Gerresheimer Achieves Record Earnings for the Financial Year 2010
DÃœSSELDORF, Germany, February 10, 2011 /PRNewswire-FirstCall/ --
- Group Revenues Rise by 5.6% on a Like-for-Like Basis in the Financial Year 2010 to EUR 1024.8m
- Adjusted EBITDA Margin Reaches 20.0% Compared With 19.2% in the Prior Year
- Net Income at New High of EUR 46.7m Following EUR 7.0m in the Prior Year
- Net Financial Debt Cut by EUR 62.3m
- Dividend Proposal: EUR 0.50 per Share
- Cross-reference: Press release including Group Key Figures is available at:
Gerresheimer AG, one of the leading worldwide suppliers to the pharma and healthcare industry, finished the financial year 2010 with record results. "The financial year 2010 was very successful for us. Our know-how and products are very much in demand from international pharma customers. Our shareholders should participate in this success. We therefore propose to the Annual General Meeting a dividend of EUR 0.50 per share," says Uwe Rohrhoff, CEO of Gerresheimer AG.
Gerresheimer achieved a marked increase in revenues in the financial year 2010 (December 1, 2009 to November 30, 2010). Excluding the Technical Plastic Systems business, which was sold in 2009, revenues grew by 5.6% to EUR 1024.8m. At constant exchange rates, revenues grew by 4.0%. The main growth contributors in the pharma business were insulin pens, inhalers, vials, ampoules and prefillable syringes. Demand for cosmetics packaging revived markedly in 2010. The market for life science research products also recovered.
Gerresheimer increased its Adjusted EBITDA to EUR 204.5m in 2010. This was 10.0% up on the prior year. The Adjusted EBITDA margin was further improved on a like-for-like basis by 0.8 percentage points on the prior year to 20.0%. Net income reached a record level at EUR 46.7m (prior year EUR 7.0m). Adjusted earnings per share also improved significantly from EUR 1.34 to EUR 1.95.
The marked improvement in operating results also had a positive effect on cash flow. A total of EUR 62.3m was applied to further debt repayments. Net financial debt at the end of the year was therefore at the historically low level of EUR 311.0m.
"In 2010 we achieved our targets and even exceeded some of them. In the coming years we will further expand our position as a full service provider in the important growth markets such as diabetes and generics for example. In doing so the emerging countries play an increasing role. We want to grow our revenues substantially in these markets, and to double them by 2013 to EUR 200m," Rohrhoff says.
For the financial year 2011 Gerresheimer assumes further revenue growth of 3% to 4% at constant exchange rates. This is equivalent to nominal revenue growth of 4% to 5%. With regard to the EBITDA margin the company assumes a level of around 20%. In 2011 the company expects to invest around EUR 80m. The Management Board proposes to the General Meeting a dividend payment of EUR 0.50 per share for the financial year 2010.
The Annual Report and for the first time also the Online Annual Report can be found under: http://annualreport2010.gerresheimer.com
Gerresheimer AG Benrather Strasse 18 - 20 40213 Dusseldorf Germany Jens Kurten Director Corporate Communication & Marketing Telephone +49-211-6181-250 Telefax +49-211-6181-241 E-Mail firstname.lastname@example.org Internet http://www.gerresheimer.com
SOURCE Gerresheimer AG