Sartorius AG

euro adhoc: Sartorius AG
Financial Figures/Balance Sheet
Order intake (pro forma) rose 7.1%; currency-adjusted: +9.5% | Operating earnings above the previous year´s | Integration of Stedim progressing as planned | Growth and earnings targets for ...

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Figures for the first nine months 2007


For the first time, the Sartorius Group is announcing the quarterly results for a reporting period after the combination of the Sartorius Biotechnology Division with former Stedim S.A. The figures for order intake, sales revenue and earnings of the Biotechnology Division and the Group have therefore been growing on new levels. Thus, nine-month order intake (pro forma) for the Sartorius Group in 2007 climbed 26.4% relative to the figure published a year ago. For sales revenue, the corresponding increase was 21.7%. Viewed from this angle, the Biotechnology Division´s order intake grew 47.2% and its sales revenue 38.4%. Based on this comparison, consolidated pro forma earnings before interest, taxes and amortization (EBITA) adjusted for extraordinary expenses surged 32.5%.

To serve the purpose of ensuring the greatest possible transparency and comparability of the results of the reporting period with those of the year-earlier period, the following essentially presents and describes our corresponding pro forma figures:

Relative to the pro forma year-earlier figure, consolidated pro forma order intake grew 7.1% to EUR479.7 million (PY: EUR447.9 million). Currency-adjusted, this corresponds to 9.5% growth. With a pro forma gain of 8.6% (currency-adjusted: 11.2%) to EUR283.8 million (PY: EUR261.3 mn), the Biotechnology Division posted considerable growth in order intake. The Mechatronics Division received orders worth EUR195.9 million (PY: EUR186.6 mn), which corresponds to a gain of 5.0% (currency-adjusted: 7.2%). At EUR431.9 million (PY: EUR379.4 mn), actual order intake of the Sartorius Group is 13.8% (currency-adjusted: 16.2%) above the year-earlier figure.

Pro forma consolidated sales revenue was EUR469.9 million (PY: EUR456.5 mn); this corresponds to growth of 2.9% or, currency-adjusted, 5.2%. The Biotechnology Division generated pro forma sales revenue of EUR281.8 million (PY: EUR274.1 mn) and thus achieved a gain of 2.8% or, currency-adjusted, 5.3%. The Mechatronics Division grew 3.2% (currency-adjusted: 5.2%) to EUR188.2 million (PY: EUR182.3 mn). Actual consolidated sales revenue climbed 9.8% (currency-adjusted: 12,0%) to EUR423.8 million (PY: EUR386.0 mn).

The Group achieved a pro forma underlying EBITA of EUR48.7 million (PY: EUR48.3 mn); the corresponding EBITA margin was 10.4% (PY: 10.6%). Without the unfavorable impact of currency fluctuations, it would have reached approx. 11%. The Biotechnology Division contributed EUR35.2 million (PY: EUR34.7 mn) and the Mechatronics Division EUR13.5 million (PY: EUR13.6 mn) to these earnings. Actual EBITA of the Sartorius Group was EUR35.8 million (PY: EUR35.0 mn).

We have adjusted our sales revenue and earnings forecast for 2007 somewhat downward, particularly due to the unfavorable development of the exchange rates during the past months. For 2007, pro forma sales revenue for the entire Group is expected to rise to over EUR630 million (previous forecast: EUR650-670 mn) to which the Biotechnology Division will contribute more than EUR375 million and the Mechatronics Division more than EUR255 million.

Based on this expected growth and considering the negative impact of about 0.5 of a percentage point on the EBITA margin due to the devaluation of the U.S. dollar, we assume that we will reach a pro forma underlying EBITA margin of around 11.0% to 11.5% (previously about 12%). For the Biotechnology Division, we anticipate achieving a pro forma underlying EBITA margin of 13.0% to 13.5% (previously about 14%); for the Mechatronics Division, this figure is expected to reach 8.5% to 9.0% (previously about 9%). This forecast does not include effects entailed by selling Sartorius Bearing Technology GmbH.

For fiscal 2008, the company expects to post gains in sales revenue and profitability for both divisions. The Biotechnology division anticipates sales revenue to grow more than 12,0% in constant currencies. Sales revenue in constant currencies for the Mechatronics division is estimated to grow more than 5%. In both divisions, EBITA is targeted to increase overproportionately, so this margin for the entire Group is anticipated to rise to approximately 12,0%.

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ots Originaltext: Sartorius AG
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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 Hannover / free trade
              Börse München / free trade

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