Sartorius AG

euro adhoc: Sartorius AG
Currency-adjusted sales revenue up 3.8% | EBITA margin at 8.9% | Increase in sales revenue and profitability forecasted for the second half

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Preliminary Figures for the First Half of 2008


To ensure the best possible comparability, the figures of the year-earlier period are presented on a pro forma basis and adjusted for non-operating effects ("underlying").

In the first half of the current financial year, the Sartorius Group achieved currency-adjusted growth in sales revenue of 3.8%. At current exchange rates, sales revenue is at EUR304.0 million and thus at the previous year´s level (EUR304.8 mn; -0.2%). For the Biotechnology Division, the temporarily quite challenging US market environment played a significant role. Therefore, currency-adjusted global sales revenue rose a comparably low 2.8%. In the reporting currency, the division´s revenue at EUR184.1 mn is 1.3% lower than the year-earlier figure (EUR186.6 mn). The Mechatronics Division increased its currency-adjusted sales revenue by 5.5% (current exchange rates: +1.5%) to EUR119.9 mn (2007: EUR118.2 mn).

On the basis of constant currencies, Group order intake attained approximately the same level of the strong first half in 2007 (+0.1%). In the reporting currency, order intake is at EUR311.3 mn (2007: EUR324.0 mn). This corresponds to a decrease of 3.9% (Biotechnology: -5.6%, currency-adjusted: -1.6%; Mechatronics: -1.2%, currency-adjusted: +2.7%) and can be primarily attributed to fluctuations in the Biotechnology Division´s project business.

Operating earnings (EBITA) were EUR27.0 mn (2007: EUR28.9 mn); the Group´s EBITA margin was 8.9% (2007: 9.5%). EBITA of the Biotechnology Division declined from EUR21.3 mn to EUR20.4 mn (margin: down from 11.4% to 11.1%) and that of the Mechatronics Division from EUR7.7 mn to EUR6.6 mn (margin: down from 6.5% to 5.5%). On the basis of the previous year´s exchange rates, the EBITA margin for both divisions and the group is approximately one percentage point higher than in current exchange rates.

Consolidated net profit after minority interest was likewise impacted by the less favorable exchange rates and by the higher euro base interest rate, and is at EUR7.3 mn (2007: EUR9.7 mn). Earnings per share, excluding the two non-cash items of amortization and interest for the share price warrants granted, were EUR0.57 (2007: EUR0.67).

In the second half, we expect that sales revenue for both divisions will be above the first-half level. For the Biotechnology Division, we forecast a higher growth rate than in first half, whereas for the Mechatronics Division, we project that slower economic activity will slightly dampen its pace of growth. For both divisions, profitability should be higher in the second half than in the first. However, we do not expect to reach our ambitious full-year targets. Because of the present uncertainties concerning the US biotechnology market and the global economic climate, a more precise quantitative forecast is currently not possible.

in millions of EUR              1st half 2008   1st half 2007   Change
(unless otherwise specified)                    pro forma       in %

Sartorius Group
Sales revenue                   304.0           304.8           -0.2 (+3.8)
Order intake                    311.3           324.0           -3.9 (+0.1)
EBITA 1)                        27.0            28.9
Net profit for the period 1)    7.3             9.7
Earnings per share 1)2) in EUR  0.57            0.67

Biotechnology Division
Sales revenue                   184.1           186.6           -1.3 (+2.8)
Order intake                    187.1           198.3           -5.6 (-1.6)
EBITA 1)                        20.4            21.3

Mechatronics Division
Sales revenue                   119.9           118.2           +1.5 (+5.5)
Order intake                    124.1           125.6           -1.2 (+2.7)
EBITA 1)                        6.6             7.7 

in parentheses: currency-adjusted 1) underlying for 2007 2) excluding non-cash amortization and, for 2008, additionally excluding non-cash interest expenses for share price warrants

Dr. Joachim Kreuzburg, CEO of Sartorius, will discuss the first-half results for Sartorius with analysts and investors in a teleconference on June 29, 2008, at 3:30 p.m. CET. You may dial into this teleconference starting at 3:15 p.m. CET at the following numbers:

Germany:        +49 (0)69 5007 1317
France:         +33 (0)1 70 99 43 03
UK:             +44 (0)20 7806 1966
USA:            +1 718 354 1390 

The dial-in code is 4161181.

To view the webcast, log onto

end of announcement                               euro adhoc

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 / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
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Börse Düsseldorf / free trade
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Börse München / free trade

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