DUSSELDORF, Germany, April 14, 2010 /PRNewswire/ -- 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 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.
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SOURCE: Gerresheimer AG
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