Gerresheimer Reports Strong Earnings and Sales Growth
By Gerresheimer Ag, PRNETuesday, October 5, 2010
Group Revenues in the Third Quarter Up By 9.5% to EUR 259.4m (Excluding Technical Plastic Systems)
DÜSSELDORF, Germany, October 6, 2010 - 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 Röhrhoff, 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 Röhrhoff.
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:
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
EUR 0.52 0.20 >100 1.34
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 Kürten 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
Media contact, Jens Kürten, Director Corporate Communication & Marketing, Telephone +49-211-6181-250, Telefax +49-211-6181-241, E-Mail j.kuerten at gerresheimer.com; Investor Relations contact, Anke Linnartz, Director Investor Relations, Telephone +49-211-6181-314, Telefax +49-211-6181-121, E-Mail a.linnartz at gerresheimer.com
Tags: Dusseldorf, Germany, Gerresheimer AG, October 6
