Earnings Release • Oct 21, 2024
Earnings Release
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Göttingen, Germany | October 17, 2024
The life science group Sartorius closed the first nine months of the fiscal year as expected, with a positive trend in demand and a robust underlying profit margin.
"Following the very volatile development caused by the pandemic, the business situation has stabilized, and we are on track to achieve our full-year guidance. Most customers have largely completed the reduction of their inventories, and demand for consumables is increasing as a result. In addition, we are seeing a growing number of customer projects, although many customers are still hesitant to make definite investment decisions. Our profit margin is at a very robust level, and we expect further positive effects from our efficiency program by the end of the year," said Sartorius CEO Joachim Kreuzburg. "Based on this, we are very confident about the future, as the fundamental growth drivers of the life science and biopharmaceutical markets remain positive: The increasing number of drug approvals and drug candidates in clinical phases, as well as the dynamically developing field of new therapies, are leading to growing demand, particularly for innovative technologies for the efficient development and manufacture of such biopharmaceuticals. With one of the broadest solution offerings on the market, Sartorius is excellently positioned to play a particularly relevant role here and to achieve sustainable profitable growth."
In the first nine months of the fiscal year, Sartorius reported a moderate decline in sales revenue of 2.0 percent in constant currencies (reported: -2.8 percent) compared to the prior-year period, to 2,474 million euros. Sales contribution from acquisitions ${ }^{2}$ was around 2 percent. Order intake increased significantly by 6.6 percent in constant currencies (reported: +5.7 percent) to 2,326 million euros.
Regionally, business performance varied between January and September. Sales revenue in EMEA ${ }^{3}$ increased by 5.0 percent in constant currencies, while in the Americas it decreased by 9.1 percent against
strong prior year comparables and due to the soft equipment business. In Asia/Pacific, sales revenue was down slightly by 1.6 percent due to continued weakness in the Chinese market, despite growth in the rest of the region.
The Group's underlying EBITDA decreased by 6.4 percent to 686 million euros in the first nine months, mainly due to volume and product mix effects. The resulting margin of 27.7 percent remained at a robust level, after 28.8 percent in the prior-year period.
Underlying net profit amounted to 208 million euros against 274 million euros in the same period of 2023. Underlying earnings per ordinary share were 3.01 euros (PY: 4.00 euros) and 3.02 euros per preference share (prior-year period: 4.01 euros).
As of September 30, 2024, Sartorius employed 13,762 people worldwide, after 14,827 on the same date last year (December 31, 2023: 14,614 employees). The reduction resulted primarily from the expiry of fixed-term employment contracts and regular attrition.
The Group's balance sheet and key financial indicators remain at a robust level. The equity ratio as of September 30, 2024, was 38.6 percent (December 31, 2023: 28.3 percent), primarily due to the equity measures successfully implemented at the beginning of February 2024.
Net operating cash flow increased significantly by 13.0 percent to 613 million euros in the reporting period, compared to 542 million euros in the first nine months of 2023, in particular due to the reduction in working capital. The ratio of net debt to underlying EBITDA was further reduced as planned and stood at 4.3 at the end of the quarter (December 31, 2023: 5.0). Investments in research and the company's global production infrastructure amounted to 319 million euros (PY: 434 million euros). The ratio of capital expenditures (capex) to sales revenue was 12.9 percent.
The Bioprocess Solutions Division, which offers a wide range of innovative technologies for the manufacture of biopharmaceuticals such as monoclonal antibodies, vaccines, and cell and gene therapeutics, recorded sales revenue almost at the previous year's level of 1,962 million euros (in constant currencies: - 0.8 percent, reported: - 1.5 percent). This includes a sales contribution from acquisitions ${ }^{3}$ of around 2.5 percent. As customers have largely completed their destocking programs, order intake increased significantly by 8.4 percent in constant currencies (reported: +7.5 percent) to 1,836 million euros in the first nine months, with the growing demand in the consumables business overcompensating for the ongoing industry-wide reluctance to invest.
The division's underlying EBITDA decreased by 4.0 percent to 568 million euros, mainly due to volume and product mix effects; the corresponding margin reached a robust 28.9 percent (PY: 29.7 percent).
