Gerresheimer reports good third quarter - Centor acquisition completed

Duesseldorf (ots) -

- cross reference: The full press release including tables is
available at http://www.presseportal.de/dokumente -

- Revenues up 6.2% to EUR 344.0m, 3.1% on organic basis
- Adjusted EBITDA rises 9.5% to EUR 68.0m
- Adjusted net income increases by 28.3% to EUR 29.2m
- Adjusted earnings per share climb to EUR 0.85
- Operating cash flow up by EUR 58.6m to EUR 104.5m in Q1-Q3
- Guidance reiterated for financial year 2015
- Acquisition of Centor completed

Gerresheimer AG sustained its successful trend through the third
quarter of the financial year. In more than 40 plants around the
world, the Duesseldorf-based, MDAX-listed Group manufactures glass
and plastic pharma packaging together with products for the safe and
convenient drug delivery such as insulin pens and asthma inhalers. "I
am pleased with the performance of our business in the third quarter.
Revenue growth and earnings are up as expected. We have now completed
the acquisition of Centor in the US. This means that Centor, which
leads the US prescription plastic vial retail market for oral drugs,
will be integrated into our Group as soon as the fourth quarter,"
said Uwe Röhrhoff, Chief Executive Officer of Gerresheimer AG.

Gerresheimer kept up its revenue growth in the third quarter of
financial year 2015 (December 1, 2014 to November 30, 2015). Revenues
increased by 6.2% to EUR 344.0m. On an organic basis-meaning adjusted
for exchange rate effects, acquisitions and divestments-revenues grew
by 3.1% compared with the prior-year quarter. The Group generated
strong business with medical plastic systems such as asthma inhalers
and lancets for diabetics as well as with plastic pharmaceutical
packaging. Engineering and tooling revenues, which were exceptionally
high in the prior year, were back to normal levels as expected.
Business with glass primary packaging went a lot better than in the
prior-year quarter. Following the downtrend of preceding quarters, US
revenues in injection vials, ampoules and cartridges turned around
and showed strong growth. Growth in Europe was notably driven by
strong cosmetic glass sales.

As announced, the glass plant in Millville, USA, was closed in the
third quarter of 2015 and the entire US moulded glass production
concentrated in Chicago Heights. After a furnace repair and
enlargement together with infrastructure improvements, operations at
the Chicago Heights plants resumed in September as planned.
Laboratory glassware revenues were up due to the strong development
of the US-dollar vs. the euro year-over-year. On an organic basis,
laboratory glassware revenues were slightly down.

The Company generated adjusted EBITDA of EUR 68.0m in the third
quarter of 2015, significantly outperforming the prior-year figure of
EUR 62.1m. The adjusted EBITDA margin was 19.8% in the third quarter,
above the 19.2% margin in the prior-year quarter. All three divisions
contributed to the favorable margin growth. Net income for the third
quarter of 2015 totaled EUR 20.2m, EUR 0.4m higher than in the
comparative prior-year quarter. Adjusted net income stood at EUR
29.2m in the third quarter of 2015, compared with EUR 22.7m in the
prior-year period. Adjusted earnings per share came to EUR 0.85 in
the third quarter of 2015, versus EUR 0.67 a year earlier. Operating
cash flow performed favorably in the first nine months of financial
year 2015, improving on the prior-year period by EUR 58.6m to EUR
104.5m.

Gerresheimer's capital expenditure in the third quarter of 2015
was EUR 37.9m as against EUR 22.4m in the prior-year quarter. The
lion's share of capital expenditure was accounted for by glass
primary packaging plants and related in the most part to the renewal
and enlargement of the Chicago Heights plant. Alongside this, there
was further capital expenditure on vial and cartridge machinery.
Production capacity expansion for medical plastic systems, such as
inhalers, also continued in the Czech Republic and the USA.

On July 27, 2015, Gerresheimer signed the agreement for the
acquisition of Centor, USA. The transaction was completed as of
September 1, 2015. Centor, which in 2014 generated (pro forma)
revenues of USD 167m and employed 220 people, is the market leader in
plastic packaging for oral prescription medication in the US end
consumer market. The USD 725m debt-free purchase price was financed
in its entirety out of borrowing.

Outlook

For reasons of comparability with the prior year, Gerresheimer's
outlook for 2015 includes neither the Centor acquisition nor the
potential closing of the sale of the glass tubing business before the
2015 financial year-end. Leaving both these transactions out of
consideration and assuming constant exchange rates (assumed rate: EUR
1.00/USD 1.30), the Group's forecast is as follows:

For financial year 2015, Gerresheimer continues to expect organic
revenue growth of 1% to 3%. This corresponds to a revenue corridor of
some EUR 1,300m to EUR 1,330m. Regarding adjusted EBITDA, the Group
expects an increase in a target corridor of between EUR 255m and EUR
265m. Capital expenditure in financial year 2015 is forecast to
represent around 9% to 10% of revenues at constant exchange rates.

Looking further ahead, Gerresheimer has formulated initial
indications for the financial years 2016 to 2018, based on the
assumption that both the sale of the glass tubing business and the
acquisition of Centor will have been completed in financial year
2015.

On that basis, annual organic revenue growth is expected to
average 4% to 5%. For the adjusted EBITDA margin, the Group has set a
target of approximately 22% for 2018. Capital expenditure will be in
the range of between 8.0% and 9.0% of revenues at constant exchange
rates.

The Quarterly Report is available at:
www.gerresheimer.com/en/investor-relations/reports

Further information on the Centor acquisition is available here:
www.gerresheimer.com/en/news-events/press-releases

press contact:
Gerresheimer AG
Klaus- Bungert - Strasse 4
40468 Düsseldorf
Germany

Jens Kürten
Group Senior Director Communication & Marketing
Telephone +49 211 6181-250
Telefax +49 211 6181-241
E-Mail j.kuerten@gerresheimer.com
Internet www.gerresheimer.com