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Gerresheimer Reports Strong Earnings and Sales Growth
Date:10/6/2010

Gerresheimer Reports Strong Earnings and Sales Growth -- DUSSELDORF, Germany, October 6, 2010 /PRNewswire-FirstCall/ --


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Health Care & Hospitals, Medical Equipment, Medical Pharmaceuticals, Earnings Click to view news release full screen  

Gerresheimer Reports Strong Earnings and Sales Growth

 

DUSSELDORF, Germany, October 6, 2010 /PRNewswire-FirstCall/ --

- Group Revenues in the Third Quarter Up By 9.5% to EUR 259.4m (Excluding Technical Plastic Systems)

- Marked Rise in Operating Margin (Adjusted EBITDA margin) From 17.3% to 20.5%

- Adjusted Earnings Per Share More Than Doubled From EUR 0.20 to EUR 0.52

- Net Financial Debt Reduced By EUR 74.1m

Gerresheimer AG, one of the leading worldwide suppliers to the pharma and healthcare industry, is continuing its growth course in the financial year 2010. "Our business is developing well. We continue to focus on the field of pharma and healthcare. Doing so we are achieving solid and profitable growth," says Uwe Rohrhoff, CEO of Gerresheimer AG.

In the third quarter of 2010, Gerresheimer further strengthened its revenues. In the period from June to August 2010 the company increased its revenues (excluding the Technical Plastic Systems business which has been sold) by 9.5% to EUR 259.4m (prior year EUR 236.9m). At constant exchange rates, revenues grew by 5.8% in the third quarter. In the first three quarters, Gerresheimer achieved revenue growth of 4.4% at constant exchange rates to EUR 753.0m (prior year excluding Technical Plastic Systems: EUR 714.9m). The main growth generators in the pharma business were insulin pens, asthma inhalers and prefillable syringes. Additionally, a resurgence of demand for cosmetics packaging and economic recovery in the laboratory glassware segment had a positive impact on the business trend.

Gerresheimer also achieved a further rise in earnings. For the third quarter of the financial year the company reports operating earnings (Adjusted EBITDA) of EUR 53.3m, 28.1% up on the prior-year period (third quarter 2009 excluding Technical Plastic Systems: EUR 41.6m). In the third quarter of 2010 the operating margin (Adjusted EBITDA margin) improved by 3.2 percentage points in comparison with the prior year to 20.5% (first three quarters 2010: 19.6%). Adjusted earnings per share improved substantially from EUR 0.20 to EUR 0.52. As a result of the positive business trend, Gerresheimer was able to reduce net financial debt by EUR 74.1m to EUR 356.6m (prior year: EUR 430.7m)

"The combination of organically generated growth and targeted acquisitions forms the foundation for the further successful development of our company. We concentrate on profitable markets and continuously expand our position as a market leader globally. Our presence in the emerging markets is therefore more important than ever," says Rohrhoff.

Outlook

For the current financial year 2010, Gerresheimer continues to expect revenue growth of 3% to 4% at constant exchange rates, excluding Technical Plastic Systems. This is equivalent to nominal sales growth of 5% to 6%. The company also stands by its forecast EBITDA margin of 19.5% to 20%. In 2010 the company expects to invest a total of EUR 75-80m.

About Gerresheimer

Gerresheimer is an internationally leading manufacturer of high-quality specialty products made of glass and plastic for the global pharma & healthcare industry. Our wide product spectrum ranges from pharmaceutical vials to complex drug delivery systems, such as syringe systems, insulin pens and inhalers, for safe dosage and application. Together with our partners we develop solutions which set standards and have role-model status throughout their respective business sectors.

Our Group of companies achieves in Europe, North and South America and Asia sales of about EUR 1 billion and employs around 9,500 people. Through top-class technologies, convincing innovations and targeted investments we are systematically expanding our strong market position.

