Sartorius AG

07/21/2021 | Press release | Distributed by Public on 07/21/2021 01:03

Financial Data H1|2021

Key Figures

Key Figures for the First Half of 2021
Group Bioprocess Solutions Lab Products & Services
in millions of € unless otherwise specified 6-mo. 2021 6-mo. 20201 ∆ in % ∆ in % cc2 6-mo. 2021 6-mo. 20201 ∆ in % ∆ in % cc2 6-mo. 2021 6-mo. 20201 ∆ in % ∆ in % cc2
Sales Revenue and Order Intake
Order intake 2,178.8 1,244.8 75.0 82.4 1,803.4 984.9 83.1 91.0 375.5 259.9 44.5 49.9
Sales revenue 1,629.2 1,056.8 54.2 60.1 1,266.5 809.3 56.5 62.6 362.7 247.5 46.6 52.0
- EMEA3 682.5 419.5 62.7 63.8 539.2 310.9 73.4 74.3 143.3 108.6 31.9 33.2
- Americas3 519.0 373.1 39.1 52.0 405.2 304.8 32.9 45.3 113.9 68.3 66.6 82.3
- Asia | Pacific3 427.6 264.2 61.9 65.5 322.1 193.7 66.3 70.2 105.5 70.5 49.7 52.7
Results
EBITDA4 555.3 293.5 89.2 460.2 247.2 86.2 95.1 46.4 105.1
EBITDA-Margin4 in % 34.1 27.8 36.3 30.5 26.2 18.7
Net result5 259.4 124.3 108.7
Financial Data per share
Earnings per ordinary share5 in € 3.79 1.81 108.9
Earnings per preference share5 in € 3.80 1.82 108.3
Balance Sheet | Financials June 30, 2021 Dec. 31, 2020
Balance sheet total 5,213.5 4,693.5
Equity 1,630.8 1402.2
Equity ratio in % 31.3 29.9
Net debt 1,698.4 1,883.9
Net debt to underlying EBITDA 1.8 2.6
Key Figures for the Second Quarter of 20216
Group Bioprocess Solutions Lab Products & Services
in millions of € unless otherwise specified Q2 2021 Q2 20201 ∆ in % ∆ in % cc2 Q2 2021 Q2 20201 ∆ in % ∆ in % cc2 Q2 2021 Q2 20201 ∆ in % ∆ in % cc2
Sales Revenue and Order Intake
Order intake 1,040.2 615.4 69.0 75.6 850.3 478.8 77.6 84.7 189.9 136.6 39.0 43.6
Sales revenue 838.1 546.9 53.2 58.7 655.7 415.0 58.0 63.7 182.3 131.9 38.3 43.1
- EMEA3 348.1 212.5 63.8 279.0 157.1 77.6 69.2 55.4 24.9
- Americas3 265.9 192.5 38.1 208.1 155.0 34.2 57.8 37.4 54.4
- Asia | Pacific3 224.1 141.9 57.9 168.7 102.9 64.0 55.4 39.0 41.8
Results
EBITDA4 291.8 155.7 87.4 243.1 127.3 90.9 48.7 28.4 71.6
EBITDA-Margin4 in % 34.8 28.5 37.1 30.7 26.7 21.5
Net result5 137.9 66.9 106.1
Financial Data per share
Earnings per ordinary share5 in € 2.02 0.98 106.0
Earnings per preference share5 in € 2.02 0.98 106.0
1 The previous year's figures have been restated due to finalization of the purchase price allocations for the acquisitions of 2020
2 cc = in constant currencies
3 According to customer location
4 Adjusted for extraordinary items
5 After non-controlling interest, adjusted for extraordinary items and non-cash amortization, as well as based on the normalized financial result and the normalized tax rate.
6 Figures have not been audited or reviewed

