OUR THIRD QUARTER
QUARTERLY STATEMENT THIRD QUARTER
DECEMBER 2019 - AUGUST 2020
2
GROUP KEY FIGURES
Financial Year ended November 30 | Q3 2020 | Change | Q1-Q3 2020 | Change | ||
Q3 2019 | in %7) | Q1-Q3 2019 | in %7) | |||
Results of Operations | ||||||
during Reporting Period in EUR m | ||||||
Revenues | 349.2 | 358.6 | -2.6 | 1,016.0 | 1,023.6 | -0.7 |
Adjusted EBITDA1) | 75.0 | 72.2 | 4.1 | 210.2 | 318.5 | -34.0 |
in % of revenues | 21.5 | 20.1 | - | 20.7 | 31.1 | - |
Adjusted EBITA1) | 48.7 | 48.9 | -0.4 | 129.4 | 248.6 | -47.9 |
in % of revenues | 13.9 | 13.6 | - | 12.7 | 24.3 | - |
Results of operations | 43.8 | 33.8 | 29.7 | 102.2 | 204.2 | -50.0 |
Adjusted net income3) | 30.7 | 30.7 | -0.1 | 81.9 | 199.7 | -59.0 |
Net Assets as of Reporting Date in EUR m | ||||||
Total assets | 2,582.2 | 2,745.7 | -6.0 | 2,582.2 | 2,745.7 | -6.0 |
Equity | 870.0 | 1,028.5 | -15.4 | 870.0 | 1,028.5 | -15.4 |
Equity ratio in % | 33.7 | 37.5 | - | 33.7 | 37.5 | - |
Net working capital | 251.1 | 281.2 | -10.7 | 251.1 | 281.2 | -10.7 |
in % of revenues of the last twelve months | 18.1 | 19.9 | - | 18.1 | 19.9 | - |
Capital expenditure | 46.9 | 45.5 | 3.2 | 115.3 | 90.7 | 27.0 |
Net financial debt | 1,016.6 | 1,000.4 | 1.6 | 1,016.6 | 1,000.4 | 1.6 |
Adjusted EBITDA leverage4) | 3.2 | 2.4 | - | 3.2 | 2.4 | - |
Financial and Liquidity Position | ||||||
during Reporting Period in EUR m | ||||||
Cash flow from operating activities | 66.7 | 40.1 | 66.4 | 97.3 | 55.3 | 75.9 |
Cash flow from investing activities | -29.0 | -61.6 | 53.0 | -92.5 | -127.5 | 27.5 |
Free cash flow before financing activities | 37.7 | -21.5 | >100.0 | 4.8 | -72.2 | >100.0 |
Employees | ||||||
Employees as of the reporting date | 9,890 | 9,910 | -0.2 | 9,890 | 9,910 | -0.2 |
Stock Data | ||||||
Number of shares at reporting date in million | 31.4 | 31.4 | - | 31.4 | 31.4 | - |
Share price5) at reporting date in EUR | 98.85 | 68.65 | 44.0 | 98.85 | 68.65 | 44.0 |
Market capitalization at reporting date in EUR m | 3,103.9 | 2,155.6 | 44.0 | 3,103.9 | 2,155.6 | 44.0 |
Share price high5) during reporting period in EUR | 100.80 | 74.00 | 36.2 | 100.80 | 74.00 | 36.2 |
Share price low5) during reporting period in EUR | 73.65 | 63.10 | 16.7 | 53.00 | 51.80 | 2.3 |
Earnings per share in EUR | 0.81 | 0.59 | 37.3 | 1.86 | 5.22 | -64.4 |
Adjusted earnings per share6) in EUR | 0.97 | 0.96 | 1.0 | 2.58 | 6.31 | -59.1 |
- 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.
- Adjusted EBITA: Net income before income taxes, net finance expense, amortization/impairment losses of fair value adjustments, restructuring expenses, and one-off income and expenses.
- Adjusted net income: Net income before amortization/impairment losses of fair value adjustments, restructuring expenses, portfolio adjustments, the balance of one-off income and expenses and related tax effects.
- 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.
- Xetra closing price.
- Adjusted net income per share after non-controlling interests divided by 31.4m shares.
- The change has been calculated on a EUR k basis.
.
3
CONTENTS
4 QUARTERLY STATEMENT AS OF AUGUST 31, 2020 4 Revenue performance
5 Results of operations 7 Balance sheet
- Financial liabilities and credit facilities
- Direct Cash Flow
- Outlook
- TABULARLY FINANCIAL INFORMATION AS OF AUGUST 31, 2020
- Consolidated income statement
- Consolidated statement of comprehensive income
- Consolidated balance sheet
- Consolidated statement of changes in equity
- Consolidated cash flow statement
- Segment data by division
- FURTHER INFORMATION
- Financial calendar
- Imprint
4 | QUARTERLY STATEMENT AS OF AUGUST 31, 2020 | Gerresheimer AG QUARTERLY STATEMENT DECEMBER 2019 - AUGUST 2020 |
QUARTERLY STATEMENT AS OF AUGUST 31, 2020
REVENUE PERFORMANCE
Gerresheimer Group revenues were EUR 349.2m in the third quarter of 2020, compared to EUR 358.6m in the prior-year quarter. The main factors negatively impacting revenues were movements in the US dollar and the Brazilian real. On an organic basis-meaning without exchange rate effects and without the Argentine subsidiary deconsolidated as of November 30, 2019-the increase over the period was 0.4%.
