Sartorius AG · XETR:SRT

Sartorius — Sartorius Stedim Biotech — Shareholder Meeting (April 2016)

27 slides from Sartorius's shareholder meeting presentation, Apr 5, 2016

  1. Slide 1: Annual Shareholders' Meeting

    Welcome | Bienvenue | Benvenuti | Bienvenido | Willkommen | Welcome | Bienvenue | Benvenuti Annual Shareholders’ Meeting on April 8, 2014 Combined Extraordinary & Ordinary Shareholders’ Meeting on April 5, 2016 Bienvenue | Benvenuti | Bienvenido | Willkommen | Welcome | Bienvenue | Benvenuti | Bienv

  2. Slide 2: Disclaimer

    Disclaimer This presentation contains statements concerning Sartorius Stedim Biotech 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 materia

  3. Slide 3: Agenda

    Agenda 01 2015 Results Review | Guidance 2016 02 Dividend Proposal 03 Mid-term Prospects 04 VL Finance Merger 05 Stock Split

  4. Slide 4: Outstanding Performance in 2015

    Outstanding Performance in 2015 2015 Strong double-digit top line growth Overproportionate growth in earnings yet again; supportive currency environment Continued market share gains, especially in North America Process development portfolio significantly expanded through the aquisitions of BioOutsou

  5. Slide 5: Strong Growth Significantly Ahead of Initial Expectations

    Strong Growth Significantly Ahead of Initial Expectations Order Intake Sales Revenue € in millions € in millions 946.4 884.3 722.1 683.5 2014 2015 2014 2015 +31.1% | +21.1% cc1 +29.4% | +19.4% cc  Biopharma market grew stronger than expected; ongoing market share gains  All product segments report

  6. Slide 6: Excellent Development Supported by All Regions, Especially Americas

    Excellent Development Supported by All Regions, Especially Americas Americas EMEA Asia | Pacific Sales by Regions Sales in millions of € in % 397.2 EMEA ~ 45% 323.5 322.1 219.6 163.7 Americas ~ 37% 141.8 € 884.3mn FY 14 FY 15 FY 14 FY 15 FY 14 FY 15 Asia | Pacific ~ 18% + 24.7% + 21.2% + 7.3% Acc. t

  7. Slide 7: Overproportionate Earnings Growth Yet Again

    Overproportionate Earnings Growth Yet Again Underlying EBITDA EBITDA Margin Earnings per Share1 € in millions in % in € 231.3 9.06 27 26.2 160.5 5.68 23.0 23.5 24 21.5 20.9 21 18 15 FY 14 FY 15 FY 11 FY 12 FY 13 FY 14 FY 15 FY 14 FY 15 +44.2% +59.5% Underlying EBITDA margin in %  Underlying EBITDA

  8. Slide 8: Significant Increase in Operating Cash Flow

    Significant Increase in Operating Cash Flow Sartorius Stedim Biotech Group FY FY Change € in millions 2014 2015 in % Net cash flow from operating activities 111.3 142.8 28.3 Net cash flow from investing activities 1 -46.8 -106.3 -127.1 Net cash flow from financing activities -84.2 -27.2 67.7 1 Net c

  9. Slide 9: Continued Strong Financial Position

    Continued Strong Financial Position Balance Sheet Net Debt to Underlying EBITDA € in millions 1,066.1 1,066.1 907.3 907.3 28.2% 150 130.3 32.9% 28.9% 113.7 30.0% 11.1% 100.1 100 87.4 86.4 11.7% 1.0 1.0 1.0 70.0% 67.1% 59.4% 60.7% 50 0.5 0.4 0 FY 14 FY 15 FY 14 FY 15 FY 11 FY 12 FY 13 FY 14 FY 15 Non

  10. Slide 10: Balance Sheet of the Parent Company

    Balance Sheet of the Parent Company December 31, 2015; € in millions (unless otherwise specified) Assets Equity and Liabilities Non-current assets 136.3 89.8% Equity 80.7 53.1% Current assets 15.5 10.2% Liabilities 71.1 46.9% Total 151.8 100% Total 151.8 100% 10

  11. Slide 11: Key Stock Market Benchmarks Substantially Outperformed

    Key Stock Market Benchmarks Substantially Outperformed 300% Market Capitalization SSB +119.1% NASDAQ Biotech +11.4% €5.2 bn 250% CAC Small +18.2% SBF120 +9.0% as of April 1, 2015 200% 150% 100% 50% Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar 2015 2016 11

  12. Slide 12: 2016 Guidance – Positive Momentum Expected to Continue

    2016 Guidance – Positive Momentum Expected to Continue FY 2015 2016 Guidance Sales revenue growth1 19.4% ~ 12% - 16% Underlying EBITDA margin 26.2% ~ +1 pp1 Capex ratio 6.2% ~ 6% - 8% 1 In constant currencies  Guidance includes ~ 1.5 pp of growth expected to be contributed by BioOutsource and Cellc

  13. Slide 13: Agenda

    Agenda 01 2015 Results Review | Guidance 2016 02 Dividend Proposal 03 Mid-term Prospects 04 VL Finance Merger 05 Stock Split

