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Good start to the year for Gerresheimer
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- 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.
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.
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
Director Investor Relations
Phone +49 211 6181-314
Fax +49 211 6181-121
Director Corporate Communication & Marketing
Phone +49 211 6181-250
Fax +49 211 6181-241