Welcome | Bienvenue | Benvenuti | Bienvenido | Willkommen | Welcome | Bienvenue | Benvenuti Annual Shareholders’ Meeting on April il 8, 2014 14 Annual Shareholders’ Meeting on April il 7, 2015 15 Bienvenue | Benvenuti | Bienvenido | Willkommen | Welcome | Bienvenue | Benvenuti | Bienvenid Willkommen | Welcome | Bienvenue | Benvenuti | Bienvenido | Willkommen | Welcome | Bienvenue Joachim Kreuzburg Chairman of the Board and CEO _ _ _
Disclaimer This presentation contains statements concerning Sartorius Stedim Biotech Groups’ future performance. These statements are based on assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we cannot guarantee that they will actually materialize. This is because our assumptions harbor risks and uncertainties that could lead to actual results diverging substantially from the expected ones. It is not planned to update our forward- looking statements. Throughout this presentation, differences may be apparent as a result of rounding during addition.
Agenda 1 2014 Highlights 2 2014 Results Review | Guidance 2015 Dividend Proposal 3 Proposals Concerning Resolutions 10 - 14 4 5 Mid-term prospects
14 Order intake + 17 + 17% 2014 1) + 16% + 16 Sales revenue 1) + 18 + 18% 20 Underlying EBITDA 2) + 16 + 16% Underlying EPS 3) 1) Constant currencies 2) Earnings before interest, taxes, depreciation and amortization, adjusted for extraordinary items 3) Based on net profit 4 after non-controlling interest, adjusted for extraordinary items, amortization and fair value adjustments of hedging instruments
Performance Driven by Both Strong Organic Growth and Acquisitions Dynamic mic orga ganic ic busi siness ss expansio sion n acros oss s all prod oduct ct lines s and region ons Posit sitive ve developme lopment nt of acqu quir ired ed busi sinesse sses Lonza Cell AllPure Culture Media TAP Biosystems Technologies 5
Continued Infrastructure Expansion Production capacities for single-use bags expanded at three sites New membrane casting machine installed; to be commissioned in 2015 Extension of fermentation capacity in Bangalore 6
Main Credit Facility Refinanced in 2014 Attractive credit market conditions used € 250 million syndicated loan terminated ahead of schedule New syndicated loan agreement entered into by Sartorius AG Since end of 2014 Sartorius Stedim Biotech uses a credit line of € 300 million provided by Sartorius AG Annual cost savings of ~ € 1 million 7
Agenda 1 2014 Highlights 2 2014 Results Review | Guidance 2015 Dividend Proposal 3 Proposals Concerning Resolutions 10 - 14 4 5 Mid-term prospects
Strong Growth Slightly Ahead of Expectations Order intake Sales revenue Order Intake ke in € million in € million Dynamic expansion despite high base 722.1 Sales Revenue e 683.5 614.9 Organic growth of ~8.5% fueled by all 588.4 product lines Both organic and non-organic performance better than expectated 2013 2013 2014 2014 + + 17.4% | + + 17.1% cc 1) 1) + + 16.2% | + + 15.9% cc 9 1) cc= in constant currencies
Sales Growth Supported by All Main Regions Asia | Pacific Europe Other Markets Sales 1) by Regions North America Sales 1) in € million Sales 1) in € million Sales 1) in € million Sales 1) in € million in % Europe ~ 46% 287.1 314.9 205.2 North America ~ 30% 150.8 125.8 142.9 24.7 20.5 € 683.5 5 mn mn FY13 FY14 FY13 FY14 FY13 FY14 FY13 FY14 Asia | Pacific ~ 21% + 35.5% + 8.8% + 15.0% - 16.9% 9% Other Markets ~ 3% Growth in constant currencies Significant organic business expansion in North America; strong contribution from acquisitions Solid growth in Europe complemented by acquisitions Continued double-digit growth in Asia; minor non-organic effect 10 1) According to customers ‘ location
Overproportionate Earnings Growth Yet Again Underlying EBITDA 1) EBITDA margin 1) Earnings per share 2) in € million in % in € 160.5 5.68 135.6 27 4.90 23.5 23.0 24 21.5 20.9 21 19.8 18 15 FY13 FY13 FY14 FY14 FY 10 FY 11 FY 12 FY 13 FY 14 + 18.4% + + 15.9% + Underlying EBITDA margin in % (rhs) Underlying EBITDA margin increased by 50 bps driven by economies od scale No significant currency effect on margin in FY 2014 1) Excluding extraordinary items 2) Based on net profit after non-controlling interest, adjusted for extraordinary items, amortization and fair 11 value adjustments of hedging instruments