Q3 | Q3 | Change | Q1-Q3 | Q1-Q3 | Change | |
in EUR m | 2020 | 2019 | in %1) | 2020 | 2019 | in %1) |
Revenues | ||||||
Plastics & | ||||||
Devices | 193.8 | 193.7 | 0.1 | 552.4 | 542.0 | 1.9 |
Primary | ||||||
Packaging | 155.8 | 159.2 | -2.1 | 464.6 | 463.2 | 0.3 |
Glass | ||||||
Advanced | 0.6 | 6.3 | -90.2 | 2.6 | 20.1 | -87.2 |
Technologies | ||||||
Subtotal | 350.2 | 359.2 | -2.5 | 1,019.6 | 1,025.3 | -0.6 |
Intra-Group | -1.0 | -0.6 | 76.4 | -3.6 | -1.7 | >100.0 |
revenues | ||||||
Total revenues | 349.2 | 358.6 | -2.6 | 1,016.0 | 1,023.6 | -0.7 |
- The change has been calculated on a EUR k basis.
Revenues in the Plastics & Devices Division, at EUR 193.8m in the third quarter of 2020, were on the same level as in the prior-year quarter. On an organic basis-meaning without exchange rate effects and without the revenues of the Argentine subsidiary deconsolidated as of
November 30, 2019-revenues in this period went up by 4.3%. All business units contributed to this positive development. Of particular note here was the performance of our syringe business, the Plastic Packaging Business Unit in Europe and the Medical Plastic Systems business.
Revenues in the Primary Packaging Glass Division amounted to EUR 155.8m in the third quarter of 2020, down EUR 3.4m on the prior- year quarter figure of EUR 159.2m. On an organic basis-meaning without exchange rate effects-revenues decreased slightly by 0.5% over the period mentioned. The Moulded Glass Business Unit saw a temporary decline in demand of glass packaging for high-quality cosmetic products as a result of the Covid-19 pandemic. The Tubular Glass Business Unit performed very positively, especially in the North America and Europe regions, and was practically able to make up for part of the revenue shortfall in the cosmetics business.
Revenues in the Advanced Technologies Division came to EUR 0.6m in the third quarter of 2020, compared to EUR 6.3m in the prior-year quarter.
QUARTERLY STATEMENT AS OF AUGUST 31, 2020 | 5 |
RESULTS OF OPERATIONS
The Gerresheimer Group generated adjusted EBITDA of EUR 75.0m in the third quarter of 2020, compared to EUR 72.2m in the prior-year quarter. The adjusted EBITDA margin in the third quarter of 2020 was 21.5%, compared to 20.1% in the third quarter of 2019.
In the Plastics & Devices Division, we generated adjusted EBITDA of EUR 52.1m in the third quarter of 2020, compared to EUR 45.7m in the same quarter of the prior year. On an organic basis-meaning without exchange rate effects and without the earnings from the Argentine subsidiary deconsolidated as of November 30, 2019, as well as without the transition effect from financial reporting standard IFRS 16 'Leases', which we were required to apply for the first time from December 1, 2019-the increase over the period was 13.5%. All business units contributed to this positive development. Of particular note here was the performance of our syringe business, the Plastic Packaging Business Unit in Europe and the Medical Plastic Systems business. The transition to IFRS 16 had a positive impact of EUR 1.4m in the Plastics & Devices Division in the third quarter of 2020.
Despite challenges in the cosmetics business, we succeeded in increasing adjusted EBITDA in the Primary Packaging Glass Division by 6.2% or EUR 1.8m, from EUR 30.1m in the prior-year quarter to EUR 31.9m in the third quarter of 2020. On an organic basis-meaning without exchange rate effects and without the IFRS 16 transition effect-the increase over the period was 3.5%. This growth is mainly attributable to the Moulded Glass Business Unit and, in that context, to the very good performance in North America. It should be noted that we recorded insurance reimbursements in the mid-single-digit million euro range for financial losses incurred in the third quarter of 2020 in connection with the furnace damage at our US plant in the financial year 2019 and with a warehouse fire at one of our molded glass plants in Germany in the second quarter of 2020. The compensation for the furnace damage is partly due to the business interruption and would have resulted in higher revenue. The transition to IFRS 16 had a positive impact of EUR 0.6m in the Primary Packaging Glass Division in the third quarter of 2020.
Adjusted EBITDA in our Advanced Technologies Division marked a loss of EUR 2.7m in the third quarter of 2020, compared to a positive EUR 1.8m in the prior-year quarter. In this division, the transition to IFRS 16 had a positive impact of EUR 0.3m.
The head office expenses and consolidation item amounted to EUR 6.3m in the third quarter of 2020, compared to EUR 5.4m in the prior-year quarter. Here, the transition to IFRS 16 had a positive impact of EUR 0.3m.
