Regulatory News:
Sartorius Stedim Biotech (Paris:DIM):
€ in millions
9 months 9 months Growth
in % Growth unless otherwise
2016 2015 in % specified
const. fx Sales
revenue 785.1 660.9 18.8 20.4 EMEA1
342.7 299.5 14.4 16.2 Americas1
290.2 242.4 19.7 21.0 Asia | Pacific1
152.2 119.0 28.0 29.8 Order intake
806.6 694.0 16.2 17.8 EBITDA2 214.1
173.2 23.6 EBITDA margin2 in %
27.3 26.2 +1.1pp Net profit3
131.3 104.1 26.0 Earnings per share3,4
in € 1.42 1.13 26.0
1 According to customers’ location
2 Underlying EBITDA = earnings before interest, taxes,
depreciation and amortization, and adjusted for extraordinary
items
3 Underlying net profit = net profit after non-controlling
interest; adjusted for extraordinary items and non-cash
amortization, as well as based on a normalized financial result and
tax rate
4 9M 2015 adjusted for stock split
Double-digit top-line growth
Sartorius Stedim Biotech (SSB), a leading supplier for the
biopharma industry, continued on the growth track. Within an
ongoing dynamic market environment, the company saw high demand
across the entire portfolio and recorded an increase in sales
revenue of more than 20%. Besides strong organic performance,
acquisitions contributed approx. 2 percentage points of non-organic
growth.
Asia | Pacific posted the highest growth rate with a gain of
around 30%, partly driven by some large equipment deliveries. Sales
in the Americas and EMEA region also grew at strong double-digit
rates, relative to high comparables in the third quarter.
Profits on the rise
Driven by economies of scale, SSB increased its underlying
EBITDA by nearly one fourth to 214.1 million euros; the
corresponding margin reached 27.3%. Underlying earnings per share
were 1.42 euro, up year over year from 1.13 euro.
Comfortable financial position
Reflected by an equity ratio of 60.5% and a ratio of net debt to
underlying EBITDA of 0.3, SSB’s financial position has remained
strong and stable. Net debt at the end of the first nine months
stood at 94.6 million euros.
2016 guidance confirmed
Based on the company’s nine-month results, management confirmed
its full-year forecast for 2016. Sales revenue is expected to
increase by about 17% to 20% in constant currencies, including
around 2 percentage points of non-organic growth expected to be
contributed by recent acquisitions. The underlying EBITDA margin is
projected to rise by about 1.5 percentage points in constant
currencies compared with the prior-year figure of 26.2%.
This Investor Relations news 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
Joachim Kreuzburg, CEO and Chairman of the Board of the
Sartorius Stedim Biotech Group, will discuss the company’s results
with analysts and investors on Monday, October 24, 2016, 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 13420France: +33 (0)1 76 77 22 74UK: +44
(0)20 3043 2002USA: +1 719 457 1036
The dial-in code is: 8030273To view the presentation, log onto:
www.sartorius-stedim.com
A profile of Sartorius Stedim Biotech
Sartorius Stedim Biotech is a leading international supplier of
products and services that enable the biopharmaceutical industry to
develop and manufacture drugs safely and efficiently. As a total
solutions provider, Sartorius Stedim Biotech offers a portfolio
covering nearly all steps of biopharmaceutical manufacture. The
company focuses on single-use technologies and value-added services
to meet the rapidly changing technology requirements of the
industry it serves. Headquartered in Aubagne, France, Sartorius
Stedim Biotech is quoted on the Eurolist of Euronext Paris. With
its own manufacturing and R&D sites in Europe, North America
and Asia and an international network of sales companies, Sartorius
Stedim Biotech has a global reach. In 2015, the company employed
approx. 4,200 people, and earned sales revenue of 884.3 million
euros.
Statement of Profit or Loss
3rd quarter 2016 3rd quarter 2015
9
months 2016 9 months 2015
€ in mn € in mn
€ in mn € in mn Sales revenue 276.3 238.9 785.1 660.9 Cost
of sales –135.3 –114.6 –387.3 –320.4 Gross profit on sales 141.0
124.3 397.8 340.5 Selling and distribution costs –46.5 –42.6 –139.3
–122.1 Research and development costs –12.5 –11.0 –36.5 –31.1
General administrative expenses –15.7 –11.5 –42.5 –34.5 Other
operating income and expenses –3.2 –4.0 –5.9 –10.5 Earnings before
interest & taxes (EBIT) 63.3 55.2 173.6 142.3
Financial income 0.5 1.2 5.5 2.9 Financial
expenses –1.3 1.2 –8.4 –13.1 Financial result –0.7 2.4 –2.8 –10.2
Profit before tax 62.5 57.6 170.8 132.1 Income taxes –18.1 –16.7
–49.5 –38.3 Net profit for the period 44.4 40.9 121.3 93.8
Attributable to: Shareholders of
Sartorius Stedim Biotech 43.7 40.8 119.4 92.2 Non-controlling
interest 0.7 0.1 1.8 1.6
Earnings per share (€) 0.47 0.44 1.30 1.00 Diluted earnings per
share (€) 0.47 0.44 1.30 1.00
Statement of Comprehensive Income
3rd quarter 2016 3rd quarter 2015
9
months 2016 9 months 2015
€ in mn
€ in mn
€ in mn € in mn Net profit for
