Commerzbank Deutsche Bank UniCredit Bank

Transkript

1 Prospectus dated 8 April 2011 GEA GROUP AKTIENGESELLSCHAFT (incorporated as a stock corporation under German law in Bochum, Germany) per cent. Notes due 2016 Issue price: per cent. The per cent. Notes due 2016 (the Notes) will be issued on 21 April 2011 (the Issue Date) by GEA Group Aktiengesellschaft (the Issuer). The Notes will bear interest from (and including) the Issue Date to (but excluding) 21 April 2016 at the rate of per cent. per annum. The interest rate will increase by an additional 1.25 percentage points in the event of a rating downgrade relating to the Notes (an Interest Step-Up Event) and will, following an Interest Step-Up Event, decrease by 1.25 percentage points in the event of a rating upgrade relating to the Notes (an Interest Step-Down Event), each as described in the Terms and Conditions. Interest shall be payable annually in arrears on 21 April in each year, commencing on 21 April Unless previously redeemed in whole or in part or purchased and cancelled, the Notes shall be redeemed at par on 21 April The Notes will be issued in bearer form with a denomination of 1,000 each. This prospectus (the Prospectus) has been approved as a prospectus within the meaning of Article 5.3 of Directive 2003/71/EC (the Prospectus Directive) by the Commission de Surveillance du Secteur Financier (the CSSF) in its capacity as competent authority pursuant to the Luxembourg Act dated 10 July 2005 on prospectuses for securities (loi relative aux prospectus pour valeurs mobilières) (the Luxembourg Prospectus Act) which implements the Prospectus Directive. The Issuer has requested the CSSF to provide the competent authorities in Austria, Germany and The Netherlands, and may request to provide competent authorities in additional host Member States within the European Economic Area, with a certificate of approval attesting that the Prospectus has been drawn up in accordance with the Luxembourg Prospectus Act. Application has been made to the Luxembourg Stock Exchange for the listing of the Notes on the Official List of the Luxembourg Stock Exchange and to trading of the Notes on the regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg), a market appearing on the list of regulated markets issued by the European Commission pursuant to the Markets in Financial Instruments Directive (Directive 2004/39/EC). The Issuer's long-term debt has been rated "Baa3" by Moody's Investors Service (Moody's) and "BBB-" by Fitch Ratings (Fitch). The Notes are expected on issue to be rated "Baa3" by Moody's and "BBB-" by Fitch. A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. As of the date of this Prospectus, each of Moody's and Fitch is a credit rating agency established in the European Union and has applied to be registered under Regulation (EC) No 1060/2009. The Notes will initially be represented by a temporary global note without interest coupons which will be deposited with Clearstream Banking AG, Frankfurt am Main. Notes represented by a temporary global note will be exchangeable for Notes represented by a permanent global note without interest coupons upon certification as to non-u.s. beneficial ownership. The issue price, the aggregate principal amount, the number of Notes, the interest rate, the yield, the total amount of expenses and the net proceeds before deduction of total expenses will be included in the Pricing Notice (as described under Subscription, Offer and Sale beginning on page 76) which will be published on the website of the Luxembourg Stock Exchange ( on or around 15 April The Notes have been assigned the following security codes: ISIN DE000A1KQ1M5, Common Code and German Securities Code (WKN) A1KQ1M. An investment in Notes involves certain risks. Prospective investors should have regard to the factors described under the heading Risk Factors beginning on page 27. Joint Lead Managers Commerzbank Deutsche Bank UniCredit Bank

2 RESPONSIBILITY STATEMENT The Issuer accepts responsibility for the information contained in and incorporated by reference into this Prospectus. To the best of its knowledge, having taken all reasonable care to ensure that such is the case, the information contained in and incorporated by reference into this Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. NOTICE The Issuer has confirmed to the joint lead managers set forth on the front page and the address list on the last page of this Prospectus (each a Joint Lead Manager and together, the Joint Lead Managers) that this Prospectus contains the information which, according to the particular nature of the Issuer, as well as of the Issuer and its subsidiaries and affiliates taken as a whole (the Group) and of the Notes, is necessary to enable investors to make an informed assessment of the assets and liabilities, financial position, profit and losses, and prospects of the Issuer, and of the rights attaching to the Notes; that the information contained herein with respect to the Issuer, the Group and the Notes is true, accurate and not misleading in all material respects; that any opinions and intentions expressed herein are honestly held and based on reasonable assumptions; that there are no other facts, the omission of which would make any statement, whether fact or opinion, in this Prospectus misleading in any material respect; and that all reasonable enquiries have been made to ascertain all facts and to verify the accuracy of all statements contained herein. The Joint Lead Managers have not independently verified the information contained herein (including any information incorporated by reference herein). The Joint Lead Managers do not accept liability in relation to this Prospectus, any supplement thereto or its distribution or with regard to other information supplied by the Issuer herein, save for mandatory provisions of law and make no representation, warranty or undertaking, whether expressed or implied, with respect to the accuracy or completeness of this Prospectus, any supplement thereto or any further information supplied in connection with the Notes. The only persons authorised to use this Prospectus in connection with the offering of the Notes are the Issuer and the Joint Lead Managers (as described under Subscription, Offer and Sale beginning on page 76). This Prospectus is to be read in conjunction with any supplement thereto and all documents which are incorporated by reference herein (see Documents Incorporated by Reference on page 85). This Prospectus should be read and construed on the basis that such documents are incorporated and form part of this Prospectus. No person is or has been authorised by the Issuer or any of the Joint Lead Managers to give any information or to make any representation not contained in or not consistent with this Prospectus or any other information supplied in connection with the offering of the Notes and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer, or any of the Joint Lead Managers. Neither this Prospectus nor any other information supplied in connection with the offering of the Notes (a) is intended to provide the basis of any credit or other evaluation or (b) should be considered as a recommendation by the Issuer or any of the Joint Lead Managers that any recipient of this Prospectus or any other information supplied in connection with the offering of the Notes should purchase any Notes. Each investor contemplating purchasing any Notes should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer. Neither this Prospectus nor any other information supplied in 2