Q3 | Q3 | Change | |
in EUR m | 2020 | 2019 | in %1) |
Adjusted EBITDA | |||
Plastics & Devices | 52.1 | 45.7 | 13.9 |
Primary Packaging Glass | 31.9 | 30.1 | 6.2 |
Advanced Technologies | -2.7 | 1.8 | <-100.0 |
Subtotal | 81.3 | 77.6 | 4.8 |
Head office/consolidation | -6.3 | -5.4 | 15.7 |
Total adjusted EBITDA | 75.0 | 72.2 | 4.1 |
- The change has been calculated on a EUR k basis.
Margin in %
Q3 | Q3 |
2020 | 2019 |
26.9 | 23.6 |
20.5 | 18.9 |
- | 27.9 |
- | - |
- | - |
21.5 | 20.1 |
Margin in % | ||||
Q1-Q3 | Q1-Q3 | Change | Q1-Q3 | Q1-Q3 |
2020 | 2019 | in %1) | 2020 | 2019 |
139.5 | 126.6 | 10.2 | 25.3 | 23.4 |
99.2 | 87.6 | 13.2 | 21.4 | 18.9 |
-10.4 | 4.0 | <-100.0 | - | 20.0 |
228.3 | 218.2 | 4.6 | - | - |
-18.1 | 100.3 | <-100.0 | - | - |
210.2 | 318.5 | -34.0 | 20.7 | 31.1 |
6 | QUARTERLY STATEMENT AS OF AUGUST 31, 2020 | Gerresheimer AG QUARTERLY STATEMENT DECEMBER 2019 - AUGUST 2020 |
The following table shows the reconciliation of adjusted EBITDA to net income and to adjusted net income after non-controlling interests:
in EUR m | Q3 2020 | Q3 2019 | Change | Q1-Q3 2020 | Q1-Q3 2019 | Change |
Adjusted EBITDA | 75.0 | 72.2 | 2.8 | 210.2 | 318.5 | -108.3 |
Depreciation/Amortization | -26.3 | -23.3 | -3.0 | -80.8 | -69.9 | -10.9 |
Adjusted EBITA | 48.7 | 48.9 | -0.2 | 129.4 | 248.6 | -119.2 |
Portfolio optimization | 6.1 | -0.9 | 7.0 | 4.2 | -1.8 | 6.0 |
One-off income and expenses1) | -3.0 | -0.2 | -2.8 | -6.6 | -0.9 | -5.7 |
Total of one-off effects | 3.1 | -1.1 | 4.2 | -2.4 | -2.7 | 0.3 |
Amortization of fair value adjustments2) | -8.0 | -14.0 | 6.0 | -24.8 | -41.7 | 16.9 |
Results of operations | 43.8 | 33.8 | 10.0 | 102.2 | 204.2 | -102.0 |
Net finance expense | -5.5 | -7.0 | 1.5 | -16.1 | -20.3 | 4.2 |
Income taxes | -12.7 | -7.8 | -4.9 | -26.7 | -18.4 | -8.3 |
Net income | 25.6 | 19.0 | 6.6 | 59.4 | 165.5 | -106.1 |
Total of one-off effects | -3.1 | 1.1 | -4.2 | 2.4 | 2.7 | -0.3 |
Amortization of fair value adjustments2) | 8.0 | 14.0 | -6.0 | 24.8 | 41.7 | -16.9 |
One-off effects in the net finance expense | 0.2 | - | 0.2 | 0.3 | - | 0.3 |
Related tax effect | - | -3.4 | 3.4 | -5.0 | -10.2 | 5.2 |
Adjusted net income | 30.7 | 30.7 | - | 81.9 | 199.7 | -117.8 |
Adjusted net income attributable to non-controlling | ||||||
interests | 0.2 | 0.6 | -0.4 | 0.8 | 1.5 | -0.7 |
Adjusted net income after non-controlling interests | 30.5 | 30.1 | 0.4 | 81.1 | 198.2 | -117.1 |
Adjusted earnings per share in EUR after non-controlling | ||||||
interests | 0.97 | 0.96 | 0.01 | 2.58 | 6.31 | -3.73 |
- The one-off income/expenses item consists of one-off items that cannot be taken as an indicator of ongoing business. These include, for example, various reorganization and structure changes that are not reportable as restructuring expenses in accordance with IFRS.
- Amortization of fair value adjustments relates to the intangible assets identified at fair value in connection with the acquisitions of Gerresheimer Zaragoza in January 2008; Vedat in March 2011; Neutral Glass in April 2012; Triveni in December 2012; Centor in September 2015; and Sensile Medical in July 2018.
One-off effects had a positive impact of EUR 3.1m in the third quarter of 2020, compared to a negative EUR 1.1m in the prior-year quarter. Portfolio optimization of EUR 6.1m contained in this are mainly in connection with the income from the sale of the land and building in Kuessnacht (Switzerland) and, in the opposite direction, the previously announced reorganization program in the Primary Packaging Glass Division. The negative EUR 3.0m in one-off income and expenses largely relates to the Covid-19pandemic-including to ensuring business continuity, implementing and adhering to safety concepts, and providing incentives to employees-and to the construction of our new plant in Skopje (Republic of North Macedonia).
