- WKN: A0LD6E
- ISIN: DE000A0LD6E6
- Land: Deutschland
Nachricht vom 09.04.2020 | 07:00
Gerresheimer AG: Gerresheimer business model robust
DGAP-News: Gerresheimer AG
/ Key word(s): Quarterly / Interim Statement
Gerresheimer business model robust
Gerresheimer generated revenues of EUR 304m in the first quarter 2020, compared to EUR 309m in the prior-year quarter. The core business grew slightly, while there were negative effects from the changeover in the business model at acquired Sensile Medical. Business with pharma bottles, injection vials, ampoules and cartridges performed well worldwide, especially in North America. Good revenue growth was generated in the first quarter 2020 with prefillable syringes. The first quarter 2020 brought an increase in business with engineering and tooling for new medical plastic products. Revenues from prescription drug plastic packaging for American pharmacies were temporarily down in the first quarter 2020.
Adjusted EBITDA stood at EUR 51m in the first quarter of 2020, compared to EUR 54m in the prior-year quarter. Excluding negative effects from the changeover in the business model at Sensile Medical, adjusted EBITDA in our core business was consequently on a par with the prior-year period. Adjusted net income came to EUR 14m in the first quarter of 2020. First-quarter 2020 adjusted earnings per share after non-controlling interests amounted to EUR 0.43.
Net financial debt stood at EUR 1,053m at the end of February 2020. Adjusted EBITDA leverage was 3.4x. Gerresheimer successfully secured the refinancing of the EUR 190m promissory loan ahead of its November 2020 maturity date by way of an agreed bridging loan commitment with a two-year term. A new promissory loan issue to replace the loan commitment is planned as soon as a favorable time window presents itself.
Guidance for 2020
Gerresheimer's forecast for the financial year 2020 is unchanged:
- Revenue growth in the mid single-digit percentage range
- Adjusted EBITDA margin of around 21%
- Capital expenditure amounting to roughly 12% of revenues
Indications for subsequent years
- Annual organic revenue growth in the mid single-digit percentage range
- Targeted medium-term adjusted EBITDA margin of 23%
- Annual capital expenditure of between 8% and 10% of revenues
The quarterly statement for the first quarter 2020 is available here:
1) Adjusted EBITDA: Net income before income taxes, net finance expense, amortization/impairment losses of fair value adjustments, depreciation and amortization, impairment losses, restructuring expenses, and one-off income and expenses.
2) Adjusted net income: Net income before amortization/impairment losses of fair value adjustments, restructuring expenses, portfolio adjustments, the balance of one-off income and expenses, and related tax effects.
3) Adjusted earnings per share after non-controlling interests divided by 31.4m shares.
4) Adjusted EBITDA leverage: The relation of net financial debt to adjusted EBITDA of the last twelve months according to the credit agreement currently in place.
5) The change has been calculated on a EUR k basis.
6) Without the changeover effects from the accounting standard IFRS 16 'Leases', which will be applicable for us from December 1, 2019.
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1019227|
|End of News||DGAP News Service|
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