Strong Cash Flow Performance Sartorius Stedim Biotech FY FY in € million (unless otherwise specified) 2013 2014 Net cash flow from operating activities 90.1 Driven by strong earnings development 111.3 Below last year as planned -73.4 Net cash flow from investing activities 1) -46.8 Capex ratio of 6.5% in line with guidance Net cash flow from financing activities -8.0 Reduction of gross debt -84.2 12 1) Including cash outflows related to acquisitions
Very Healthy Balance Sheet Despite High Level of Investments Balance sheet Net Debt to Underlying EBITDA in € million 906.8 906.8 873.4 873.4 150 18.1% 25.3% 30.5% 30.0% 130.3 113.7 15.3% 26.7% 102.8 100 100.1 87.4 1.2 1.0 1.0 50 1.0 69.5% 70.0% 55.2% 59.4% 0.5 0 2014 2014 2013 2013 2010 2011 2012 2013 2014 Non-current assets Equity Net debt in € million (lhs) Net debt to underlying EBITDA (rhs) Current assets Financial debt Non-financial debt 13
Balance Sheet of the Parent Company December 31, 2014 in € million (unless otherwise specified) As Assets Equity uity and Liabil iliti ities 136.2 96.6% Non-current Assets Equity 71.1 50.5% Current Assets 4.7 3.4% Liabilities 69.8 49.5% Total tal 140 40.9 .9 100 00% Total tal 140.9 .9 100% Equity and balance sheet total significantly influenced by cancellation of treasury shares 14
Significant Outperformance Versus French Indices 220% 220 Year 2014 Market Capitalization SSB +32.4% 200 200% € 3.1 .1 bn bn NASDAQ Biotech +33.9% CAC Small +6.5% 180% 180 SBF120 +2.1% as of April 1, 2015 SSB 160 160% NASDAQ Biotech 140% 140 CAC Small 120% 120 SBF120 100% 100 80% 80 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar 2014 2015 15
Positive Outlook for 2015 FY 2014 Guidance 2015 Sartorius Stedim Biotech Group 15.9% ~ 4% - 7% Sales revenue growth 1) 23.5% ~ 24.0% - 24.5% 1) Underlying EBITDA margin Capex ratio 6.5% ~ 6% - 8% € |$ Development 1.5 USD most important foreign currency for SSB 2014 1.4 Average 2014 Significant depreciation of € vs. $ 1.3 1.2 2015 Positive effect on sales and underlying EBITDA 1.1 1 Moderate effect on margins due to hedging Jan 1 2 3 4 5 6 7 8 9 1 1 1 Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 0 1 2 16 1) In constant currencies
Agenda 1 2014 Highlights 2 2014 Results Review | Guidance 2015 3 Dividend Proposal Proposals Concerning Resolutions 10 - 14 4 5 Mid-term prospects
Consistent Dividend Increase Dividend per Share Earnings per Share 1) in € in € 5.68 4.90 1.30 4.21 1.20 1.10 3.49 1.00 2.81 0.90 2010 2011 2013 2014 2010 2011 2013 2014 2) 2012 2012 Total profit distributed would increase from € 18.4 mn to 20.0 mn Payout ratio at 22.9% (2013: 24.5%) 1) Based on net profit after non-controlling interest, adjusted for extraordinary items, amortization and, for 2011 to 2014, 18 fair value adjustments of hedging instruments 2) Subject to approval by the AGM
Agenda 1 2014 Highlights 2 2014 Results Review | Guidance 2015 Dividend Proposal 3 4 Proposals Concerning Resolutions 10 - 14 5 Mid-term prospects
Proposals Concerning Resoutions 10 - 14 Resolution 10 Anne-Marie Graffin to be appointed as a new independent director Resolution 11 Susan Dexter to be appointed as a new independent director Resolution 12 Renewal of Oscar-Werner Reif‘s appointment Approval of these proposals will allow compliance with certain provisions of the AFEP MEDEF Corporate Governance Code Resolution 13 KPMG to be appointed as statuory auditor for a six year period Resolution 14 Salustro Reydel to be appointed as deputy statutory auditor for a six year period Replacement of Ernst & Young and Auditex Audit whose mandates have expired 20
Agenda 1 2014 Highlights 2 2014 Results Review | Guidance 2015 Dividend Proposal 3 Proposals Concerning Resolutions 10 - 14 4 5 Mid-term prospects
SSB Operates in a Healthy Market Environment CAGR CA 1) 6-8% 1) Market 16% 16% 22% 22% 26% 26% 2008 2013 2018 Growth Biotechnology Conventional | Unclassified Overp rproporti rtionate ate Growt wth of of Biophar harma ma Marke ket Past st Present sent Technology Trends Contin ntinuou uous Shift ift from rom Multi lti-Use se to to Sing ngle le-Use 22 1) Biotech market; Evaluate Pharma: World Preview 2013|2014; June 2013|2014
Market Leading Position with Clear Focus on SU Technologies #1 #1 #4 #4 #1 #1 Among ng the TOP OP 3 >85% 85% of of sales generated rated from om a TOP 1-3 3 posit ition on ~75% 75% of of sales relate to to singl gle-use use produc ducts ts 23
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