At today’s Annual Shareholders' Meeting of the Sartorius
technology group, CEO and Executive Board Chairman Dr. Joachim
Kreuzburg presented the consolidated results for the first three
months of 2010. The Biotechnology Division, which operates under
the name Sartorius Stedim Biotech and contributes a good two-thirds
to consolidated sales, started off the year 2010 by reporting
growth and further profitability gains again. After enduring a
sharp decline in its business during the year of crisis in 2009 and
undergoing extensive restructuring and realignment, the
Mechatronics Division also reported positive results. The division
posted a significant uptick in order intake, a slight increase in
sales and positive earnings. “These first-quarter business results
show that both divisions developed entirely within the range of our
expectations, and we confirm our positive outlook for the full
year,” commented CEO Dr. Joachim Kreuzburg.
Quarterly Results in Detail
Sales Revenue and Order Intake
The Biotechnology Division generated substantial first-quarter
gains in order intake and sales revenue. Order intake rose 5.8%
(constant currencies: +6.7%) to 110.4 million euros; sales revenue
grew 3.7% to 100.1 million euros (constant currencies: +4.8%). As
expected, Sartorius Stedim Biotech received sizeable orders
specifically for large bioreactors systems (equipment business),
primarily from the Asian region. Accordingly, the Biotechnology
Division posted its highest growth rates in Asia/Pacific.
Following a difficult year-earlier quarter, the Mechatronics
Division also achieved profitable growth in the first three months
of 2010. Order intake rose significantly by 7.9% (constant
currencies: +9.2%) to 56.8 million euros, and sales revenue climbed
from 49.5 million euros to 50.4 million euros (+1.8%; constant
currencies: +2.8%). While demand for industrial weighing and
control equipment was still flat, orders for laboratory instruments
took off. Regional analysis shows that the Mechatronics Division
was especially successful in North America and Asia/Pacific.
At the Group level, order intake for the first quarter of 2010
grew from 157.0 million euros to 167.2 million euros and thus was
up 6.5% or, in constant currencies, up 7.6%. Consolidated sales
revenue rose 3.0% (constant currencies: +4.1%) to 150.4 million
euros.
Earnings
Both divisions contributed to the positive development of
operating earnings (earnings adjusted for interest, taxes and
amortization and adjusted for extraordinary expenses = underlying
EBITA). The Biotechnology Division increased its operating earnings
from 12.8 million euros in the year-earlier quarter to 14.6 million
euros and improved its corresponding margin to 14.6% (13.3%).
Following losses of -1.9 million euros in the prior-year quarter,
the Mechatronics Division generated positive operating earnings of
1.8 million euros for the first quarter of 2010 and increased its
EBITA margin from -3.9% to +3.7%.
For the entire Group, operating earnings for the first three
months of business were at 16.4 million euros, up from 10.9 million
for the same period a year ago. This equates to a surge in earnings
of 50.4%. The consolidated operating EBITA margin improved from
7.5% to 10.9%. Consolidated net profit adjusted for extraordinary
expenses and excluding amortization rose from 2.4 million euros to
6.9 million euros. The respective earnings per share were at 0.41
euro, up from 0.14 euro for the year-earlier quarter.
Outlook
Based on business results reported for the first quarter of
2010, management confirms its positive forecast for the full year.
According to its prognosis, revenue growth in constant currencies
for the Biotechnology Division is likely to be in the upper
single-digit percentage range and its operating EBITA margin is
expected to rise slightly.
For the Mechatronics Division, which is more strongly dependent
on business cycles, management plans to achieve growth in constant
currencies in the lower single-digit percentage range, amid a
slight upturn in business as anticipated. Given the division’s
significantly reduced cost base as a result of extensive
restructuring measures implemented in 2009, its operating EBITA
margin should attain around 5%.
For the entire Group, management accordingly expects sales
growth in constant currencies to be slightly above 5% and its
operating EBITA margin to continue to improve by one to two
percentage points (2009: 10.1%). Furthermore, management
anticipates a significantly positive operating cash flow.
Resolutions of the Annual Shareholders’ Meeting
In line with the proposal submitted by the Supervisory Board and
the Executive Board, the Annual Shareholders’ Meeting of Sartorius
AG today resolved to pay dividends of 0.42 euro per preference
share and 0.40 euro per ordinary share (previous year: prf. 0.42
euro; ord. 0.40 euro). The Supervisory Board and the Executive
Board were granted discharge by a large majority. Some 400
shareholders attended the Annual Shareholders’ Meeting in
Goettingen, Germany.
Presentation at the 2010 Annual Shareholders’ Meeting
Dr. Joachim Kreuzburg’s presentation at the 2010 Annual
Shareholders’ Meeting will be streamed on our website at
www.sartorius.com.
Current Image Files:
Dr. Joachim Kreuzburg, CEO and Executive Board Chairman of
Sartorius:
http://www.sartorius.com/media/content/press/support/Dr_Kreuzburg_4.jpg
Sartorius | Biotechnology Division:
http://www.sartorius.com/media/content/press/support/SSB_Integrated_Solutions.jpg
Sartorius | Mechatronics Division:
http://www.sartorius.com/media/content/press/support/Sartorius_Kontrolltechnik.jpg
Conference Call and Webcast:
Dr. Joachim Kreuzburg, CEO and Executive Board Chairman of
Sartorius, will discuss the first-quarter figures with analysts and
investors today, April 21, 2010, at 4:30 p.m. Central European Time
(CET), in a webcast teleconference. You may dial into the
teleconference starting at 4:15 p.m. CET at the following
numbers:
Germany: +49 (0)69 9897 2623;France: +33 (0)1 70 99 42 85;U.K.:
+44 (0)20 7138 0843;USA: +1 212 444 0495.
The dial-in code is 9427275; to view the webcast, log onto
www.sartorius.com.
Upcoming Financial Dates:
July 2010 Publication of first-half figures (Jan. – June
2010)
October 2010 Publication of the nine-month figures (Jan. – Sept.
2009) 2010
This press release contains statements about the future
development of the Sartorius Group. The content of these statements
cannot be guaranteed as they are based on assumptions and estimates
that harbor certain risks and uncertainties. This is a translation
of the original German-language press release. Sartorius shall not
assume any liability for the correctness of this translation. The
original German press release is the legally binding version.
Furthermore, Sartorius reserves the right not to be responsible for
the topicality, correctness, completeness or quality of the
information provided. Liability claims regarding damage caused by
the use of any information provided, including any kind of
information which is incomplete or incorrect, will therefore be
rejected.
A Profile of Sartorius
The Sartorius Group is a leading international laboratory and
process technology provider covering the segments of biotechnology
and mechatronics. In 2009, the technology group earned sales
revenue of 602.1 million euros. Founded in 1870, the
Goettingen-based company currently employs approximately 4,350
persons. The major areas of activity in its biotechnology segment
focus on filtration, fluid management, fermentation, purification
and laboratory applications. In the mechatronics segment, the
company primarily manufactures equipment and systems featuring
weighing, measurement and automation technology for laboratory and
industrial applications. Key Sartorius customers are from the
pharmaceutical, chemical and food industries and from numerous
research and educational institutes of the public sector. Sartorius
has its own production facilities in Europe, Asia and America as
well as sales subsidiaries and local commercial agencies in more
than 110 countries.
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