DUSSELDORF, Germany, April 2 /PRNewswire/ --
- Group Sales in the First Quarter of 2009 at Prior Year Level; Sales up Almost 3% in the Core Business Despite Difficult Market Environment
- Adjusted EBITDA Margin of 17.1% in the Core Business, Continued Operating Earnings Strength
- CEO Dr. Axel Herberg: Despite the difficult overall economic environment we continue to aim for profitable sales growth of around 6% to 7% in our core business for 2009.
In the first quarter of 2009 (December 2008 to February 2009) Gerresheimer AG maintained its total sales figure of EUR237.3m (Q1 2008: EUR239.1m) almost at the prior year level despite the difficult overall situation in the world economy. In the core business, however, sales by the MDAX company actually rose by 2.8 % to EUR228.7m
The operating result (adjusted EBITDA) fell in comparison with the prior year period from EUR43.0m to EUR38.3m. This is attributable to a slightly negative result in the segment of Technical Plastics and temporary capacity adjustments. The operating margin (adjusted EBITDA margin) of Gerresheimer AG came to 16.1 % for this period (Q1 2008: 18.0%), although in the core business it reached a solid 17.1 %. Adjusted net income for the Group in the first quarter of 2009 totaled EUR6.4m (Q1 2008: EUR9.9m).
Despite the difficult overall economic environment Gerresheimer achieved profitable growth in its core markets in the first quarter. It is advantageous that the global pharma markets continue to be robust. We still assume that we will achieve sales growth of 6% to 7% in the financial year 2009 with an adjusted EBITDA margin of 19.0% to 19.2% in our core business, says Dr. Axel Herberg, CEO of Gerresheimer AG.
Further growth in the core markets of pharma life science
Sales by the core businesses increased again in the first quarter of 2009. This development highlights the strategic importance of Gerresheimer's focus on the markets of pharma life science. In the first quarter 2009, 78% of Gerresheimer's total sales were attributable to this market segment. In contrast, sales for the Technical Plastics business, which is up for sale, halved in the first quarter to EUR8.6m.
In the first quarter of 2009 some customers in the pharma life science industry reduced their inventories as expected. In addition, demand for high-quality cosmetics was substantially lower. In contrast, the Tubular Glass and Plastic Systems Divisions further increased their sales in the months of December 2008 to February 2009. The business in RTF(R) syringe systems, inhalation devices and insulin pens again experienced a high level of demand. Thanks to the launch of the third RTF(R) syringe line and further investments in expansion of production for drug delivery systems Gerresheimer will generate further growth.
Gerresheimer consistently continues its growth strategy
Gerresheimer AG stands by its objective of further profitable growth in the financial year 2009. Gerresheimer will continue in 2009 to invest extensively in new product lines and capacity expansion. We are therefore fully on plan in implementing our growth strategy. As a leading partner for companies in the pharma life science industry, Gerresheimer expects further increasing worldwide demand for safe and user-friendly medical treatment.
Gerresheimer employs 10,200 people in 42 locations in Europe, America and Asia. In the financial year 2008, worldwide sales totalled EUR1.06bn. The product portfolio ranges from pharmaceutical vials made of glass and plastic through to complex drug-delivery systems for the pharma life science industry. These include sterile syringes, inhalers and other system-based approaches for safe dosage and application of medications. The Group enjoys a leading position in markets which are characterised by high technical and regulatory barriers.
Group Key Figures (IFRS; End of Q1 2009: February 28,
Q1 2008: February 29; Financial Year end November 30)
in EUR million Q1 2009 Q1 2008 Change % FY 2008 Net sales 237.3 239.1 -0.8 1.060.1 thereof core business net sales 228.7 222.5 +2.8 997.1 Adjusted EBITDA 38.3 43.0 -10.9 206.4 in % of net sales 16.1 18.0 19.5 thereof core business adjusted EBITDA 39.0 N/A N/A in % of net sales 17.1 N/A N/A Adjusted EBITA 19.8 25.5 -22.4 135.6 in % of net sales 8.3 10.7 12.8 Profit from operations (EBIT) 9.2 14.9 -38.3 61.0 Net income -1.1 2.5 4.5 Adjusted net income 6.4 9.9 -35.4 61.4 Earnings per share in EUR -0.05 0.06 0.02 Adjusted earnings 0.18 0.29 -37.9 1.83 per share in EUR
 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
 The prior year adjusted EBITDA of the Technical Plastic Systems business is not available as the separation was carried out in the course of the financial year and is therefore included in the Plastic Systems segment
 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
 Adjusted net income after minorities divided by 31.4m shares
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