Substantial Revenues and Earnings Plus for Gerresheimer
By Gerresheimer Ag, PRNETuesday, July 13, 2010
DÜSSELDORF, Germany, July 14, 2010 -
- Group Revenues in the Second Quarter up by 6.8% (Excluding Technical Plastic Systems) - Further Solid Growth of the Pharma Business - Improvement in the Cosmetics and Life Science Research Segments - Operating (Adjusted EBITDA) Margin at High Level of 20.9% - Profit From Operations More Than Doubled to EUR 24.8m - Revenue Guidance for 2010 Specified and Margin Guidance Raised
Gerresheimer AG, one of the leading worldwide suppliers to the
pharma and healthcare industry, remained on its growth path during the second
quarter of the financial year 2010. "Our business developed very well in the
second quarter. The demand for our products in the pharma industry has grown
and there has also been an improvement recently in the Cosmetics and Life
Science Research businesses," says Uwe Röhrhoff, the new CEO of Gerresheimer
AG since June 22, 2010.
In the period from March to May 2010, the company increased
its revenues (excluding the Technical Plastic Systems business which has been
sold) by 6.8% compared with the prior year. At constant exchange rates the
growth rate in the second quarter was 5.6%. During the first six months of
the financial year 2010, the revenue growth at constant exchange rates was
3.6%. Revenues in the second quarter totaled EUR 268.8m (second quarter of
2009 excl. Technical Plastic Systems: EUR 251.6m). In addition to sales
growth in the segment of primary pharmaceutical packaging, Gerresheimer
profited from the improvement in the more cyclical Cosmetics and Life Science
Research businesses in the second quarter.
The operating margin (Adjusted EBITDA margin) improved by 2.9
percentage points on the prior year to 20.9% (Adjusted EBITDA margin first
six months 19.2%). As a result of the revenues and margin increase, Adjusted
EBITDA improved to EUR 56.3m (prior year EUR 47.5m). The profit from
operations also improved substantially to EUR 24.8m (prior year: EUR 11.8m).
Adjusted earnings per share increased significantly from EUR 0.44 to EUR
0.59.
"We want to remain on our profitable growth path. To this end we will
push ahead with the globalization of our business. We therefore want to be an
attractive investment for our shareholders and the financial markets. And we
take our corporate responsibility towards all stakeholder groups very
seriously," says the new CEO Uwe Röhrhoff, outlining his objectives for the
company.
Outlook
For the financial year 2010, Gerresheimer AG continues to
expect revenues growth in the pharma business, also supported by the emerging
markets. The market trend in the more cyclical segments of Cosmetics and Life
Science Research (laboratory glassware) is despite first signs of recovery on
the other hand more difficult to assess.
On the basis of the good results in the second quarter,
Gerresheimer is slightly raising the lower limit of the guidance for the
revenues for the financial year 2010. The company assumes revenues, excluding
Technical Plastic Systems and at constant exchange rates, to grow by 3% to
4%, compared with 2% to 4% previously. Due to the stronger US Dollar this
equivalents a nominal growth rate of 5% to 6% compared with 2% to 4%
previously. The forecast for the Adjusted EBITDA margin is raised to 19.5% to
20% (previously around 19.5%). The planned total volume of investment is
confirmed at EUR 75 to 80 million.
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.
Group Key Figures (IFRS; Financial Year end November 30)
in EUR million Q2 2010 Q2 2009 Change % FY 2009 Revenues 268.8 264.4 +1.7 1,000.2 Group revenues excluding 268.8 251.6 +6.8 970.8 Technical Plastics(1) +5.6(5) Adjusted EBITDA(2) 56.3 47.5 +18.5 185.9 in % of revenues 20.9 18.0 18.6 Adjusted EBITDA(2) excluding 56.3 47.5 +18.5 186.2 Technical Plastics in % of revenues 20.9 18.9 19.2 Profit from operations (EBIT) 24.8 11.8 >100 60.5 Net income 11.2 0.9 >100 7.0 Adjusted net income(3) 17.9 14.3 +25.2 45.2 Earnings per share in EUR 0.38 0.02 >100 0.18 Adjusted earnings per Share(4) in EUR 0.59 0.44 +34.1 1.34 Equity ratio in % 36.0 34.0 35.8 Net Financial Debt 408.7 451.1 -9.4 373.3 Capital expenditure 13.6 20.4 -33.3 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.
Media contact Jens Kürten Director Corporate Communication & Marketing Telefon +49-211-6181-250 Telefax +49-211-6181-241 E-Mail j.kuerten@gerresheimer.com Investor Relations contact Anke Linnartz Director Investor Relations Telefon +49-211-6181-314 Telefax +49-211-6181-121 E-Mail a.linnartz@gerresheimer.com
Media contact: Jens Kürten, Director Corporate Communication & Marketing, Telefon +49-211-6181-250, Telefax +49-211-6181-241, E-Mail j.kuerten at gerresheimer.com; Investor Relations contact: Anke Linnartz, Director Investor Relations, Telefon +49-211-6181-314, Telefax +49-211-6181-121, E-Mail a.linnartz at gerresheimer.com
Tags: Dusseldorf, Germany, Gerresheimer AG, July 14