Sartorius AG

euro adhoc: Sartorius AG
quarterly or semiannual financial statement
Order intake (pro forma) rose 8.6%; currency-adjusted: +11.4% | Sales revenue (pro forma): +3.1%; currency-adjusted: +5.5% | EBITA margin (pro forma excluding extraordinary expenses

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Figures for the First Half of 2007


On June 29, 2007, Sartorius AG acquired a controlling stake in French-based Stedim S.A., and combined this company with its Biotechnology Division into a separate subgroup. Sartorius AG holds 69.8% of the shares in this subgroup so that the latter will be fully consolidated in the Sartorius Group as of the first-half 2007 financial statements. Therefore, for better comparability, we additionally disclose for order intake, sales revenue and earnings pro forma figures, which include the Stedim business for the first-half 2007 and the year-earlier period.

In the first half of 2007, the Sartorius Group received pro forma orders valued at EUR331.6 million euros (1st half 2006: EUR305.4 mn). This corresponds to a gain of 8.6% (currency-adjusted: 11.4%). Reporting a pro forma increase of 10.1% (currency-adjusted: 13.1%) to EUR198.3 million (EUR180.1 mn), the Biotechnology Division achieved double-digit growth in order intake. The Mechatronics Division generated an order intake of EUR133.3 million (EUR125.3 mn), which translates to an increase of 6.4% (currency-adjusted: 8.9%). Actual order intake of the Sartorius Group at EUR287.3 million (EUR261.3) is up 9.9% (currency-adjusted: 12.4%) over the year-earlier figure.

Pro forma sales revenue of the Sartorius Group rose in the first half of 2007 by 3.1% (currency-adjusted: 5.5%) to EUR312.2 million euros (1st half 2006: EUR302.9 mn). For the Biotechnology Division, we reported a pro forma increase of 2.7% (currency-adjusted: 5.3%) to EUR186.6 million (EUR181.7 mn) and for the Mechatronics Division, a gain of 3.7% (currency-adjusted: 5.9%) to EUR125.6 million (EUR121.2 mn). Actual consolidated sales revenue climbed 3.5% (currency-adjusted: 5.6%) to EUR266.1 million (EUR257.1 mn).

On a pro forma basis, EBITA adjusted for extraordinary expenses was EUR29.9 million (1st half 2006: EUR29.5 mn) for the reporting period and thus corresponded to a nearly unchanged EBITA margin of 9.6% (9.7%). The Biotechnology Division contributed EUR21.3 million (EUR22.3 mn) on a pro forma basis and the Mechatronics Division EUR8.6 million (EUR7.2 mn) to these earnings. In the first half of 2007, extraordinary expenses totaling EUR3.2 million were incurred that concern only the Biotechnology Division. The actual EBITA of the Sartorius Group was EUR24.4 million (EUR22.0 mn).

Based on the strong order intake development in the 1st half 2007 and the further business expectations, we confirm our 2007 pro forma forecast for operating sales revenue. However, due to the unfavorable development of the exchange rates during the last months, we have adjusted our pro forma sales forecast in the reporting currency to EUR650-EUR670 million (previously EUR660-EUR680 mn). For the Biotechnology Division, we expect to generate pro forma sales revenue of EUR390-410 million and, for the Mechatronics Division, approximately EUR260 million. On the basis of these sales revenue expectations, we are continuing to pursue our unchanged target of achieving a pro forma EBITA margin of about 12%, excluding extraordinary expenses. For the Biotechnology Division, we anticipate that the pro forma EBITA margin will be around 14%, excluding extraordinary expenses; for the Mechatronics Division, we assume that this will be roughly 9%. We expect that the full-year 2007 extraordinary expenses resulting from the transaction and integration expenditures within the Biotechnology Division will total approx. EUR10 million.

Relative to December 31, 2006, the Sartorius Group´s balance sheet total rose EUR388.0 million to EUR765.3 million; this was essentially due to the Stedim transaction. After the Stedim transaction was closed, equity ratio of the Sartorius Group was 42.2% (Dec. 31, 2006: 44.8%).

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ots Originaltext: Sartorius AG
Im Internet recherchierbar:

Further inquiry note:
Andreas Wiederhold
Treasury & Investor Relations
Telefon: +49 (0)551 308-1668

Branche: Biotechnology
ISIN:      DE0007165607
WKN:        716560
Index:    CDAX, Prime All Share, Technologie All Share
Börsen:  Börse Frankfurt / official dealing/prime standard
              Börse Berlin / free trade
              Börse Hamburg / free trade
              Börse Stuttgart / free trade
              Börse Düsseldorf / free trade
              Börse München / free trade
              Börse Hannover / official dealing

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