P&L

Statement of Profit or Loss
Q2 20211 € in mn Q2 20201 € in mn 6-mo. 2021 € in mn 6-mo. 2020 € in mn
Sales revenue 838.1 546.9 1,629.2 1,056.8
Cost of sales -382.7 -262.5 -756.9 -508.2
Gross profit on sales 455.4 284.4 872.3 548.6
Selling and distribution costs -142.2 -107.6 -271.2 -210.3
Research and development expenses -34.2 -24.3 -66.4 -49.9
General administrative expenses -42.0 -30.7 -79.0 -60.6
Other operating income and expenses -6.7 -24.5 -20.5 -41.7
Earnings before interest and taxes (EBIT) 230.3 97.3 435.2 186.1
Financial income 4.2 -0.3 14.5 12.3
Financial expenses -22.1 -20.4 -63.2 -32.6
Financial result -17.9 -20.7 -48.7 -20.3
Profit before tax 212.4 76.6 386.4 165.7
Income taxes -66.4 -25.6 -126.5 -49.7
Net profit for the period 145.9 50.9 259.9 116.0
Attributable to:
Shareholders of Sartorius AG 108.1 33.9 189.8 79.8
Non-controlling interest 37.9 17.1 70.1 36.2
Earnings per ordinary share (€) (basic) 1.58 0.50 2.77 1.16
Earnings per preference share (€) (basic) 1.58 0.50 2.78 1.17
Earnings per ordinary share (€) (diluted) 1.58 0.50 2.77 1.16
Earnings per preference share (€) (diluted) 1.58 0.50 2.78 1.17
1 The 2nd quarter figures were not included in the auditors' review.
The previous year's figures have been restated due to finalization of the purchase price allocations for the acquisition of selected life sience businesses from Danaher.
Statement of Comprehensive Income
Q2 20211 € in mn Q2 20201 € in mn 6-mo. 2021 € in mn 6-mo. 2020 € in mn
Net profit for the period 145.9 50.9 259.9 116.0
Cash flow hedges -4.2 7.8 -15.1 5.4
- of which effective portion of the change in fair value 1.1 6.8 -3.6 4.7
- of which reclassified to profit or loss -5.4 1.0 -11.5 0.8
Income tax on cash flow hedges 1.3 -2.2 4.6 -1.5
Net investment in a foreign operation -6.3 -25.2 15.3 -16.1
Income tax on net investment in a foreign operation 1.7 7.1 -4.1 4.7
Currency translation differences -10.0 -5.9 31.6 -13.0
Items that may be reclassified in the profit or loss statement, net of tax -17.6 -18.3 32.3 -20.5
Items that will not be reclassified in the profit or loss statement, net of tax 2.9 0.4 2.9 0.4
Other comprehensive income after tax -14.7 -17.9 35.2 -20.1
Total comprehensive income 131.3 33.0 295.1 95.9
Attributable to:
Shareholders of Sartorius AG 94.8 16.6 221.2 62.7
Non-controlling interest 36.5 16.4 73.9 33.2
1 The 2nd quarter figures were not included in the auditors' review.
The previous year's figures have been restated due to finalization of the purchase price allocations for the acquisition of selected life sience businesses from Danaher.

