Gerresheimer Ag · XETR:GXI
Gerresheimer — Q1 2019 Earnings Presentation
23 slides from Gerresheimer's earnings presentation, Apr 11, 2019
Slide 1: Q1 2019 Earnings Presentation
Q1 2019 Earnings Presentation Dietmar Siemssen, CEO Rainer Beaujean, CFO Duesseldorf, April 11, 2019
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 or
Slide 3: Agenda
Agenda 1 Dietmar Siemssen Q1 2019 highlights 2 Rainer Beaujean Q1 2019 financial review 3 Dietmar Siemssen Conclusion & outlook 4 Appendix 11/04/2019 Q1 2019 Earnings 3
Slide 4: A good start into the year
A good start into the year Strict monitoring of all business and macro drivers Q1 2019 Financials Markets & Macro Operations Revenues and profitability Currency movements result in slight Strong performance of PPG across all developments in line with expectations translation tailwinds businesses Rep
Slide 5: Systematic execution of Capex plan
Systematic execution of Capex plan Growth | M A I N P R O J E C T S Productivity | M A I N P R O J E C T S P&D 2019 2020 STATUS P&D 2019 2020 STATUS Extension Horsovsky Tyn (Devices) X X On plan Optimized Packaging Syringes X — On plan New Plant North Macedonia (Devices & Automatic driving systems P
Slide 6: Systematic execution of Capex plan: New plant in Skopje
Systematic execution of Capex plan : New plant for medical plastic systems & syringes in Skopje Skopje, capital of Republic of North Macedonia: good infrastructure good cost structure trained personnel support from authorities Invest of mid double digit million Euro, up to 400 employees mid-term Cap
Slide 7: Adding new technologies in the electronic & connected space
Adding new technologies in the electronic & “connected” space to scale up our product competencies A D VA N C E D T E C H N O L O G I E S Flow measurement Data gathering Data management Electronics + ... /… Sensile Medical + Connectivity respimetrix Biosimilar/ Biotech Companies + OEM / ODM2 Other t
Slide 8: Assessment of inhalation – respimetrix
Assessment of inhalation – respimetrix Enhancing Advanced Technologies Division Patented flow sensor to accurately assess every single inhalation Connects to inhalers or can be integrated in inhalers to monitor drug delivery, efficacy, changes in respiratory status Provides respiratory information f
Slide 9: Agenda
Agenda 1 Dietmar Siemssen Q1 2019 highlights 2 Rainer Beaujean Q1 2019 financial review 3 Dietmar Siemssen Conclusion & outlook 4 Appendix 11/04/2019 Q1 2019 Earnings 9
Slide 10: Q1 2019 FXN Revenues growth up 6.3%
Q1 2019 FXN Revenues growth up 6.3% EUR m FXN1 growth YoY: +6.3% FXN1 Excluding inhalation impact 6.8 6.6 307.4 1.8 5.6 300 290.4 292.2 289.1 (0.7) 275 (3.1) 250 225 200 Q1 2018 Currency Q1 2018 @ Impact 2018 Q1 2018 FXN Δ P&D Δ PPG Δ GAT Δ Internal Sales Q1 2019 reported impact 2019 budget lost inh
Slide 11: Q1 FXN Adj. EBITDA at EUR 145.5m including derecognition of liabilities
Q1 FXN Adj. EBITDA at EUR 145.5m including EUR 92.3m of derecognition of liabilities EUR m FXN1 90.8 145.5 Including OOI Derecogntion 52.6 0.8 53.4 52.3 4.6 1.0 of liabilities - (1.1) (3.2) Q1 2018 Currency Q1 2018 Impact 2018 Impact 2018 Q1 2018 FXN Δ P&D Δ PPG Δ GAT Δ HQ Q1 2019 FXN adjusted impac
Slide 12: Reported revenues up 6.3% in Q1 2019, adjusted EBITDA at EUR 145.9m
Reported revenues up 6.3% in Q1 2019, adjusted EBITDA at EUR 145.9m. Small currency tailwinds Group Q1 2019 review EUR M Q1 2019 Q1 2018 Change in % Revenues 308.5 290.4 +6.3% - of which FX effect 1.1 -1.8 Adj. EBITDA 145.9 52.6 +177.2% - of which FX effect 0.4 -0.8 - Adj. EBITDA margin % 47.3% 18.1
