DGAP-Adhoc

Gerresheimer AG: Gerresheimer will acquire Centor - higher profitability expected

Gerresheimer AG / Key word(s): Acquisition/Change in Forecast

28.07.2015 00:08

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Today Gerresheimer AG has reached an agreement with Nemera Development S.A.
to acquire 100% of the share capital of Centor US Holding Inc. Gerresheimer
AG will further extend its primary pharmaceutical packaging business with
the acquisition of Centor.

Founded in 1968 and based in Perrysburg (Ohio, USA), Centor is the leading
manufacturer of plastic vials and closures for oral drugs in the
prescription retail market in the US. Centor is a carve-out of Nemera
Group, a former business of Rexam Healthcare divested in 2014. Centor's
annual revenue in 2014 amounted to USD 167m (pro forma).

The total consideration amounts to USD 725m cash-free and debt-free. The
enterprise value underlying the transaction represents approx. 9.8x LTM
June 2015 EBITA (pro forma). It will be an all cash acquisition which is
fully debt financed. A quick deleveraging after the acquisition is expected
driven by Gerresheimer's high cash generation. The closing of the
transaction is subject to regulatory approval and expected during the
fourth quarter of financial year 2015. The transaction is expected to be
adjusted EPS accretive by a low double digits percentage already in
financial year 2016.

Assuming a completion of the Centor acquisition during the fourth quarter
of the financial year 2015, Gerresheimer's first indication for the
financial years 2016 to 2018 is as follows:
- Annual organic revenue growth is expected to average 4% to 5% (previous
mid-term outlook, dating July 9, 2015: +4% to +6%) - on a higher revenue
base increased by Centor revenues (FY 2014 USD 167m (pro forma)). Organic
growth means a growth at constant FX rates, excluding acquisitions,
divestments and optimizations of the business portfolio.
- The adjusted EBITDA margin will amount to approximately 22% by 2018 at
constant exchange rates (previous mid-term outlook, dating July 9, 2015:
approximately 20%).
- Capital expenditure will be in the range of 8.0% to 9.0% of revenues at
constant exchange rates (previous mid-term outlook, dating July 9, 2015:
8.0% to 9.5% of revenues).
The average budgeted exchange rate assumption is a EUR/USD exchange rate of
EUR 1.00 = USD 1.30.

Gerresheimer AG
The Management Board


28.07.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
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Language: English
Company: Gerresheimer AG
Klaus-Bungert-Str. 4
40468 Düsseldorf
Germany
Phone: [phone]
Fax: [phone]
E-mail: [e-mail]
Internet: http://www.gerresheimer.com
ISIN: DE000A0LD6E6, XS0626028566
WKN: A0LD6E, A1H3VP
Indices: MDAX (Aktie)
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart

End of Announcement DGAP News-Service

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