GERRESHEIMER AG
DGAP-News: Gerresheimer AG / Key word(s): Annual Results/Quarter Results
Gerresheimer AG: Gerresheimer presents strong fourth quarter
2021-02-18 / 07:00
The issuer is solely responsible for the content of this announcement.
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Gerresheimer presents strong fourth quarter
. Transformation in full swing: Continuous focus on growth delivers first positive results
. Fourth-quarter Group revenues rise to 403m Euro: 7.3 % organic growth in the core business
. Fourth-quarter adjusted EBITDA up to 100m Euro; 6.5 % organic growth in the core business
. Target range for the financial year 2020 reached despite the impact of the pandemic
. Dividend proposal: Increase to 1.25 Euro per share
. Outlook for the financial year 2021 confirmed
Duesseldorf, February 18, 2021-Gerresheimer AG posted strong growth in the fourth quarter of 2020 and landed inside the
target range despite the negative impact of the COVID-19 pandemic. "Business in the fourth quarter was very strong. It
was the best quarter in the Company's history. Despite the negative impact of the coronavirus pandemic, especially in
our cosmetics business, we reached our goals for 2020. The successful acceleration of growth in large parts of our core
business demonstrates the effectiveness of our measures and makes us very confident about our business performance in
the next few years. We continued to focus on implementing our strategic process in 2020. We are transforming our
Gerresheimer into a growth company as innovation leader and solutions provider," said Dietmar Siemssen, CEO of
Gerresheimer AG. "We are mobilizing the entire Company. We have set ourselves ambitious goals with our strategy. We aim
to accelerate our revenue growth in 2021 and achieve high single-digit growth rates in the medium term. We let our
shareholders share in our success. The Management Board and Supervisory Board are proposing a dividend of 1.25 Euro per
share for the financial year 2020, the tenth increase in a row."
Gerresheimer AG generated revenues of 403m Euro in the fourth quarter, representing organic growth of 7.3% in the core
business comprising the Plastics & Devices and Primary Packaging Glass Divisions. The Gerresheimer Group generated
revenues of approximately 1,419m Euro in the financial year 2020. Organic growth in the core business totaled 3.8%.
The Plastics and Devices Division recorded organic growth of 6.0 % in the fourth quarter. This was attributable in
particular to the syringe business as well as the Medical Plastic Systems business, each of which recorded double-digit
growth rates. Alongside the strong syringe business, sales of inhalers, insulin pens, and plastic packaging contributed
to the positive development in the financial year 2020 with an organic growth of 4.7 %.
The Primary Packaging Glass Division recorded an organic growth rate of 9.1 % in the fourth quarter 2020. This good
result was underlined by first significant revenues from sales of innovative products like Gx ELITE Glass and
ready-to-fill vials. Demand for high-quality perfume flacons was down substantially year on year in the financial year
2020 because of COVID-19. Nevertheless the Primary Packaging Glass Division showed an organic growth of 2.7 %.
Excluding the cosmetic business the organic growth in this division was 6.7 % in 2020.
In the fourth quarter 2020, Gerresheimer recorded first significant revenues from vials for Covid-19 vaccinations.
Gerresheimer has significantly expanded its production capacity for injection vials. This has seen the Company embrace
its responsibilities and make a key contribution to combating the pandemic by supplying glass vials to be filled with
vaccines.
Adjusted EBITDA in the fourth quarter of 2020 came to 100m Euro. In the core business, adjusted EBITDA rose organically
by 6.5 % compared to the prior-year quarter. The Group's adjusted EBITDA margin in the fourth quarter of 2020 stood at
24.8 %. At 42m Euro, adjusted net income was up significantly on the prior-year quarter.
The Gerresheimer Group generated adjusted EBITDA of 310m Euro in the financial year 2020, with adjusted EBITDA growing
organically by 7.9 % in the core business. The Group's adjusted EBITDA margin was 21.9 % and adjusted net income came
to 124m Euro. This produced adjusted earnings per share of 3.90 Euro, of which the Company plans to distribute as
dividend 1.25 Euro per share. Adjusted EBITDA leverage on November 30, 2020, was 3.0x.
