2011 04 07 gea fixed income rs final tcm11 25368

April 2011

Munich – Frankfurt – London – Paris

Investor Roadshow Fixed Income

GEA Group Aktiengesellschaft

efficiency in food and energy processes.

Disclaimer

2

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.

Investor Roadshow - Fixed Income

Introduction

Investor Roadshow - Fixed Income 3


Introduction The GEA Group in summary

4

The GEA Group is one of the largest providers for equipment and process

technology particularly for the food and energy industries where it ranks

among the market and technology leaders.

The GEA Group focuses on demanding production processes and supplies

its customers with efficient solutions in various end markets.

In 2010 the GEA Group employed some 20,000 people who generated

revenue of about EUR 4.4 billion.



Introduction Management Board

5

Born in 1957

Nationality: Swiss

Member of Management Board

since 2001, Chairman of the

Executive Board since 2004.

Previously he spent nearly 20

years with ABB and the Alstom

Group where he held several

management positions.

Born in 1956

Nationality: German

Member of the Management

Board since 2009.

Previously, he had held several

management positions within

GEA for around 16 years.

Born in 1947

Nationality: Danish

Member of the Executive Board

since 2007.

Previously he held the position of

President of the GEA Process

Engineering Division since 1999.

Prior to that he held management

positions with large international

companies, latest with the Tetra

Laval Group.

Niels Graugaard

Chief Operating Officer

Dr. Helmut Schmale

Chief Financial Officer Jürg Oleas

Chief Executive Officer



Introduction Structure of shareholders

6

8.3%

9.9%

81.8%

Kuwait Investment Office

BlackRock Inc.

Free FloatShareholders below 5%

according to the most recent information imparted to GEA by the shareholders



Introduction The GEA Group – global operations*

7

North America 2,163 employees

EUR 604.8 million

Asia/Pacific 2,629 employees

EUR 969.7 million

Latin America 561 employees

EUR 282.7 million

Africa 511 employees

EUR 234.7 million

Middle East 205 employees

EUR 280.7 million

Eastern Europe 1,369 employees

EUR 419.0 million

Western Europe 12,947 employees

EUR 1,786.4 million

* order intake in 2010, employees 12/31/2010



Introduction GEA Group at a glance

8

Regional sales split

40%

22%

14%

9%

6%

5% 4%

Sales Q1-Q4

2010:

EUR 4,418m

(2009 Q1-Q4)

Western Europe

Asia-Pacific

(18%)

North America

Latin America

(5%) Eastern Europe

& CIS

Middle East Africa

(8%)

(4%) (4%)

(46%)

(14%)

Segmental sales split

Revenues (EUR million)

GEA Farm Technologies

GEA Heat Exchangers

GEA Mechanical Equipment

GEA Process Engineering

GEA Refrigeration Technologies

Total

Others and consolidation

GEA Group

2009

411.8

1,623.4

717.5

1,144.0

565.6

4,462.3

-51.1

4,411.2

2010

446.7

1,483.4

725.4

1,288.5

563.7

4,507.7

-89.2

4,418.4

Emerging markets exposure:

33%

(average of Dow Jones and MSCI definition)

Germany

12% (14%)

USA

12% (13%)

China

12% (8%)

Top 3 Countries


Business Overview



47%

20%

14%

11%

4%4%

Business Overview The GEA Group - order intake by industry*

10

* end markets / customer industries

Food

Other Marine

Energy

Chemical /

Pharmaceutical

Climate &

Environment

Order Intake

FY 2010

EUR 4,578 million



Business Overview Growth drivers – food and energy

Growing interest in

efficient production

processes that

conserve resources

Resource-conserving

technologies/dry cooling

Energy-saving machines and

processes/heat recovery

“Intelligent” engineering

solutions

Steady growth in global

population

Continuously rising

demand for food and

energy

Megatrend Significance for demand Demand relevant for GEA

Volume growth and catch-up

potential especially in South and

East Asia, Latin America and, in

future, Africa

Urbanization/expansion of

middle class

Growing quality

requirements for

foodstuffs and

pharmaceuticals

Processed foods/ready meals

Aseptic filling/enriched lifestyle drinks

Pharmaceuticals

Rising energy costs/

environmental regulations

11 Investor Roadshow - Fixed Income


Examples for GEA´s technology

GEA

Freezing Tunnels

12

Business Overview Main market: food

GEA Milk

Production

GEA Spray

Dryers

GEA

Separators

GEA Plate Heat

Exchangers

GEA

Valves

GEA

Compressors

heat

cool

freeze

separate

dry / dewater

distill

pump

dose

agglomerate

package

Foodstuff


http://www.westfalia.com/hq/en/products_services/proformance_equipment/products/milking_equipment/milking_components/default.aspx


