First-Quarter Figures: Sartorius Starts off Fiscal 2018 Successfully
Sartorius, a leading international partner of the biopharmaceutical industry and the research sector, looks back on a successful first quarter 2018.
"Both divisions started off the year strongly in line with our expectations and further increased their revenues in the first quarter of 2018 in all regions. On the currency side, however, we faced some headwinds, especially due to the weakness of the U.S. dollar against the euro, which dampened our profit growth. Order intake developed at an encouragingly strong level for both divisions so we look optimistically to the months ahead and confirm our full-year forecast," said CEO Dr. Joachim Kreuzburg.
Business development of the Sartorius Group
In the first quarter of 2018, Sartorius increased its sales revenue by 11.4% (reported: 6.3%) in constant currencies to 364.9 million euros, with acquisitions contributing around 4.5 percentage points to this growth. Order intake for the same period rose 12.4%.
Regionally, Asia|Pacific recorded the strongest growth, with sales up 18.2% to 89.0 million euros. In the Americas, sales revenue also grew significantly at a rate of 13.8% to 116.6 million euros. In the EMEA2 region, Sartorius generated revenue of 159.3 million euros, 6.3% more than in the comparable year-earlier period. (All growth rates for the regions and order intake in constant currencies.)
Despite unfavorable currency effects, underlying EBITDA increased by 4.7% compared against a strong prior-year base and reached 88.6 million euros. The underlying EBITDA margin was diluted by around 0.5 percentage points due to currency effects and reached 24.3% at the end of the first quarter of 2018 relative to 24.7% for the first three months of 2017. Relevant net profit3 for the Group grew by 8.0% from 34.4 million euros to 37.2 million euros. Earnings per ordinary share totaled 0.54 euros (Q1 2017: 0.50 euros) and earnings per preference share 0.55 euros (Q1 2017: 0.51 euros).
The Group's key financial indicators continued to remain at robust levels. At the end of the reporting period, the company's equity ratio was 35.4%, and its ratio of net debt to underlying EBITDA stood at 2.5 (Dec. 31, 2017: 35.1% and 2.5, resp.). The capex ratio in the first three months of 2018 was 10.3%, as expected, due to the expansion of the Group's worldwide infrastructure.
Business development of the divisions
The Bioprocess Solutions Division, which offers a wide array of innovative technologies for the manufacture of biopharmaceuticals, recorded first-quarter sales growth of 10.0% in constant currencies to 263.4 million euros (reported: +4.9%). Demand for single-use technologies was especially strong in the reporting period. Consolidation of Umetrics acquired in the previous year contributed around 1.5 percentage points of non-organic growth in the first three months of 2018. Order intake rose by 9.1% in constant currencies.
Underlying EBITDA of the Bioprocess Solutions Division rose somewhat underproportionately relative to sales, by 2.9% to 70.3 million euros. Impacted by currency effects, the Group's corresponding margin was 26.7% relative to 27.2% in the previous period.
The Lab Products & Services Division, which offers products and technologies for laboratories primarily in the pharma sector and in life science research, recorded a significant gain in revenue, up 15.3% in constant currencies (reported: +10.3%) to 101.4 million euros. The acquisition of Essen BioScience contributed non-organic growth of around 11 percentage points. In order intake, the division saw strong growth of 22.7% in constant currencies.
Underlying earnings for Lab Products & Services rose 12.6% to 18.3 million euros. Despite negative currency impacts, the division's earnings margin increased from 17.7% to 18.0%, especially driven by volume and product mix effects.
Forecast for the full year confirmed
Based on the company's performance in the first quarter of 2018, management confirmed its sales and earnings forecast for the full year: Group sales revenue is projected to increase by about 9% to 12% and its underlying EBITDA margin by about 0.5 percentage points compared with the year-earlier figure of 25.1%.
For the Bioprocess Solutions Division, management continues to expect that sales will grow about 8% to 11%. This figure includes non-organic growth of approximately 0.5 percentage points contributed to sales. The division's underlying EBITDA margin is projected to increase from 28.0% to around 28.5%.
Based on its unchanged forecast for the Lab Products & Services Division, Sartorius also continues to anticipate that sales will expand approximately 12% to 15%. This projection includes more than 2.5 percentage points of non-organic growth contributed by Essen BioScience consolidated as of the end of March 2017. The division's underlying EBITDA margin is expected to increase by around one percentage point to more than 19.0%.
