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Düsseldorf (ots Ad hoc-Service) -
In the first quarter of 2000 the Gerresheimer Group achieved sales of Euro 142 m in the "continuing businesses", an increase of 20% compared with the prior year. This was primarily attributable to the Tubing and Specialty Glass Division with a sales increase of 21%, of which around 10% is attributable to translation effects as the result of the rise in the US dollar exchange rate. The Container Glass Division for Pharmaceuticals/Cosmetics/Miniatures increased sales by 6%.
As for the 1999 financial year, earnings in 2000 are stated in accordance with the International Accounting Standards.
The continuing businesses made a pre-tax loss of Euro 0.3 m (prior year: loss of Euro 0.9 m). Pre-tax earnings before interest and goodwill amortisation (EBITA) amounted to Euro 6.9 m (prior year: Euro 5.9 m). The Tubing and Specialty Glass Division achieved improved results because of increased sales. Because of two general overhauls of glass furnaces carried out according to schedule, results for the Container Glass Division for Pharmaceuticals/Cosmetics/Miniatures were down on the prior year.
The Group pre-tax loss of Euro 1.0 m reflects the negative impact of insurance premiums totalling Euro 0.7 m to cover guarantee risks relating to the sale of the standard container glass business.
Balance sheet data The proceeds from the sale of the standard container glass business meant that net debt was reduced to Euro 148 m (prior year: Euro 309 m). The equity ratio increased to 19% (prior year: 14%).
Capital expenditure Capital expenditure on tangible fixed assets amounted to Euro 14 m. The key projects included general overhauls of furnaces in the Container Glass Division for Pharmaceuticals/Cosmetics/Miniatures and related measures on production lines in order to increase productivity. A new production line was commissioned to increase capacity in line with increased sales of tubing glass for pharmaceutical packaging systems.
At the end of February 2000 the Group employed 6,109 people (prior year: 8,045). Of the total reduction, 1,814 is attributable to the sale of the companies of the standard container glass business. A further reduction of 7% as the result of rationalisation and capacity- alignment measures was offset by an increase of 295 as a result of the Chicago Heights acquisition.
VIAG AG, Munich, announced on 10 April 2000 that it had signed a memorandum of understanding with Investcorp, an international investment group, on the sale of its majority shareholding in Gerresheimer Glas AG.
Key data for first quarter of 2000
In Euro m
1.Quart. 2000 1.Quart. 1999
Continuing Business 142 118
Standard Container Glass
(sold as per 31 July 1999) - 67
Net sales prior year - 185
Earnings - Basis IAS
Earnings bef. Interest, Taxes,
Goodwill-Amort. (EBITA) 6.9 5.9
Goodwill amortisation -2.2 -1.8
Earnings bef. Interest and Taxes (EBIT) 4.7 4.1
Financial result -5.0 -5.0
Earnings bef. Taxes (EBT) -0.3 -0.9
Earnings contribution Standard Container Glass -0.7 -2.8
Group earnings bef. Taxes -1.0 -3.7
on tangible fixed assets 14 10
on financial assets - 5
Balance sheet data
Net-debt (Euro m) 148 309
Debt-to-capital ratio (%) 116% 262%
Equity ratio (%) 19% 14%
Employees as per end of February
Continuing Business 6,109 6,231
Standard Container Glass (sold as per 31 July 1999) - 1,814
Employees prior year - 8,045
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