Gerresheimer Ag · XETR:GXI
Gerresheimer — Q2 2009 Earnings Presentation
25 slides from Gerresheimer's earnings presentation, Jul 15, 2009
Slide 1: Announcement of Q2 2009 Results
Announcement of Q2 2009 Results Conference Call July 15, 2009 2:00 p.m. CEST Dr. Axel Herberg, CEO Hans-Jürgen Wiecha, CFO 0
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 Key Facts Q1-Q2 2009 and Guidance FY 2009 Dr. Axel Herberg, CEO Financial Overview Q2 2009 Hans-Jürgen Wiecha, CFO Appendix 2
Slide 4: Q1-Q2 2009 – Key facts
Q1-Q2 2009 – Key facts Group sales of EUR 501.7m (-2.7%) Group sales (excluding Technical Plastic Systems) at EUR 478.0 (+0.2%) TPS sales at EUR 23.7m (-38.0%) Group adjusted EBITDA margin amounts to 17.1% (18.7% in Q1-Q2 2008) Group adjusted EBITDA margin (excluding TPS) at 18.1% Sale of TPS succes
Slide 5: Market segments
Market segments Q1 2009 Q2 2009 Q3 2009 Q4 2009 Pharma + + to + + to + + Cosmetics - - - - - to - - - - to - - - Life Science - - - - to - - - to - - Research Group net sales 2009: 0 to -4%1 1 At constant FX rate 4
Slide 6: Corrective actions already implemented
Corrective actions already implemented Cost containment measures spending cuts lay-off of temporary workers part-time work Resolute cost control to maintain solid Capacity adjustments EBITDA margin Capex program reduced but execution of growth projects Strong focus on cash flow secured Tight control
Slide 7: Adjustment of Guidance FY 2009
Adjustment of Guidance FY 2009 Total group (excl. TPS) Prior Guidance New Guidance3 Net Sales +6% to +7% as reported1 +1% to -3% as reported2 +3% to +4% at constant FX rate 0% to -4% at constant FX rate Adj. EBITDA 19.0 to 19.2% 18.0 to 18.5% margin Capex Investments of Investments of EUR 100m to 10
Slide 8: Agenda
Agenda Key Facts Q1-Q2 2009 Dr. Axel Herberg, CEO Financial Overview Q2 2009 Hans-Jürgen Wiecha, CFO Appendix 7
Slide 9: Q2 2009 Group net sales and EBITDA
Q2 2009 Group net sales and EBITDA EUR m Total Group Total Group ex TPS Net sales growth at Adj. EBITDA margin: Net sales growth at Adj. EBITDA margin: constant exchange Q2 2009: 18.0% constant exchange Q2 2009: 18.9% rate: -6.8% Q2 2008: 19.4% rate: -4.9% Q2 2008: N/A -4.3% -2.2% 276.3 264.4 257.2
Slide 10: Tubular Glass
Tubular Glass EUR m Adj. EBITDA margin: Net sales growth Q2 2009: 25.1% at constant exchange rate: 0.0% Q2 2008: 24.9% +4.1% 78.0 81.2 +5.2% 19.4 20.4 Net sales Adj. EBITDA1 Q2 2008 Q2 2009 1 Earnings before financial result, income taxes, amortization of fair value adjustments, extraordinary deprec
Slide 11: Plastic Systems
Plastic Systems EUR m Plastic Systems Plastic Systems ex TPS Net sales growth at Adj. EBITDA margin: Net sales growth at Adj. EBITDA margin: constant exchange Q2 2009: 21.2% constant exchange Q2 2009: 24.7% rate: -0.9% Q2 2008: 19.1% rate: 7.3% Q2 2008: N/A -2.8% 93.6 +5.0% 91.0 78.2 74.5 +7.8% 17.9
Slide 12: Technical Plastic Systems successfully sold
Technical Plastic Systems successfully sold Disposal successfully completed as of July 1, 2009 Further step in focussing on the core business Pharma & Life Science Sales FY 2008: EUR 74.2m Q1-Q2 2009: EUR 23.7m (Q1-Q2 2008: EUR 38.2m) Purchase price including assumed debt amounted to ca. EUR 12m Boo
Slide 13: Moulded Glass
Moulded Glass EUR m Adj. EBITDA margin: Net sales growth Q2 2009: 14.3% at constant exchange rate: -16.8% Q2 2008: 21.7% -14.1% 85.6 73.5 -43.5% 18.6 10.5 Net sales Adj. EBITDA1 Q2 2008 Q2 2009 1 Earnings before financial result, income taxes, amortization of fair value adjustments, extraordinary de
Slide 14: Life Science Research
