| Sartorius | Press Release |
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| Print Press Release |
First-half figures for 2010: Further growth and increase in profit
€ in millions | 1st half 2010 | 1st half 2009 | Change in % | Change in % |
|---|---|---|---|---|
Sales revenue | 209.3 | 198.3 | +5.5 | +4.4 |
• Europe1) | 113.5 | 113.2 | +0.3 | -0.1 |
• North America1) | 55.6 | 51.8 | +7.3 | +7.0 |
• Asia | Pacific1) | 31.9 | 25.3 | +25.9 | +19.6 |
• Other Markets1) | 8.3 | 8.1 | +3.2 | +3.2 |
EBITA2) | 31.5 | 28.1 | +11.8 |
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EBITA margin2) | 15.0 | 14.2 |
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Net profit2) 3) | 19.5 | 15.4 | 26.0 |
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Earnings per share (€)2) 3) | 1.18 | 0.91 | 29.4 |
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1) Acc. to customers‘ location 2) Underlying 3) Excluding amortization
The Sartorius Stedim Biotech Group uses earnings before interests, taxes and amortization (EBITA) as the key figure for measuring performance and profitability of the Group. Amortization refers only to any potential amortization of goodwill and of the intangible assets measured within the scope of purchase price allocation according to IFRS 3 "Business Combinations." The key indicator “underlying EBITA" corresponds to the EBITA adjusted for non-operating items.
Strong growth most notably in the Asia | Pacific region
In the first half of 2010, Sartorius Stedim Biotech (SSB) stayed on the growth track in order intake and sales revenue. As expected, its order volume rose, particularly for its equipment business comprising bioreactor systems. Primarily the Asia | Pacific region, and also North America, substantially contributed to the growth in revenue, whereas in line with the company´s expectations, development in Europe was flat due to the phase out of extraordinary business with producers of H1N1 vaccines.
Improved profitability
In the first six months, Sartorius Stedim Biotech increased its operating earnings before interest, taxes and amortization and adjusted for extraordinary expenses (=underlying EBITA) from €28.1 million to €31.5 million. The respective underlying EBITA margin improved from 14.2% to 15.0%. Extraordinary expenses accounted for 0.5 million euros in the first half of 2010.
Comfortable financial position
Reflected by an equity ratio of 54.5% and a net-debt-to-EBITDA ratio of 1.6, the financial position of the Sartorius Stedim Biotech Group is still at a very comfortable level. Triggered by the share buyback program, equity declined from €393.2 million as of December 31, 2009, to €359.8 million as of June 30, 2010.
Outlook
Management confirms the outlook for fiscal 2010 and expects sales growth to be within the upper single-digit percentage range in constant currencies and the operating EBITA margin to increase slightly compared with fiscal 2009. 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 Monday, July 26, 2010, at 4:00 p.m. Central European Time (CET), in a webcast teleconference. You may dial into the teleconference starting at 3:45 p.m. CET at the following numbers:
Germany | +49 (0)69 2222 2245 |
France | +33 (0)1 70 99 42 73 |
UK | +44 (0)20 7138 0824 |
USA | +1 212 444 0481 |
The dial-in code is: 4383672
To 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, 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 approximately 2,400 people, and in 2009 earned sales revenue of 401.2 million euros.
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Contact
Dominic Grone; Group Corporate Communications;
Sartorius Corporate Administration GmbH, 37070 Goettingen, Germany;
Phone: +49 (0)551.308.3324; Fax: +49 (0)551.308.3572;
e-mail: dominic.grone@sartorius.com; www.sartorius-stedim.com