1 The figures for the first quarter 2021 were restated due to the finalization of the purchase price allocation for the acquisitions of BIA Separations and WaterSep BioSeparations
2 In constand currencies
3 According to customers' location
4 Underlying EBITDA = earnings before interest, taxes, depreciation and amortization, and adjusted for extraordinary items
5 Underlying net profit = net profit after non-controlling interest; adjusted for extraordinary items, amortization and based on a normalized financial result and normalized tax rate
P&L
Sartorius Stedim Biotech
Statement of Profit or Loss
3-mo. 2022 € in mn
3-mo. 20211 € in mn
Sales revenue
862.5
655.2
Cost of sales
-408.0
-302.6
Gross profit on sales
454.5
352.6
Selling and distribution costs
-109.7
-90.8
Research and development costs
-33.3
-24.7
General administrative expenses
-40.9
-27.9
Other operating income and expenses
-9.3
-10.9
Earnings before interest & taxes (EBIT)
261.3
198.3
Financial income
87.5
8.7
Financial expenses
-11.0
-24.6
Financial result
76.5
-15.9
Profit before tax
337.8
182.4
Income taxes
-67.4
-54.3
Net profit for the period
270.4
128.1
Attributable to:
Shareholders of Sartorius Stedim Biotech
270.1
125.8
Non-controlling interest
0.3
2.3
Earnings per share (€)
2.93
1.36
Diluted earnings per share (€)
2.93
1.36
Statement of Comprehensive Income
3-mo. 2022 € in mn
3-mo. 20211 € in mn
Net profit for the period
270.4
128.1
Cash flow hedges
-3.4
-7.7
- of which effective portion of changes in fair value
-7.9
-3.2
- of which reclassified to profit or loss
4.6
-4.6
Income tax on cash flow hedges
1.0
2.3
Foreign currency translation differences
5.1
24.6
Items that are or may be reclassified subsequently to profit or loss
2.7
19.1
Items that will not be reclassified in profit or loss
0.0
0.0
Other comprehensive income for the period
2.7
19.1
Total comprehensive income for the period
273.1
147.2
Attributable to:
Shareholders of Sartorius Stedim Biotech
272.9
144.8
Non-controlling interest
0.3
2.5
1 The figures for the first quarter 2021 were restated due to the finalization of the purchase price allocation for the acquisitions of BIA Separations and WaterSep BioSeparations
Balance Sheet
Sartorius Stedim Biotech
Statement of Financial Position
Assets
March 31, 2022 € in mn
Dec. 31, 2021 € in mn
Non-current assets
Goodwill
832.4
820.7
Other intangible assets
705.3
684.4
Property, plant and equipment
986.6
928.4
Financial assets
14.9
14.8
Other assets
0.5
0.7
Deferred tax assets
55.6
46.5
2,595.4
2,495.5
Current assets
Inventories
857.5
783.0
Trade receivables
408.7
356.0
Other financial assets
47.1
15.0
Current tax assets
8.4
14.7
Other assets
76.5
63.3
Cash and cash equivalents
165.1
223.6
1,563.3
1,455.6
Total assets
4,158.7
3,951.1
Equity and liabilities
March 31, 2022 € in mn
Dec. 31, 2021 € in mn
Equity
Attributable to SSB S.A. shareholders
1,923.1
1,655.9
Share capital
18.4
18.4
Reserves
231.5
231.5
Retained earnings (including net profit)
1,673.1
1,405.9
Non-controlling interest
76.5
77.4
1,999.6
1,733.2
Non-current liabilities
Pension provisions
44.9
43.7
Other provisions
8.2
7.7
Loans and borrowings
521.3
521.1
Lease liabilities
65.8
64.0
Other financial liabilities
369.6
418.5
Deferred tax liabilities
123.9
125.8
1,133.7
1,180.8
Current liabilities
Provisions
32.8
30.9
Trade payables
506.0
471.2
Loans and borrowings
27.7
25.5
Lease liabilities
16.1
14.9
Employee benefits
80.0
97.2
Other financial liabilities
58.9
147.3
Current tax liabilities
205.0
165.0
Other liabilities
99.0
85.1
1,025.4
1,037.1
Total equity and liabilities
4,158.7
3,951.1
Cash Flow
Sartorius Stedim Biotech
Statement of Cash Flows