Life Science Research EUR m Adj. EBITDA margin: Net sales growth Q2 2009: 8.3% at constant exchange rate: -15.6% Q2 2008: 11.9% -3.5% 22.6 21.8 -33.3% 2.7 1.8 Net sales Adj. EBITDA1 Q2 2008 Q2 2009 1 Earnings before financial result, income taxes, amortization of fair value adjustments, extraordinar
Slide 15: Q2 2009 P&L overview
Q2 2009 P&L overview EUR m Q2 2009 Q2 2008 Adjusted EBITDA1 47.5 53.6 -11.4% EBITDA 45.3 51.2 -11.5% Profit from operations 11.8 18.6 -36.6% Net income before taxes 1.8 8.4 -78.6% Net income 0.9 5.6 -83.9% Adjusted net income2 14.3 17.6 -18.8% EPS 0.02 0.14 -85.7% Adjusted EPS3 0.44 0.53 -17.0% 1 Ea
Slide 16: Financial key figures
Financial key figures EUR m May 31, 2009 May 31, 2008 Equity 466.7 500.2 -6.7% Equity ratio in % 33.0 34.0 Net working capital1 200.3 216.5 -7.5% in % of LTM net sales 19.1 21.1 Net financial debt2 451.1 456.2 -1.1% Adjusted EBITDA leverage 2.3 2.3 - Q2 2009 Q2 2008 CF from operating activities 23.3
Slide 17: Financing structure
Financing structure Debt/cash positions in EUR m1 Interest rate Due by Net financial debt 451.1 Bond 126.0 7.9%; Fixed coupon 2015 Long-term bank debt 239.0 5.7%; Hedged 100% 2012 / 2013 until Sep 2010 55bps over Euribor/Libor, 2012 / 2013 Revolving bank debt 55.5 Headroom: EUR 119.5m Local borrowin
Slide 18: Financial Calendar
Financial Calendar October 15, 2009 Interim Report 3rd Quarter 2009 February 10, 2010 Annual Report 2009 April 29, 2010 Annual General Meeting 17
Slide 19: Investor Relations Contact Details
Investor Relations Contact Details Phone +49 211 6181-257 Fax +49 211 6181-121 E-mail gerresheimer.ir@gerresheimer.com IR website www.gerresheimer.com/ir 18
Slide 20: Agenda
Agenda Key Facts Q1-Q2 2009 Dr. Axel Herberg, CEO Financial Overview Q2 2009 Hans-Jürgen Wiecha, CFO Appendix 19
Slide 21: Q1-Q2 2009 net sales and EBITDA
Q1-Q2 2009 net sales and EBITDA EUR m Total Group Total Group ex TPS Net sales growth at Adj. EBITDA margin: Net sales growth at Adj. EBITDA margin: constant exchange Q1-Q2 2009: 17.1% constant exchange Q1-Q2 2009: 18.1% rate: -5.3% Q1-Q2 2008: 18.7% rate: -2.8% Q1-Q2 2008: N/A -2.7% +0.2% 515.4 501
Slide 22: Q1-Q2 2009: Tubular Glass
Q1-Q2 2009: Tubular Glass EUR m Adj. EBITDA margin: Net sales growth Q1-Q2 2009: 23.6% at constant exchange rate: +0.4% Q1-Q2 2008: 24.4% +5.0% 150.9 143.7 +1.4% 35.1 35.6 Net sales Adj. EBITDA1 Q1-Q2 2008 Q1-Q2 2009 1 Earnings before financial result, income taxes, amortization of fair value adjust
Slide 23: Q1-Q2 2009: Plastic Systems
Q1-Q2 2009: Plastic Systems EUR m Plastic Systems Plastic Systems ex TPS Net sales growth at Adj. EBITDA margin: Net sales growth at Adj. EBITDA margin: constant exchange Q1-Q2 2009: 18.9% constant exchange Q1-Q2 2009: 22.7% rate: -2.6% Q1-Q2 2008: 18.7% rate: +7.7% Q1-Q2 2008: N/A -4.2% 170.8 163.6
Slide 24: Q1-Q2 2009: Moulded Glass and Life Science Research
Q1-Q2 2009: Moulded Glass and Life Science Research EUR m Moulded Glass Life Science Research Net sales growth at Adj. EBITDA margin: Net sales growth at Adj. EBITDA margin: constant exchange Q1-Q2 2009: 16.3% constant exchange Q1-Q2 2009: 9.3% rate: -10.7% Q1-Q2 2008: 21.2% rate: -12.8% Q1-Q2 2008:
Slide 25: Q2 2009 reconciliation from adjusted EBITDA to net income after minorities
Q2 2009 reconciliation from adjusted EBITDA to net income after minorities EUR m Q2 2009 Q2 2008 Adjusted EBITDA 47.5 53.6 Restructuring expenses 0.8 0.7 Exceptional income/ expense 1.4 1.7 EBITDA 45.3 51.2 Fair value amortization 9.5 9.3 Depreciation 18.7 18.7 Book loss from disinvestment 5.3 4.6 P