Net finance expense, at EUR 5.5m in the third quarter of 2020, was EUR 1.5m lower than the EUR 7.0m recorded in the prior-year quarter. Interest income in the amount of EUR 0.4m (Q3 2019: EUR 0.6m) was Offset by interest expenses of EUR 5.4m (Q3 2019: EUR 6.3m). The
decrease in interest expenses is mostly due to drawings on the revolving credit facility being made almost entirely in euros, which incurs a lower expense than US dollar drawings because of the difference in the interest rate. Other financial expenses came to EUR 0.5m, down from EUR 1.3m in the prior-year quarter.
Income taxes in the first nine months of the financial year 2020 resulted in a tax expense of EUR 26.7m, significantly above the EUR 18.4m recorded in the prior-year period. This results in a tax rate of 31.1% for the reporting period, compared to 28.2% in the prior-year period, excluding the EUR 118.5m in non-taxable other operating income due to the derecognition of contingent purchase price components from the Sensile Medical acquisition. The tax rate was higher than the rate in the prior-year period due to the relatively low earnings contribution from subsidiaries domiciled in lower-tax jurisdictions.
QUARTERLY STATEMENT AS OF AUGUST 31, 2020 | 7 |
NET ASSETS | FINANCIAL LIABILITIES AND CREDIT FACILITIES |
The Gerresheimer Group's total assets decreased by EUR 59.0m, from EUR 2,641.2m as of November 30, 2019 to EUR 2,582.2m as of August 31, 2020. There were no significant changes in balance sheet structure.
Intangible assets, property, plant and equipment and investment property amounted to EUR 2,001.9m as of the reporting date (November 30, 2019: EUR 2,068.3m) and thus decreased by EUR 66.4m. Intangible assets went down relative to November 30, 2019 by EUR 74.6m to EUR 1,282.6m as of August 31, 2020. The decrease mainly relates to exchange rate effects as well as to amortization in the first nine months of the financial year 2020. Our consolidated balance sheet as of August 31, 2020 includes EUR 642.8m in goodwill (November 30, 2019: EUR 672.2m) and EUR 580.1m in customer relationships, brand names, technologies and similar assets (November 30, 2019: EUR 641.3m). Property, plant and equipment amounted to EUR 714.6m as of August 31, 2020, compared to EUR 701.9m as of November 30, 2019. The increase relates to the first-time application of IFRS 16 'Leases' and EUR 94.7m in capital expenditure on property, plant and equipment in the first nine months of the financial year 2020. This was countered by depreciation and impairments in the amount of EUR 76.6m and by exchange rate effects.
The Gerresheimer Group's equity, including non-controlling interests, stood at EUR 870.0m as of August 31, 2020 and was thus significantly lower than the figure as of November 30, 2019 (EUR 941.6m). The decrease is mainly due to effects not recognized through profit or loss from the currency translation of foreign subsidiaries. This made for an equity ratio of 33.7%.
Non-current liabilities were EUR 802.4m as of August 31, 2020, a slight decrease of EUR 6.5m compared to EUR 808.9m at the end of November 2019. This is mainly due to the increase in lease liabilities in connection with the transition to IFRS 16, countered by a reduction in deferred tax liabilities as well as in provisions for pensions and similar obligations. Current liabilities increased by EUR 19.1m, from EUR 890.7m as of November 30, 2019 to EUR 909.8m as of August 31, 2020. This change reflects two opposing factors: On the one hand, current other financial liabilities significantly increased, mainly due to larger drawings on the revolving credit facility while, on the other hand, there was a significant decrease in trade payables.
The Gerresheimer Group's net financial debt developed as follows:
Aug. 31, | Nov. 30, | Aug. 31, | |
in EUR m | 2020 | 2019 | 2019 |
Revolving credit facility | 365.5 | 302.3 | 368.5 |
Promissory loans - November | |||
2015 | 425.0 | 425.0 | 425.0 |
Promissory loans - September | |||
2017 | 250.0 | 250.0 | 250.0 |
Local borrowings incl. bank | |||
overdrafts | 33.6 | 40.9 | 31.7 |
Installment purchase liabilities | 1.7 | 1.7 | - |
Lease liabilities | 35.9 | 8.6 | 5.9 |
Total financial debt | 1,111.7 | 1,028.5 | 1,081.1 |
Cash and cash equivalents | 95.1 | 85.8 | 80.7 |
Net financial debt | 1,016.6 | 942.7 | 1,000.4 |
Net financial debt increased relative to November 30, 2019 by EUR 73.9m to EUR 1,016.6m as of August 31, 2020 (November 30, 2019: EUR 942.7m). The increase is mainly due to larger drawings on the revolving credit facility and higher lease liabilities in connection with the first-time application of IFRS 16. Adjusted EBITDA leverage in accordance with the credit line agreement in force as of August 31, 2020 was 3.2x as of the reporting date (November 30, 2019: 2.4x).
The revolving credit facility (with a facility amount of EUR 550.0m) was drawn by EUR 365.5m as of August 31, 2020 (November 30, 2019: EUR 302.3m), to which are added drawings on ancillary credit facilities in the amount of EUR 6.7m (November30, 2019: EUR 16.5m).