the period 44.4 40.9 121.3 93.8 Cash
flow hedges 1.9 1.4 2.9 0.2 Income tax
on cash flow hedges –0.6 –0.4 –0.9 –0.1
Net investment in a foreign operation 0.3 0.1
1.6 –4.8 Income tax on net investment in a foreign operation
–0.1 0.0 –0.5 1.4 Foreign currency
translation differences –3.9 –3.9 –17.4
16.6 Items that are or may be reclassified subsequently to profit
or loss –2.3 –2.9 –14.2 13.3
Remeasurements of the net defined benefit liabilities 0.0
–0.1 –3.9 2.4 Income tax on remeasurements of
the net defined benefit liability 0.0 0.0 1.0
–0.7 Items that will not be reclassified in profit or loss
0.0 –0.1 –2.9 1.8 Other comprehensive
income for the period –2.4 –2.9 –17.1
15.1 Total comprehensive income for the period 42.0
38.0 104.1 108.9 Attributable to:
Shareholders of Sartorius
Stedim Biotech 41.1 38.2 102.1 107.1
Non-controlling interest 0.9 –0.3 2.1
1.8
Statement of Cash Flows
9 months 2016 9 months 2015
€ in
mn € in mn Profit before tax 170.8 132.1 Financial Result 2.8
10.2 Earnings before interest & taxes (EBIT) 173.6 142.3
Depreciation | amortization of intangible and tangible assets 32.8
28.6 Increase | decrease in provisions 2.6 2.5 Income taxes paid
–55.4 –30.4 Other non-cash items 0.0 0.0 Gross cash flows from
operating activities 153.6 142.9 Increase | decrease in receivables
and other assets –45.7 –37.9 Increase | decrease in inventories
–29.8 –25.1 Increase | decrease in liabilities 22.4 17.7 Net cash
flow from operating activities 100.5 97.7
Acquisitions of intangible and tangible assets –52.5 –35.0 Proceeds
from the disposal of fixed assets 0.3 0.5 Other payments 0.1 –0.1
Net cash flow from investing activities –52.1 –34.6 Payments for
acquisitions of consolidated subsidiaries and other business
operations; net of cash acquired –23.0 –54.4 Net cash flow from
investing activities and acquisitions –75.1 –89.0
Changes in capital –0.6 0.2 Interest received 0.1 0.0
Interest paid and other financial charges –1.2 –2.5 Dividends paid
to: - Shareholders of Sartorius Stedim Biotech SA
–30.7 –20.0 - Non-controlling Interest –0.8 –0.4 Gross cash flows
from financing activities –33.3 –22.7 Repayments of loans and
borrowings –4.9 –3.8 Proceeds from loans and borrowings raised 16.1
22.5 Changes in non-controlling interest 0.0 –1.5 Net cash flow
from financing activities –22.1 –5.5 Net increase | decrease in
cash and cash equivalents 3.4 3.1 Cash and cash equivalents at the
beginning of the period 31.8 18.5 Net effect of currency
translation on cash and cash equivalents –0.1 2.5 Cash and cash
equivalents at the end of the period 35.1 24.2
Statement of Financial Position
Assets
Sept. 30, 2016 Dec. 31, 2015
€ in mn € in mn Non-current assets Goodwill
342.3 337.0 Other intangible assets 148.2 143.3 Property, plant and
equipment 243.7 222.9 Financial assets 1.6 1.3 Other assets 0.9 0.8
Deferred tax assets 12.7 10.0 749.3 715.3 Current assets
Inventories 175.0 147.0 Trade receivables 185.5 142.3
Other financial assets 10.2 8.4 Current tax assets 18.6 9.8 Other
assets 14.8 11.5 Cash and cash equivalents 35.1 31.8 439.3
350.8 Total assets 1,188.6 1,066.1 Equity and
liabilities
Sept. 30, 2016 Dec. 31, 2015
€ in
mn € in mn Equity Attributable to SSB S.A.
shareholders 712.1 641.4 Issued capital 18.4 15.4 Capital reserves
231.2 235.2 Retained earnings (including net profit) 462.4 390.8
Non-controlling interest 7.0 5.8 719.1 647.2 Non-current
liabilities Pension provisions 36.4 31.7 Other
provisions 3.3 3.3 Loans and borrowings 10.5 12.6 Finance lease
liabilities 16.7 16.9 Other financial liabilities 51.3 51.5
Deferred tax liabilities 34.9 30.2 153.0 146.2 Current
liabilities Provisions 11.3 8.0 Trade payables 114.5
100.6 Loans and borrowings 101.0 87.2 Finance lease liabilities 1.6
1.5 Other financial liabilities 47.8 41.3 Current tax liabilities
23.0 20.0 Other liabilities 17.3 14.1 316.5 272.7 Total
equity and liabilities 1,188.6 1,066.1
Reconciliation
in millions of € 9 months 2016 9 months 2015 EBIT
(operating result) 173.6 142.3 Extraordinary effects 7.7 2.6
Amortization | IFRS 3 10.6 9.2 Normalized financial result1 –4.5
–5.1 Normalized income tax (2016: 29%, 2015: 29%)2 –54.4 –43.2
Underlying net result 133.1 105.8 Non-controlling interest –1.8
–1.6 Underlying net result after non-controlling interest 131.3
104.1 Underlying earnings per share3 (in €) 1.42 1.13
1 Financial result excluding fair value adjustments of hedging
instruments, as well as currency effects from foreign currency
loans
2 Underlying income tax, based on the underlying profit before
taxes and non-cash amortization
3 9M 2015 adjusted for stock split
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161023005046/en/
Sartorius Stedim BiotechPetra Kirchhoff, +49(0)551.308.1686Vice
President of Corporate
Communicationspetra.kirchhoff@sartorius.comorAndreas Theisen,
+49(0)551.308.1668Director Investor
Relationsandreas.theisen@sartorius.com
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