h1 2012 cc master.ppt [kompatibilitätsmodus]€¦ · + 12.2 % (+ 8.5 % cc) + 23.1% 33.4 42.9 +...

Joachim Kreuzburg, CEOJuly 25, 2012

Sartorius Group Conference Call

H1 2012

Disclaimer

This presentation contains statements concerning the Sartorius and Sartorius Stedim Biotech Group’s future performance. These statements are based on assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we cannot guarantee that they will actually materialize. This is because our assumptions harbor risks and uncertainties that could lead to actual results diverging substantially from the expected ones. It is not planned to update our forward-looking statements.

Throughout this presentation, differences may be apparent as a result of rounding during addition.

H1 2012 Highlights

Strong organic performance

Very successful ACHEMA-event

Key investment projects largely executed

Group guidance raised

Strong Growth in Sales Revenue and Earnings

Sartorius Groupin millions of €(unless otherwise specified)

6M 2011 6M 2012 Change in % Comment

Order intake 376.6 434.2 15.3 +11.7% in cc3); around 6 pct. pointsdue to Biohit LH consolidation

Sales revenue 353.7 422.1 19.3 +15.6% in cc3); around 6 pct. pointsdue to Biohit LH consolidation

Underlying1) EBITA 51.1 63.6 24.6

Underlying1) EBITA margin 14.4% 15.1%

Underlying EPS1)2) 1.39 1.73 24.5

1) Excluding extraordinary items 2) Excluding non-cash amortization and valuation adjustments of hedging instruments 3) Constant currencies

+30.2% +10.8% +14.9% +12.2%

Other Markets ~4%

Asia | Pacific ~23%

North America ~23%

Europe ~50 %

97.7

15.5

212.0

€422.1m

EuropeSales1) in millions of €

North AmericaSales1) in millions of €

Asia|PacificSales1) in millions of €

Other MarketsSales1) in millions of €

Sales by Regions1)

in %

All Regions Drive Growth

97.0

1) According to customers‘ location

￭ Double-digit sales growth in North America driven by all divisions￭ Strong expansion in Asia | Pacific led by Bioprocess Solutions division￭ Healthy performance in Europe￭ Modest PIIGS exposure (~15% of European sales revenue)

H1 2012, growth in constant currencies

Bioprocess Solutions: Continued Dynamic Expansion

H1 2011 H1 2012

1) Excluding extraordinary items

Order Intakein millions of €

EBITDA & EBITAunderlying1), in millions of €

217.0243.4

+ 12.2 % (+ 8.5 % cc)

+ 23.1%

33.4

42.9

+ 28.7 %

41.6

51.2

195.8

237.4

+ 21.2% (+ 17.3% cc)

Order Intake￭ Strong growth driven by

single-use products, especially filters and bags

Sales Revenue ￭ Performance mainly fueled

by single-use products ￭ H1 2011 represents a

relatively low base

Underlying1) EBITA￭ 110 bps margin expansion

mainly driven by strong sales growth

EBITDA & EBITA Marginsunderlying1), in millions of €

Sales Revenuein millions of €

0

270

90

180

0

17.0 18.1

21.521.2

H1 2012H1 2011

Sales Revenue in €m (lhs)

Underlying1) EBITA Margin (rhs)Underlying1) EBITDA Margin (rhs)

14

28

21

7

Lab Products & Services: Solid Organic Order Intake

H1 2011 H1 2012




108.3

139.7

+29.0 % (+24.7 % cc)

+ 13.9%

15.216.5

+ 8.8 %

18.420.9

110.6133.0

+20.2 % (+16.1 % cc)



Order Intake￭ Approx. 6% growth

excluding currencies and Biohit LH

Sales Revenue ￭ Approx. 2% decline

excluding currencies and acquisitions

￭ H1 2012 compares against strong previous year’s base

￭ Biohit LH performance in line with expectations

Underlying1) EBITA￭ Impacted by investments in

S&D0

150

50

100

5

10

15

20

13.712.4

15.816.6

H1 2012H1 2011

Sales revenue in €m (lhs)

Underlying1) EBITA margin (rhs)Underlying1) EBITDA margin (rhs)

Industrial Weighing: Significant Growth Against a Moderate Base

H1 2011 H1 2012




51.4 51.1

- 0,5 % (- 2,6 % cc)

+ 45.3 %

2.5

4.2

+ 65.1%

3.5

5.2

47.351.8

+ 9.5 % ( +7,3 % cc)



Order Intake￭ At the previous year’s level

Sales Revenue ￭ High growth rates due to

moderate base in H1 2011

Underlying1) EBITA￭ Economics of scales drive

profitability60

40

0

4

8

12

5.4

8.1

10.0

7.5

H1 2012H1 20110



20

Strong Top Line Translates to Substantial Bottom-Line Growth

Sartorius Groupin millions of €(unless otherwise specified)

6M 2011 6M 2012 Change in %


Extraordinary items -6.7 -7.1 -6.6

Financial result -5.3 -6.4 -21.0

Underlying1)2) net profit after minority interest 23.7 29.5 24.5

Underlying1)2) EPS (€) 1.39 1.73 24.5

Operating cash flow 14.3 3.2 -77.2

Investing cash flow -13.1 -34.4 -162.7

￭ Extraordinary items mainly related to the integration of Biohit LH, U.S. site relocation and other corp. projects

