Gerresheimer AG

ots Ad hoc-Service: Gerresheimer Glas AG 1999 Financial Year (1.12.1998 - 30.11.1999)

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    Düsseldorf (ots Ad hoc-Service) -    

    The consolidated Group financial statements were prepared in accordance with the International Accounting Standards (IAS) for the first time. The prior-year results were also restated according to IAS.*

    - Earnings rose as the result of the special impact of the sale of standard container glass operations.

    - Group earnings before tax increased to DM 79.1 m (prior year: DM 44.9 m).

    - Net earnings for the Group improved by DM 31.0 m to DM 46.5 m.

    - The operating return on sales for the businesses continued was slightly above the prior year at 8.4%.

    - Capital expenditure was at the high level of DM 194 m.

    -----------------------------

    *1998 figures based on German accepted accounting principles (HGB): Group earnings before tax DM 75.4 m, Group net earnings DM 44.4 m.

    Following the sale of the standard container glass business for beverages and foods, the business operations of the Gerresheimer Group are focussed on the segments of pharmaceuticals, laboratory-ware, cosmetics and miniature glass.

    For 1999 the Gerresheimer Group achieved sales of DM 1,471 m (prior year: DM 1,636 m). This includes sales of DM 407 m up to 31 July 1999 by the standard container glass companies which were sold. Sales by the continuing business totalled DM 1,064 m, slightly above the prior year level.

    For the continuing business, an operating return on sales of 8.4% before restructuring expenses was achieved. Pre-tax earnings of DM 24.0 m were below the prior year level of DM 29.8 m because of higher restructuring expenses of DM 10 m.

    The holding company Gerresheimer Glas AG achieved net earnings of DM 37.0 m (prior year: DM 40.5 m).

    The Executive Board and Supervisory Board propose to the Annual Shareholders Meeting that a dividend of Euro 0.51 (DM 0.9975) per share or 20% is distributed (equivalent to the prior year dividend).

    Key Figures - Consolidated Group Financial Statements -based on International Accounting Standards (IAS)-

                                                                              financial year
                                                                                1999      1998
in DM m

Sales

Group sales                                                              1471      1636
thereof:

Tubing and Specialty Glass Division                         645        623
Container Glass Pharma/Cosmetics/
Miniature Glass                                                         373        396
Others business units                                                 46         22
                                                                            ----------------
Continuing business                                                 1064      1041
Standard Container Glass
(sold as per 31 July 1999)                                        407        595

Continuing business

Operational earnings
before restructuring expenses and
goodwill amortisation                                              89.1        85.6
as % of sales                                                            8.4%        8.2%

Earnings before interest and taxes (EBIT)              62.5        67.2
as % of sales (operating return on sales)                5.9%        6.5%

Earnings before taxes / Continuing business          24.0        29.8

Earnings contribution Standard Container Glass      55.1        15.1

Group earnings before tax                                        79.1        44.9

Group net earnings                                                  46.5        15.5

Cash flow                                                                  173         159

Capital expenditure                                                  194         187
thereof:

on tangible fixed assets                                            87         140
on financial assets/acquisitions                              107          47

Earnings per share (DM)                                          1.97        0.38

Employees (year end)                                              6,100      8,191

The Executive Board

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