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Growth Trend for Gerresheimer Continues Unabated - Debt Reduction
Date:10/17/2007

Thermo Fisher Scientific with sales of EUR7.5m for two months was consolidated for the first time as per 2 July 2007. Sales improved by 12.5% to EUR47.7m (EUR42.4m) while Adjusted EBITDA increased by only 2.2% to EUR4.6m (EUR4.5m) because of the integration costs for the new joint venture and delays in merchandise deliveries until the fourth quarter as a result of problems with the introduction of new IT systems, which have now been resolved. The Adjusted EBITDA margin was therefore also down slightly at 9.6% (10.6%). In the fourth quarter we expect clear growth rates.

Gerresheimer on course with its full-year forecast for 2007

For the remaining three months of the financial year 2006/2007 ending on 30 November, Gerresheimer expects business to continue on a positive trend with organic sales growth of 8% to 9% and an Adjusted EBITDA margin close to 19%. The latest upsets in the capital markets and the strength of the euro over recent weeks and months have had little impact on Gerresheimer. Since almost all products for the important US market are manufactured by Gerresheimer in North America (including Mexico), the strong euro exchange rate has hardly any effect on results.

Gerresheimer has used the proceeds from the IPO to reduce debt. While net financial debt at the end of the second quarter of 2007, i.e. shortly before the IPO, still totalled around EUR840m, it fell to around only EUR414m at the end of the third quarter of 2007. The equity ratio is a sound 34%. The substantially improved capital structure will in the future continue to have a positive effect on earnings and cash flow since interest expenses are significantly reduced.

The new capital structure gives us the financial flexibility to continue our strategy of growth through selective acquisitions and investments in profitable segments. Thus, for example, in the third quarter of 2007 - earlier than originally planned - the investment decision was made to construct a third RTF sy
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SOURCE Gerresheimer AG
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