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Gerresheimer reports strong revenues and earnings growth in the second quarter

, Gerresheimer AG

Gerresheimer AG, one of the leading global suppliers to the pharma and healthcare industry, has closed successfully the second quarter of the 2011 financial year. “We have achieved strong growth in revenues and net income. Our Moulded Glass and Plastic Systems Divisions have performed particularly well. We have also strengthened our operations in South America, a strategically important market for us, through our acquisition of Vedat,” said Uwe Röhrhoff, CEO of Gerresheimer AG.

Gerresheimer was able to achieve marked growth in revenues in the second quarter of the 2011 financial year (March 1, 2011 to May 31, 2011) of 5.9 percent to EUR 284.5m. At constant exchange rates, revenue growth was 7.6 percent. The Moulded Glass and Plastics Systems Divisions played an important role in generating this strong growth. Growth drivers of the Plastic Systems division included inhalers, insulin pens, diagnostic systems and plastic packaging products. Vedat, the company that Gerresheimer acquired in March, has an excellent position in the South American primary pharmaceutical plastic packaging market and has contributed to the positive development. Gerresheimer recently announced plans to extend its Czech Republic plant, being part of the fast-growing Plastic Systems division.

Gerresheimer reports adjusted EBITDA of EUR 56.3m (prior year: EUR 56.3m) for the second quarter of 2011. The adjusted EBITDA margin was 19.8 percent (Q2 2010: 20.9 percent). Scheduled overhauls of furnaces and capacity restrictions on prefillable syringe system produc-tion were due in the second quarter. Net income increased year on year, despite one-off expenses in connection with refinancing, by EUR 2.1m to EUR 13.3m. Adjusted earnings per share increased over the previous year’s quarter from EUR 0.59 to EUR 0.69.

Net financial debt has declined by EUR 4.1m to EUR 404.6m since the prior year, despite the costs incurred in connection with the Vedat acquisition, dividend payment and refinancing. In May, Gerresheimer concluded the refinancing process, which it had started ahead of schedule, with five and seven-year maturities.

“As a full-service partner for glass and plastics products and systems for the global pharma and healthcare industry we have a unique positioning. There is worldwide growth in demand for intelligent drug delivery and primary packaging solutions. Our competence enables us to make a decisive contribution to health and well-being,” said Röhrhoff.

Outlook
Gerresheimer is expecting growth in revenues at constant exchange rates of six to seven percent, including the Vedat business, and an adjusted EBITDA margin of approximately 20 percent in the current 2011 financial year. The investment volume is expected to be around EUR 80m.

, Gerresheimer AG

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