DÜSSELDORF, Germany, July 15 --
- Sales in the First Half of 2009 (Excluding Technical Plastics) at Prior Year
Level
- Growth in the Pharma Business
- Sales Decline in the Cyclical Segments of Cosmetics and Laboratory Glassware
In the first half of 2009, Gerresheimer AG achieved sales at the prior year
level despite the continuing worldwide economic crisis. This result was mainly
attributable to sales growth for pharmaceutical packaging and systems, with
which Gerresheimer today makes more than 70% of Group sales. In contrast, sales
declines were recorded in the more cyclical segments of cosmetics and laboratory
glassware. In comparison with the prior year, sales in the second quarter of
2009 declined by 4.3% on a nominal basis to EUR 264.4m and, excluding the
Technical Plastics business just sold, by 2.2% to EUR 251.6m. The operating
margin (adjusted EBITDA margin) excluding the business just sold reached a high
level in the second quarter of 2009 at 18.9%. For the year as a whole,
Gerresheimer expects the sales trend excluding Technical Plastics to be +1% to
-3% with an adjusted EBITDA margin of 18.0% to 18.5%.
In the course of its continued focus on the markets of pharma life science the
sale of the Technical Plastics business was successfully completed as per July
1, 2009. The transaction price including debts taken over was around EUR 12m.
Growth in our core markets of pharma life science has been and remains the
basis of our profitable business development. This applies all the more at a
time of economic crisis, says Dr. Axel Herberg, CEO of Gerresheimer AG. With the
successful sale of the peripheral business of Technical Plastics we have taken
another important step in focusing the business, Herberg adds.
Growth for pharmaceutical products
Regardless of the continued trend towards inventory reductions by some pharma
companies, Gerresheimer achieved sales growth with products for the pharma
industry once again in the second quarter of 2009. Major contributions were made
by Medical Plastic Systems, which continue to be a particular growth generator,
and good sales of pharmaceutical primary packaging such as ampoules and vials in
Europe and China. Installation of the third RTF(R) syringe line was completed
according to plan so that customer-specific validations could be commenced.
As in the first quarter, however, continuing weak demand in the cosmetics
segment led to a decline in sales of cosmetic packaging. A similar situation
applies for laboratory glassware products, where a temporary sales decline was
experienced because of inventory reductions and purchasing cautiousness by
customers.
Outlook for 2009
Despite the imponderable factors with regard to further world economic
development Gerresheimer continues to expect growth in the field of
pharmaceutical packaging and systems. In the more cyclical segments cosmetics
and laboratory glassware, Gerresheimer experienced a marked decline in demand in
the first half year. Forecasts for the further course of the financial year
are difficult. Gerresheimer AG does not however assume any short-term recovery
of these markets. The sound balance sheet and long term financing structure as
well as a good operating performance will enable Gerresheimer to continue the
growth strategy in the pharma life science segment going forward.
About Gerresheimer
Gerresheimer employs around 10,000 people in 40 locations in Europe, America
and Asia. In the financial year 2008, worldwide sales totaled EUR 1.06bn. 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 characterized by high technical and regulatory barriers.
Group Key Figures
(IFRS; End of Q2: May 31; Financial Year end November 30)
in EUR million Q2 Q2 Change % Q1-Q2 Q1-Q2 Change % FY 2008 2009 2008 2009 2008
Net sales 264.4 276.3 -4.3 501.7 515.4 -2.7 1.060.1 Group net sales excluding
TPS(1) 251.6 257.2 -2.2 478.0 477.2 +0.2 985.9 Adjusted EBITDA(2) 47.5 53.6
-11.4 85.8 96.6 -11.2 206.4 in % of net sales 18.0 19.4 17.1 18.7 19.5 Adjusted
EBITDA(2) 47.5 N/A(3) 86.5 N/A(3) N/A(3) excluding TPS in % of net sales 18.9
N/A(3) 18.1 N/A(3) N/A(3) Profit from operations (EBIT) 11.8 18.6 -36.6 21.0
33.5 -37.3 61.0 Net income 0.9 5.6 -83.9 -0.1 8.2 4.5 Adjusted net income(4)
14.3 17.6 -18.8 20.7 27.5 -24.7 61.4 Earnings per share in EUR 0.02 0.14 -85.7
-0.04 0.20 0.02 Adjusted earnings per share(5) in EUR 0.44 0.53 -17.0 0.63 0.82
-23.2 1.83
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(1) Net sales of the recently divested Technical Plastics business (sold with
effect from July 1, 2009) include the sales of the Technical Plastics tool
business and amounted to EUR 74.2m in FY 2008
(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) The adjusted EBITDA of the Technical Plastic Systems business of the
comparative prior year period is not available due to the fact that the
divestment was carried out in the course of the financial year and is therefore
included in the Plastic Systems segment
(4) 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
(5) Adjusted net income after minorities divided by 31.4m shares
Contact Press Burkhard Lingenberg Director Corporate Communication Marketing
Phone +49-211-6181-250 Fax +49-211-6181-241 e-mail b.lingenberg@gerresheimer.com
Contact Investor Relations Anke Linnartz Director Corporate Investor Relations
Phone +49-211-6181-314 Fax +49-211-6181-121 e-mail a.linnartz@gerresheimer.com
SOURCE: Gerresheimer AG
Contact Press: Burkhard Lingenberg, Director Corporate Communication Marketing,
Phone +49-211-6181-250, Fax +49-211-6181-241, e-mail
b.lingenberg@gerresheimer.com; Contact Investor Relations, Anke Linnartz,
Director Corporate Investor Relations, Phone +49-211-6181-314, Fax
+49-211-6181-121, e-mail a.linnartz@gerresheimer.com
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