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Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum reports sustained strong demand in first quarter 2022 with sales, order intake and backlog at new highs

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DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): Quarter Results/Quarterly / Interim Statement
Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum reports sustained strong demand in first quarter 2022 with sales, order intake and backlog at new highs
03.05.2022 / 07:30
The issuer is solely responsible for the content of this announcement.


NEWS RELEASE

Pfeiffer Vacuum reports sustained strong demand in first quarter 2022 with sales, order intake and backlog at new highs

Asslar, May 3, 2022. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced results for the first quarter 2022. The Company's sales increased by 12.7% to EUR 216.0 million, the first time in the Company's history to achieve over EUR 200 million in sales within one quarter (Q1 2021: EUR 191.7 million). The operating result (EBIT) increased by 38.6% reaching EUR 31.3 million (Q1 2021: EUR 22.6 million) representing an EBIT margin of 14.5% (Q1 2021: 11.8%). Also, the order intake during the quarter was EUR 286.2 million (Q1 2021: EUR 233.9 million) and the order backlog stood at 386.4 million at the end of the first quarter 2022 (Q1 2021: EUR 165.5 million).

The Pfeiffer Vacuum sales increase was driven by a strong performance in all market segments. Sales in the Semiconductor and Emerging Technologies market segment increased by 13.1% to EUR 112.7 million (Q1 2021: EUR 99.6 million). This was a substantial improvement to the previous year, particularly in view of the significant sales increase in the previous year's first quarter. The sales in the Analytics, Industry and R&D market segment improved by 12.2% to EUR 103.3 million (Q1 2021: EUR 92.1 million) with strong demand particularly in industrial high-vacuum.

The operating result (EBIT) increased by 38.6% to EUR 31.3 million (Q1 2021: EUR 22.6 million) and the EBIT margin was 14.5% (Q1 2021: 11.8%). The year-over-year increase in EBIT was primarily a result of the sales increase and related scale economies, as well as favorable foreign exchange movements, especially from the US-Dollar. The beneficial developments were partially offset by increased material and employee costs as well as investments to increase production capacity and to accelerate growth.

The book-to-bill ratio, the ratio of order intake to sales, was at an impressive level of 1.33 for the first quarter 2022. The order backlog of EUR 386.4 million represents an increase of 133.5% compared to the previous year (March 31, 2021: EUR 165.5 million) and an increase of 22.2% compared to year-end 2021 (December 31, 2021: EUR 316.2 million).

"'We are very satisfied with positive development of Pfeiffer Vacuum over the course of the first quarter of the current fiscal year," says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. "The demand for our products and services remained on unprecedented levels and was broad based. The primary challenge for us is to continue to successfully navigate within the increasingly strained supply chains. We are committed to keeping our customers at the center of everything we do, in order to increase our market share in the growing high-vacuum market while also driving sustainability. Our commitment is to invest in the future, including in the current global economic uncertainties, to achieve our mid- and long-term strategic goals."

Overview of key figures:

 

Q1/2022

Q1/2021

Change

 

 

 

 

Sales

€ 216.0 million

€ 191.7 million

12.7%

EBIT

€ 31.3 million

€ 22.6 million

38.6%

Net income

€ 22.2 million

€ 15.9 million

39.5%

Earnings per share

€ 2.25

€ 1.61

39.8%

Order intake

€ 286.2 million

€ 233.9 million

22.4%

Order backlog

€ 386.4 million

€ 165.5 million

133.5%

 

The gross profit in the reporting period was EUR 78.7 million (Q1 2021: EUR 65.2 million). The year-over-year increase of 20.8% is due to positive economies of scale related to increased sales.

Net income increased by 39.5% to EUR 22.2 million (Q1 2021: EUR 15.9 million), representing earnings per share of EUR 2.25 (Q1 2021: EUR 1.61).

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 10.7% to EUR 89.4 million (Q1 2021: EUR 80.7 million). Europe showed an increase of 10.4% to EUR 73.6 million (Q1 2021: 66.7 million) related to the broad recovery in all markets. Sales in the Americas increased by 19.9% to EUR 52.9 million (Q1 2021: EUR 44.1 million), also reflecting the positive impact of the US-Dollar foreign exchange movement.

Balance sheet and cash-flow
Total assets at the end of the first quarter 2022 were EUR 744.6 million, up 5.2% from year-end 2021 (December 31, 2021: EUR 707.9 million). Cash and cash equivalents were EUR 105.6 million (December 31, 2021: EUR 99.4 million) and the Company is net debt free from a financial liability perspective. The equity ratio remained at a solid level of 65.1%, slightly above year-end 2021 (December 31, 2021: 64.9%). Capital expenditure in the first quarter more than doubled to EUR 11.1 million and were mainly used for the building out of production facilities (Q1 2021: EUR 5.1 million).

Outlook for the 2022 fiscal year unchanged
The Company confirms its guidance and continues to expect sales for the full year 2022 to grow 5% or more above 2021 levels in a strong market demand environment, with an increasing risk of supply chain disruptions. The EBIT margin expectations for the full year 2022 remain at around 14%. The probability and impact of disruptions due to geopolitical, economic and Corona pandemic related market conditions, including the war in the Ukraine, cannot be predicted.