Forecast
Outlook for the financial year 2021 (core business, at constant exchange rates):
. Revenue growth in the mid-single-digit percentage range
. Adjusted EBITDA margin between 22 and 23 %
. Adjusted earnings per share to improve by around 10 %
Medium term (core business, at constant exchange rates):
. Revenue growth in the high single-digit percentage range
. Adjusted EBITDA margin of around 23 %
. Adjusted earnings per share to improve by at least 10 % per year
The Annual Report 2020 is available here:
https://www.gerresheimer.com/en/company/investor-relations/reports
Press contact
Jens Kürten
Group Senior Director Communication & Marketing Corporate
T +49 211 6181-250
F +49 211 6181-241
jens.kuerten@gerresheimer.com
Investor Relations contact
Carolin Nadilo
Director Investor Relations
T +49 211 6181-220
F +49 211 6181-121
carolin.nadilo@gerresheimer.com
Key figures (IFRS) of Gerresheimer Group
Q4 Q4 Change
In EUR m 2020 2019 in %^7)
Results of Operations
Revenues 402,8 368,6 9,3
organic group 13,2
organic core business^1) 7,3
Adjusted EBITDA^2) 99,9 81,6 22,5
organic group 26,0
organic core business^1) 6,5
Adjusted EBITDA margin in % 24,8 22,1 +270bps
Adjusted net income^3) 41,8 28,0 49,1
Adjusted earnings per share^4) in EUR 1,31 0,88 -
Q4 Q4 Change
Net Assets 2020 2019 in %^7)
Equity ratio in % 34,4 35,6 -120bps
Net financial debt 961,2 942,7 2,0
Adjusted EBITDA leverage^5) 3,0 2,4 -
Financial Position
Cash flow from operating activities 124,9 137,6 -9,2
Cash flow from investing activities -64,5 -75,7 -14.7
Free cash flow before M&A activities 60,2 62,3 -2,1
Key figures (IFRS) of Gerresheimer Group
Financial Year Financial Year Change
2020 2019 in %^7)
In EUR m underlying^6)
Results of Operations
Revenues 1.418,8 1.406,5 0,9
organic group 2,6
organic core business^1) 3,8
Adjusted EBITDA^2) 310,1 296,7 4,5
organic group 1,7
organic core business^1) 7,9
Adjusted EBITDA margin in % 21,9 21,1 +80bps
Adjusted net income^3) 123,7 128,7 -3,8
Adjusted earnings per share^4) in EUR 3,90 4,04 -3,5
Financial Year Financial Year Change
Net Assets 2020 2019 in %^7)
Equity ratio in % 34,4 35,6 -120bps
Net financial debt 961,2 942,7 2,0
Adjusted EBITDA leverage^5) 3,0 2,4 -
Financial Position
Cash flow from operating activities 222,2 192,9 15,2
Cash flow from investing activities -157,0 -203,2 -22,7
Free cash flow before M&A activities 65,2 33,6 93,6 ^1) The core business consists of the Plastics & Devices and the Primary Packaging Glass divisions; for adjusted EBITDA purposes also including head office/consolidation expenses.
^2) Adjusted EBITDA: Net income before income taxes, net finance expense, amortization/impairment losses of fair value adjustments, depreciation and amortization, impairment losses, restructuring expenses, and one-off income and expenses.
^3) Adjusted net income: Net income before amortization/impairment losses of fair value adjustments, restructuring expenses, the balance of one-off income and expenses, and the related tax effects.
^4) Adjusted earnings per share, attributable to shareholdes of Gerresheimer AG, calculated on the basis of 31.4m shares.
^5) Adjusted EBITDA leverage: The relation of net financial debt to adjusted EBITDA of the last twelve months according to the credit agreement currently in place.
^6) The disclosed figures take into account various necessary adjustments in the financial year 2019 due to the cancellation of a project to develop a micro pump (see corporate news from Feb. 19, 2020 for further details) as well as the effects from the deconsolidation of the Argentinian subsidiary.
^7) The change has been calculated on a EUR k basis. -----------------------------------------------------------------------------------------------------------------------
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