H Sartorius Group Conference Call. Joachim Kreuzburg, CEO July 25, Page 1

Transcription

1 H Sartorius Group Conference Call Joachim Kreuzburg, CEO July 25, 2012 Page 1

2 Disclaimer This presentation contains statements concerning the Sartorius and 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 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 forwardlooking statements. Throughout this presentation, differences may be apparent as a result of rounding during addition. Page 2

3 H Highlights Strong organic performance Very successful ACHEMA-event Key investment projects largely executed Group guidance raised Page 3

4 Strong Growth in Sales Revenue and Earnings Sartorius Group (unless otherwise specified) 6M M 2012 Change in % Comment Order intake Sales revenue Underlying EBITA % in cc 3) ; around 6 pct. points due to Biohit LH consolidation +15.6% in cc 3) ; around 6 pct. points due to Biohit LH consolidation Underlying EBITA margin 14.4% 15.1% Underlying EPS 2) Excluding extraordinary items 2) Excluding non-cash amortization and valuation adjustments of hedging instruments 3) Constant currencies Page 4

5 All Regions Drive Growth North America Sales Europe Sales Asia Pacific Sales Other Markets Sales Sales by Regions in % Europe ~50 % North America ~23% m Other Markets ~4% 15.5 Asia Pacific ~23% +30.2% +10.8% +14.9% +12.2% H1 2012, growth in constant currencies Double-digit sales growth in North America driven by all divisions Strong expansion in Asia Pacific led by Bioprocess Solutions division Healthy performance in Europe Modest PIIGS exposure (~15% of European sales revenue) According to customers location Page 5

6 Bioprocess Solutions: Continued Dynamic Expansion Order Intake Sales Revenue Order Intake Strong growth driven by single-use products, especially filters and bags EBITDA & EBITA underlying, % (+ 8.5 % cc) % (+ 17.3% cc) EBITDA & EBITA Margins underlying, Sales Revenue Performance mainly fueled by single-use products H represents a relatively low base Underlying EBITA 110 bps margin expansion mainly driven by strong sales growth % % 0 H H H H Excluding extraordinary items Sales Revenue in m (lhs) Underlying EBITDA Margin (rhs) Underlying EBITA Margin (rhs) Page 6

7 Lab Products & Services: Solid Organic Order Intake Order Intake Sales Revenue Order Intake Approx. 6% growth excluding currencies and Biohit LH EBITDA & EBITA underlying, % (+24.7 % cc) % (+16.1 % cc) EBITDA & EBITA Margins underlying, Sales Revenue Approx. 2% decline excluding currencies and acquisitions H compares against strong previous year s base Biohit LH performance in line with expectations % % 50 0 H H Underlying EBITA Impacted by investments in S&D H H Excluding extraordinary items Sales revenue in m (lhs) Underlying EBITDA margin (rhs) Underlying EBITA margin (rhs) Page 7

8 Industrial Weighing: Significant Growth Against a Moderate Base Order Intake Sales Revenue Order Intake At the previous year s level Sales Revenue High growth rates due to moderate base in H EBITDA & EBITA underlying, 3.5-0,5 % (- 2,6 % cc) % ( +7,3 % cc) EBITDA & EBITA Margins underlying, Underlying EBITA Economics of scales drive profitability % % 0 H H H H Excluding extraordinary items Sales revenue in m (lhs) Underlying EBITDA margin (rhs) Underlying EBITA margin (rhs) Page 8

9 Strong Top Line Translates to Substantial Bottom-Line Growth Sartorius Group (unless otherwise specified) 6M M 2012 Change in % Underlying EBITA Extraordinary items Financial result Underlying 2) net profit after minority interest Underlying 2) EPS ( ) Operating cash flow Investing cash flow Extraordinary items mainly related to the integration of Biohit LH, U.S. site relocation and other corp. projects Operating cash flow impacted by tax payments (partly relating to preceding years) and NWC expansion Investments mainly related to the expansion of production capacity Excluding extraordinary items 2) Excluding non-cash amortization and valuation adjustments of hedging instruments Page 9

