Gerresheimer Ag · XETR:GXI
Gerresheimer — Q2 2019 Earnings Presentation
21 slides from Gerresheimer's earnings presentation, Jul 11, 2019
Slide 1: Q2 2019 Earnings Presentation
Q2 2019 Earnings Presentation Dietmar Siemssen, CEO Dr. Bernd Metzner, CFO Duesseldorf, July 11, 2019
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 Dietmar Siemssen Q2 2019 highlights 2 Dr. Bernd Metzner Q2 2019 financial review 3 Dietmar Siemssen Conclusion & outlook 4 Appendix July 2019 Q2 2019 Earnings 3
Slide 4: Another good performance in Q2 2019
Another good performance in Q2 2019. Dynamic in the company remains high. Implementation of Capex program fully ongoing Strict monitoring of all business and macro drivers Q2 2019 Financials Markets & Macro Operations Revenues and profitability Good market environment all in all with P&D reported re
Slide 5: Strong dynamic at Sensile Medical
Strong dynamic at Sensile Medical SEIZING NEW BUSINESS OPPORTUNITIES SCHEDULING MILESTONES PAYMENTS FOR TECHNOLOGY DEVELOPMENT PROJECTS EVER Pharma D-mine® Pump for Parkinson commercialized in several EU countries New partnership with SQ Confirming milestone payment Innovation: development and regar
Slide 6: Gerresheimer's future growth and profitability in core business
Deployment of current Capex plan is essential to support Gerresheimer’s future growth and profitability in core business Capacity expansion is key for: Upgrades are necessary to: Actual under capacity — Syringes Process optimization & productivity improvement — Decoration Cosmetics Europe — Standard
Slide 7: Center of Excellence Gx RTF Syringes
Center of Excellence Gx RTF® Syringes Upgrade to world class production & capacity expansion Meet strong demand in RTF syringes in Europe Adding up to approx. 35% more volume capacity by 2022 New RTF5 and RTF6 lines with high flexibility Ensure Biotech/ Biosimilar readiness Gx InnoSafe ® and Gx RTF
Slide 8: Agenda
Agenda 1 Dietmar Siemssen Q2 2019 highlights 2 Dr. Bernd Metzner Q2 2019 financial review 3 Dietmar Siemssen Conclusion & outlook 4 Appendix July 2019 Q2 2019 Earnings 8
Slide 9: Another good performance in Q2 2019
Another good performance in Q2 2019 CHANGE EUR M Q2 2019 Q2 2018 ANALYSIS in % FXN Revenues as per guidance1) 353.3 333.9 5.8% Growth across all business units Revenues 356.5 332.6 7.2% Slight fx tailwind FXN Adjusted EBITDA as per guidance 2) 73.2 67.9 7.9% Volume growth, operating leverage and mix
Slide 10: Broad based growth, especially driven by higher volumes YoY
Broad based growth, especially driven by higher volumes YoY P&D PPG GAT Adj. Adj. FXN1),2) FXN1) 3.8% EBITDA 24.9% 3.8% EBITDA 20.0% Growth Growth margin3) margin3) REPORTED EUR M REPORTED EUR M REPORTED EUR M 46.7 187.6 162.1 32.6 7.2 44.5 32.3 Q2 Q2 2018 153.0 2018 1.2 179.7 Q2 Q2 2019 2019 Revenu
Slide 11: Despite almost doubling of Capex, good Free Cash Flow performance YoY
Despite almost doubling of Capex, good Free Cash Flow performance YoY EUR M Q2 2019 Q2 2018 CHANGE Adjusted EBITDA 100.4 71.1 29.3 Change in net working capital stable YoY - Thereof derecognition of contingent purchase price liabilities 26.2 - 26.2 Implementation of capex program for 2019 & 2020 dri
Slide 12: Adjusted EBITDA Leverage temporarily at 2.3x
Adjusted EBITDA Leverage temporarily at 2.3x NET FINANCIAL DEBT AND ADJ. EBITDA LEVERAGE Net Financial Debt FCF before acquisitions Net Financial Debt Nebt Debt practically unchanged from Feb 28, 2019 to Feb 28, 2019 Other (incl. FX effect) and divestments May 31, 2019 May 31, 2019 Starting explorin
Slide 13: Agenda
Agenda 1 Dietmar Siemssen Q2 2019 highlights 2 Dr. Bernd Metzner Q2 2019 financial review 3 Dietmar Siemssen Conclusion & outlook 4 Appendix July 2019 Q2 2019 Earnings 13
Slide 14: FY 2019 guidance confirmed, FY 2020-2022 indications unchanged
FY 2019 guidance confirmed, FY 2020-2022 indications unchanged. Focus on execution At Group level & METRICS EXPECTED FY 2019 (FXN1) FXN1 Revenues ~ EUR 1.40bn to EUR 1.45bn ~ EUR 295m (plus/minus EUR 5m) Adjusted EBITDA Excluding EUR 118.5m from derecognition of contingent purchase price components
Slide 15: Agenda
Agenda 1 Dietmar Siemssen Q2 2019 highlights 2 Dr. Bernd Metzner Q2 2019 financial review 3 Dietmar Siemssen Conclusion & outlook 4 Appendix July 2019 Q2 2019 Earnings 15
Slide 16: Broad based growth in Q2 2019. FXN Revenues up 5.8%
Broad based growth in Q2 2019. FXN Revenues as per guidance up 5.8% EUR m FXN1 growth YoY: +5.8% FXN1 7.2 353.3 350 5.8 334.9 (0.3) 332.6 333.9 6.7 2.3 325 (1.0) 300 Q2 2018 Currency Q2 2018 @ Impact 2018 Q2 2018 FXN Δ P&D Δ PPG Δ GAT Δ Internal Sales Q2 2019 reported impact 2019 budget loss of the
Slide 17: FXN Adjusted EBITDA as per guidance up 7.9%
FXN Adjusted EBITDA as per guidance up 7.9% EUR m FXN1 growth YoY: +7.9% FXN1 26.2 99.4 0.9 72.0 1.1 5.3 1.2 73.2 71.1 67.9 (5.2) (1.2) Q2 2018 Currency Q2 2018 Impact 2018 Impact 2018 Q2 2018 Δ P&D Δ PPG Δ GAT Δ HQ Q2 2019 Derecon. Of Q2 2019 adjusted impact adjusted Loss of the Network FXN base fo
Slide 18: GXI Key Data
GXI Key Data in EUR per share 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Dividend 0.40 – 0.50 0.60 0.65 0.70 0.75 0.85 1.05 1.10 1.15 Dividend yield 1.5% – 1.8% 1.9% 1.7% 1.4% 1.7% 1.2% 1.5% 1.6% 1.8% Payout ratio 22% – 26% 25% 25%1 23% 26% 25% 25% 27% 20% Share price high 38.20 27.05 29
Slide 19: Financial calendar and contact details
Financial calendar and contact details FINANCIAL CALENDAR October 10, 2019 Interim Report 3rd Quarter 2019 CONTACT DETAILS Name Corporate Investor Relations Phone +49 211 6181 257 Fax +49 211 6181 121 E-mail Gerresheimer.ir@gerresheimer.com IR website www.gerresheimer.com/ir July 2019 Q2 2019 Earnin
Slide 20: Overview of Abbreviations and Definitions
Overview of Abbreviations and Definitions ABBREVIATIONS AND DEFINITIONS Adj. EBITDA Net income before income taxes, net finance expense, amortization of fair value adjustments, depreciation and amortization, impairment losses, restructuring expenses and one-off income and expenses Adjusted EPS Adjus
Slide 21: 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.