Gerresheimer Ag · XETR:GXI
Gerresheimer — FY2009 Earnings Presentation
23 slides from Gerresheimer's earnings presentation, Feb 10, 2010
Slide 1: Announcement of FY 2009 Results and Guidance 2010
Announcement of FY 2009 Results and Guidance 2010 Analy s t / Inv es tor Conference February 10, 2010 3:00 p.m. CET Dr. Axel Herberg, CEO Hans-Jürgen Wiecha, CFO
Slide 2: Disclaimer
Dis claim er 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, developmen
Slide 3: Agenda
Agenda Key Facts FY 2009 Dr. Axel Herberg, CEO Financial Ov erv iew FY 2009 Hans-Jürgen Wiecha, CFO Guidance FY 2010 Dr. Axel Herberg, CEO 3
Slide 4: FY 2009 Financial Highlights
FY 2009 Financial Highlights Sales excluding TPS almost on prior year‘s level (-1.5%) Slight growth in the pharma business Sales decline in higher-priced Cosmetics and Life Science Research Adjusted EBITDA margin of 19.2% (excluding TPS) remains on a high level due to capacity and cost adjus
Slide 5: FY 2009 Business Highlights
FY 2009 Bus ines s Highlights Numerous ramp ups of new products RTF® syringe systems Insulin pens Diabetes Diagnostics products 3 new production facilities on 3 continents Facility for pharmaceutical tubular glass in China Technical Competence Center for medical plastic systems in the
Slide 6: (Over-) Achievement of 2009 Guidance
(Ov er-) Achiev em ent of 2009 Guidance Guidance 2009 ex TPS Actual results 2009 ex TPS S ales -1.5% to -2.5% as reported -1.5% as reported -2.5% to -3.5% at const. FX rate -2.6% at constant FX rate Adj. EBITDA m argin Mid 18% 19.2% Capex Investments of Investments of EUR 85m to 90m EUR 86.4m
Slide 7: Agenda
Agenda Key Facts FY 2009 Dr. Axel Herberg, CEO Financial Ov erv iew FY 2009 Hans-Jürgen Wiecha, CFO Guidance FY 2010 Dr. Axel Herberg, CEO 7
Slide 8: FY 2009 P&L Overview
FY 2009 P&L Ov erv iew FY 2009 FY 2008 EUR m EUR m in % Sales 1,000.2 1,060.1 -5.7 Adjusted EBITDA1 185.9 206.4 -9.9 Profit from operations 60.4 61.0 -1.0 Net income 7.0 4.5 +55.6 EPS 0.18 0.02 >+100 Adjusted EPS 2 1.34 1.83 -26.8 1 Earnings before financial result, income taxes, amortization of fai
Slide 9: Sales by Segment
S ales by S egm ent FY 2009 Q4 2009 Reported Reported EUR m grow th [%] FXN 1 [%] EUR m grow th [%] FXN 1 [%] Total sales 1,000.2 -5.7 -6.5 256.0 -7.5 -4.8 Total sales ex TPS 970.8 -1.5 -2.6 256.0 -1.0 +1.9 Tubular Glass 302.9 +0.3 -1.5 77.9 -3.6 +0.6 Plastic Systems 314.9 -9.0 -7.4 76.4 -12.5 -11.4
Slide 10: Adjusted EBITDA by Segment
Adjus ted EBITDA 1 by S egm ent FY 2009 Q4 2009 v s . PY v s . PY EUR m EUR m EUR m EUR m Total Group 185.9 -20.5 58.0 -1.6 Total Group ex TPS 186.2 n/a 58.0 n/a Tubular Glass 73.3 -4.0 20.1 -3.0 Plastic Systems 68.7 +2.0 21.2 +1.9 Plastic Systems ex TPS 69.0 n/a 21.2 n/a Moulded Glass 54.0 -17.1 18
Slide 11: Adjusted EBITDA Margin by Segment
Adjus ted EBITDA 1 Margin by S egm ent FY 2009 [%] FY 2008 [%] Q4 2009 [%] Q4 2008 [%] Total Group 18.6 19.5 22.7 21.5 Total Group ex TPS 19.2 n/a 22.7 n/a Tubular Glass 24.2 25.6 25.8 28.6 Plastic Systems 21.8 19.3 27.7 22.1 Plastic Systems ex TPS 24.2 n/a 27.7 n/a Moulded Glass 17.5 21.3 22.4 22.0
Slide 12: Key Financial Figures
Key Financial Figures Nov 30, 2009 Nov 30, 2008 EUR m EUR m in% Equity 480.2 479.1 +0.2 Equity ratio in % 35.8 31.6 Net Working Capital 1 144.4 163.0 -11.4 in % of LTM net sales 14.4 15.4 Net Financial Debt 2 373.3 421.6 -11.5 Adjusted EBITDA leverage 2.0 2.0 n/a FY 2009 FY 2008 EUR m EUR m in % Cap
