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Gerresheimer Annual Report 2019

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Gerresheimer Annual Report 2019 OUR FOUNDATION FOR GROWTH Change Financial Year-end November 30 2019 2018 in %7) 2017 2016 2015 2014 Results of Operations during Reporting Period in EUR m Revenues 1,392.3 1,367.7 1.8 1,348.3 1,375.5 1,282.911) 1,207.911) Adjusted EBITDA1) 400.0 298.6 34.0 310.8 307.8 262.611) 241.011) in % of revenues 28.7 21.8 – 23.1 22.4 20.511) 20.011) Adjusted EBITA2) 294.6 202.1 45.8 219.5 220.9 178.111) 155.111) in % of revenues 21.2 14.8 – 16.3 16.1 13.911) 12.811) Results of operations 123.8 139.5 -11.3 180.8 180.5 182.011) 120.711) Adjusted net income3) 227.7 180.3 26.3 130.0 130.49) 117.712) 97.912) Net Assets as of Reporting Date in EUR m Total assets 2,641.2 2,730.9 -3.3 2,444.1 2,374.3 2,419.4 1,655.9 Equity 941.6 890.1 5.8 789.5 763.3 698.1 604.4 Equity ratio in % 35.6 32.6 – 32.3 32.1 28.9 36.5 Net working capital 183.0 202.7 -9.7 185.7 200.3 213.7 233.1 in % of revenues of the preceding twelve months 13.1 14.8 – 13.8 14.6 16.711) 19.411) Capital expenditure 185.4 114.7 61.6 118.6 113.2 125.8 126.6 Net financial debt 942.7 886.4 6.4 712.7 788.2 877.5 423.8 Adjusted EBITDA leverage4) 2.4 3.1 – 2.3 2.6 2.9 1.7 Financial and Liquidity Position during Reporting Period in EUR m Cash flow from operating activities 192.9 173.4 11.2 219.2 173.5 203.8 158.3 Cash flow from investing activities -203.2 -286.9 -29.2 -112.1 7.9 -600.1 -125.0 thereof cash paid for capital expenditure -163.9 -114.6 43.1 -116.5 -110.7 -125.8 -125.6 Free cash flow before financing activities -10.3 -113.5 -90.9 107.1 181.3 -396.3 33.3 Employees Employees as of the reporting date (total) 9,872 9,890 -0.2 9,749 9,904 10,684 11,096 Stock Data Number of shares at reporting date in million 31.4 31.4 – 31.4 31.4 31.4 31.4 Share price5) at reporting date in EUR 66.75 62.90 6.1 67.06 68.85 73.90 44.44 Market capitalization at reporting date in EUR m 2,096.0 1,975.1 6.1 2,105.7 2,161.9 2,320.5 1,395.4 Share price high5) during reporting period in EUR 74.00 79.80 -7.3 78.01 76.86 76.32 56.42 Share price low5) during reporting period in EUR 51.80 59.75 -13.3 61.03 57.10 41.99 42.31 Earnings per share in EUR 2.57 4.11 -37.5 3.21 3.87 3.32 2.11 Adjusted earnings per share6) in EUR 7.19 5.67 26.8 4.06 4.0710) 3.4112) 2.8912) Dividend per share in EUR 1.208) 1.15 4.3 1.10 1.05 0.85 0.75 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. 2) Adjusted EBITA: Net income before income taxes, net finance expense, amortization/impairment losses of fair value adjustments, 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, portfolio adjustments, the balance of one-off income and expenses, and related tax effects. 4) 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. 5) Xetra closing price. 6) Adjusted earnings per share after non-controlling interests divided by 31.4m shares. 7) The change has been calculated on a EUR k basis. 8) Proposed appropriation of net earnings. 9) Adjusted net income from continuing operations. 10) Adjusted earnings per share after non-controlling interests. 11) Retrospective restatement due to the sale of the Life Science Research Division and related classification as discontinued operation. 12) Including the in 2016 sold Life Science Research Division. 1 Gerresheimer is a leading global partner to the pharma and healthcare industry. With specialty glass and plastic products, the Company contributes to health and well-being. Gerresheimer has worldwide operations and around 10,000 employees manufacture products in local markets close to its customers. With plants in Europe, North America, South America and Asia, Gerresheimer generates revenues of approximately EUR 1.4bn. Its comprehensive product portfolio includes pharmaceutical packaging and products for safe and simple drug delivery: insulin pens, inhalers, micro pumps, prefillable syringes, injection vials, ampoules, bottles and containers for liquid and solid medicines with closure and safety systems, as well as packaging for the cosmetics industry. CONTENTS 2 The Management Board 26 Gerresheimer on the 158 Supervisory Board and of Gerresheimer AG Capital Markets Management Board 4 Interview with our 30 Group Management Report 160 Gerresheimer AG Locations Management Board 96 Consolidated Financial 