Ceepackaging

Corporate

Gerresheimer notes substantial increase in sales and results

Overall, sales by the globally operating manufacturer of special products for the pharma & life science industry totalled €268.0m (Q3 2007: €250.1m). This is equivalent to growth of 7.2%. On a like-for-like exchange-rate basis sales actually increased by 10.2%. Operating results (Adjusted EBITDA) improved by 14.1% to €50.3 m (prior year: €44.1m). The adjusted EBITDA margin increased to 18.8% from 17.6%. In the third quarter the sale process for the Technical Plastics business was commenced. This led to non-scheduled depreciation of €33.0m, resulting in a negative consolidated result of €22.8m for the third quarter. Gerresheimer takes this charge in anticipation of the possible book loss on the sale. The depreciation has no effect on cash flow or operating results. The adjusted net income, which reflects the company‘s operating profitability, more than doubled in comparison with the prior-year quarter to €16.5m (Q3 2007: €7.4m). The same applies for adjusted earnings per share, which were substantially higher in the third quarter of 2008 at €0.52 (Q3 2007: €0.22).