Our revenues and profits have developed very positively in 2011. Further growth is one of our objectives for 2012, particularly with our products for the convenient and safe administration of medica-tions. We will also be pushing ahead with the expansion of our business in the emerging markets,” said Uwe Röhrhoff, CEO of Gerresheimer AG.
In the 2011 financial year (December 1, 2010 to November 30, 2011), Gerresheimer recorded substantial revenue growth of 6.8 percent to EUR 1094.7m. At constant exchange rates revenues grew by 7.8 percent. This positive revenue development was particularly evident in the company´s core business of pharmaceutical primary packaging products and medical devices made of glass and plastics. The cosmetic glass’ revenue performance was also good.
Gerresheimer increased its adjusted EBITDA by 6.3 percent compared with the prior year to EUR 217.3m in 2011. The adjusted EBITDA margin reached 19.9 percent. In the prior year the margin was 20.0 percent. Net income rose by 16.5 percent, which is twice the rate of revenue growth, to EUR 54.4m (prior year: EUR 46.7m). This corresponds to earnings per share of EUR 1.61 (prior year: EUR 1.38). Adjusted earnings per share increased by 25.1 percent to EUR 2.44.
In March 2011, Gerresheimer became the leading supplier of pharma-ceutical plastic packaging products and closures in the fast-growing South American market through its acquisition of the Brazilian company Vedat.
Long-term financial stability is assured as a result of the decision to implement Group refinancing ahead of schedule in spring 2011. This financial stability, plus the cash flow surpluses, provides adequate scope for further growth.
“We achieved all of our objectives in 2011 and our position is better than ever before. We want our shareholders to participate in our Company’s success so we will be proposing a dividend of EUR 0.60 per share at the Annual General Meeting,” said Röhrhoff.
For the financial year 2012 Gerresheimer is expecting growth in revenues at constant exchange rates of five to six percent. Assuming an average exchange rate of 1.00 Euro being equivalent to 1.30 US Dollar this translates into nominal revenue growth of seven to eight percent. The Company assumes an adjusted EBITDA margin of around 19.5 percent. Investments of around EUR 100 million are scheduled for 2012.
The Management Board and Supervisory Board of Gerresheimer AG will propose the payment of an EUR 0.60 dividend per share in respect of the 2011 financial year at the Annual General Meeting. In the prior year, the dividend was EUR 0.50 per share. Dividends are payable tax-free due to Gerresheimer AG’s tax situation.