The Lab Products \& Services Division, which specializes in life science research and pharmaceutical laboratories, continued to be impacted by weak end markets, particularly in China, and an overall reluctance to invest on the customer side. Sales revenue for the first nine months of the year was 511 million euros, a decline of 6.5 percent in constant currencies (reported: - 7.5 percent). Order intake, by
contrast, stabilized at the previous year's level with a slight of 0.3 percent (reported: -0.8 percent) and 490 million euros.
The division's underlying EBITDA decreased by 16.3 percent to 118 million euros, mainly due to volume and product mix effects; the corresponding margin was 23.2 percent (PY: 25.6 percent).
Based on the company's nine-month results, management confirms its guidance for the full year 2024. Sales revenue is expected to be on par with the previous year, with a forecast range of a low single-digit negative to low single-digit positive development; sales contribution from acquisitions should be around 1.5 percent. In terms of profitability, the company anticipates an underlying EBITDA margin in the range of 27 to 29 percent for 2024. The ongoing efficiency program will make a positive contribution of more than 100 million euros, while volume effects and the company's own inventory reduction will have a temporary dilutive effect. The ratio of capital expenditures (capex) to sales revenue should be around 12 percent in 2024, and the ratio of net debt to underlying EBITDA around 4.
For its two divisions, the company also continues to forecast sales revenues at prior-year level, with a bandwidth of low single-digit negative to low single-digit positive development. In the Bioprocess Solutions Division, acquisitions are projected to contribute around 2 percent to sales revenue, and the underlying EBITDA margin should reach 28 to 30 percent, with a slightly positive effect from the above-average profitability of the Polyplus business. For the Lab Products \& Services Division, Sartorius continues to expect an underlying EBITDA margin of 22 to 24 percent.
All forecast figures are based on constant currencies, as in past years. Management points out that dynamics and volatilities in the industry have increased significantly in recent years. In addition, uncertainties due to the changed geopolitical situation, such as the emerging decoupling tendencies of various countries, are playing a greater role. This results in higher uncertainty when forecasting business figures.
1 Sartorius publishes alternative performance measures that are not defined by international accounting standards. These are determined with the aim of improving the comparability of business performance over time and within the industry.
2 Acquisition of Polyplus
3 EMEA = Europe, Middle East, Africa
This press release contains forward-looking statements about the future development of the Sartorius Group. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Sartorius assumes no liability for updating such statements in light of new information or future events. This is a translation of the original German-language press release. Sartorius shall not assume any liability for the correctness of this translation. The original German press release is the legally binding version.
CEO Dr. Joachim Kreuzburg and CFO Dr. Florian Funck will discuss the company's 9-month results with analysts and investors in a conference call on October 17, 2024, at 1.00 p.m. CEST.
Register here: https://sar.to/9M_2024
Sartorius is a leading international partner of life sciences research and the biopharmaceutical industry. With innovative laboratory instruments and consumables, the Group's Lab Products \& Services Division focuses on laboratories performing research and quality control at pharmaceutical and biopharmaceutical companies as well as academic research institutes. The Bioprocess Solutions Division, with its broad product portfolio focusing on single-use solutions, helps customers manufacture biotech medications, vaccines, and cell and gene therapies safely, rapidly, and economically. The company, based in Göttingen, Germany, has a strong global reach with around 60 production and sales sites worldwide. Sartorius regularly expands its portfolio through the acquisition of complementary technologies. In 2023, the company generated sales revenue of around 3.4 billion euros. Around 14,000 employees are working for customers around the globe.
Visit our newsroom and follow Sartorius on LinkedIn.
