Sartorius AG · XETR:SRT
Sartorius — Q1 2014 Earnings Presentation
20 slides from Sartorius's earnings presentation, Apr 28, 2014
Slide 1: Conference Call 3M 2014 Results
Conference Call 3M 2014 Results Joachim Kreuzburg, CEO | April 28, 2014
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: 1 3M Results | Guidance 2014 Sartorius Stedim Biotech Group: 2 3M Results | Guidance 2014 3 Questions & Answers
Slide 4: Group Performance Overall In-Line With Expectations
Group Performance Overall In-Line With Expectations Mid-single-digit increase in order intake and sales revenue in constant currencies Earnings development influenced by adverse currency effects Diverse performance in the divisions Recently acquired businesses performed well Group guidance confirmed
Slide 5: Increase in OI and Sales; Earnings Impacted by Adverse Currency Effects
Increase in OI and Sales; Earnings Impacted by Adverse Currency Effects Sartorius Group 3M 3M Change Change in % in € million 2013 2014 in % const. FX (unless otherwise specified) Order intake 239.8 246.3 2.7 4.9 Sales revenue 214.3 223.1 4.1 6.3 1) Underlying EBITDA 39.3 40.1 2.0 1) Underlying EBIT
Slide 6: Double-Digit Gain in North America
Double-Digit Gain in North America North America Europe Asia|Pacific Other Markets Sales1) by Regions Sales1) in € million Sales1) in € million Sales1) in € million Sales1) in € million in % 117.1 111.7 Europe ~52% North America ~23% 50.3 48.3 48.5 43.9 Other Markets ~3% € 223.1 mn 10.5 7.2 3M 13 3M
Slide 7: Bioprocess Solutions: Continued Profitable Growth
Bioprocess Solutions: Continued Profitable Growth Order Intake Sales Revenue Underlying2) EBITDA & Margin in € million in € million in € million +5.3% cc1) +16.9% cc1) +19.4% +3.4% +14.8% 152.9 158.1 29.8 137.7 25.0 119.9 21.7 20.8 Q1 2013 Q1 2014 Q1 2013 Q1 2014 Q1 2013 Q1 2014 High Q1 2013 base
Slide 8: Lab Products & Services: Order Intake Gradually Improving
Lab Products & Services: Order Intake Gradually Improving Order Intake Sales Revenue Underlying1) EBITDA & Margin in € million in € million in € million +5.4% cc -4.7% cc -25.8% +2.7% -7.3% 65.3 68.7 63.6 63.7 12.0 8.9 17.5 14.0 Q1 2013 Q1 2014 Q1 2013 Q1 2014 Q1 2013 Q1 2014 Minor impact from pha
Slide 9: Industrial Technologies: Weak Start to the Year
Industrial Technologies1): Weak Start to the Year Order Intake Sales Revenue Underlying2) EBITDA & Margin in € million in € million in € million +1.1% cc -13.6% cc -41.3% -1.0% -15.4% 25.7 2.4 23.2 22.9 21.7 1.4 9.2 6.4 Q1 2013 Q1 2014 Q1 2013 Q1 2014 Q1 2013 Q1 2014 Modest increase against Perf
Slide 10: Strong Cash Flow Performance
Strong Cash Flow Performance Sartorius Group 3M 3M Change Financial result influenced by in € million 2013 2014 in % higher gross debt and currency fluctuations Underlying1) EBITDA 39.3 40.1 2.0 Net operating cash flow Extraordinary items -1.0 -1.3 -40.4 significantly increased due to reduced ta
Slide 11: All Key Financial Indicators Broadly Stable
All Key Financial Indicators Broadly Stable Key Financial Indicators Net Debt to EBITDA1) Sartorius Group Dec. 31 March 31 360 2013 2014 3.0 Equity ratio in % 38.3 39.4 240 2.0 Net debt in € million 345.1 347.1 120 1.0 Gearing ratio 0.8 0.7 Net debt to underlying1) 0 0.0 2.0 2.0 Q1-Q4 Q1-Q4 Q1-Q4 Q1
Slide 12: Group Guidance Confirmed; Division Mix Could Be Different
Group Guidance Confirmed; Division Mix Could Be Different Sales revenue Underlying growth1) EBITDA margin1)2) Sartorius Group ~8% - 10% ~20.0% Bioprocess Solutions ~12% - 15% ~23.5% Lab Products & Services ~1% - 4% ~16.5% Industrial Technologies ~1% - 4% ~10.5% ￭ Update of division guidance in H1 20
Slide 13: Agenda
Agenda Sartorius Group: 1 3M Results | Guidance 2014 Sartorius Stedim Biotech Group: 2 3M Results | Guidance 2014 3 Questions & Answers
Slide 14: Double-Digit Growth in Sales Revenue and Earnings
Double-Digit Growth in Sales Revenue and Earnings Sartorius Stedim Biotech 3M 3M Change Changein% Margins in € million 2013 2014 in % const. FX in % (unless otherwise specified) Order intake 169.4 175.3 3.5 5.4 160 30 Sales revenue 138.0 154.0 11.6 13.6 120 20.9 21.6 24 19.2 20.1 1) 18.4 Underlying
Slide 15: Growth Supported by All Main Regions
Growth Supported by All Main Regions North America Europe Asia|Pacific Other Markets Sales1) by Regions Sales1) in €million Sales1) in € million Sales1) in € million Sales1) in € million in % 78.2 68.7 Europe ~51% North America ~27 % 41.7 33.2 28.6 29.6 € 154.0 mn Other Markets ~3 % 7.5 4.5 Asia | P
Slide 16: Overproportionate Increase in Earnings
Overproportionate Increase in Earnings Sartorius Stedim Biotech 3M 3M Change Financial result influenced by in € million 2013 2014 in % higher gross debt and currency fluctuations Underlying1) EBITDA 28.8 33.3 15.8 Net operating cash flow mainly Extraordinary items -0.2 -0.7 -196.8 driven by ope
Slide 17: All Key Financial Indicators at Comfortable Levels
All Key Financial Indicators at Comfortable Levels Key Financial Indicators Net Debt to EBITDA1) Sartorius Stedim Biotech Dec. 31 March 31 2013 2014 150 1.8 Equity ratio in % 55.3 55.2 100 1.2 Net debt in € million 130.0 128.9 50 0.6 Gearing ratio 0.3 0.3 Net debt to underlying1) 0 0.0 1.0 0.9 Q1-Q4
Slide 18: FY Guidance Confirmed
FY Guidance Confirmed Sartorius Stedim Biotech Group Guidance 2014 Comment Recent acquisitions to contribute Sales revenue growth1) ~11% - 14% ~ 6 pct. points to sales growth Underlying ~23.5%2) EBITDA margin2) Capex ratio ~6% - 8% 1) In constant currencies 2) Excluding extraordinary items 18
Slide 19: Agenda
Agenda Sartorius Group: 1 3M Results | Guidance 2014 Sartorius Stedim Biotech Group: 2 3M Results | Guidance 2014 3 Questions & Answers
Slide 20: Thank you for your attention.
Thank you for your attention.