Gerresheimer Ag · XETR:GXI
Gerresheimer — Q2 2015 Earnings Presentation
26 slides from Gerresheimer's earnings presentation, Jul 9, 2015
Slide 1: Q2 2015 Results Presentation
Q2 2015 Results Presentation Uwe Röhrhoff, CEO Rainer Beaujean, CFO Duesseldorf, July 9, 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 Q2 2015
Review Q2 2015 Uwe Röhrhoff, CEO
Slide 4: Q2 2015 sees strong increase in revenues and profits
Q2 2015 sees strong increase in revenues and profits Key Group figures in EUR m, EPS in EUR Revenues Adjusted EBITDA Organic FXN: +1.9% Q2 2015 FXN: EUR 70.3m +6.3% +10.6% 335.4 356.4 65.1 72.1 Margin 19.4% 20.2% Category Q2 2014 Q21 2015 Category Q2 2014 Q21 2015 Adjusted EPS Operating Cash Flow +1
Slide 5: Q2 2015 with a strong set of results in all divisions
Q2 2015 with a strong set of results in all divisions Plastics & Devices Very strong revenue growth in inhalers and diabetes care, tooling revenues back to normal levels as expected Adjusted EBITDA increase driven by positive revenue mix effect Primary Packaging Glass US demand improved, revenues ar
Slide 6: Disposal of Tubing operations to Corning: deal rationale
Disposal of Tubing operations to Corning: deal rationale Closing expected by the end of 2015 We focus on our core competence in line with our strategy: finished products in primary packaging glass – close to the customer Corning is a world leader in material sciences and high-quality glass productio
Slide 7: Financial overview Q2 2015
Financial overview Q2 2015 Rainer Beaujean, CFO
Slide 8: Strong growth in Q2 2015 driven by stronger US-dollar
Strong growth in Q2 2015 driven by stronger US-dollar – organic growth fully in line with expectations Revenues by division Q2 2015 Q2 2014 Growth Organic EUR m EUR m in % growth1 in % Total Group 356.4 335.4 +6.3 +1.9 Plastics & Devices 168.6 160.2 +5.3 +4.6 Primary Packaging Glass 166.8 158.0 +5.6
Slide 9: Broad-based EBITDA margin expansion in Q2 2015
Broad-based EBITDA margin expansion in Q2 2015 Adjusted EBITDA1 by division Q2 2015 Q2 2014 EUR m Margin in % EUR m Margin in % Total Group 72.1 20.2 65.1 19.4 Plastics & Devices 36.3 21.5 33.0 20.6 Primary Packaging Glass 36.8 22.1 33.7 21.3 Life Science Research 3.8 14.5 3.0 14.0 1. Earnings befor
Slide 10: Q2 2015: All earnings figures up quarter-over-quarter
Q2 2015: All earnings figures up quarter-over-quarter Q2 2015 Q2 2014 Growth EUR m EUR m in % Adjusted EBITDA1 72.1 65.1 +10.6 Depreciation/amortization -25.4 -27.0 Restructuring/one-offs -5.8 -0.3 Portfolio optimization -0.9 0.0 EBIT 40.0 37.8 +5.6 Net finance expense and -17.6 -17.0 taxes Net inco
Slide 11: Strong balance sheet, improved cash flow metrics
Strong balance sheet, improved cash flow metrics May 31, 2015 May 31, 2014 Change EUR m EUR m in % Total assets 1,700.7 1,632.6 +4.2 Equity 615.2 570.6 +7.8 Equity ratio 36.2% 35.0% - Net working capital1 277.2 239.8 +15.6 average NWC in % of LTM 20.0% 18.5% - revenues Q2 2015 Q2 2014 Change Capex 1
Slide 12: Net financial debt development quarter-on-quarter
Net financial debt development quarter-on-quarter Comparison of debt/cash positions in EUR m 465.6 Net financial debt 441.1 Interest rate (due date): 300.0 Fixed coupon at 5.0% Bond 300.0 (2018) Interest rate hedged 75.7 at 3.26% (2016) Long-term bank debt 101.5 149.5 Headroom: EUR 100.5m Revolving
Slide 13: Refinancing of syndicated bank debt successfully completed in June 2015