Examples for GEA´s technology

13

Business Overview Main market: energy

Energy

GEA Air-Cooled

Condensers

GEA Cooling

Towers

GEA

Separators

GEA Plate Heat

Exchangers

GEA

Transformer

Coolers

GEA Air Coolers

GEA

Compressor

Skids

heat

cool

condense

separate

dry / dewater



-30%

-20%

-10%

0%

10%

20%

30%

40%

14

Business Overview GEA’s customer industries across the cycle

Oil & Gas

Marine

Power

Pharma

Chemicals

Climate &

Environment

Food

Late Cycle Mid Cycle Early Cycle

Ord

er

inta

ke

Gro

wth

Q1

-Q4

20

10

yo

y

47%

14%

6%

7%

13%

4%

5%

20%* 52%* 24%* Share of order intake:

~ ¾ of GEA’s customer

industries are mid-to-late cycle

*Not pictured are the remaining 4% of various industries such as Transportation, Mining, Pulp & Paper, Cement.



Bowl Choppers

Spiral Cookers

Slicers

Thermoformers

Compressors

Packages and Skids

Ice Machines

Freezers

Finned, Shell & Tube

Cooling Towers

Plate Heat Exchangers

HVAC Systems

Separators

Decanters

Homogenizers

Valves

Milking & Cooling

Farm Services

Farm Equipment

Business Overview Group structure


GEA Farm

Technologies

GEA Heat

Exchangers

GEA Mechanical

Equipment GEA Process

Engineering

GEA Refrigeration

Technologies

Spray Drying

Aseptic Filling

Brewery & Dairy

Systems

Pharma Systems

GEA Convenience-

Food Technologies

15

http://www.westfalia.com/hq/en/products_services/proformance_equipment/products/milking_equipment/milking_components/default.aspx

http://www.westfalia.com/hq/en/products_services/promilk_Hygiene_consumables/products/hygiene/udder_hygiene/noniodinedip.aspx

http://www.westfalia.com/hq/de/products_services/milking_cooling/farm_management/herd_management_software/default.aspx


Business Overview Guiding theme efficiency - high-tech made by GEA

initial situation + GEA’s contribution = efficient innovation

16

PET blanks are sterilized

after they were inflated

and expanded.

Aseptic Blow Fill (ABF) – Integrated aseptic filling for PET bottles

PET blanks are sterilized before

being inflated and expanded

lower water, energy and chemical

consumption

saving: 7-9 % of production costs

per bottle

Grasso BluAstrum – Ammonia chiller achieves energy efficiency ratio of 5.5.

Chiller with synthetic

refrigerants only or large, less

efficient chiller with natural

refrigerants.

maximum energy efficiency and

optimal efficiency for all load conditions

environmentally friendly with

natural refrigerants

compact design and low noise

emission

Complete production facility

needs to be cooled by -5°

Celsius due to sanitary and

cooling requirements.

cooling of all mechanical components

production facility can be kept at an

ambient temperature of +22° C

considerable savings in energy

Hycon – Separator allows process optimization for the production of blood blasma proteins.


Performance



56 53

71 72

87 93

119 140

2009 2010

Q4

Q3

Q2

Q1

18

1,073 1,010

1,036 1,167

962 1,153

1,010 1,248

2009 2010

Q4

Q3

Q2

Q1 1,055 938

1.104 1.065

1,061 1,125

1,192 1,290

2009 2010

Q4

Q3

Q2

Q1

79 78

95 98

112 118

148 169

2009 2010

Q4

Q3

Q2

Q1

Order Intake

+12%

4,578 4,081

+24%

+20%

-6%

+13%

+0%

4,418 4,411

+8%

+6%

-11%

-4%

Sales

+7%

464 434

+15%

+5%

-1%

+3%

EBITDA*

+7%

357 333

EBIT*

-6%

+1%

+6%

+18%

* Before restructuring expenses (Q1-Q4 2009: EUR 65m; Q1-Q4 2010: EUR 119m)

[in EUR million]

Performance GEA Group FY 2010 (ended 31/12/2010)

+8%

+44%

+15%

+51%


efficiency in food and energy processes. 19

[in EUR million]

Performance Top Line Trend

1,700

1,900

464

514

Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10

Sales

Order Intake

2,451 2,476 2,435 2,312

2,164 2,301

2,469 2,424 2,414

1) Order backlog invoicable in FY 2010 2) Order backlog invoicable in FY 2011

2,500

2,000

1,500

1,000

500

0

2)

1)