Balance Sheet

Statement of Financial Position
Assets June 30, 2021 € in mn Dec. 31, 2020 € in mn1
Non-current assets
Goodwill 1,386.8 1,369.0
Other intangible assets 1,044.7 1,061.5
Property, plant and equipment 1,067.4 971.5
Financial assets 52.4 34.1
Other assets 1.5 1.5
Deferred tax assets 45.2 45.0
3,597.9 3,482.8
Current assets
Inventories 690.7 558.6
Trade receivables 374.8 314.3
Other financial assets 23.2 40.3
Current tax assets 22.4 15.2
Other assets 81.0 78.8
Cash and cash equivalents 423.6 203.4
1,615.6 1,210.7
Total assets 5,213.5 4,693.5
Equity and liabilities June 30, 2021 € in mn Dec. 31, 2020 € in mn1
Equity
Equity attributable to Sartorius AG shareholders 1,220.1 1,047.6
Issued capital 68.4 68.4
Capital reserves 42.6 42.0
Other reserves and retained earnings 1,109.0 937.2
Non-controlling interest 410.7 354.6
1,630.8 1,402.2
Non-current liabilities
Pension provisions 76.4 80.4
Other provisions 11.9 11.9
Loans and borrowings 1,678.3 1,826.3
Lease liabilities 73.4 65.5
Other financial liabilities 323.2 302.2
Deferred tax liabilities 127.8 133.9
2,290.9 2,420.2
Current liabilities
Provisions 50.1 29.5
Trade payables 430.9 330.7
Loans and borrowings 347.3 175.4
Lease liabilities 23.0 20.0
Employee benefits 133.3 96.3
Other financial liabilities 67.8 48.7
Current tax liabilities 134.8 87.7
Other liabilities 104.6 82.7
1,291.8 871.1
Total equity and liabilities 5,213.5 4,693.5
1 The previous year's figures have been restated due to finalization of the purchase price allocations for or WaterSep BioSeparations.

Cash Flow

Statement of Cash Flows
6-mo. 2021 € in mn 6-mo. 2020 € in mn
Profit before tax 386.4 165.7
Financial result 48.7 20.3
Depreciation | amortization of intangible and tangible assets 109.2 79.9
Change in provisions 17.9 7.3
Change in receivables and other assets -60.1 -12.9
Change in inventories -123.0 -55.4
Change in liabilities (without loans and borrowings) 154.9 52.9
Income taxes paid -94.3 -44.2
Other non-cash items 1.0 1.9
Cash flows from operating activities 440.7 215.4
Capital expenditures -147.2 -89.6
Other payments -12.6 -3.8
Cash flow from investing activities -159.9 -93.3
Payments for acquisitions of consolidated subsidiaries and other business operations, net of cash acquired -0.1 -756.1
Cash flow from investing activities, acquisitions and disposals -160.0 -849.5
Interest received 3.9 4.7
Interest paid and other financial charges -12.1 -12.2
Dividends paid to:
- Shareholders of Sartorius AG -48.2 0.0
- Non-controlling interest -17.5 -0.8
Changes in non-controlling interest 0.0 -1.0
Loans repaid -197.0 -209.1
Loans raised 210.0 988.2
Cash flow from financing activities -61.0 769.8
Net increase | decrease in cash and cash equivalents 219.7 135.7
Cash and cash equivalents at the beginning of the period 203.4 54.4
Change in scope of consolidation 0.3 0.0
Net effect of currency translation on cash and cash equivalents 0.1 0.5
Cash and cash equivalents at the end of the period 423.6 190.7
The previous year's figures have been restated due to finalization of the purchase price allocations for the acquisition of selected life sience businesses from Danaher.

