Gerresheimer reports strong second quarter

Duesseldorf (ots) -

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

- Revenues up 7.2% on the prior-year quarter to EUR 356.5m
- Adjusted EBITDA at EUR 74.2m in second quarter of 2019 (Q2 2018:
EUR 71.1m), excluding EUR 26.2m from derecognition of contingent
purchase price components in connection with Sensile Medical
acquisition
- Revenue guidance confirmed without change; guidance on adjusted
EBITDA at constant exchange rates for the financial year 2019
approximately EUR 295m (plus or minus EUR 5m), excluding EUR 118.5m
from derecognition of contingent purchase price components from
Sensile Medical acquisition in the first half year
- Adjusted earnings per share increased to EUR 1.87
- New project at Sensile Medical: micro pump for treatment of heart
failure

Gerresheimer AG closed the second quarter of the financial year
2019 (March 1, 2019 to May 31, 2019) with strong revenue growth. "We
had a successful second quarter. Our business retains its strong
momentum. All divisions contributed to the good revenue growth. I am
confident that we will meet all of our targets for 2019. Sensile
Medical's micro pump for Parkinson's treatment is successfully in use
in the European market and is progressing positively. The groundwork
is also now being laid in a highly promising new project for the
treatment of heart failure," said Dietmar Siemssen, CEO of
Gerresheimer AG.

Gerresheimer increased revenues by 7.2% to EUR 356.5m in the
second quarter of the financial year 2019, up from EUR 332.6m in the
prior-year quarter. The syringe business performed well in the second
quarter of 2019. Revenues with plastic primary pharmaceutical
packaging also grew. The medical plastic systems business was stable.
Moulded glass primary packaging revenues increased, mainly due to a
rise in demand from cosmetics customers. The injection vial, ampoule
and cartridge business did particularly well in Europe and Asia.

Gerresheimer is pursuing a large number of projects for profitable
growth and enhanced productivity. These projects are being
systematically implemented and are well on schedule. They include the
expansion of syringe production at the plant in Buende, Germany, and
expansion of the pharmaceutical primary plastic packaging plant in
Anapolis, Brazil. The moulded glass plant in Essen, Germany, is to
undergo a furnace overhaul in conjunction with capacity expansion and
further automation.

In figures, capital expenditure of EUR 28.6m was incurred in the
second quarter of 2019. This was mainly directed at the continued
expansion of inhaler production capacity at the Horsovsky Tyn plant
in the Czech Republic together with other additions to production
capacity and to the product portfolio. Other capital expenditure in
the quarter under review related to the prepayments for the furnace
overhaul in Essen, Germany, as well as production plant modernization
and automation at various plants.

Subsidiary Sensile Medical also made progress: The wearable micro
infusion pump specially developed by Sensile Medical for EVER Pharma
has already been commercialized for Parkinson's treatment in several
European countries. The micro pump allows Parkinson's sufferers
greater independence in their daily lives. The broad application
range of the micro pump and of its modular standard engineering is
demonstrated by a highly promising new project with great market
potential. The micro pump is to be used in the treatment of heart
failure. At present, the groundwork for this new project is being
laid.

Adjusted EBITDA increased from EUR 71.1m in the prior-year quarter
to EUR 74.2m in the second quarter of 2019. This does not include the
EUR 26.2m relating to the derecognition of contingent purchase price
components from the Sensile Medical acquisition.

Net income in the second quarter of 2019 was EUR 47.1m, compared
to EUR 19.3m in the prior-year quarter. Adjusted net income after
non-controlling interests amounted to EUR 58.7m, compared to a
prior-year figure of EUR 26.0m. The figure for the second quarter of
2019 was influenced by the positive effect from the derecognition of
contingent purchase price components. Adjusted earnings per share
after non-controlling interests came to EUR 1.87 in the second
quarter of 2019, compared to a prior-year figure of EUR 0.83.

Adjusted EBITDA leverage (net financial debt to adjusted EBITDA
over the last twelve months) temporarily decreased to 2.3x. The
decrease relates to the 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 expects a figure of approximately
EUR 295m in the financial year 2019 (plus or minus EUR 5m), versus a
comparative figure of EUR 289.1m in the financial year 2018. This
does not include EUR 118.5m in other operating income already
recognized in the first half of 2019 due to 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 jens.kuerten@gerresheimer.com
Internet www.gerresheimer.com

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