Gerresheimer Ag · XETR:GXI
Gerresheimer — Q3 2020 Earnings Presentation
21 slides from Gerresheimer's earnings presentation, Oct 13, 2020
Slide 1: Q3 2020 Earnings Presentation
Q3 2020 Earnings Presentation Dietmar Siemssen, CEO Bernd Metzner, CFO Duesseldorf, October 13, 2020
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 Operational Update: On Track 2 Financial Update: Solid Q3 – Very Strong Quarter Ahead Outlook: Guidance Confirmed 3 13/10/2020 Q3 Earnings Presentation 3
Slide 4: On Track: We Deliver on our Promises – Key Take-Aways Q3 2020
On Track: We Deliver on our Promises Key Take-Aways Q3 2020 Third quarter as expected: accomplishing growth despite Covid-19 Backend-loaded fiscal year: very strong Q4 ahead Financial highlights in Q3: Revenues of EUR 349m Organically +2.1% in core business1 Adjusted EBITDA of EUR 75m, adj. EBITDA m
Slide 5: Gx Biological Solutions Pushed Forward
Gx® Biological Solutions Pushed Forward Advanced Solutions for Biotechs Highly dynamic Gx® Biological Solutions The right product solutions market environment serving customers’ needs: The industry is witnessing a Gx® Biological Solutions: Serving biotech customers paradigm shift from small with the
Slide 6: Further Capacity Increase for Vials and Syringes Fully Ongoing
Further Capacity Increase for Vials and Syringes Fully Ongoing Gx as Reliable Partner for Pharma and Healthcare Growing injectables market as Clearly standing by Capacity increase to serve global mega trend our responsibility global demand Vaccination as global Assumption for Covid-19 Investments br
Slide 7: Accelerating Change - Transforming Gerresheimer in Full Swing
Accelerating Change - Transforming Gerresheimer in Full Swing Update to follow at Capital Markets Day Virtual Capital Markets Day Time Section (CET) December 8, 2020 – 2:00pm Welcome fully virtual and interactive 2:05pm Our Growth Strategy – Leading in Health and Well-Being Delivery Solutions Update
Slide 8: Agenda
Agenda 1 Operational Update: On Track 2 Financial Update: Solid Q3 – Very Strong Quarter Ahead Outlook: Guidance Confirmed 3 13/10/2020 Q3 Earnings Presentation 8
Slide 9: Q3 2020 – Solid Basis Anticipating Very Strong Q4
Q3 2020 – Solid Basis Anticipating Very Strong Q4 P&L Overview (EUR m) Q3 2020 Q3 2019 YoY Analysis Organic growth of +2.1% in core business including temporary Covid-19 Revenues 349.2 358.6 0.4%1) one-time hit in cosmetics of a mid-single digit Euro amount Profitability increase due to good core Ad
Slide 10: Robust Core Business: Organic Growth Despite Covid-19
Robust Core Business: Organic Growth Despite Covid-19 Q3 2020 Divisions EUR m Organic Organic growth 52.1 growth 193.7 193.8 +4.3% +13.5% — Strong growth in PPP and syringes, short-term 45.7 phasing effects in MDS P&D — Margin improvement to 26.9% on the back of organic adj. EBITDA growth of 13.5% Q
Slide 11: Outperformance in Free Cash Flow
Outperformance in Free Cash Flow Cash Flow in Q3 2020 (EUR m) Q3 2020 Q3 2019 Change Analysis Adjusted EBITDA 75.0 72.2 2.8 Driven by good core business Focus on operational Working Capital Change in net working capital 4.7 -12.4 17.1 performance Net capex -28.8 -43.6 14.8 Supported by sale of Kuess
Slide 12: Leverage Stable – Promissory Note Agreement Signed
Leverage Stable – Promissory Note Agreement Signed End of Q3 2020: Financial Status NET FINANCIAL DEBT AND ADJ. EBITDA LEVERAGE NET FINANCIAL DEBT ACCORDING TO CREDIT AGREEMENT IN FORCE1) 976.0 980.7 In EUR m May 2020 Aug 2020 Revolving credit facility 360.2 365.5 3.2 3.2 Promissory loans (2017) 250
Slide 13: Agenda
Agenda 1 Operational Update: On Track 2 Financial Update: Solid Q3 – Very Strong Quarter Ahead Outlook: Guidance Confirmed 3 13/10/2020 Q3 Earnings Presentation 13
Slide 14: Very Strong Quarter Ahead – Outlook Q4 2020
Very Strong Quarter Ahead Outlook Q4 2020 Mid to high-single digit growth P&D Support of phasing effects from Q3 High-single digit to double digit growth First delivery of Covid-19 vials PPG Innovation materializing: first sales in Gx® Elite Glass First recovery in cosmetics business Exploration of
Slide 15: Guidance Confirmed
Guidance Confirmed At Group level (FXN) FY 2020 Mid-term Mid-single Mid-single Revenue Growth digit growth digit growth Adjusted EBITDA ~21%1 ~ 23% Capex ~ 12% 8 - 10% (% of revenues) 1. Including a positive effect of EUR 9m to EUR 11m from the transition to IFRS 16. 13/10/2020 Q3 Earnings Presentat
Slide 16: Focus on Growth
Focus on Growth Q3 2020: Core business on track Very strong quarter ahead For our long-term profitable growth journey we are securing new orders, additional capacities and leveraging market trends 13/10/2020 Q3 Earnings Presentation 16
Slide 17: Next Events
Next Events Capital Markets Day Financial Reporting December 8, 2020 February 18, 2021: Publication Annual Report 2020 Public Event for Investors and Analysts - Details to follow 17
Slide 18: Appendix
GERRESHEIMER Appendix
Slide 19: YoY Revenue & Organic Growth Reconciliation (1 of 2)
YoY Revenue & Organic Growth Reconciliation (1 of 2) in EUR m organic growth rate +0.4% 0.8 358.6 357.9 8.2 5.7 358.5 0.7 357.2 0.4 0.7 9.3 349.2 +4.3% -0.5% Gx Group Q3 2019 FX Q3 2019 Buenos Q3 2019 P&D PPG GAT Internal Q3 2020 FX Q3 2020 (FXN) Aires (FXN) adj. (FXN) 13/10/2020 Q3 2020 Earnings 19
Slide 20: YoY Revenue & Organic Growth Reconciliation (2 of 2)
YoY Revenue & Organic Growth Reconciliation (2 of 2) in EUR m organic growth rate +2,1% 358,9 0,8 352,9 8,2 352.2 9.4 0.7 351.5 0,7 349,5 +4.3% -0.5% Gx Core Business Q3 2019 FX Q3 2019 Buenos Q3 2019 P&D PPG Q3 2020 FX Q3 2020 (FXN) Aires (FXN) adj. (FXN) 352,9 352.2 351.5 358,9 +4,5% 349,5 0.7 0,7
Slide 21: YoY Adj. EBITDA & Organic Growth Reconciliation
YoY Adj. EBITDA & Organic Growth Reconciliation in EUR m organic growth rate +1.8% 1.1 4.8 76.0 1.0 75.0 6.1 73.2 2.8 72.2 72.0 71.9 1.1 0.2 0.1 +13.5% +3.5% Gx Group Q3 2019 FX Q3 2019 Buenos Q3 2019 P&D PPG GAT HQ, Q3 2020 IFRS16 Q3 2020 FX Q3 2020 (FXN) Aires (FXN) Cons. (FXN) (FXN) (FXN) adj. be