Gerresheimer has Passed the Tur... ( DUSSELDORF Germany October 15 /- ...)

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Gerresheimer has Passed the Turning Point

Date:10/15/2009

DUSSELDORF, Germany, October 15 /PRNewswire-FirstCall/ --

- Nine-Month Sales (Excluding Technical Plastics) 1.7% Down on Prior Year

- EBITDA Margin at High Level of 17.2%

- As Expected, Third Quarter Marked by Inventory Reductions by Large Customers

In the first nine months of the financial year (December 2008 - August 2009), Gerresheimer AG achieved sales of EUR 744.3m (prior year EUR 783.4m). Excluding the Technical Plastics business which has been sold, sales totaled EUR 714.9m, a reduction of 1.7% compared with the prior year. The corresponding operating margin (adjusted EBITDA) for the first three quarters continued on a high level at 17.9%. In Gerresheimer's key market of pharmaceutics, long-term demand is stable although some pharma customers have continued to reduce their inventory levels. The cosmetics sales which accounts for only 10% of total Group sales remained weak as expected. For the fourth quarter, Gerresheimer expects an increase in demand for pharma packaging and a slight recovery in the cosmetics business. It has accordingly quantified more precisely the outlook for the full financial year 2009. Organic growth in the fourth quarter will be offset by the weak dollar exchange rate. For the full year a small sales decline of between 1.5% and 2.5% and an operating margin (adjusted EBITDA) of around 18.5% are expected.

"The trend in the pharma business continues to be characterized by long-term growth. We are successfully pushing ahead with the consistent orientation of the Gerresheimer Group as a leading global partner for the pharma industry," says Dr. Axel Herberg, CEO of Gerresheimer AG. "Our latest investments - particularly in the growth market of pharma plastics - reflect this."

The importance of the Plastic Systems Division, which grew by over 5% at constant exchange rates during the first three quarters, is also shown by the two recen
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SOURCE Gerresheimer AG
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