8 | QUARTERLY STATEMENT AS OF AUGUST 31, 2020 | Gerresheimer AG QUARTERLY STATEMENT DECEMBER 2019 - AUGUST 2020 |
DIRECT CASH FLOW
OUTLOOK
in EUR m
Adjusted EBITDA
Change in net working capital
Net capital expenditure
Operating cash flow
Net interest paid
Net taxes paid
Pension benefits paid
Other
Free cash flow before acquisitions/divestments
Acquisitions/divestments
Financing activity
Changes in financial resources
Q1-Q3 2020
210.2
-71.0
-91.7
47.5
-7.0
-17.7
-8.1
-9.9
4.8
-
17.2
22.0
Q1-Q3 2019
318.5
-78.6
-88.6
151.3
-8.3
-25.8
-8.3
-137.6
-28.7
-43.5
63.8
-8.4
As a strategic partner to the crisis-resistant pharma and healthcare industry, we continue to anticipate-despite the spread of the coronavirus-revenue growth in the mid-single-digit percentage range for the financial year 2020, as against the comparative figure at constant exchange rates of EUR 1,405.0m for the financial year 2019.1) We expect adjusted EBITDA growth in the low-single-digit percentage range for the financial year 2020, versus a comparative adjusted EBITDA figure of EUR 296.7m2) in the financial year 2019. In addition, we anticipate a positive effect of between EUR 9m and EUR 11m in the financial year 2020 from the transition to IFRS 16 'Leases', which we are required to apply for the first time.
We generated free cash flow before acquisitions/divestments of EUR 4.8m in the first nine months of the financial year 2020, which is EUR 33.5m more than in the comparative prior-year period. During the third quarter of 2020, the sale of the land and building in Kuessnacht (Switzerland) resulted in a EUR 13.1m cash inflow reported in the net capital expenditure item. Compared to the prior-year period, there has been a notable reduction in income taxes paid resulting from the utilization of loss carryforwards before tax consolidation.
In order for the large-scale capex program launched in the financial year 2019 to be continued in the financial year 2020, we expect to incur net capital expenditure of approximately 12% of revenues. Our outlook is based on the assumption that the economic effects of the spread of the coronavirus will last for only a limited period of time and that our plants will be able to produce and ship without restrictions.
- Based on the revenues for the financial year 2019 translated at the budgeted exchange rates for 2020 less revenues of EUR 2.8m from Gerresheimer Buenos Aires S.A. (Argentina), which was deconsolidated at the end of the financial year 2019, and in the opposite direction adjusting for the revenues of EUR 17.3m in the Advanced Technologies Division from the canceled project for development of a micro pump for the treatment of diabetes.
- Based on adjusted EBITDA for the financial year 2019 under the financial reporting standards applicable in that financial year (in particular, without application of financial reporting standard IFRS 16 'Leases', which is applicable for the first time in financial year 2020), translated at the budgeted exchange rates for 2020. An amount of EUR 0.1m has to be deducted from this for the adjusted EBITDA of Gerresheimer Buenos Aires S.A. (Argentina),
which was deconsolidated at the end of the financial year 2019. It is also necessary to deduct the other operating income from the derecognition of contingent purchase price components from the Sensile Medical acquisition. In contrast, it is necessary to add the other operating expense of EUR 9.2m due to the customer's unexpected cancellation of the project to develop a micro pump for the treatment of diabetes. The cumulative adjustment of revenues recognized in connection with this cancellation in the amount of EUR 17.3m, which had a corresponding negative impact on adjusted EBITDA at constant exchange rates must also be added.
TABULARLY FINANCIAL INFORMATION AS OF AUGUST 31, 2020 | 9 |
CONSOLIDATED INCOME STATEMENT
for the period from December 1, 2019 to August 31, 2020
in EUR k
Revenues
Cost of sales
Gross profit
Selling and administrative expenses
Other operating income
Restructuring income
Other operating expenses
Results of operations
Interest income
Interest expense
Other financial expenses
Net finance expense
Net income before income taxes
Income taxes
Net income
Attributable to equity holders of the parent
Attributable to non-controlling interests
Diluted and non-diluted earnings per share (in EUR)
Q3 2020 | Q3 2019 | Q1-Q3 2020 | Q1-Q3 2019 |
349,171 | 358,591 | 1,015,970 | 1,023,640 |
-245,751 | -260,350 | -712,047 | -738,218 |
103,420 | 98,241 | 303,923 | 285,422 |
-66,588 | -66,590 | -204,871 | -202,762 |
14,834 | 4,480 | 26,889 | 132,713 |
9 | - | 9 | 102 |
-7,846 | -2,348 | -23,800 | -11,278 |
43,829 | 33,783 | 102,150 | 204,197 |
374 | 622 | 1,186 | 1,841 |
-5,350 | -6,255 | -15,246 | -18,990 |
-539 | -1,325 | -2,001 | -3,125 |
-5,515 | -6,958 | -16,061 | -20,274 |
38,314 | 26,825 | 86,089 | 183,923 |
-12,686 | -7,778 | -26,743 | -18,413 |
25,628 | 19,047 | 59,346 | 165,510 |
25,397 | 18,468 | 58,523 | 163,967 |
231 | 579 | 823 | 1,543 |
0.81 | 0.59 | 1.86 | 5.22 |
Since December 1, 2019, the new accounting standard IFRS 16 'Leases' has been applied. Prior year figures have not been adjusted.
