Sartorius (FWB:SRT), a leading international laboratory and
pharmaceutical equipment provider, successfully closed the first
six months of 2012, with substantial gains in order intake, sales
revenue and earnings. The Bioprocess Solutions Division that
primarily specializes in single-use products for pharmaceutical
drug manufacture performed especially well. Furthermore, initial
consolidation of the Biohit Liquid Handling business considerably
boosted growth for the Laboratory Products & Services Division.
Based on the company’s strong first-half results, management lifted
its guidance for the full year of 2012. Accordingly, Sartorius now
expects its sales to grow by about 11% in constant currencies
(former guidance: +10%). In addition, provided that currency
exchange rates remain favorable as in the first half, adjusted
earnings (operating EBITA) are projected to increase by around 15%
(former guidance: +10%).
Dynamic Growth of Sales Revenue and Order IntakeIn the
first half of 2012, Sartorius increased its sales revenue year over
year by 19.3%, or 15.6% in constant currencies, to 422.1 million
euros. The Biohit Liquid Handling business acquired at the end of
2011 added approximately six percentage points to this gain. In the
same period, order intake rose 15.3%, or 11.7% in constant
currencies, to 434.2 million euros.
All three Group divisions fueled this dynamic business
performance. Accounting for more than half of consolidated revenue,
the Bioprocess Solutions Division continued on the growth track of
the past quarters: it posted solid organic sales growth of 237.4
million euros, up 21.2%, or 17.3% in constant currencies. Order
intake for this division also rose significantly by 12.2%, or 8.5%
in constant currencies, to 243.4 million euros. Demand was strong,
especially for single-use products for the manufacture of
biopharmaceuticals, such as specialty filters and aseptic bags and
tanks.
The Lab Products & Services Division, which provides premium
laboratory instruments and consumables, boosted its first-half
sales revenue by 20.2%, or 16.1% in constant currencies, to 133.0
million euros, seeing an uptick in order intake of 29.0%, or 24.7%
in constant currencies, to 139.7 million euros. Initial
consolidation of the Biohit Liquid Handling business acquired at
the end of 2011 contributed around 18 percentage points, based on
constant currencies, to growth for this division. Sales revenue for
the company’s smallest division, Industrial Weighing, improved,
also when seen against the backdrop of a moderate year-earlier
revenue base, by 9.5%, or 7.3% in constant currencies, to 51.8
million euros, while its order intake at 51.1 million euros was
nearly at the previous year’s level of 51.4 million
(currency-adjusted: -2.6%).
Regional analysis shows that North America posted the highest
growth, up 30.2%. In Asia, business expanded by 14.9%; Europe saw
gains of 10.8% (all regional figures in constant currencies).
Significant Increase in EarningsBased on its dynamic
sales performance, Sartorius further increased its first-half
earnings year over year. The Group's operating earnings1) surged by
around one-fourth (+24.6%) from 51.1 million euros to 63.6 million
euros; the respective margin for the Group climbed from 14.4% to
15.1%. In the same period, the Bioprocess Solutions Division
boosted its earnings 28.7% to 42.9 million euros; its margin rose
from 17.0% to 18.1%. The Lab Division lifted its operating earnings
by nearly 9% to 16.5 million euros from 15.2 million euros, with a
margin of 12.4%, relative to 13.7% a year earlier. Following a
comparatively moderate first half in 2011 (2.5 million euros), the
Industrial Weighing Division achieved operating earnings of 4.2
million euros. Accordingly, its operating margin improved
significantly from 5.4% to 8.1%.
Group EBITA rose year on year by 27.3% to 56.5 million euros, up
from 44.4 million euros. This figure includes extraordinary items
of -7.1 million euros (1st half 2011: -6.7 million euros), which
were essentially related to integration of the Biohit Liquid
Handling business, preparations for the transfer of single-use bag
manufacture from the USA to Puerto Rico and to various
cross-divisional projects. The corresponding EBITA margin was at
13.4%, compared with 12.5% a year ago. The Group’s relevant net
profit2) soared 24.5% from 23.7 million euros a year earlier to
29.5 million euros. The Group’s respective earnings per share are
at 1.73 euros, up from 1.39 euros in the previous year.
