Sartorius Ag · XETR:SRT
Sartorius — H1 2019 Earnings Presentation
19 slides from Sartorius's earnings presentation, Jul 19, 2019
Slide 1: Conference Call First-Half 2019 Results
Conference Call First-Half 2019 Results Joachim Kreuzburg (CEO), Rainer Lehmann (CFO) July 19, 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 H1 2019 Results | FY 2019 Guidance Sartorius Stedim Biotech Group H1 2019 Results | FY 2019 Guidance Questions & Answers
Slide 4: H1 2019 Highlights
H1 2019 Highlights Double-digit growth in sales revenue, order intake and profits Bioprocess Solutions Division with continued high growth momentum Moderate development of Lab Products & Services Division 2019 guidance raised 4
Slide 5: Dynamic top-line growth; further margin increase
Dynamic top-line growth; further margin increase Sartorius Group in millions of € unless otherwise specified H1 2018 H1 2019 in % in % cc 1) Sales revenue 758.4 894.7 +18.0 +15.9 Order intake 807.6 974.3 +20.7 +18.7 Underlying EBITDA2) 189.5 237.6 +25.4 Underlying EBITDA2) margin in % 25.0 26.6 +1.6
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 % 362.0 EMEA ~ 41% 324.4 308.2 249.6 224.5 Americas ~ 34% 184.4 €894.7m Asia|Pacific ~ 25% H1 18 H1 19 H1 18 H1 19 H1 18 H1 19 +18.9 % +11.4 % +19.9 % Acc. to customers‘ loc
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 +23.4% cc +20.7% cc +28.8% +25.5% +22.9% 746.4 676.6 594.6 550.3 198.3 153.9 29.3% 28.0% H1 18 H1 19 H1 18 H1 19 H1 18 H1 19 • High order intak
Slide 8: LPS: Moderate performance on relatively high comps
LPS: Moderate performance on relatively high comps Order Intake Sales Revenue Underlying EBITDA & Margin € in millions € in millions € in millions +5.4% cc +3.2% cc +10.9% +7.0% +4.8% 228.0 218.1 39.4 213.0 208.1 35.5 17.1% 18.1% H1 18 H1 19 H1 18 H1 19 H1 18 H1 19 • Softer economic environment damp
Slide 9: Cash flow enhanced by higher earnings
Cash flow enhanced by higher earnings Sartorius Group € in millions unless otherwise specified H1 2018 H1 2019 in % • Net operating cash flow mostly driven by higher earnings Underlying EBITDA 189.5 237.6 +25.4 • Financial result, extraordinaries Extraordinary items -13.9 -10.6 +23.5 and other posit
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 Jun. 30, 2019 1,500 3.0 Equity ratio in % 38.5 37.6 1,200 2.4 900 1.8 Net debt in millions of € 959.5 1,036.6 600 1.2 Net debt | underlying EBITDA 2.4 2.
Slide 11: Outlook for 2019
Outlook for 2019 FY 2019 Guidance1) Previous New Sales Revenue Underlying Sales Revenue Underlying Growth1) EBITDA Margin Growth EBITDA Margin slightly above slightly above Sartorius Group ~ 7% - 11% ~ 10% - 14% 27.0% 27.0% slightly above slightly above Bioprocess Solutions ~ 8% - 12% ~ 13% - 17% 29
Slide 12: Agenda
Agenda Sartorius Group H1 2019 Results | FY 2019 Guidance Sartorius Stedim Biotech Group H1 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 H1 2018 H1 2019 in % in % cc 1) Sales revenue 585.7 709.3 +21.1 +19.0 Order intake 630.1 778.1 +23.5 +21.5 Underlying EBITDA2) 162.8 205.3 +26.2 Underlying EBIT
Slide 14: Growth in all regions, Asia|Pacific with highest momentum
Growth in all regions, Asia|Pacific with highest momentum Americas EMEA Asia|Pacific Sales by Region in € millions in € millions in € millions in % 288.0 251.8 252.1 EMEA ~ 41% 202.0 169.6 131.6 Americas ~ 35% €709.3m H1 18 H1 19 H1 18 H1 19 H1 18 H1 19 +19.8% +14.1% +27.1% Asia|Pacific ~ 24% Acc. t
Slide 15: Significant increase in operating cash flow
Significant increase in operating cash flow Sartorius Stedim Biotech Group € in millions unless otherwise specified H1 2018 H1 2019 in % • Net operating cash flow mostly driven by higher earnings Underlying EBITDA 162.8 205.3 +26.2 • Net investing cash flow Extraordinary items -6.3 -6.0 +5.1 improve
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 Jun. 30, 2019 250 2.0 Equity ratio in % 66.5 65.4 200 1.6 150 1.2 Net debt in millions of € 125.7 145.3 100 0.8 Net debt | underlying EBITDA 0.4 0.4 50 0.4 0 0
Slide 17: Outlook for 2019
Outlook for 2019 FY 2019 Guidance1) Previous New Sales revenue growth ~ 7% - 11% ~ 12% - 16% slightly more than slightly more than Underlying EBITDA margin + 1pp + 1pp CAPEX ratio ~ 11% ~ 11% 1) In constant currencies • Of the margin increase ~ 0.5pp should be operational; remainder due to mandatory
Slide 18: Q&A
SEE sartorius <3: sartoriusstedim biotech QaA
Slide 19: Thank you very much for your attention
Thank you very much for your attention