Good start to the year for Gerresheimer
By Gerresheimer Ag, PRNETuesday, April 13, 2010
Group Sales in the First Quarter up 1.4% on Like-for-Like Basis
DUSSELDORF, Germany, April 14, 2010 - Gerresheimer AG has got off to a good start in the new financial year.
In the first quarter (December 2009 to February 2010), sales increased by
1.4% on a like-for-like basis and amounted to EUR 224.8m. Profit from
operations even increased by 34%. "We have got off to a good start in the
new financial year and set the stage for further growth in 2010," said
Dr. Axel Herberg, CEO of Gerresheimer AG.
The leading supplier to the pharma and healthcare industries
achieved sales of EUR 224.8m matching the level of sales in the strong first
quarter of the previous year. Adjusted for currency translation and the
divested segment Technical Plastic Systems sales improved by 1.4%. The first
quarter was characterized by a good business development in the pharma
segment, which accounts for around three quarters of total group revenues,
and slow spending in the cyclical segments.
The operating result (Adjusted EBITDA) of EUR 38.3m remained
on the level of the prior year. However the operating margin (Adjusted EBITDA
margin) increased to 17.0% (prior year: 16.1 %).
In the period under review profit from operations increased to
EUR 12.3m (Q1 2009: EUR 9.2m) and a positive net income of EUR 2.4m (Q1 2009:
EUR -1.1m) was achieved. This substantial profit improvement is amongst
other things due to an improved financial result. Net financial debt declined
compared to previous year's quarter by approximately EUR 60m to EUR 402.6m.
Outlook
Gerresheimer AG remains on its path for growth. While the
company expects sales growth in the Pharma segment, the sustainable recovery
of the more cyclical segments Cosmetics and Life Science Research is not yet
visible.
The forecast for the 2010 financial year remains unchanged.
The company expects a sales increase of 2 to 4 percent and an improved
operating margin (Adjusted EBITDA Margin) of around 19.5 percent.
Thanks to a solid financing structure and strong operating
cash flow the company is well equipped to make future investments in
sustainable growth. Capital expenditure for the financial year 2010 will
total around EUR 75m to 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 EUR1 billion and employs around 9,400 people.
Through top-class technologies, convincing innovations and targeted
investments we are systematically expanding our strong market position.
Group Key Figures (IFRS; Financial Year end November 30) in EUR million Q1 2010 Q1 2009 % FY 2009 Revenues 224.8 237.3 -5.3 1,000.2 Group revenues excluding 224.8 226.4 -0.7 970.8 Technical Plastics(1) Adjusted EBITDA(2) 38.3 38.3 +0.0 185.9 in % of revenues 17.0 16.1 18.6 Adjusted EBITDA(2) 38.3 39.0 -1.8 186.2 excluding Technical Plastics in % of revenues 17.0 17.2 19.2 Profit from operations (EBIT) 12.3 9.2 +33.7 60.5 Net income 2.4 -1.1 >100 7.0 Adjusted net income(3) 7.3 6.4 +14.1 45.2 Earnings per share in EUR 0.06 -0.05 >100 0.18 Adjusted earnings per share(4) in EUR 0.22 0.18 +22.2 1.34 Equity ratio in % 35.9 33.1 35.8 Net Financial Debt 402.6 460.3 -12.5 373.3 Capital expenditure 15.9 10.8 +47.2 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.
Press Contact Burkhard Lingenberg Director Corporate Communication & Marketing Director Phone +49-211-6181-250 Fax +49-211-6181-241 E-mail b.lingenberg@gerresheimer.com Investor Relations Contact Anke Linnartz Investor Relations Phone +49-211-6181-314 Fax +49-211-6181-121 E-mail a.linnartz@gerresheimer.com
Press Contact : Burkhard Lingenberg, Director Corporate Communication & Marketing Director, Phone +49-211-6181-250, Fax +49-211-6181-241, E-mail b.lingenberg at gerresheimer.com ; Investor Relations Contact, Anke Linnartz, Investor Relations, Phone +49-211-6181-314, Fax +49-211-6181-121, E-mail a.linnartz at gerresheimer.com
Tags: April 14, Dusseldorf, Germany, Gerresheimer AG