Slide 1: Analyst / Investor Conference Call Q2 2013 Results
Analyst / Investor Conference Call Q2 2013 Results July 10, 2013 03:00 p.m. CEST Uwe Röhrhoff, CEO Rainer Beaujean, CFO
Slide 2: Disclaimer
Disclaimer This presentation may contain certain forward-looking statements, including assumptions, opinions and views of the Company or cited from third party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial position, development
Slide 3: Agenda
Agenda Review Q2 2013 Uwe Röhrhoff, CEO Financial Overview Q2 2013 Rainer Beaujean, CFO Guidance FY 2013 Uwe Röhrhoff, CEO Appendix 3
Slide 4: Q2 2013: Key Group figures
Q2 2013: Key Group figures in EUR m, EPS in EUR Revenues adjusted EBITDA FXN: + 4.7% adjusted EBITDA Margin + 4.2% + 0.5% 19.0% 18.3% adjusted EPS Net financial debt + 0.0% + 7.0% * Retrospective restatement due to the early adoption of IAS 19 (amended in 2011) from December 1, 2012 4
Slide 5: Q2 2013: Operational review
Q2 2013: Operational review Plastic Systems: Strong and broad-based organic growth, driven by medical devices and primary packaging Adjusted EBITDA margin on a high level despite ramp-up costs and one-off effect Moulded Glass: Good revenue growth, especially driven by cosmetics business an
Slide 6: Agenda
Agenda Review Q2 2013 Uwe Röhrhoff, CEO Financial Overview Q2 2013 Rainer Beaujean, CFO Guidance FY 2013 Uwe Röhrhoff, CEO Appendix 6
Slide 7: Q2 2013: Revenues by division
Q2 2013: Revenues by division Q2 2013 Q2 2012 Change Change in % at EUR m EUR m in % const. FX1 Total Group 327.1 314.0 +4.2 +4.7 Plastic Systems 123.7 111.7 +10.7 +12.9 Moulded Glass 96.6 91.6 +5.4 +5.5 Tubular Glass 88.5 87.7 +1.0 +0.6 Life Science Research 22.4 26.6 -15.9 -16.2 1 Currency effects
Slide 8: Q2 2013: Adjusted EBITDA and margin by division
Q2 2013: Adjusted EBITDA1 and margin by division Q2 2013 Pro forma2 Q2 2012 Margin Margin EUR m in % EUR m in % Total Group 59.8 18.3 59.5 19.0 Plastic Systems 28.1 22.7 25.3 22.7 Moulded Glass 21.0 21.7 18.2 19.8 Tubular Glass 13.1 14.8 17.1 19.5 Life Science Research 3.0 13.4 3.5 12.9 1 Earnings b
Slide 9: Q2 2013: Key balance sheet and cash flow figures
Q2 2013: Key balance sheet and cash flow figures May 31, 2013 May 31, 2012 Change EUR m Pro forma3 EUR m in % Total assets 1,664.8 1,531.8 +8.7 Equity 535.2 533.6 +0.3 Equity ratio in % 32.1 34.8 Net working capital1 222.0 207.2 +7.1 in % of LTM revenues 17.6 17.9 Net financial debt2 457.5 427.6 +7.
Slide 10: Long-term financing structure with ample financial leeway
Long-term financing structure with ample financial leeway Debt/cash positions May 31, 2013 May 31, 2012 Change in EUR m EUR m EUR m in % Bond 300.0 300.0 +0.0 Long-term bank debt 111.7 142.2 -21.4 Revolving bank debt 123.9 30.0 >+100 Local borrowings and leasing 14.9 20.5 -27.3 Total financial debt
Slide 11: Agenda
Agenda Review Q2 2013 Uwe Röhrhoff, CEO Financial Overview Q2 2013 Rainer Beaujean, CFO Guidance FY 2013 Uwe Röhrhoff, CEO Appendix 11
Slide 12: Further specification of FY 2013 guidance
Further specification of FY 2013 guidance Revenues: We continue to anticipate revenue growth of 5% to 6% at constant exchange rates (FY 2012: EUR 1,219m1) Adjusted EBITDA: Adjusted EBITDA expected to be in a range of between EUR 245m to EUR 250m Capex: Capital expenditure continues to be
Slide 13: Financial Calendar
Financial Calendar October 2, 2013 Interim Report 3rd Quarter 2013 February 13, 2014 Annual Report 2013 April 10, 2014 Interim Report 1st Quarter 2014 April 30, 2014 Annual General Meeting 2014 July 3, 2014 Interim Report 2nd Quarter 2014 October 1, 2014 Interim Report 3rd Quarter 2014 1
Slide 14: Investor Relations & Creditor Relations contact details
Investor Relations & Creditor Relations contact details Phone +49 211 6181-257 Fax +49 211 6181-121 E-mail gerresheimer.ir@gerresheimer.com IR website www.gerresheimer.com/ir 14
