Sartorius Stedim Biotech: Growth dynamics temporarily dampened; continued strong mid-term perspectives
25 October 2017 - 4:00PM
Business Wire
2017 Nine-Month Figures
Regulatory News:
€ in millions unless otherwise specified
9 months
2017 9 months 2016 Growth in % Growth in %
const. fx 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 in %
26.8 27.3 Net profit3
132.1 131.3 0.6 Earnings per share3 in €
1.43
1.42 0.6
1 According to customers’ location2 Underlying EBITDA = earnings
before interest, taxes, depreciation and amortization, and adjusted
for extraordinary items3 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 (Paris:DIM), 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 €216.2 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 €1.43 (9M 2016: €1.42).
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 €149.5 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.
This press release 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?confirmationNumber=8481620&linkSecurityString=2746420dc
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
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171024006350/en/
Sartorius Stedim BiotechPetra KirchhoffVice President of
Corporate CommunicationsPhone:
+49(0)551.308.1686petra.kirchhoff@sartorius.com
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