Gerresheimer: good start to new financial year

Gerresheimer AG, one of the leading global suppliers to the pharma and healthcare industry, got off to a good start in the new financial year. We continued on our successful course in the new financia…

Gerresheimer AG, one of the leading global suppliers to the pharma and healthcare industry, got off to a good start in the new financial year. We continued on our successful course in the new financial year. We expect particularly strong growth over the coming years in the emerging countries. Our latest acquisition of the Brazilian company Vedat strengthens our position in the emerging markets and expands our product portfolio, says Uwe Rhrhoff, CEO of Gerresheimer AG. In the first quarter of the financial year 2011 (1 December 2010 to 28 February 2011) Gerresheimer substantially increased its revenues, with a 5.2% rise to EUR 236.6 million. At constant exchange rates the growth rate was 2.9%. The main growth drivers were products such as pharma bottles, injection vials, ampoules, insulin pens and inhalers. There was also a further rise in demand for cosmetics products. In the first quarter of 2011 Gerresheimer increased its adjusted EBITDA to EUR 41.8 million, 9% up on the prior year. The adjusted EBITDA margin improved by 0.7 percentage points on the prior year to 17.7%. Net income almost tripled to EUR 7.1 million in the first quarter. Earnings per share also improved substantially from EUR 0.06 to EUR 0.20. Net financial debt was reduced by EUR 84.4 million in comparison with the prior year to EUR 318.2 million. In addition, Gerresheimer introduced early refinancing. The worldwide demand for medicines will continue to rise in the coming years. Demographic change, increasing incidence of acute and chronic diseases, growth of self-medication and the need for healthcare in the emerging countries will contribute to this. These megatrends provide the basis for our future growth. With our products and services we can contribute to improving health and well-being, says Rhrhoff. For the financial year 2011 Gerresheimer“s guidance is that revenue growth as reported including Vedat will be 7 to 8%. This is equivalent to revenue growth of 6 to 7% at constant exchange rates. The company assumes unchanged that the adjusted EBITDA margin will reach around 20%. In 2011 the company expects to invest around EUR 80 million.