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GEA: Solid results in Q1
06.05.2010 14:58 "Agro Perspectiva" (Kyiv) —
In an environment that remained challenging, GEA Group Aktiengesellschaft’s order intake in the first quarter was on a level with Q4 2009 at EUR 1,010.2 million. The 11.0 percent year-on-year reduction in sales reflects the decline in order intake in 2009, with a time lag.
Although EBIT was below the prior-year figure at EUR 51.3 million (before restructuring expenses: EUR 52.6 million), the EBIT margin increased to 5.5 percent (before restructuring expenses: 5.6 percent). Discontinued operations again had no impact on the group’s results in the first quarter. Liquidity has declined since the end of the past fiscal year due to the increase in working capital that is attributable to seasonal factors. However, the ratio of working capital to the annual revenue improved as against the prior-year quarter.
«Although we were again confronted by the effects of the financial and economic crisis in the first quarter, we have generated respectable results,» said Jürg Oleas, CEO of GEA Group Aktiengesellschaft. "We stabilized our order intake in the first quarter at the level of Q4 2009, and therefore above EUR 1 billion. Our profitability increased compared with the prior-year period. This shows that the measures we implemented to adjust capacity in 2009 are now taking full effect, despite price pressures.
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