Gerresheimer Ag · XETR:GXI
Gerresheimer — Investor Day (September 2010)
13 slides from Gerresheimer's investor day presentation, Sep 1, 2010
Slide 1: Capital Markets Day 2010: Update on Financial Performance
Gerresheimer CAPITAL MARKETS DAY 2010 Update on Financial Performance September 1, 2010 Jürgen Wiecha, 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: H1 2010 revenues by division
H1 2010 revenues by division EUR m Reported growth [%] FXN1 [%] Total revenues 493.6 -1.6 -1.3 Total revenues ex TPS 493.6 +3.3 +3.6 Tubular Glass 157.0 +4.0 +4.9 Plastic Systems 146.3 -10.6 -11.7 Plastic Systems ex TPS 146.3 +4.6 +3.1 Moulded Glass 153.7 +2.4 +3.2 Life Science Research 44.0 -0.5 +2
Slide 4: H1 2010 adjusted EBITDA & margin by division
H1 2010 adjusted EBITDA1 & margin by division H1 2010 vs. H1 2009 H1 2010 H1 2009 EUR m [Growth in %] [Margin in %] [Margin in %] Total Group 94.6 +10.3 19.2 17.1 Total Group ex TPS 94.6 +9.4 19.2 18.1 Tubular Glass 38.0 +6.7 24.2 23.6 Plastic Systems 33.8 +9.0 23.1 18.9 Plastic Systems ex TPS 33.8
Slide 5: Growth and profitability trends
Growth and profitability trends (figures in %) H1 2009 Q3 2009 Q4 2009 H1 2010 Revenue growth rates [FXN1, ex TPS] -2.8 -6.6 +1.9 +3.6 EBITDA margin [ex TPS] 18.1 17.6 22.7 19.2 1 FXN = Growth at constant exchange rate 5
Slide 6: Top line and bottom line growth
Top line and bottom line growth H1 2010 H1 2009 EUR m EUR m in % Total revenues ex TPS 493.6 478.0 +3.3 Adjusted EBITDA1 94.6 85.8 +10.3 EBITA 49.9 45.4 +9.9 Amortization of FV adjustments 12.8 19.1 -33.0 Profit before interest and taxes (EBIT) 37.1 21.0 +76.7 Financial result -18.0 -20.7 -13.0 Prof
Slide 7: Limited exposure to currency fluctuations
Limited exposure to currency fluctuations Natural hedging: Due to local setup, revenues and expenses are denominated in local currencies Local financing is mainly denominated in local currencies Largest translation exposure in US-dollar Translation effects from US-dollar fluctuations: Re
Slide 8: H1 2010 key financial figures
H1 2010 key financial figures May 31, 2010 May 31, 2009 EUR m EUR m in % Equity 493.4 466.7 +5.7 Equity ratio in % 36.0 34.0 Net Working Capital 1 202.3 200.3 +1.0 in % of LTM revenues 20.4 19.1 Net Financial Debt 2 408.7 451.1 -9.4 Adjusted EBITDA leverage 2.1 2.3 n/a H1 2010 H1 2009 EUR m EUR m in
Slide 9: Financing structure
Financing structure Comparison of debt/cash positions in EUR m Net Financial Debt 451.1m 408.7m Interest rate (due date): Bond 7.9%; Fixed coupon (2015) Hedged interest rate: 5.7% Long-term bank debt until Sep 2010. As from Sep 2010 ca. 80% hedged at 1.8% until Sep 2012 (2012/2013) Revolving bank de
Slide 10: EPS contribution from new interest rate swap agreements
EPS contribution from new interest rate swap agreements Annualized interest cost savings of about USD 9m 2-year agreement, commencing mid-September 2010 New all-in, fixed interest rate: 1.8% p.a. vs. 5.7% p.a. before Swaps apply to about 80% of end of Q2 2010 long-term bank debt Most of th
Slide 11: Continued focus on cash flow: Net Working Capital development
Continued focus on cash flow Net Working Capital dev elopm ent (Figures in EUR m ) 19.8% 19.1% 18.6% FY 2008 FY 2009 H1 2010 Average NWC in % of LTM revenues 11
Slide 12: Continued focus on cash flow: Capex development
Continued focus on cash flow Capex dev elopm ent (Figures in EUR m ) 107.8 98.9 86.4 80.0 (max.) 10.3% 10.2% 8.6% 7.8% FY 2007 FY 2008 FY 2009 FY 2010e Capex Capex in % of revenues 12
Slide 13: Reiteration of guidance FY 2010
Reiteration of guidance FY 2010 20091 Guidance 2010 Guidance 2010 (as of Feb 10, 2010) (as of July 14, 2010) Net revenues EUR 970.8m +2% to 4% as reported2 +5% to 6% as reported3 +2% to 4% at const. FX +3% to 4% at const. FX Adj. EBITDA 19.2% Mid 19% 19.5% to 20.0% margin Capex EUR 86.4m EUR 75m to