DJ Sartorius Stedim Biotech SA: Sartorius Stedim Biotech: Growth dynamics temporarily dampened; continued strong mid-term perspectives
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Sartorius Stedim Biotech SA: Sartorius Stedim Biotech: Growth dynamics
temporarily dampened; continued strong mid-term perspectives
25-Oct-2017 / 08:50 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
2017 Nine-Month Figures
Sartorius Stedim Biotech: Growth dynamics temporarily dampened; continued
strong mid-term perspectives
EUR in millions 9 months 9 months Growth in % Growth in %
unless 2017 2016 const. fx
otherwise
specified
Sales revenue 806.5 785.1 2.7 3.3
EMEA1 345.9 342.7 1.0 2.0
Americas1 272.6 290.2 -6.1 -6.3
Asia | Pacific1 187.9 152.2 23.4 23.5
Order intake 853.0 806.6 5.8 6.3
EBITDA2 216.2 214.1 1.0
EBITDA margin2 26.8 27.3
in %
Net profit3 132.1 131.3 0.6
Earnings per 1.43 1.42 0.6
share3 in EUR
1 According to customers' location
2 Underlying EBITDA = earnings before interest, taxes, depreciation and
amortization, and adjusted for extraordinary items
3 Underlying net profit = net profit after non-controlling interest; adjusted
for extraordinary items and non-cash amortization, as well as based on a
normalized financial result and tax rate
Revenue growth rate influenced by high comps and temporary effects
Sartorius Stedim Biotech, a leading supplier for the biopharmaceutical
industry, increased its sales revenue in the first nine months of 2017
compared to a very high previous-year base by 3.3%. While business in Asia
performed very dynamically, demand was soft in the Americas and parts of
Europe. This was a result of customer inventory destocking, the temporary
interruption of deliveries from the company's facility in Puerto Rico after
Hurricane Maria, and ongoing restrictions of a partner's capacity to supply
cell culture media in North America. The acquisitions of kSep and Umetrics
contributed close to 1 percentage point to sales growth. Driven by
double-digit growth in Q3, order intake was up by 6.3% in the reporting
period.
Slight increase in underlying EBITDA
Influenced by unfavorable currency effects, SSB's underlying EBITDA increased
by 1.0% to EUR216.2 million; the respective margin reached 26.8% (9M 2016:
27.3%) and would have been approx. at previous year's level in constant
currencies. Underlying earnings per share were EUR1.43 (9M 2016: EUR1.42).
Financial position remains strong
In the reporting period, the financial position of Sartorius Stedim Biotech
has remained very robust. Net debt at the end of September 2017 stood at
EUR149.5 million. The equity ratio amounted to 61.4%, and the ratio of net
debt to underlying EBITDA was 0.5.
Full-year 2017 guidance adjusted, mid-term outlook confirmed
Management assumes that the previously mentioned temporary factors will
influence the financial results for the full year of 2017 as well. Therefore,
SSB now expects that sales revenue growth will reach approx. 4% in constant
currencies (previous guidance: approx. 8% to 12%) and due to adverse exchange
rate effects the underlying EBITDA margin will be approx. at the prior-year
level of 27.5% (previous guidance: approx. +0.5 percentage points in cc vs. FY
2016). Capital expenditures are expected to be at the upper end of the
bandwidth of around 10% to 13% of sales. As the fundamental market drivers are
considered to be unchanged, management confirms its positive mid-term outlook
for revenue growth and profitability.
Including the acquisition of Umetrics and excluding any further potential
acquisitions, the ratio of net debt to underlying EBITDA at the end of 2017
remains to be expected slightly above the level of 0.2 reported for year-end
2016.
This news contains statements about the future development of the Sartorius
Stedim Biotech Group. We cannot guarantee that the content of these statements
will actually apply because these statements are based upon assumptions and
estimates that harbor certain risks and uncertainties.
Conference Call
Joachim Kreuzburg, CEO and Chairman of the Board of the Sartorius Stedim
Biotech Group, will discuss the company's results with analysts and investors
on Wednesday, October 25, 2017, at 3:30 p.m. Central European Time (CET), in a
teleconference. You may register for the teleconference at:
http://services.choruscall.de/DiamondPassRegistration/register?confirmationNum
ber=8481620&linkSecurityString=2746420dc [1]
Alternatively, you can dial into the teleconference, without registering, at:
+49 (0) 69 566 03 6000
To view the presentation, log onto: www.sartorius-stedim.com [2]
Upcoming financial dates
February 6, 2018 Publication of preliminary figures for 2017
A profile of Sartorius Stedim Biotech
Sartorius Stedim Biotech is a leading international supplier of products and
services that enable the biopharmaceutical industry to develop and manufacture
drugs safely and efficiently. As a total solutions provider, Sartorius Stedim
Biotech offers a portfolio covering nearly all steps of biopharmaceutical
manufacture. The company focuses on single-use technologies and value-added
services to meet the rapidly changing technology requirements of the industry
it serves. Headquartered in Aubagne, France, Sartorius Stedim Biotech is
quoted on the Eurolist of Euronext Paris. With its own manufacturing and R&D
sites in Europe, North America and Asia and an international network of sales
companies, Sartorius Stedim Biotech has a global reach. In 2016, the company
employed approx. 4,700 people, and earned sales revenue of 1,052 million
euros.
