annual shareholders’ meeting on april 17, 2012 - … · · 2016-08-16annual shareholders’...

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This presentation contains statements concerning the Sartorius and Sartorius Stedim Biotech Groups’future performance. These statements are based on assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we cannot guarantee that they will actually materialize. This is because our assumptions harbor risks and uncertainties that could lead to actual results diverging substantially from the expected ones. It is not planned to update our forward-looking statements.

Throughout this presentation, differences may be apparent as a result of rounding during addition.

Disclaimer

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2011 Full-Year Results and Outlook 2012

New Products 2011

Strategy Update

Key Projects 2011

Agenda

Sucessfull Year 2011

Sales +10.2%

underlying EPS

+13.0%

2011 Order Intake

underlying EBITA

+21.5%+19.3%

1) Excluding extraordinary items 2) Excluding non-cash amortization

1)

1)2)

Dynamic Growth in Order Intake and Sales Revenue

￭ Order Intake: Strong growth with single-use products, especially filters and bags

￭ Sales Revenue: Double-digit growth with single-use products and equipment

+ 13.0 %

2010 2011

Order Intakein millions of €

+ 10.2 %

2010 2011

500.2442.6 432.9

477.3

Sales revenuein millions of €

Strong Increase in Earnings

EBITAunderlying1), in millions of €

EPS2)

underlying1), in €

+ 21.5 %

2010 2011

+ 19.3 %

2010 2011

70.0

83.5

2.81

3.41

Marginsin %

200

500

300

400

10

14

18

22

16.217.5

19.820.9

18.7

15.014.8

10.9

20102009 20112008

Sales revenue in millions of € (lhs)Underlying1) EBITDA Margin (rhs)

1) Excluding extraordinary items 2) Excluding non-cash amortization

Underlying1) EBITA Margin (rhs)

Highest Revenue Gains in Asia

1) According to customers‘ location

+7.6% +8.2% +28.7% +5.4%

FY 2011

EuropeSales1) in millions of €

North AmericaSales1) in millions of €

Asia|PacificSales1) in millions of €

Other MarketsSales1) in millions of €

117.3

244.6

96.7

18.7

Sales 2011 by Regions1)

in %

, growth in constant currencies

North America ~25%

Europe ~51%

Other Markets ~4%

Asia|Pacific ~20%

€477.3m

￭ Sales growth in North America accelerated in the course of the year￭ Robust growth of European business￭ Share of Asian region increased to ~20% (FY 2010: ~17%) driven by single-use and equipment business

Cash Flow impacted by NWC Expansion

173.5-41.8-15.3Investing cash flow

-16.760.672.8Operating cash flow

Change in %FY 2011FY 2010Sartorius Stedim Biotechin millions of €(unless otherwise specified)

Dividend to further increase

1) No dividends are paid on treasury shares 2) Based on the net profit, excluding non-operating items and non-cash amortization

￭ The total profit distributed1) would amount to €15.3m (prev. year: €13.8m)

￭ The dividend payout ratio2) would be 29.3%(prev. year: 30.5%)

20102007 2008 20112009

0.30 0.30

0.60

0.90

1.00

+11.1%

in €

100% 100%€720.7m€720.7m

24.7%

20.4%

54.9%

30.5%

69.5%

€220.2m

€500.5m

Total

Non-financial Debt

Financial Debt

Equity

Equity and Liabilities

Total

Current Assets

Non-current Assets

Assets

€178.1m

€146.9m

€395.6m

Robust Balance Sheet StructureDecember 31, 2011

All Key Financial Indicators at Very Comfortable Levels

Net Debt to EBITDA1)

0

100

150

200

0.0

1.0

2.0

3.0

50

1) Excluding extraordinary items

0.30.3Gearing

1.01.2Net debt to underlying1) EBITDA

22.525.8Interest coverage1)

54.955.6Equity ratio in %

100.1102.8Net debt in millions of €

Dec. 31,2011

Dec. 31,2010

Sartorius Stedim Biotech

Key Financial Indicators

Q1-Q4 Q1-Q4201120102009

Q1-Q4 Q1-Q42008

Net Debt in €m (lhs) Net Debt to EBITDA (rhs)

100% 100%€188.5 mn€188.5 mn

41.6%

58.4%

2.0%

14.6%

83.4%

€3.7m

€27.6m

€157.3m

Total

Liabilities

Equity

Equity and Liabilities

Total

Other Assets

Current Assets

Non-current Assets

Assets

€78.4m

€110.2m

Balance Sheet of the Parent CompanyDecember 31, 2011

Financial Statement of the Parent CompanyDecember 31, 2011

3.33.5EBIT

23.921.1Net profit

71.965.0Sales revenue

FY 2012FY 2011in millions of €(unless otherwise specified)

Strong Performance of SSB Shares

CAC S&M -21%

SSB +30%

SBF 250 -16%

NASDAQ Biotech +12%

Performance 2011:

60%

80%

100%

120%

140%

160%

Jan 2011

Jan 2012

Feb March Apr May Jun Jul Aug Sep Oct Nov Dec Feb March Apr

Shareholder Structure remained Largely Unchanged

27,162,609Total number of voting rights outstanding2)

15,330,596

28,861,319

17,029,306

Total number of voting rights2)

Total number of shares outstanding2)

Total number of shares2)

1) Sartorius AG and VL Finance, which is 100% controlled by Sartorius AG 2) As of April 2012