162 Product Overview By Division 8 Statements 165 Glossary 152 Responsibility Statement 20 Report of the 172 Financial Calendar/Imprint Supervisory Board 153 Independent Auditors’ Report U3 Divisions 23 Corporate Governance Report 2 OUR MANAGEMENT BOARD Gerresheimer AG ANNUAL REPORT 2019 From left to right: Dr. Bernd Metzner Chief Financial Officer (since May 15, 2019) Career Born in 1970 / diploma and doctorate in business administration / started career at a law firm / various positions in finance at Bayer from 2002 to 2011, including CFO of Bayer Italy and Global CFO of the Pharmaceuticals Division / CFO of the Döhler Group from 2011 to 2014 / CFO of Ströer SE & Co. KGaA from 2014 to April 2019 / CFO of Gerresheimer AG as of May 2019 / currently appointed to the Management Board until May 2022 Dietmar Siemssen Chief Executive Officer, as of March 1, 2019 also responsible for Plastics & Devices and Advanced Technologies Career Born in 1963 / degree in industrial engineering / worked at Continental from 1994 to 2011, ultimately heading up the joint venture between Continental and Nisshimbo in Japan / from 2011 to 2018 CEO of international automotive supplier Stabilus / CEO of Gerresheimer AG as of Novem- ber 2018 / currently appointed to the Management Board until October 2021 Dr. Lukas Burkhardt Member of the Management Board, responsible for Primary Packaging Glass Career Born in 1979 / Master of Science, doctorate in mechanical engineering / started career at Audi AG / managerial positions at Rieter Automotive from 2007 to 2014, including six years in China and India / Chief Operating Officer of Franke Group from 2015 to 2017 / Management Board member of Gerresheimer AG since 2018 / currently appointed to the Management Board until December 2025 OUR MANAGEMENT BOARD 3 4 INTERVIEW WITH OUR MANAGEMENT BOARD Gerresheimer AG ANNUAL REPORT 2019 DIETMAR SIEMSSEN, CHIEF EXECUTIVE OFFICER 5 INTERVIEW WITH OUR MANAGEMENT BOARD Mr. Siemssen, how do you look back on your Another trend is the increasing focus on patients, which first full year as Gerresheimer CEO? brings with it the need to make self-medication easy and safe DIETMAR SIEMSSEN: 2019 was a demanding year that as well as to provide data. To that end, we are developing involved a lot of hard work. It wasn’t always easy, and the intelligent, connected drug delivery devices and pharma- growth we achieved did not meet our aspirations. What’s ceutical primary packaging. These may take the form of all-in important is that in 2019, we laid the fundament for our solutions, platforms and modular systems. One example growth for the years to come. Sustainable growth is more is our patented micro pump system, which con stitutes an than just a new order on the books. The entire organization excellent solution for many types of therapeutic treatment. must be geared toward growth. Customer orientation, This way, we deliver tangible added value in the provision excellence, innovation and team spirit give the Company of efficient, state-of-the-art solutions for self- medication the dynamism we need to successfully achieve our goals. It’s and compliance with drug regulations. Patients, doctors, good that we are now complete in the Management Board. hospitals and health insurance providers get reliable data. All of us are pulling together to work on the matters at This enhances patients’ health and well-being while keeping hand and drive them forward. In 2019, we invested a record healthcare costs under control. amount of some EUR 185m worldwide, which equals more than 12% of revenues, thus setting the course for growth, DR. LUKAS BURKHARDT: Our pharma customers want to increased capacity, optimum processes, digitalization and prevent health risks for patients. Hence the rising demand quality. for the perfect primary packaging that guarantees the pristine condition of the medication. Pharma companies are Mr. Metzner, you have been CFO since May 2019. increasingly moving toward zero-defect manufacturing and, What are your initial conclusions? as a primary packaging provider, we are doing the same. DR. BERND METZNER: Gerresheimer is a very well positi- We are constantly expanding our quality offerings so we oned, truly global company. It has a strong operating base, can offer our customers the best solutions.
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