Gerresheimer makes good start into the new financial year

Duesseldorf (ots) -

- Cross reference: Full press release is available at
http://www.presseportal.de/dokumente -

- Revenues up 6.3% on the prior-year quarter to EUR 308.5m
- Adjusted EBITDA at EUR 145.9m in first quarter of 2019 (Q1 2018:
EUR 52.6m), comprising of EUR 53.6m plus EUR 92.3m from partial
derecognition of contingent purchase price components connected to
the Sensile Medical acquisition
- Guidance for adjusted EBITDA at constant exchange rates revised
accordingly to approximately EUR 387m (plus or minus EUR 5m) for
2019; revenue guidance confirmed without change
- Adjusted earnings per share increased to EUR 3.48
- New plant for medical plastic systems and prefillable syringes
being built in Skopje, Republic of North Macedonia
- New inhalation measurement start-up project added in Advanced
Technologies Division

Gerresheimer AG closed the first quarter of the financial year
2019 (December 1, 2018 to February 28, 2019) with good growth. "Our
new financial year got off to a good start. Our business and all
planned growth projects are on schedule. This includes the
construction of a new plant for medical plastic systems and
prefillable syringes in Skopje, in the Republic of North Macedonia.
In our new Advanced Technologies Division, we have just added a
start-up project for inhalation measurement. I am satisfied with the
start of the financial year and very optimistic looking ahead to the
remainder of 2019," said Dietmar Siemssen, CEO of Gerresheimer AG.

Gerresheimer increased revenues by 6.3% to EUR 308.5m in the first
quarter of the financial year 2019, compared with EUR 290.4m in the
prior-year quarter. Sales of injection vials, ampoules and cartridges
did well in the first quarter of 2019, as did sales of molded glass
for medicines and cosmetics. Revenues with prefillable glass syringes
also went up significantly. Plastic pharma packaging sold well in
Europe and emerging markets, most notably in Brazil. Demand for
plastic containers for prescription drugs was down in the US because
there was no repeat of the prior-year quarter's peak in demand caused
by the flu season.

Gerresheimer has launched a large number of projects for
profitable growth and enhanced productivity. These projects are being
systematically implemented and all are running according to plan.
They include a new plant in Skopje, Republic of North Macedonia,
which is scheduled to be completed and go into production in 2020.
This will create production capacity for medical plastic systems and,
in the medium term also for prefillable glass syringes. In addition,
Gerresheimer has acquired a majority stake in a start-up project for
inhalation measurement. Development of the project will continue in
the new Advanced Technologies Division.

In figures, capital expenditure of EUR 16.7m was incurred in the
first quarter of 2019. This was mainly directed at an expansion of
our inhaler production at the Horsovsky Tyn plant in the Czech
Republic together with further additions to production capacity and
the product portfolio. Other capital expenditure relates to a planned
furnace repair at the molded glass plant in Essen, Germany, as well
as production plant modernization and automation at various plants.

Adjusted EBITDA at constant exchange rates increased from EUR
53.4m in the prior-year quarter to EUR 145.5m in the first quarter of
2019. This includes a one-off effect amounting to EUR 92.3m in other
operating income due to derecognition of contingent purchase price
components from the Sensile Medical acquisition. Additionally, there
was no adjusted EBITDA in the first quarter of 2019 from the inhaler
contract lost in 2018. Without these two one-off effects, adjusted
EBITDA at constant exchange rates would have been EUR 0.9m higher
than in the prior-year quarter, at EUR 53.2m in the first quarter of
2019. Reported adjusted EBITDA came to EUR 145.9m, compared with EUR
52.6m in the first quarter of 2018.

Net income stood at EUR 99.3m in the first quarter of 2019, which
was EUR 50.1m higher than in the prior-year quarter. Adjusted net
income after non-controlling interests amounted to EUR 109.2m,
compared with a prior-year figure of EUR 58.1m. First quarter 2019
was influenced by the positive effect of derecognizing contingent
purchase price components. Whilst in the prior-year quarter, tax
income was substantially affected by the remeasurement of deferred
taxes due to the US tax reform (EUR 43.6m). Adjusted earnings per
share after non-controlling interests came to EUR 3.48 in the first
quarter of 2019, compared with a prior-year figure of EUR 1.85.

Adjusted EBITDA leverage (net financial debt to adjusted EBITDA)
temporarily decreased to 2.4x. The decrease relates to the
significantly higher adjusted EBITDA.

Outlook

Gerresheimer's expectations for the financial year 2019 are as set
out in the following, in each case based on constant exchange rates.

- Revenues are expected to be in the range of approximately EUR 1.4bn
to EUR 1.45bn in the financial year 2019.
- For adjusted EBITDA, the Company now expects a figure of
approximately EUR 387m in the financial year 2019 (plus or minus EUR
5m), versus a comparative figure of EUR 289.1m in the financial year
2018. Revision of the previous guidance of EUR 295m (plus or minus
EUR 5m) relates to the other operating income of EUR 92.3m already
recognized in the first quarter of 2019 due to the derecognition of
contingent purchase price components from the Sensile Medical
acquisition.
- Capital expenditure as a percentage of revenues will be
approximately 12% in 2019.

The medium-term indications published on February 14, 2019 remain
unchanged.

The full quarterly report is available here:
www.gerresheimer.com/en/investor-relations/reports

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
E-Mail j.kuerten@gerresheimer.com
Website www.gerresheimer.com

Original-Content von: Gerresheimer AG, übermittelt durch news aktuell