Slide 13: Net Working Capital Development
Net Working Capital Dev elopm ent EUR m 15.4% of LTM 14.4% of LTM sales sales 200 163.0 164.3 157.0 135.4 150 144.4 125.8 100 50 FY 2008 0 Trade payables incl. FY 2009 -50 Net Working Inventories incl. Trade Capital1 prepayments receivables payments received -100 -116.8 -150 -158.4 -200 1 Inventorie
Slide 14: Annual Comparison of Net Financial Debt
Annual Com paris on of Net Financial Debt EUR m Net Financial Debt FY 08: 421.6m Bond FY 09: 373.3m 126.0 7.9%; Fixed coupon 126.0 (2015) Long-term bank debt 256.4 201.6 5.7%; Hedged 100% until Sep 2010 (2012/2013) 53.8 55bps over Euribor/Libor, Revolving bank debt Headroom: EUR 135.1m 39.9 Local bo
Slide 15: 2009 Key Financial Takeaways
2009 Key Financial Takeaw ay s Tight cash management Containment of operating costs to keep margin up Capex reduction NWC improvements Reduction of Net Financial Debt, increase of liquidity headroom Acquisition opportunities put on hold Well positioned for future growth Investments i
Slide 16: Agenda
Agenda Key Facts FY 2009 Dr. Axel Herberg, CEO Financial Ov erv iew FY 2009 Hans-Jürgen Wiecha, CFO Guidance FY 2010 Dr. Axel Herberg, CEO 16
Slide 17: FY 2009 Quarterly Sales Growth ex TPS
FY 2009 Quarterly S ales Grow th ex TPS Quarter-ov er-quarter at cons t. FX rate 3.0 1.0 +1.9% -1.0 -4.9% -0.3% -3.0 -5.0 -6.6% -7.0 Q1 2009 Q2 2009 Q3 2009 Q4 2009 17
Slide 18: Assumptions for FY 2010 Guidance
As s um ptions for FY 2010 Guidance Sound pharma market growth Short-term development in Cosmetics and Life Science Research currently difficult to predict Continued investments into growth projects Further focus on debt reduction Pharma & life science 18
Slide 19: Guidance FY 2010
Guidance FY 2010 20091 Guidance 2010 Net S ales EUR 970.8m +2% to 4% as reported 2 +2% to 4% at constant FX rate Adj. EBITDA m argin 19.2% Mid 19% Capex EUR 86.4m EUR 75m to 80m 1 Excluding TPS 2 Exchange rate assumption for FY 2010: EUR 1.00 = USD 1.40 (Actual FY 2009 average exchange rate: EUR 1.0
Slide 20: Financial Calendar
Financial Calendar April 14, 2010 Interim Report 1st Quarter 2010 April 29, 2010 Annual General Meeting July 14, 2010 Interim Report 2nd Quarter 2010 October 6, 2010 Interim Report 3rd Quarter 2010 20
Slide 21: Investor Relations Contact Details
Inv es tor Relations Contact Details Phone +49 211 6181-257 Fax +49 211 6181-121 E-m ail gerresheimer.ir@gerresheimer.com IR w ebs ite www.gerresheimer.com/ir 21
Slide 22: FY 2009 Reconciliation From Adjusted EBITDA to Net Income After Minorities
FY 2009 Reconciliation From Adjus ted EBITDA to Net Incom e After Minorities EUR m FY 2009 FY 2008 Adjus ted EBITDA 185.9 206.4 Restructuring expenses 3.6 5.1 One-off income/expense 2.0 -3.6 EBITDA 180.3 204.9 Fair value amortization 38.3 38.5 Depreciation 76.2 70.8 Book loss from disinvestment 5.3
Slide 23: Q4 2009 Reconciliation From Adjusted EBITDA to Net Income After Minorities
Q4 2009 Reconciliation From Adjus ted EBITDA to Net Incom e After Minorities EUR m Q4 2009 Q4 2008 Adjus ted EBITDA 58.0 59.6 Restructuring expenses 1.8 2.8 One-off income/expense -0.3 -5.3 EBITDA 56.5 62.1 Fair value amortization 9.7 9.7 Depreciation 20.3 16.8 Book loss from disinvestment 0.0 -3.0