euro adhoc: Sartorius AG
Financial Figures/Balance Sheet
Profit targets
achieved in both divisions
Operating profitability increased
Dividend
increase suggested
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Results for 2007:
04.03.2008
In 2007, the Sartorius Group met its sales revenue and profit targets that were adjusted in October 2007, and further increased its operating profitability. On a pro forma basis, adjusted (underlying) earnings before interest, taxes and amortisation (EBITA) rose to EUR71.1 million (2006: EUR67.2 mn). The corresponding EBITA margin climbed to 11.4% (2006: 11.1%) and is thus within the forecasted target corridor of 11.0% to 11.5%. If this figure would have been calculated based on the exchange rates of the previous years, we would have increased the year-on-year profitability of the Group by more than one solid percentage point.
The pro forma presentation of the Sartorius Group results means that the figures calculated include the acquisitions of Stedim and Toha Plast - completed in 2007 - as of the outset of 2006, and exclude the hydrodynamic bearing business sold in 2007 from the 2006 and 2007 numbers as well as eliminate the profit from the sale of this business. The adjustments made are related, in particular, to the Stedim transaction and integration as well as to wider-ranging reorganization measures, especially in the Biotechnology Division. Amortization relates exclusively to the assignment of the purchase price to intangible assets acquired as carried out in accordance with IFRS 3.
Pro forma underlying EBITA for the Biotechnology Division was EUR49.7 million (2006: EUR46.1 mn). The corresponding EBITA margin rose to 13.2% (12.6%). For the Mechatronics Division, pro forma underlying EBITA was EUR21.3 million (21.1); its respective EBITA margin was 8.6% (8.9%).
Consolidated pro forma underlying net profit after minority interest, excluding non-cash amortization, totaled EUR30.4 million; the corresponding earnings per share were EUR1.78. Actual net profit (after minority interest) was EUR30.1 million, up from EUR29.0 million a year ago. The actual earnings per share rose to EUR1.77 from EUR1.70 in 2006.
Based on these results, the Executive Board will submit a proposal to the Supervisory Board to raise dividends. The proposal provides for a dividend increase to EUR0.68 (2006: EUR0.64) per preference share and to EUR0.66 (2006: EUR0.62) per ordinary share.
As of the reporting date, the equity ratio of the Sartorius Group was at 42.6% (previous year: 44.8%) and its ratio of net debt to pro forma underlying EBITDA was 2.0 (previous year: 0.6).
For fiscal 2008, the Sartorius Group is aiming at increasing sales by more than 9% in constant currencies relative to the pro forma sales revenue of fiscal 2007. Based on this sales forecast and on an average USD/EUR exchange rate of 1.40 we are planning to lift the EBITA margin to about 12%.
EUR in millions Group 2007 2006 Change
Sales revenue (pro forma) 622.7 602.6 3.3% Sales revenue (actual) 589.0 521.1 13.0% EBITA (pro forma underlying) 71.1 67.2 5.8% EBITA (actual) 59.2 52.1 13.7%
Net profit (pro forma underlying)1)2) 30.4 - - Net profit (actual)1) 30.1 29.0 3.8% Earnings per share (pro forma underlying)2) in EUR 1.78 - - Earnings per share (actual) in EUR 1.77 1.70 3.8%
1) After minority interest
2) Excluding non-cash amortization
EUR in millions Biotechnology 2007 2006 Change
Sales revenue (pro forma) 375.9 365.5 2.8% Sales revenue (actual) 329.8 271.0 21.7% EBITA (pro forma underlying) 49.7 46.1 7.8% EBITA (actual) 26.0 31.8 -18.3%
EUR in millions Mechatronics 2007 2006 Change
Sales revenue (pro forma) 246.8 237.1 4.1% Sales revenue (actual) 259.2 250.0 3.7% EBITA (pro forma underlying) 21.3 21.1 1.3% EBITA (actual) 33.2 20.2 63.9%
The results given above are audited figures that will be submitted to the Supervisory Board on March 11, 2008, for approval of the annual financial statements.
Dr. Joachim Kreuzburg, CEO and Executive Board Chairman of Sartorius, will provide information on the results to analysts and investors today, March 4, 2008, at 3:00 pm Central European Time (CET) in a telephone conference. You may dial into the telephone conference starting at 2:45 pm CET at the following numbers: Germany: +49 (0)69 5007 1316; France: +33 (0)1 70 99 42 99; UK: +44 (0)20 7806 1967; USA: +1 718 354 1388. The dial-in code is 6360347; you can access the webcast at www.sartorius.com or http://www.livemeeting.com/cc/premcon feurope/join?id=6360347&role=attend&pw=pw3216
end of announcement euro adhoc
Further inquiry note:
Andreas Wiederhold
Treasury & Investor Relations
Phone: +49 (0)551 308-1668
E-Mail: andreas.wiederhold@sartorius.com
Branche: Biotechnology
ISIN: DE0007165607
WKN: 716560
Index: CDAX, Prime All Share, Technologie All Share
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