All forecasts are based on constant currencies. Due to the latest foreign exchange developments, the results reported in actual currencies may differ. We will explain the particular effects during the course of 2018.
1 Sartorius uses underlying EBITDA (earnings before interest, taxes, depreciation and amortization and adjusted for extraordinary items) as the key profitability indicator
2 EMEA = Europe | Middle East | Africa
3 After non-controlling interest, adjusted for extraordinary items and non-cash amortization, as well as based on the normalized financial result and corresponding tax effects.
This press release contains statements about the future development of the Sartorius Group. The content of these statements cannot be guaranteed as they are based on assumptions and estimates that harbor certain risks and uncertainties. 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.
Current image files
Dr. Joachim Kreuzburg, CEO and Executive Board Chairman of Sartorius AG
Sartorius products used in the manufacture of medications
Sartorius products used in pharmaceutical research
Dr. Joachim Kreuzburg, CEO and Executive Board Chairman of Sartorius, will discuss the company's results with analysts and investors on Tuesday, April 24, 2018, at 3:30 p.m. Central European Time (CET) in a teleconference. You may register by clicking on the following link:
Alternatively, you can dial into the teleconference, without registering, at:
+49 (0) 69 566 03 6000
To view the presentation, log onto:
Upcoming financial dates
July 24, 2018 Publication of the first-half figures (January to June 2018)
October 23, 2018 Publication of nine-month figures (January to September 2018)
A Profile of Sartorius
The Sartorius Group is a leading international pharmaceutical and laboratory equipment provider with two divisions: Bioprocess Solutions and Lab Products & Services. Bioprocess Solutions with its broad product portfolio focusing on single-use solutions helps customers produce biotech medications and vaccines safely and efficiently. Lab Products & Services, with its premium laboratory instruments, consumables and services, concentrates on serving the needs of laboratories performing research and quality assurance at pharma and biopharma companies and on those of academic research institutes. Founded in 1870, the company earned sales revenue of more than 1.4 billion euros in 2017. More than 7,500 people work at the Group's approximately 50 manufacturing and sales sites, serving customers around the globe.
Key Performance Indicators for the First Quarter of 2018
|Sartorius Group||Bioprocess Solutions||Lab Products & Services|
|In millions of € (unless otherwise specified)||
|Δ in % Reported||Δ in % cc1||
|Δ in % Reported||Δ in % cc1||
|Δ in % Reported||Δ in % cc1|
|Sales Revenue and Order Intake|
|- Asia | Pacific2||89.0||80.0||11.3||18.2||61.5||54.4||13.1||19.7||27.5||25.6||7.4||15.0|
|EBITDA margin3 in %||24.3||24.7||26.7||27.2||18.0||17.7|
|Net profit for the period4||37.2||34.4||8.0|
|Financial Data per Share|
|Earnings per ordinary share4 in €||0.54||0.50||8.1|
|Earnings per preference share4 in €||0.55||0.51||8.0|
1 In constant currencies abbreviated as "cc"
|2 Acc. to the customer's location|
|4 After non-controlling interest, adjusted for extraordinary items and non-cash amortization, as well as based on the normalized financial result and corresponding tax effects.|
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
Tory Burch Names Pierre-Yves Roussel Chief Executive Officer12.12.2018 00:26 | Tiedote
Tory Burch, LLC, today announced it has named Pierre-Yves Roussel Chief Executive Officer, starting early 2019. A longtime LVMH executive, Mr. Roussel will be based out of Tory Burch’s New York headquarters; he will join and report to the Company’s board of directors. In partnership with Ms. Burch, he will lead and implement the company’s global strategy with a focus on operations. “There are very few leaders in the industry who have both a commercial track record and a deep admiration for the creative process. I respect what he has built at LVMH and value the way he thinks about business, luxury and the fashion industry as a whole. He also shares my belief in the importance of a culture-led company. We have a strong management team in place and Pierre-Yves is a natural fit as we continue to focus on long-term growth and global expansion,” said Tory Burch, who is currently Chief Executive Officer and will assume the role Executive Chairman and Chief Creative Officer. “I’m very excited
United Nations Climate Action Award Goes to Germany for the First Time11.12.2018 22:00 | Tiedote
