Annual Report 2010

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Annual Report 2010 Overview Annual Report 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 wide product spectrum ranges from pharmaceutical vials to complex drug delivery systems, such as syringe systems, insulin pens and inhalers, for safe dosage and application. Together with our partners we develop solutions which set standards and have role-model status throughout their respective business sectors. Smaller shares of the business are attributable to products for the cosmetics industry and niche segments of the food and beverage Gerresheimer AG industry. Benrather Strasse 18-20 In our 44 locations in Europe, North and South America and 40213 Duesseldorf ANNUAL REPORT 2010 Germany Asia we employ around 9,500 people. Through top-class Phone +49 211 6181-00 Fax +49 211 6181-295 technologies, convincing innovations and targeted investments we E-mail [email protected] are systematically expanding our strong market position. www.gerresheimer.com REVENUES BY MARKET SEGMENT REVENUES BY REGION Consolidated revenues: EUR 1,025m Consolidated revenues: EUR 1,025m Europe 63 % Pharma and Healthcare 82 % Americas 30 % 2010 2010 Cosmetics 12 % Other 6 % Other 7 % PREFACE SUCCESS FACTORS MANAGEMENT SHARES COMBINED MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS FURTHER INFORMATION Group Key Figures Segment Key Figures Financial Calendar Group Key Figures (IFRS) Segment Key Figures Change February 10, 2011 Annual Report 2010 Financial Year end November 30 2010 2009 in % Tubular Glass April 7, 2011 Interim Report 1st Quarter 2011 Change in EUR m 2010 2009 in % April 14, 2011 Annual General Meeting in Duesseldorf Results from Operations during the Reporting Period in EUR m The Tubular Glass Division produces high- quality glass tubes in two separate process July 13, 2011 Interim Report 2nd Quarter 2011 Revenues 1,024.8 1,000.2 +2.5 Revenues 9) 310.4 302.9 +2.5 October 6, 2011 Interim Report 3rd Quarter 2011 Revenues excluding Technical Plastic Systems 1) 1,024.8 970.8 +5.6 steps. The tubes are initially produced before Adjusted EBITDA 2) 70.3 73.3 -4.1 Adjusted EBITDA 2) 204.5 185.9 +10.0 being coverted in a subsequent step into in % of revenues 22.6 24.2 – in % of revenues 20.0 18.6 – primary packaging such as ampoules, cart- Capital expenditure 18.3 25.4 -28.0 Adjusted EBITA 3) 123.5 109.7 +12.5 ridges, vials or syringe systems. in % of revenues 12.0 11.0 – Result from operations 95.0 60.5 +57.0 Net income 46.7 7.0 >100 Plastic Systems Imprint Adjusted net income 4) 65.8 45.2 +45.6 Change In its business unit of Medical Plastic Sys- in EUR m 2010 2009 in % Net Assets as of the Reporting Date in EUR m tems, the Plastic Systems Division produces Revenues 9) 307.9 314.9 -2.2 Total assets 1,357.8 1,340.6 +1.3 complex customer-specifi c plastic systems Revenues excluding Publisher Concept and Layout Equity 529.4 480.2 +10.2 for pharmaceutics, diagnostics and medical Technical Plastic Systems 1) 307.9 285.5 +7.8 Equity ratio in % 39.0 35.8 – technology. In the second business unit of Adjusted EBITDA 2) 74.1 68.7 +7.9 Gerresheimer AG HGB Hamburger Geschaeftsberichte GmbH & Co. KG, Hamburg Net working capital 151.2 144.4 +4.7 Plastic Packaging, it producess plastic con- in % of revenues 24.1 21.8 – Benrather Strasse 18-20 in % of revenues of the preceding 12 months 14.8 14.4 – tainers, mainly as primary packaging for Capital expenditure 32.2 29.3 +9.9 40213 Duesseldorf Photography Capital expenditure 73.2 86.4 -15.3 pharmaceutics and healthcare. Germany Frank Springer, Bielefeld Net financial debt 311.0 373.3 -16.7 Phone +49 211 6181-00 Adjusted EBITDA leverage 5) 1.5 2.0 – Fax +49 211 6181-295 Printing Moulded Glass E-mail [email protected] Financial and Liquidity Position during the Reporting Period in EUR m Change Woeste Druck + Verlag GmbH & Co. KG, Essen in EUR m 2010 2009 in % www.gerresheimer.com Cash flow from operating activities 159.8 117.4 +36.0 The Moulded Glass Division produces glass primary packaging in a continuous process. Cash flow from investing activities -69.5 -86.8 -19.9 Revenues 9) 327.3 307.9 +6.3 Text The containers are used for pharmaceutics, thereof cash paid for capital expenditure -73.1 -86.3 -15.3 Adjusted EBITDA 2) 67.9 54.0 +25.7 Gerresheimer AG, Duesseldorf Free cash flow before financing activities 90.3 30.7 >100 cosmetic products and specialty beverages in % of revenues 20.7 17.5 – and foods. Capital expenditure 19.8 28.8 -31.3 Employees Employees as of the reporting date (total) 9,475 9,343 +1.4 Stock Data Life Science Research Note to the Annual Report Number of shares as of the reporting date in million 31.4 31.4 – Change This Annual Report is the English translation of the original German version; in case of deviations between these two the German version prevails. The product spectrum of the Life Science in EUR m 2010 2009 in % Share