E_mg_GB_03_vorne-29_3_04

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24 Reconciliation Adjusted Earnings 2003* in s million 210 GEA 231 12 – 36 chemical group (to be sold) Zimmer * Before ‘discontinued operations’ Lurgi – 28 Lurgi Lentjes Adjusted Earnings u 196 million – 20 Kessel – 50 Others – 123 Holding Earnings affected by one-off charges mg reports a pre-tax loss of a241 million for 2003. This consolidated result was depressed by one-off charges totaling a437 million. These cover the cost of restructuring and reorganization; risk provisioning for pre-existing problem contracts, principally in the industrial plant engineering business; the settlement of long-running lawsuits; and the disposal or discontinuation of loss-making businesses. They also include the cost of refocusing the mg Group’s strategy and streamlining its organizational structures. Excluding one-off charges, consolidated pre-tax earnings for 2003 would have been roughly a196 million. Thanks to their satisfactory performances, GEA and Dynamit Nobel each reported adjusted pre-tax earnings of over a200 million. GEA to be merged with mg – 130 Restructuring Costs – 127 Risk Provisioning for Problem Contracts and Pre-existing Projects – 104 Operational Spin-Offs Extraordinary Factors u – 437 million In order to simplify the mg Group’s structures, GEA is to be merged with mg with effect from January 1, 2005. This will necessitate squeezing out the GEA stock still held by small shareholders. mg’s Executive Board initiated the necessary steps on February 23, 2004. In parallel, preparations are being made to merge the existing mg and GEA Group holding companies into one Group management in Bochum. This measure and the winding-up of the subgroups’ holding companies will generate cost savings of approximately a120 million and make a substantial contribution to raising profitability. – 76 Other One-Time-/ Extra-Ordinary Charges Pre-tax Loss u – 241 million
MANAGEMENT SHARE STRATEGY SPECIAL SECTION MANAGEMENT REPORT FINANCIAL STATEMENTS FURTHER INFORMATION GEA extends its profitable market and technology leadership GEA earned a return of 7.3 percent on sales of a2,702.0 million in 2003. In terms of market share, the company is either first or second worldwide in almost all of its businesses. It supplies technologically sophisticated machinery, components, systems and process plant to its customers around the world. Its major customers are the food, pharmaceutical and chemical industries. It plans to extend its technology leadership by spending an aboveindustry-average share of roughly five percent of its sales on research and development. Depending on business line, GEA already generates up to 70 percent of its sales from products that are less than three years old. The proceeds that mg earns on the disposal of its Chemicals division will provide it with the financial resources to invest even more heavily in fast-growing specialty mechanical-engineering businesses. GEA’s sales by region Australia 2.9% Middle East 3.7% Asia 11.1% Africa 4.4% Central and South America 3.3% GEA’s sales by sector North America 14.6% Engineering and related industries 9.6% Building and construction 7.5% Pharmaceuticals, biochemistry, cosmetics 8.1% Energy 9.6% Chemicals & petrochemicals 11.0% 33.5% Europe (excl. Germany) 15.4% Germany 6.2% Rest of Europe 2.0% EFTA 3.0% Former Soviet Union Food and beverages, 30.0% excluding milk 24.2% Milk Streamlined industrial plant engineering business to become a highly efficient unit Once the process of optimizing portfolios, risk provisioning for pre-existing projects and adjusting capacities has been completed, mg’s industrial plant engineering business will become a highly efficient unit comprising Lurgi, Lurgi Lentjes and Zimmer. 25
Page 1 and 2: “2003 was a year of transition fo
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mg's mission is to ensure sustainab
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Key Figures for the mg Group RESULT
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