Slide 15: Agenda
Agenda Review Q2 2013 Uwe Röhrhoff, CEO Financial Overview Q2 2013 Rainer Beaujean, CFO Guidance FY 2013 Uwe Röhrhoff, CEO Appendix 15
Slide 16: Q2 2013 P&L overview
Q2 2013 P&L overview Q2 2013 Q2 2012 Change EUR m Pro forma3 EUR m in % Revenues 327.1 314.0 +4.2 Adjusted EBITDA1 59.8 59.5 +0.5 One-off income/expense -0.1 -0.6 +83.3 EBITDA 59.7 58.9 +1.4 Amortization of FV adjustments 5.5 4.2 +31.0 Depreciation and amortization 20.6 20.9 -1.4 Profit before inter
Slide 17: Development of working capital
Development of working capital1 May 31, 2013 Nov. 30, 2012 May 31, 2012 EUR m EUR m EUR m Inventories 203.0 189.0 190.7 Trade receivables 192.1 179.4 178.6 Trade payables 130.9 154.3 129.5 Payments received on account of orders 42.2 38.9 32.6 Net working capital 222.0 175.2 207.2 in % of LTM revenue
Slide 18: Development of inventories
Development of inventories May 31, 2013 Nov. 30, 2012 May 31, 2012 EUR m EUR m EUR m Raw materials, con- sumables and supplies 50.4 45.1 49.7 Work in progress 19.0 27.9 23.3 Finished goods and merchandise 114.3 103.6 102.7 Advance payments on inventories 19.3 12.4 15.0 Inventories 203.0 189.0 190.7
Slide 19: Q1-Q2 2013: Revenues by division
Q1-Q2 2013: Revenues by division Q1-Q2 2013 Q1-Q2 2012 Change Change in % at EUR m EUR m in % const. FX1 Total Group 623.8 582.8 +7.0 +7.7 Plastic Systems 233.8 203.3 +15.0 +17.5 Moulded Glass 187.4 175.6 +6.7 +6.8 Tubular Glass 166.3 161.4 +3.1 +2.6 Life Science Research 43.9 49.6 -11.5 -11.7 1 Cur
Slide 20: Q1-Q2 2013: Adjusted EBITDA and margin by division
Q1-Q2 2013: Adjusted EBITDA1 and margin by division Q1-Q2 2013 Pro forma2 Q1-Q2 2012 Margin Margin EUR m in % EUR m in % Total Group 105.8 17.0 104.6 18.0 Plastic Systems 46.6 19.9 42.8 21.1 Moulded Glass 37.3 19.9 34.5 19.6 Tubular Glass 27.3 16.4 30.9 19.2 Life Science Research 5.5 12.6 6.0 12.1 1
Slide 21: Q1-Q2 2013 P&L overview
Q1-Q2 2013 P&L overview Q1-Q2 2013 Q1-Q2 2012 Change EUR m Pro forma3 EUR m in % Revenues 623.8 582.8 +7.0 Adjusted EBITDA1 105.8 104.6 +1.1 One-off income/expense -0.2 -3.2 +93.8 EBITDA 105.6 101.4 +4.1 Amortization of FV adjustments 9.3 8.7 +6.9 Depreciation and amortization 41.2 40.7 +1.2 Profit
Slide 22: Adjusted EBITDA Q1 2012 - Bridge to pro forma figures under IAS 19 revised
Adjusted EBITDA Q1 2012-Bridge from reported to pro forma figures in accordance with IAS 19 revised Pro forma in EUR m Q1 2012 Adjustment Q1 2012 Adjusted EBITDA Plastic Systems 17.5 0.02 17.5 Moulded Glass 16.4 -0.05 16.4 Tubular Glass 13.2 0.61 13.8 Life Science Research 2.5 0.00 2.5 Subtotal 49.6
Slide 23: Adjusted EBITDA Q2 2012 and ytd - Bridge to pro forma figures
Adjusted EBITDA Q2 2012 and ytd-Bridge from reported to pro forma figures in accordance with IAS 19 revised Pro forma in EUR m Q2 2012 Adjustment Q2 2012 Adjusted EBITDA Plastic Systems 25.3 0.02 25.3 Moulded Glass 18.2 -0.05 18.2 Tubular Glass 16.5 0.61 17.1 Life Science Research 3.5 0.00 3.5 Subto
Slide 24: Adjusted EBITDA Q3 2012 and ytd - Bridge to pro forma figures
Adjusted EBITDA Q3 2012 and ytd-Bridge from reported to pro forma figures in accordance with IAS 19 revised Pro forma in EUR m Q3 2012 Adjustment Q3 2012 Adjusted EBITDA Plastic Systems 22.0 0.02 22.0 Moulded Glass 22.5 -0.05 22.5 Tubular Glass 17.0 0.61 17.6 Life Science Research 3.8 0.00 3.8 Subto
Slide 25: Adjusted EBITDA Q4 2012 and FY - Bridge to pro forma figures
Adjusted EBITDA Q4 2012 and FY-Bridge from reported to pro forma figures in accordance with IAS 19 revised Pro forma in EUR m Q4 2012 Adjustment Q4 2012 Adjusted EBITDA Plastic Systems 28.0 0.02 28.0 Moulded Glass 24.7 -0.05 24.7 Tubular Glass 21.1 0.61 21.7 Life Science Research 3.7 0.00 3.7 Subtot