Sartorius AG · XETR:SRT
Sartorius — Cheuvreux 9th German Corporate Conference 2010
35 slides from Sartorius's conference presentation, Jan 20, 2010
Slide 1: Cheuvreux 9th German Corporate Conference
Platzhalter Bild Cheuvreux 9th German Corporate Conference Frankfurt | Main; January 20, 2010 Dr. Joachim Kreuzburg, CEO
Slide 2: Agenda
Agenda • Group Profile • Biotechnology Division Platzhalter Bild • Mechatronics Division • Financial Information • Appendix
Slide 3: Sartorius Runs Two Divisions
Sartorius Runs Two Divisions Biotechnology Division: Mechatronics Division: • Total solution provider for • Global full-liner of weighing equipment biomanufacturing and control technology • Focus on single-use technology • Focus on lab and industrial applications • Market-leading position in filtrat
Slide 4: Agenda
Agenda • Group Profile • Biotechnology Division Platzhalter Bild • Mechatronics Division • Financial Information • Appendix
Slide 5: Total Solution Provider for the Biopharmaceutical Industry
Total Solution Provider for the Biopharmaceutical Industry • We help our customers to produce biopharmaceuticals in short time, reliably and safely, at low costs, and with high flexibility • Focus on single-use products (~75% of sales revenue) for the production phase • Market leading position - mos
Slide 6: The Most Complete Product Portfolio Along BioPharma's Process Chain
The Most Complete Product Portfolio Along BioPharma´s Process Chain Media Preparation Fermentation Cell Harvest | Buffer Prep. Vol. Reduction Service program: plant survey, optimization, validation, training Transfer | Capturing | Form & Fill Viral Clearance Storage Polishing Service program: plant
Slide 7: Market Position vs. Competition
Market Position vs. Competition Filters Bioreactors Fluid Membrane management chromatography Market size ~ €750mn ~ €300mn ~ €200mn ~ €100mn Market growth Double-digit Single to Double-digit Double-digit double-digit Market position Among the top 3 Market leader Market leader Market leader Main comp
Slide 8: Strong Economic Benefits of Single-Use Technologies
Strong Economic Benefits of Single-Use Technologies + Downtime reduction, i.e. higher equipment utilization + CAPEX reduction + Enhanced process performance + Reduced cleaning costs | validation = Reduction of life-cycle production costs by 15% to 40% Additional advantages • Enhanced flexibility (mu
Slide 9: Strong Trends Fuel Growth of Single-Use Technologies
Strong Trends Fuel Growth of Single-Use Technologies Global Trends • Aging population in western countries Pharma Market • Hundreds of million + • Average growth ~5% p.a. additional patients in Trends towards Biotech developing economies + • MAbs + vaccines dominate • Diseases of civilization key fi
Slide 10: Upstream Productivity Increase: The Revolution Continues
Upstream Productivity Increase: The Revolution Continues* • Within the next 10 years media & cell line optimization will produce higher expression rates | titers International BioPharm 9/2005 • Thus yield improvements from up to CHO E.coli 15 Hansenula Pichia Saccharomyces > 80% will be possible Pro
Slide 11: Process Optimization as a Major Driver for Usage of Single-Use Products
Process Optimization as a Major Driver for Usage of Single-Use Products • Smaller process volumes enable and accelerate the broader usage of single-use technologies, e.g. for bioreactors • Innovative single-use technologies help to overcome the downstream bottlenecks, e.g. membrane adsorbers Market
Slide 12: Increasing Pressure on (Bio)Manufacturing Costs
Increasing Pressure on (Bio)Manufacturing Costs* CoS by Category CoS by Unit Operation Huge potential for single-use techno- logies, especially for bioreactors * MAb manufacturing: 6 x 2,000 L tanks, 2g/L, 90% utilisation; 211 #/yr; 527 kg/yr; invest 172 Mio Euro; 142 $/g; Sinclair 2006 page 12
Slide 13: First Disposable Bioreactor in a Standard Stirred Tank Design
First Disposable Bioreactor in a Standard Stirred Tank Design • The BIOSTAT® CultiBag STR is the first completely disposable and scaleable solution in the bioreactor market • The system is comprised of a stainless steel support housing, a single-use bioreactor chamber and a superior control system u
Slide 14: Agenda
Agenda • Group Profile • Biotechnology Division Platzhalter Bild • Mechatronics Division • Financial Information • Appendix
Slide 15: Global Full-Liner of Weighing Equipment for lab and industry
Global Full-Liner of Weighing Equipment for lab and industry Full range of products for laboratory and industrial applications Leader or co-leader in most segments and geographies Complete product pyramid from premium to standard segment Global sales and service structure Significant cost-
Slide 16: Market Position vs. Competition
Market Position vs. Competition Laboratory business Industrial business Market size €300mn – 400mn €1.5bn - 2.0bn Market growth ~ 2% - 3% ~ 5% Market share ~ 30% ~ 5% Economies of scale Moderate Significant Main competitor Mettler Toledo (~40%) Mettler Toledo (~20%) Source: own estimates; in our spe
Slide 17: Market Trend: Strong Demand for Online Process Control Technologies