3 connection with the offering of the Notes constitutes an offer or invitation by or on behalf of the Issuer or any of the Joint Lead Managers to any person to subscribe for or to purchase any Notes. Neither the delivery of this Prospectus nor the offering, sale or delivery of the Notes shall in any circumstances imply that the information contained herein concerning the Issuer is correct at any time subsequent to the date hereof or that any other information supplied in connection with the offering of the Notes is correct as of any time subsequent to the date indicated in the document containing the same. The Joint Lead Managers expressly do not undertake to review the financial condition or affairs of the Issuer during the life of the Notes or to advise any investor in the Notes of any information coming to their attention. This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy the Notes in any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The Issuer and the Joint Lead Managers do not represent that this Prospectus may be lawfully distributed, or that the Notes may be lawfully offered, in compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such distribution or offering. In particular, except as indicated in the Subscription, Offer and Sale Public Offer and Notification of the Prospectus section on page 77, no action has been taken by the Issuer or the Joint Lead Managers which is intended to permit a public offering of the Notes or the distribution of this Prospectus in any jurisdiction where action for that purpose is required. Accordingly, no Notes may be offered or sold, directly or indirectly, and neither this Prospectus nor any advertisement or other offering material may be distributed or published in any jurisdiction, except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession this Prospectus or any Notes may come must inform themselves about, and observe, any such restrictions on the distribution of this Prospectus and the offering and sale of Notes. The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the U.S. Securities Act), and are subject to U.S. tax law requirements. Subject to certain exceptions, the Notes may not be offered, sold or delivered within the United States or to U.S. persons. In addition, there are restrictions on the distribution of this Prospectus and the offer or sale of Notes in the the United Kingdom, Italy, Switzerland and the European Economic Area, see Subscription, Offer and Sale Selling Restrictions beginning on page 78. IN CONNECTION WITH THE ISSUE OF THE NOTES, COMMERZBANK AKTIENGESELLSCHAFT AS STABILISING MANAGER (THE "STABILISING MANAGER") (OR PERSONS ACTING ON BEHALF OF THE STABILISING MANAGER) MAY OVER ALLOT NOTES OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL. HOWEVER, THERE IS NO ASSURANCE THAT THE STABILISING MANAGER (OR PERSONS ACTING ON BEHALF OF THE STABILISING MANAGER) WILL UNDERTAKE ANY STABILISATION ACTION. ANY STABILISATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE NOTES IS MADE AND, IF BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS AFTER THE ISSUE DATE OF THE NOTES AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE NOTES. ANY STABILISATION ACTION OR OVER-ALLOTMENT MUST BE CONDUCTED BY THE STABILISING MANAGER (OR PERSONS ACTING ON BEHALF OF THE STABILISING MANAGER) IN ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES. 3

4 CONTENTS Page RESPONSIBILITY STATEMENT...2 NOTICE...2 SUMMARY...5 SUMMARY (GERMAN TRANSLATION)...15 RISK FACTORS...27 DESCRIPTION OF THE ISSUER...39 TERMS AND CONDITIONS OF THE NOTES...52 TAXATION...72 SUBSCRIPTION, OFFER AND SALE...76 GENERAL INFORMATION...82 DOCUMENTS INCORPORATED BY REFERENCE

5 SUMMARY This Summary must be read as an introduction to this Prospectus and any decision to invest in the Notes should be based on a consideration of this Prospectus as a whole, including the documents incorporated by reference. Civil liability will attach to the Issuer in respect of this Summary of the Prospectus, including any translation hereof, only if it is misleading, inaccurate or inconsistent when read together with the other parts of this Prospectus. Where a claim relating to information contained in this Prospectus is brought before a court in a Member State of the European Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the costs of translating this Prospectus before the legal proceedings are initiated. This Summary does not purport to be complete and is taken from, and is qualified in its entirety by, the remainder of the Prospectus. Words and expressions defined in the Terms and Conditions of the Notes (the Terms and Conditions) beginning on page 52 shall have the same meanings in this Summary. SUMMARY OF THE TERMS AND CONDITIONS AND GENERAL INFORMATION Issuer GEA Group Aktiengesellschaft Joint Lead Managers Commerzbank Aktiengesellschaft, Deutsche Bank AG, London Branch, and UniCredit Bank AG Principal Paying Agent Listing Agent Ratings Currency Description of Notes Commerzbank Aktiengesellschaft Commerzbank Aktiengesellschaft The Issuer's long-term debt has been rated "Baa3" by Moody's Investors Service (Moody's) and "BBB-" by Fitch Ratings (Fitch). The Notes are expected on issue to be rated "Baa3" by Moody's and "BBB-" by Fitch. A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. As of the date of this Prospectus, each of Moody's and Fitch is a credit rating agency established in the European Union and has applied to be registered under Regulation (EC) No 1060/2009. Euro per cent. Notes due 2016 (the Notes), to be issued by the Issuer on 21 April 2011 (the Issue Date). Unless previously redeemed in whole or in part or purchased and cancelled, the Notes will be redeemed at their principal amount on 21 April 2016 (the Maturity Date). Denominations and Form The Notes will be issued in bearer form in denominations of 1,000 each. The Notes will initially be represented by a temporary global note without interest coupons which will be deposited with Clearstream Banking AG, Frankfurt am Main. Notes represented by a temporary global note will be exchangeable for Notes represented by a permanent global 5

