Sartorius AG · XETR:SRT
Sartorius — Stock Exchange Day, Hannover 2010
36 slides from Sartorius's conference presentation, Sep 25, 2010
Slide 1: Stock Exchange Day, Hannover
Platzhalter Bild Stock Exchange Day, Hannover September 25, 2010 Andreas Wiederhold, Team Leader Treasury & Investor Relations
Slide 2: Agenda
Agenda • Company Profile • Biotechnology Division Platzhalter Bild • Mechatronics Division • 6-Month 2010 Results and Outlook • Share Price Development • Appendix
Slide 3: History of the Sartorius Group
History of the Sartorius Group • 1870 “F. Sartorius“ precision mechanical workshop is founded • 1922 Commercial-scale manufacture of membrane filters begins • 1990 Sartorius goes public • 1998 Sartorius raises capital • 1998ff. Strong expansion through acquisitions • 2001 “Plant 2001” starts up oper
Slide 4: Sartorius Runs Two Divisions
Sartorius Runs Two Divisions Biotechnology Division: Mechatronics Division: • Total solution provider for • Total solution provider of laboratory and biomanufacturing process weighing equipment • Products: filters, bioreactors, bags • Products: lab balances, ph-meters, industrial scales, moisture an
Slide 5: Sartorius Group Structure
Sartorius Group Structure Other Sartorius AG Shareholders 100% approx. 75% approx. 25% Sartorius Mechatronics Sartorius Stedim Biotech Group page 5
Slide 6: Agenda
Agenda • Company Profile • Biotechnology Division Platzhalter Bild • Mechatronics Division • 6-Month 2010 Results and Outlook • Share Price Development • Appendix
Slide 7: 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 • Most complete product and service portfolio along the biotech industry’s process chain • Focus on single-use
Slide 8: Products and Solutions Along BioPharma's Process Chain
Products and Solutions 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 survey, optim
Slide 9: Growth Driver #1: Global Pharma Market
Growth Driver #1: Global Pharma Market In billions of US$ Size and Growth of the Global Pharma Market 975+ • Strongest growth expected from the 4% to 7% “pharmerging markets*”: - The Chinese market remains the fastest growing 800 among the pharmerging markets and is poised to become the world’s thir
Slide 10: Growth Driver #2: Biopharma
Growth Driver #2: Biopharma Portion of Biopharma within the Global Pharma Market • Today, biotech within the pharma market 2014: represents approx. 17% of sales, this is supposed to increase to ca. 23% by 2014. 23% • Biotech sales are set to grow 62% between 2009 and 2016 (from $117bn to $189bn). •
Slide 11: Growth Driver #3: Single-use Technologie
Growth Driver #3: Single-use Technologie + CAPEX reduction Market Penetration of Single-use Products in Potential Applications + Reduced cleaning costs | validation 100% + Downtime reduction, i.e. higher equipment utilization + Enhanced process performance = Reduction of life-cycle production 70-80%
Slide 12: Market Position vs. Competition
Market Position vs. Competition Filters Bioreactors Fluid management Market size ~ €750mn ~ €300mn ~ €200mn Market growth Double-digit Single to double-digit Double-digit Market position Among the top 3 Market leader Market leader Main competitors Millipore NBS, Applikon Thermo Fisher Pall ABEC, ...
Slide 13: Agenda
Agenda • Company Profile • Biotechnology Division Platzhalter Bild • Mechatronics Division • 6-Month 2010 Results and Outlook • Share Price Development • Appendix
Slide 14: Global Full-Liner of Weighing Equipment and Control Technology
Global Full-Liner of Weighing Equipment and Control Technology Full range of products for laboratory and industrial applications Global number 2 in weighing technology Global sales, service and production network page 14
Slide 15: From a Weighing Specialist to an Application Expert
From a Weighing Specialist to an Application Expert • Increasing focus on monitoring and control of critical process parameters in the food and pharmaceutical industry • Build-up of a comprehensive product portfolio with process analytical technologies and software solutions • Fast and low-risk expa
Slide 16: Growing Demand for Inline Analytical Technologies
Growing Demand for Inline Analytical Technologies • Shifting of quality control procedures from the laboratory the to production line • Integration of weighing and control technology as well as data management into production processes Source: SDI Study (2005) page 16
Slide 17: Market Overview
Market Overview Laboratory business Industrial business Market size €300mn – 400mn €1.5bn - 2.0bn Market growth ~ 2% - 3% ~ 5% Market position Strong number 2 Leading position Main competitor Mettler Toledo Mettler Toledo Source: own estimates; in our specific market segments page 17
Slide 18: Agenda
Agenda • Company Profile • Biotechnology Division Platzhalter Bild • Mechatronics Division • 6-Month 2010 Results and Outlook • Share Price Development • Appendix
Slide 19: Considerable Increase of Order Intake
Considerable Increase of Order Intake In millions of € +9.8% 336.4 Currency-Adjusted Growth: 330 306.4 • Group: +8.4% 300 270 • Biotechnology: +7.4% 240 221.4 • Mechatronics : +10.4% +8.8% 210 203.5 180 Biotechnology: 150 • As expected, major equipment orders in the 120 bioreactor business have been
Slide 20: Sales Revenue Growth Reported by Both Divisions
Sales Revenue Growth Reported by Both Divisions In millions of € +6.3% 315.2 Currency-Adjusted Growth: 296.5 300 • Group: +5.1% 270 • Biotechnology: +4.6% 240 +5.7% • Mechatronics : +6.1% 210 209.1 197.8 180 150 • All regions contributed to the overall 120 sales growth 90 • Development of both divis
Slide 21: Underlying EBITA almost 50% above Previous Year's Figure
Underlying* EBITA almost 50% above Previous Year’s Figure In millions of € 36.3 +47.0% 30 Underlying* EBITA Margin: 25 24.7 Group: 11.5% (prev. year: 8.3%) +12.2% 20 31.5 Biotechnology: 15.0% (prev. year: 14.2%) • Economies of scale contributed to the 15 28.0 increase in profit 10 Mechatronics: 4.5%
Slide 22: Underlying Earnings per Share Strongly Increased
Underlying* Earnings per Share Strongly Increased In € • Strong increase in underlying* net profit after 0,90 0.9 minority interest: €15.9mn (prev. year: €6.4mn) 0,80 0.8 • Unadjusted consolidated net profit after +149.9% 0,70 0.7 minority interest amounts to €12.1mn (previous year: -€8.1mn) 0,60 0.
