GERMANY, Düsseldorf. Düsseldorf-based engineering group GEA, one of the world's largest system suppliers for food and energy production, says it has further strengthened its earnings, financial and asset position in 2020 in the very challenging economic environment caused by Corona.
As the company announced in Düsseldorf, Germany, total sales amounted to € 4.635 bn.; this was € 244 mill. or 5% less than in 2019. Adjusted for exchange rate effects, sales fell by 2.6%. However, income from operations before interest, taxes, depreciation and amortization (EBITDA) before restructuring expenses increased by € 53.3 mill., or 11%, to € 532 mill.
For the current fiscal year 2021, the company expects a slight, organic increase in revenue and EBITDA before restructuring expenses of between € 530 mill. and € 580 mill., despite the ongoing pandemic situation.
"GEA has come through the challenging year 2020 very well. We have delivered and in some cases even exceeded what we promised," commented Stefan Klebert, Chairman of the Executive Board of GEA Group AG, on the business figures. He added that the company had succeeded in increasing profitability beyond expectations and sustainably improving key financial indicators. According to Klebert, some of these figures are already in line with the targets GEA has set itself in its medium-term financial goals for 2022, despite the Corona crisis.