1 The previous year's figures have been restated due to finalization of the purchase price allocations for the acquisition of BIA Separations.
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.
P&L
Statement of Profit or Loss
Q3 2022 € in mn
Q3 2021 € in mn
9-mo. 2022 € in mn
9-mo. 2021 € in mn
Sales revenue
1,052.6
897.7
3,112.9
2,526.9
Cost of sales
-496.5
-410.0
-1,484.9
-1,164.9
Gross profit on sales
556.2
487.7
1,628.1
1,362.0
Selling and distribution costs
-165.0
-145.4
-467.7
-416.5
Research and development expenses
-38.4
-34.0
-122.3
-100.4
General administrative expenses
-49.8
-40.4
-148.2
-119.3
Other operating income and expenses
-30.5
-28.8
-62.8
-49.3
Earnings before interest and taxes (EBIT)
272.4
239.1
827.2
676.4
Financial income
47.5
5.1
186.9
19.6
Financial expenses
-38.1
-29.7
-84.4
-78.7
Financial result
9.4
-24.6
102.6
-59.1
Profit before tax
281.8
214.5
929.7
617.4
Income taxes
-73.3
-70.3
-221.6
-197.4
Net profit for the period
208.5
144.2
708.1
419.9
Attributable to:
Shareholders of Sartorius AG
154.2
106.4
525.7
307.8
Non-controlling interest
54.3
37.9
182.4
112.1
Earnings per ordinary share (€) (basic)
2.25
1.55
7.68
4.49
Earnings per preference share (€) (basic)
2.25
1.55
7.69
4.50
Earnings per ordinary share (€) (diluted)
2.25
1.55
7.68
4.49
Earnings per preference share (€) (diluted)
2.25
1.55
7.69
4.50
The previous year's figures have been restated due to finalization of the purchase price allocation for the acquisition of BIA Separations.
Statement of Comprehensive Income
Q3 2022 € in mn
Q3 2021 € in mn
9-mo. 2022 € in mn
9-mo. 2021 € in mn
Net profit for the period
208.5
144.2
708.1
419.9
Cash flow hedges
-30.6
-6.3
-50.6
-21.4
- of which effective portion of the change in fair value
-49.3
-6.8
-84.6
-10.4
- of which reclassified to profit or loss
18.6
0.5
33.9
-11.0
Income tax on cash flow hedges
9.2
1.9
15.4
6.5
Net investment in a foreign operation
29.3
11.8
68.3
27.0
Income tax on net investment in a foreign operation
-7.8
-3.1
-18.3
-7.2
Currency translation differences
58.0
21.0
128.2
52.6
Items that may be reclassified in the profit or loss statement, net of tax
58.1
25.2
142.9
57.5
Items that will not be reclassified in the profit or loss statement, net of tax
0.0
0.0
11.5
2.9
Other comprehensive income after tax
58.1
25.2
154.4
60.4
Total comprehensive income
266.6
169.4
862.5
480.3
Attributable to:
Shareholders of Sartorius AG
208.6
129.3
668.8
362.1
Non-controlling interest
58.1
40.1
193.7
118.2
The previous year's figures have been restated due to finalization of the purchase price allocation for the acquisition of BIA Separations.
