euro adhoc: Sartorius AG
Quarterly or Semiannual Financial Statements
Sartorius' Third-Quarter Earnings Considerably Improved (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
- The success of its restructuring clearly visible - An EBIT figure of 4.9 million euros was achieved in the third quarter - On a nine-month basis, EBIT at 1.4 million euros is also positive again - Sales revenue is up 6.9 percent
Thanks to the successful completion of restructuring in the Industrial Mechatronics business area and to further process improvements at the "Plant 2001," the Sartorius Group achieved a turnaround in its third-quarter results. After reporting negative earnings before interest and taxes for two quarters (-0.3 and -3.3 million euros, resp.), the Group was able to achieve a considerably positive EBIT of 4.9 (1.6) million euros. Cumulatively, the Group's EBIT figure at 1.4 (8.9) million euros is therefore also positive again. Third-quarter EBIT adjusted for the expenses needed to build up the organization at Vivascience were 6.5 (3.7) million euros. At 28.4 (28.5) million euros, adjusted earnings before interest, taxes, depreciation and amortization, EBITDA, on a nine-month basis was nearly at last year's level.
Already in the third quarter, the impact of the restructuring successfully completed in the Industrial Mechatronics business area could be substantially felt. Therefore, as early as the third quarter, the Mechatronics Division could achieve a balanced result again on a quarterly basis. In addition, our cost-saving measures also had a positive effect on net cash flow, which at 5.1 million euros attained a highly positive level again in the third quarter. This enabled the Group to reduce its net debt by 4.2 million euros to 136.0 million euros on the reporting date of September 30, 2002, compared with June 30, 2002.
As of September 30, 2002, the sales revenue of the Sartorius Group rose by 6.9 percent to 347.3 million euros from 325.0 reported for the year-earlier period, whereas order intake declined by 5.1 percent because the figure posted for last year's period included a large order received by our subsidiary BBI, among other things.
In view of its considerably improved third-quarter earnings and in anticipation of being able to maintain this trend in the fourth quarter, the Sartorius Group continues to aim at achieving an increase in sales revenue and earnings for the full year of 2002 relative to the financial year of 2001. Beyond this, the company sees excellent prospects for fiscal 2003. This forecast is based on two assumptions: first, a major part of the loss in the first half of 2002, which could be attributed to non-recurring restucturing expenses, are not likely to be generated in the following year. Second, we assume that the average use of production capacity at our "Plant 2001" will continue to increase during the coming year so that this would further improve the cost ratios.
end of announcement euro adhoc 11.11.2002
Further inquiry note:
Dr. Joachim Kreuzburg Tel.: +49 (0) 551 308 3438 E-Mail: info.investor@sartorius.com
Branche: Biotechnology
ISIN: DE0007165607
WKN: 716563
Index: SDAX, SMAX
Börsen: Baden-Württembergische Wertpapierbörse / free trade
Bayerische Börse / free trade
Berliner Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bremer Wertpapierbörse (BWB) / free trade
Hamburger Wertpapierbörse / free trade
Frankfurter Wertpapierbörse / official dealing
Niedersächsische Börse zu Hannover / official dealing