Gerresheimer Ag · XETR:GXI
Gerresheimer — FY2023 Earnings Presentation
33 slides from Gerresheimer's earnings presentation, Feb 22, 2024
Slide 1: Q4/FY2023 Results Presentation
Q4/FY2023 Results Presentation Dietmar Siemssen, CEO Dr. Bernd Metzner, CFO Düsseldorf, February 22, 2024
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: Strategic Partner of Choice for the Global Pharma and Biotech Industry
Strategic Partner of Choice for the Global Pharma and Biotech Industry Digital Therapy Containment Support Solutions Improve patient’s health outcome Bring the drug to the patient Drug Delivery Systems Bring the drug into the patient 3 22-Feb-2024 Gerresheimer AG - Q4 2023 Results Presentation
Slide 4: Growth Strategy Delivers Excellent Results
Growth Strategy formula g Delivers Excellent Results Profitable Growth in 2023 and Strong Basis for Long-term Value Creation FY 2023 - Key Priorities What we achieved in FY 2023: Accelerate — Profitable growth accompanied by expansion in adj. EBITDA margin: At least 10% organic growth in both revenu
Slide 5: Delivering Double-Digit Growth – Profitable and Sustainable
Delivering Double-Digit Growth – Profitable and Sustainable Key Take-Aways FY 2023: Transformation Driving Growth and Profitability Organic Growth: Product Portfolio: Customer Perception: Double-digit growth Expansion of our Strategic partner of choice, with adj. EBITDA system & solutions innovative
Slide 6: Strong Strategy for Sustainable Profitable Growth and Value Creation
Strong Strategy for Sustainable Profitable Growth and Value Creation FY 2023: Consistent Execution of Growth Strategy formula g Strong Organic Growth: Biologics as a Strong growth and key driver for margin expansion Revenue growth Adj. EBITDA growth: profitable growth – +10.4% +17.5% – On track to a
Slide 7: …into a sustainable profitable growth company
…into a sustainable profitable growth company 2023: From a flat development… +10.4% 2015 2019 2023 Organic growth 7 22-Feb-2024 Gerresheimer AG - Q4 2023 Results Presentation
Slide 8: Our strong and ambitious strategy based on our solid foundation
Megatrends Our strong and ambitious strategy – based on our solid foundation, growth investments & innovation – enables us to leverage on global megatrends and accelerate our profitable growth Growth Investments & Solid Innovation Foundation 8 22-Feb-2024 Gerresheimer AG - Q4 2023 Results Presentati
Slide 9: Operating in Attractive High Growth Markets
Operating in Attractive High Growth Markets Multiple Contributors to our Long-term Growth Momentum Biopharmaceutical injectables as a key growth market for Gerresheimer End Markets Biologics Medium-Term Market Growth >15% Biologics Sub Segments GLP-1 Vaccines Antibodies & Cell & Gene incl. mRNA Prot
Slide 10: Ideally Positioned with Unique Gx Value Proposition
Ideally Positioned with Unique Gx Value Proposition Offering the Right Systems and Solutions Based on our Customer Needs Biologics customers need... − Smaller batch sizes and packaging solutions for highest requirements − De-risking of fill & finish operations − Patient safety − Short time-to-market
Slide 11: Strong Order Intake Driving Global Expansion