6 note without interest coupons upon certification as to non-u.s. beneficial ownership. Definitive notes will not be issued. Status of the Notes The Notes constitute unsecured and unsubordinated obligations of the Issuer and rank pari passu with all other unsecured and unsubordinated obligations of the Issuer, present and future, unless mandatory provisions of law accord other obligations. Determination of the Issue Price, the Aggregate Principal Amount, the Interest Rate and other terms Interest Taxation Optional Redemption by the Issuer for Tax Reasons The issue price, the aggregate Principal Amount, the number of Notes, the Rate of Interest, the yield, the total amount of expenses and the net proceeds before deduction of total expenses will be included in the pricing notice which will be published on the website of the Luxembourg Stock Exchange ( on or around 15 April The Notes will bear interest on their principal amount from (and including) the Issue Date to (but excluding) the Maturity Date at the rate of per cent. per annum. The interest rate will increase by an additional 1.25 percentage points in the event of a rating downgrade relating to the Notes (an Interest Step-Up Event) and will, following an Interest Step-Up Event, decrease by 1.25 percentage points in the event of a rating upgrade relating to the Notes (an Interest Step-Down Event), each as described in the Terms and Conditions. Interest shall be payable in arrears on 21 April in each year, commencing on 21 April All amounts payable in respect of the Notes shall be made without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by way of withholding or deduction at source by or on behalf of the Federal Republic of Germany or any political subdivision or any authority thereof or therein having power to tax (the Withholding Taxes), unless such withholding or deduction is required by law. In such event, the Issuer shall, subject to the exceptions set out in the Terms and Conditions, pay such additional amounts of principal and interest (the Additional Amounts) as shall be necessary in order that the net amounts received by the Noteholders, after such withholding or deduction, shall equal the respective amounts which would otherwise have been received by the Noteholders in the absence of such withholding or deduction. If, as a result of any change in, or amendment to, the laws or regulations prevailing in Germany, certain withholding taxes are levied on payments of principal or interest in respect of the Notes and the Issuer is obliged to pay Additional Amounts, the Issuer may redeem the Notes in whole, but not in part ( 6(2) of the Terms and Conditions). 6

7 Events of Default Negative Pledge Change of Control Amendments to the Terms and Conditions by Resolution of the Noteholders and Noteholders' Representative Governing Law Jurisdiction Events of Default under the Notes include inter alia nonpayment of principal or interest for 20 days, breach of other obligations under the Notes (which breach is not remedied within 30 days), the Issuer or a Material Subsidiary defaults on certain other payment obligations (cross default clause) and certain events related to insolvency or winding up of the Issuer or a Material Subsidiary ( 8 of the Terms and Conditions). The Terms and Conditions contain a negative pledge provision ( 2(2) of the Terms and Conditions) under which the Issuer agrees (except for certain Permitted Security Interests) (i) not to provide security interest for any Capital Market Indebtedness, and (ii) to procure that none of its Material Subsidiaries (to the extent legally possible and permissible) provides security interest for any Capital Market Indebtedness without at the same time letting the Noteholders share pari passu in such security interest or giving to the Noteholders an equivalent security interest. The Terms and Conditions contain a change of control provision ( 7 of the Terms and Conditions) which entitles the Noteholders under certain conditions to early terminate the Notes in the case of a Change of Control. If 80 per cent. or more in principal amount of the Notes have been redeemed pursuant to the change of control provision, the Issuer may redeem the remaining Notes. The Terms and Conditions may be amended with the consent of the Issuer by means of majority resolution of the Noteholders pursuant to 5 et seqq. of the German Bond Act (Schuldverschreibungsgesetz - SchVG), as amended from time to time, as further specified in the Terms and Conditions. The Notes will be governed by German law. Non-exclusive place of jurisdiction for all proceedings arising from matters provided for in the Terms and Conditions shall be Frankfurt am Main. This shall not apply for decisions pursuant to 9(2) and 13(3) sentence 1 SchVG, for which the local court (Amtsgericht) of the district where the Issuer has its registered office shall be competent for all judgments according to 9(3) SchVG as well as for decisions pursuant to 20(3) SchVG for which the regional court (Landgericht) of the district where the Issuer has its registered office shall be competent for all judgments. Listing and admission to trading Application has been made to the Luxembourg Stock Exchange for the listing of the Notes on the Official List of the Luxembourg Stock Exchange and admission to trading on the regulated market of the Luxembourg Stock Exchange. 7

8 Selling Restrictions Public Offer Clearing and Settlement Availability of documents Security Codes The Notes have not been and will not be registered under the U.S. Securities Act and, subject to certain exceptions, may not be offered or sold within the United States. The Notes may be sold in other jurisdictions only in compliance with applicable laws and regulations. See Subscription, Offer and Sale Selling Restrictions beginning on page 78. The Notes may be offered to the public in Luxembourg and upon notification of the relevant competent authorities additionally in each of Austria, Germany and The Netherlands. The Notes will be accepted for clearing through Clearstream Banking AG, Frankfurt am Main. This Prospectus, any supplement thereto and the documents incorporated by reference will be published on the website of the Luxembourg Stock Exchange ( ISIN DE000A1KQ1M5 Common Code German Securities Code (WKN) A1KQ1M Use of Proceeds The Issuer intends to use the net proceeds for the refinancing of loans taken to finance the acquisitions of Convenience Food Systems (CFS) and Bock Kältemaschinen GmbH and for general corporate purposes. SUMMARY OF THE RISK FACTORS Summary of the Risks Relating to the Issuer and the Group Risk factors relating to the Issuer and the Group comprise, inter alia, the following risks: - General Economic Situation: The markets in which the Group operates are materially influenced by the general economic situation and its cycles and volatility. A downturn in the general economic situation could adversely affect the Group. - Country Risks: The Group operates globally and faces various risks that are particular to the countries in which it operates. - Financing Available to Customers: A significant portion of the Group's business consists of projects that depend on the financing available to the Group's customers and a shortage of such financing could adversely affect the Group. 8

