Sartorius AG

euro adhoc: Sartorius AG
Quarterly or Semiannual Financial Statements
First-quarter earnings substantially improved over the year-earlier quarter
Group sales revenue slightly above last year┬ĺs and, when currency-adjusted, significantly increased /

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The positive earnings development last reported by the Sartorius Group continued in the first quarter of 2004.  Earnings before interest, taxes, depreciation and amortization, EBITDA, rose to EUR9.6 million from EUR2.6 million reported a year earlier.  At EUR4.1 million, earnings before interest and taxes, EBIT, was also considerably higher than the year-earlier figure (-EUR2.9 million; adjusted, EUR2.1 million), which was negatively impacted by one-time restructuring expenses of approx. EUR5 million.  Following an approx. balanced EBIT for the year-earlier quarter, first-quarter EBIT at EUR1.9 million significantly increased this year for the Biotechnology Division.  The Mechatronics Division also achieved a much better EBIT at EUR2.2 million than in the previous year (-EUR2.8 million).

In fiscal 2004, first-quarter sales revenue for the Sartorius Group rose 1.0% to EUR108.1 million from EUR107.0 million reported for the year-earlier period. Currency-adjusted consolidated sales revenue grew 5.4% to EUR112.8 million.  The Biotechnology Division posted sales revenue growth of 3.5% to EUR54.6 million (year-earlier period: EUR52.8 million; currency-adjusted, 8.2%).  First-quarter sales revenue for the Mechatronics Division slid 1.3% to EUR53.5 million (previous year:  EUR54.2 million; currency-adjusted, +2.7%).

Concerning order intake, the Sartorius Group posted a first-quarter decline of 1.7% to EUR113.4 million from EUR115.4 million a year earlier, which was due to the impact of foreign exchange rates (currency-adjusted order intake:  +4.9%). For the Biotechnology Division, order intake fell from EUR59.9 million to EUR54.9 million (-8.4%).  Order intake for the Mechatronics Division rose 5.5% to EUR58.6 million (previous year:  EUR55.5 million).

Net cash flow at EUR4.1 million continues to be positive (previous year:  EUR6.9 million).  In the period ended March 31, 2004, net debt shrank by EUR2.7 million to EUR102.3 million compared with the period ended December 31, 2003.

Based on the first-quarter results, the Executive Board continues to adhere to its sales revenue and earnings targets for the current fiscal year. The Sartorius Group is striving to increase sales revenue in the mid- to upper percentage range of one digit. These targets are based on a considerable stimulation of the economy, particularly in Western Europe. Concerning Group earnings, the Executive Board expects a substantial improvement once the consolidation measures of the previous year have been successfully implemented. The target is to double EBIT.

end of announcement            euro adhoc 29.04.2004

Further inquiry note: Andreas Wiederhold

Phone +49.551.308.1668 Fax +49.551.308.3153 andreas.wiederhold@

Branche: Biotechnology
ISIN:      DE0007165607
WKN:        716560
Index:    CDAX, Prime All Share, Prime Standard, Technologie All Share
B├Ârsen:  Nieders├Ąchsische B├Ârse zu Hannover / official dealing
              Frankfurter Wertpapierb├Ârse / official dealing
              Berliner Wertpapierb├Ârse / free trade
              Bayerische B├Ârse / free trade
              Hamburger Wertpapierb├Ârse / free trade
              Bremer Wertpapierb├Ârse (BWB) / free trade
              B├Ârse D├╝sseldorf / free trade
              Baden-W├╝rttembergische Wertpapierb├Ârse / free trade

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