Sartorius (TG:SRT)
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Sartorius (FWB:SRT), a leading international process and laboratory
technology provider, published its first-half results today on Tuesday.
From January to June, the Group posted sales revenue of 304.0 million
euros.
This corresponds to a currency-adjusted gain of 3.8% (current exchange
rates: -0.2%).* Currency-adjusted order intake reached the year-earlier
level (+0.1%) and is at 311.3 million euros (current exchange rates:
-3.9%). Operating earnings, reported as EBITA (earnings before interest,
taxes and amortization), are at 27.0 million euros, compared with 28.9
million euros posted a year ago. The corresponding EBITA margin is thus
8.9%. At the previous year’s exchange rates,
this margin is very close to 10%.
Business Development of the Divisions
Sartorius Stedim Biotech
The Biotechnology Division’s business showed
highly dynamic development in Europe, attaining double-digit growth
rates. It thus reflects the successful integration of Stedim S.A. In the
U.S. market, by contrast, sales revenue fell as a result of the weaker
demand of individual key accounts in the biopharmaceutical sector. The
reason is that these key accounts had to accept delayed or restricted
drug approvals and, as a consequence, manufactured considerably fewer
medications than they had originally planned in some instances. In
addition, a few key customers initiated programs to reduce their
inventory and thus temporarily dampened the demand for our products on
top of this.
Sales revenue for the Biotechnology Division is at 184.1 million euros,
compared with 186.6 million euros a year ago, and corresponds to a
currency-adjusted increase of 2.8% or –1.3% at
the current exchange rates. Due to fluctuations in project business,
order intake dipped slightly to 187.1 million euros from 198.3 million
euros a year earlier. EBITA attained 20.4 million euros relative to 21.3
million euros a year ago. The EBITA margin is double-digit again and at
11.1% (first half 2007: 11.4%). On the basis of the previous year’s
exchange rates, the Group’s EBITA margin rose
to a solid 12%.
“Our strong growth in Europe shows that
following successful integration, Sartorius Stedim Biotech has
positioned itself very well in the market,”
commented CEO Dr. Joachim Kreuzburg. “In the
USA, we were not immune to the effects elicited by the temporary
weakness of the biotech markets, but we handled this challenge very
well. By achieving a double-digit EBITA margin, we are continuing to
perform at a very solid earnings level.”
Sartorius Mechatronics
First-half sales revenue for the Mechatronics Division rose by a
currency-adjusted rate of 5.5% to 119.9 million euros (current exchange
rates: +1.5%). Growth was fueled especially by Asia and also by Europe.
On a currency-adjusted basis, the division increased order intake, which
was up a currency-adjusted 2.7% (current exchange rates: -1.2%). Its
operating earnings were at 6.6 million euros compared with 7.7 million
euros a year ago. Thus, the division’s EBITA
margin is at 5.5% (first half 2007: 6.5%). Based on the year-earlier
exchange rates, this margin is one solid percentage point higher and
therefore at the previous year’s level.
“In the first half, Sartorius Mechatronics
grew robustly. However, its strong first-quarter order intake did not
continue on into the second quarter because of the weakening global
economic activity. In the second half, we will be especially focusing on
further implementing our growth strategy in Asia and on improving our
earnings level,“ said Kreuzburg.
Outlook
The company forecasts that second-half sales revenue for both divisions
will increase above the first-half figures. For Sartorius Stedim
Biotech, the company projects that the growth rate will be higher in the
second half than in the first, whereas for Sartorius Mechatronics, it is
anticipated that slower economic activity will slightly dampen its pace
of growth. For both divisions, profitability in the second half should
be higher than in the first. However, the company does not expect to
reach its ambitious full-year targets. Yet because of the current
uncertainties about the U.S. biotechnology market and the economic
climate, it is not possible at this time to give a precise, quantitative
forecast.
* To ensure the best possible comparability, the figures of the
year-earlier period are presented on a pro forma basis and adjusted for
special expenses (“underlying”).
Conference Call and Webcast
Dr. Joachim Kreuzburg, CEO and Executive Board Chairman of Sartorius,
will discuss the first-half results with analysts and investors today,
July 29, 2008, at 3:30 p.m. Central European Time (CET), in a
teleconference. You may dial into the 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
http://www.sartorius.com or http://www.livemeeting.com/cc/premconfeurope/join?id=4161181&role=atte
nd&pw=pw1017
Current Image Files:
Dr. Joachim Kreuzburg, CEO and Executive Board Chairman of Sartorius AG:
www.sartorius-stedim.com/media/content/press/support/Dr_Kreuzburg.
jpg
Sartorius Stedim Biotech: http://www.sartorius.com/media/content/press/support/Sartorius_0095_PG
4.jpg
Sartorius Mechatronics:
http://www.sartorius.com/media/content/press/support/Mechatronics_
2_AR_08.jpg
(Due to their lengths, some of the above URLs may need to be
copied/pasted into your Internet browser's address field. Remove any
extra space if one exists.)
Upcoming Financial Dates:
August 5, 2008* Publication of the First-Half 2008 Financial Report
October 2008 Publish of the Quarterly Figures from Jan. –
Sept. 2008
* tentative date
This is a translation of the original German-language press release.
Sartorius shall not assume any liability for the correctness of this
translation. The original German press release is the legally binding
version. Furthermore, Sartorius reserves the right not to be responsible
for the topicality, correctness, completeness or quality of the
information provided. Liability claims regarding damage caused by the
use of any information provided, including any kind of information which
is incomplete or incorrect, will therefore be rejected.
A Profile of Sartorius
The Sartorius Group is an internationally leading laboratory and process
technology provider covering the segments of biotechnology and
mechatronics. In 2007, the technology group earned pro forma sales
revenue of 622.7 million euros. Founded in 1870, the Goettingen-based
company currently employs approximately 4,500 persons. The major areas
of activity in its biotechnology segment focus on fermentation,
filtration, purification, fluid management and laboratory applications.
In the mechatronics segment, the company primarily manufactures
equipment and systems featuring weighing, measurement and automation
technology for laboratory and industrial applications. Key Sartorius
customers are from the pharmaceutical, chemical and food and beverage
industries and from numerous research and educational institutes of the
public sector. Sartorius has its own production facilities in Europe,
Asia and America as well as sales subsidiaries and local commercial
agencies in more than 110 countries.
Sartorius Corporate Administration GmbH, 37070 Goettingen, Germany
http://www.sartorius.com