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Gerresheimer raises revenue forecast again after a good second quarter

– Group revenues rise 10.3% to EUR 314.0 million in Q2 2012
– Adjusted EBITDA increases by 4.3% to EUR 58.6 million
– Net income rises to EUR 17.4 million and EPS to EUR 0.51
– Revenue forecast raised from 7-8% to 9-10% at constant exchange rates
– Expected investment volume rises from around EUR 100 million to around EUR 120 million

The robust revenue growth trend continues at Gerresheimer AG, one of the world’s leading partners of the pharma and healthcare industry. “Our revenues continued to develop very positively in the second quarter of 2012. This growth is being achieved in the emerging markets with standard glass and plastic pharmaceutical packaging products and in the established markets with sophisticated products for drug dosage and administration. Since we expect the growth trend to continue in the second six months of the year we increase our revenue forecast for 2012 again and are planning substantial investments in these growth markets,” said Uwe Röhrhoff, CEO of Gerresheimer AG.
Gerresheimer has experienced above average growth in revenues in the second quarter of the 2012 financial year (1 December 2011 to 30 November 2012) of 10.3% to EUR 314.0 million. At constant exchange rates growth in revenues was 8.1%. All divisions contributed to this positive development. South America was one of the strongest regions. Here growth in revenues from plastic containers for tablets, powders, eye drops, nose sprays and other liquid drugs was exceptionally high. Gerresheimer’s business with medical plastic systems, such as insulin pen systems and diagnostic instruments, also delivered very solid results. Demand for pre-fillable glass syringes has also developed positively. Revenues from engineering and tools for our product pipeline also made a positive impact on revenue.
Gerresheimer’s adjusted EBITDA was EUR 58.6 million in the second quarter of 2012, which is 4.3% higher than the prior year figure. The adjusted EBITDA margin was 18.7% in the second quarter (prior year 19.8%). Net income after tax increased to EUR 17.4 million, which is EUR 4.1 million higher than the prior quarter figure. Second quarter earnings per share of EUR 0.51 were EUR 0.13 higher than one year ago.
“Our medical plastic systems order book and project pipeline are looking very good at the moment and we will continue to increase our production capacity in this segment. New production facilities are already being constructed at our plants in Pfreimd in Germany and in Horsovsky Tyn in the Czech Republic. And we are already planning the next-but-one extension of our Czech production facility. We will also be investing in our new pharmaceutical glass container plant in India over the coming months. I’m confident that the groundwork we are laying today will take us forward into a very positive future,” commented Uwe Röhrhoff.
In light of the sustained positive development of business operations and the positive outlook, particularly in the Plastic Systems and Tubular Glass divisions, Gerresheimer is now expecting revenue growth of 9 to 10% in the 2012 financial year, assuming that the exchange rates remain constant. This is an upward revision by two percentage points. The company’s operating margin (adjusted EBITDA margin) forecast is still 19.5%. A high order volume in the Plastic Systems division led to the company’s decision to increase its 2012 investment budget from approximately EUR 100 million to around EUR 120 million.

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