Balance Sheet
Statement of Financial Position
Assets
Sep. 30, 2022 € in mn
Dec. 31, 2021 € in mn
Non-current assets
Goodwill
1,750.1
1,362.0
Other intangible assets
1,369.7
1,095.6
Property, plant and equipment
1,604.2
1,305.8
Financial assets
74.9
60.8
Other assets
1.6
1.6
Deferred tax assets
93.7
75.2
4,894.2
3,901.1
Current assets
Inventories
1,213.6
892.8
Trade receivables
544.3
424.0
Other financial assets
29.1
24.9
Current tax assets
41.8
29.0
Other assets
132.6
83.3
Cash and cash equivalents
235.1
342.8
Total assets
7,090.8
5,697.9
Equity and liabilities
Sep. 30, 2022 € in mn
Dec. 31, 2021 € in mn
Equity
Equity attributable to Sartorius AG shareholders
1,877.2
1,260.3
Issued capital
68.4
68.4
Capital reserves
44.3
43.3
Other reserves and retained earnings
1,764.5
1,148.6
Non-controlling interest
632.5
459.9
2,509.7
1,720.2
Non-current liabilities
Pension provisions
61.0
75.4
Other provisions
18.2
13.3
Loans and borrowings
1,585.8
1,649.1
Lease liabilities
93.4
88.9
Other financial liabilities
294.7
421.8
Deferred tax liabilities
238.9
182.0
2,292.0
2,430.6
Current liabilities
Provisions
74.7
58.4
Trade payables
582.5
515.0
Loans and borrowings
870.3
311.3
Lease liabilities
27.7
26.1
Employee benefits
150.1
153.9
Other financial liabilities
206.5
169.0
Current tax liabilities
236.8
178.7
Other liabilities
140.6
134.7
Total equity and liabilities
7,090.8
5,697.9
Cash Flow
Statement of Cash Flows
9-mo. 2022 € in mn
9-mo. 2021 € in mn
Profit before tax
929.7
617.4
Financial result
-102.6
59.1
Depreciation | amortization of intangible and tangible assets
198.3
167.3
Change in provisions
22.6
22.0
Change in receivables and other assets
-127.2
-129.3
Change in inventories
-255.0
-217.1
Change in liabilities (without loans and borrowings)
-15.0
242.4
Income taxes paid
-203.1
-123.4
Other non-cash items
1.9
0.2
Cash flows from operating activities
449.5
638.5
Capital expenditures
-350.8
-242.3
Other payments
-11.5
-11.5
Cash flow from investing activities
-362.3
-253.9
Payments for acquisitions of consolidated subsidiaries and other business operations, net of cash acquired
-541.3
-141.7
Cash flow from investing activities, acquisitions and disposals
-903.6
-395.5
Interest received
4.9
5
Interest paid and other financial charges
-26.9
-24.8
Dividends paid to:
- Shareholders of Sartorius AG
-85.9
-48.2
- Non-controlling interest
-31.8
-17.5
Changes in non-controlling interest
-3.6
0.0
Loans repaid
-623.6
-206.7
Loans raised
1,096.0
200.8
Cash flow from financing activities
329.1
-91.5
Net increase | decrease in cash and cash equivalents
-125.0
151.5
Cash and cash equivalents at the beginning of the period
342.8
203.4
Change in scope of consolidation
0.0
0.3
Net effect of currency translation on cash and cash equivalents
17.3
0.7
Cash and cash equivalents at the end of the period
235.1
356
The previous year's figures have been restated due to finalization of the purchase price allocation for the acquisition of BIA Separations.
Reconciliation
Reconciliation
in millions of €
9-mo. 2022
9-mo. 20211
EBIT
827.2
676.4
Extraordinary items
26.1
22.7
Amortization
76.3
63.7
Normalized financial result2
-23.1
-20.9
Normalized income tax (27%)3
-244.8
-200.3
Underlying net result after tax
661.8
541.7
Non-controlling interest
-160.6
-134.6
Underlying earnings after taxes and non-controlling interest
501.2
407.0
Underlying earnings per share
per ordinary share in €
7.32
5.94
per preference share in €
7.33
5.95
1 The figures for the reporting period 2021 were restated due to the finalization of the purchase price allocation for the acquisitions of BIA Separations
2 Financial result adjusted for valuation effects from the subsequent measurement of contingent purchase price liabilities as well as for effects of foreign currency translation and hedging.
3 Income tax considering the average expected group tax rate, based on the underlying profit before tax.
Operating segments
Sales revenue
Underlying EBITDA
in millions of €
9-mo. 2022
9-mo. 2021
9-mo. 2022
9-mo. 2021
Bioprocess Solutions
2,470.9
1,987.4
881.5
724.4
Lab Products & Services
642.1
539.4
170.0
141.9
Total Group
3,112.9
2,526.9
1,051.5
866.4
Reconciliation to the profit before tax
Depreciation and amortization
-198.2
-167.3
Extraordinary items
-26.1
-22.7
Earnings before interest and taxes (EBIT)
827.2
676.4
Financial result
102.6
-59.1
Profit before tax
929.7
617.4
The previous year's figures have been restated due to finalization of the purchase price allocation for the acquisition of BIA Separations.
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Sartorius AG published this content on 19 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 October 2022 07:12:01 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.
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