Petra Müller
Head of Investor Relations
+49 (0)551.308.6035
[email protected]
| Sartorius Group | Bioprocess Solutions | Lab Products \& Services | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in millions of $€$ unless otherwise specified | $\begin{gathered} \hline \text { 9-mo. } \ 2024 \end{gathered}$ | $\begin{gathered} \hline 9-\mathrm{mo} . \ 2023^{1} \end{gathered}$ | $\Delta$ in \% | $\begin{gathered} \Delta \text { in } \% \ \text { cc } \end{gathered}$ | $\begin{gathered} \hline 9-m o . \ 2024 \end{gathered}$ | $\begin{gathered} \hline 9-m o . \ 2023^{1} \end{gathered}$ | $\Delta$ in \% | $\begin{gathered} \Delta \text { in } \% \ \text { cc } \end{gathered}$ | $\begin{gathered} 9-m o . \ 2024 \end{gathered}$ | $\begin{gathered} 9-m o . \ 2023^{1} \end{gathered}$ | $\Delta$ in \% | $\begin{gathered} \Delta \text { in } \% \ \text { cc } \end{gathered}$ | |
| Order Intake and Sales Revenue | |||||||||||||
| Order intake ${ }^{3}$ | 2,326.0 | 2,200.9 | 5.7 | 6.6 | 1,836.4 | 1,707.5 | 7.5 | 8.4 | 489.6 | 493.4 | $-0.8$ | 0.3 | |
| Sales revenue | 2,473.9 | 2,545.9 | $-2.8$ | $-2.0$ | 1,962.4 | 1,992.9 | $-1.5$ | $-0.8$ | 511.5 | 553.0 | $-7.5$ | $-6.5$ | |
| - EMEA ${ }^{4}$ | 1,020.1 | 972.7 | 4.9 | 5.0 | 813.6 | 766.4 | 6.2 | 6.2 | 206.4 | 206.3 | 0.1 | 0.4 | |
| - Americas ${ }^{4}$ | 879.4 | 973.4 | $-9.7$ | $-9.1$ | 713.6 | 792.6 | $-10.0$ | $-9.5$ | 165.8 | 180.9 | $-8.3$ | $-7.7$ | |
| - Asia | Pacific ${ }^{4}$ | 574.4 | 599.8 | $-4.2$ | $-1.6$ | 435.2 | 433.9 | 0.3 | 3.0 | 139.3 | 165.8 | $-16.0$ | $-13.7$ |
| Earnings | |||||||||||||
| EBITDA ${ }^{5}$ | 686.5 | 733.4 | $-6.4$ | 568.0 | 591.9 | $-4.0$ | 118.5 | 141.5 | $-16.3$ | ||||
| EBITDA-Margin ${ }^{5}$ in \% | 27.7 | 28.8 | 28.9 | 29.7 | 23.2 | 25.6 | |||||||
| Relevant net profit ${ }^{6}$ | 208.2 | 273.9 | $-24.0$ | ||||||||||
| Net result ${ }^{7}$ | 75.1 | 203.1 | $-63.0$ | ||||||||||
| Financial Data per Share | |||||||||||||
| Earnings per ord. share ${ }^{8}$ in $€$ | 3.01 | 4.00 | $-24.6$ | ||||||||||
| Earnings per pref. share ${ }^{8}$ in $€$ | 3.02 | 4.01 | $-24.6$ |
1 The previous year's figures have been revised due to finalization of the purchase price allocation for the acquisition of Polyplus $2 \mathrm{cc}=$ Constant currencies: Figures given in constant currencies eliminate the impact of changes in exchange rates by applying the same exchange rate for the current and the previous period
3 All customer orders contractually concluded and booked during the respective reporting period.
4 Acc. to the customer's location
5 Earnings before interest, taxes, depreciation and amortization, and adjusted for extraordinary items.
6 Profit for the period after non-controlling interest, adjusted for extraordinary items, and amortization, as well as based on the normalized financial result and the normalized tax rate.
7 After non-controlling interest
Figures are not audited nor reviewed.