9 - Price Risk: The market price, quality, and availability of raw materials, energy, input materials and intermediate products which the Group uses for its operations may be subject to significant fluctuations. - Product Liability Claims and Other Legal and Litigation Risks: In the course of its ordinary business operations, the Group is involved in a number of court and official proceedings. The outcome of any currently pending or future proceedings cannot currently be predicted with any certainty. Some of these proceedings may arise from the Group's use of materials manufactured and/or supplied by third parties. - Competition Risk: The Group faces the risk of increasing competion in the markets it operates. - Intellectual Property and Know-How Risks: The Group's ability to maintain the competitiveness of its products and to ensure high technological standards entails risks associated with the protection of its own intellectual property rights, the protection of know-how and business secrets, and the infringement of third party intellectual property rights. - Calculation and Execution Risks: The Group is subject to calculation and execution risks, in particular in connection with the planning and execution of major projects. If estimates of the overall risks or calculations of the revenues or costs prove to be inaccurate or circumstances change, lower profits may be achieved from or greater losses may be incurred on such contracts. - Regulatory Environment: Changes to the legal, regulatory, tax and political conditions may complicate operational procedures, increase costs and could adversely affect the marketability of the services and products offered by the Group. - Environmental Risks: Liabilities, costs, penalties, soil remediation orders by courts or authorities or operational restrictions may be imposed on or incurred by the Group in connection with environmental and health and safety issues. - Goodwill Impairment: The Group's goodwill is recognised as an intangible asset that is subject to a regular impairment test, whose value is affected by general economic factors. A continued global downturn could necessitate an impairment of the goodwill of the Group. - Insurance Coverage: The Group may face claims that may not in whole or in part be covered by insurance and may be unable to obtain insurance coverage with acceptable terms or sufficient coverage. - Information Technology: The Group is dependent on an efficient and uninterrupted operation of its computer and data processing systems and failures or interruptions could have a material adverse effect on the Group. - Organisational Change Risks: The Group has introduced extensive organisational changes that may result in impairment losses and investments, one-time expenditures, and temporary inefficiencies in operating processes. 9

10 - Group Structure: The Issuer acts as the holding company for the Group. In order to be able to meet its operating and other expenses, including the payment of interest and principal to the Noteholders under the Notes, the Issuer is dependent on its operating subsidiaries and companies in which the Group holds participations or joint ventures. - Warranty Risks: Existing and future warranty obligations, including those still retained from the sale of particular divisions and those assumed from acquisitions, place the Group at risk of incurring future repair and/or replacement costs. - Accidents, Safety Defects, Defective Performance, Quality Defects or Environmental Damage: The Group is dependent on its clients' confidence in the safety, quality and environmental compatibility of its services and projects. Actual or alleged accidents at projects, safety defects, defective performance, quality defects or environmental damage resulting therefrom could adversely affect the Group. - Key Employees: The Group may not succeed in retaining qualified employees, executive staff, the management of the business segments and the executive board (Vorstand) or to recruit and/or train a sufficient number of new individuals with corresponding qualifications. - Acquisitions and Joint Ventures: Previous acquisitions and joint ventures entail certain risks, as do future acquisitions and joint ventures. The discontinuation of one or more joint ventures or the inability of the Group to enter into new or to expand existing joint ventures could adversely affect the Group. - Exchange and Interest Rates: The Group is exposed to exchange and interest rate fluctuations and may also incur losses resulting from related hedging transactions. - Default of Contracting Parties: The Group is exposed to a risk of payment default by, or lack of credit facilities for, its clients, contracting parties, other partnerships and subcontractors. - Liquidity Risks: The Group is exposed to liquidity risk in that it may be unable to meet payment obligations because it has insufficient cash funds at its disposal. - Credit Ratings: Ratings of the Issuer and the Notes may not adequately reflect all risks of the investment in the Notes. Equally, ratings may be suspended, downgraded or withdrawn, which may have an adverse effect on the market value and trading price of the Notes. - Tax Risks: The Group faces various tax risks, including unexpected outcomes of tax audits,risks that the tax amounts determined by the tax authorities exceed the provisions set up for this purpose, the risk that tax losses and loss carryforwards will forfeit or unfavourable changes to tax laws and administrative practices. - Deferred Tax Assets Risk: The Group may not be able to realise deferred tax assets due to the inability to generate sufficient taxable income in the future. 10

11 Summary of the Risks Relating to the Notes Risk Factors relating to the Notes comprise, inter alia, the following risks: - Suitability for Investors: Potential investors should determine whether an investment in the Notes is appropriate in their particular circumstances and should consult with their legal, financial and tax advisers to determine the consequences of an investment in the Notes and to make their own evaluations of the investment. If an investment is not suitable for the respective investor, such investor may not take all or some risks inherent with an investment in the Notes into consideration before making an investment decision. - Creditworthiness of the Issuer: The materialisation of any of the risks referred to above (see Summary of the Risks relating to the Issuer and the Group) may affect the Issuer's ability to fully perform all obligations under the Notes when they fall due in which case the market value of the Notes may suffer. In addition, even if the likelihood that the Issuer will be in a position to fully perform all obligations under the Notes when they fall due actually has not decreased, the market price of the Notes may decrease due to a different perception of market participants. - Interest Rate Risk: If interest rates in general or particularly with regard to obligations of corporate debtors or corporate debtors with activities in the industries sector for durations equal to the remaining term of the Notes increase, the market value of the Notes may decrease. There are further factors which may affect the market value of the Notes, including, but not limited to policies of central banks, global or national economic factors and crises in the global or national financial or corporate sector. - Liquidity Risk: No assurance can be given that a listing of the Notes will be obtained. Even if a listing is granted there can be no assurance that a liquid secondary market for the Notes will develop or, if it does develop, that it will continue. The fact that the Notes may be listed does not necessarily lead to greater liquidity as compared to unlisted notes. - Inflation Risk: The real yield from an investment is reduced by inflation. If the inflation rate is equal to or higher than the nominal yield, the real yield is zero or even negative. The market value of the Notes decreases if the inflation rate increases. - Early Redemption Risk: If the Issuer exercises its right to early redeem all outstanding Notes in case of a Tax Event or following a Change of Control in accordance with the Terms and Conditions, Noteholders are exposed to risks connected to the reinvestment of the redemption amount and might suffer a lower than expected yield. - Risks in case of Change of Control: If Noteholders exercise their right of early redemption in case of a Change of Control, they will be exposed to the risk that their investment has a lower than expected yield. For Noteholders who do not exercise their right to demand early redemption, payments made to Noteholders and other debtors as a result of any early redemption might increase the risks relating to the Issuer. In addition the risk with respect to the Issuer's liquidity will increase if all Noteholders exercise their right to demand early redemption upon the occurrence of change of control. 11

