Despite the drop in sales, the Mechatronics Division posted slightly positive operating earnings of 0.7 million euros (previous year: 17.1 million euros). This increase was due to an extensive restructuring program, which was implemented in the reporting year to adapt the division ™s structures to the changed market conditions and which reduced its annual cost base by a good 30 million euros. The division ™s underlying EBITA margin was 0.4% compared with 7.0% for the year-earlier period.

Business Development of the Sartorius Group

At Group level, the excellent development of the Biotechnology Division's business compensated for the recession-induced losses in the Mechatronics Division for the most part. Consolidated sales revenue in 2009 was 602.1 million euros compared with 611.6 million euros a year ago, and therefore eased only slightly by 1.6% (currency-adjusted: -2.7%) relative to the previous reporting period. At 615.1 million euros, order intake was slightly above the year-earlier figure of 609.8 million euros (0.9%; currency-adjusted: -0.4%).

On account of the Biotechnology Division ™s significant rise in profitability, consolidated operating earnings even rose 7.2% from 56.8 million euros to 60.9 million euros. The corresponding earnings margin climbed from 9.3% to 10.1%. Extraordinary expenses, which are predominantly comprised of provisions for the restructuring program in the Mechatronics Division, totaled 30.0 million euros. Unadjusted consolidated EBITA was 30.9 million euros (previous year: 56.8 million euros).

The Group ™s relevant net profit “ underlying consolidated net profit after minority interest without the two non-cash items of amortization and interest for share price warrants “ was also slightly up from 18.2 million euros a year ago, at 20.8 million euros; this equates to earnings per share of 1.22 euros, up from 1.07 euros in the previous year. In particular, due to the significant restructuring charges in the Mechatronics Division the unadjusted consolidated net profit after minority interest amounts to -7.3 million euros (12.4 million euros).

Moreover, in the reporting year Sartorius posted a significant increase in operating cash flow. Because of strong operating profit, stringent management of working capital and the factoring program implemented in middle of the reporting year, operating cash flow surged from 53.0 million euros to 143.4 million euros.

Source: Sartorius Group