￭ Operating cash flow impacted by tax payments (partly relating to preceding years) and NWC expansion

￭ Investments mainly related to the expansion of production capacity

1) Excluding extraordinary items 2) Excluding non-cash amortization and valuation adjustments of hedging instruments

All Key Financial Indicators at Robust Levels

Sartorius Group Dec. 31,2011

June 30,2012

Equity ratio in % 38.0 37.0

Net debt in millions of € 264.8 330.6

Gearing ratio 0.7 0.9

Net debt to underlying1) EBITDA 1.9 2.2

Interest Coverage1) 13.9 14.8


Net Debt to EBITDA1)

Q1-Q4 Q1-Q40

100

200

300

0.0

1.0

2.0

3.0

201120102009

Net debt in €m (lhs)

Q1-Q4 Q1-Q4

Net debt to EBITDA (rhs)

2008

Key Financial Indicators

Q1-Q22012

FY 2012 Guidance Upgraded

Guidance Previous New

Sales revenue growth1)

Underlying2)

EBITA growthSales revenue

growth1)Underlying2)

EBITA growth3)

Sartorius Group ~10% ~10% ~11% ~15%

Bioprocess Solutions ~6% - 8% ~6% - 8% ~10% ~15%

Lab Products & Services ~16% - 20% ~16% - 20% ~16% - 20% ~20% - 24%

Industrial Weighing Stable vs. 2011 Stable vs. 2011 Stable vs. 2011 Stable vs. 2011

￭ CAPEX ratio expected to be around 8%, which includes non-cash items of approx. 2 pct. points

1) In constant currencies 2) Excluding extraordinary items 3) Provided that currency exchange rates remain favourable as in H1 2012

Joachim Kreuzburg, CEOJuly 25, 2012

Sartorius Stedim Biotech GroupConference Call

H1 2012

Strong Increase in OI, Sales Revenue and Profit

Sartorius Stedim Biotechin millions of €(unless otherwise specified)

6M 2011 6M 2012Change

in %Change in %const. currencies

Order intake 251.6 279.3 11.0 7.5

Sales revenue 229.6 272.6 18.7 15.0


Underlying1) EBITA margin 16.8% 17.9% +110bps

Underlying1)2) EPS in € 1.61 2.04 26.6


￭ Order Intake: Strong growth with single-use products, especially filters and bags

￭ Sales Revenue: H1 2011 represents a relatively low base; performance primarily fueled by single-use products

￭ Underlying EBITA: Margin expansion mainly driven by strong sales growth

0

150

50

100

10

14

18

22

Marginsin %

16.817.9

20.4 20.9

18.8

15.0

17.9

14.2

H1 11H1 10 H1 12H1 09



+ 30.5 % + 7.7 % + 16.8 % + 13.3 %

Other Markets ~4%

Asia | Pacific ~19%

North America ~28%

Europe ~49%

76.3

9.6

133.4

€272.6m

EuropeSales1) in millions of €

North AmericaSales1) in millions of €

Asia|PacificSales1) in millions of €

Other MarketsSales1) in millions of €

Sales by Regions1)

in %

Highest Revenue Gains in North America

53.2

1) According to customers‘ location

H1 2012, growth in constant currencies

￭ All regions contributed to strong sales growth￭ North America reported the highest gains driven by single-use and equipment business￭ Growth in Asia |Pacific continued to be dynamic￭ Modest PIIGS-exposure (~15% of European sales revenue)

Significant Increase in Underlying1) Earnings per Share

Sartorius Stedim Biotechin millions of €(unless otherwise specified)

6M 2011 6M 2012 Change in %


Extraordinary items -2.9 -3.9 -33.8

Financial result -2.1 -2.7 -30.6

Underlying1)2) net profit after minority interest 24.7 31.2 26.6

Underlying1)2) EPS (€) 1.61 2.04 26.6

Operating cash flow 13.8 6.8 -51.0

Investing cash flow -8.9 -23.0 -159.2


￭ Extraordinary items mainly related to U.S. site relocation and other corporate projects

￭ Operating cash flow impacted by tax payments (partly relating to preceding years) and NWC expansion

￭ Investments mainly related to the expansion of production capacity

All Key Financial Indicators at Very Comfortable Levels

Net Debt to EBITDA1)

0

100

150

200

0.0

1.0

2.0

3.0

50


Sartorius Stedim Biotech Dec. 31,2011

June 30,2012

Equity ratio in % 54.9 53.4

Net debt in millions of € 100.1 146.2

Gearing ratio 0.3 0.4

Net debt to underlying1) EBITDA 1.0 1.3

Interest coverage1) 22.5 24.8

Key Financial Indicators

Q1-Q4 Q1-Q4201120102009

Q1-Q4 Q1-Q42008

Net debt in €m (lhs) Net debt to EBITDA (rhs)

Q1-Q22012

FY 2012 Guidance Raised

Guidance Previous New

Sales revenue growth1) ~6% - 8% ~10%

Underlying2) EBITA growth ~6% - 8% ~15%3)

￭ CAPEX ratio expected to be around 10% including non-cash items of approx. 3 pct. points

1) In constant currencies 2) Excluding extraordinary items 3) Provided that currency exchange rates remain favourable as in H1 2012

Thank you very much for your attention.

h1 2012 cc master.ppt [kompatibilitätsmodus]€¦ · + 12.2 % (+ 8.5 % cc) + 23.1% 33.4 42.9 +...

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