Performance Order intake by customer industry since Q4 2009*

*Average last four quarters: Q1 – Q4 2009 = Index 100

Order Intake

Q1-Q4

2010

24%

11%

12% 13%

7%

14%

6%

5% 4% 4%

Food - Dairy

Food - Beverage

Food - Solid

Power

Oil & Gas

Climate & Environment

Chemicals

Pharma

Other Industries

Marine

95%

105%

115%

125%

12/09 03/10 06/10 09/10 12/10

Food - Dairy Food - Beverage Food - Solid

60%

80%

100%

120%

140%

12/09 03/10 06/10 09/10 12/10

Oil & Gas Power Climate & Environment

60%

80%

100%

120%

140%

12/09 03/10 06/10 09/10 12/10

Pharma Chemicals Marine

Energy

20%

Food

47%



Growth in service sales Q1-Q4 2010 yoy: +12.3% to a total of EUR 901m

Share of service sales Q1-Q4 2010: 20.4% (Q1-Q4 2009: 18.2%)

Gross Margin % of service business stable in Q4 2010 compared to FY 2009

Performance Service business



0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

0

100

200

300

400

500

600

700

800

900

1.000

Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010

Working Capital Working Capital (average LTM) as % of sales LTM

22

Performance Working Capital Development

[in EUR million] Reduction of Working Capital as %

of sales by 477 bps since Q3 2009

-477 bps



Sector Application GEA profile CFS profile Profile GEA+ CFS

Milk Production Strong Strong

Drinking Milk Strong Strong

Yogurt, Sour Milk Drinks (…) Strong Strong

Cheese Active Active Active

Butter Strong Strong

Ice Cream Active Active

Milk Powder / Whey Powder Strong Strong

Baby Food (milk formula) Strong Strong

Dairy Ingredients (whey, lactose, casein) Strong Strong

Fruits & Vegetables Juice Strong Strong

Soft Drinks (Carbonated) Active Active

Bottled Water Active Active

Coffee / Tee (instant) Strong Strong

Beer Strong Strong

Wine Active Active

Spirits Active Active

Meat / Poultry / Animal Protein Inactive Strong Strong

Fish / Shrimp / Animal Protein Inactive Strong Strong

Fruits / Vegetables Inactive Active Active

Bakery / Dough Inactive Inactive

Confectionary Inactive Inactive

Convenience Food Active Active Strong

Baby Food (non-milk formula) Active Active

Animal Fats Strong Strong

Edible Oils Strong Strong

Starch Strong Strong

Sugar Strong Strong

Other Food Ingredients Active Active

Food &

Beverage

Dairy

Liquid

Solid

Performance Acquisitions - CFS is filling a gap for GEA



Performance Acquisitions - CFS serves various applications

Product Lines* Application Process Global footprint of CFS

Preparation 17.5% of revenue

Marination 3.0% of revenue

Processing 18.7% of revenue

Slicing/ Loading 8.2% of revenue

Packaging Machinery 35.9% of revenue

Sugar 3.7% of revenue

Packaging Materials 13.0% of revenue

Cutting, Emulsifying, Grinding,

Handling, Meat analyzing, Mixing

and Portioning

Brine preparation, Injecting,

Massaging/ tumbling, Tenderizing

Forming, Predusting, Battering and

Breading, Frying & Oil Treatment,

Grilling, In Line Cooking, Spiral

Cooking and Cooling & Freezing

Peeling, Slicing and Loading

Thermoforming, Tray sealing,

Vertical Form Fill and Seal,

Horizontal Form Fill and Seal and

Labeling & Printing

Confectionary like Lollipops and

Sugar

Base Films, Flexible Films and

Shrink Bags

24

* Preliminary data of provided by target.

34%

29%

19%

18%

Western Europe

Central and Eastern Europe

Americas

Asia & Africa

Sales

2010 (e)

EUR

400m



Volume Flow in cbm / h at 50 Hz

5

5

100

150

100

230

280

220

500

1200

2500

8500

5 50 500 5000

SemiHermetic

Piston

OpenPiston

SemiHermetic

Screw

CompactScrew

OpenPiston

OpenScrew

Ind

us

tria

l

Co

mp

res

so

rs

Co

mm

erc

ial

Co

mp

res

so

rs

Refrigeration Compressors – Product Overview Units in World

Market *

11.500

8.000

102.000

16.000

230.000

730.000

* Preliminary data provided by target.

