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
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Sartorius AG published this content on 21 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2021 07:24:37 UTC.
Sartorius AG is a Germany-based supplier of pharmaceutical and laboratory equipment. It operates in two segments: bioprocess solutions and lab products and services. The bioprocess solutions segment offers integrated solutions for biopharmaceutical manufacture, such as filters for sterilization of biopharmaceutical media, single-use bags for cell cultivation and storage of biopharmaceuticals, membrane adsorbers for purification in bioprocesses, filter technology for clarification, among others. The lab Products and Services segment provides instruments, consumables, and services for laboratories, including laboratory balances, laboratory water systems for storage of purified water, electronic pipettes, filter systems for sample preparation, and membrane filter systems for sterility testing of parenteral.