Corporate News

Gerresheimer reports good third quarter – Centor acquisition completed

  • Revenues up 6.2% to EUR 344.0m, 3.1% on organic basis
  • Adjusted EBITDA rises 9.5% to EUR 68.0m
  • Adjusted net income increases by 28.3% to EUR 29.2m
  • Adjusted earnings per share climb to EUR 0.85
  • Operating cash flow up by EUR 58.6m to EUR 104.5m in Q1-Q3
  • Guidance reiterated for financial year 2015
  • Acquisition of Centor completed

Duesseldorf, October 8, 2015 – Gerresheimer AG sustained its successful trend through the third quarter of the financial year. In more than 40 plants around the world, the Duesseldorf-based, MDAX-listed Group manufactures glass and plastic pharma packaging together with products for the safe and convenient drug delivery such as insulin pens and asthma inhalers. “I am pleased with the performance of our business in the third quarter. Revenue growth and earnings are up as expected. We have now completed the acquisition of Centor in the US. This means that Centor, which leads the US prescription plastic vial retail market for oral drugs, will be integrated into our Group as soon as the fourth quarter,” said Uwe Röhrhoff, Chief Executive Officer of Gerresheimer AG.

Gerresheimer kept up its revenue growth in the third quarter of financial year 2015 (December 1, 2014 to November 30, 2015). Revenues increased by 6.2% to EUR 344.0m. On an organic basis – meaning adjusted for exchange rate effects, acquisitions and divestments – revenues grew by 3.1% compared with the prior-year quarter. The Group generated strong business with medical plastic systems such as asthma inhalers and lancets for diabetics as well as with plastic pharmaceutical packaging. Engineering and tooling revenues, which were exceptionally high in the prior year, were back to normal levels as expected. Business with glass primary packaging went a lot better than in the prior-year quarter. Following the downtrend of preceding quarters, US revenues in injection vials, ampoules and cartridges turned around and showed strong growth. Growth in Europe was notably driven by strong cosmetic glass sales.

As announced, the glass plant in Millville, USA, was closed in the third quarter of 2015 and the entire US moulded glass production concentrated in Chicago Heights. After a furnace repair and enlargement together with infrastructure improvements, operations at the Chicago Heights plants resumed in September as planned. Laboratory glassware revenues were up due to the strong development of the US-dollar vs. the euro year-over-year. On an organic basis, laboratory glassware revenues were slightly down.

The Company generated adjusted EBITDA of EUR 68.0m in the third quarter of 2015, significantly outperforming the prior-year figure of EUR 62.1m. The adjusted EBITDA margin was 19.8% in the third quarter, above the 19.2% margin in the prior-year quarter. All three divisions contributed to the favorable margin growth. Net income for the third quarter of 2015 totaled EUR 20.2m, EUR 0.4m higher than in the comparative prior-year quarter. Adjusted net income stood at EUR 29.2m in the third quarter of 2015, compared with EUR 22.7m in the prior-year period. Adjusted earnings per share came to EUR 0.85 in the third quarter of 2015, versus EUR 0.67 a year earlier. Operating cash flow performed favorably in the first nine months of financial year 2015, improving on the prior-year period by EUR 58.6m to EUR 104.5m.

Gerresheimer’s capital expenditure in the third quarter of 2015 was EUR 37.9m as against EUR 22.4m in the prior-year quarter. The lion’s share of capital expenditure was accounted for by glass primary packaging plants and related in the most part to the renewal and enlargement of the Chicago Heights plant. Alongside this, there was further capital expenditure on vial and cartridge machinery. Production capacity expansion for medical plastic systems, such as inhalers, also continued in the Czech Republic and the USA.

On July 27, 2015, Gerresheimer signed the agreement for the acqui¬sition of Centor, USA. The transaction was completed as of September 1, 2015. Centor, which in 2014 generated (pro forma) revenues of USD 167m and employed 220 people, is the market leader in plastic packaging for oral prescription medication in the US end consumer market. The USD 725m debt-free purchase price was financed in its entirety out of borrowing.


For reasons of comparability with the prior year, Gerresheimer’s outlook for 2015 includes neither the Centor acquisition nor the potential closing of the sale of the glass tubing business before the 2015 financial year-end. Leaving both these transactions out of consideration and assuming constant exchange rates (assumed rate: EUR 1.00/USD 1.30), the Group’s forecast is as follows:

For financial year 2015, Gerresheimer continues to expect organic revenue growth of 1% to 3%. This corresponds to a revenue corridor of some EUR 1,300m to EUR 1,330m. Regarding adjusted EBITDA, the Group expects an increase in a target corridor of between EUR 255m and EUR 265m. Capital expenditure in financial year 2015 is forecast to represent around 9% to 10% of revenues at constant exchange rates.

Looking further ahead, Gerresheimer has formulated initial indications for the financial years 2016 to 2018, based on the assumption that both the sale of the glass tubing business and the acquisition of Centor will have been completed in financial year 2015.

On that basis, annual organic revenue growth is expected to average 4% to 5%. For the adjusted EBITDA margin, the Group has set a target of approximately 22% for 2018. Capital expenditure will be in the range of between 8.0% and 9.0% of revenues at constant exchange rates.

The Quarterly Report is available at:

Further information on the Centor acquisition is available here:

About Gerresheimer

Gerresheimer is a leading global partner to the pharma and healthcare industries. The company’s special glass and plastic products contribute to health and well-being. Gerresheimer is a global organization with 11,000 employees and manufacturing operations in the local markets, close to customers. It has over 40 production facilities in Europe, North and South America and Asia generating revenue in excess of EUR 1.3 billion. The comprehensive product portfolio includes pharmaceutical packaging products as well as convenient and safe drug-delivery systems such as insulin pens, inhalers, pre-fillable syringes, vials, ampoules, bottles and containers for liquid and solid pharmaceuticals with closure and safety systems, plus cosmetic packaging products.

Group Key Figures (Financial Year end November 30)

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Group Key Figures (Financial Year end November 30)

Please click to enlarge

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