First-quarter Figures: Sartorius Stedim Biotech off to a dynamic start into 2016
€ in millions | 3 months 2016 | 3 months 2015 | Growth in % | Growth in % const. fx |
Order intake | 274.1 | 224.1 | 22.3 | 23.0 |
Sales revenue | 245.8 | 204.4 | 20.2 | 20.9 |
| EMEA1 | 114.1 | 97.3 | 17.2 | 18.0 |
Americas1 | 91.0 | 70.2 | 29.7 | 29.3 |
Asia | Pacific1 | 40.7 | 36.9 | 10.1 | 12.8 |
EBITDA2 | 64.6 | 50.8 | 27.2 | |
EBITDA margin2 in % | 26.3 | 24.8 | ||
Net profit3 | 39.4 | 29.6 | 33.0 | |
Earnings per share3 in € | 2.57 | 1.93 | 32.9 |
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, non-cash amortization and based on a normalized financial result and tax rate
Strong double-digit topline growth
Within a continued dynamic market environment, Sartorius Stedim Biotech (SSB), a leading supplier for the biopharma industry, reported a strong first quarter 2016, with sales revenue up 20.9%. Besides strong operating performance, this high growth rate was positively impacted by first-time consolidation of the recent acquisitions of BioOutsource (April 2015) and Cellca (July 2015), which contributed a good 3 percentage points to growth, and also by the relatively easy comparables from the prior-year quarter. Expansion was driven by high demand across the entire portfolio, especially for single-use products. Regionally, the Americas led growth, posting a gain of nearly 30%, while EMEA and Asia also grew by double digits.
Profits on the rise
Mainly driven by economies of scale, SSB's earnings increased overproportionately. Underlying EBITDA soared 27.2% to 64.6 million euros; the corresponding margin reached 26.3%. Underlying earnings per share were 2.57 euros, up year over year from 1.93 euros.
Strong financial position
The financial position of SSB strengthened even further as reflected by an equity ratio of 60.9% and a ratio of net debt to underlying EBITDA of 0.3. Net debt at the end of the first quarter was 76.3 million euros.
Positive outlook for 2016
Based on the strong results of the first three months, management confirms its forecast for the full year of 2016. Sales revenue is expected to increase by about 12% to 16% in constant currencies. The underlying EBITDA margin is projected to rise approx. one percentage point in constant currencies compared with the prior-year figure of 26.2%.
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.