10 | TABULARLY FINANCIAL INFORMATION AS OF AUGUST 31, 2020 | Gerresheimer AG QUARTERLY STATEMENT DECEMBER 2019 - AUGUST 2020 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the period from December 1, 2019 to August 31, 2020
in EUR k | Q3 2020 | Q3 2019 | Q1-Q3 2020 | Q1-Q3 2019 |
Net income | 25,628 | 19,047 | 59,346 | 165,510 |
Results from the revaluation of defined benefit plans | - | - | -529 | - |
Other comprehensive income that will not be reclassified subsequently | - | - | -529 | - |
to profit or loss | ||||
Changes in the fair value of available-for-sale financial assets | - | - | -1 | - |
Currency translation | -49,796 | -715 | -91,065 | 9,645 |
Other comprehensive income that will be reclassified to profit or loss when specific | ||||
conditions are met | -49,796 | -715 | -91,066 | 9,645 |
Other comprehensive income | -49,796 | -715 | -91,595 | 9,645 |
Total comprehensive income | -24,168 | 18,332 | -32,249 | 175,155 |
Attributable to equity holders of the parent | -23,966 | 18,151 | -32,197 | 173,617 |
Attributable to non-controlling interests | -202 | 181 | -52 | 1,538 |
Since December 1, 2019, the new accounting standard IFRS 16 'Leases' has been applied. Prior year figures have not been adjusted.
TABULARLY FINANCIAL INFORMATION AS OF AUGUST 31, 2020 | 11 |
CONSOLIDTED BALANCE SHEET
as of August 31, 2020
ASSETS | |||
in EUR k | Aug. 31, 2020 | Nov. 30, 2019 | Aug. 31, 2019 |
Non-current assets | |||
Intangible assets | 1,282,625 | 1,357,174 | 1,483,432 |
Property, plant and equipment | 714,638 | 701,937 | 639,246 |
Investment property | 4,602 | 9,215 | 4,611 |
Investments accounted for using the equity method | 332 | 332 | 297 |
Income tax receivables | 938 | 878 | 1,039 |
Other financial assets | 7,725 | 7,006 | 6,572 |
Other receivables | 1,979 | 2,796 | 3,083 |
Deferred tax assets | 11,142 | 17,066 | 17,516 |
2,023,981 | 2,096,404 | 2,155,796 | |
Current assets | |||
Inventories | 207,933 | 185,093 | 199,501 |
Trade receivables | 195,580 | 224,170 | 225,912 |
Contract assets | 10,183 | 5,392 | 32,578 |
Income tax receivables | 1,835 | 5,485 | 9,056 |
Other financial assets | 18,467 | 15,448 | 16,663 |
Other receivables | 29,121 | 23,416 | 25,440 |
Cash and cash equivalents | 95,072 | 85,831 | 80,725 |
558,191 | 544,835 | 589,875 | |
Total assets | 2,582,172 | 2,641,239 | 2,745,671 |
EQUITY AND LIABILITIES | |||
in EUR k | Aug. 31, 2020 | Nov. 30, 2019 | Aug. 31, 2019 |
Equity | |||
Subscribed capital | 31,400 | 31,400 | 31,400 |
Capital reserve | 513,827 | 513,827 | 513,827 |
Other reserve | -137,754 | -47,563 | -54,962 |
Retained earnings | 447,753 | 427,439 | 522,490 |
Equity attributable to equity holders of the parent | 855,226 | 925,103 | 1,012,755 |
Non-controlling interests | 14,786 | 16,454 | 15,755 |
870,012 | 941,557 | 1,028,510 | |
Non-current liabilities | |||
Deferred tax liabilities | 128,465 | 142,436 | 163,691 |
Provisions for pensions and similar obligations | 146,976 | 153,300 | 136,990 |
Other provisions | 12,110 | 11,529 | 10,435 |
Trade payables | - | 35 | 145 |
Contract liabilities | 2,782 | 1,471 | 95 |
Other financial liabilities | 510,334 | 498,174 | 679,053 |
Other liabilities | 1,767 | 1,941 | 55 |
802,434 | 808,886 | 990,464 | |
Current liabilities | |||
Provisions for pensions and similar obligations | 12,659 | 12,936 | 14,611 |
Other provisions | 39,548 | 35,332 | 37,252 |
Trade payables | 153,141 | 221,454 | 163,216 |
Contract liabilities | 6,673 | 8,717 | 13,315 |
Other financial liabilities | 607,573 | 530,560 | 421,131 |
Income tax liabilities | 9,542 | 5,851 | 4,539 |
Other liabilities | 80,590 | 75,946 | 72,633 |
909,726 | 890,796 | 726,697 | |
1,712,160 | 1,699,682 | 1,717,161 | |
Total equity and liabilities | 2,582,172 | 2,641,239 | 2,745,671 |
Since December 1, 2019, the new accounting standard IFRS 16 'Leases' has been applied. Prior year figures have not been adjusted.
