Nine-Month Figures for 2016: Sartorius Stedim Biotech Continues on the Growth Track
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 13420
France: +33 (0)1 76 77 22 74
UK: +44 (0)20 3043 2002
USA: +1 719 457 1036
The dial-in code is: 8030273
To 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
Sartorius Stedim Biotech
Petra Kirchhoff, +49(0)551.308.1686
Vice President of Corporate Communications
petra.kirchhoff@sartorius.com
or
Andreas Theisen, +49(0)551.308.1668
Director Investor Relations
andreas.theisen@sartorius.com
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