12 - Transaction Costs/Charges: Incidental costs may significantly reduce or eliminate any profit from holding the Notes. - Taxation: Potential purchasers and sellers of the Notes should be aware that they may be required to pay taxes or other documentary charges or duties in accordance with the laws and practices of the country where the Notes are transferred or other jurisdictions. - Amendments of the Terms and Conditions by Noteholders' Resolutions: A Noteholder is subject to the risk of being outvoted and of losing rights towards the Issuer against his will in the case that Noteholders agree to amendments of the Terms and Conditions of the Notes by majority vote according to the German Bond Act (Schuldverschreibungsgesetz). - Noteholders' Representative: If a Noteholders' representative is appointed in accordance with the Terms and Conditions, it is possible that a Noteholder may be deprived of its individual right to pursue and enforce its rights under the Terms and Conditions against the Issuer. - Risks in Case of Change of Law: No assurance can be given as to the impact of any possible judicial decision or change to German law or administrative practice after the date of this Prospectus. SUMMARY OF THE DESCRIPTION OF THE ISSUER General information The Issuer is a stock corporation (Aktiengesellschaft) incorporated under German Law. The Issuer is registered with the commercial register (Handelsregister) of the Local Court (Amtsgericht) of Bochum under the register number HRB The registered office of the Issuer is at Dorstener Straße 484, Bochum, Germany and its telephone number is +49 (0) The business address of the Issuer is at Peter-Müller-Straße 12, Düsseldorf, Germany. The transfer of the registered office of the Issuer from Bochum to Düsseldorf will be proposed on the next annual general meeting (Hauptversammlung) of the Issuer to be held on 21 April Business overview The Group is a global provider of speciality mechanical engineering, in particular production facilities for food and energy processes. The Group focuses on process technology and components for demanding production processes in various end markets. The core technologies of the Group consist of heat exchange (heating, cooling and freezing) and mass exchange (separating, drying/heating, distilling, pumping/dosing and agglomerating/packaging). In 2010 the Group's generated revenue of 4.4 billion and its workforce comprised over 20,000 employees worldwide. The main market sectors in which the Group operates comprise Food, Dairy, Beverages, Energy, Brewery, Pharmaceutical, Environment and Marine. The most important regional market is Western Europe followed by the Asia-Pacific region, North America, Eastern Europe & CIS, Latin America, Africa and Middle East. The three most important national markets are Germany, the United States and China. 12

13 The Group's operations are divided in the following business segments: GEA Farm Technologies, which manufactures technical innovations, integrated product solutions and effective animal-hygiene products for cost-efficient milk production and livestock farming. GEA Heat Exchangers, which covers various application areas from air conditioning systems to cooling towers and provides a wide portfolio of heat exchangers. GEA Mechanical Equipment which provides high-quality process engineering components such as separators, decanters, ceramic membrane elements, valves, pumps and homogenisers which ensure smooth processes and cost-optimised production flows. GEA Process Engineering which specialises in the design and development of process solutions for the dairy, brewery, beverage, food, pharmaceutical and chemical industries in the areas of liquid processing, concentration, industrial drying, powder processing and handling, emission control, solid dosage processing and aseptic packaging. GEA Refrigeration Technologies which operates in the business field of industrial refrigeration systems and specialises in the development, construction, installation, service and maintenance of innovative key components and technical solutions. GEA Convenience-Food Technologies, which is a supplier for secondary food processing and packaging machinery for preparation, marination, processing as well as slicing and packaging of meat, poultry, fish, vegetables and other foods. Organisational structure The Issuer is the parent company of more than 350 subsidiaries and holds shares in 4 associated companies over which it can exercise significant influence and 14 joint ventures. Share capital As of 31 December 2010, the nominal share capital of the Issuer amounted to 496,890, It was divided into 183,807,845 no-par shares, each having a notional amount of 2.70 of the share capital. The amount of the share capital and its denominations have not been changed as of the date of this Prospectus. Executive and Supervisory Boards: The Issuer's Executive Board consists of the three members: Jürg Oleas (Chairman), Dr. Helmut Schmale (CFO) and Niels Graugaard. The Issuer's Supervisory Board consists of 12 members. The Supervisory Board's Chairman is Dr. Jürgen Heraeus and the Deputy Chairman is Reinhold Siegers. Further members are Dieter Ammer, Ahmad M.A. Bastaki, Hartmut Eberlein, Rainer Gröbel, Klaus Hunger, Michael Kämpfert, Dr. Dietmar Kuhnt, Kurt-Jürgen Löw, Dr. Helmut Perlet, and Joachim Stöber. 13

14 Selected financial information The following table sets out selected key financial information of the Group extracted from the audited consolidated financial statements and the group management report (unless otherwise indicated) of the Issuer for the financial years ended on 31 December 2009 and 31 December 2010: Group Key Financials ( million) Order Intake 4, ,080.7 Revenue 4, ,411.2 Order backlog 2, ,164.1 EBITDA before restructuring expenses as % of revenue EBIT before restructuring expenses as % of revenue EBIT as % of revenue EBT Profit after tax from continuing operations Profit after tax from discontinued operations Profit for the period Total assets 5, ,994.4 Equity 1, ,735.0 as % of total assets Working Capital (reporting date) Working Capital (average) 2 (unaudited) as % of revenue 3 (unaudited) Net liquidity Cash flow from operating activities Capital expenditures on property, plant and equipment Working capital = inventories + trade receivables trade payables payments on account received in respect of orders and construction contracts gross amount due to customers for contract work 2 Average of the past 12 months 3 Working capital (average) / revenue 4 including discontinued operations 14