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 over 3,500 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,

 

 

2022

 

2021

 

 

in K€

 

in K€

Net sales

 

215,958

 

191,664

Cost of sales

 

-137,210

 

-126,498

Gross profit

 

78,748

 

65,166

 

 

 

 

 

Selling and marketing expenses

 

-22,042

 

-20,553

General and administrative expenses

 

-17,338

 

-15,607

Research and development expenses

 

-8,869

 

-8,995

Other operating income

 

3,008

 

3,573

Other operating expenses

 

-2,169

 

-969

Operating profit

 

31,338

 

22,615

 

 

 

 

 

Financial expenses

 

-96

 

-229

Financial income

 

65

 

54

Earnings before taxes

 

31,307

 

22,440

 

 

 

 

 

Income taxes

 

-9,079

 

-6,508

 

 

 

 

 

Net income

 

22,228

 

15,932

 

 

 

 

 

Earnings per share (in €):

 

 

 

 

Basic

 

2.25

 

1.61

Diluted

 

2.25

 

1.61

 

 

 

 

 

 

Consolidated Balance Sheets (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2022

 

December 31, 2021

 

 

in K€

 

in K€

Assets

 

 

 

 

Intangible assets

 

93,363

 

91,524

Property, plant and equipment

 

180,278

 

175,952

Investment properties

 

342

 

352

Other financial assets

 

2,850

 

2,502

Other assets

 

792

 

791

Deferred tax assets

 

28,733

 

28,650

Total non-current assets

 

306,358

 

299,771

 

 

 

 

 

Inventories

 

181,933

 

162,178

Trade accounts receivable

 

129,492

 

119,587

Contract assets

 

2,765

 

1,392

Income tax receivables

 

3,326

 

4,796

Prepaid expenses

 

5,280

 

4,689

Other financial assets

 

214

 

168

Other accounts receivable

 

9,633

 

15,924

Cash and cash equivalents

 

105,571

 

99,371

Total current assets

 

438,214

 

408,105

 

 

 

 

 

Total assets

 

744,572

 

707,876

 

 

 

 

 

Shareholders' equity and liabilities

 

 

 

 

Share capital

 

25,261

 

25,261

Additional paid-in capital

 

96,245

 

96,245

Retained earnings

 

392,235

 

370,007

Other equity components

 

-28,983

 

-32,137

Equity of Pfeiffer Vacuum Technology AG shareholders

 

484,758

 

459,376

 

 

 

 

 

Financial liabilities

 

13,229

 

13,876

Provisions for pensions

 

61,357

 

60,502

Deferred tax liabilities

 

5,035

 

4,437

Contract liabilities

 

1,405

 

1,321

Total non-current liabilities

 

81,026

 

80,136

 

 

 

 

 

Trade accounts payable

 

65,567

 

58,046

Contract liabilities

 

14,645

 

13,343

Other accounts payable

 

31,068

 

27,742

Provisions

 

44,218

 

48,181

Income tax liabilities

 

19,029

 

16,773

Financial liabilities

 

4,261

 

4,279

Total current liabilities

 

178,788

 

168,364

 

 

 

 

 

Total shareholders' equity and liabilities

 

744,572

 

707,876

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

2022

 

2021

 

 

in K€

 

in K€

Cash flow from operating activities:

 

 

 

 

Net income

 

22,228

 

15,932

Depreciation/amortization

 

7,221

 

6,233

Other non-cash income/expenses

 

2,320

 

5,130

Effects of changes of assets and liabilities:

 

 

 

 

Inventories

 

-20,331

 

-4,550

Receivables and other assets

 

-3,925

 

-29,753

Provisions, including pensions, and income tax liabilities

 

-1,112

 

6,289

Payables, other liabilities

 

11,936

 

14,420

Net cash provided by operating activities

 

18,327

 

13,701

 

 

 

 

 

Cash flow from investing activities:

 

 

 

 

Capital expenditures

 

-11,069

 

-5,116

Proceeds from disposals of fixed assets

 

67

 

65

Net cash used in investing activities

 

-11,002

 

-5,051

 

 

 

 

 

Cash flow from financing activities:

 

 

 

 

Principal elements of lease payments

 

-1,278

 

-1,570

Redemptions of financial liabilities

 

2

 

-62

Net cash used in financing activities

 

-1,276

 

-1,632

 

 

 

 

 

Effects of foreign exchange rate changes on cash and cash equivalents

 

151

 

318

 

 

 

 

 

Net change in cash and cash equivalents

 

6,200

 

7,336

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

99,371

 

122,883

 

 

 

 

 

Cash and cash equivalents at end of period

 

105,571

 

130,219

 

 

 

 

 

 

 

 

 

 

 

 


03.05.2022 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,

Listed:

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

EQS News ID:

1341355


 

End of News

DGAP News Service

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