Regulatory News:
Sartorius Stedim Biotech (Paris:DIM):
in € million 9 months 9 months Growth in %
Growth in % unless otherwise 2014 2013 const. fx specified
Unaudited figures
Order intake 509.7 453.1 12.5
13.4 Sales revenue 494.3 436.6 13.2
14.1 Europe1) 235.4 212.3 10.9 10.1
North America1) 146.4 112.9 29.7 32.4
Asia | Pacific1) 97.1 91.1 6.5 9.5
Other Markets1) 15.5 20.3 -23.9 -23.9
EBITDA2)3) 114.0 99.6 14.4
EBITDA margin2)3) in % 23.1 22.8 +30bps
EBITA2)3) 96.6 84.1 14.8
EBITA margin2)3) in % 19.5 19.3 +20bps
Net profit2)4) 63.2 55.2 14.5
Earnings per share in €2)4) 4.12 3.60
14.5
1) According to customers’ location
2) Underlying = adjusted for extraordinary items
3) Amortization refers only to amortization of intangible assets
due to purchase price allocation (PPA) acc. to IFRS 3
4) Underlying net profit after non-controlling interest and
excluding amortization and fair value adjustments of hedging
instruments
The Sartorius Stedim Biotech Group uses earnings before
interest, taxes, depreciation and amortization (EBITDA) for
measuring the profitability of the Group.
The key indicator “underlying EBITDA” corresponds to EBITDA
adjusted for extraordinary items.
Dynamic top-line growth
In the first nine months of 2014, Sartorius Stedim Biotech, a
leading supplier for the biopharmaceutical industry, again achieved
double-digit growth in order intake and sales revenue. Business was
fueled by strong demand for single-use products as well as by the
excellent development of recent acquisitions. All major regions
contributed to sales gains, with North America in the lead.
Profits on the rise
Sartorius Stedim Biotech continued to increase its earnings,
mainly based on economies of scale. Underlying EBITDA rose 14.4% to
114.0 million euros, and the corresponding margin reached 23.1%.
Extraordinary expenses totaled 3.1 million euros. Underlying
earnings per share were 4.12 euros, up year over year from 3.60
euros.
All key financial indicators at comfortable levels
Reflected by an equity ratio of 55.8%, a gearing ratio of 0.2
and a ratio of net debt to underlying EBITDA of 0.8, the financial
position of the Sartorius Stedim Biotech Group has remained strong
and stable. Net debt at the end of the first nine months was 119.9
million euros.
Outlook for 2014 confirmed
Based on the company’s strong nine-month results, management
confirmed its full-year forecast for 2014. Sales growth in constant
currencies is expected to reach the upper end of the 11% to 14%
range, while the underlying EBITDA margin is forecasted to rise to
approx. 23.5% in constant currencies. Furthermore, the capex ratio
is projected to be in the range of 6% to 8%.
This press release contains statements about the future
development of the Sartorius Stedim Biotech Group. We cannot
guarantee that the content of these statements will actually apply
because these statements are based upon assumptions and estimates
that harbor certain risks and uncertainties.
Conference call and webcast
Joachim Kreuzburg, CEO and Chairman of the Board of the
Sartorius Stedim Biotech Group, will discuss the results with
analysts and investors on Tuesday, October 21, 2014, at 3:30 p.m.
Central European Time (CET), in a teleconference. You may dial into
the teleconference starting at 3:20 p.m. CET at the following
numbers:
Germany: +49(0)69 2222 10641France: +33(0)1 76 77 22 38UK:
+44(0)20 3427 1923USA: +1646 254 3373
The dial-in code is: 5588258To view the webcast or presentation,
log onto: www.sartorius-stedim.com
A profile of Sartorius Stedim Biotech
Sartorius Stedim Biotech is a leading provider of cutting-edge
equipment and services for the development, quality assurance and
production processes of the biopharmaceutical industry. Its
integrated solutions covering fermentation, cell cultivation,
filtration, purification, fluid management and lab technologies are
supporting the biopharmaceutical industry around the world to
develop and produce drugs safely, timely and economically.
Sartorius Stedim Biotech focuses on single-use technologies and
value-added services to meet the rapidly changing technology
requirements of the industry it serves. Strongly rooted in the
scientific community and closely allied with customers and
technology partners, the company is dedicated to its philosophy of
“turning science into solutions.”
Headquartered in Aubagne, France, Sartorius Stedim Biotech is
listed on the Eurolist of Euronext Paris. With its own
manufacturing and R&D sites in Europe, North America and Asia
and a global network of sales companies, Sartorius Stedim Biotech
enjoys a worldwide presence. Its key manufacturing and R&D site
is in Germany. The company employs approx. 3,600 people, and in
2013 earned sales revenue of 588.4 million euros.
