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Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum starts fiscal year 2021 with new quarterly records for sales and order intake

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DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): Quarter Results
04.05.2021 / 07:30
The issuer is solely responsible for the content of this announcement.


PRESS RELEASE

Pfeiffer Vacuum starts fiscal year 2021 with new quarterly records for sales and order intake

- Sales of EUR 191.7 million up 25.0% from the previous year

- Order intake of EUR 233.9 million, 35.3% above last year

- Operating result (EBIT) EUR 22.6 million and 11.8% EBIT margin

Asslar, May 4, 2021. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced results for the first quarter 2021. The Company's sales increased by 25.0% to a quarterly record level of EUR 191.7 million (Q1 2020: EUR 153.3 million). The operating result (EBIT) reached EUR 22.6 million, an increase of 76.4% (Q1 2020: EUR 12.8 million) representing an EBIT margin of 11.8% (Q1 2020: 8.4%). Also the order intake was at a record level with EUR 233.9 million (Q1 2020: EUR 172.9 million).

The Pfeiffer Vacuum sales increase was driven by a strong performance in all market segments. The sales development in the Semiconductor market was particularly dynamic. Starting January 1, 2021, Pfeiffer Vacuum changed its market segment categorization. The Coating market is now partly integrated into the newly named Semiconductor and Emerging Technologies market segment and partly into the Industry market, which is in turn assigned to the market segment Analytics, Industry and R&D. This change reflects the ongoing work of Pfeiffer Vacuum on its global market growth strategy - with the goal to be even more efficient and responsive to the customers' requirements.

Sales in the Semiconductor and Emerging Technologies market segment increased significantly by 38.9% to EUR 99.6 million (Q1 2020: EUR 71.7 million). The sales in the Analytics, Industry and R&D market segment improved by 12.8% to EUR 92.1 million (Q1 2020: EUR 81.6 million). The previous year's figures have been adjusted in line with the new market segmentation for better comparability.

The operating result (EBIT) increased by 76.4% to EUR 22.6 million (Q1 2020: EUR 12.8 million) and the EBIT margin was 11.8% (Q1 2020: 8.4%). The year-over-year increase in EBIT was primarily a result of the sales increase and related scale economies. This was partially offset by a less favorable product and market mix and continued prevailing efficiency losses due to safety measures related to the Corona pandemic. Additionally, unfavorable foreign exchange movements, especially from the US-Dollar, burdened the EBIT margin by 2 percentage points.

The book-to-bill ratio, the ratio of order intake to sales, was at an impressive level of 1.22 for the first quarter 2021. The order backlog of EUR 165.5 million represents an increase of 27.0% compared to the previous year (March 31, 2020: EUR 130.3 million) and an increase of 34.2% compared to year-end 2020 (December 31, 2020: EUR 123.3 million).

"This was a very strong quarter with order and sales levels accelerating from the beginning of the year," says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. "We kept up with the customer demand due to our robust global infrastructure and committed employees. The market demand remains volatile, but with a clear focus on the customers' needs and our agile team, we are able to navigate through this fast changing environment and serve the high demand. At the same time, we remain vigilant to protect the health and safety of our employees."

Overview of key figures:

 

Q1/2021

Q1/2020

Change

 

 

 

 

Sales

€ 191.7 million

€ 153.3 million

25.0%

EBIT

€ 22.6 million

€ 12.8 million

76.4%

Net income

€ 15.9 million

€ 8.9 million

79.9%

Earnings per share

€ 1.61

€ 0.90

78.9%

Order intake

€ 233.9 million

€ 172.9 million

35.3%

Order backlog

€ 165.5 million

€ 130.3 million

27.0%

 

The gross profit in the reporting period was EUR 65.2 million (Q1 2020: EUR 53.3 million). The year-over-year increase of 22.3% is due to positive economies of scale related to increased sales, partially offset by less favorable product and market mix, productivity impact related to COVID-19 measures, and foreign exchange movement particularly by the US-Dollar.