______________________________________________________________________________
____________
Contact
Petra Kirchhoff, Vice President of Corporate Communications
Phone: +49(0)551.308.1686 | petra.kirchhoff@sartorius.com
Statement of Profit or Loss
3rd quarter 3rd 9 months 9 months
2017 quarter 2017 2016
EUR in mn 2016 EUR in mn EUR in mn
EUR in mn
Sales revenue 259.7 276.3 806.5 785.1
Cost of sales -125.1 -135.1 -395.4 -387.1
Gross profit on 134.6 141.2 411.1 398.0
sales
Selling and -45.2 -46.6 -143.9 -139.4
distribution
costs
Research and -15.1 -12.5 -41.7 -36.5
development costs
General -14.4 -15.7 -45.9 -42.5
administrative
expenses
Other operating -8.4 -3.3 -12.3 -6.1
income and
expenses
Earnings before 51.6 63.2 167.3 173.5
interest & taxes
(EBIT)
Financial income 4.6 0.5 6.9 5.5
Financial -3.4 -1.3 -8.2 -8.4
expenses
Financial result 1.2 -0.7 -1.3 -2.8
Profit before tax 52.8 62.4 165.9 170.7
Income taxes -14.8 -18.1 -46.5 -49.5
Net profit for 38.0 44.3 119.5 121.2
the period
Attributable to:
Shareholders of 37.8 43.6 117.1 119.3
Sartorius Stedim
Biotech
Non-controlling 0.3 0.7 2.3 1.8
interest
Earnings per 0.41 0.47 1.27 1.29
share (EUR)
Diluted earnings 0.41 0.47 1.27 1.29
per share (EUR)
Statement of Comprehensive Income
3rd 3rd 9 months 9 months
quarter quarter 2017 2016
2017 2016 EUR in mn EUR in mn
EUR in mn EUR in mn
Net profit for the 38.0 44.3 119.5 121.2
period
Cash flow hedges 5.1 1.9 24.4 2.9
of which effective 5.6 1.6 23.1 0.7
portion of changes
in fair value
of which -0.5 0.3 1.3 2.2
reclassified to
profit or loss
Income tax on cash -1.5 -0.6 -7.3 -0.9
flow hedges
Net investment in a 0.0 0.3 0.0 1.6
foreign operation
Income tax on net 0.0 -0.1 0.0 -0.5
investment in a
foreign operation
Foreign currency -7.2 -3.9 -23.5 -17.4
translation
differences
Items that are or -3.6 -2.3 -6.5 -14.2
may be reclassified
subsequently to
profit or loss
Remeasurements of 0.0 0.0 1.1 -3.9
the net defined
benefit liabilities
Income tax on 0.0 0.0 -0.3 1.0
remeasurements of
the net defined
benefit liability
Items that will not 0.0 0.0 0.8 -2.9
be reclassified in
profit or loss
Other comprehensive -3.6 -2.4 -5.6 -17.1
income for the
period
Total comprehensive 34.4 42.0 113.8 104.1
income for the
period
Attributable to:
Shareholders of 34.4 41.0 111.9 102.0
Sartorius Stedim
Biotech
Non-controlling 0.0 0.9 1.9 2.1
interest
Statement of Cash Flows
(MORE TO FOLLOW) Dow Jones Newswires
October 25, 2017 02:51 ET (06:51 GMT)
9 months 2017 9 months 2016
EUR in mn EUR in mn
Profit before tax 165.9 170.7
Financial result 1.3 2.8
Earnings before interest & taxes 167.3 173.5
(EBIT)
Depreciation | amortization of 37.2 32.7
intangible and tangible assets
Increase | decrease in provisions -0.3 2.6
Income taxes paid -39.6 -55.4
Other non-cash items 0.3 0.0
Gross cash flows from operating 164.7 153.4
activities
Increase | decrease in receivables -25.7 -45.7
and other assets
Increase | decrease in inventories -19.4 -29.6
Increase | decrease in liabilities -11.0 22.4
Net cash flow from operating 108.8 100.5
activities
Acquisitions of intangible and -84.4 -52.5
tangible assets
Proceeds from the disposal of fixed 0.0 0.3
assets
Other payments 0.0 0.1
Net cash flow from investing -84.4 -52.1
activities
Payments for acquisitions of -68.1 -23.0
consolidated subsidiaries and other
business operations; net of cash
acquired
Net cash flow from investing -152.5 -75.1
activities and acquisitions
Changes in capital 0.0 -0.6
