LA IGLESIA DE LA ASUNCIÓN DE URROZ, SÍNTESIS DE

Overall, a slight decline in price quality – the result of net price changes in GEA Group’s sales and procurement markets – was recorded in fiscal year 2009. This decrease was offset in the gross margin by shifts in the product mix, e.g., a greater share of service and spare parts revenue, as well as by increasing production efficiency.

EBITDA/EBITDA margin (EUR million) Q4 2009 Q4 2008 Change in  EBITDA (%) Q1 - Q4 2009 Q1 - Q4 2008 Change in EBITDA (%) Energy and Farm Technology 35.8 65.9 -45.7 103.6 190.8 -45.7 as % of revenue 8.3 12.4 - 7.0 10.5 - Process Technology 94.4 142.7 -33.9 272.7 415.5 -34.4 as % of revenue 12.6 15.8 - 9.4 12.4 - Total 130.2 208.7 -37.6 376.3 606.3 -37.9 as % of revenue 11.0 14.6 - 8.6 11.8 - Others and consolidation -0.8 0.2 - 8.2 9.2 -11.3 Holding company -7.6 -8.7 12.6 -15.8 -29.5 46.6 GEA Group 121.8 200.1 -39.1 368.7 585.9 -37.1 as % of revenue 10.2 13.9 - 8.4 11.3 - Restructuring expenses 25.9 - - 65.0 - -

GEA Group before

restructuring expenses 147.7 200.1 -26.2 433.7 585.9 -26.0

In both the fourth quarter of 2009 (EUR 121.8 million) and full-year 2009 (EUR 368.7 million), EBITDA was clearly below the respective prior-year figures for the record year 2008. The principal reasons for this were lower revenue volumes, the resulting higher fixed cost ratios and the one-time expenses for countermeasures taken to ensure the structural alignment of capacity.

The earnings before interest, tax, depreciation, and amortization (EBITDA) margin rose by 193 basis points in the fourth quarter against the previous quarter to 10.2 percent. Adjusted for restructuring expenses from the capacity adjustment program amounting to EUR 25.9 million, it increased by 187 basis points to 12.4 percent. This is due to the fact that the restructuring measures, which were initiated at an early stage, are having a growing effect. The restructuring expenses are reported solely in “Other expenses.” During the reporting period, the EBITDA margin decreased by 296 basis points year- on-year from 11.3 percent to 8.4 percent. Restructuring expenses amounted to EUR 65.0 million, which is equivalent to 147 basis points. Hence the adjusted decline in the EBITDA margin was merely 148 basis points.

In addition to holding costs in a narrow sense, the results of operations of GEA Group Aktiengesellschaft (the holding company) are primarily driven by net investment income and net interest income. Further details are presented in the section “Net assets, financial position, and results of operations of GEA Group Aktiengesellschaft” (see page 68 et seqq.).

The following table presents a reconciliation from EBITDA to EBIT:

Reconciliation of EBIT to EBITDA (EUR million) Q4 2009 Q4 2008 2009 2008 EBITDA 121.8 200.1 368.7 585.9 Depreciation of and impairment losses on property,  plant, and equipment, and investment property, and  amortization of and impairment losses on intangible  assets and goodwill, as reported in the statement of  changes in noncurrent assets -28.7 -22.9 -100.1 -81.4 Other impairment losses and reversals  of impairment losses -0.2 -0.1 -0.4 -0.3 EBIT 92.8 177.1 268.2 504.2

A similar trend is apparent in the development of earnings before interest and tax (EBIT). The year-on-year decline in EBIT as a percentage is greater than that of EBITDA; this is attributable to the increase in depreciation and amortization charges from the comprehensive investment program in recent years, from EUR 81.4 million to EUR 100.1 million. EBIT/EBIT margin (EUR million) Q4 2009 Q4 2008 Change in EBIT (%) Q1 - Q4 2009 Q1 - Q4 2008 Change in EBIT (%) Energy and Farm Technology 26.4 59.0 -55.2 72.4 165.5 -56.3 as % of revenue 6.1 11.1 -  4.9 9.1 -  Process Technology 79.6 129.5 -38.5 217.1 369.7 -41.3 as % of revenue 10.6 14.3 -  7.5 11.1 -  Total 106.0 188.5 -43.7 289.5 535.2 -45.9 as % of revenue 9.0 13.1 - 6.6 10.4 - Others and consolidation -3.9 -2.2 -79.2 -2.9 0.2 - Holding company -9.3 -9.1 -1.3 -18.4 -31.2 41.0 GEA Group 92.8 177.1 -47.6 268.2 504.2 -46.8 as % of revenue 7.8 12.3 - 6.1 9.7 - Restructuring expenses 25.9 - - 65.0 - -

GEA Group before

restructuring expenses 118.8 177.1 -32.9 333.2 504.2 -33.9

as % of revenue 10.0 12.3 - 7.6 9.7 -

The group generated EBIT of EUR 92.8 million in the fourth quarter (previous year: EUR 177.1 million). This corresponds to an EBIT margin of 7.8 percent, which is 453 basis points lower than the comparable prior-year period. Adjusted for the restructuring expenses of EUR 25.9 million, the margin declined by 235 basis points.

