Sartorius Reports First-Half Figures for 2008
July 29 2008 - 4:34AM
Business Wire
Sartorius (FWB:SRT), a leading international process and laboratory
technology provider, published its first-half results today on
Tuesday. From January to June, the Group posted sales revenue of
304.0 million euros. This corresponds to a currency-adjusted gain
of 3.8% (current exchange rates: -0.2%).* Currency-adjusted order
intake reached the year-earlier level (+0.1%) and is at 311.3
million euros (current exchange rates: -3.9%). Operating earnings,
reported as EBITA (earnings before interest, taxes and
amortization), are at 27.0 million euros, compared with 28.9
million euros posted a year ago. The corresponding EBITA margin is
thus 8.9%. At the previous year�s exchange rates, this margin is
very close to 10%. Business Development of the Divisions Sartorius
Stedim Biotech The Biotechnology Division�s business showed highly
dynamic development in Europe, attaining double-digit growth rates.
It thus reflects the successful integration of Stedim S.A. In the
U.S. market, by contrast, sales revenue fell as a result of the
weaker demand of individual key accounts in the biopharmaceutical
sector. The reason is that these key accounts had to accept delayed
or restricted drug approvals and, as a consequence, manufactured
considerably fewer medications than they had originally planned in
some instances. In addition, a few key customers initiated programs
to reduce their inventory and thus temporarily dampened the demand
for our products on top of this. Sales revenue for the
Biotechnology Division is at 184.1 million euros, compared with
186.6 million euros a year ago, and corresponds to a
currency-adjusted increase of 2.8% or �1.3% at the current exchange
rates. Due to fluctuations in project business, order intake dipped
slightly to 187.1 million euros from 198.3 million euros a year
earlier. EBITA attained 20.4 million euros relative to 21.3 million
euros a year ago. The EBITA margin is double-digit again and at
11.1% (first half 2007: 11.4%). On the basis of the previous year�s
exchange rates, the Group�s EBITA margin rose to a solid 12%. �Our
strong growth in Europe shows that following successful
integration, Sartorius Stedim Biotech has positioned itself very
well in the market,� commented CEO Dr. Joachim Kreuzburg. �In the
USA, we were not immune to the effects elicited by the temporary
weakness of the biotech markets, but we handled this challenge very
well. By achieving a double-digit EBITA margin, we are continuing
to perform at a very solid earnings level.� Sartorius Mechatronics
First-half sales revenue for the Mechatronics Division rose by a
currency-adjusted rate of 5.5% to 119.9 million euros (current
exchange rates: +1.5%). Growth was fueled especially by Asia and
also by Europe. On a currency-adjusted basis, the division
increased order intake, which was up a currency-adjusted 2.7%
(current exchange rates: -1.2%). Its operating earnings were at 6.6
million euros compared with 7.7 million euros a year ago. Thus, the
division�s EBITA margin is at 5.5% (first half 2007: 6.5%). Based
on the year-earlier exchange rates, this margin is one solid
percentage point higher and therefore at the previous year�s level.
�In the first half, Sartorius Mechatronics grew robustly. However,
its strong first-quarter order intake did not continue on into the
second quarter because of the weakening global economic activity.
In the second half, we will be especially focusing on further
implementing our growth strategy in Asia and on improving our
earnings level,� said Kreuzburg. Outlook The company forecasts that
second-half sales revenue for both divisions will increase above
the first-half figures. For Sartorius Stedim Biotech, the company
projects that the growth rate will be higher in the second half
than in the first, whereas for Sartorius Mechatronics, it is
anticipated that slower economic activity will slightly dampen its
pace of growth. For both divisions, profitability in the second
half should be higher than in the first. However, the company does
not expect to reach its ambitious full-year targets. Yet because of
the current uncertainties about the U.S. biotechnology market and
the economic climate, it is not possible at this time to give a
precise, quantitative forecast. * To ensure the best possible
comparability, the figures of the year-earlier period are presented
on a pro forma basis and adjusted for special expenses
(�underlying�). Conference Call and Webcast Dr. Joachim Kreuzburg,
CEO and Executive Board Chairman of Sartorius, will discuss the
first-half results with analysts and investors today, July 29,
2008, at 3:30 p.m. Central European Time (CET), in a
teleconference. You may dial into the teleconference starting at
3:15 p.m. CET at the following numbers: Germany: +49 (0)69 5007
1317; France: +33 (0)1 70 99 43 03; UK: +44 (0)20 7806 1966; USA:
+1 718 354 1390. The dial-in code is 4161181; to view the webcast,
log onto http://www.sartorius.com or
http://www.livemeeting.com/cc/premconfeurope/join?id=4161181&role=atte
nd&pw=pw1017 Current Image Files: Dr. Joachim Kreuzburg, CEO
and Executive Board Chairman of Sartorius AG:
www.sartorius-stedim.com/media/content/press/support/Dr_Kreuzburg.
jpg Sartorius Stedim Biotech:
http://www.sartorius.com/media/content/press/support/Sartorius_0095_PG
4.jpg Sartorius Mechatronics:
http://www.sartorius.com/media/content/press/support/Mechatronics_
2_AR_08.jpg (Due to their lengths, some of the above URLs may need
to be copied/pasted into your Internet browser's address field.
Remove any extra space if one exists.) Upcoming Financial Dates:
August 5, 2008* Publication of the First-Half 2008 Financial Report
October 2008 Publish of the Quarterly Figures from Jan. � Sept.
2008 * tentative date This is a translation of the original
German-language press release. Sartorius shall not assume any
liability for the correctness of this translation. The original
German press release is the legally binding version. Furthermore,
Sartorius reserves the right not to be responsible for the
topicality, correctness, completeness or quality of the information
provided. Liability claims regarding damage caused by the use of
any information provided, including any kind of information which
is incomplete or incorrect, will therefore be rejected. A Profile
of Sartorius The Sartorius Group is an internationally leading
laboratory and process technology provider covering the segments of
biotechnology and mechatronics. In 2007, the technology group
earned pro forma sales revenue of 622.7 million euros. Founded in
1870, the Goettingen-based company currently employs approximately
4,500 persons. The major areas of activity in its biotechnology
segment focus on fermentation, filtration, purification, fluid
management and laboratory applications. In the mechatronics
segment, the company primarily manufactures equipment and systems
featuring weighing, measurement and automation technology for
laboratory and industrial applications. Key Sartorius customers are
from the pharmaceutical, chemical and food and beverage industries
and from numerous research and educational institutes of the public
sector. Sartorius has its own production facilities in Europe, Asia
and America as well as sales subsidiaries and local commercial
agencies in more than 110 countries. Sartorius Corporate
Administration GmbH, 37070 Goettingen, Germany
http://www.sartorius.com
Sartorius (TG:SRT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Sartorius (TG:SRT)
Historical Stock Chart
From Jul 2023 to Jul 2024