The financial year 2010 was very successful for us. Our know-how and products are very much in demand from international pharma customers.
Our shareholders should participate in this success. We therefore propose to the Annual General Meeting a dividend of EUR 0.50 per share”, says Uwe Röhrhoff, CEO of Gerresheimer AG.
Gerresheimer achieved a marked increase in revenues in the financial year 2010 (December 1, 2009 to November 30, 2010). Excluding the Technical Plastic Systems business, which was sold in 2009, revenues grew by 5.6% to EUR 1024.8m. At constant exchange rates, revenues grew by 4.0%. The main growth contributors in the pharma business were insulin pens, inhalers, vials, ampoules and prefillable syringes. Demand for cosmetics packaging revived markedly in 2010. The market for life science research products also recovered.
Gerresheimer increased its Adjusted EBITDA to EUR 204.5m in 2010. This was 10.0% up on the prior year. The Adjusted EBITDA margin was further improved on a like-for-like basis by 0.8 percentage points on the prior year to 20.0%. Net income reached a record level at EUR 46.7m (prior year EUR 7.0m). Adjusted earnings per share also improved significantly from EUR 1.34 to EUR 1.95.
The marked improvement in operating results also had a positive effect on cash flow. A total of EUR 62.3m was applied to further debt repayments. Net financial debt at the end of the year was therefore at the historically low level of EUR 311.0m.
“In 2010 we achieved our targets and even exceeded some of them. In the coming years we will further expand our position as a full service provider in the important growth markets such as diabetes and generics for example. In doing so the emerging countries play an increasing role. We want to grow our revenues substantially in these markets, and to double them by 2013 to EUR 200m”, Röhrhoff says.
For the financial year 2011 Gerresheimer assumes further revenue growth of 3% to 4% at constant exchange rates. This is equivalent to nominal revenue growth of 4% to 5%. With regard to the EBITDA margin the company assumes a level of around 20%. In 2011 the company expects to invest around EUR 80m. The Management Board proposes to the General Meeting a dividend payment of EUR 0.50 per share for the financial year 2010.
Gerresheimer is an internationally leading manufacturer of high-quality specialty products made of glass and plastic for the global pharma and healthcare industry. Our comprehensive portfolio of products extends from pharmaceutical vials to complex drug delivery systems such as syringe systems, insulin pens and inhalers for safe medication dosage and application. Together with our partners, we develop solutions which set standards and have role model status in their respective market sectors.
Our Group has production operations at 44 sites in Europe, North and South America and Asia. It realizes revenues of around one billion euros and has 9,500 employees. We use first-rate technologies, convincing innovations and targeted investments to systematically consolidate our strong market position.
The Annual Report and for the first time also the Online Annual Report can be found under: http://annualreport2010.gerresheimer.com