Performance Acquisitions - Bock adds new capacity ranges



Time flow – Phases within plant engineering:

Construction: Concrete and steel works

Com.: Commissioning of the plant

Test: Performance and availability test

Le: Lentjes

Typical duration: 2-4 yrs 1-6 mts 1-3 mts 2-3 yrs

PAC: Provisional acceptance / Transition of operating risk to the customer

Warr.Per.: Duration of liability for repair or replacement in case of malfunctioning

FAC: Final acceptance / end of warranty period

Lu: Lurgi

Com. Test PAC FAC

Warranty period

12/31/2009: Le Le Le

Lu Lu Lu

Le Le Le Le Le Le

26

Performance Progress of Lurgi and Lentjes Projects

Construction

Provision per 12/31/2009:*

EUR 266m

Provision per 12/31/2010:*

EUR 157m

Cash out in 2010*:

EUR 109m

Expected cash out*:

2011: EUR 110m

Later: EUR 47m

* Incl. Ruhr-Zink

Com. Test PAC FAC

Warranty period

12/31/2010: Le Le Le

Lu

Le Le Le Le Le

Construction



January-February 2010 January-February 2011

FT

HX

ME

PE

RT

27

Performance Order Intake January – February 2011: +23% yoy

+28%

+10%

+32%

+33%

+10%

+23%

Order Intake

GEA FT

GEA HX

GEA ME

GEA PE

GEA RT

GEA FT

GEA HX

GEA ME

GEA PE

GEA RT


Outlook



Outlook Key figures FY 2011

an organic order intake growth: > 5%


For FY 2011 we expect (before the recent acquisitions CFS, Bock and

Mashimpeks)

an organic sales growth: > 5%

and a corresponding EBIT-margin of around 9%


Outlook Long term – Over the Cycle


EBIT-margin GEA Group: Target of 12% after recovery to pre-crisis market conditions

Acquisitions to continue

Dividend payout ratio: 1/3 of net income

Long term growth of GEA end markets: 3% – 6% p.a., clearly > GDP growth

Financial Profile



Financial Profile Financial Leeway

32

[in EUR million] 12/31/2010 12/31/2009 Change

Cash & Equivalents 564 492 72

Securities 0 0 0

Loans 459 445 14

Net cash 105 47 58

Equity 1,895 1,735 160

GEA credit lines

[in EUR million]

Due date 12/31/2010

granted

12/31/2010

utilized

12/31/2010

unutilized

Total cash credit lines* 1,581 459 1,122

of which:

Syndicated credit line I 07/2011 300 200 100

Borrowers note loan

(Schuldscheindarlehen)

08/2011 92 92 0

08/2013 128 128 0

Syndicated credit line II 06/2013 325 0 325

06/2015 325 0 325

European Investment Bank 2017 150 0 150

32

* Before acquisitions Bock & CFS



Financial Profile Solid Financial Policy

Long-term safeguarding of liquidity

As at December 31, 2010 excellent net liquidity position, especially due to

decreased working capital

Free credit lines outstanding even after payment for acquisitions CFS and Bock

33

Liquidity

Flexibility

Maintain financial flexibility at any time

Well-balanced maturity profile

Diversification of funding sources

Focus to use of new funding options

Intention to maintain a liquidity leeway approx. amounting to the volume of the

syndicated credit line due 2013/2015



Financial Profile Conservative credit metrics

34

* After acquisitions Bock & CFS, EBITDA estimated

28%

35%

37%

34%

0%

10%

20%

30%

40%

50%

2008 2009 2010 2010pro forma*

Equity ratio

0,1x

net cash net cash

0,8x

0,0x

0,2x

0,4x

0,6x

0,8x

1,0x

2008 2009 2010 2010pro forma*

Net Debt / EBITDA



Finance Strategy Maturity Profile as at December 31, 2010

35

Well-balanced maturity structure

Mixture of instruments enables to reduce debt every year with positive cash flow

Further sufficent back-up lines with well-diversified core banks

All syndicated loans are revolving credit facilities

[in EUR million]

0

100

200

300

400

500

600

2011 2012 2013 2014 2015 2016 2017

No

te

Lo

an

No

te

Lo

an

EIB

lo

an

Syn

dic

ate

d l

oa

n I

I (t

ranche

1)

Syn

dic

ate

d l

oa

n I

I (t

ranche

2)

Syn

dic

ate

d l

oa

n I

(

€200m

dra

wn /

100m

undra

wn)

Drawn Undrawn



Financial Profile GEA Group´s Rating

36

Moody´s Baa3 / stable outlook

Last update: April 4, 2011

Fitch BBB- / stable outlook

Last update: July 19, 2010

Affirmation: December 23, 2010

Regular communication with both agencies

Instrument rating to be obtained on transaction

Commitment to investment grade rating


Transaction Details



Transaction Details Transaction summary

38

Borrower GEA Group Aktiengesellschaft

Rating Baa3/BBB- (Moody’s/Fitch)

Status Unsecured, unsubordinated

Size Large non-benchmark size

Maturity 5-years

Use of proceeds Refinancing of loans taken to finance acquisitions of CFS and Bock and for general corporate purposes

Covenants Cross default, negative pledge, change of control, rating step-up

Documentation Standalone documentation

Listing Luxembourg Stock Exchange (regulated market)

