Slide 1: Analyst / Investor Conference Call Q3 2013 Results
Analyst / Investor Conference Call Q3 2013 Results October 2, 2013 03:00 p.m. CEST Uwe Röhrhoff, CEO Rainer Beaujean, 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: Agenda
Agenda Review Q3 2013 Uwe Röhrhoff, CEO Financial Overview Q3 2013 Rainer Beaujean, CFO Guidance FY 2013 Uwe Röhrhoff, CEO Appendix 3
Slide 4: Q3 2013: Key Group figures
Q3 2013: Key Group figures in EUR m, EPS in EUR Revenues adjusted EBITDA FXN: + 4.5% adjusted EBITDA Margin + 1.8% + 0.0% 19.8% 19.4% adjusted EPS Net financial debt + 4.7% + 10.2% * Retrospective restatement due to the early adoption of IAS 19 (amended in 2011) from December 1, 2012 4
Slide 5: Q3 2013: Operational review
Q3 2013: Operational review Plastic Systems: Broad-based growth, driven by medical devices and primary packaging Adjusted EBITDA margin markedly up, despite ramp-up costs Moulded Glass: Strong revenue growth, driven by pharma and especially the cosmetics business High capacity utilizatio
Slide 6: Agenda
Agenda Review Q3 2013 Uwe Röhrhoff, CEO Financial Overview Q3 2013 Rainer Beaujean, CFO Guidance FY 2013 Uwe Röhrhoff, CEO Appendix 6
Slide 7: Q3 2013: Revenues by division
Q3 2013: Revenues by division Q3 2013 Q3 2012 Change Change in % at EUR m EUR m in % const. FX1 Total Group 316.9 311.4 +1.8 +4.5 Plastic Systems 110.0 107.0 +2.8 +7.6 Moulded Glass 100.4 95.6 +5.1 +6.8 Tubular Glass 87.8 84.6 +3.6 +6.0 Life Science Research 22.5 27.7 -18.7 -14.9 1 Currency effects
Slide 8: Q3 2013: Adjusted EBITDA and margin by division
Q3 2013: Adjusted EBITDA1 and margin by division Q3 2013 Pro forma2 Q3 2012 Margin Margin EUR m in % EUR m in % Total Group 61.6 19.4 61.6 19.8 Plastic Systems 25.5 23.1 22.0 20.5 Moulded Glass 21.7 21.6 22.5 23.5 Tubular Glass 16.3 18.7 17.6 20.9 Life Science Research 2.9 12.8 3.8 13.9 1 Earnings b
Slide 9: Q3 2013: Key balance sheet and cash flow figures
Q3 2013: Key balance sheet and cash flow figures Aug 31, 2013 Aug 31, 2012 Change EUR m Pro forma3 EUR m in % Total assets 1,611.8 1,532.6 +5.2 Equity 531.0 545.1 -2.6 Equity ratio in % 32.9 35.6 Net working capital1 235.3 220.1 +6.9 in % of LTM revenues 18.6 18.6 Net financial debt2 455.4 413.4 +10
Slide 10: Long-term financing structure with ample financial leeway
Long-term financing structure with ample financial leeway Debt/cash positions Aug 31, 2013 Aug 31, 2012 Change in EUR m EUR m EUR m in % Bond 300.0 300.0 +0.0 Long-term bank debt 109.8 139.9 -21.5 Revolving bank debt 98.5 30.0 >+100 Local borrowings and leasing 15.1 21.0 -28.1 Total financial debt 5
Slide 11: Agenda
Agenda Review Q3 2013 Uwe Röhrhoff, CEO Financial Overview Q3 2013 Rainer Beaujean, CFO Guidance FY 2013 Uwe Röhrhoff, CEO Appendix 11
Slide 12: Confirmation of FY 2013 guidance
Confirmation of FY 2013 guidance Revenues: We continue to anticipate revenue growth of 5% to 6% at constant exchange rates (FY 2012: EUR 1,219m1) Adjusted EBITDA: Adjusted EBITDA continues to be expected in a range of between EUR 245m to EUR 250m at constant exchange rates Capex: Capital
Slide 13: Financial Calendar
Financial Calendar February 13, 2014 Annual Report 2013 April 10, 2014 Interim Report 1st Quarter 2014 April 30, 2014 Annual General Meeting 2014 July 3, 2014 Interim Report 2nd Quarter 2014 October 1, 2014 Interim Report 3rd Quarter 2014 13
Slide 14: Investor Relations & Creditor Relations contact details
Investor Relations & Creditor 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 14
Slide 15: Agenda
Agenda Review Q3 2013 Uwe Röhrhoff, CEO Financial Overview Q3 2013 Rainer Beaujean, CFO Guidance FY 2013 Uwe Röhrhoff, CEO Appendix 15