12 | TABULARLY FINANCIAL INFORMATION AS OF AUGUST 31, 2020 | Gerresheimer AG QUARTERLY STATEMENT DECEMBER 2019 - AUGUST 2020 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period from December 1, 2019 to August 31, 2020
Other comprehensive | |||||||||
income | |||||||||
Currency | Equity | Non- | |||||||
IFRS 9/ | attributable to | ||||||||
Subscribed | Capital | IAS 39 | translation | Retained | equity holders of | controlling | Total equity | ||
in EUR k | capital | reserve | reserve | reserve | earnings | the parent | interests | ||
As of November 30/December 1, 2018 | 31,400 | 513,827 | -6 | -67,139 | 394,578 | 872,660 | 17,473 | 890,133 | |
Conversion effect first-time adoption IFRS 15 | - | - | - | - | 55 | 55 | - | 55 | |
Conversion effect first-time adoption IFRS 9 | - | - | 2,533 | - | - | 2,533 | - | 2,533 | |
Adjusted total as of December 1, 2018 | 31,400 | 513,827 | 2,527 | -67,139 | 394,633 | 875,248 | 17,473 | 892,721 | |
Net income | - | - | - | - | 163,967 | 163,967 | 1,543 | 165,510 | |
Other comprehensive income | - | - | - | 9,650 | - | 9,650 | -5 | 9,645 | |
Total comprehensive income | - | - | - | 9,650 | 163,967 | 173,617 | 1,538 | 175,155 | |
Distribution | - | - | - | - | -36,110 | -36,110 | -3,256 | -39,366 | |
As of August 31, 2019 | 31,400 | 513,827 | 2,527 | -57,172 | 522,490 | 1,012,755 | 15,755 | 1,028,510 | |
As of November 30, 2019 | 31,400 | 513,827 | 3,094 | -50,657 | 427,439 | 925,103 | 16,454 | 941,557 | |
Net income | - | - | - | - | 58,523 | 58,523 | 823 | 59,346 | |
Other comprehensive income | - | - | - | -90,191 | -529 | -90,720 | -875 | -91,595 | |
Total comprehensive income | - | - | - | -90,191 | 57,994 | -32,197 | -52 | -32,249 | |
Distribution | - | - | - | - | -37,680 | -37,680 | -1,616 | -39,296 | |
As of August 31, 2020 | 31,400 | 513,827 | 3,094 | -140,848 | 447,753 | 855,226 | 14,786 | 870,012 | |
Since December 1, 2019, the new accounting standard IFRS 16 'Leases' has been applied. Prior year figures have not been adjusted.
TABULARLY FINANCIAL INFORMATION AS OF AUGUST 31, 2020 | 13 |
CONSOLIDATED CASH FLOW STATEMENT
for the period from December 1, 2019 to August 31, 2020
in EUR k | Q1-Q3 2020 | Q1-Q3 2019 | ||
Net income | 59,346 | 165,510 | ||
Income taxes | 26,743 | 18,413 | ||
Amortization/impairment losses of intangible assets | 29,222 | 46,194 | ||
Depreciation/impairment losses of property, plant and equipment | 76,601 | 65,405 | ||
Share of profit or loss of associated companies and other investment income | -209 | -217 | ||
Change in other provisions and provisions for employee benefits | -26 | -15,447 | ||
Gain (-)/Loss (+) on the disposal of non-current assets/liabilities | -8,038 | -2,804 | ||
Net finance expense | 16,061 | 20,274 | ||
Interests paid | -7,528 | -8,924 | ||
Interests received | 574 | 596 | ||
Income taxes paid | -22,362 | -27,391 | ||
Income taxes received | 4,711 | 1,550 | ||
Change in inventories | -30,373 | -27,531 | ||
Change in trade receivables and other assets | 3,269 | 11,715 | ||
Change in trade payables and other liabilities | -49,842 | -188,194 | ||
Other non-cash expenses/income | -854 | -3,823 |
Cash flow from operating activities | 97,295 | 55,326 | ||
Cash received from disposals of non-current assets | 13,583 | 5,132 | ||
Cash paid for capital expenditure in intangible assets, property, plant and equipment and financial assets | -106,049 | -89,160 | ||
Cash paid for the acquisition of subsidiaries, net of cash received | - | -43,499 |
Cash flow from investing activities | -92,466 | -127,527 | ||
Distributions to third parties | -39,312 | -39,410 | ||
Distributions from third parties | 209 | 217 | ||
Raising of loans | 172,038 | 346,319 | ||
Repayment of loans | -107,769 | -240,785 | ||
Cash paid for lease and installment purchase | -8,007 | -2,532 | ||
Cash flow from financing activities | 17,159 | 63,809 | ||
Changes in financial resources | 21,988 | -8,392 | ||
Effect of exchange rate changes on financial resources | -5,816 | 127 | ||
Financial resources at the beginning of the period | 51,105 | 61,936 | ||
Financial resources at the end of the period | 67,277 | 53,671 | ||
Components of the financial resources | ||||
Cash and cash equivalents | 95,072 | 80,725 | ||
Bank overdrafts | -27,795 | -27,054 | ||
Financial resources at the end of the period | 67,277 | 53,671 |
Since December 1, 2019, the new accounting standard IFRS 16 'Leases' has been applied. Prior year figures have not been adjusted.
