Gerresheimer Expects Around 9% Growth in 2016 - Seite 2

Adjusted EBITDA went up in financial year 2015 to EUR 277.9m, or EUR 271.9m on a constant exchange rate basis. Excluding the Centor acquisition, adjusted EBITDA was EUR 262.4m, squarely within the target corridor of EUR 255m to EUR 265m. Compared with a prior-year figure of 19.6%, the adjusted EBITDA margin was above the 20% mark, at 20.2%. Backed by improved operating earnings power and the proceeds from the sale of the glass tubing business, net income grew by 54.6% to EUR 112.7m. Adjusted earnings per share rose 18.0% to EUR 3.41 compared with a 2014 figure of EUR 2.89.

Gerresheimer successfully completed two key transactions in financial year 2015. With the acquisition of Centor, the Company realized its long-term goal of occupying a stronger presence in the plastic pharmaceutical packaging segment in the USA. Centor is the market leader in plastic containers used by American pharmacies to package prescription tablets. In addition, Gerresheimer sold its glass tubing production activities, entered into a long-term supply contract for this intermediary product and established a joint venture for future innovation in the pharmaceutical glass segment. Prior to the two transactions, the overall financing arrangement from 2011 was replaced in June 2015 with a EUR 450m revolving credit facility. The Centor acquisition was primarily funded out of the successful EUR 425m debt issue in November 2015. Leverage-the ratio of net financial debt to adjusted EBITDA-stood at 2.9 as of the end of November 2015 compared with a prior-year figure of 1.7. The Company aims to bring leverage back down as soon as possible.

Gerresheimer's capital expenditure in financial year 2015 was EUR 125.8m (2014: EUR 126.6m), or 9.0% of revenues at constant exchange rates and excluding Centor. The target for capital expenditure was 9% to 10% of revenues. Gerresheimer is further expanding production capacity for drug delivery systems such as insulin pens and asthma inhalers, especially in the USA and Czech Republic. Late summer 2015 brought an expansion and improvements at the moulded glass plant in Chicago, USA. The global program of modernizing and standardizing injection vial production machinery was successfully continued. A new production building for injection vials and ampoules was completed in India. Production there is set to start up at the end of 2016.