Sartorius AG · XETR:SRT
Sartorius — Non-Deal Roadshow (March 2008)
27 slides from Sartorius's roadshow presentation, Mar 17, 2008
Slide 1: Road Show Frankfurt, London, Paris
Road Show Frankfurt, London, Paris March 17 – 20, 2008 Dr. Joachim Kreuzburg, CEO
Slide 2: Agenda
Agenda • Highlights 2007 • Results 2007 • Perspectives and Outlook • Appendix
Slide 3: Strategic Steps 2007
Strategic Steps 2007 • Combination of the Sartorius Biotechnology division and Stedim to Sartorius Stedim Biotech • Acquisition of Toha Plast • Sell of the hydrodynamic bearings business page 3
Slide 4: Infrastructural Steps 2007
Infrastructural Steps 2007 • New R&D-building at our headquarters in Germany • New plant in Beijing for the Mechatronics Division • Comprehensive reorganization of the equip- ment business in North America page 4
Slide 5: Agenda
Agenda • Highlights 2007 • Results 2007 • Perspectives and Outlook • Appendix
Slide 6: Results 2007 - General Information
Results 2007 - General Information • To provide complete and transparent infor- mation, we report pro forma sales figures and adjust the respective earnings results for non- operating and other non-permanent effects. • The pro forma presentation means that the figures include Stedim and Toha Plast a
Slide 7: Key Figures 2007
Key Figures 2007 Achieved Target range Pro forma sales revenue €622.7 mn > €615.0 mn* Total Group Pro forma underlying EBITA-margin 11.4% 11.0% – 11.5% Pro forma sales revenue €375.9 mn > €375.0 mn Biotechnology Pro forma underlying EBITA-margin 13.2% 13.0% - 13.5% Pro forma sales revenue €246.8 mn
Slide 8: Pro Forma Sales Revenue
Pro Forma Sales Revenue in millions of € 700 Currency-adjusted sales growth for +3.3% 622.7 602.6 the Sartorius Group was 5.9% 600 Biotechnology Division 500 Currency-adjusted sales growth for +2.8% Sartorius Stedim Biotech was 5.6% 365.5 375.9 400 Highest increase with double-digit growth rates
Slide 9: Pro Forma Sales Revenue by Region
Pro Forma Sales Revenue by Region1 in millions of €; figures currency-adjusted 400 Highest growth rates in Asia, driven +5.8% 350 by both divisions Growth in Europe also at a good 300 level in both divisions 250 In North America Sartorius Mechatronics achieved significant 200 growth; Sartorius
Slide 10: Pro Forma Underlying EBITA
Pro Forma Underlying EBITA in millions of € 80 Pro forma underlying EBITA margin +5.8% 71.1 67.2 within redefined target corridor for 70 Sartorius Group at 11.4% (prev. year: 60 11.1%) +7.8% Apart from currency effects, our pro 50 49,7 forma underlying EBITA margin rose 46,1 40 by more than one
Slide 11: Reconciliation Actual | Pro Forma Underlying Results Biotechnology Division
Reconciliation Actual | Pro Forma Underlying Results Biotechnology Division; in millions of € Actual EBITA 2007 26.0 Pro forma underlying adjustments former Stedim Group 5.8 Thereof: pro forma adjustments 3.9 Pre-closing restructuring 2.0 Transaction | integration expenses 5.3 Restructuring Q4 | 200
Slide 12: Reconciliation Actual | Pro Forma Underlying Results Mechatronics Division
Reconciliation Actual | Pro Forma Underlying Results Mechatronics Division; in millions of € Actual EBITA 2007 33.2 Total adjustment -11.8 Thereof: Income from sale of hydrodynamic business -14.8 Other non-permanent effects 3.0 Pro forma underlying EBITA 2007 21.3 page 12
Slide 13: Earnings per Share
Earnings per Share in € 2.00 Actual EPS at €1.77 1.78 1.70 Concerning EPS, the total of adjustments compensate almost 1.50 completely 1.30 Therefore, pro forma underlying EPS at €1.78 (exclusive 1.00 amortization) 0.89 0.50 0.26 0 2003 2004 2005 2006 2007* * Pro forma underlying | exclusive am
