Sartorius Ag · XETR:SRT
Sartorius — Q1 2019 Earnings Presentation
19 slides from Sartorius's earnings presentation, Apr 18, 2019
Slide 1: Conference Call First-Quarter 2019 Results
Conference Call First-Quarter 2019 Results Joachim Kreuzburg (CEO), Rainer Lehmann (CFO) April 18, 2019
Slide 2: Disclaimer
Disclaimer This presentation contains statements concerning the future performance of the Sartorius Group and the Sartorius Stedim Biotech Group. These statements are based on assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we cannot guarante
Slide 3: Agenda
Agenda Sartorius Group Q1 2019 Results | FY 2019 Guidance Sartorius Stedim Biotech Group Q1 2019 Results | FY 2019 Guidance Questions & Answers
Slide 4: Q1 2019 Highlights
Q1 2019 Highlights Strong double-digit growth in sales, order intake and earnings Continued dynamic momentum in Bioprocess Solutions division Lab Products & Services with robust development 2019 outlook confirmed 4
Slide 5: Strong top-line growth; further margin increase
Strong top-line growth; further margin increase Sartorius Group in millions of € unless otherwise specified Q1 2018 Q1 2019 in % in % cc 1) Sales revenue 364.9 435.7 +19.4 +16.8 Order intake 404.8 482.8 +19.3 +16.6 Underlying EBITDA2) 88.6 114.0 +28.7 Underlying EBITDA2) margin in % 24.3 26.2 +1.9 p
Slide 6: Double-digit growth in all geographies
Double-digit growth in all geographies Americas EMEA Asia|Pacific Sales by Region € in millions € in millions € in millions in % 178.0 EMEA ~ 41% 159.3 152.4 116.6 Americas ~ 35% 105.3 89.0 €435.7m Asia|Pacific ~ 24% Q1 18 Q1 19 Q1 18 Q1 19 Q1 18 Q1 19 +24.7 % +11.6 % +15.3 % Acc. to customers‘ loca
Slide 7: BPS: Strong demand across all product categories and regions
BPS: Strong demand across all product categories and regions Order Intake Sales Revenue Underlying EBITDA & Margin € in millions € in millions € in millions +21.1% cc +20.9% cc +34.0% +24.0% +23.8% 366.0 326.0 295.1 94.2 263.4 70.3 28.9% 26.7% Q1 18 Q1 19 Q1 18 Q1 19 Q1 18 Q1 19 • Above-average grow
Slide 8: LPS: Robust performance in line with expectations
LPS: Robust performance in line with expectations Order Intake Sales Revenue Underlying EBITDA & Margin € in millions € in millions € in millions +4.4% cc +5.9% cc +8.2% +6.6% +8.1% 116.8 109.7 19.8 109.6 101.4 18.3 18.0% 18.1% Q1 18 Q1 19 Q1 18 Q1 19 Q1 18 Q1 19 • Softer European economy weighs on
Slide 9: Cash flow enhanced by higher earnings
Cash flow enhanced by higher earnings Sartorius Group € in millions unless otherwise specified Q1 20181) Q1 2019 in % • Net operating cash flow mostly driven by higher earnings Underlying EBITDA 88.6 114.0 +28.7 • Extraordinary items decrease Extraordinary items -7.2 -5.0 +30.3 after completing the
Slide 10: Key financial indicators remain at robust levels
Key financial indicators remain at robust levels Key Financial Indicators Net Debt and Net Debt to Underlying EBITDA Sartorius Group Dec. 31, 2018 Mar. 31, 2019 1500 3.0 Equity ratio in % 38.5 36.8 1200 2.4 900 1.8 Net debt in millions of € 959.5 970.0 600 1.2 Net debt | underlying EBITDA 2.4 2.2 30
Slide 11: Outlook for 2019
Outlook for 2019 FY 2018 FY 2019 Guidance1) Sales Revenue Underlying Sales Revenue Underlying Growth1) EBITDA Margin Growth EBITDA Margin slightly above Sartorius Group 13.2% 25.9% ~ 7% - 11% 27.0% slightly above Bioprocess Solutions 14.8% 28.6% ~ 8% - 12% 29.5% slightly above Lab Products & Service
Slide 12: Agenda
Agenda Sartorius Group Q1 2019 Results | FY 2019 Guidance Sartorius Stedim Biotech Group Q1 2019 Results | FY 2019 Guidance Questions & Answers
Slide 13: Dynamic growth driven by high demand across the entire portfolio
Dynamic growth driven by high demand across the entire portfolio Sartorius Stedim Biotech Group in millions of € unless otherwise specified Q1 2018 Q1 2019 in % in % cc 1) Sales revenue 281.1 342.9 +22.0 +19.3 Order intake 313.8 381.3 +21.5 +18.7 Underlying EBITDA2) 74.0 98.1 +32.5 Underlying EBITDA
Slide 14: Growth in all regions, the Americas with highest momentum
Growth in all regions, the Americas with highest momentum Americas EMEA Asia|Pacific Sales by Regions in € millions in € millions in € millions in % 140.6 124.8 122.5 EMEA ~ 41% 93.8 77.5 64.8 Americas ~ 36% €342.9m Q1 18 Q1 19 Q1 18 Q1 19 Q1 18 Q1 19 +26.7% +14.8% +16.9% Asia|Pacific ~ 23% Acc. to
Slide 15: Significant increase in operating cash flow
Significant increase in operating cash flow Sartorius Stedim Biotech Group € in millions unless otherwise specified Q1 2018 Q1 2019 in % • Net operating cash flow mostly driven by higher earnings Underlying EBITDA 74.0 98.1 +32.5 • Net investing cash flow reflects Extraordinary items -3.6 -2.6 +27.5
Slide 16: Financial position remains strong
Financial position remains strong Key Financial Indicators Net Debt and Net Debt to Underlying EBITDA Sartorius Stedim Biotech Dec. 31, 2018 Mar. 31, 2019 250 2.0 Equity ratio in % 66.5 63.6 200 1.6 150 1.2 Net debt in millions of € 125.7 112.8 100 0.8 Net debt | underlying EBITDA 0.4 0.3 50 0.4 0 0
Slide 17: Outlook for 2019
Outlook for 2019 FY 2018 FY 20191) Sales revenue growth 13.7%1) ~ 7% - 11% slightly more than Underlying EBITDA margin 28.2% + 1pp CAPEX ratio 14.6% ~ 11% 1) In constant currencies • Sales guidance includes dilution of 3pp sales growth due to the modification of the cell culture media agreement with
Slide 18: Q&A
3° Sartorius QaA
Slide 19: Thank you very much for your attention
Thank you very much for your attention