Interest received 0.2 0.1
Interest paid and other financial -1.3 -1.2
charges
Dividends paid to:
- Shareholders of Sartorius Stedim -38.7 -30.7
Biotech SA
- Non-controlling Interest -0.7 -0.8
Gross cash flows from financing -40.5 -33.3
activities
Repayments of loans and borrowings 83.5 16.1
Proceeds from loans and borrowings -5.7 -4.9
raised
Changes in non-controlling interest 0.0 0.0
Net cash flow from financing 37.2 -22.1
activities
Net increase | decrease in cash and -6.5 3.4
cash equivalents
Cash and cash equivalents at the 34.8 31.8
beginning of the period
Net effect of currency translation 2.1 -0.1
on cash and cash equivalents
Cash and cash equivalents at the end 30.3 35.1
of the period
Statement of Financial Positions
Assets Sept. 30, 2017 Dec. 31, 2016
EUR in mn EUR in mn
Non-current assets
Goodwill 388.1 344.8
Other intangible assets 167.3 144.0
Property, plant and equipment 311.0 261.5
Financial assets 11.5 2.3
Other assets 0.8 0.8
Deferred tax assets 10.6 10.8
889.2 764.1
Current assets
Inventories 184.0 171.1
Trade receivables 190.6 184.0
Other financial assets 29.3 8.5
Current tax assets 19.7 20.9
Other assets 21.7 12.5
Cash and cash equivalents 30.3 34.8
475.6 431.7
Total assets 1,364.8 1,195.8
Equity and liabilities Sept. 30, 2017 Dec. 31, 2016
EUR in mn EUR in mn
Equity
Attributable to SSB S.A. 831.2 758.0
shareholders
Issued capital 18.4 18.1
Capital reserves 231.5 231.5
Retained earnings (including net 581.2 508.4
profit)
Non-controlling interest 6.7 5.6
837.9 763.6
Non-current liabilities
Pension provisions 33.5 34.2
Other provisions 3.1 3.1
Loans and borrowings 47.5 9.4
Finance lease liabilities 16.0 16.7
Other financial liabilities 49.0 55.8
Deferred tax liabilities 41.8 28.8
191.0 147.9
Current liabilities
Provisions 8.2 9.3
Trade payables 104.5 107.8
Loans and borrowings 114.6 74.7
Finance lease liabilities 1.7 1.6
Employee benefits 36.1 28.6
Other financial liabilities 17.5 23.2
Current tax liabilities 27.3 21.0
Other liabilities 26.1 18.2
336.0 284.4
Total equity and liabilities 1,364.8 1,195.8
Reconciliation
in millions of EUR 9 months 2017 9 months 2016
EBIT 167.3 173.5
Extraordinary items 11.8 7.9
Depreciation & Amortization 37.2 32.7
Underlying EBITDA 216.2 214.1
in millions of EUR 9 months 2017 9 months 2016
EBIT (operating result) 167.3 173.5
Extraordinary effects 11.8 7.9
Amortization | IFRS 3 12.5 10.6
Normalized financial result1) -5.0 -4.5
Normalized income tax (2017: 28%, -52.3 -54.4
2016: 29%)2)
Underlying net result 134.4 133.1
Non-controlling interest -2.3 -1.8
Underlying net result after 132.0 131.3
non-controlling interest
Underlying earnings per share (in 1.43 1.42
EUR)
1) Financial result excluding fair value adjustments of
hedging instruments, as well as currency effects from foreign
currency loans
2) Underlying income tax, based on the underlying profit
before taxes and non-cash amortization
Regulatory filing PDF file
Document title: Sartorius Stedim Biotech S.A.: 2017 Nine-Month Figures
Document: http://n.eqs.com/c/fncls.ssp?u=QVUUAAIVKC [3]
Language: English
Company: Sartorius Stedim Biotech SA
Avenue de Jouques
13781 Aubagne
France
Phone: +33 44 284 5600
E-mail: info@sartorius-stedim.com
Internet: www.sartorius-stedim.com
ISIN: FR0013154002
Euronext Ticker: DIM
AMF Category: Third quarter financial report
End of Announcement EQS News Service
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(END) Dow Jones Newswires
October 25, 2017 02:51 ET (06:51 GMT)