Denomination EUR 1,000

Governing law German

Passporting Austria, Germany, The Netherlands

Bookrunners Commerzbank AG, Deutsche Bank AG, UniCredit Bank AG



Transaction Details Credit Highlights

39

A strong position in very robust and resilient end-markets

Favourable organic growth outlook based on strong order backlog

High operating cash flow generation and profitability

Conservative financial policy and commitment to investment grade

Experienced management team with a long history within GEA Group


Appendix



April 21, 2011 Annual General Meeting

May 6, 2011 Interim Report Q1 2011

July 29, 2011 Interim Report Q2 2011

November 2, 2011 Interim Report Q3 2011

June 29-30, 2011 Capital Markets Day

Appendix Financial Calendar



GEA Group Aktiengesellschaft

Peter-Müller-Strasse 12

40468 Düsseldorf

www.geagroup.com

Bernd Becker Holger Winterfeld Axel Wolferts

Head of Finance Head of Corporate Finance Head of Investor Relations

+49 (0) 211 9136 1450 +49 (0) 211 9136 1459 +49 (0) 211 9136 1490

[email protected] [email protected] [email protected]

42

Appendix Contact



Examples of application

Appendix GEA Farm Technologies

Milk

Milking equipment, milk cooling technology,

automatic feeding systems, animal hygiene,

milking parlor cleaning and accessories, barn

equipment, slurry technology and farm services

43

Herd

Management

Systems

Milking

Equipment

Manure

Handling

Milk

Cooling

Systems

Hygiene

Barn

Equipment

All the cows needs

Yoghurt

Milk

Cheese

Ice Cream

Chocolate

Baby Food

Anything made

from milk

2010

Order intake EUR 448.5 million

Revenue EUR 446.7 million

EBIT* EUR 21.9 million

EBIT margin* 4.9 % * before restructuring


http://www.westfalia.com/hq/en/products_services/promilk_Hygiene_consumables/products/hygiene/udder_hygiene/noniodinedip.aspx

http://www.westfalia.com/hq/de/products_services/milking_cooling/farm_management/herd_management_software/default.aspx

http://www.westfalia.com/hq/de/products_services/milking_cooling/parlour_milking/herringbone_parlours/default.aspx

http://www.polylooks.de/kaeseteller/foto/res_id/678854/microstock-resource-show_picture.php

http://www.polylooks.de/chocolate-coffee-and-cinnamon/foto/res_id/784375/microstock-resource-show_picture.php

http://www.polylooks.de/eisbecher/foto/res_id/721632/microstock-resource-show_picture.php

http://www.polylooks.de/baby-wird-gefuettert/foto/res_id/482356/microstock-resource-show_picture.php


Appendix GEA Heat Exchangers

Heat exchangers

Finned tube heat exchangers, shell-and-tube

heat exchangers, plate heat exchangers, wet

and dry cooling systems, air conditioning and air

handling systems


Energy

Food

Milk

Sugar Paper

Buildings

44

GEA Plate Heat

Exchangers

Energy

Chemicals

Heavy

Industry Petro-

chemistry

Buildings

Synthetic

Materials

GEA Cooling

Towers

2010

Order intake EUR 1,506.0 million

Revenue EUR 1,483.4 million






Appendix GEA Mechanical Equipment

Special components

Separators, decanters, membrane filters,

homogenizers, pumps and valves

Milk

Edible Oil Beverages

Energy

Waste Water

Treatment

Chemicals

Yoghurt

Edible Oil

Beverages

Milk

Semi-fluid

Foodstuff

Beer

GEA Separators GEA Valves

45

2010







Milk based

Drinks

Juices

Icetea

Soft

Drinks

Nectars

Appendix GEA Process Engineering

Process technology

Design and installation of process lines for food

and beverages, chemicals, pharmaceuticals,

and cosmetics, as well as gas cleaning plants


Milk Powder

Convenience

Food

Fruit

Powder

Instant

Coffee

Pharma

Hard Metal

GEA Spray Dryer

46

GEA Aseptic

Fillers

Isotonic

Beverages

2010

Order intake EUR 1,416.1 million

Revenue EUR 1,288.5 million




http://www.polylooks.de/fruit-smoothies/foto/res_id/448860/microstock-resource-show_picture.php

http://www.polylooks.de/apfelsinensaft-orange-juice-in-a-bottle/foto/res_id/383951/microstock-resource-show_picture.php

http://www.polylooks.de/soft-drinks/foto/res_id/748394/microstock-resource-show_picture.php

http://www.polylooks.de/eistee/foto/res_id/368092/microstock-resource-show_picture.php

http://images.google.de/imgres?imgurl=http://www.loeper-lieferts.de/assets/images/Powerdrinks.jpg&imgrefurl=http://www.loeper-lieferts.de/html/afg.html&usg=__aJcDDlCcjb99o3icz3Ys54ynvgk=&h=110&w=84&sz=5&hl=de&start=10&tbnid=n36Xnq8HJuuADM:&tbnh=85&tbnw=65&prev=/images?q=isotonische+getr%C3%A4nke&gbv=2&hl=de


