German glass and plastic packaging maker Gerresheimer AG made a net profit of EUR 800,000 (USD 1.2 million) in fiscal year 2006/2007 ended 30 November 2007 following net loss of EUR 25 million (USD 37…
German glass and plastic packaging maker Gerresheimer AG made a net profit of EUR 800,000 (USD 1.2 million) in fiscal year 2006/2007 ended 30 November 2007 following net loss of EUR 25 million (USD 37.2 million) a year earlier, the company said in a statement on 26 February 2008. The result was attributed to the company“s large financial debt before its initial public offering (IPO) in June 2007, as well as to the one-off costs connected with the IPO. Adjusted net profit improved strongly for the whole fiscal year to EUR 44.3 million (USD 65.9 million) from EUR 8.7 million (USD 12.9 million) in the previous year, Gerresheimer added. The company reported a 48.1% year-on-year growth of its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to EUR 181.6 million (USD 270.1 million). The adjusted EBITDA margin stood at 19%, in line with expectations. Sales rose 48.1% to EUR 957.7 million (USD 1.425 billion), and organic growth was 8.4%. Gerresheimer said it would propose a dividend of EUR 0.40 (USD 0.60) a share. The company achieved all the targets set for 2007 and in many cases exceeded them, Gerresheimer“s CEO Axel Herberg said. According to the company, the strong growth was due to its organic growth and acquisitions. Gerresheimer expects further growth in the fiscal year 2008. On the basis of continuously increasing demand for special packaging for the pharmaceutical and life science industry, Gerresheimer forecast a sales increase of between 13% and 15%. The adjusted EBITDA margin is projected to exceed 19%. The company plans investments of EUR 105 – 110 million (USD 156.2 – 163.6 million) for 2008.