15 SUMMARY (GERMAN TRANSLATION) ZUSAMMENFASSUNG Diese Zusammenfassung ist als Einleitung zu diesem Prospekt zu lesen und jede Entscheidung hinsichtlich einer Anlage in die Schuldverschreibungen sollte auf Grundlage des gesamten Prospekts, einschließlich der durch Verweis einbezogenen Dokumente, getroffen werden. Die Emittentin kann nur dann zivilrechtlich haftbar gemacht werden, wenn die Zusammenfassung dieses Prospekts, einschließlich einer Übersetzung davon, irreführend, unrichtig oder widersprüchlich ist, wenn sie zusammen mit den anderen Teilen dieses Prospekts gelesen wird. Für den Fall, dass vor einem Gericht in einem Mitgliedstaat des Europäischen Wirtschaftsraums Ansprüche aufgrund der in diesem Prospekt enthaltenen Angaben geltend gemacht werden, könnte der Kläger in Anwendung der Rechtsvorschriften des Mitgliedstaates, in dem die Ansprüche geltend gemacht werden, die Kosten für die Übersetzung dieses Prospekts vor Prozessbeginn zu tragen haben. Diese Zusammenfassung erhebt keinen Anspruch auf Vollständigkeit, ist den Informationen in dem Prospekt entnommen und in Zusammenhang mit dem gesamten Prospekt zu lesen. Die in den auf Seite 52 beginnenden Anleihebedingungen der Schuldverschreibungen (die Anleihebedingungen) definierten Begriffe und Ausdrücke haben in dieser Zusammenfassung jeweils die gleiche Bedeutung. ZUSAMMENFASSUNG DER BEDINGUNGEN UND ALLGEMEINE INFORMATIONEN Emittentin Gemeinsame Konsortialführer (Joint Lead Managers) Hauptzahlstelle Zulassungsstelle Ratings Währung GEA Group Aktiengesellschaft Commerzbank Aktiengesellschaft, Deutsche Bank AG, London Branch, und UniCredit Bank AG Commerzbank Aktiengesellschaft Commerzbank Aktiengesellschaft Die langfristigen Verbindlichkeiten der Emittentin wurden von Moody's Investors Service (Moody's) mit "Baa3" und von Fitch Ratings (Fitch) mit "BBB-" bewertet. Es wird erwartet, dass die Schuldverschreibungen bei Begebung von Moody's mit "Baa3" und von Fitch mit "BBB-" geratet werden. Ein Rating stellt keine Empfehlung dar, Wertpapiere zu kaufen, zu verkaufen oder zu halten, und kann jederzeit von der jeweiligen Ratingagentur geändert, ausgesetzt oder zurückgenommen werden. Zum Datum dieses Prospekts haben Moody's und Fitch ihren Sitz in der Europäischen Union und hat den Antrag auf Registrierung nach der Verordnung (EG) Nr. 1060/2009 gestellt. Euro 15

16 Beschreibung der Schuldverschreibungen Stückelung und Form Status der Schuldverschreibungen Feststellung des Emissionspreises, des Gesamtnennbetrages, des Zinssatzes und weiterer Konditionen % Schuldverschreibungen mit Fälligkeit in 2016 (die Schuldverschreibungen). Die Schuldverschreibungen werden von der Emittentin am 21. April 2011 (der Emissionstag) emittiert. Sofern die Schuldverschreibungen nicht vorzeitig vollständig oder teilweise zurückgezahlt oder gekauft und entwertet wurden, werden sie zu ihrem Nennbetrag am 21. April 2016 (der Fälligkeitstag) zurückgezahlt. Die Schuldverschreibungen lauten auf den Inhaber und werden in Stückelungen von jeweils begeben. Die Schuldverschreibungen werden anfänglich durch eine vorläufige Globalurkunde ohne Zinsscheine verbrieft, welche bei Clearstream Banking AG, Frankfurt am Main hinterlegt wird. Schuldverschreibungen, die durch eine vorläufige Globalurkunde verbrieft sind, können gegen eine Dauerglobalurkunde ohne Zinsscheine ausgetauscht werden, sofern eine Bescheinigung vorliegt, wonach der wirtschaftliche Eigentümer keine U.S.-Person ist. Es werden keine effektiven Stücke ausgegeben. Die Schuldverschreibungen stellen nicht besicherte und nicht nachrangige Verbindlichkeiten der Emittentin dar und stehen im gleichen Rang mit allen anderen nicht besicherten und nicht nachrangigen derzeitigen und zukünftigen Verbindlichkeiten der Emittentin, soweit zwingende gesetzliche Bestimmungen nichts anderes vorschreiben. Der Emissionspreis, der Gesamtnennbetrag, die Anzahl der Schuldverschreibungen, der Zinssatz, die Rendite, die Gesamtkosten der Emission und der Rein-Emissionserlös ohne Berücksichtigung der Gesamtkosten der Emission sind in der Pricing Notice enthalten, die am oder um den 15. April 2011 auf der Internetseite der Luxemburger Wertpapierbörse ( veröffentlicht werden wird. Zinsen Die Schuldverschreibungen werden auf ihren Nennbetrag ab dem Emissionstag (einschließlich) bis zum Fälligkeitstag (ausschließlich) zu einem Satz von % pro Jahr verzinst. Der Zinssatz erhöht sich um 1,25 Prozentpunkte bei einer Herabstufung des Ratings der Schuldverschreibungen (ein Interest Step-Up Ereignis) und verringert sich nach Eintritt eines Interest Step-Up Ereignisses um 1,25 Prozentpunkte bei einer Heraufstufung des Ratings der Schuldverschreibungen (ein Step-Down Ereignis), jeweils wie in den Anleihebedingungen 16