Income Statement
3rd 3rd
quarter quarter
9 months 9 months
2014 2013
2014 2013
Unaudited
€ in mn € in mn
€ in
mn € in mn Sales revenue 170.1 144.0
494.3 436.6 Cost of sales –84.9 –72.4
–245.7 –215.3 Gross profit on sales 85.2
71.7 248.5 221.3 Selling and distribution
costs –35.0 –31.7 –105.6 –96.5 Research
and development costs –10.0 –9.7 –29.6
–26.7 General administrative expenses –9.2 –7.7
–27.9 –23.4 Other operating income and expenses
–0.7 0.7 –0.1 1.0 Earnings before
interest & taxes (EBIT) 30.3 23.3 85.3
75.6 Financial income 0.3 –0.2 0.5
1.0 Financial expenses –2.5 –2.0 –7.7
–5.8 Financial result –2.2 –2.1 –7.3
–4.8 Profit before tax 28.1 21.1 78.0
70.8 Deferred tax income | expenses 0.1 1.7
1.6 0.8 Income tax expenses –8.2 –7.8
–25.2 –21.3 Taxes –8.1 –6.1
–23.6 –20.5 Net profit for the period 20.0
15.0 54.4 50.2 Attributable to:
Shareholders of Sartorius Stedim
Biotech 19.7 14.8 54.0 49.1
Non-controlling interest 0.2 0.2 0.4
1.1
Earnings per share (€) 1.28 0.97 3.52
3.20 Diluted earnings per share (€) 1.29 0.96
3.52 3.20
Statement of Financial Position
Assets
Sept. 30, 2014 Dec. 31, 2013
€ in mn € in mn Non-current assets
Goodwill 308.0 303.0 Intangible
assets 120.9 122.6 Property, plant and equipment
184.0 175.9 Financial assets 1.5 1.3
Deferred tax assets 10.4 9.4 Other assets 0.6
0.6 625.3 612.7 Current assets
Inventories 117.3 92.2 Trade
receivables 120.8 107.6 Other financial assets
6.3 9.6 Current tax assets 8.7 8.1 Other
assets 7.2 5.5 Cash and cash equivalents 44.7
35.6 305.1 258.5 Total assets
930.4 871.2 Equity and
liabilities
Sept. 30, 2014 Dec. 31, 2013
€
in mn € in mn Equity
Attributable to SSB shareholders 514.4 478.3 Issued
capital 15.4 10.4 Capital reserves 235.0
278.8 Retained earnings (including net profit) 264.0
189.2 Non-controlling interest 5.2 3.5
519.6 481.8 Non-current liabilities
Pension provisions 23.9 22.6 Other
provisions 3.0 3.0 Loans and borrowings 128.0
137.2 Other financial liabilities 47.0 37.3
Deferred tax liabilities 32.4 34.9
234.3 235.0 Current liabilities
Provisions 4.5 5.0 Trade payables 73.8
62.8 Loans and borrowings 36.6 28.4 Other financial
liabilities 41.3 41.1 Current tax liabilities
9.0 4.5 Other liabilities 11.3 12.6
176.5 154.4 Total equity and liabilities 930.4
871.2
Statement of Cash Flows
9 months 2014 9 months 2013
€
in mn € in mn Cash flows from operating activities
Profit before tax 78.0
70.8 Financial Result 7.3 4.8 Earnings before
interest & taxes (EBIT) 85.3 75.6 Depreciation |
amortization of intangible and tangible assets 25.6
22.3 Increase | decrease in provisions –0.4 1.8
Income taxes paid –21.4 –19.9 Gross cash flows from
operating activities 89.1 79.8 Increase | decrease in
receivables and other assets –11.8 –13.0 Increase |
decrease in inventories –19.3 –10.8 Increase |
decrease in liabilities 1.0 0.3 Net cash flow from
operating activities 59.0 56.4
Cash flows from investing activities
Capital expenditure –31.0 –22.1
Proceeds from the disposal of fixed assets 0.4 0.5
Other payments 3.9 –0.1 Net cash flow from investing
activities –26.8 –21.7 Payments for acquisitions of
consolidated subsidiaries and other business operations; net of
cash acquired –4.3 –14.9 Proceeds from the disposal
of consolidated subsidiaries and other business operations
0.0 0.0 Net cash flow from investing activities and
acquisitions –31.1 –36.6
Cash flows from financing activities
Changes in capital 0.1 0.0 Interest received
0.4 0.2 Interest paid and other financial expenses
–4.2 –4.7 Dividends paid to:
- Shareholders of Sartorius Stedim Biotech SA –18.4
–16.9 - Non-controlling Interest –0.4 –0.3
Gross cash flows from financing activities –22.5
–21.7 Loans and borrowings repaid (-) | raised (+) –2.5
–6.5 Net cash flow from financing activities –25.1
–28.1 Net increase | decrease in cash and cash equivalents
2.9 –8.4 Cash and cash equivalents at the beginning
of the period 35.6 27.8 Net effect of currency
translation on cash and cash equivalents 6.3 0.5 Cash
and cash equivalents at the end of the period 44.7
20.0
Sartorius Corporate Administration GmbHVice President of
Corporate CommunicationsPetra Kirchhoff, +49(0)551.308.1686Fax:
+49(0)551.308.3410petra.kirchhoff@sartorius.comwww.sartorius-stedim.com
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