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Gerresheimer on track for strong second half-year


News provided by

Gerresheimer AG

13 Oct, 2020, 05:32 GMT

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- Third quarter on schedule

- Group revenues EUR 349m; 2.1% organic revenue growth in core business

- Adjusted EBITDA increases by 4.1% to EUR 75m

- Significant improvement in free cash flow to EUR 38m

- Strong fourth quarter 2020 expected

- Guidance for 2020 confirmed

DUSSELDORF, Germany, Oct. 13, 2020 /PRNewswire/ -- Gerresheimer AG delivered profitable growth in its core business in the third quarter of 2020 and confirmed its guidance for 2020 despite temporarily lower demand for high-quality perfume flacons due to Covid-19. "We are working together with vaccine manufacturers to prepare for the global Covid-19 vaccination campaigns. For this purpose, we are building additional capacity for the production of injection vials. Beyond this, there are numerous growth opportunities for us. And we are consequently implementing our strategy for profitable and sustainable growth. We are investing in our Company's future, growing profitably and expect a strong fourth quarter," said Dietmar Siemssen, CEO of Gerresheimer AG.

On the basis of 2.1% organic growth in its core business, Gerresheimer generated revenues of EUR 349m in the third quarter of the financial year 2020 (June 1 to August 31, 2020). Gerresheimer achieved profitable growth with its glass and plastic primary packaging for liquid and solid drugs, syringes and drug delivery devices such as insulin pens and asthma inhalers. The injection vials produced by Gerresheimer will be an important part of the forthcoming Covid-19 vaccination campaigns, for which Gerresheimer is preparing together with vaccine manufacturers. Gerresheimer continues to invest in additional capacity in this side of the business. Demand for high-quality perfume flacons was down in the last few quarters relative to the prior year due to Covid-19. In the latest quarter, Gerresheimer has been able to offset the lower revenues from cosmetics packaging with higher revenues from drug packaging and drug delivery devices.

The third quarter of 2020 saw an increase in the adjusted EBITDA by 4.1% to EUR 75m. The adjusted EBITDA margin stood at 21.5%. Adjusted net income came to EUR 31m in the third quarter of 2020. Third-quarter 2020 adjusted earnings per share after non-controlling interests amounted to EUR 0.97. Free cash flow in the third quarter was strong amounting to EUR 38m. Adjusted EBITDA leverage was unchanged at 3.2x as of the end of the third quarter of 2020. At the beginning of October, Gerresheimer signed an agreement for a EUR 325m promissory loan on attractive terms. The funds are mainly being used to refinance the five-year promissory loan from 2015. Completion is scheduled for November 10, 2020.

Guidance for 2020

Gerresheimer's forecast for the financial year 2020 is unchanged:

  • Revenue growth in the mid-single digit percentage range
  • Adjusted EBITDA margin of around 21%
  • Capital expenditure amounting to roughly 12% of revenues

Indications for subsequent years

  • Annual organic revenue growth in the mid-single digit percentage range
  • Targeted medium-term adjusted EBITDA margin of 23%
  • Annual capital expenditure of between 8% and 10% of revenues

The quarterly statement for the third quarter of 2020 is available here:
www.gerresheimer.com/en/investor-relations/reports

For further information: http://www.presseportal.de/nr/9072/dokument?langid=2

Contact:
Gerresheimer AG
Klaus-Bungert-Strasse 4
40468 Düsseldorf
Germany

Jens Kürten
Group Senior Director Communication & Marketing
Phone +49-211-6181-250
Telefax +49-211-6181-241
jens.kuerten@gerresheimer.com  
www.gerresheimer.com

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