Strong Order Intake Driving Global Expansion Expansions Contributing to our Sustainable Profitable Growth Americas Expansion Europe Expansion RTU/RTF syringes, vials and cartridges and medical devices expansion on a global base Morganton, USA Pfreimd, Germany Asia Expansion Peachtree, USA Skopje, Re
Slide 12: Gerresheimer a sustainable profitable growth company
Gerresheimer a sustainable profitable growth company 2015 2019 2023 Mid-term Organic growth 12 22-Feb-2024 Gerresheimer AG - Q4 2023 Results Presentation
Slide 13: Solid Q4 closing strong FY 2023
Solid Q4 closing strong FY 2023 Dr. Bernd Metzner (CFO)
Slide 14: Solid Q4 2023: Profitable Growth Momentum Continues
Solid Q4 2023: Profitable Growth Momentum Continues Operational View on KPIs in Q4 2023 organic growth yoy Revenues Adj. EBITDA Adj. EPS (in EUR m) (in EUR m) (in EUR) 5.1% 10.5% 7.4% 545 529 119 112 1.49 1.51 542 516 121 110 1.59 1.48 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Reported Organic
Slide 15: Another Strong Quarter for P&D
Another Strong Quarter for P&D Operational View on KPIs in Q4 2023 Organic yoy & margin In EUR m Revenues Adj. EBITDA Strong Organic Growth +9.5% +14.2% 288 310 ▪ Organic growth in revenues of 9.5% especially driven by strong 90 81 contributions from syringes P&D ▪ Organic adj. EBITDA growth of 14.2
Slide 16: Good Cash Flow Performance
Good Cash Flow Performance Cash Flow and Net Financial Debt In EUR m Q4 2023 Q4 2022 Change Comments Adjusted EBITDA 119.3 112.0 7.3 Solid profitable growth Change in net working capital 70.2 48.5 21.7 Net interest paid -23.2 -14.2 -9.0 Primarily due to increased variable interest rates Net income t
Slide 17: Reconciliation FY 2023
Reconciliation FY 2023 Reported and Adjusted Financials Org. growth FY 2023 FY 2022 YoY1 In EUR m Comments Reported Adjustment Adjusted Adjusted Adjusted Revenues 1,990.5 1,990.5 1,817.1 10.4% Adjustments reduced from EUR 18.6m by 51% to EBITDA 395.3 9.2 404.5 354.2 17.5% EUR 9.2m Depreciation & Amo
Slide 18: Dedicated to our Strong Sustainability Strategy
Dedicated to our Strong Sustainability Strategy Good Progress: Translating our Targets Into Measurable Impacts -20% CO2e emissions 46% Renewable Electricity -50% Lost Time Incident Rate As of November 30, 2023 | Base year 2019 18 22-Feb-2024 Gerresheimer AG - Q4 2023 Results Presentation
Slide 19: Outlook
Outlook Dietmar Siemssen (CEO)
Slide 20: Leveraging on Unique Business Opportunities to Drive Long-Term Growth
Leveraging on Unique Business Opportunities to Drive Long-Term Growth Key Priorities in FY 2024 — Accelerate sustainable, profitable growth by consistently increasing the revenue share of biologics and injectables Accelerate — Execute on ongoing growth projects and operational excellence Execute — F
Slide 21: Strong Path for Further Sustainable Profitable Growth
Strong Path for Further Sustainable Profitable Growth Key Contributors to Growth CAGR ≥ +10% Revenue 2023 Solid Base Growth High-Value Solutions Biologic Mid-Term Revenue Medical Devices Unique and broad systems and solutions portfolio providing high value to customers and sustainable long-term grow
Slide 22: Outlook and Guidance
