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Gerresheimer FY19 Adj. Operating EBITDA Rises; Underlying Revenue Up 2.4%

Gerresheimer AG (GRRMF.PK) reported fiscal 2019 net income to equity holders of the parent of 80.78 million euros compared to 128.96 million euros, previous year. Earnings per share was 2.57 euros compared to 4.11 euros. Adjusted EBITDA was 400 million euros, compared to 298.6 million euros, previous year. Adjusted earnings per share was 7.19 euros compared to 5.67 euros.

On an underlying basis, adjusted operating EBITDA at constant exchange rates was 292.8 million euros, up 0.7%. Adjusted EBITDA at constant exchange rates, excluding the extraordinary effects from the unexpected cancellation of the project to develop a micro pump for the treatment of diabetes, was 396.1 million euros, compared to 300.2 million euros. On an underlying basis, adjusted earnings per share was 4.02 euros compared to 3.70 euros.

Fiscal 2019 revenues were 1.39 billion euros, an increase of 1.8% from last year. Underlying revenues at constant exchange rates rose by 2.4% to 1.40 billion euros. Excluding the one-off effects from the unexpected cancellation of the project to develop a micro pump for the treatment of diabetes, revenues at constant exchange rates rose by 0.5% to 1.38 billion euros.

For fiscal 2020, Gerresheimer expects: revenue growth in the mid-single-digit percentage range; and adjusted EBITDA margin of around 21%.

For subsequent years, the company targets: annual organic revenue growth in the mid single-digit percentage range; and a medium-term adjusted EBITDA margin of 23%.

The Management Board and the Supervisory Board will propose to the AGM to distribute a dividend of 1.20 euros per share for the financial year 2019.

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