporation 4.987 33.755 7.963Konecranes Plc 1.546 10.042 961Kongsberg Gruppen 1.987 5.681 1.561KRONES 2.173 10.575 1.236MAN SE 14.675 45.693 8.231Marel 600 3.359 545Metka 614 328 291Metso 5.552 28.593 3.321Meyer Burger Technology 661 1.276 907
OC Oerlikon 2.251 16.657 1.387Outotec Oyj 970 3.130 1.209Palfinger 652 5.045 568Pfeiffer Vakuum Technology 220 2.237 653Ramirent 531 3.048 504Rational 350 1.092 1.927RHI 1.523 7.266 597Rieter 1.991 12.804 511ROTORK P.L.C 444 1.869 1.560Sandvik Aktiebolag 9.164 47.064 10.299SCANIA Aktiebolag 8.667 31.012 4.308Schindler Holding Ltd. n/a n/a 3.871Seco Tools 650 5.306 819Semperit 689 7.008 617SGL Carbon SE 1.382 6.285 2.624SKF INC 6.767 44.742 5.858SPIRAX-SARCO ENGINNEERING PLC 688 n/a 1.615Sulzer Ltd 2.546 13.740 2.651Tomra Systems 448 2.027 718Trelleborg Aktiebolag 3.015 20.042 1.182Vaisala 253 1.367 256VALLAOUREC S.A. 4.491 20.561 5.180Volvo 29.355 90.409 10.850
Vossloh 1.351 4.906 1.096
Wartsila 4.553 17.528 3.533
WEIR Group 1.908 11.789 3.801
Zardoya Otis 863 5.602 3.508
GEA 4.418 20.386 3.247
Umsatz* (in Mio. €) Mitarbeiter* Marktkapitalisierung
30.09.2011 (in Mio. €)*1. Quartil 651 4.906 612Median 1.683 9.954 1.235Durchschnitt 3.853 17.606 2.9553. Quartil 3.316 17.528 3.514
GEA Quantilsrang 0,78 0,79 0,71
Companies listed in the STOXX® Europe TMI Industrial Engineering*Companies Sales*
(mEUR) Employees* Market capitalization30.09. 2011 (mEUR)*
Sales*(mEUR)
Employees*
Market capitalization30.09. 2011 (mEUR)*
Average
GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
engineering for a better world38 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
IV.New Bonus System – Additional Financial Targets3) Focus on CFD margin & on ROCE to create value
engineering for a better world
IV.New Bonus System – Additional Financial Targets3) Focus on CFD margin & on ROCE to create value
39
ROCE Target: 19%
Min: -5% pts
Max: +5% pts
Target CFD-Margin8%
Max. CFD-Margin13,25%
Min. CFD-Margin4,5%
100%
Cap:
250%
GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
engineering for a better world
0%
2%
4%
6%
8%
10%
12%
14%
16%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65%
40 GEA Group CMD 2012 - Presentation Jürg Oleas, CEO
IV. New Bonus System – Additional Financial Targets3) Focus on CFD margin & on ROCE to create value
Ø ROCE last 36 monthsGEA Group Set Point: 19%
Ø CFD-Margin last 36 monthsGEA Group Set Point: 8%
GEA PE
GEA ME
GEA HX
GEA FTGEA RT
Cas
h Fl
ow D
river
Mar
gin
(LTM
)
ROCE* (LTM)* Capital employed excl. Goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999
ROCE* and Cash Flow Driver Margin Ø 2009-2011