Market Trend: Strong Demand for Online Process Control Technologies Process Analyzers in the Food Industry Increasing demand for improvement in production efficiency and safety Temperature Shifting of quality control from laboratory pH to production line Moisture Integration of weighing and co
Slide 18: Strategic Focus on Process Analytical Technologies
Strategic Focus on Process Analytical Technologies Build up of a comprehensive portfolio of process analytical technologies and software Focus on the food and the pharma industry Broaden portfolio through cooperations Increase share of direct sales vs. distribution Utilization of synergies
Slide 19: Example: Process Analytics in the Food Industry
Example: Process Analytics in the Food Industry Incoming goods Production Packaging Distribution Process control (SPS) Moisture Dosing Water content Recipe Ingredients Homogeneity Foreign particles Foreign particles Completeness of Moisture Filling quantity Weight Amount components Water content Com
Slide 20: Innovative Technology for Online Moisture and Mass Determination
Innovative Technology for Online Moisture and Mass Determination • Unique Microwave Resonance Technology • Moisture is one of the most quality critical and cost-relevant parameters for industrial food processing and pharma production • First systems installed and operating in different food processe
Slide 21: Agenda
Agenda • Group Profile • Biotechnology Division Platzhalter Bild • Mechatronics Division • Financial Information • Appendix
Slide 22: Sales Revenue 9 Months 2009 by Division
Sales Revenue 9 Months 2009 by Division € in mn 453.4 Order Intake: -1.9% 444.7 450 Group: +0.2% 400 Biotechnology Division: +12.7% 350 Mechatronics Division: -18.0% +9.0% 298.0 300 273.3 Currency Effect on SR & OI approx. +2.5%: 250 Biotechnology Division: 200 Strong double-digit growth of
Slide 23: Sales Revenue 9 Months 2009 by Region – Biotechnology
Sales Revenue 9 Months 2009 by Region – Biotechnology According to customers’ location € in mn Currency-Adjusted Growth: +2.7% Europe: +4.2% 160 North America: +9.6% 140 Asia | Pacific: +6.2% 120 100 +21.9% 80 60 +10.3% 40 +36.9% 20 0 Europe North Asia | Other America Pacific Markets 9 months
Slide 24: Sales Revenue 9 Months 2009 by Region – Mechatronics
Sales Revenue 9 Months 2009 by Region – Mechatronics According to customers’ location € in mn Currency-Adjusted Growth: -24.4% Europe: -23.7% 100 North America: -20.0% 90 Asia | Pacific: -14.0% 80 70 60 50 -6.3% 40 -10.9% 30 20 -26.2% 10 0 Europe North Asia | Other America Pacific Markets 9 mo
Slide 25: Underlying EBITA 9 Months 2009
Underlying EBITA* 9 Months 2009 € in mn +8.3% 43.9 Underlying EBITA Margin*: 40.6 40 Biotechnology: 15.5% (prev. year: 10.7%) 35 • Economies of scale and an improved product mix contributed to the increase in profit, 30 +58.9% 46.3 while reduction of inventory levels had a 25 dilutive effect 20 29.1
Slide 26: Underlying Earnings per Share 9 Months 2009
Underlying Earnings per Share* 9 Months 2009 in € Slight increase of underlying EPS* 0.80 Underlying net profit after minority interest* totaled €13.9mn (prev. year: €13.7mn) 0.70 0.81 0.81 +1.4% 0.60 0.50 0.80 0.40 0.30 0.20 0.10 0.00 9 months 2008 9 months 2009 * Excluding extraordinary expens
Slide 27: Cash Flow Statement 9 Months 2009
Cash Flow Statement 9 Months 2009 In millions of € 9 months 2009 9 months 2008 Net cash flow from operating activities 104.8 15.3 Net cash flow from investing activities -123.7 -22.3 Change in net debt* +36.3 +30.9 (- means a decrease; + means an increase) Increase of net cash flow from operating
Slide 28: Balance Sheet as of September 30, 2009
Balance Sheet as of September 30, 2009 Assets Equity and liabilities Non-current assets €591.1mn 71.0% Equity €319.3mn 38.3% Current assets €241.9mn 29.0% Financial debt €304.8mn 36.6% Non-financial debt €209.0mn 25.1% Total €833.1mn 100% Total €833.1mn 100% Gearing: 0.8 Ratio of net debt to und
Slide 29: Agenda
Agenda • Group Profile • Biotechnology Division Platzhalter Bild • Mechatronics Division • Financial Information • Appendix
Slide 30: Group Structure
Group Structure Other Sartorius AG Shareholders 100% approx. 71% approx. 29% Sartorius Mechatronics Sartorius Stedim Biotech S.A. page 30
Slide 31: 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 32: Global Presence
Global Presence Sales Production | Production and Sales page 32
Slide 33: Financial Calendar
Financial Calendar February 2010* Publication of preliminary full-year figures 2009 March 9, 2010* Annual press conference in Goettingen, Germany March 11 | 12, 2010* Roadshow April 21, 2010* Annual General Shareholders’ Meeting * tentative date page 33
Slide 34: Contacts
Contacts Andreas Wiederhold Henriette Meyer Team Leader Treasury & Investor Relations Treasury & Investor Relations Phone: +49.551.308.1668 Phone: +49.551.308.3232 Fax: +49.551.308.3153 Fax: +49.551.308.3153 E-mail: andreas.wiederhold@sartorius.com E-mail: henriette.meyer@sartorius.com Sartorius Cor
Slide 35: Thank you very much for your attention.
Platzhalter Bild Thank you very much for your attention. Dr. Joachim Kreuzburg, CEO
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