Appendix GEA Refrigeration Technologies

Freezing and refrigeration technology

Reciprocating and screw compressors, freezing

systems, chillers etc., as well as development,

design, and maintenance of industrial

refrigeration technology facilities


Skating

Rinks

Fish

Juices

Energy

Ice Cream

Cold Chains

GEA Compressors

47

GEA Freezing

Tunnel

Poultry

Meat

Prepared

Foods

Bakery

Goods

Fruits /

Vegetables

Sea Food

2010







(EUR thousand) 01/01/2010 -

12/31/2010 01/01/2009 -

12/31/2009

Revenue 4,418,419 4,411,170

Cost of sales 3,126,470 3,143,760

Gross profit 1,291,949 1,267,410

Selling expenses 469,954 475,014

Research and development 60,259 55,425

General and administrative expenses 464,750 466,068

Other income 232,964 160,333

Other expenses 303,116 169,094

Share of profit or loss of equity-accounted investments 3,727 2,162

Other financial income 8,392 5,535

Other financial expenses 1,412 1,603

Earnings before interest and tax (EBIT) 237,541 268,236

Interest income 16,463 15,453

Interest expense 79,214 74,483

Profit before tax from continuing operations 174,790 209,206

Income taxes 41,328 47,828

of which current taxes 56,146 77,083

of which deferred taxes 14,818 29,255

Profit after tax from continuing operations 133,462 161,378

Profit or loss after tax from discontinued operations 196 320

Profit for the period 133,658 161,698

of which attributable to shareholders of GEA Group Aktiengesellschaft 131,987 160,623

of which attributable to noncontrolling interests 1,671 1,075

Appendix Income Statement as at December, 31st 2010

48

Consolidated Income Statement for the period January 1 - December 31, 2010 The following information is an integral part of the consolidated financial statements



Appendix Balance Sheet as at December 2010 - Assets

y-o-y Change

in %

y-o-y Change

in %

q-o-q Change

in %

49

Assets (EUR thousand) 12/31/2010 12/31/2009

Property, plant, and equipment 599,606 607,919

Investment property 20,696 22,694

Goodwill 1,550,423 1,530,861

Other intangible assets 161,593 159,219

Equity-accounted investments 13,492 10,784

Other noncurrent financial assets 53,415 49,863

Deferred taxes 348,833 321,861

Noncurrent assets 2,748,058 2,703,201

Inventories 589,603 566,129

Trade receivables 1,034,348 1,063,659

Income tax receivables 20,181 21,303

Other current financial assets 146,740 145,114

Cash and cash equivalents 563,532 491,979

Current assets 2,354,404 2,288,184

Assets held for sale 2,566 3,004

Total assets 5,105,028 4,994,389

Consolidated Balance Sheet The following information is an integral part of the consolidated financial statements



Appendix Balance Sheet as at December 2010 - Equity/Liabilities

y-o-y Change

in %

y-o-y Change

in %

q-o-q Change

in %

50

Equity and liabilities (EUR thousand) 12/31/2010 12/31/2009

Subscribed capital 496,890 496,890

Capital reserve 1,268,728 1,268,656

Retained earnings 93,754 16,909

Accumulated other comprehensive income 34,151 -47,997

Noncontrolling interests 1,809 548

Equity 1,895,332 1,735,006

Noncurrent provisions 170,393 175,682

Noncurrent employee benefit obligations 485,206 491,727

Noncurrent financial liabilities 164,920 247,124

Other noncurrent liabilities 7,781 10,908

Deferred taxes 80,582 74,411

Noncurrent liabilities 908,882 999,852

Current provisions 392,047 513,543

Current employee benefit obligations 203,827 171,453

Current financial liabilities 343,507 238,950

Trade payables 672,103 625,104

Income tax liabilities 42,407 44,500

Other current liabilities 646,923 665,981

Current liabilities 2,300,814 2,259,531

Totaly equity and liabilities 5,105,028 4,994,389

Consolidated Balance Sheet The following information is an integral part of the consolidated financial statements



Appendix Key Figures Time Line (1/2)

Order Intake

[In EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010

GEA Farm Technologies 123.5 120.5 137.0 116.0 497.1 94.9 101.2 94.9 98.6 389.6 101.1 116.1 115.0 116.3 448.5