Changes of Equity

Statement of Changes in Equity
in millions of € Issued capital Capital reserves Hedging reserves Pension reserves Earnings reserves and retained profits Difference resulting from currency translation Equity attributable to Sartorius AG shareholders Non-controlling interest Total equity
Balance at January 1, 2020 68.4 40.7 1.4 -26.0 710.0 15.8 810.4 282.8 1,093.2
Net profit for the period 0.0 0.0 0.0 0.0 79.8 0.0 79.8 36.2 116.0
Cash flow hedges 0.0 0.0 4.4 0.0 0.0 0.0 4.4 1.0 5.4
Remeasurements of the net defined benefit liability 0.0 0.0 0.0 0.4 0.0 0.0 0.4 0.1 0.5
Currency translation differences 0.0 0.0 0.0 0.0 0.0 -9.6 -9.6 -3.4 -13.0
Net investment in a foreign operation 0.0 0.0 0.0 0.0 -15.6 0.0 -15.6 -0.5 -16.1
Tax effects 0.0 0.0 -1.3 -0.1 4.7 0.0 3.3 -0.2 3.1
Other comprehensive income after tax 0.0 0.0 3.1 0.3 -10.9 -9.6 -17.1 -3.0 -20.1
Total comprehensive income 0.0 0.0 3.1 0.3 68.9 -9.6 62.7 33.2 95.9
Share-based payment 0.0 0.7 0.0 0.0 0.0 0.0 0.7 0.0 0.7
Dividends 0.0 0.0 0.0 0.0 -24.3 0.0 -24.3 -8.9 -33.1
Purchase price liability Israel 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Change in scope of consolidation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other changes in non-controlling interest 0.0 0.0 0.0 0.0 -0.9 0.0 -0.9 -0.1 -1.0
Other changes in equity 0.0 0.0 0.0 0.0 0.3 0.0 0.3 0.0 0.3
Balance at June 30, 2020 68.4 41.4 4.5 -25.7 754.0 6.2 848.8 307.1 1,155.9
Balance at January 1, 2021 68.4 42.0 8.3 -30.2 1,013.5 -54.3 1,047.6 354.6 1,402.2
Net profit for the period 0.0 0.0 0.0 0.0 189.8 0.0 189.8 70.1 259.9
Cash flow hedges 0.0 0.0 -12.2 0.0 0.0 0.0 -12.2 -2.9 -15.1
Remeasurements of the net defined benefit liability 0.0 0.0 0.0 3.5 0.0 0.0 3.5 0.6 4.2
Currency translation differences 0.0 0.0 0.0 0.0 0.0 26.3 26.3 5.4 31.6
Net investment in a foreign operation 0.0 0.0 0.0 0.0 15.3 0.0 15.3 0.0 15.3
Tax effects 0.0 0.0 3.6 -1.0 -4.1 0.0 -1.5 0.7 -0.8
Other comprehensive income after tax 0.0 0.0 -8.5 2.5 11.2 26.3 31.4 3.8 35.2
Total comprehensive income 0.0 0.0 -8.5 2.5 201.0 26.3 221.2 73.9 295.1
Share-based payment 0.0 0.7 0.0 0.0 0.0 0.0 0.7 0.0 0.7
Dividends 0.0 0.0 0.0 0.0 -48.2 0.0 -48.2 -17.5 -65.8
Other changes in non-controlling interest 0.0 0.0 0.0 0.0 0.3 0.0 0.3 -0.3 0.0
Other changes in equity 0.0 0.0 0.0 0.0 -1.4 0.0 -1.4 0.0 -1.4
Balance at June 30, 2021 68.4 42.6 -0.2 -27.7 1,165.0 -28.0 1,220.1 410.7 1,630.8

Reconciliation

Reconciliation
in millions of € 6-mo. 2021 6-mo. 2020
EBIT 435.2 186.1
Extraordinary items 10.9 28.7
Amortization 41.6 24.1
Normalized financial result1 -13.7 -9.6
Normalized income tax (27%)2 -128.0 -61.9
Underlying net result after tax 346.1 167.3
Non-controlling interest -86.6 -43.0
Underlying earnings after taxes and non-controlling interest 259.4 124.3
Underlying earnings per share
per ordinary share in € 3.79 1.81
per preference share in € 3.80 1.82
1 Financial result excluding fair value adjustments of hedging instruments and effects related to accounting of share-based earn-outs and non-periodic expenses and income
2 Income tax considering the average group tax rate, based on the underlying profit before tax
The previous year's figures have been restated due to finalization of the purchase price allocations for the acquisitions of 2020

Operating segments

Sales revenue Underlying EBITDA
in millions of € 6-mo. 2021 6-mo. 2020 6-mo. 2021 6-mo. 2020
Bioprocess Solutions 1,266.5 809.3 460.2 247.2
Lab Products & Services 362.7 247.5 95.1 46.4
Total Group 1,629.2 1,056.8 555.3 293.5
Reconciliation to the profit before tax
Depreciation and amortization -109.2 -78.8
Extraordinary items -10.9 -28.7
Earnings before interest and taxes (EBIT) 435.2 186.1
Financial result -48.7 -20.3
Profit before tax 386.4 165.7