| Sartorius Group | Bioprocess Solutions | Lab Products \& Services | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in millions of $€$ unless otherwise specified | $\begin{gathered} \text { Q3 } \ 2024 \end{gathered}$ | $\begin{gathered} \text { Q3 } \ 2023^{1} \end{gathered}$ | $\Delta$ in \% | $\begin{gathered} \Delta \text { in \% } \ \text { cc } \end{gathered}$ | $\begin{gathered} \text { Q3 } \ 2024 \end{gathered}$ | $\begin{gathered} \text { Q3 } \ 2023^{1} \end{gathered}$ | $\Delta$ in \% | $\begin{gathered} \Delta \text { in \% } \ \text { cc } \end{gathered}$ | $\begin{gathered} \text { Q3 } \ 2024 \end{gathered}$ | $\begin{gathered} \text { Q3 } \ 2023^{1} \end{gathered}$ | $\Delta$ in \% | $\begin{gathered} \Delta \text { in \% } \ \text { cc } \end{gathered}$ | |
| Order Intake and Sales Revenue | |||||||||||||
| Order intake ${ }^{3}$ | 767.7 | 751.3 | 2.2 | 2.9 | 616.5 | 605.8 | 1.8 | 2.5 | 151.2 | 145.5 | 3.9 | 4.6 | |
| Sales revenue | 793.6 | 810.7 | $-2.1$ | $-1.7$ | 631.4 | 646.4 | $-2.3$ | $-2.0$ | 162.2 | 164.3 | $-1.3$ | $-0.8$ | |
| - EMEA ${ }^{4}$ | 329.3 | 303.8 | 8.4 | 263.6 | 240.1 | 9.8 | 65.7 | 63.7 | 3.2 | ||||
| - Americas ${ }^{4}$ | 276.8 | 327.7 | $-15.5$ | 222.3 | 272.1 | $-18.3$ | 54.5 | 55.6 | $-2.1$ | ||||
| - Asia | Pacific ${ }^{4}$ | 187.6 | 179.2 | 4.7 | 145.5 | 134.2 | 8.4 | 42.1 | 45.0 | $-6.5$ | |||
| Earnings | |||||||||||||
| EBITDA ${ }^{5}$ | 215.1 | 216.7 | $-0.7$ | 179.0 | 177.4 | 0.9 | 36.0 | 39.3 | $-8.2$ | ||||
| EBITDA-Margin ${ }^{5}$ in \% | 27.1 | 26.7 | 28.4 | 27.4 | 22.2 | 23.9 | |||||||
| Relevant net profit ${ }^{6}$ | 59.8 | 71.5 | $-16.3$ | ||||||||||
| Net result ${ }^{7}$ | 14.2 | 14.9 | $-4.8$ | ||||||||||
| Financial Data per Share | |||||||||||||
| Earnings per ord. share ${ }^{8}$ in $€$ | 0.87 | 1.04 | $-17.1$ | ||||||||||
| Earnings per pref. share ${ }^{8}$ in $€$ | 0.87 | 1.04 | $-17.1$ |
1 The previous year's figures have been revised due to finalization of the purchase price allocation for the acquisition of Polyplus $2 \mathrm{cc}=$ Constant currencies: Figures given in constant currencies eliminate the impact of changes in exchange rates by applying the same exchange rate for the current and the previous period
3 All customer orders contractually concluded and booked during the respective reporting period.
4 Acc. to the customer's location
5 Earnings before interest, taxes, depreciation and amortization, and adjusted for extraordinary items.
6 Profit for the period after non-controlling interest, adjusted for extraordinary items, and amortization, as well as based on the normalized financial result and the normalized tax rate.
7 After non-controlling interest
Figures are not audited nor reviewed.
| € in millions | $\begin{gathered} \text { Q3 } \ 2024 \end{gathered}$ | $\begin{gathered} \text { Q3 } \ 2023 \end{gathered}$ | $\begin{gathered} \text { 9 months } \ 2024 \end{gathered}$ | $\begin{gathered} \text { 9 months } \ 2023 \end{gathered}$ |
|---|---|---|---|---|
| Sales revenue | 793.6 | 810.7 | 2,473.9 | 2,545.9 |
| Cost of sales | $-448.5$ | $-456.4$ | $-1,344.1$ | $-1,352.1$ |
| Gross profit on sales | 345.1 | 354.3 | 1,129.8 | 1,193.8 |
| Selling and distribution costs | $-163.9$ | $-157.2$ | $-499.8$ | $-471.6$ |
| Research and development expenses | $-46.8$ | $-39.3$ | $-137.4$ | $-124.3$ |
| General administrative expenses | $-52.8$ | $-59.6$ | $-165.9$ | $-161.9$ |
| Other operating income | 14.3 | 16.5 | 32.4 | 43.2 |
| Other operating expenses | $-27.7$ | $-23.0$ | $-61.9$ | $-83.5$ |
| Earnings before interest and taxes (EBIT) | 68.2 | 91.8 | 297.2 | 395.7 |
| Financial income | 11.6 | $-21.5$ | 44.3 | 80.1 |
| Financial expenses | $-48.9$ | $-36.5$ | $-184.6$ | $-118.9$ |
| Financial result | $-37.3$ | $-58.0$ | $-140.3$ | $-38.8$ |
| Profit before tax | 30.9 | 33.8 | 156.8 | 356.9 |
| Income taxes | $-8.3$ | $-9.1$ | $-42.1$ | $-78.7$ |
| Net profit for the period | 22.5 | 24.7 | 114.7 | 278.2 |
| Attributable to: | ||||
| Shareholders of Sartorius AG | 14.2 | 14.9 | 75.1 | 203.1 |
| Non-controlling interest | 8.3 | 9.7 | 39.6 | 75.1 |
| Earnings per ordinary share (€) (basic) | 0.21 | 0.22 | 1.08 | 2.96 |
| Earnings per preference share (€) (basic) | 0.21 | 0.22 | 1.09 | 2.97 |
| Earnings per ordinary share (€) (diluted) | 0.21 | 0.22 | 1.08 | 2.96 |
| Earnings per preference share (€) (diluted) | 0.21 | 0.22 | 1.09 | 2.97 |
The previous year's figures have been revised due to finalization of the purchase price allocation for the acquisition of Polyplus.
