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Gerresheimer Holds its own in Difficult Environment
Date:7/15/2009

    - Sales in the First Half of 2009 (Excluding Technical
      Plastics) at Prior Year Level

    - Growth in the Pharma Business

    - Sales Decline in the Cyclical Segments of Cosmetics and
      Laboratory Glassware

In the first half of 2009, Gerresheimer AG achieved sales at the prior year level despite the continuing worldwide economic crisis. This result was mainly attributable to sales growth for pharmaceutical packaging and systems, with which Gerresheimer today makes more than 70% of Group sales. In contrast, sales declines were recorded in the more cyclical segments of cosmetics and laboratory glassware. In comparison with the prior year, sales in the second quarter of 2009 declined by 4.3% on a nominal basis to EUR 264.4m and, excluding the Technical Plastics business just sold, by 2.2% to EUR 251.6m. The operating margin (adjusted EBITDA margin) excluding the business just sold reached a high level in the second quarter of 2009 at 18.9%. For the year as a whole, Gerresheimer expects the sales trend excluding Technical Plastics to be +1% to -3% with an adjusted EBITDA margin of 18.0% to 18.5%.

In the course of its continued focus on the markets of pharma & life science the sale of the Technical Plastics business was successfully completed as per July 1, 2009. The transaction price including debts taken over was around EUR 12m.

"Growth in our core markets of pharma & life science has been and remains the basis of our profitable business development. This applies all the more at a time of economic crisis," says Dr. Axel Herberg, CEO of Gerresheimer AG. "With the successful sale of the peripheral business of Technical Plastics we have taken another important step in focusing the business," Herberg adds.

Growth for pharmaceutical products

Regardless of the continued trend towards inventory reductions by some pharma companies, Gerresheimer
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SOURCE Gerresheimer AG
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