Full-year Guidance RaisedBased on the company’s strong
business performance in the first half, management raised its sales
and earnings guidance for the full year of 2012. Sartorius now
anticipates that full-year sales revenue will grow by about 11%
(former guidance: about 10%) in constant currencies. Around five
percentage points of this gain are forecast to be generated by the
initial consolidation of the Biohit Liquid Handling business. In
addition, provided that currency exchange rates remain favorable as
in the first half of 2012, management projects that operating EBITA
will increase by around 15% (former guidance: around 10%).
In view of the three divisions, Sartorius anticipates that
currency-adjusted sales revenue for Bioprocess Solutions will grow
approximately 10% (former guidance: 6% to 8%). Operating EBITA is
expected to increase by around 15% (former guidance: 6% to 8%)
compared to the previous year.
For the Lab Products & Services Division, management's
forecast has remained unchanged: sales revenue is projected to
expand by approximately 16% to 20% in constant currencies,
primarily due to initial consolidation of the Biohit Liquid
Handling business. The division's operating EBITA is forecasted to
increase in fiscal 2012 by around 20% to 24% (former guidance: 16%
to 20%).
The growth and earnings forecast for the Industrial Weighing
Division is confirmed: currency-adjusted sales revenue and
operating EBITA are expected to show stable development relative to
the previous year.
1) Sartorius uses earnings before interest, taxes and
amortization, EBITA, as the key profitability measure. To enable a
more informative comparison of the figures given for the previous
years, the company additionally reports operating earnings adjusted
for extraordinary items (= operating EBITA) besides EBITA.
2) Underlying net profit after non-controlling interest,
excluding non-cash amortization and effects from valuation
adjustments of derivative financial instruments.
Key Figures for the First Half of
2012http://www.sartorius.de/fileadmin/media/global/company/pr_20120725_hy_figures_sag.pdf
Current Image FilesDr. Joachim Kreuzburg, CEO and
Executive Board Chairman of Sartorius
AG:www.sartorius.com/fileadmin/media/global/company/pr_20120419_kreuzburg.jpg
Sartorius products used in the manufacture of
medications:www.sartorius.com/fileadmin/media/global/company/pr_20120419_bioprocess_solutions.jpg
Sartorius products used in laboratory
research:www.sartorius.com/fileadmin/media/global/company/pr_20120419_lab_products_services.jpg
Conference Call and Webcast
Dr. Joachim Kreuzburg, CEO and Executive Board Chairman of
Sartorius, will discuss the 2012 first-half results with analysts
and investors on July 25, 2012, at 3:30 p.m. Central European Time
in a webcast teleconference. You may dial into the teleconference
starting at 3:15 p.m. CET at the following numbers:
Germany: +49 (0)69 3807 89637France: +33 (0)1 70 48 01 63UK:
+44(0)20 3106 7162USA: +1646 254 3370
The dial-in code is as follows: 4528852; the webcast and
presentation can be viewed at: www.sartorius.com
Upcoming Financial Dates:October 29, 2012 Publication of
nine-month figures (January to September 2012)January 2013
Publication of the preliminary figures for fiscal 2012
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 SartoriusThe Sartorius Group is a leading
international laboratory and process technology provider covering
the segments of Bioprocess Solutions, Lab Products & Services
and Industrial Weighing. In 2011, the technology group earned sales
revenue of 733.1 million euros. Founded in 1870, the
Goettingen-based company currently employs more than 5,000 persons.
The major areas of activity of its Bioprocess Solutions segment
cover filtration, fluid management, fermentation, cell cultivation
and purification, and focus on production processes in the
biopharmaceutical industry. The Lab Products & Services segment
primarily manufactures laboratory instruments and consumables.
Industrial Weighing concentrates on weighing, monitoring and
control applications in the manufacturing processes of the food,
chemical and pharma sectors. 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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