EBIT EBIT margin (%)

EBIT* _{/ EBIT}* _{margin: Four-year review}

(EUR million) 9.7 504 2008 8.3 401 2007 7.6 333 2009 6.8 271 2006 * Excluding restructuring expenses 2009

Overall, EBIT fell by 46.8 percent in fiscal year 2009 to EUR 268.2 million (previous year: EUR 504.2 million), and the EBIT margin declined by 365 basis points to 6.1 percent (previous year: 9.7 percent). Adjusted for restructuring expenses amounting to EUR 65.0 million, the decline was 33.9 percent to EUR 333.2 million. This corresponds to a decline in the adjusted EBIT margin of 218 basis points to 7.6 percent.

Acquisitions contributed EBIT of EUR 0.6 million. Exchange rate movements improved EBIT by EUR 1.0 million year-on-year.

In fiscal year 2009, the EBIT of the two operating segments declined year-on-year as a result of lower volume, falling prices and as the capacity reduction could not be implemented concurrently in all areas. With the exception of Pharma Systems, however, it was clearly positive in all divisions despite the considerable restructuring expenses, and the EBIT margin was actually in double digits in three divisions.

Overall, at 4.9 percent in fiscal year 2009, the Energy and Farm Technology Segment fell 422 basis points short of the previous year’s EBIT margin, or 320 basis points adjusted for restructuring expenses of EUR 15.2 million.

2009 Q4

Energy and Farm Technology - EBIT*

Air Treatment Farm Technologies Thermal Engineering Emission Control

   > 10%       _{3% to 10%       3% to -3%}       -3 to -10%       > -10%    *Before restructuring expenses, change year-on-year

2009 Q4

Energy and Farm Technology - EBIT margin*

Air Treatment Farm Technologies Thermal Engineering Emission Control

The Process Technology Segment reported an overall EBIT margin of 7.5 percent in fiscal year 2009. This corresponds to a decrease of 360 basis points. Adjusted for restructuring expenses of EUR 48.6 million, the shortfall as against the previous year was 192 basis points.

2009 Q4

Process Technology - EBIT*

Refrigeration Process Equipment Mechanical Separation Process Engineering Pharma Systems

   > 10%       3% to 10%       3% to -3%       -3 to -10%       > -10%    *Before restructuring expenses, change year-on-year  

2009 Q4

Process Technology - EBIT margin*

Refrigeration Process Equipment Mechanical Separation Process Engineering Pharma Systems

   > 100 bp       50 to 100 bp       0 to 50 bp       -50 to -100 bp       > -100 bp    *Before restructuring expenses, change year-on-year  

Net interest income of EUR -59.0 million (previous year: EUR 45.4 million) includes EUR 29.0 million (previous year: EUR 28.6 million) interest charges relating to obligations from pension plans and supplementary healthcare benefit plans.

The income tax expense of EUR 47.8 million (previous year: EUR 109.8 million) comprises current taxes of EUR 77.1 million (previous year: EUR 75.2 million) and deferred taxes of EUR -29.3 million (previous year: EUR 34.6 million). The group tax rate amounts to 22.9 percent, after 23.9 percent in the previous year.

Profit after tax from continuing operations was thus EUR 161.4 million (previous year: EUR 349.0 million). This corresponds to earnings per share of EUR 0.87, which is 53.9 percent lower than the previous year’s figure of EUR 1.89.

Discontinued operations include EUR 18.0 million accured costs for risks that arose in the course of the year in the wake of the closure of Ruhr-Zink. These were offset by the reversal of provisions on the basis of a changed risk assessment in the Plant Engineering and Chemicals areas (EUR 18.9 million). Profit after tax from discontinued operations was EUR 0.3 million (previous year: loss of EUR 248.0 million), corresponding to EUR 0.00 per share (previous year: loss of EUR 1.35).

Profit for the period amounted to EUR 161.7 million (previous year: EUR 101.0 million), of which EUR 160.6 million (previous year: EUR 99.6 million) is attributable to GEA Group Aktiengesellschaft shareholders. This corresponds to earnings per share of EUR 0.87 (previous year: EUR 0.54).

Key figures: Results of operations (EUR million) Q4 2009 Q4 2008 Change (%) Q1 - Q4 2009 Q1 - Q4 2008 Change  (%) Revenue 1,191.9 1,438.0 -17.1 4,411.2 5,179.0 -14.8 EBITDA before restructuring expenses 147.7 200.1 -26.2 433.7 585.9 -26.0 EBITDA 121.8 200.1 -39.1 368.7 585.9 -37.1 EBIT before restructuring expenses 118.8 177.1 -32.9 333.2 504.2 -33.9 EBIT 92.8 177.1 -47.6 268.2 504.2 -46.8 EBT 75.9 166.0 -54.3 209.2 458.8 -54.4 Income taxes -11.8 -30.2 60.8 -47.8 -109.8 56.5 Profit after tax from  continuing operations 64.0 135.8 -52.9 161.4 349.0 -53.8 Profit/loss after tax from  discontinued operations 1.7 -112.5 101.5 0.3 -248.0 100.1 Profit for the period 65.7 23.4 181.0 161.7 101.0 60.1

In line with GEA Group’s long-term objective of distributing around one-third of after-tax profit to shareholders, management is proposing to distribute a dividend of EUR 0.30 per share.