DÜSSELDORF, Germany, February 17 /PRNewswire/ --
- Sales Grow by 10.7% to EUR1.06bn
- Adjusted Earnings per Share Improves by 36.6% From EUR1.34 Euro to
EUR1.83
- Adjusted EBITDA Margin Rises From 19.0 to 19.5%
- CEO Dr. Axel Herberg: "Following the record year in 2008 Gerresheimer
again considers itself well equipped to meet the global challenges in
2009 and is aiming for further substantial sales growth of 6% to 7% in
the core business."
In 2008 Gerresheimer AG had another record year marked by important milestones, and achieved all its published objectives. The international Group with its main base in Düsseldorf, Germany, increased its sales by 10.7% (12.8% on a like-for-like exchange-rate basis) and thereby passed the billion euro mark. Operating results (Adjusted EBITDA) rose by 13.7% to EUR206.4m (prior year: EUR181.6m). The Adjusted EBITDA margin reached 19.5% in 2008 (prior year: 19%). There was a substantial improvement of 36.6% in adjusted earnings per share in the past financial year to EUR1.83 (prior year EUR1.34).
"Our strategy of internationalization and focus is bearing fruit," says Dr. Axel Herberg, CEO of Gerresheimer AG. "Even in a phase of worldwide economic downturn, pharmaceutics and life science are still growth markets and, with its broad technology base and worldwide presence, Gerresheimer has a strong position here." The shareholders of Gerresheimer AG should participate in the success of Gerresheimer AG as in the prior year. The Management Board and Supervisory Board of Gerresheimer AG will therefore propose to the Shareholders' Meeting that a dividend of EUR0.40 per share is paid.
In December 2008, Gerresheimer AG was included in the second-largest German selection index MDax. This means increased visibility for our company on capital markets, and greater appeal for our shares.
Further substantial growth for pharma & life science
All the divisions of Gerresheimer AG participated in the substantial sales growth achieved in the past financial year. The business in the pharma & life science markets proved to be particularly stable and high-growth, and today already represents 75% (prior year: 72%) of Gerresheimer's total sales. The continuing high level of demand for RTF(C) syringe systems, which grew by 36% in 2008, made a decisive contribution to this. Another growth contributor was the business in plastic systems, which today accounts for around 32% of the total sales of Gerresheimer AG. In this Division there was particularly strong demand for inhalers for asthma treatment and products for diabetes diagnosis and treatment.
Extensive investment in growth markets
In order to secure future growth in its core pharmaceutical markets Gerresheimer AG invested extensively during the financial year 2008 in capacity expansion programs and new projects such as, for example, the construction of a third facility for RTF(R) syringe production and the build-up of production of insulin pen systems. Investments in capital assets (including intangible assets) during the past financial year totaled EUR107.8m (prior year: EUR98.9m).
Continued focus on internationalization and a wider product range
An important success factor for Gerresheimer AG has been - and continues to be - the consistently implemented strategy of internationalization and focus. In 2008 Gerresheimer again expanded its global presence and thereby also widened its product range. The Brazilian manufacturer of pharmaceutical plastic packaging Allplas (now Gerresheimer Plásticos São Paulo Ltda.) and the Spanish company EDP (now Gerresheimer Zaragoza S.A.) which were taken over at the beginning of 2008 were successfully integrated in the Gerresheimer Group during the year. Both companies rank among the market leaders in their region and have already made a positive contribution in 2008 to the development of our Plastic Systems Division.
In the course of concentration on the pharma & life science markets, further steps were taken in the financial year 2008. In June 2008 Gerresheimer discontinued its Consumer Healthcare business.
Outlook for 2009
Gerresheimer will continue its successful international course in the financial year 2009 and, despite the generally challenging economic situation, is confident that it can achieve its growth targets: "After the record year in 2008, Gerresheimer AG is well positioned for the global challenges in 2009, and is aiming for further substantial growth," says the CEO Dr. Axel Herberg. For 2009, sales growth of 6% to 7% is expected in the core business, with an adjusted-EBITDA margin of 19.0% to 19.2%. The core business does not include the Technical Plastics business, for which sales of EUR35-45m are expected in 2009.
About Gerresheimer
Gerresheimer employs 10,200 people in 42 locations in Europe, America and Asia. In the financial year 2009, 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; Financial Year end November 30)
in EUR million FY 2008 FY 2007 Change %
Net sales 1060.1 957.7 +10.7
Adjusted EBITDA(1) 206.4 181.6 +13.7
in % of net sales 19.5 19.0
Adjusted EBITA 135.6 116.6 +16.3
in % of net sales 12.8 12.2
Profit from operations (EBIT) 61.0 53.3 +14.4
Net income 4.5 0.8 >100
Adjusted net income(2) 61.4 44.3 +38.6
Earnings per share in EUR 0.02 -0.04 >100
Adjusted earnings per 1.83 1.34 +36.6
share(3) in EUR
---------------------------------
(1) 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
(2) 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
(3) 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
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