Within the context of the United Nations Framework Convention on Climate Change, two ProVeg projects were awarded the Momentum for Change Climate Action Award 2018 in the category Planetary Health. One of these is the health promotion project Aktion Pflanzen-Power, jointly initiated with BKK ProVita. ProVeg and its partner received the award for their work in schools. It marks the first time that this award has gone to Germany. The award ceremony took place yesterday in the Polish city of Katowice as part of the 24th UN Climate Change Conference. ProVeg and BKK ProVita promote children’s health and climate action Aktion Pflanzen-Power aims to improve the availability and quality of vegan and vegetarian dishes in schools. Together with BKK ProVita, ProVeg has so far reached 24,800 students at 41 schools throughout Germany on the subject of wholesome, plant-based nutrition as part of the health promotion project. Healthy nutrition with Aktion Pflanzen-Power Andreas Schöfbeck, member of t
Thales and Gemalto are granted regulatory clearance by the European Commission11.12.2018 20:01 | Tiedote
Regulatory News: Reference is made to the joint press release by Thales (Euronext Paris: HO) and Gemalto (Euronext Amsterdam and Paris: GTO) dated 27 March 2018 in relation to the launch of the recommended all-cash offer by Thales for all the issued and outstanding shares of Gemalto (the “Offer”), the publication of the Offer Document, and the joint press release of Thales and Gemalto dated 10 August 2018 in relation to the further extension of the Acceptance Period. Terms not defined in this press release will have the meaning as set forth in the Offer Document. Thales and Gemalto announce today that they have been granted merger control Regulatory Clearance by the European Commission, following Thales’s commitment to divest its general purpose hardware security modules (GP HSM) business globally1 to a suitable purchaser. This clearance is effective immediately. Together with the merger control clearances obtained in China, Israel, South Africa and Turkey, and clearances relating to f
Starr Insurance Companies Expands Aviation Insurance Operations to Brazil11.12.2018 18:43 | Tiedote
Starr Insurance Companies today announced that Starr International Brasil Seguradora S.A. (“Starr Brazil”) has been granted a local license to offer aviation insurance. “We are thrilled to be adding aviation capability in an important, growing economy like Brazil,” stated Steve Blakey, president and chief executive officer for Starr Insurance Holdings, Inc. “As a worldwide leader in aviation insurance solutions, we are constantly seeking new opportunities and markets to meet the growing needs of the aviation and aerospace industry around the globe.” Fernanda Strachino, aviation specialist underwriter, has joined Starr Brazil to head the new aviation division. Fernanda brings more than 16 years’ of experience in the aviation and insurance market. Starr Brazil will offer a variety of aviation coverages, including: Aircraft Hull & Liability; Spare Parts; Third-Party Legal Liability; Corporate Non-Owned Aircraft Liability; General Liability; RETA Insurance (Mandatory Liability), Hangarkeep
Andersen Global Continues Growth in United Kingdom With Claritas Tax Limited11.12.2018 17:30 | Tiedote
Today, Andersen Global expanded its reach in the United Kingdom with the addition of Claritas Tax Limited, a tax advisory and compliance services firm based in Birmingham, the second largest city in the country. Claritas is the fourth firm collaborating with Andersen Global in the UK. “Adding a sought-after firm like Claritas is not only a logical extension for Andersen Global, but it broadens our offering in the UK. Their practice focuses on corporation tax, R&D tax reliefs, mergers and acquisitions, private equity and venture capital in addition to serving individuals,” said Mark Vorsatz, Andersen Global Chairman and Andersen Tax LLC CEO. “Iain Wright and his team enhance our already robust core competences in the UK, a critical market for our clients, and we look forward to working with Claritas on a number of upcoming corporate opportunities.” Founded in 2012, Claritas Tax Limited is an advisory led business that provides a full range of tax advisory and compliance services to entr
Seoul Semiconductor Wins Patent Litigation against Everlight in Germany and Is Awarded Statutory Litigation Costs11.12.2018 17:00 | Tiedote
Seoul Semiconductor Co., Ltd. (KOSDAQ:046890) (“Seoul”), a leading global innovator of LED products and technology, announced that it won a patent litigation against Everlight Electronics Co., Ltd. (“Everlight”) in Germany. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181211005233/en/ Seoul Semiconductor's Headquarters in Korea (Photo: Business Wire) The patent involved in this litigation relates to an LED package structure for thermal dissipation. Everlight purchased this patent from a U.S. company in 2017, and subsequently brought a patent lawsuit against Seoul in the Manheim Court of Germany. In December 2018, however, the Manheim Court ruled in favor of Seoul and ordered that Everlight, as the losing party, should bear the statutory costs of the court proceeding. In the United Kingdom, Seoul had already won a patent litigation against Everlight earlier this year. At that time, the UK Patent Court also ordered that Ever
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme