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