Refinancing of syndicated bank debt successfully completed in June 2015 Favorable market environment Recent confirmation of Gerresheimer’s investment grade ratings by S&P and Moody’s New revolving credit facility of EUR 450m, matures in year 2020 (previously: revolving + amortizing credit facility o
Slide 14: Key takeaways Q2 2015
Key takeaways Q2 2015: Another quarter with strong increase in earnings and cash flows, refinancing completed Increased profitability Adjusted EBITDA up 10.6%, margin at 20.2% (Q2 2014: 19.4%) EBIT progressed by 5.6% EPS increased by 6.0% Adjusted EPS +15.1% Improved cash flows Operating cash flow m
Slide 15: Guidance FY 2015
Guidance FY 2015 Uwe Röhrhoff, CEO
Slide 16: Full confirmation of Guidance FY 2015
Full confirmation of Guidance FY 2015 Guidance FY 2015 Revenues +1% to +3%; equals approx. EUR 1,300m to EUR 1,330m (organic growth)1 Adjusted EBITDA EUR 255m to EUR 265m (at const. FX)2 Capex 9% to 10% of revenues (at const. FX)2 1. Organic growth: At const. FX rates, excluding acquisitions, divest
Slide 17: Updated outlook FY 2016-2018 reflects disposal of Tubing business
Updated outlook FY 2016-2018 reflects disposal of Tubing business Outlook Updated Outlook FY 2016-2018 FY 2016-2018 (Assumption: Tubing deal will be closed by end of 2015) Revenues +4% to +6% CAGR +4% to +6% CAGR (organic growth)1 Adjusted EBITDA Uplift towards 21% adjusted Adjusted EBITDA margin (a
Slide 18: Questions & Answers
Questions & Answers
Slide 19: 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 20: Backup
GERRESHEIMER Backup
Slide 21: Development of net working capital
Development of net working capital1 May 31, 2015 May 31, 2014 EUR m EUR m Inventories 214.3 199.5 thereof prepayments made 6.4 15.9 Trade receivables 216.4 189.8 Trade payables 115.1 104.2 Payments received on account 38.4 45.3 of orders Net working capital 277.2 239.8 in % of LTM revenues 21.1 18.8
Slide 22: Development of inventories
Development of inventories May 31, 2015 May 31, 2014 EUR m EUR m Raw materials, consumables 55.7 52.8 and supplies Work in progress 24.5 24.5 Finished goods and 127.7 106.3 merchandise Prepayments made on 6.4 15.9 inventories Inventories 214.3 199.5 22
Slide 23: Q1-Q2 2015 revenue development
Q1-Q2 2015 revenue development Revenues by division Q1-Q2 2015 Q1-Q2 2014 Growth Organic EUR m EUR m in % growth1 in % Total Group 658.2 632.9 +4.0 -0.1 Plastics & Devices 306.2 295.8 +3.5 +2.6 Primary Packaging Glass 313.2 304.0 +3.0 -2.8 Life Science Research 49.1 42.0 +16.8 -0.6 1. Organic growth
Slide 24: Q1-Q2 2015 EBITDA margin development
Q1-Q2 2015 EBITDA margin development Adjusted EBITDA1 by division Q1-Q2 2015 Q1-Q2 2014 EUR m Margin in % EUR m Margin in % Total Group 123.0 18.7 112.7 17.8 Plastics & Devices 61.8 20.2 54.0 18.3 Primary Packaging Glass 64.7 20.7 62.4 20.5 Life Science Research 6.6 13.4 5.5 13.1 1. Earnings before
Slide 25: Q1-Q2 2015 earnings figures development
Q1-Q2 2015 earnings figures development Q1-Q2 2015 Q1-Q2 2014 Growth EUR m EUR m in % Adjusted EBITDA1 123.0 112.7 +9.1 Depreciation/amortization -51.4 -52.9 Restructuring/one-offs -6.2 -0.3 Portfolio optimization -0.9 0.0 EBIT 64.5 59.5 +8.3 Net finance expense and -29.5 -28.4 taxes Net income 35.0
Slide 26: Financial calendar and contact details
Financial calendar and contact details February 11, 2015 Annual Report Financial Year 2014 R April 14, 2015 Interim Report 1st Quarter 2015 R April 30, 2015 Annual General Meeting 2015 R July 9, 2015 Interim Report 2nd Quarter 2015 R October 8, 2015 Interim Report 3rd Quarter 2015 Name Investor Rela