New Highs in Revenues and Earnings - Financial Targets Fully Achieved - Strong 2014 Outlook
€ in millions
unless otherwise specified 		2013 2012 Growth in % Growth in %
const. currencies
Order intake 614.9 553.9 11.0 13.7
Sales revenue 588.4 544.0 8.2 10.8
Europe1) 287.1 261.8 9.7 10.3
North America1) 150.8 149.2 1.1 4.4
Asia | Pacific1) 125.8 112.4 11.9 19.0
Other Markets1) 24.7 20.5 20.0 20.0
EBITDA2) 135.6 117.0 15.8
EBITDA margin2) in % 23.0 21.5 +150bps
EBITA2)3) 114.2 99.5 14.8
EBITA margin2)3) in % 19.4 18.3 +110bps
Net profit2)4) 75.2 64.6 16.5
Earnings per share in €2)4) 4.90 4.21 16.4

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.

Double-digit top-line growth

Sartorius Stedim Biotech, a leading supplier for the biopharmaceutical industry, posted double-digit growth in order intake as well as sales revenue in its third consecutive year. Business was fueled again by single-use products as well as by equipment for biomanufacturing, while acquisitions added 1.9 pct. points to revenue growth. From a regional perspective, Asia led growth (+19.0%), followed by Europe, which gained 10.3%. Compared to previous year's strong sales revenue, business in North America grew more moderately by 4.4% (all figures in constant currencies).

Profit margin continues to rise

Mainly driven by economies of scale, Sartorius Stedim Biotech again boosted its earnings overproportionately. Underlying EBITDA rose 15.8% to 135.6 million euros; the corresponding margin climbed 150 bps reaching 23.0%. Underlying net profit stood at 75.2 million euros, a plus of 16.5%. Extraordinary expenses totaled 3.7 million euros after 5.9 million euros a year before.  Underlying earnings per share soared 16.4% from 4.21 euros in 2012 to 4.90 euros.

Key financial indicators at comfortable levels

The financial position of the Sartorius Stedim Biotech Group has remained strong and stable: At the end of the financial year, the equity ratio was at 55.3%, the gearing ratio stood at 0.3 and the ratio of net debt to underlying EBITDA equaled 1.0. Net debt totaled 130.0 million euros.

Strong 2014 Outlook

Dynamic business expansion is expected to continue in the current year. For 2014, Sartorius Stedim Biotech forecasts sales revenue to increase by about 11% to 14% in constant currencies, which includes approx. 6 pct. points of non-organic growth from recent acquisitions.  The underlying EBITDA margin is projected to rise to approx. 23.5% 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. The Annual Report 2013 reporting the final results will be released on February 28, 2014.

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