Gerresheimer Ag · XETR:GXI
Gerresheimer — Q1 2020 Earnings Presentation
20 slides from Gerresheimer's earnings presentation, Apr 9, 2020
Slide 1: Q1 2020 Earnings Presentation
Q1 2020 Earnings Presentation Dietmar Siemssen, CEO Bernd Metzner, CFO Duesseldorf, April 9, 2020
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 Operational Update 2 Financial Update 3 Guidance 3
Slide 4: Key Take-aways Q1 2020
Key Take-aways Q1 2020 Q1 performance according to plan Reported Revenues of EUR 304 m Adjusted EBITDA of EUR 51 m Minor impact from Covid-19 on operations in Q1 The Pandemic takes attention and is well managed; resilience of our business model becomes evident On track to deliver our Guidance for 20
Slide 5: Our Business Model confirms its Robustness in Times of Crisis
Our Business Model confirms its Robustness in Times of Crisis Revenue split by end market Our role as key supplier for Pharma and Pharma and Healthcare 81% Healtcare makes us resilient Cosmetics 13% 2019 We are seen as essential manufacturer in Food, Beverage and Hygiene 6% all relevant jurisdiction
Slide 6: The four most important Aspects during the Pandemic
The four most important Aspects during the Pandemic 1 Business Continuity 2 Demand / Customers 3 Supply Chain 4 Balance Sheet Strength 09/04/2020 Q1 2020 Earnings 6
Slide 7: Business Continuity: We are essential for critical Infrastructure
Business Continuity: We are essential for critical Infrastructure Ensuring the health and safety of our employees is our priority Global pandemic plan activated with dedicated crisis teams at the end of February Hygiene rules, travel and visitor bans, containment of groups, home office where applica
Slide 8: Guarantee Business Continuity for our Customers
Guarantee Business Continuity for our Customers Supply Side Demand Side No shortage of raw materials, cullets, Our customers are essential in critical granulate, glass tubes infrastructure in all countries, i.e. Pharma and Health Care Industry Key suppliers of us also defined as essential manufactur
Slide 9: Focus on the long-term profitable Growth Story is unchanged
The Pandemic needs Management Attention; nevertheless the Focus on the long-term profitable Growth Story is unchanged Enablers 1 2 3 Mindset for Growth Investment Innovation / Excellence program Growth levers 4 5 6 Underlying Growth New products Market Growth segments 09/04/2020 Q1 2020 Earnings 9
Slide 10: Agenda
Agenda 1 Operational Update 2 Financial Update 3 Guidance 10
Slide 11: Q1 2020 – robust as expected
Q1 2020 – robust as expected (EUR m) Q1 2020 Q1 2019 YoY Analysis Revenues 303.9 308.5 -1.8%2) Due to revenue model change at Sensile Adj. EBITDA 51.1 53.61) -8.9%2) Due to revenue model change at Sensile One-off effects -1.1 0.1 EBITDA 50.0 53.71) Depreciation, amortization & impairment -38.2 -37.0
Slide 12: Q1 2020 Divisions: Robust core business
Q1 2020 Divisions: Robust core business EUR m Organic Organic growth growth -1.3% -11.8% 160.7 158.0 — Centor impacted by one-off destocking effects — P&D w/o Centor one-off generated mid-single digit P&D 34.2 31.4 growth with higher margin — Centor back on track in Q2 2020: Solid growth and higher
Slide 13: Q1 2020: Cash flow performance not representative
Q1 2020: Cash flow performance not representative (EUR m) Q1 2020 Q1 2019 Change Analysis Adjusted EBITDA 51.1 53.61) -2.5 Phasing effects in Q1 with compensating Change in net working capital -81.8 -49.4 -32.4 quarters ahead Capex -32.3 -16.7 -15.6 Capex program according to plan Net interest paid
Slide 14: End of Q1 2020: Financial Status
End of Q1 2020: Financial Status Promissory loan of EUR 189.5m due Nov 2020 NET FINANCIAL DEBT1) AND ADJ. EBITDA LEVERAGE 1,014.9 Net financial debt according to the credit agreement in force1) 932.4 Adj. EBITDA leverage (x) 3.4x 3.1x2) Nov 30 2019 Feb 29 2020 Net financial debt according to credit
Slide 15: Status refinancing of promissory loan due Nov 2020
Status refinancing of promissory loan due Nov 2020 Already secured by firm bank credit commitment KEY REFINANCING POINTS ▪ Planned: Issuance of new promissory loans ▪ Purpose: Redemption of promissory loans in the amount of EUR 189.5m maturing Nov 2020 ▪ Timing: Opportunistically SECURE REFINANCING
Slide 16: Agenda
Agenda 1 Operational Update 2 Financial Update 3 Guidance 16
Slide 17: Outlook Q2 2020
Outlook Q2 2020 Running on schedule with growth above 5% P&D Plastic prescription container in high demand in the US Pharma: Running on plan with strong growth PPG Cosmetics: Lower in perfume, robust in skincare Covid-19 might lead to attractive business opportunities SQ Innovation project on track
Slide 18: Guidance confirmed
Guidance confirmed At Group level (FXN) FY 2020 Mid-term Mid-single digit Mid-single digit Revenue growth growth growth Adjusted EBITDA ~21%1 ~ 23% Capex ~ 12% 8 - 10% (% of sales) 1. Including a positive effect of EUR 9m to EUR 11m from the transition to IFRS 16. 09/04/2020 Q1 2020 Earnings 18
Slide 19: Our Priorities
Our Priorities Guarantee Business Continuity Deliver according to plan Be prepared for the day after tomorrow 09/04/2020 Q1 2020 Earnings 19
Slide 20: Financial Calendar 2020
Financial Calendar 2020 FINANCIAL CALENDAR June 24, 2020 Annual General Meeting 2020 July 14, 2020 Publication 2nd Quarter 2020 October 13, 2020 Publication 3rd Quarter 2020 End of 2020 Capital Markets Day 20