Slide 23: Financial Key Figures
Financial Key Figures June 30, 2010 Dec. 31, 2009 Equity ratio 37.9% 38.9% Net Debt (in millions of €) 246.8 224.7 Gearing 0.8 0.7 Net Debt to Underlying* EBITDA 2.5 2.6 Interest Coverage 12.3 8.6 • Increase of net debt and decrease of equity mainly triggered by SSB’s share buyback program • However
Slide 24: Outlook for 2010 Confirmed on Basis of H1 Results
Outlook for 2010 Confirmed on Basis of H1 Results • Management expects currency-adjusted sales growth for the Biotechnology Division to reach the upper single-digit percentage range and a slight increase of the operating EBITA margin. • For the Mechatronics Division, the company anticipates currency
Slide 25: Agenda
Agenda • Company Profile • Biotechnology Division Platzhalter Bild • Mechatronics Division • 6-Month 2010 Results and Outlook • Share Price Development • Appendix
Slide 26: Share Price Development 2010 in Comparison to the DAX and TecDAX
Share Price Development 2010 in Comparison to the DAX and TecDAX in % 150% 150% Ordinary Share 125% 125% Preference Share 100% 100% Dax TecDax 75% 75% January February March April May June July August Sept. Source: vwd page 26
Slide 27: Share Price Development in Comparison to the DAX and TecDAX
Share Price Development in Comparison to the DAX and TecDAX January 2005 to September 2010 in % 350% 350% Preference Share 300% 300% Ordinary Share 250% 250% 200% 200% Dax 150% 150% TecDax 100% 100% 50% 50% 0% 0% Jan. ‘05 July ‘05 Jan. ‘06 July ‘6 Jan. ‘07 July ‘07 Jan. ‘08 July ‘08 Jan. ‘09 July ‘0
Slide 28: Disclaimer
Disclaimer This presentation contains statements concerning the Sartorius Group’s 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 29: Thank you very much for your attention.
Platzhalter Bild Thank you very much for your attention. Hannover, September 25, 2010
Slide 30: Agenda
Agenda • Company Profile • Biotechnology Division Platzhalter Bild • Mechatronics Division • 6-Month 2010 Results and Outlook • Share Price Development • Appendix
Slide 31: Shareholding Structure
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 sector) Number of shares 18,72
Slide 32: Sales Revenue by Region – Biotechnology
Sales Revenue by Region – Biotechnology According to customers’ location, in millions of € +0.6% Currency-Adjusted Growth: 110 • Europe: +0.3% 100 • North America: +7.0% 90 • Asia | Pacific: +19.6% 80 70 +7.3% 60 • Especially Asia | Pacific contributed to 50 +25.9% overall sales growth 40 30 • As ex
Slide 33: Sales Revenue by Region – Mechatronics
Sales Revenue by Region – Mechatronics According to customers’ location, in millions of € +4.0% Currency-Adjusted Growth: 55 • Europe: +3.6% 50 • North America: +4.3% 45 • Asia | Pacific: +9.7% 40 35 +14.1% 30 • Sales revenue growth achieved in 25 +4.6% all regions 20 15 +26.7% 10 5 0 Europe North A
Slide 34: Strong Global Presence
Strong Global Presence Sales Production | Production and Sales page 34
Slide 35: Financial Calendar
Financial Calendar • October 2010 Publication of nine-month figures for 2010 • November 22 – 24, 2010 Equity Forum Fall 2010, Frankfurt | Main • February 2011* Publication of preliminary full-year figures for 2010 • March 2011 Annual press conference in Goettingen, Germany • April 20, 2011* Annual S
Slide 36: 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