Extraordinary items have been reported within functional expenses since the consolidated financial statements for the year 2023. The figures for the comparative period ( 9 months 2023) were revised accordingly.
Figures are not audited nor reviewed.
Statement of Comprehensive Income
| € in millions | Q3 | Q3 | 9 months | 9 months |
|---|---|---|---|---|
| $\mathbf{2 0 2 4}$ | 2023 | $\mathbf{2 0 2 4}$ | 2023 | |
| Net profit for the period | 22.5 | 24.7 | 114.7 | 278.2 |
| Cash flow hedges | 8.2 | -4.6 | -2.2 | 0.4 |
| - of which effective portion of the change in fair value | 9.3 | -1.0 | 1.1 | -3.6 |
| - of which reclassified to profit or loss | -1.1 | -3.6 | -3.2 | 4.0 |
| Income tax on cash flow hedges | -1.4 | 0.9 | 0.9 | -0.2 |
| Net investment in a foreign operation (currency translation) | -27.6 | 10.2 | -12.4 | 2.4 |
| Currency translation differences | -38.6 | 18.2 | 9.4 | -6.5 |
| Items that may be reclassified in the profit or loss statement, net of tax | -59.4 | 24.7 | -4.2 | -3.8 |
| Remeasurements of the net defined benefit liability | 0.0 | 0.0 | 1.9 | 2.1 |
| Income tax on remeasurements of the net defined benefits liabilities | 0.0 | 0.0 | -0.6 | -0.6 |
| Equity Instruments at FVOCI | 0.3 | -4.9 | -8.6 | -49.3 |
| Items that will not be reclassified in the profit or loss statement, net of tax | 0.3 | -4.9 | -7.2 | -47.8 |
| Other comprehensive income after tax | -59.1 | 19.8 | -11.4 | -51.6 |
| Total comprehensive income | -36.6 | 44.5 | 103.3 | 226.6 |
| Attributable to: | ||||
| Shareholders of Sartorius AG | -40.8 | 34.9 | 60.3 | 153.5 |
| Non-controlling interest | 4.3 | 9.6 | 43.0 | 73.0 |
The previous year's figures have been revised due to finalization of the purchase price allocation for the acquisition of Polyplus.
Figures are not audited nor reviewed.
| Kon millions | Sept. 30, 2024 | Dec. 31, 2023 |
|---|---|---|
| Non-current assets | ||
| Goodwill | 3,457.6 | 3,450.4 |
| Other intangible assets | 1,973.3 | 2,055.0 |
| Property, plant and equipment | 2,204.9 | 2,080.9 |
| Financial assets | 103.3 | 114.8 |
| Other assets | 2.9 | 3.7 |
| Deferred tax assets | 83.0 | 83.9 |
| 7,824.9 | 7,788.6 | |
| Current assets | ||
| Inventories | 868.0 | 1,036.7 |
| Trade receivables | 332.7 | 350.6 |
| Other financial assets | 31.8 | 36.7 |
| Current tax assets | 60.3 | 60.5 |
| Other assets | 97.1 | 93.2 |
| Cash and cash equivalents | 579.2 | 379.2 |
| 1,969.1 | 1,956.9 | |
| Total assets | 9,794.1 | 9,745.5 |
| 1 in millions | Sept. 30, 2024 | Dec. 31, 2023 |
| Equity | ||
| Equity attributable to Sartorius AG shareholders | 2,668.7 | 2,067.8 |
| Issued capital | 69.0 | 68.4 |
| Capital reserves | 243.7 | 45.2 |
| Other reserves and retained earnings | 2,356.0 | 1,954.1 |
| Non-controlling interest | 1,108.5 | 690.2 |
| 3,777.2 | 2,758.0 | |
| Non-current liabilities | ||
| Pension provisions | 56.3 | 56.5 |
| Other provisions | 20.6 | 21.6 |
| Loans and borrowings | 4,293.0 | 4,909.3 |
| Lease liabilities | 133.2 | 114.0 |
| Other financial liabilities | 109.9 | 113.7 |
| Deferred tax liabilities | 426.9 | 442.3 |
| 5,039.8 | 5,657.5 | |
| Current liabilities | ||
| Provisions | 43.0 | 46.9 |
| Trade payables | 226.3 | 306.5 |
| Contract liabilities | 223.5 | 278.2 |
| Loans and borrowings | 64.5 | 254.8 |
| Lease liabilities | 34.3 | 33.2 |
| Employee benefits | 125.1 | 92.3 |
| Other financial liabilities | 53.0 | 55.0 |
| Current tax liabilities | 141.2 | 198.3 |
| Other liabilities | 66.2 | 64.7 |
| 977.0 | 1,330.0 | |
| Total equity and liabilities | 9,794.1 | 9,745.5 |
The previous year's figures have been revised due to finalization of the purchase price allocation for the acquisition of Polyplus and the separate presentation of contract liabilities.
