in € million
unless otherwise specified 		9 months 2014 9 months 2013 Growth in % Growth in %
const. fx
Order intake 509.7 453.1 12.5 13.4
Sales revenue 494.3 436.6 13.2 14.1
   Europe1) 235.4 212.3 10.9 10.1
   North America1) 146.4 112.9 29.7 32.4
   Asia | Pacific1) 97.1 91.1 6.5 9.5
   Other Markets1) 15.5 20.3 -23.9 -23.9
EBITDA2)3) 114.0 99.6 14.4
EBITDA margin2)3) in % 23.1 22.8 +30bps
EBITA2)3) 96.6 84.1 14.8
EBITA margin2)3) in % 19.5 19.3 +20bps
Net profit2)4) 63.2 55.2 14.5
Earnings per share in €2)4) 4.12 3.60 14.5

1) According to customers' location
2) Underlying = adjusted for extraordinary items
3) Amortization refers only to amortization of intangible assets due to purchase price allocation (PPA) acc. to IFRS 3
4) Underlying net profit after non-controlling interest and excluding amortization and fair value adjustments of hedging instruments

The Sartorius Stedim Biotech Group uses earnings before interest, taxes, depreciation and amortization (EBITDA) for measuring the profitability of the Group.
The key indicator "underlying EBITDA" corresponds to EBITDA adjusted for extraordinary items.

Dynamic top-line growth

In the first nine months of 2014, Sartorius Stedim Biotech, a leading supplier for the biopharmaceutical industry, again achieved double-digit growth in order intake and sales revenue. Business was fueled by strong demand for single-use products as well as by the excellent development of recent acquisitions. All major regions contributed to sales gains, with North America in the lead.

Profits on the rise

Sartorius Stedim Biotech continued to increase its earnings, mainly based on economies of scale. Underlying EBITDA rose 14.4% to 114.0 million euros, and the corresponding margin reached 23.1%. Extraordinary expenses totaled 3.1 million euros. Underlying earnings per share were 4.12 euros, up year over year from 3.60 euros.

All key financial indicators at comfortable levels

Reflected by an equity ratio of 55.8%, a gearing ratio of 0.2 and a ratio of net debt to underlying EBITDA of 0.8, the financial position of the Sartorius Stedim Biotech Group has remained strong and stable. Net debt at the end of the first nine months was 119.9 million euros.

Outlook for 2014 confirmed

Based on the company's strong nine-month results, management confirmed its full-year forecast for 2014. Sales growth in constant currencies is expected to reach the upper end of the 11% to 14% range, while the underlying EBITDA margin is forecasted to rise to approx. 23.5% in constant currencies. Furthermore, the capex ratio is projected to be in the range of 6% to 8%.

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

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