Net income increased by 79.9% to EUR 15.9 million (Q1 2020: EUR 8.9 million) representing earnings per share of EUR 1.61 (Q1 2020: EUR 0.90).

In sales by region, which describes sales according to the location of the customers in their corresponding region, Asia contributed with an increase in sales of 58.5% to EUR 80.7 million (Q1 2020: EUR 50.9 million) driven by strong sales to semiconductor customers. Europe showed an increase of 15.1% to EUR 66.7 million (Q1 2020: EUR 58.0 million) related to the broad recovery in all markets, including the Semiconductor market. Sales in the Americas declined slightly by 0.8% to EUR 44.1 million (Q1 2020: EUR 44.4 million) due to the negative impact of the US-Dollar foreign exchange movement.

Balance sheet and cash-flow
Total assets at the end of the first quarter 2021 were EUR 708.3 million, up 7.0% from year-end 2020 (December 31, 2020: EUR 661.8 million). Cash and cash equivalents were EUR 130.2 million (December 31, 2020: EUR 122.9 million) and the Company is net debt free from a financial liability perspective. The equity ratio remained at a solid level of 58.6%, slightly below year-end 2020 (December 31, 2020: 59.2%).

Positive outlook for the 2021 fiscal year
Based on the strong results for the first quarter 2021, the record order intake, as well as the continuing recovery in all market segments, Pfeiffer Vacuum expects that annual sales growth as well as the EBIT margin performance will significantly improve in 2021 compared to the same period in 2020. Both sales growth and EBIT margin are expected to be above 10% (fiscal year 2020: sales growth -2.2%; EBIT margin 7.3%). The Management Board expects a strong first half of 2021 and a slight slowing in demand in the second half of 2021 due to quarterly fluctuations and a more normalized demand environment.

Contact
Pfeiffer Vacuum Technology AG


Investor Relations
Heide Erickson
T +49 6441 802 1360
Heide.Erickson@pfeiffer-vacuum.de

About Pfeiffer Vacuum
Pfeiffer Vacuum (ticker symbol PFV, ISIN DE0006916604) is a leading global manufacturer of vacuum solutions. Among a full range of hybrid and magnetically levitated turbopumps, the portfolio comprises backing pumps, leak detectors, measurement and analysis devices, components and vacuum chambers and systems. Pfeiffer Vacuum has stood for innovative solutions and high-tech products in analytics, industry, research & development, coating and semiconductor markets since its invention of the turbopump. Founded in 1890, Pfeiffer Vacuum is active worldwide. The Company employs approximately 3,300 employees, has over 20 sales and service companies, and operates 10 manufacturing sites worldwide.

For more information, please go to: group.pfeiffer-vacuum.com

Consolidated Statements of Income (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

2021

 

2020

 

 

in K€

 

in K€

Net sales

 

191,664

 

153,328

Cost of sales

 

-126,498

 

-100,056

Gross profit

 

65,166

 

53,272

 

 

 

 

 

Selling and marketing expenses

 

-20,553

 

-18,033

General and administrative expenses

 

-15,607

 

-15,318

Research and development expenses

 

-8,995

 

-7,699

Other operating income

 

3,573

 

2,721

Other operating expenses

 

-969

 

-2,126

Operating profit

 

22,615

 

12,817

 

 

 

 

 

Financial expenses

 

-229

 

-231

Financial income

 

54

 

39

Earnings before taxes

 

22,440

 

12,625

 

 

 

 

 

Income taxes

 

-6,508

 

-3,770

 

 

 

 

 

Net income

 

15,932

 

8,855

 

 

 

 

 

Earnings per share (in €):

 

 

 

 

Basic

 

1.61

 

0.90

Diluted

 

1.61

 

0.90

 

 

 

 

 

 

 

Consolidated Balance Sheets (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2021

 

December 31, 2020

 

 

in K€

 

in K€

Assets

 

 

 

 

Intangible assets

 

