In the financial year 2011 the Gerresheimer Group again generated significant revenue growth and an increase in result. Besides organic growth, the acquisition of a Brazilian company in March also contributed to the increase in revenues of 6.8 % to EUR 1,094.7m. At constant exchange rates, revenues increased by 7.8 % compared to the prior year.
Adjusted EBITDA increased by EUR 12.8m from EUR 204.5m in the financial year 2010 to EUR 217.3m in the financial year 2011. The Adjusted EBITDA margin of 19.9 % in the financial year 2011 was on prior year level. The result from operations (EBIT) increased from EUR 95.0m in 2010 to EUR 109.3m in the comparative period 2011. The EBIT margin therefore increased from 9.3 % to 10.0 %. Net income after income taxes also increased from EUR 46.7m in the prior year to EUR 54.4m in the financial year 2011. Besides the increased result from operations, lower amortization on fair value adjustments resulting from acquisitions contributed to this development.
Unchanged to prior periods, the financial status is very solid. Considering the outflow of funds in connection with the acquisition of the Brazilian plastic packaging company Vedat Tampas Hermeticas Ltda. (Vedat), the payment of a dividend and the one-off payments in connection with the refinancing, the adjusted EBITDA leverage of 1.7 calculated as the ratio between the net financial debt in relation to adjusted EBITDA was only marginally above the prior year value of 1.5. Non-current assets were to 114 % covered by equity and non-current debt (prior year: 103 %). The equity ratio decreased from 39.0 % to 36.4 % from one balance sheet date to the next due to the increase in the balance sheet total.
With the acquisition of a Brazilian company in March 2011, we strengthened our pharma business in the emerging countries. The company Vedat is very well positioned in the area of pharmaceutical plastic packaging. Vedat is a manufacturer of plastic closures, PET bottles and other plastic containers mainly for the South American market. The acquisition is an outstanding addition to our three existing production facilities in South America. As a result of the integration of Vedat, we can now act as a full range supplier for pharmaceutical plastic packaging in South America.
As in prior years, external factors such as exchange rate fluctuations or the development of energy and commodity prices had little influence on the operating result of the Gerresheimer Group in the reporting period. With a new financial structure concluded in the first half of 2011, secured interest rates and liquidity reserves our Company is well positioned in the long term. Fluctuations in the US dollar/euro exchange rate do not have a material effect on the development of the Group’s result and essentially only led to translation effects due to our production sites in the US with mainly North American pharma customers and financial debt in US dollars. Price fluctuations for raw materials and energy are substantially equalized by contractually agreed price escalation clauses, hedging transactions, productivity and price increases.