Slide 13: Adjusted net income after non-controlling interests EUR 51.1m higher than 2018
Adjusted net income after non-controlling interests EUR 51.1m higher than 2018 EUR m 2.4 93.3(1) 4.5 thereof Impact US tax reform Q1 0.0 (6.1) 2018 (43.6m) 99.3 109.2 thereof FX-effects -0.4m (44.0) 10.3 (0.4) 49.2 58.1 Net income Delta Adj. Delta Delta Total Delta Delta Net Delta Income Net income
Slide 14: Net Financial Debt increase led by a further payment related to Sensile Medical acquisition
Net Financial Debt increase led by a further payment related to Sensile Medical acquisition and temporarily higher NWC EUR m Operating CF FCF Acquisition Adj. EBITDA Other cash out excluding effect Net (incl. Interest, Purchase Net Financial Debt from derecogn. Derecogn. Working Capital Taxes, Pensi
Slide 15: Adjusted EBITDA Leverage temporarily at 2.4x. Capital structure remains solid
Adjusted EBITDA Leverage temporarily at 2.4x. Capital structure remains solid NET FINANCIAL DEBT AND ADJ. EBITDA LEVERAGE Net Financial Debt 886.4 939.1 Adj. EBITDA leverage (x) EXPIRY DATE MAIN FACILITIES 3.1x 2.4x 500 450.0 RCF 450 Promissory loans 400 350 305.5 Nov 30, 2018 Feb 28, 2019 300 250 1
Slide 16: Agenda
Agenda 1 Dietmar Siemssen Q1 2019 highlights 2 Rainer Beaujean Q1 2019 financial review 3 Dietmar Siemssen Conclusion & outlook 4 Appendix 11/04/2019 Q1 2019 Earnings 16
Slide 17: FY 2019 guidance updated, FY 2020-2022 indications unchanged
FY 2019 guidance updated, FY 2020-2022 indications unchanged. Focus on execution At Group level & FXN1 METRICS EXPECTED FY 2019 (FXN1) Revenues ~ EUR 1.40bn to EUR 1.45bn ~ EUR 295m (plus/minus EUR 5m) + EUR 92.3m leads to following upgrade: Adj. EBITDA incl. derecognition of liabilities (Q1 19) ~ E
Slide 18: Agenda
Agenda 1 Dietmar Siemssen Q1 2019 highlights 2 Rainer Beaujean Q1 2019 financial review 3 Dietmar Siemssen Conclusion & outlook 4 Appendix 11/04/2019 Q1 2019 Earnings 18
Slide 19: Development of net working capital
Development of net working capital FEB 28, 2019 Nov 30, 2018 FEB 28, 2018 EUR M EUR M EUR M Inventories 190.0 171.5 168.0 thereof prepayments made 5.5 4.7 2.7 Trade receivables 227.2 273.5 221.3 Trade payables 163.82 207.42 130.6 Payments received on account of orders - 34.9 34.7 Net working capital
Slide 20: GXI Key Data
GXI Key Data in EUR per share 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Dividend 0.40 – 0.50 0.60 0.65 0.70 0.75 0.85 1.05 1.10 1.15 Dividend yield 1.5% – 1.8% 1.9% 1.7% 1.4% 1.7% 1.2% 1.5% 1.6% 1.8% Payout ratio 22% – 26% 25% 25%1 23% 26% 25% 25% 27% 20% Share price high 38.20 27.05 29
Slide 21: Financial calendar and contact details
Financial calendar and contact details FINANCIAL CALENDAR June 6, 2019 AGM July 11, 2019 Interim Report 2nd Quarter 2019 October 10, 2019 Interim Report 3rd Quarter 2019 CONTACT DETAILS Name Corporate Investor Relations Phone +49 211 6181 257 Fax +49 211 6181 121 E-mail Gerresheimer.ir@gerresheimer.
Slide 22: Overview of Abbreviations and Definitions
Overview of Abbreviations and Definitions ABBREVIATIONS AND DEFINITIONS Adj. EBITDA Net income before income taxes, net finance expense, amortization of fair value adjustments, depreciation and amortization, impairment losses, restructuring expenses and one-off income and expenses Adjusted EPS Adjus
Slide 23: Our Vision
Our Vision Gerresheimer will become the leading global partner for enabling solutions that improve health and well-being. Our success is driven by the passion of our people.