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Sartorius Group – Conference Call
Nine-Month Figures for 2009
Joachim Kreuzburg, CEO
Goettingen, October 22, 2009
Disclaimer

             This presentation contains statements concerning the Sartorius and
             Sartorius Stedim Biotech Groups’ 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 is because our assumptions harbor risks
             and uncertainties that could lead to actual results diverging substantially
             from the expected ones. It is not planned to update our forward-looking
             statements.


             Throughout this presentation, differences may be apparent as a result of
             rounding during addition.




                                                                                      page 2
Order Intake by Division

€ in mn
            454.0            454.8
                                         Currency-Adjusted Growth:
                    +0.2%
450                                       Group:                   -2.3%
400                                       Biotechnology Division: +10.3%

350                                       Mechatronics Division:  -20.6%
                    +12.7%   303.4
300                                      Biotechnology Division:
            269.3
250                                       Strong double-digit growth of single-use
                                           products
200
                                          Additional momentum generated by the
150                                        vaccine industry because of the pandemic flu
                    -18.0%                 (approx. +2% points additional sales and
100         184.8
                             151.4         overproportionate profit contribution in 2009)
 50
                                         Mechatronics Division:
  0
      9-month 2008       9-month 2009     Since Q4 | 2008 sharp cyclically drop in
                                           demand worldwide
          Mechatronics   Biotechnology
                                          Stabilization since Q2
                                                                                      page 3
Order Intake by Quarter - Biotechnology
Currency-adjusted*

€ in mn
               2007              2008     2009         Continuous double-digit gains of
100                                                     high-margin single-use products
 90                                                    All regions contributed to order intake
 80                                                     growth; double-digit increase in North
 70
                                                        America and Asia
 60                                                    Growth impulse in the equipment
 50
                                                        business in Q3
 40
 30
 20
 10
   0
        Q1** Q2** Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
           Single-use products          Equipment
* based on budget rates 2008
** pro forma                                                                                      page 4
Order Intake by Quarter - Mechatronics
Currency-adjusted*

€ in mn
              2007             2008     2009       Since November 2008, significant decline in
                                                    order intake worldwide
60                                                 Order situation stabilized since Q2 | 2009
50                                                 Slump in demand particularly from customers
                                                    in the chemical sector
40
                                                   Since Q2 | 2009, especially the industrial
30
                                                    business is heavily impacted

20

10

 0
       Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
           Lab & PW&C                 Service
* based on budget rates 2008
                                                                                             page 5
Sales by Division

€ in mn
            453.4
                                         Currency-Adjusted Growth:
                    -1.9%    444.7
450
                                            Group:                     -4.3%
400
                                            Biotechnology Division:   +6.7%
350
                    +9.0%    298.0          Mechatronics Division:    -21.1%
300
            273.3
250

200

150
                    -18.5%
100         180.0
                             146.8
 50

  0
      9-month 2008       9-month 2009

          Mechatronics   Biotechnology
                                                                                page 6
Sales Revenue by Region – Biotechnology
According to customers’ location

€ in mn
                                                   Currency-Adjusted Growth:
          +2.7%
                                                      Europe:                   +4.2%
160                                                   North America:            +9.6%
140                                                   Asia | Pacific:           +6.2%
120
                                                      All regions contributed to the growth
100

 80
                   +21.9%                             Especially in North America, the Group grew
                                                       significantly yet again
 60
                               +10.3%
 40
                                        +36.9%
 20

  0
          Europe     North      Asia |    Other
                    America    Pacific   Markets
          9-month 2008      9-month 2009
                                                                                               page 7
Sales Revenue by Region – Mechatronics
According to customers’ location

€ in mn
                                                   Currency-Adjusted Growth:
          -24.4%
                                                      Europe:                     -23.7%
100
                                                      North America:              -20.0%
 90
                                                      Asia | Pacific:             -14.0%
 80
 70
                                                      Highest slump in demand in Europe
 60
 50                            -6.3%
                                                      Asia | Pacific slightly less affected
 40
                    -10.9%
 30
 20
                                         -26.2%
 10
  0
          Europe     North      Asia |    Other
                    America     Pacific  Markets
          9-month 2008      9-month 2009
                                                                                               page 8
Underlying EBITA*