price 6) as of the reporting date in EUR 28.20 23.05 +22.3 Research Division consists of laboratory Note regarding the rounding of fi gures Market capitalization as of the reporting date in EUR m 885.5 723.8 +22.3 Revenues 9) 95.0 87.4 +8.8 Due to the commercial rounding of fi gures and percentages small deviations may occur. glassware for research, development and Share price high 6) during the reporting period in EUR 29.85 27.05 – Adjusted EBITDA 2) 11.7 8.2 +42.7 analytics. Disclaimer Share price low 6) during the reporting period in EUR 22.09 13.24 – in % of revenues 12.3 9.4 – This Annual Report contains certain future-oriented statements. Future-oriented statements include all statements which do not relate to historical facts Capital expenditure 2.5 2.7 -7.4 Earnings per share in EUR 1.38 0.18 >100 and events and contain future-oriented expressions such as “believe”, “estimate”, “assume”, “expect”, “forecast”, “intend”, “could” or “should” or Adjusted earnings per share 7) in EUR 1.95 1.34 +45.5 9) Revenues by segment include inter-company revenues. 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 Dividend per share in EUR 0.50 8) – >100 Company’s current assumptions, which may not in the future take place or be fulfi lled as expected. The Company points out that such future-oriented statements provide no guarantee for the future and that actual events including the fi nancial position and profi tability of the Gerresheimer Group and 1) The Technical Plastic Systems business was sold with effect from July 1, 4) Adjusted net income: Consolidated profi t before non-cash amortization developments in the economic and regulatory fundamentals may vary substantially (particularly on the down side) from those explicitly or implicitly 2009. of fair value adjustments, special effects from restructuring expenses, assumed or described in these statements. Even if the actual results for the Gerresheimer Group, including its fi nancial position and profi tability and the extraordinary depreciation, the balance of one-off income and expenses 2) Adjusted EBITDA: Earnings before income taxes, fi nancial result, amor- (including signifi cant non-cash expenses) and the related tax effects. economic and regulatory fundamentals, are in accordance with such future-oriented statements in this Annual Report, no guarantee can be given that tization of fair value adjustments, extraordinary depreciation, deprecia- this will continue to be the case in the future. tion and amortization, restructuring expenses and one-off income and 5) Adjusted EBITDA leverage: The relation of interest-bearing net debt to expenses. adjusted EBITDA of the preceding 12 months. 3) Adjusted EBITA: Earnings before income taxes, fi nancial result, amorti- 6) In each case Xetra closing price. zation of fair value adjustments, extraordinary depreciation, restructur- 7) Adjusted net income after non-controlling interests divided by 31.4m ing expenses and one-off income and expenses. shares. 8) Proposed appropriation of net earnings. PREFACE SUCCESS FACTORS MANAGEMENT SHARES COMBINED MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS FURTHER INFORMATION Group Key Figures Segment Key Figures Financial Calendar Group Key Figures (IFRS) Segment Key Figures Change February 10, 2011 Annual Report 2010 Financial Year end November 30 2010 2009 in % Tubular Glass April 7, 2011 Interim Report 1st Quarter 2011 Change in EUR m 2010 2009 in % April 14, 2011 Annual General Meeting in Duesseldorf Results from Operations during the Reporting Period in EUR m The Tubular Glass Division produces high- quality glass tubes in two separate process July 13, 2011 Interim Report 2nd Quarter 2011 Revenues 1,024.8 1,000.2 +2.5 Revenues 9) 310.4 302.9 +2.5 October 6, 2011 Interim Report 3rd Quarter 2011 Revenues excluding Technical Plastic Systems 1) 1,024.8 970.8 +5.6 steps. The tubes are initially produced before Adjusted EBITDA 2) 70.3 73.3 -4.1 Adjusted EBITDA 2) 204.5 185.9 +10.0 being coverted in a subsequent step into in % of revenues 22.6 24.2 – in % of revenues 20.0 18.6 – primary packaging such as ampoules, cart- Capital expenditure 18.3 25.4 -28.0 Adjusted EBITA 3) 123.5 109.7 +12.5 ridges, vials or syringe systems. in % of revenues 12.0 11.0 – Result from operations 95.0 60.5 +57.0 Net income 46.7 7.0 >100 Plastic Systems Imprint Adjusted net income 4) 65.8 45.2 +45.6 Change In its business unit of Medical Plastic Sys- in EUR m 2010 2009 in % Net Assets as of the Reporting Date in EUR m tems, the Plastic Systems Division produces Revenues 9) 307.9 314.9 -2.2 Total assets 1,357.8 1,340.6 +1.3 complex customer-specifi c plastic systems Revenues excluding Publisher Concept and Layout Equity 529.4 480.2 +10.2 for pharmaceutics, diagnostics and medical Technical Plastic Systems 1) 307.9 285.5 +7.8 Equity ratio in % 39.0 35.8 – technology.
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