Outlook and Guidance FY 2024, FY 2025 and Mid-Term Guidance Group level, organic Revenue Adjusted Adjusted EPS Growth EBITDA Growth 5-10% 430-450 8-12% FY 2024 EUR m FY 2025 10-15% ≥ 22% ≥ 10% Margin Mid-term ≥ 10% 23-25% ≥ 10% Margin CAGR CAGR 22 22-Feb-2024 Gerresheimer AG - Q4 2023 Results Presen
Slide 23: innovating for a better life
innovating for a better life
Slide 24: Appendix
Appendix
Slide 25: Financial Calendar
Financial Calendar Publication 3rd Quarter 2024 Results Publication 2nd Quarter/ Half-year 2024 Results Annual General Meeting 2023 Publication 1st Quarter 2024 Results October 10th, 2024 July 11th, 2024 June 5th, 2024 April 11th, 2024 25 22-Feb-2024 Gerresheimer AG - Q4 2023 Results Presentation
Slide 26: Q4 Revenue & Organic Growth Reconciliation
Q4 Revenue & Organic Growth Reconciliation (1 of 4) in EUR m organic growth +5.1% 3,3 545.2 541.9 1,3 -2,1 0,4 528.7 26,8 +0.5% 515.5 -13.2 +9.5% Revenue1Q4 2022 FX 2 Revenue 3 Q4 P&D 4 PPG 5 GAT 6 HQ, 7 Cons. Revenue 8 Q4 FX 9 Revenue10 Q4 2023 2022 (FXN) 2023 (FXN) 26 22-Feb-2024 Gerresheimer AG -
Slide 27: Q4 Adj. EBITDA & Organic Growth Reconciliation
Q4 Adj. EBITDA & Organic Growth Reconciliation (2 of 4) in EUR m organic growth & margin +10.5% 121.3 1.4 -1.6 0.6 119.3 +3.1% -2,0 11,2 112.0 109.7 -2.3 +14.2% 21.3% 22.4% Adj. EBITDA FX Adj. EBITDA P&D PPG GAT HQ, Cons. Adj. EBITDA FX Adj. EBITDA Q4 2022 Q4 2022 (FXN) Q4 2023 (FXN) Q4 2023 27 22-F
Slide 28: FY 2023 Revenue & Organic Growth Reconciliation
FY 2023 Revenue & Organic Growth Reconciliation (3 of 4) in EUR m organic growth +10.4% 1,980.3 10.2 1,990.5 -3.7 0.8 66,9 +7.8% 1,817.1 123,0 1,793.4 -23.7 +13.2% Revenue FY 2022 FX Revenue FY P&D PPG GAT HQ, Cons. Revenue FY FX Revenue FY 2023 2022 (FXN) 2023 (FXN) 28 22-Feb-2024 Gerresheimer AG -
Slide 29: FY 2023 Adj. EBITDA & Organic Growth Reconciliation
FY 2023 Adj. EBITDA & Organic Growth Reconciliation (4 of 4) in EUR m organic growth & margin +17.5% -3.7 -4.7 412.2 28,5 404.5 -7.7 +17.7% 41,3 354.2 350.9 -3.2 +17.9% 19.6% 20.8% Adj. EBITDA 1 FX 2 Adj. EBITDA 3 P&D 4 PPG 5 GAT 6 HQ, 7 Cons. Adj. EBITDA 8 FX 9 Adj. EBITDA 10 FY 2022 FY 2022 (FXN)
Slide 30: Reconciliation Q4 2023
Reconciliation Q4 2023 Reported and Adjusted Financials Q4 2023 Q4 2022 Org. growth YoY1 Comments In EUR m Reported Adjustment Adjusted Adjusted Adjusted Revenues 545.2 545.2 528.7 5.1% Adjustments mainly due to one-off item for inflation EBITDA 116.0 3.3 119.3 112.0 10.5% compensation premium Depre
Slide 31: Strong Investments Into Profitable Growth
Strong Investments Into Profitable Growth Cash Flow and Financial Debt In EUR m FY 2023 FY 2022 Change Comments Adjusted EBITDA 404.5 354.2 50.3 Earnings significantly increased Change in net working capital 31.8 -47.5 79.3 Prepayments from customers Net interest paid -44.0 -21.5 -22.6 Primarily due
Slide 32: Financial Headroom
Financial Headroom Net Financial Debt & Adjusted EBITDA Leverage Net Financial Debt according to credit agreement in force Maturity Profile In EUR m In EUR m 1.050 Net Financial Debt (In EUR m)1 3,0 862 Promissory loans Adj. EBITDA leverage (x) 2,1 Revolving credit facilities (RCF) Nov-23 Nov-22 In
Slide 33: innovating for a better life
innovating for a better life