Treasury (own) shares

Free Float (26% of shares outstanding; 16% of voting rights)

Sartorius1) (74% of shares outstanding; 84% of voting rights)

67% 23%

10%

Further Profitable Growth Targeted

~6% - 8%€83.5mUnderlying2) EBITA

~6% - 8%1)€477.3mSales revenue

2012E GrowthFY 2011FY 2012 Outlook

￭ Capex ratio expected at around 10% including non-cash item of approx. 3% points

1) In constant currencies 2) Excluding extraordinary items

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2

3

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New Products 2011

Strategy Update

Key Projects 2011

Agenda

Key Investment Projects

￭ Three main construction projects to expand, optimize and modernize our global production infrastructure

￭ All projects are within time and cost schedule

￭ Investments remain on high level

￭ Laying foundation for future growth

2012

Capex ratioin % of sales revenue

2009 2010 2011 2012e0

2

6

4

8

3.9

8.1

3.9

2009 2010 2011

2011~10.0

2012 e

10

2012

Yauco

￭ Expansion and modernization of filter production in Yauco, Puerto Rico

￭ Relocation of bag production to Puerto Rico, bag production in Concord, California, to be closed by end 2012

￭ Investment: approx. €20m

￭ Construction started Mai 2011, inauguration in June 2012

￭ New production site for fermenters and bioreactors in Guxhagen, Germany

￭ Extension of office and manufacturing space

￭ Investment of approx. €15m (lease contract)

￭ Construction started April 2011, start-up of operations in May 2012

Guxhagen

￭ Significant expansion of membrane capacity

￭ Production floor plus four office levels

￭ Investment: approx. €25m

￭ Construction started March 2011, inaugurated on April 13,2012

Göttingen

Modernization of IT-Infrastructure

= Sartorius Harmonized Platform ERP

￭ New, group-spanning SAP-system

￭ Global harmonization of business processes

￭ Wide use of SAP-standard-functionalities

￭ Go-live in October 2012 in Göttingen

￭ International launch until end-2014

￭ Important basis for further profitable growth

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3

4


New Products 2011

Strategy Update

Key Projects 2011

Agenda

New Products 2011

New FlexAct modules:Viral clearance; ultra-/diafiltration

Large-volume single-use bioreactors

Plastic containers for storage of single-use bags

Extended offering of single-use tubingassemblies and connectors

Membrane adsorber product family completed

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2

3

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New Products 2011

Strategy Update

Key Projects 2011

Agenda

Strong Fundamentals Continue to Drive Growth

Global Trends Sector Trends

Patent expiries

Healthcare reforms Decreasing R&D efficiency

Trends in Biomanufactoring

Higher yields, higher efficiencies in cell culture

Increasing cost pressure Personalized medicine

Single-use Technologies

Double-digit growth Highest growth in innovative

segments, e.g. bioreactors, fluid management

Global Trends

Aging population in western countries

Increasing access to health care in developing economies

Growing number of chronic and civilization diseases

Trends toward Biotech

Continued penetration in approved indications

Label expansion Strong pipelines (e.g. mAbs1))

Phase III | reg. Phase II Phase IMarketed

0

20

40

60

80

100

120

140

1) DataMonitor Monoclonal Antibodies 2010, HC00029-002 Slidepack 10/10

Biopharma Market grows

Total Pharma Market

856

Total Pharma Market 1080

2010 2015

CAGR*3-6%

CAGR*6-9%

Biotech 195

Source: IMS Market Prognosis, April, 2011. All figures stated in US$ bn. * Compound Annual Growth Rate 2012-2015

Biotech 138

Ongoing Shift towards Single-use in Bioproduction

Significant reductionin production costs

CAPEX reduction Lower cleaning costs |

validation Downtime reduction, i.e.

higher equipment utilization

Enhanced process performance

Additional advantages

Enhanced flexibility and faster time-to-market

Reduced risk of cross-contamination

Fewer CO2 emissions

Higher flexibility for accommodating market variations

Market Penetration of Single-use Products

Reduction of life-cycle production costs by 15 % to 40 %1

Sources: Pharmaceutical Technology Europe Vol. 22 No. 10, Oct. 2010; own estimates

Own estimates

Past Present Future

Page 27

10 – 20%

30 – 40%

70 – 80%

Further Completion of SSB’s Portfolio Targeted

Total Solution Provider Strategy Confirmed; Focus on Global Execution

￭ USA is the biggest single market for biopharma

￭ SSB currently underrepresented

￭ Goal: Gain market share

Growth initiative USA

￭ Strong growth of Chinese and Indian pharmaceuticals markets

￭ Indian biopharma industry well established; China supported by strong Government funding

￭ Goal: Participate in strong market growth

￭ Engage additional application specialists

￭ Built application and training lab

￭ Enhance product and sales force training

￭ Expand sales and distribution capacity

￭ Strengthen technical service

￭ Bolster integrated product solutions offerings

￭ Built application and validation lab

Measures Measures

Growth initiativesChina | India

Source: Sartorius financial model; BCG

Targets & Implications

Our target is to grow stronger than our relevant markets

Strategy to be supported by substantial OPEX & CAPEX

Further margin improvements targeted over the medium term

We aim to reach approx. €1bn in sales revenues by 2020

annual shareholders’ meeting on april 17, 2012 - … · · 2016-08-16annual shareholders’...

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