The full version of the interim report can be found under: http://www.gerresheimer.com/en/investor-relations/reports.html Group Key Figures (IFRS; Financial Year end November 30) in EUR million Q3 2010 Q3 2009 change in % FY 2009 Revenues 259.4 242.6 +6.9 1,000.2 Group revenues excluding 259.4 236.9 +9.5 970.8 Technical Plastics(1) +5.8(5) Adjusted EBITDA(2) 53.3 42.0 +26.9 185.9 in % of revenues 20.5 17.3 18.6 Adjusted EBITDA(2) excluding 53.3 41.6 +28.1 186.2 Technical Plastics(1) in % of revenues 20.5 17.6 19.2 Profit from operations (EBIT) 26.3 12.9 >100 60.5 Net income 14.1 -4.0 >100 7.0 Adjusted net income(3) 18.4 7.9 >100 45.2 Earnings per share in EUR 0.41 -0.11 >100 0.18 Adjusted earnings per share(4) in 0.52 0.20 >100 1.34 EUR Equity ratio in % 37.7 34.7 35.8 Net Financial Debt 356.6 430.7 -17.2 373.3 Capital expenditure 13.5 19.1 -29.3 86.4

1 The Technical Plastic Systems segment was sold with effect from July 1, 2009.

2 Adjusted EBITDA: Earnings before income taxes, financial result, amortization of fair value adjustments, extraordinary depreciation, depreciation and amortization, restructuring expenses and one-off income and expenses.

3 Adjusted net income: Consolidated profit before non-cash amortization of fair value adjustments, special effects from restructuring expenses, extraordinary depreciation, the balance of one-off income and expenses (including significant non-cash expenses) and the related tax effects.

4 Adjusted net income after minorities divided by 31.4m shares. 5 Revenue growth rate at constant exchange rates. Group Key Figures (IFRS; Financial Year end November 30) in EUR million Q1-Q3 Q1-Q3 change in % FY 2009 2010 2009 Revenues 753.0 744.3 +1.2 1,000.2 Group revenues excluding 753.0 714.9 +5.3 970.8 Technical Plastics(1) +4.4(5) Adjusted EBITDA(2) 147.9 127.8 +15.7 185.9 in % of revenues 19.6 17.2 18.6 Adjusted EBITDA(2) excluding 147.9 128.1 +15.5 186.2 Technical Plastics(1) in % of revenues 19.6 17.9 19.2 Profit from operations (EBIT) 63.4 33.9 +87.0 60.5 Net income 27.7 -4.2 >100 7.0 Adjusted net income(3) 43.6 28.6 +52.4 45.2 Earnings per share in EUR 0.85 -0.15 >100 0.18 Adjusted earnings per share(4) in 1.33 0.83 +60.2 1.34 EUR Equity ratio in % 37.7 34.7 35.8 Net Financial Debt 356.6 430.7 -17.2 373.3 Capital expenditure 43.0 50.3 -14.5 86.4

1 The Technical Plastic Systems segment was sold with effect from July 1, 2009.

2 Adjusted EBITDA: Earnings before income taxes, financial result, amortization of fair value adjustments, extraordinary depreciation, depreciation and amortization, restructuring expenses and one-off income and expenses.

3 Adjusted net income: Consolidated profit before non-cash amortization of fair value adjustments, special effects from restructuring expenses, extraordinary depreciation, the balance of one-off income and expenses (including significant non-cash expenses) and the related tax effects.

4 Adjusted net income after minorities divided by 31.4m shares. 5 Revenue growth rate at constant exchange rates. Media contact Investor Relations contact Jens Kurten Anke Linnartz Director Corporate Communication Director Investor Relations & Marketing Telephone +49-211-6181-314 Telephone +49-211-6181-250 Telefax +49-211-6181-121 Telefax +49-211-6181-241 E-Mail a.linnartz@gerresheimer.com E-Mail j.kuerten@gerresheimer.com
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SOURCE Gerresheimer AG
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