103,039

 

100,736

Property, plant and equipment

 

158,987

 

158,191

Investment properties

 

374

 

376

Other financial assets

 

3,232

 

2,198

Other assets

 

830

 

829

Deferred tax assets

 

31,480

 

31,306

Total non-current assets

 

297,942

 

293,636

 

 

 

 

 

Inventories

 

136,776

 

133,254

Trade accounts receivable

 

114,078

 

83,601

Contract assets

 

1,898

 

1,501

Income tax receivables

 

11,232

 

10,848

Prepaid expenses

 

4,830

 

4,260

Other financial assets

 

176

 

1,597

Other accounts receivable

 

11,118

 

10,265

Cash and cash equivalents

 

130,219

 

122,883

Total current assets

 

410,327

 

368,209

 

 

 

 

 

Total assets

 

708,269

 

661,845

 

 

 

 

 

Shareholders' equity and liabilities

 

 

 

 

Share capital

 

25,261

 

25,261

Additional paid-in capital

 

96,245

 

96,245

Retained earnings

 

339,740

 

323,808

Other equity components

 

-46,477

 

-53,580

Equity of Pfeiffer Vacuum Technology AG shareholders

 

414,769

 

391,734

 

 

 

 

 

Financial liabilities

 

69,246

 

69,614

Provisions for pensions

 

71,558

 

70,348

Deferred tax liabilities

 

6,265

 

4,477

Contract liabilities

 

1,050

 

804

Total non-current liabilities

 

148,119

 

145,243

 

 

 

 

 

Trade accounts payable

 

52,683

 

44,937

Contract liabilities

 

10,031

 

7,296

Other accounts payable

 

25,688

 

21,478

Provisions

 

44,029

 

39,502

Income tax liabilities

 

9,221

 

8,154

Financial liabilities

 

3,729

 

3,501

Total current liabilities

 

145,381

 

124,868

 

 

 

 

 

Total shareholders' equity and liabilities

 

708,269

 

661,845

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

2021

 

2020

 

 

in K€

 

in K€

Cash flow from operating activities:

 

 

 

 

Net income

 

15,932

 

8,855

Depreciation/amortization

 

6,233

 

6,801

Other non-cash income/expenses

 

5,130

 

868

Effects of changes of assets and liabilities:

 

 

 

 

Inventories

 

-4,550

 

-7,221

Receivables and other assets

 

-29,753

 

-6.841

Provisions, including pensions, and income tax liabilities

 

6,289

 

-1,063

Payables, other liabilities

 

14,420

 

886

Net cash provided by operating activities

 

13,701

 

2,285

 

 

 

 

 

Cash flow from investing activities:

 

 

 

 

Capital expenditures

 

-5,116

 

-7,585

Proceeds from disposals of fixed assets

 

65

 

109

Net cash used in investing activities

 

-5,051

 

-7,476

 

 

 

 

 

Cash flow from financing activities:

 

 

 

 

Principal elements of lease payments

 

-1,570

 

-1,298

Redemptions of financial liabilities

 

-62

 

-120

Net cash used in financing activities

 

-1,632

 

-1,418

 

 

 

 

 

Effects of foreign exchange rate changes on cash and cash equivalents

 

318

 

-719

 

 

 

 

 

Net change in cash and cash equivalents

 

7,336

 

-7,328

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

122,883

 

111,980

 

 

 

 

 

Cash and cash equivalents at end of period

 

130,219

 

104,652

 

 

 

 

 

 

 

 

 

 

 

 

 


04.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Pfeiffer Vacuum Technology AG

Berliner Str. 43

35614 Asslar

Germany

Phone:

+49 6441 802-0

Fax:

+49 6441 802-1365

E-mail:

info@pfeiffer-vacuum.de

Internet:

www.pfeiffer-vacuum.de

ISIN:

DE0006916604

WKN:

691660

Indices:

SDAX, TecDAX

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1191927


 

End of News

DGAP News Service

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