10 All Key Financial Indicators at Robust Levels Key Financial Indicators Net Debt to EBITDA Sartorius Group Dec. 31, 2011 June 30, Equity ratio in % Net debt Gearing ratio Net debt to underlying EBITDA Interest Coverage Q1-Q Q1-Q Q1-Q Q1-Q Q1-Q Net debt in m (lhs) Net debt to EBITDA (rhs) Excluding extraordinary items Page 10

11 FY 2012 Guidance Upgraded Guidance Previous New Sales revenue growth Underlying 2) EBITA growth Sales revenue growth Underlying 2) EBITA growth 3) Sartorius Group ~10% ~10% ~11% ~15% Bioprocess Solutions ~6% - 8% ~6% - 8% ~10% ~15% Lab Products & Services ~16% - 20% ~16% - 20% ~16% - 20% ~20% - 24% Industrial Weighing Stable vs Stable vs Stable vs Stable vs CAPEX ratio expected to be around 8%, which includes non-cash items of approx. 2 pct. points In constant currencies 2) Excluding extraordinary items 3) Provided that currency exchange rates remain favourable as in H Page 11

12 H Sartorius Stedim Biotech Group Conference Call Joachim Kreuzburg, CEO July 25, 2012 Page 12

13 Strong Increase in OI, Sales Revenue and Profit Sartorius Stedim Biotech (unless otherwise specified) 6M M 2012 Change in % Change in % const. currencies Order intake Sales revenue Underlying EBITA Margins in % Underlying EBITA margin 16.8% 17.9% +110bps Underlying 2) EPS in H1 09 H1 10 H1 11 H Sales revenue in m (lhs) Underlying EBITDA margin (rhs) Underlying EBITA margin (rhs) Order Intake: Strong growth with single-use products, especially filters and bags Sales Revenue: H represents a relatively low base; performance primarily fueled by single-use products Underlying EBITA: Margin expansion mainly driven by strong sales growth Excluding extraordinary items 2) Excluding non-cash amortization and valuation adjustments of hedging instruments Page 13

14 Highest Revenue Gains in North America North America Sales Europe Sales Asia Pacific Sales Other Markets Sales Sales by Regions in % Europe ~49% North America ~28% m Other Markets ~4% Asia Pacific ~19% % % % % H1 2012, growth in constant currencies All regions contributed to strong sales growth North America reported the highest gains driven by single-use and equipment business Growth in Asia Pacific continued to be dynamic Modest PIIGS-exposure (~15% of European sales revenue) According to customers location Page 14

15 Significant Increase in Underlying Earnings per Share Sartorius Stedim Biotech (unless otherwise specified) 6M M 2012 Change in % Underlying EBITA Extraordinary items Financial result Underlying 2) net profit after minority interest Underlying 2) EPS ( ) Operating cash flow Investing cash flow Extraordinary items mainly related to U.S. site relocation and other corporate projects Operating cash flow impacted by tax payments (partly relating to preceding years) and NWC expansion Investments mainly related to the expansion of production capacity Excluding extraordinary items 2) Excluding non-cash amortization and valuation adjustments of hedging instruments Page 15

16 All Key Financial Indicators at Very Comfortable Levels Key Financial Indicators Net Debt to EBITDA Sartorius Stedim Biotech Dec. 31, 2011 June 30, 2012 Equity ratio in % Net debt Gearing ratio Net debt to underlying EBITDA Interest coverage Q1-Q Q1-Q Q1-Q Q1-Q Q1-Q Net debt in m (lhs) Net debt to EBITDA (rhs) Excluding extraordinary items Page 16

17 FY 2012 Guidance Raised Guidance Previous New Sales revenue growth ~6% - 8% ~10% Underlying 2) EBITA growth ~6% - 8% ~15% 3) CAPEX ratio expected to be around 10% including non-cash items of approx. 3 pct. points In constant currencies 2) Excluding extraordinary items 3) Provided that currency exchange rates remain favourable as in H Page 17

18 Thank you very much for your attention. Page 18