17 näher bestimmt. Zinszahlungen erfolgen nachträglich am 21. April eines jeden Jahres, beginnend am 21. April Besteuerung Sämtliche auf die Schuldverschreibungen zu zahlenden Beträge sind an der Quelle ohne Einbehalt oder Abzug von oder aufgrund von gegenwärtigen oder zukünftigen Steuern oder sonstigen Abgaben gleich welcher Art zu leisten, die von oder in der Bundesrepublik Deutschland oder für deren Rechnung oder von oder für Rechnung einer politischen Untergliederung oder Steuerbehörde der oder in der Bundesrepublik Deutschland auferlegt oder erhoben werden (Quellensteuern), es sei denn ein solcher Einbehalt oder Abzug ist gesetzlich vorgeschrieben. In diesem Fall wird die Emittentin diejenigen zusätzlichen Beträge (die Zusätzlichen Beträge) an Kapital und Zinsen zahlen, die erforderlich sind, damit die den Anleihegläubigern zufließenden Nettobeträge nach einem solchen Einbehalt oder Abzug jeweils den Beträgen entsprechen, die ohne einen solchen Einbehalt oder Abzug von den Anleihegläubigern empfangen worden wären. Wahlweise Rückzahlung durch die Emittentin aus steuerlichen Gründen Falls infolge einer Änderung oder Ergänzung der in Deutschland geltenden Gesetze oder Vorschriften bestimmte Quellensteuern auf Zahlungen von Kapital- oder Zinsbeträgen in Bezug auf die Schuldverschreibungen erhoben werden und die Emittentin verpflichtet ist, Zusätzliche Beträge zu zahlen, kann die Emittentin die Schuldverschreibungen ganz, aber nicht teilweise zurückzahlen ( 6 Absatz 2 der Anleihebedingungen). Kündigungsgründe Kündigungsgründe im Rahmen der Schuldverschreibungen sind unter anderem 20 Tage andauernde Nichtzahlung von Kapital oder Zinsen, die Verletzung sonstiger Verpflichtungen aus den Schuldverschreibungen (sofern diese Verletzung nicht innerhalb von 30 Tagen geheilt wird), die Nichterfüllung bestimmter weiterer Zahlungsverpflichtungen durch die Emittentin (Drittverzugsklausel) oder eine Wesentliche Tochtergesellschaft sowie bestimmte Ereignisse im Zusammenhang mit einer Insolvenz oder Abwicklung der Emittentin oder einer Wesentlichen Tochtergesellschaft ( 8 der Anleihebedingungen). Negativverpflichtung Die Anleihebedingungen enthalten eine Negativverpflichtung ( 2 Absatz 2 der Anleihebedingungen), wonach sich die Emittentin (mit Ausnahme bestimmter Zulässiger 17

18 Sicherungsrechte) verpflichtet, (i) keine Sicherungsrechte zur Besicherung von Kapitalmarktverbindlichkeiten zu gewähren, und (ii) ihre Wesentlichen Tochtergesellschaften zu veranlassen (soweit rechtlich möglich und zulässig), keine Sicherungsrechte zur Besicherung von Kapitalmarktverbindlichkeiten zu gewähren, ohne gleichzeitig die Anleihegläubiger gleichrangig an einem solchen Sicherungsrecht zu beteiligen oder ihnen ein gleichwertiges Sicherungsrecht zu gewähren. Kontrollwechsel Die Anleihebedingungen enthalten eine Kontrollwechselbestimmung ( 7 der Anleihebedingungen), die die Anleihegläubiger im Falle eines Kontrollwechsels unter bestimmten Voraussetzungen zur vorzeitigen Kündigung berechtigt. Wenn 80 % oder mehr des Nennbetrags der Schuldverschreibungen gemäß der Kontrollwechselbestimmung zurückgezahlt wurde, ist die Emittentin berechtigt, alle ausstehenden Schuldverschreibungen zurückzuzahlen. Änderung der Anleihebedingungen durch Beschluss der Anleihegläubiger und gemeinsamer Vertreter Anwendbares Recht Die Anleihebedingungen können mit Zustimmung der Emittentin aufgrund Mehrheitsbeschlusses der Anleihegläubiger nach Maßgabe der 5 ff. des Schuldverschreibungsgesetzes (SchVG) in seiner jeweiligen gültigen Fassung geändert werden, wie in den Anleihebedingungen näher bestimmt. Die Schuldverschreibungen unterliegen deutschem Recht. Gerichtsstand Nicht-ausschließlicher Gerichtsstand für alle Rechtsstreitigkeiten in den in diesen Anleihebedingungen geregelten Angelegenheiten ist Frankfurt am Main. Dies gilt nicht für Entscheidungen gemäß 9 Absatz 2 und 13 Absatz 3 Satz 1 SchVG, für die gemäß 9 Absatz 3 SchVG das Amtsgericht zuständig ist, in dessen Bezirk die Emittentin ihren Sitz hat, sowie für Entscheidungen gemäß 20 Absatz 3 SchVG, für die das Landgericht ausschließlich zuständig ist, in dessen Bezirk die Emittentin ihren Sitz hat. Börsennotierung und Zulassung zum Handel Verkaufsbeschränkungen Die Zulassung der Schuldverschreibungen zur Notierung an der Official List der Luxemburger Wertpapierbörse und zum Handel am regulierten Markt der Luxemburger Wertpapierbörse wurde bei der Luxemburger Wertpapierbörse beantragt. Die Schuldverschreibungen wurden und werden nicht gemäß dem U.S.-Wertpapiergesetz registriert und 18

