German provider of systems for food and energy industries GEA Group AG (GEAGY.PK,GEAGF.PK) announced Thursday that order intake of the first quarter 2013 amounted to 1.447 billion euros. Adjusted for currency effects and acquisitions, it was thus down 85 million euros on the previous year's 1.545 billion euros in organic terms.
In this context it also must be taken into consideration that due to a large order in excess of 70 million euros GEA saw an order intake in the equivalent prior-year period. Taking these effects into account, order intake in the first quarter of 2013 nearly reached last year's level or, respectively, the level of the fourth quarter of 2012.
For the current 2013 fiscal year, GEA believes that demand in its sales markets will match the high levels seen in 2012.
The group said, assuming that there is no downturn in global economic growth, it expects moderate revenue growth in the current fiscal year.
With regard to cash flow drivers, namely the net amount of EBITDA, capital expenditures and change in working capital, the company said it aims for a ratio to revenue of at least 8.0 percent in 2013, after 6.5 percent in the previous year. In terms of price quality, the market environment is also expected to remain unchanged as against 2012.
On this basis, the company targets 2013 earnings or EBITDA of around 700 million euros, compared to around 600 million euros prior year.
The company noted that it will publish detailed results relating to the course of the first quarter on May 8, 2013.
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