Figures are not audited nor reviewed.
| € in millions | 9 months 2024 |
9 months 2023 |
|---|---|---|
| Profit before tax | 156.8 | 356.9 |
| Financial result | 140.3 | 38.8 |
| Depreciation | amortization of intangible and tangible assets | 296.9 |
| Change in provisions | -4.8 | -8.0 |
| Change in receivables and other assets | 14.3 | 124.7 |
| Change in inventories | 161.0 | 18.7 |
| Change in liabilities (without loans and borrowings) | -64.1 | -87.0 |
| Interest received | 20.8 | 12.0 |
| Income taxes paid | -115.5 | -158.9 |
| Other non-cash transactions | 7.2 | 3.4 |
| Cash flow from operating activities | 612.9 | 542.5 |
| Investments in intangible and tangible assets | -319.2 | -434.0 |
| Investments in financial assets | -13.3 | -17.1 |
| Acquisitions of subsidiaries and other business operations | 0.0 | $-2,240.9$ |
| Cash flow from investing activities | -332.4 | $-2,691.9$ |
| Capital increase | 197.7 | 0.0 |
| Interest paid | -186.5 | -95.9 |
| Dividends paid to: | ||
| - Shareholders of Sartorius AG | -50.7 | -98.2 |
| - Non-controlling interest | -20.0 | -36.2 |
| Changes in non-controlling interest | 788.9 | -87.9 |
| Repayment of borrowings | -824.4 | $-3,459.5$ |
| Proceeds from borrowings | 12.6 | $6,052.6$ |
| Cash flow from financing activities | -82.5 | $2,274.9$ |
| Net increase decrease in cash and cash equivalents | 198.0 | 125.4 |
| Cash and cash equivalents at the beginning of the period | 379.2 | 165.9 |
| Net effect of currency translation on cash and cash equivalents | 2.0 | 2.5 |
| Cash and cash equivalents at the end of the period | 579.2 | 293.9 |
The previous year's figures have been revised due to finalization of the purchase price allocation for the acquisition of Polyplus
Figures are not audited nor reviewed.
| € in millions | 9 months 2024 |
9 months $2023^{1}$ |
|---|---|---|
| EBIT | 297.2 | 395.7 |
| Extraordinary items | 92.4 | 96.3 |
| Amortization | 119.4 | 92.6 |
| Normalized financial result ${ }^{2}$ | -127.1 | -91.5 |
| Normalized income tax $(27 \%)^{3}$ | -103.1 | -133.1 |
| Underlying earnings after taxes | 278.8 | 360.0 |
| Non-controlling interest | -70.6 | -86.0 |
| Underlying earnings after taxes and non-controlling interest | 208.2 | 273.9 |
| Underlying earnings per share | ||
| $\quad$ per ordinary share in $€$ | 3.01 | 4.00 |
| $\quad$ per preference share in $€$ | 3.02 | 4.01 |
1 The previous year's figures have been revised due to finalization of the purchase price allocation for the acquisition of Polyplus.
2 Financial results 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 group tax rate, based on the underlying profit before tax.
Figures are not audited nor reviewed.
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