Slide 16: Q3 2013 P&L overview
Q3 2013 P&L overview Q3 2013 Q3 2012 Change EUR m Pro forma3 EUR m in % Revenues 316.9 311.4 +1.8 Adjusted EBITDA1 61.6 61.6 +0.0 One-off income/expense -0.1 -1.5 +93.3 EBITDA 61.5 60.1 +2.3 Amortization of FV adjustments 4.3 4.7 -8.5 Depreciation and amortization 21.3 21.1 +0.9 Book loss from disin
Slide 17: Development of working capital
Development of working capital1 Aug 31, 2013 Nov 30, 2012 Aug 31, 2012 EUR m EUR m EUR m Inventories 202.2 189.0 195.8 Trade receivables 192.7 179.4 171.8 Trade payables 105.4 154.3 118.6 Payments received on account of orders 54.2 38.9 28.9 Net working capital 235.3 175.2 220.1 in % of LTM revenues
Slide 18: Development of inventories
Development of inventories Aug 31, 2013 Nov 30, 2012 Aug 31, 2012 EUR m EUR m EUR m Raw materials, con- sumables and supplies 51.1 45.1 49.9 Work in progress 24.8 27.9 24.9 Finished goods and merchandise 106.8 103.6 105.0 Advance payments on inventories 19.5 12.4 16.0 Inventories 202.2 189.0 195.8 1
Slide 19: Q1-Q3 2013: Revenues by division
Q1-Q3 2013: Revenues by division Q1-Q3 2013 Q1-Q3 2012 Change Change in % at EUR m EUR m in % const. FX1 Total Group 940.7 894.2 +5.2 +6.7 Plastic Systems 343.8 310.3 +10.8 +14.0 Moulded Glass 287.8 271.2 +6.1 +6.8 Tubular Glass 254.1 246.0 +3.3 +3.8 Life Science Research 66.4 77.3 -14.1 -12.9 1 Cur
Slide 20: Q1-Q3 2013: Adjusted EBITDA and margin by division
Q1-Q3 2013: Adjusted EBITDA1 and margin by division Q1-Q3 2013 Pro forma2 Q1-Q3 2012 Margin Margin EUR m in % EUR m in % Total Group 167.4 17.8 166.2 18.6 Plastic Systems 72.1 21.0 64.8 20.9 Moulded Glass 59.0 20.5 57.0 21.0 Tubular Glass 43.6 17.2 48.5 19.7 Life Science Research 8.4 12.6 9.8 12.7 1
Slide 21: Q1-Q3 2013 P&L overview
Q1-Q3 2013 P&L overview Q1-Q3 2013 Q1-Q3 2012 Change EUR m Pro forma3 EUR m in % Revenues 940.7 894.2 +5.2 Adjusted EBITDA1 167.4 166.2 +0.7 One-off income/expense -0.3 -4.7 +93.6 EBITDA 167.1 161.5 +3.5 Amortization of FV adjustments 13.6 13.4 +1.5 Depreciation and amortization 62.5 61.8 +1.1 Book
Slide 22: Adjusted EBITDA Q1 2012 - Bridge to pro forma figures under IAS 19 revised
Adjusted EBITDA Q1 2012-Bridge from reported to pro forma figures in accordance with IAS 19 revised Pro forma in EUR m Q1 2012 Adjustment Q1 2012 Adjusted EBITDA Plastic Systems 17.5 0.02 17.5 Moulded Glass 16.4 -0.05 16.4 Tubular Glass 13.2 0.61 13.8 Life Science Research 2.5 0.00 2.5 Subtotal 49.6
Slide 23: Adjusted EBITDA Q2 2012 and ytd - Bridge to pro forma figures
Adjusted EBITDA Q2 2012 and ytd-Bridge from reported to pro forma figures in accordance with IAS 19 revised Pro forma in EUR m Q2 2012 Adjustment Q2 2012 Adjusted EBITDA Plastic Systems 25.3 0.02 25.3 Moulded Glass 18.2 -0.05 18.2 Tubular Glass 16.5 0.61 17.1 Life Science Research 3.5 0.00 3.5 Subto
Slide 24: Adjusted EBITDA Q3 2012 and ytd - Bridge to pro forma figures
Adjusted EBITDA Q3 2012 and ytd-Bridge from reported to pro forma figures in accordance with IAS 19 revised Pro forma in EUR m Q3 2012 Adjustment Q3 2012 Adjusted EBITDA Plastic Systems 22.0 0.02 22.0 Moulded Glass 22.5 -0.05 22.5 Tubular Glass 17.0 0.61 17.6 Life Science Research 3.8 0.00 3.8 Subto
Slide 25: Adjusted EBITDA Q4 2012 and FY - Bridge to pro forma figures
Adjusted EBITDA Q4 2012 and FY-Bridge from reported to pro forma figures in accordance with IAS 19 revised Pro forma in EUR m Q4 2012 Adjustment Q4 2012 Adjusted EBITDA Plastic Systems 28.0 0.02 28.0 Moulded Glass 24.7 -0.05 24.7 Tubular Glass 21.1 0.61 21.7 Life Science Research 3.7 0.00 3.7 Subtot