  14. Slide 14: Significant Dividend Increase

    Significant Dividend Increase Earnings per Share Dividend per Share in € in € 9.06 2.00 5.68 4.90 4.21 1.30 3.49 1.20 1.10 1.00 FY 11 FY 12 FY 13 FY 14 FY 15 FY 11 FY 12 FY 13 FY 14 FY 151 1 Subject to approval by the AGM  Total profit distributed would increase from €20.0 mn to €30.7 mn  Payout r

  15. Slide 15: Agenda

    Agenda 01 2015 Results Review | Guidance 2016 02 Dividend Proposal 03 Mid-term Prospects 04 VL Finance Merger 05 Stock Split

  16. Slide 16: Global Biopharma Market in a Very Dynamic Phase

    Global Biopharma Market in a Very Dynamic Phase FDA Original BLA Approvals1 Patent Expiries2 Ø 4 p.a. Ø 8 p.a. Biologic Biologic Drug Drug EU EU USA USA Humira 2018 2018 2016 2016 12 11 Remicade 2015 2015 2018 2018 Rituxan 2013 2013 2016 2016 6 6 6 6 Enbrel 2015 2015 2028 2028 4 4 Lantus 2014 2014 2

  17. Slide 17: Complementary Acquisitions to Enhance Portfolio

    Complementary Acquisitions to Enhance Portfolio M&A Transactions 2011-2015 Acquisition Criteria BioOutsource | 2015 Portfolio Complementary products or technologies Cellca | 2015 Market Position AllPure Technologies | 2014 Either among the Top 3 or unique position Integration TAP Biosystems | 2013 M

  18. Slide 18: Continued Capacity Extension to Accommodate Growth

    Continued Capacity Extension to Accommodate Growth Capex Ratio 12 10 8.1 9.2 ~ 6-8 8 5.8 6.5 6.2 6 4 Expansion 2 0 2011 2012 2013 2014 2015 2016e  Ongoing expansion of production capacities worldwide  Multi-year program to expand Goettingen site (filter production; additional R&D and application l

  19. Slide 19: Strong Performance Slightly Ahead of Long-term Plan

    Strong Performance Slightly Ahead of Long-term Plan 2011-2015 Performance Review Strategic Initiatives Sales CAGR1 ~ 14% Regional Organic sales CAGR1,2 ~ 10.5% Gain share in North America Leverage market growth in Asia Executed EBITDA3 margin + 5.3 pp Portfolio 884.3 683.5 Alliances and acquisitions

  20. Slide 20: 2020 Targets Upgraded

    2020 Targets Upgraded Targets Set in 2011 Updated Targets 2020 ~ €1.5 bn ~ €1.5-1.6 bn 2 Upgraded Sales revenue Sales revenue ~ 2|3 ~ 1|3 ~ 4|5 ~ 1|5 Organic Acquisitions Organic Acquisitions Adjusted ~ 28% ~ 29-30% 2 Upgraded EBITDA1 margin EBITDA1 margin 1 Excluding extraordinary items 2 Based on

  21. Slide 21: Agenda

    Agenda 01 2015 Results Review | Guidance 2016 02 Dividend Proposal 03 Mid-term Prospects 04 VL Finance Merger 05 Stock Split

  22. Slide 22: Resolutions Regarding VL Finance Merger

    Resolutions Regarding VL Finance Merger Resolutions of the Extraordinary Shareholders’ Meeting: Merger between VL Finance SAS and Sartorius Stedim Biotech S.A. (SSB S.A.)  Sartorius AG holds 100% of the share capital of VL Finance SAS  VL Finance holds 1,642,095 shares in SSB S.A.  Sartorius AG t

  23. Slide 23: Resolution Relating to VL Finance Merger

    Resolution Relating to VL Finance Merger Resolution of the Extraordinary Shareholders’ Meeting: Authorization to trade in own shares  Current liquidity provider agreement to support tradability of SSB stock between VL Finance and Gilbert Dupont will be terminated due to the merger  A new agreement

  24. Slide 24: Agenda

    Agenda 01 2015 Results Review | Guidance 2016 02 Dividend Proposal 03 Mid-term Prospects 04 VL Finance Merger 05 Stock Split

  25. Slide 25: Resolution Regarding Stock Split

    Resolution Regarding Stock Split Resolution of the Extraordinary Shareholders‘ Meeting: Split by 6 of the par value of the company‘s shares  Shareholders to receive 6 shares in exchange for each share held in Sartorius Stedim Biotech S.A.  Further to the definitive completion of the merger, the pa

  26. Slide 26: Next Annual Shareholders' Meeting on April 4, 2017

    Next Annual Shareholders‘ Meeting of Sartorius Stedim Biotech S.A. | April 4, 2017 | Aubagne | Next Annual Shareholders’ Meeting on April 4, 2017 Next Annual Shareholders‘ Meeting of Sartorius Stedim Biotech S.A. | April 4, 2017 | Aubagne | Next Annual Shareholders‘ Meeting of Sartorius Stedim Biote

  27. Slide 27: Financial Calendar

    Financial Calendar  April 20, 2016 Publication of first-quarter 2016 figures  July 25, 2016 Publication of first-half 2016 figures  October 24, 2016 Publication of nine-month 2016 figures  January 2017 Publication of preliminary full-year 2016 figures  April 4, 2017 Annual General Shareholders‘

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