€ in mn
                           +8.3%               43.9
                                                      Underlying EBITA Margin*:
                40.6
40                                                    Biotechnology: 15.5% (prev. year: 10.7%)
35                                                    •   Economies of scale and an improved product
                                                          mix contributed to the increase in profit
30
                           +58.9%              46.3
25                                                    Mechatronics: -1.6% (prev. year: 6.3%)
20              29.1                                  •   Cost-cutting measures are showing effect
15                                                    •   After two quarters with losses, slightly
10                                                        positive underlying EBITA in Q3
                          -120.9%
  5             11.4
                                                      Group: 9.9% (prev. year: 8.9%)
  0                                                   •   Extraordinary expenses of €24.7mn essentially
                                        -2.4
-5                                                        entail provisions for the restructuring in the
         9-month 2008                  9-month 2009       Mechatronics Division
            Mechatronics             Biotechnology
* Excluding extraordinary expenses                                                                   page 9
Underlying Earnings per Share*

in €
                                                                                   Slight increase of underlying EPS*
0.80                                                                               Underlying net profit after minority interest*
                                                                                    totaled €13.9mn (prev. year: €13.7mn)
0.70
                                           0.81
                                           0.81
                             +1.4%
0.60

0.50
                 0.80
0.40

0.30

0.20

0.10

0.00
            9-month 2008             9-month 2009


* Excluding extraordinary expenses, and the two non-cash items amortization and interest expenses for share price warrants   page 10
Cash Flow Statement
In millions of €



                                                   9-month 2009            9-month 2008

    Net cash flow from operating activities             104.8                   15.3

    Net cash flow from investing activities            -123.7                   -22.3

    Change in net debt*
                                                        +36.3                  +30.9
    (- means a decrease; + means an increase)




     Increase of net cash flow from operating activities driven by factoring (€36.0mn) and
      significant optimization of working capital (€15.9mn).
     Cash flow from investing activities includes warrant payment of €103.7mn.
*   compared to December 31 of the previous year                                          page 11
Balance Sheet as of September 30, 2009


    Assets                                     Equity and liabilities

    Non-current assets    €591.1mn     71.0% Equity                     €319.3mn   38.3%

    Current assets        €241.9mn     29.0% Financial debt             €304.8mn   36.6%

                                               Non-financial debt       €209.0mn   25.1%

    Total                 €833.1mn      100% Total                      €833.1mn   100%



    Gearing:                                         0.8
    Ratio of net debt to underlying EBITDA:          3.0
    Interest coverage:                               7.0
    No adjustments to the company’s syndicated loan agreement were necessary.
                                                                                     page 12
Restructuring Program in the Mechatronics Division

                                  Cost-Cutting Program Extended
                                   Cost reduction of more than €30mn p.a. targeted
                                    (thereof more than €25mn p.a. of personnel costs)
                                   Nine-month results include almost all extraordinary
                                    expenses that can be expected in this context
                                   Goal: Mechatronics Division to swing back to profit
                                    in 2010

                                  Shift from Technology to Application Orientation
                                   Focus on food & pharma
                                   Utilization of synergies between the two divisions
                                   Addressing key industrial trends
                                   Increase share of direct sales vs. distribution
                                   Broaden product portfolio through cooperations


                                                                                      page 13
Outlook

   For the last three months of the current fiscal year, company management expects the
    Biotechnology Division’s revenue to increase and its earnings to rise overproportionately
    relative to the fourth quarter in 2008.
   The company continues to expect exceptionally difficult market conditions for the
    Mechatronics Division. However, management anticipates a slightly positive fourth-quarter
    underlying EBITA for this division because of its successfully implemented cost-reduction
    program.