3-mo. 2022 € in mn
3-mo. 20211 € in mn
Profit before tax
337.8
182.4
Financial result
-76.5
15.9
Depreciation | amortization of fixed assets
40.7
31.5
Change in provisions
2.8
5.5
Change in receivables and other assets
-40.5
-36.8
Change in inventories
-64.8
-53.4
Change in liabilities (excl. loans and borrowings)
0.3
83.5
Income taxes paid
-31.3
-26.7
Other non-cash items
0.7
2.1
Cash flow from operating activities
169.2
204.0
Capital expenditures
-77.2
-62.0
Other payments
0.0
-0.2
Cash flow from investing activities
-77.2
-62.2
Payments for acquisitions of consolidated subsidiaries and other business operations; net of cash acquired
-43.8
-0.1
Cash flow from investing activities and acquisitions
-121.0
-62.3
Interest received
1.2
0.9
Interest paid and other financial charges
-2.4
-1.9
Dividends paid to:
- Shareholders of Sartorius Stedim Biotech SA
0.0
-62.7
- Non-controlling Interest
-1.1
0.0
Loans and borrowings repaid
-111.8
-8.4
Loans and borrowings raised
12.3
19.6
Purchases of own shares / liquidity contract
-5.6
0.0
Cash flow from financing activities
-107.5
-52.5
Increase | decrease in cash and cash equivalents
-59.3
89.2
Cash and cash equivalents at the beginning of the period
223.6
59.8
Effect of currency translation on cash and cash equivalents
0.7
0.4
Cash and cash equivalents at the end of the period
165.1
149.4
1 The figures for the first quarter 2021 were restated due to the finalization of the purchase price allocation for the acquisitions of BIA Separations and WaterSep BioSeparations
Reconciliation
Sartorius Stedim Biotech
Reconciliation
3-mo. 2022 € in mn
3-mo. 20211 € in mn
EBIT (operating result)
261.3
198.3
Extraordinary items
1.8
1.7
Amortization | IFRS 3
14.9
10.0
Normalized financial result2
-2.7
-2.5
Normalized income tax (26%)3
-71.6
-54.0
Underlying net result
203.7
153.6
Non-controlling interest
-0.3
-2.3
Underlying net result excluding non-controlling interest
203.4
151.3
Underlying earnings per share (in €)
2.21
1.64
1 The figures for the first quarter 2021 were restated due to the finalization of the purchase price allocation for the acquisitions of BIA Separations and WaterSep BioSeparations
2 Financial result excluding fair value adjustments of hedging instruments and currency effects relating to financing activities
3 Underlying income tax, based on the underlying profit before taxes and non-cash amortization
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Sartorius Stedim Biotech SA published this content on 21 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2022 07:44:02 UTC.
Sartorius Stedim Biotech is a leading provider of cutting-edge equipment and services for the development, quality assurance and production processes of the biopharmaceutical industry. Its integrated solutions covering fermentation, filtration, purification, fluid management and lab technologies are supporting the biopharmaceutical industry around the world to develop and produce drugs safely, timely and economically.
For next generation processes, Sartorius Stedim Biotech focuses on single-use technologies and value-added services to meet the rapidly changing technology requirements of the industry it serves. Strongly rooted in the scientific community and closely allied with customers and technology partners, the company is dedicated to its philosophy of turning science into solutions on a daily basis.
With its own manufacturing and R&D sites in Europe, North America and Asia and a global network of sales companies, Sartorius Stedim Biotech enjoys a worldwide presence. Its key manufacturing and R&D site is in Germany.
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