Gerresheimer Ag · XETR:GXI
Gerresheimer — Q1 2015 Earnings Presentation
21 slides from Gerresheimer's earnings presentation, Apr 14, 2015
Slide 1: Q1 2015 Results Presentation
Q1 2015 Results Presentation Uwe Röhrhoff, CEO Rainer Beaujean, CFO Duesseldorf, April 14, 2015
Slide 2: Disclaimer
Disclaimer 1. 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: Review Q1 2015
Review Q1 2015 Uwe Röhrhoff, CEO
Slide 4: Q1 2015 with strong increase in earnings
Q1 2015 with strong increase in earnings Key Group figures in EUR m, EPS in EUR Revenues Adjusted EBITDA Organic FXN: -2.4% Q1 2015 FXN: EUR 50.2m +1.4% +7.2% 297.5 301.8 47.6 51.0 Margin 16.0% 16.9% Category Q1 2014 Q11 2015 Category Q1 2014 Q11 2015 Operating Cash Flow EPS >100% +20.7% 15.9 0.35 0
Slide 5: Excellent progress with growth projects - a few examples
Excellent progress with growth projects - a few examples Cleanrooms in Peachtree City, USA Inhaler production lines in HT, Czech Republic Global machine strategy for vials & ampoules New plant/cleanrooms for vials in Kosamba, India 2015/4/14 Q1 2015 Results Presentation 5
Slide 6: Financial overview Q1 2015
Financial overview Q1 2015 Rainer Beaujean, CFO
Slide 7: Flattish growth in Q1 2015 resulted from soft demand
Flattish growth in Q1 2015 resulted from soft demand – but fully in line with expectations Revenues by division Q1 2015 Q1 2014 Growth Organic EUR m EUR m in % growth1 in % Total Group 301.8 297.5 +1.4 -2.4 Plastics & Devices 137.6 135.6 +1.5 +0.3 Primary Packaging Glass 146.4 146.0 +0.2 -4.9 Life S
Slide 8: P&D drives adjusted EBITDA margin expansion in Q1 2015
P&D drives adjusted EBITDA margin expansion in Q1 2015 Adjusted EBITDA1 by division Q1 2015 Q1 2014 EUR m Margin in % EUR m Margin in % Total Group 51.0 16.9 47.6 16.0 Plastics & Devices 25.5 18.5 21.0 15.5 Primary Packaging Glass 27.9 19.1 28.7 19.6 Life Science Research 2.8 12.1 2.5 12.2 1. Earnin
Slide 9: Q1 2015: All earnings figures up quarter-over-quarter
Q1 2015: All earnings figures up quarter-over-quarter Q1 2015 Q1 2014 Growth EUR m EUR m in % Adjusted EBITDA1 51.0 47.6 7.2 Depreciation/amortization -26.0 -25.9 Restructuring/one-offs -0.4 0.0 EBIT 24.6 21.7 13.1 Net finance expense and -11.9 -11.4 taxes Net income 12.7 10.3 22.8 EPS in EUR 0.35 0
Slide 10: Strong key balance sheet and cash flow figures
Strong key balance sheet and cash flow figures Feb 28, 2015 Feb 28, 2014 Change EUR m EUR m in % Total assets 1,695.7 1,603.0 +5.8 Equity 623.5 570.9 +9.2 Equity ratio 36.8% 35.6% - Net working capital1 263.4 228.1 +15.5 average NWC in % of LTM 19.6% 18.7% - revenues Q1 2015 Q1 2014 Change Capex 13.
Slide 11: Long-term financing structure with ample financial leeway
Long-term financing structure with ample financial leeway Comparison of debt/cash positions in EUR m 423.8 441.1 Net financial debt Interest rate (due date): Bond 300.0 300.0 Fixed coupon at 5.0% (2018) Interest rate hedged Long-term bank debt 91.4 101.5 at 3.26% (2016) Revolving bank debt 86.0 88.7
Slide 12: Key takeaways Q1 2015: Strong increase in earnings and cash flow
Key takeaways Q1 2015: Strong increase in earnings and cash flow figures despite flattish revenue growth Increased profitability Adjusted EBITDA up 7.2% EBIT progressed by 13.1% EPS increased by 20.7% Operating cash flow markedly up to EUR 15.9m (Q1 2014: EUR -1.7m) 2015/4/14 Q1 2015 Results Present
Slide 13: Guidance FY 2015
Guidance FY 2015 Uwe Röhrhoff, CEO
Slide 14: Re-iteration of Guidance FY 2015 and mid-term outlook FY 2016-2018
Re-iteration of Guidance FY 2015 and mid-term outlook FY 2016-2018 Guidance FY 2015 Outlook FY 2016-2018 Revenues +1% to +3%; equals approx. +4% to +6% CAGR (organic growth)1 EUR 1,300m to EUR 1,330m Adjusted EBITDA EUR 255m to EUR 265m Uplift towards 21% adjusted (at const. FX)2 EBITDA margin in 20
Slide 15: Questions & Answers
Questions & Answers
Slide 16: Investor Relations & Creditor Relations contact details
Investor Relations & Creditor Relations contact details Name Investor Relations & Creditor Relations Phone +49 211 6181 257 Fax +49 211 6181 121 E-mail Gerresheimer.ir@gerresheimer.com IR website www.gerresheimer.com/ir 2015/4/14 Q1 2015 Results Presentation 16
Slide 17: Financial calendar
Financial calendar April 30, 2015 Annual General Meeting 2015 July 9, 2015 Interim Report 2nd Quarter 2015 October 8, 2015 Interim Report 3rd Quarter 2015 2015/4/14 Q1 2015 Results Presentation 17
Slide 18: 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.
Slide 19: Backup
GERRESHEIMER Backup
Slide 20: Development of net working capital
Development of net working capital1 Feb 28, 2015 Feb 28, 2014 EUR m EUR m Inventories 213.4 199.9 thereof prepayments made 7.9 19.3 Trade receivables 209.9 187.5 Trade payables 112.3 100.6 Payments received on account 47.6 58.7 of orders Net working capital 263.4 228.1 in % of LTM revenues 20.4 18.0
Slide 21: Development of inventories
Development of inventories Feb 28, 2015 Feb 28, 2014 EUR m EUR m Raw materials, consumables 53.2 51.8 and supplies Work in progress 26.1 22.6 Finished goods and 126.2 106.2 merchandise Prepayments made on 7.9 19.3 inventories Inventories 213.4 199.9 2015/4/14 Q1 2015 Results Presentation 21