Sartorius AG · XETR:SRT
Sartorius — H1 2015 Earnings Presentation
20 slides from Sartorius's earnings presentation, Jul 21, 2015
Slide 1: Conference Call HY 2015 Results
Conference Call HY 2015 Results Joachim Kreuzburg, CEO | July 21, 2015
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 H1 2015 Results | Guidance 2015 Sartorius Stedim Biotech Group: 2 H1 2015 Results | Guidance 2015 3 Questions & Answers
Slide 4: Continued Dynamic Performance
Continued Dynamic Performance Strong double-digit growth on all lines; supportive currency environment BPS performance exceeding expectations Positive development of LPS in line with expectations FY 2015 guidance raised and specified Acquisition of Cellca further strengthens BPS‘s offering 4
Slide 5: Significant Gains at All Levels vs. Relatively Low Comps
Significant Gains at All Levels vs. Relatively Low Comps Sartorius Group1) H1 H1 Change Change in millions of € unless otherwise specified 20142) 2015 in cc3) Order intake 440.5 577.8 31.1% 19.7% Sales revenue 423.0 535.3 26.6% 15.9% Underlying EBITDA4) 84.8 121.1 42.8% Underlying EBITDA margin in %
Slide 6: Double-digit Growth Recorded by All Regions
Double-digit Growth Recorded by All Regions Americas EMEA Asia | Pacific Sales1) by Regions Sales1) in € million Sales1) in € million Sales1) in € million in % 245.9 EMEA ~ 46% 216.2 172.4 116.0 117.0 90.7 America ~ 32% € 535.3mn H1 14 H1 15 H1 14 H1 15 H1 14 H1 15 + 23.2% + 12.1% + 15.6% Asia | Pac
Slide 7: BPS: Performance Exceeding Expectations
BPS: Performance Exceeding Expectations Order Intake Sales Revenue Underlying EBITDA & Margin € in millions € in millions € in millions +27.0% cc +20.0% cc +47.2% +40.3% +32.2% 427.9 384.9 97.8 347.8 324.6 304.9 291.1 66.4 25.4% 22.8% H1 14 H2 14 H1 15 H1 14 H2 14 H1 15 H1 14 H1 15 Strong double-d
Slide 8: LPS: Continued Positive Development
LPS: Continued Positive Development Order Intake Sales Revenue Underlying EBITDA & Margin € in millions € in millions € in millions +3.3% cc +6.8% cc +27.0% +10.5% +14.1% 149.9 150.5 135.7 131.9 23.4 18.4 15.5% 14.0% H1 14 H1 15 H1 14 H1 15 H1 14 H1 15 Robust order intake performance against a str
Slide 9: Strong Cash Flow Development
Strong Cash Flow Development Sartorius Group H1 H1 Change Financial result burdened by in millions of € 2014 2015 derivatives | fx loans – mainly Underlying EBITDA 84.8 121.1 42.8% non-cash effective Reported net profit includes Extraordinary items -2.0 -3.8 -91.7% book gain from Intec disposal
Slide 10: All Key Financial Parameters Further Enhanced
All Key Financial Parameters Further Enhanced Key Financial Indicators Net Debt to Underlying EBITDA Sartorius Group Dec. 31 June 30 3.0 20141) 2015 450 Equity ratio in % 39.1 44.1 2.0 300 Net debt in millions of € 335.6 304.5 150 1.0 Net debt | underlying EBITDA 1.7 1.4 0 0.0 Q1-Q4 Q1-Q4 Q1-Q4 Q1-Q
Slide 11: Guidance 2015 Raised
Guidance 2015 Raised Previous1) New1) Sales revenue Underlying Sales revenue Underlying growth EBITDA margin growth EBITDA margin Sartorius Group ~ 6% - 9% ~ 22.0% ~ 12% ~ 22.5% Bioprocess Solutions ~ 8% - 11% ~ 25.0% ~ 15% ~ 25.5% Lab Products & Services ~ 2% - 5% ~ 15.5% ~ 5% ~ 15.5% New guidanc
Slide 12: Agenda
Agenda Sartorius Group: 1 H1 2015 Results | Guidance 2015 Sartorius Stedim Biotech Group: 2 H1 2015 Results | Guidance 2015 3 Questions & Answers
Slide 13: Strong Growth Ahead of Expectations
Strong Growth Ahead of Expectations Sartorius Stedim Biotech H1 H1 Change Change in millions of € unless otherwise specified 2014 2015 in cc1) Sales Revenue € in millions Order intake 338.4 467.4 38.1% 25.5% Sales revenue 324.1 422.0 30.2% 18.7% 422.0 359.4 2) 324.1 Underlying EBITDA 73.8 106.5 44.3
Slide 14: Considerable Sales Growth Across All Regions
Considerable Sales Growth Across All Regions Americas EMEA Asia | Pacific Sales1) by Regions Sales1) in € million Sales1) in € million Sales1) in € million in % 192.5 162.7 EMEA ~ 46% 149.3 97.9 80.3 Americas ~ 35% 63.6 € 422.0mn H1 14 H1 15 H1 14 H1 15 H1 14 H1 15 + 26.2% + 16.0% + 14.0% Asia | Pac
Slide 15: Operating Cash Flow Significantly Increased
Operating Cash Flow Significantly Increased Sartorius Stedim Biotech Group H1 H1 Change Financial result burdened by in millions of € 2014 2015 derivatives | fx loans; mainly Underlying EBITDA 73.8 106.5 44.3% non-cash effective Net operating cash flow driven Extraordinary items -1.0 -1.5 43.3%
Slide 16: Financial Position Remained Strong
Financial Position Remained Strong Key Financial Indicators Net Debt to Underlying EBITDA Sartorius Stedim Biotech Dec. 31 June 30 2014 2015 150 2.0 Equity ratio in % 59.4 58.0 1.5 100 1.0 Net debt in millions of € 87.4 111.3 50 0.5 Net debt | underlying EBITDA 0.5 0.6 0 0.0 Q1-Q4 Q1-Q4 Q1-Q4 Q1-Q4
Slide 17: Guidance 2015 Upgraded
Guidance 2015 Upgraded Previous1) New1) Sales revenue growth ~ 7% - 10% ~ 15% Underlying EBITDA margin ~ 24.5 - 25.0% ~ 25.0 - 25.5% New guidance includes the acquisitions of both BioOutsource and Cellca Expected growth contribution ~ 1.5 pct. pts Capex guidance remains unchanged; capex ratio
Slide 18: Acquisition of Cellca Complements Process Development Portfolio
Acquisition of Cellca Complements Process Development Portfolio Cellca provides process development services for the biopharma and biosimilars industry Headquartered in Laupheim, Germany; sales revenue of ~ €6m, ~ 30 employees Attractive combined process development offering, particularly for
Slide 19: Agenda
Agenda Sartorius Group: 1 H1 2015 Results | Guidance 2015 Sartorius Stedim Biotech Group: 2 H1 2015 Results | Guidance 2015 3 Questions & Answers
Slide 20: Thank you very much for your attention
Thank you very much for your attention