14 | TABULARLY FINANCIAL INFORMATION AS OF AUGUST 31, 2020 | Gerresheimer AG QUARTERLY STATEMENT DECEMBER 2019 - AUGUST 2020 |
SEGMENT DATA BY DIVISION
for the period from December 1, 2019 to August 31, 2020
Primary Packaging | Head office/ | |||||||||||
Plastics & Devices | Glass | Advanced Technologies | consolidation | Group | ||||||||
Q1-Q3 | Q1-Q3 | Q1-Q3 | Q1-Q3 | Q1-Q3 | Q1-Q3 | Q1-Q3 | Q1-Q3 | Q1-Q3 | Q1-Q3 | |||
in EUR k | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||
Segment revenues | 552,418 | 541,981 | 464,636 | 463,209 | 2,578 | 20,106 | - | - | 1,019,632 | 1,025,296 | ||
Intra-Group revenues | -3,662 | -1,656 | - | - | - | - | - | - | -3,662 | -1,656 | ||
Revenues with third | 548,756 | 540,325 | 464,636 | 463,209 | 2,578 | 20,106 | - | - | 1,015,970 | 1,023,640 | ||
parties | ||||||||||||
Adjusted EBITDA1) | 139,495 | 126,557 | 99,196 | 87,629 | -10,384 | 4,029 | -18,058 | 100,252 | 210,249 | 318,467 | ||
Depreciation and | ||||||||||||
amortization | -34,924 | -31,585 | -41,382 | -34,803 | -1,813 | -1,962 | -2,705 | -1,573 | -80,824 | -69,923 | ||
Adjusted EBITA2) | 104,571 | 94,972 | 57,814 | 52,826 | -12,197 | 2,067 | -20,763 | 98,679 | 129,425 | 248,544 | ||
Net Working Capital | 130,837 | 127,478 | 116,601 | 124,185 | 6,191 | 31,533 | -2,529 | -1,976 | 251,100 | 281,220 | ||
Operating Cash Flow | 46,838 | 36,411 | 40,767 | 33,911 | -21,335 | -11,028 | -18,757 | 98,033 | 47,513 | 151,281 | ||
Capital expenditure | 48,598 | 48,616 | 49,073 | 37,050 | 16,881 | 2,151 | 706 | 2,956 | 115,258 | 90,773 | ||
Employees (average) | 4,460 | 4,483 | 5,177 | 5,162 | 108 | 112 | 124 | 115 | 9,869 | 9,872 | ||
- 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.
- Adjusted EBITA: Net income before income taxes, net finance expense, amortization/impairment losses of fair value adjustments, restructuring expenses, and one-off income and expenses.
FURTHER INFORMATION | 15 |
FINANCIAL CALENDAR
February 18, 2021 | Annual Report 2020 |
April 8, 2021 | Publication 1st Quarter 2021 |
June 9, 2021 | Annual General Meeting 2021 |
July 13, 2021 | Interim Report 2nd Quarter 2021 |
October 12, 2021 | Publication 3rd Quarter 2021 |
IMPRINT
Publisher
Gerresheimer AG
Klaus-Bungert-Strasse 4
40468 Duesseldorf
Germany | ||
Tel | +49 | 211 61 81-00 |
Fax | +49 | 211 61 81-295 |
E-Mail info@gerresheimer.com
www.gerresheimer.com
Note to the Quarterly Statement
This Quarterly Statement is the English translation of the original German version; in case of deviations between the two, the German version prevails.
Note regarding the rounding of figures
Due to the commercial rounding of figures and percentages, small deviations may occur.
Disclaimer
This Quarterly Statement contains certain future-oriented statements. Future-oriented statements include all statements which do not relate to historical facts and events and contain future-oriented expressions such as "believe", "estimate", "assume", "expect", "forecast", "intend", "could" or "should" or expressions of a similar kind. Such future-oriented statements are subject to risks and uncertainties since they relate to future events and are based on the Company's current assumptions, which may not in the future take place or be fulfilled as expected. The Company points out that such future-oriented statements provide no guarantee for the future and that actual events, including the financial position and profitability of the Gerresheimer Group and developments in the economic and regulatory fundamentals, may vary substantially (particularly on the down side) from those explicitly or implicitly assumed or described in these statements. Even if the actual results for the Gerresheimer Group, including its financial position and profitability as well as the economic and regulatory fundamentals, are in accordance with such future-oriented statements in this Quarterly Statement, no guarantee can be given that this will continue to be the case in the future.
Gerresheimer AG
Klaus-Bungert-Strasse 4
40468 Duesseldorf
Germany
Tel. | +49 | 211 61 81-00 |
Fax | +49 | 211 61 81-295 |
info@gerresheimer.com |
www.gerresheimer.com
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Gerresheimer AG published this content on 13 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2020 07:29:01 UTC