Sartorius Stedim Biotech with Strong Growth Across the Entire Product Portfolio and All Regions - Positive Outlook for 2015
in € million
unless otherwise specified
Unaudited figures 		2014 2013 Growth in % Growth in %
const. fx
Order intake 722.1 614.9 17.4 17.1
Sales revenue 683.5 588.4 16.2 15.9
Europe1) 314.9 287.1 9.7 8.8
North America1) 205.2 150.8 36.1 35.5
Asia | Pacific1) 142.9 125.8 13.6 15.0
Other Markets1) 20.5 24.7 -16.9 -16.9
EBITDA2) 160.5 135.6 18.4
EBITDA margin2) in % 23.5 23.0
Net profit3) 87.2 75.2 15.9
Earnings per share in €3) 5.68 4.90 15.9

1) According to customers' location
2) Underlying EBITDA = earnings before interest, taxes, depreciation and amortization, adjusted for extraordinary items
3) Underlying net profit = net profit after non-controlling interest, adjusted for extraordinary items, amortization and fair value adjustments of hedging instruments

Double-digit topline growth

Sartorius Stedim Biotech, a leading supplier for the biopharmaceutical industry, successfully closed the year 2014 with strong, double-digit gains in order intake and sales revenue. Business grew across the entire portfolio, and was driven by both strong organic growth and 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 advanced 18.4% to 160.5 million euros, and its corresponding margin reached 23.5%. Extraordinary expenses totaled 4.9 million euros. Underlying earnings per share were 5.68 euros, up year over year from 4.90 euros.

Strong financial performance

Based on its strong earnings growth and net operating cash flow, the Sartorius Stedim Biotech Group further strengthened its financial position. The company's equity ratio reached 59.4% and the ratio of net debt to underlying EBITDA decreased to 0.5. Net debt was reduced by nearly one-third to 87.4 million euros.

Positive outlook for 2015

Based on healthy market conditions and Sartorius Stedim Biotech's unique strategic positioning, dynamic business expansion is expected to continue in the current year. For the full year of 2015, the company forecasts sales revenue to increase by about 4% to 7% in constant currencies. Its underlying EBITDA margin is projected to rise to approx. 24.0% to 24.5% in constant currencies. Furthermore, the capex ratio is expected to be in the range of 6% to 8%.

All figures given above are subject to a final audit by statutory auditors. 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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