                                                                                         page 14
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Sartorius Stedim Biotech Group – Conference Call
Nine-Month Figures for 2009
Joachim Kreuzburg, CEO
Goettingen, October 22, 2009
Order Intake and Sales Revenue

€ in mn
              +12.3%                  +8.6%           Increase driven by strong double-digit
300                                                    growth rates of single-use products
                                                      Added growth momentum for high-margin
250                                                    single-use products due to global expansion
                     304.1                             of swine flu vaccine production
200
                                          298.7    •   Through this, approx. 2% points of additional
                                                       sales and overproportionate profit
150
                              275.0                    contribution expected for full year 2009
          270.8
100
                                                   Currency-Adjusted Growth:
 50
                                                      Order intake:       9.9%
  0                                                   Sales :             6.3%
      9-month      9-month   9-month     9-month
       2008         2009      2008        2009

           Order intake         Sales revenue
                                                                                                page 16
Order Intake by Quarter
Currency-adjusted*

€ in mn
               2007              2008     2009         Continuous double-digit gains of
100                                                     high-margin single-use products
 90                                                    All regions contributed to order intake
 80                                                     growth; double-digit increase in North
 70
                                                        America and Asia
 60                                                    Growth impulse in the equipment
 50
                                                        business in Q3
 40
 30
 20
 10
   0
        Q1** Q2** Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
           Single-use products          Equipment
* based on budget rates 2008
** pro forma                                                                                      page 17
Sales Revenue by Region
According to customers’ location

€ in mn
                                                       Currency-Adjusted Growth:
          +2.5%
                                                          Europe:                   +4.0%
                                                          North America:            +9.6%
100
                                                          Asia | Pacific:           +4.8%
                    +21.9%
 80
                                                          All regions contributed to the growth
 60                                                       Especially in North America, the Group grew
                                   +8.8%                   significantly yet again
 40

                                             +36.9%
 20

  0
          Europe     North         Asia |     Other
                    America        Pacific   Markets

            9-month 2008      9-month 2009                                                         page 18
Underlying EBITA*

€ in mn
                                                       Underlying EBITA margin* significantly
                         +55.9%                         increased to 15.5% (prev. year: 10.8%)
45

40                                                     Economies of scale and an improved product
                                                        mix contributed to the increase in profit
35
30
                                                       Underlying adjustments of €1.8mn mainly
                                                        consist of non-operating depreciation
25
                                         46.4
20

15              29.8
10

 5

 0
         9-month 2008                9-month 2009


* Excluding extraordinary expenses                                                               page 19
Underlying Earnings per Share*

in €
                                                                            Overproportionate increase of underlying EPS*
1.50                                                                        Underlying net profit after minority interest*
                                                                             totaled €26.5mn (prev. year: €13.9mn)
1.25
                                          1.55
1.00
                           +91.6%

0.75
                 0.81
0.50


0.25


0.00
         9-month 2008              9-month 2009


* Excluding extraordinary expenses, and the non-cash item amortization                                               page 20
Cash Flow Statement
In millions of €



                                                   9-month 2009   9-month 2008

    Net cash flow from operating activities            65.5           35.9

    Net cash flow from investing activities           -11.0          -13.1

    Change in net debt*
                                                      -43.7          -11.1
    (- means a decrease; + means an increase)




*   compared to December 31 of the previous year                                 page 21
Balance Sheet as of September 30, 2009


    Assets                                     Equity and liabilities

    Non-current assets    €481.4mn     71.0% Equity                     €387.4mn   57.1%


    Current assets        €197.0mn     29.0% Financial debt             €162.9mn   24.0%

                                               Non-financial debt       €127.9mn   18.9%

    Total                 €678.3mn      100% Total                      €678.3mn   100%


    Gearing:                                         0.3
    Ratio of net debt to underlying EBITDA:          1.5
    Interest coverage:                               9.5
                                                                                     page 22
Outlook

   For the last three months of the current fiscal year, company management expects the
    revenue to increase and earnings to rise overproportionately relative to the fourth
    quarter in 2008.




                                                                                      page 23
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Thank you very much for your attention.
Joachim Kreuzburg, CEO
Goettingen, October 22, 2009

				
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