GEA Heat Exchangers 485.0 416.4 389.1 431.4 1,721.9 413.6 338.9 365.0 301.3 1,418.7 304.4 398.3 404.1 399.2 1,506.0

GEA Mechanical Equipment 257.4 258.0 237.0 177.0 929.4 194.9 162.2 158.6 169.4 685.1 172.0 194.7 191.9 181.8 740.4

GEA Process Engineering 367.3 355.4 346.4 264.4 1,333.6 251.0 308.7 254.0 334.6 1,148.3 335.7 339.0 321.7 419.7 1,416.1

GEA Refrigeration

Technologies

174.1 152.3 144.2 143.3

613.9

138.9 143.2 114.3 130.3 526.6 127.5 150.6 148.9 152.5 579.6

GEA Group 1,374.3 1,272.7 1,223.5 1,113.3 4,983.9 1,072.5 1,036.0 962.3 1,009.9 4,080.7 1,010.2 1,167.3 1,152.6 1,247.8 4,578.0

Order Backlog

[In EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010


GEA Heat Exchangers 1,348.3 1,344.1 1,291.7 1,172.1 1,172.1 1,203.6 1,165.3 1,142.6 1,008.6 1,008.6 1,006.7 1,061.1 1,071.3 1,086.9 1,086.9


GEA Process Engineering 850.7 830.9 826.6 666.2 666.2 651.5 658.2 627.9 660.2 660.2 757.6 821.2 788.9 813.0 813.0

GEA Refrigeration

Technologies

241.9 235.5 236.8 204.1 204.1 222.4 231.7 196.7 169.9 169.9 183.8 203.9 205.9 183.8 183.8

GEA Group 2,822.6 2,857.8 2,823.8 2,450.7 2,450.7 2,476.2 2,435.3 2,312.2 2,164.1 2,164.1 2,301.1 2,468.5 2,423.7 2,414.1 2,414.1

Sales

[in EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010


GEA Heat Exchangers 398.7 449.8 481.7 529.0 1,859.2 387.0 421.2 372.0 443.1 1,623.4 340.9 370.8 361.6 410.1 1,483.4


GEA Process Engineering 328.2 395.8 364.5 398.9 1,487.4 270.7 281.9 278.1 313.2 1,144.0 256.9 298.5 330.9 402.2 1,288.5

GEA Refrigeration

Technologies

132.5 159.3 142.9 175.9 610.6 122.3 136.9 148.2 158.2 565.6 117.4 135.3 139.7 171.3 563.7

GEA Group 1,127.2 1,295.8 1,318.0 1,438.0 5,179.0 1,054.5 1,103.9 1,060.8 1,191.9 4,411.2 938.2 1,065.1 1,124.7 1,290.4 4,418.4

EBITDA before restructuring



GEA Heat Exchangers 42.6 55.7 65.2 79.8 243.2 36.1 38.2 45.5 59.1 179.0 33.2 34.6 37.9 47.0 152.7



GEA Refrigeration

Technologies

7.7 11.9 11.7 16.9 48.1 4.4 8.5 5.0 10.7 28.6 3.8 8.2 9.2 15.8 37.1

GEA Group 94.5 138.6 152.7 200.1 585.9 78.9 95.4 111.7 147.7 433.7 78.1 98.3 117.6 169.5 463.5

EBIT before restructuring


GEA Farm Technologies 4.1 11.6 18.8 18.8 53.4 -1.6 5.6 7.9 6.6 18.5 0.0 2.0 7.7 12.1 21.9

GEA Heat Exchangers 36.4 49.1 58.1 71.8 215.4 27.9 29.2 36.4 48.5 142.0 23.9 24.5 28.6 37.2 114.3



GEA Refrigeration

Technologies

5.9 9.8 9.7 15.2 40.7 2.2 6.4 2.9 8.0 19.4 1.6 6.0 7.1 13.6 28.3

GEA Group 76.1 119.3 131.8 177.1 504.2 56.0 71.2 87.2 118.8 333.2 52.6 71.7 92.6 140.0 356.8



Appendix Key Figures Time Line (2/2)

*Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999.

** ROCE = EBIT before restructuring / Capital employed excluding goodwill from the acquisition of the former GEA AG by the former Metallgesellschaft AG in 1999

EBIT-Margin before

restructuring [in%] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010

GEA Farm Technologies 4.3% 9.4% 13.6% 12.8% 10.6% -1.8% 5.7% 7.1% 5.7% 4.5% 0.0% 1.8% 6.5% 9.0% 4.9%

GEA Heat Exchangers 9.1% 10.9% 12.1% 13.6% 11.6% 7.2% 6.9% 9.8% 10.9% 8.7% 7.0% 6.6% 7.9% 9.1% 7.7%

