AUBAGNE, France & GOETTINGEN, Germany--(BUSINESS WIRE)--Regulatory News:
|€ in millions unless otherwise specified||9 months 2017||9 months 2016||Growth in %||Growth in % const. fx|
|Asia | Pacific1||187.9||152.2||23.4||23.5|
|EBITDA margin2 in %||26.8||27.3|
|Earnings per share3 in €||1.43||1.42||0.6|
1 According to customers’ location
2 Underlying EBITDA = earnings before interest, taxes, depreciation and amortization, and adjusted for extraordinary items
3 Underlying net profit = net profit after non-controlling interest; adjusted for extraordinary items and non-cash amortization, as well as based on a normalized financial result and tax rate
Revenue growth rate influenced by high comps and temporary effects
Sartorius Stedim Biotech (Paris:DIM), a leading supplier for the biopharmaceutical industry, increased its sales revenue in the first nine months of 2017 compared to a very high previous-year base by 3.3%. While business in Asia performed very dynamically, demand was soft in the Americas and parts of Europe. This was a result of customer inventory destocking, the temporary interruption of deliveries from the company’s facility in Puerto Rico after Hurricane Maria, and ongoing restrictions of a partner’s capacity to supply cell culture media in North America. The acquisitions of kSep and Umetrics contributed close to 1 percentage point to sales growth. Driven by double-digit growth in Q3, order intake was up by 6.3% in the reporting period.
Slight increase in underlying EBITDA
Influenced by unfavorable currency effects, SSB’s underlying EBITDA increased by 1.0% to €216.2 million; the respective margin reached 26.8% (9M 2016: 27.3%) and would have been approx. at previous year´s level in constant currencies. Underlying earnings per share were €1.43 (9M 2016: €1.42).
Financial position remains strong
In the reporting period, the financial position of Sartorius Stedim Biotech has remained very robust. Net debt at the end of September 2017 stood at €149.5 million. The equity ratio amounted to 61.4%, and the ratio of net debt to underlying EBITDA was 0.5.
Full-year 2017 guidance adjusted, mid-term outlook confirmed
Management assumes that the previously mentioned temporary factors will influence the financial results for the full year of 2017 as well. Therefore, SSB now expects that sales revenue growth will reach approx. 4% in constant currencies (previous guidance: approx. 8% to 12%) and due to adverse exchange rate effects the underlying EBITDA margin will be approx. at the prior-year level of 27.5% (previous guidance: approx. +0.5 percentage points in cc vs. FY 2016). Capital expenditures are expected to be at the upper end of the bandwidth of around 10% to 13% of sales. As the fundamental market drivers are considered to be unchanged, management confirms its positive mid-term outlook for revenue growth and profitability.
This press release contains statements about the future development of the Sartorius Stedim Biotech Group. We cannot guarantee that the content of these statements will actually apply because these statements are based upon assumptions and estimates that harbor certain risks and uncertainties.
Joachim Kreuzburg, CEO and Chairman of the Board of the Sartorius Stedim Biotech Group, will discuss the company’s results with analysts and investors on Wednesday, October 25, 2017, at 3:30 p.m. Central European Time (CET), in a teleconference. You may register for the teleconference at:
Alternatively, you can dial into the teleconference, without registering, at:
+49 (0) 69 566 03 6000
To view the presentation, log onto: www.sartorius-stedim.com
Upcoming financial dates
February 6, 2018 Publication of preliminary figures for 2017
A profile of Sartorius Stedim Biotech
Sartorius Stedim Biotech is a leading international supplier of products and services that enable the biopharmaceutical industry to develop and manufacture drugs safely and efficiently. As a total solutions provider, Sartorius Stedim Biotech offers a portfolio covering nearly all steps of biopharmaceutical manufacture. The company focuses on single-use technologies and value-added services to meet the rapidly changing technology requirements of the industry it serves. Headquartered in Aubagne, France, Sartorius Stedim Biotech is quoted on the Eurolist of Euronext Paris. With its own manufacturing and R&D sites in Europe, North America and Asia and an international network of sales companies, Sartorius Stedim Biotech has a global reach. In 2016, the company employed approx. 4,700 people, and earned sales revenue of 1,052 million euros.