19 dürfen vorbehaltlich bestimmter Ausnahmen, nicht innerhalb der Vereinigten Staaten angeboten oder verkauft werden. In anderen Rechtsordnungen dürfen die Schuldverschreibungen nur unter Einhaltung der geltenden Gesetze und Vorschriften verkauft werden. Siehe Zeichnung, Angebot und Verkauf - Verkaufsbeschränkungen (Subscription, Offer and Sale Selling Restrictions) beginnend auf Seite 78. Öffentliches Angebot Abwicklung und Settlement Verfügbarkeit von Dokumenten Wertpapierkennnummern Die Schuldverschreibungen können in Luxemburg und nach erfolgter Notifizierung der jeweiligen zuständigen Behörden zusätzlich in Österreich, Deutschland und den Niederlanden im Rahmen eines öffentlichen Angebots vertrieben werden. Die Abwicklung der Schuldverschreibungen erfolgt durch Clearstream Banking AG, Frankfurt am Main. Dieser Prospekt, eventuelle Nachträge und die hierin per Verweis einbezogenen Dokumente werden auf der Internetseite der Luxemburger Wertpapierbörse ( veröffentlicht. ISIN DE000A1KQ1M5 Common Code Wertpapierkennnummer (WKN) A1KQ1M. Verwendung des Emissionserlöses Die Emittentin beabsichtigt, den Nettoerlös der Emission der Schuldverschreibungen zur Refinanzierung von Darlehen, die zur Finanzierung der Akquisitionen der Convenience Food Systems (CFS) und der Bock Kältemaschinen GmbH aufgenommen wurden, sowie für allgemeine Unternehmenszwecke zu verwenden. ZUSAMMENFASSUNG DER RISIKOFAKTOREN Zusammenfassung der Risiken in Bezug auf die Emittentin und die Gruppe Risikofaktoren in Bezug auf die Emittentin und die Gruppe umfassen unter anderem die folgenden Risiken: - Allgemeine Konjunkturlage: Die Märkte, in denen die Gruppe tätig ist, werden wesentlich durch die allgemeine Konjunkturlage und deren Zyklen und Schwankungen beeinflusst. Ein konjunktureller Abschwung könnte sich nachteilig auf die Gruppe auswirken. - Länderrisiken: Die Gruppe ist weltweit tätig und ist dabei verschiedenen Risiken ausgesetzt, die charakteristisch sind für die Länder, in denen sie jeweils tätig ist. 19

20 - Verfügbare Finanzierungsmittel für Kunden: Die Geschäftstätigkeit der Gruppe besteht zu einem erheblichen Teil aus Projekten, die von der Verfügbarkeit von Finanzierungsmitteln für Kunden der Gruppe abhängig sind. Sofern solche Finanzierungsmittel nicht ausreichend vorhanden sind, kann sich dies negativ auf die Gruppe auswirken. - Preisrisiko: Der Marktpreis, die Qualität und die Verfügbarkeit von Rohstoffen, Energie, Einsatzmaterialien und Zwischenprodukten, die die Gruppe für ihren Betrieb verwendet, können erheblichen Schwankungen unterliegen. - Produkthaftungsansprüche und weitere Rechts- und Prozessrisiken: Im Rahmen ihrer gewöhnlichen Geschäftstätigkeit ist die Gruppe an mehreren Gerichts- bzw. Verwaltungsverfahren beteiligt. Der Ausgang der derzeit anhängigen oder künftiger Verfahren lässt sich derzeit nicht mit Sicherheit voraussagen. Einige dieser Verfahren können auf die Verwendung von durch Dritte hergestellten und/oder gelieferten Materialien durch die Gruppe zurückzuführen sein. - Wettbewerbsrisiko: Die Gruppe ist dem Risiko eines sich verschärfenden Wettbewerbs in den Märkten, in denen sie tätig ist, ausgesetzt. - Risiken in Bezug auf Geistige Eigentumsrechte und Know-how: Die Fähigkeit der Gruppe, die Wettbewerbsfähigkeit ihrer Produkte zu erhalten und die Einhaltung hoher technologischer Standards zu gewährleisten, birgt Risiken in Verbindung mit dem Schutz ihrer eigenen geistigen Eigentumsrechte, dem Schutz von Know-how und Geschäftsgeheimnissen sowie der Verletzung geistiger Eigentumsrechte Dritter. - Berechnungs- und Ausführungsrisiken: Die Gruppe ist Berechnungs- und Ausführungsrisiken ausgesetzt, insbesondere im Zusammenhang mit der Planung und Ausführung von Großprojekten. Falls sich die Einschätzung der Gesamtrisiken oder die Berechnungen der Erträge oder Kosten als unrichtig erweisen oder sich die Umstände ändern, kann bei den betreffenden Aufträgen der Gewinn niedriger bzw. der Verlust höher ausfallen. - Regulatorisches Umfeld: Änderungen der gesetzlichen, aufsichtsrechtlichen, steuerrechtlichen sowie politischen Rahmenbedingungen können zu komplexeren betrieblichen Abläufen und höheren Kosten führen und die Marktfähigkeit der von der Gruppe angebotenen Dienstleistungen und Produkte negativ beeinträchtigen. - Umweltrisiken: Der Gruppe können in Bezug auf umweltschutz-, gesundheits- und sicherheitsrelevante Aspekte Verbindlichkeiten und Kosten entstehen; darüber hinaus können Bußgelder bzw. gerichtliche oder behördliche Bodensanierungsmaßnahmen verhängt oder der Betrieb eingeschränkt werden. - Wertberichtigungen beim Firmenwert: Der Firmenwert der Gruppe (goodwill) wird als immaterieller Vermögenswert erfasst und wird regelmäßig auf seine Werthaltigkeit hin geprüft, wobei dieser Wert von allgemeinen wirtschaftlichen Faktoren abhängig ist. Ein fortgesetzter globaler Abschwung könnte eine Berichtigung des Firmenwerts der Gruppe notwendig werden lassen. 20