Sartorius AG · XETR:SRT
Sartorius — Non-Deal Roadshow (March 2010)
37 slides from Sartorius's roadshow presentation, Mar 11, 2010
Slide 1: Roadshow, Paris
Platzhalter Bild Roadshow, Paris March 11, 2010
Slide 2: Disclaimer
Disclaimer This presentation contains statements concerning the Sartorius Groups’ 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
Slide 3: Agenda
Agenda • Financial Results for 2009 • Biotechnology Division Platzhalter Bild • Mechatronics Division • Outlook • Appendix
Slide 4: Sartorius Group's Performance in 2009
Sartorius Group’s Performance in 2009 In millions of €, unless otherwise specified 2009 2008 Order Intake | Sales Revenue 615.1 | 602.1 609.8 | 611.6 Underlying* EBITA (Margin) 60.9 (10.1%) 56.8 (9.3%) Underlying* EPS** in € 1.22 1.07 Operating Cash Flow 143.4 53.0 Net Debt/Underlying* EBITDA 2.6 2.
Slide 5: Order Intake and Sales Revenue - Biotechnology
Order Intake and Sales Revenue - Biotechnology In millions of € +11.5% +9.4% Currency-Adjusted Growth: • Order intake: +10.3% 375 • Sales : +8.3% 300 • Dynamic growth continued during fiscal 2009 409.2 400.4 225 • Increase driven by strong double-digit growth rates of single-use products 367.1 366.0
Slide 6: Sales Revenue by Region – Biotechnology
Sales Revenue by Region – Biotechnology According to customers’ location, in millions of € Currency-Adjusted Growth: +5.1% • Europe: +6.5% 220 • North America: +11.6% 200 180 • Asia | Pacific: +4.7% 160 140 • All regions contributed to the growth 120 +18.1% • Especially in North America, the Group 1
Slide 7: Order Intake and Sales Revenue - Mechatronics
Order Intake and Sales Revenue - Mechatronics In millions of € -15.2% -17.9% Currency-Adjusted Growth: • Order intake: -16.6% 225 • Sales : -19.3% 200 175 242.7 245.6 150 • Since Q4 | 2008 sharp cyclically drop in 205.9 201.7 demand worldwide 125 • Strongest decline in industrial business; 100 servi
Slide 8: Sales Revenue by Region – Mechatronics
Sales Revenue by Region – Mechatronics According to customers’ location, in millions of € Currency-Adjusted Growth: -22.4% • Europe: -21.7% 140 • North America: -19.1% 120 • Asia | Pacific: -12.7% 100 • Highest slump in demand in Europe 80 -8.2% • Asia | Pacific less affected, especially 60 China -1
Slide 9: Underlying EBITA
Underlying* EBITA In millions of € Underlying* EBITA Margin: 56.8 +7.2% 60.9 60 Group: 10.1% (prev. year: 9.3%) • Increase in the Biotechnology Division overcompensated 50 the decrease in the Mechatronics Division +51.5% • Extraordinary expenses of €30.0mn essentially entail 40 39.7 provisions for t
Slide 10: Underlying Earnings per Share
Underlying Earnings per Share* In € • Underlying net profit after minority interest* +14.2% totaled €20.8mn (prev. year: €18.2mn) • Unadjusted consolidated net profit after 1,00 1.00 minority interest amounts to €-7.3mn (previous year: €12.4mn) 0,75 0.75 1.22 1.07 0,50 0.50 0,25 0.25 0,000 2008 2009
Slide 11: Cash Flow Statement
Cash Flow Statement In millions of € 2009 2008 Net Cash Flow from Operating Activities 143.4 53.0 Net Cash Flow from Investing Activities -128.2 -44.7 Increase in Net Debt* 7.1 27.9 • Increase in net cash flow from operating activities driven by sale of trade receivables and substantial improvement
Slide 12: Balance Sheet as of December 31, 2009
Balance Sheet as of December 31, 2009 Assets Equity and Liabilities Non-current Assets €587.5mn 71.6% Equity €319.2mn 38.9% Current Assets €233.0mn 28.4% Financial Debt €283.3mn 34.5% Non-financial Debt €217.9mn 26.6% Total €820.4mn 100% Total €820.4mn 100% All financial key figures on previous year
Slide 13: Agenda
Agenda • Financial Results for 2009 • Biotechnology Division Platzhalter Bild • Mechatronics Division • Outlook • Appendix
Slide 14: 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 15: 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 16: 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 17: 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 developing economies + Trends towards Biotech • MAbs + vaccines • Diseases of civilization Biopharma Marke
Slide 18: 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 19: 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 20: 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 20
Slide 21: Key Innovations for Single-use Bioprocessing
Key Innovations for Single-use Bioprocessing • First disposable bioreactor in a standard stirred tank design • Novel downstream technology: Virus inactivation by UV-C technology • FlexAct®: New benchmark platform for operational flexibility page 21
Slide 22: Agenda
Agenda • Financial Results for 2009 • Biotechnology Division Platzhalter Bild • Mechatronics Division • Outlook • Appendix
Slide 23: 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 24: 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 25: 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 26: 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 27: 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 28: Agenda
Agenda • Financial Results for 2009 • Biotechnology Division Platzhalter Bild • Mechatronics Division • Outlook • Appendix
Slide 29: Outlook for 2010
Outlook for 2010 • Management expects currency-adjusted sales growth for the Biotechnology Division to reach the upper single-digit percentage range and the division’s operating EBITA margin to increase rather slightly. • For the Mechatronics Division, the company expects a slight economic upturn an
Slide 30: Agenda
Agenda • Financial Results for 2009 • Biotechnology Division Platzhalter Bild • Mechatronics Division • Outlook • Appendix
Slide 31: Group Structure
Group Structure* Other Sartorius AG Shareholders 100% approx. 72% approx. 28% Sartorius Mechatronics Sartorius Stedim Biotech S.A. * as of Dec. 31, 2009 page 31
Slide 32: Market Position vs. Competition Biotechnology Division
Market Position vs. Competition Biotechnology Division 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
Slide 33: Market Position vs. Competition Mechatronics Division
Market Position vs. Competition Mechatronics Division 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
Slide 34: 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 35: Global Presence
Global Presence Sales Production | Production and Sales page 35
Slide 36: Financial Calendar
Financial Calendar April 21, 2010 Annual General Shareholders’ Meeting in Goettingen, Germany April 2010 Publication of first-quarter figures for 2010 July 2010 Publication of first-half figures for 2010 October 2010 Publication of nine-month figures for 2010 March 2011 Annual press confer
Slide 37: 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