€ in millions
Unaudited figures 		2012 2011  Growth in %  Growth in %
const. currencies
Order intake 553.9 500.2 10.7 7.2
Sales revenue 544.0 477.3 14.0 10.3
  • Europe1)
261.8 244.6 7.0 6.4
  • North America1)
149.2 117.3 27.2 17.5
  • Asia | Pacific1)
112.4 96.7 16.2 11.4
  • Other Markets1)
20.5 18.7 9.6 9.5
EBITDA2) 118.6 99.6 19.1
EBITDA margin2) 21.8 % 20.9 % +90bps
EBITA2) 101.1 83.5 21.0
EBITA margin2) 18.6 % 17.5 % +110bps
Net profit3) 64.5 53.4 20.7

1) According to customers' location
2) Underlying
3) 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 and amortization (EBITA) as the key figure for measuring the performance and profitability of the Group. Amortization refers to amortization of goodwill and of the intangible assets measured within the scope of purchase price allocation according to IFRS 3 "Business Combinations." The key indicator "underlying EBITA" corresponds to EBITA adjusted for non-operating items.

Dynamic growth in sales revenue led by the North American region

In 2012, Sartorius Stedim Biotech (SSB), a leading supplier for the biopharmaceutical industry, posted dynamic top-line growth. Single-use products again fueled these gains. From a regional perspective, North America led growth, boosting its sales revenue by 17.5%, followed by Asia with an 11.4% increase, while Europe reported a gain of 6.4% (all figures in constant currencies).

Profitability continues to rise

Despite high investment in production capacity and expansion of sales structure, Sartorius Stedim Biotech again achieved an overproportionate increase in earnings. Mainly driven by economies of scale, underlying EBITA soared 21.0% to 101.1 million euros. The underlying EBITA margin climbed 110 bps, from 17.5% to 18.6%. Extraordinary expenses totalled 5.9 million euros and were mainly related to the relocation of single-use bag manufacture from California to Puerto Rico and to other corporate projects. Underlying earnings per share were at 4.21 euros, up from 3.49 euros in 2011.

Key financial indicators reflect strong operating performance

The financial position of the Sartorius Stedim Biotech Group has continued to remain very strong: At year-end, the equity ratio stood at 54.7%, the gearing ratio was at 0.3 and the ratio of net debt to underlying EBITDA was 1.0.

Positive outlook for 2013

Dynamic business development is expected to continue in the current year. For 2013, Sartorius Stedim Biotech projects sales revenue to grow by about 8% to 11% in constant currencies, which includes a gain of approx. 3 percentage points resulting from the cooperation with the Swiss life science group Lonza in cell culture media. Along with growth in sales, the underlying EBITA margin is forecasted to rise to approx. 19%.

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.

Conference Call and Webcast

Joachim Kreuzburg, CEO and Chairman of the Board of the Sartorius Stedim Biotech Group, will discuss the results with analysts and investors on Tuesday, January 29, 2013, at 3:30 p.m. Central European Time (CET), in a teleconference. You may dial into the teleconference starting at 3:20 p.m. CET at the following numbers:

Germany: +49(0)69 2222 34066
France: +33(0)1 70 48 01 63
UK: +44(0)20 3450 9571
USA: +1646 254 3387

The dial-in code is: 3225124

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