Slide 14: Dividends
Dividends in € 0.68 Fourth consecutive dividend 0.70 0.66 0.64 increase. 0.62 0.60 Payout ratio: 37.8%** 0.52 0.50 0.50 0.42 0.40 0.40 0.30 0.24 0.26 0.20 0.10 0.00 2003 2004 2005 2006 2007* Ordinary Share Preference Share * 2007 according to the proposal of the Executive Board ** based on the p
Slide 15: Balance Sheet as of Dec. 31, 2007
Balance Sheet as of Dec. 31, 2007 Assets Equity and Liabilities Non-current assets €522.3mn 67% Equity €334.1mn 43% Current assets €261.7mn 33% Non-current liabilities €148.5mn 19% Current liabilities €301.3mn 38% Total €783.9mn 100% Total €783.9mn 100% • Net-debt-to EBITDA* ratio: 2.0 • Equity rati
Slide 16: Agenda
Agenda • Highlights 2007 • Results 2007 • Perspectives and Outlook • Appendix
Slide 17: Main Topics 2008 - Biotechnology
Main Topics 2008 - Biotechnology Accomplishment of the Sartorius Stedim Biotech integration Completion of the reorganization of the equipment business in North America Execution of further infrastructural steps (e.g. new facility in Bangalore, India) Market launch of numerous new products pa
Slide 18: Product Launches – Biotechnology
Product Launches – Biotechnology Complete disposable fermenter product line Intelligent disposable systems for media handling Disposable connectors for sterile media transfer New generation of sterile filter cartridges with superior flow rates Innovative disposable chromatography systems
Slide 19: Main Topics 2008 - Mechatronics
Main Topics 2008 - Mechatronics • Continuation of our Asian market expansion • Enhancement of expertise in process applications • Market launch of numerous new products page 19
Slide 20: Product Launches - Mechatronics
Product Launches - Mechatronics Premium lab balances with superior performance New powerful microwave analyzers for fast measurements NIR calibrators for reducing measurement time in quality assurance MIRAS industrial scales tailored to the Asian market X-ray systems for detection of forei
Slide 21: Financial Targets 2008
Financial Targets 2008 Group Biotechnology Division Mechatronics Division Sales revenue growth > 9% > 12% > 5% in constant fx EBITA margin* ~ 12% ~ 14% > 9% * based on an USD/EUR exchange rate of 1.40 page 21
Slide 22: In a Nutshell
In a Nutshell Successfully implemented package of important strategic projects in 2007 Increase in sales revenue and profit Both divisions reach adjusted targets Rise in dividends suggested Sales revenue growth and further increase in profitability for 2008 planned page 22
Slide 23: Agenda
Agenda • Highlights 2007 • Results 2007 • Perspectives and Outlook • Appendix
Slide 24: Structure of the Sartorius Group
Structure of the Sartorius Group Free Stedim Sartorius AG float founders 21% 9% 70% 100% Sartorius Stedim Biotech S.A. Mechatronics page 24
Slide 25: Facts about Sartorius Shares – Shareholding Structure
Facts about Sartorius Shares – Shareholding Structure Ordinary share Preference share 8,9 9 9 Administered by executor 50,1 Family owned 25 Bio-Rad Laboratories Inc. Free float 7 Own shares 91 ISIN Ordinary share: DE0007165607; preference share: DE0007165631 Market segment Prime Standard (technology
Slide 26: Contacts
Contacts Heiko Imöhl Andreas Wiederhold Vice President Group Financing & Investor Relations Treasury & Investor Relations Phone: +49.551.308.4034 Phone: +49.551.308.1668 Fax: +49.551.308.1654 Fax: +49.551.308.1654 E-mail: heiko.imoehl@sartorius.com E-mail: andreas.wiederhold@sartorius.com Sartorius
Slide 27: Disclaimer
Disclaimer This presentation contains statements concerning the Sartorius 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