GEA Mechanical Equipment 13.7% 15.6% 13.9% 18.7% 15.5% 11.5% 10.7% 15.0% 18.7% 13.8% 13.1% 13.0% 17.3% 19.6% 16.0%

GEA Process Engineering 2.8% 5.8% 6.8% 10.8% 6.7% 2.8% 4.9% 6.3% 11.2% 6.5% 4.3% 5.6% 5.8% 11.0% 7.1% GEA Refrigeration

Technologies

4.4% 6.2% 6.8% 8.7% 6.7% 1.8% 4.6% 1.9% 5.0% 3.4% 1.4% 4.4% 5.1% 8.0% 5.0%

GEA Group 6.7% 9.2% 10.0% 12.3% 9.7% 5.3% 6.4% 8.2% 10.0% 7.6% 5.6% 6.7% 8.2% 10.8% 8.1%

Capital Employed w/o goodwill*

(average LTM) [in EUR million] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010

GEA Farm Technologies n.a. n.a. n.a. 204.0 204.0 219.7 235.5 241.7 241.4 241.4 243.4 246.7 250.2 256.1 256.1

GEA Heat Exchangers n.a. n.a. n.a. 707.3 707.3 757.2 789.7 793.4 752.0 752.0 711.8 687.1 677.7 672.8 672.8

GEA Mechanical Equipment n.a. n.a. n.a. 349.8 349.8 364.3 371.3 374.2 367.7 367.7 346.5 327.9 309.9 300.7 300.7

GEA Process Engineering n.a. n.a. n.a. 270.6 270.6 274.2 276.2 269.7 255.1 255.1 241.1 235.7 237.8 238.9 238.9

GEA Refrigeration

Technologies n.a. n.a. n.a.

221.1 221.1 236.8 249.9 258.6 258.7 258.7 244.9 226.6 202.4 177.9 177.9

GEA Group n.a. n.a. n.a. 1,772.4 1,772.4 1,853.4 1,903.4 1,899.0 1,835.9 1,835.9 1,773.8 1,736.2 1,717.3 1,711.9 1,711.9

ROCE w/o goodwill** LTM

[in%] Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010

GEA Farm Technologies n.a. n.a. n.a. 26.2% 26.2% 21.7% 17.7% 12.7% 7.7% 7.7% 8.3% 6.7% 6.5% 8.5% 8.5%

GEA Heat Exchangers n.a. n.a. n.a. 30.5% 30.5% 27.3% 23.7% 20.8% 18.9% 18.9% 19.4% 19.4% 18.5% 17.0% 17.0%

GEA Mechanical Equipment n.a. n.a. n.a. 35.9% 35.9% 33.4% 29.9% 28.4% 27.0% 27.0% 28.0% 30.6% 35.3% 38.7% 38.7%

GEA Process Engineering n.a. n.a. n.a. 37.0% 37.0% 36.0% 32.3% 30.4% 29.0% 29.0% 32.1% 34.1% 34.6% 38.2% 38.2%

GEA Refrigeration

Technologies n.a. n.a. n.a.

18.4% 18.4% 15.6% 13.4% 10.3% 7.5% 7.5% 7.7% 8.2% 11.2% 15.9% 15.9%

GEA Group n.a. n.a. n.a. 28.4% 28.4% 26.1% 22.9% 20.6% 18.2% 18.2% 18.6% 19.0% 19.5% 20.8% 20.8%

Employees Q1 08 Q2 08 Q3 08 Q4 08 2008 Q1 09 Q2 09 Q3 09 Q4 09 2009 Q1 10 Q2 10 Q3 10 Q4 10 2010

GEA Farm Technologies 1,918 1,947 2,058 2,020 2,020 1,911 1,894 1,952 1,918 1,918 1,931 1,964 1,979 2,004 2,004

GEA Heat Exchangers 6,744 6,860 7,598 7,854 7,854 7,984 7,881 7,636 7,590 7,590 7,464 7,427 7,378 7,340 7,340

GEA Mechanical Equipment 3,399 3,399 3,452 3,471 3,471 3,481 3,485 3,450 3,519 3,519 3,475 3,458 3,446 3,386 3,386

GEA Process Engineering 4,772 4,819 4,827 4,813 4,813 4,708 4,558 4,502 4,545 4,545 4,416 4,408 4,477 4,563 4,563

GEA Refrigeration

Technologies

2,861 2,896 2,936 2,948 2,948 2,934 2,922 2,908 2,857 2,857 2,895 2,889 2,874 2,828 2,828

GEA Group 19,905 20,133 21,084 21,327 21,327 21,257 20,996 20,708 20,693 20,693 20,441 20,401 20,421 20,386 20,386


efficiency in food and energy processes. 53 Investor Roadshow - Fixed Income

2011 04 07 gea fixed income rs final tcm11 25368

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