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Gerresheimer AG

Good start to the year for Gerresheimer

Düsseldorf (ots)

  • Group sales in the first quarter up 1.4% on like-for-like basis
  • Profit from operations grew by 34% to EUR 12.3m
  • Reiteration of guidance for the financial year 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 E1 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 Plastics1            |        |        |      |        | 
|Adjusted EBITDA2               |38.3    |38.3    |+0.0  |185.9   | 
|in % of revenues               |17.0    |16.1    |      |18.6    | 
|Adjusted EBITDA2               |38.3    |39.0    |-1.8  |186.2   | 
|excluding Technical            |        |        |      |        | 
|Plastics                       |17.0    |17.2    |      |19.2    | 
|in % of revenues               |        |        |      |        | 
|Profit from operations         |12.3    |9.2     |+33.7 |60.5    | 
|(EBIT)                         |        |        |      |        | 
|Net income                     |2.4     |-1.1    |>100  |7.0     | 
|Adjusted net income3           |7.3     |6.4     |+14.1 |45.2    | 
|Earnings per share in E        |0.06    |-0.05   |>100  |0.18    | 
|Adjusted earnings per          |0.22    |0.18    |+22.2 |1.34    | 
|share4 in E                    |        |        |      |        | 
|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 :
Investor Relations Contact 
Anke Linnartz 
Director Investor Relations
Phone      +49 211 6181-314
Fax        +49 211 6181-121
E-mail  a.linnartz@gerresheimer.com
Burkhard Lingenberg         
Director Corporate Communication & Marketing 
Phone +49 211 6181-250       
Fax   +49 211 6181-241       
E-mail   b.lingenberg@gerresheimer.com