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Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum H1 2021 results: On track to reach new record sales and improved margins in fiscal year 2021

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DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): Half Year Results
03.08.2021 / 07:30
The issuer is solely responsible for the content of this announcement.


PRESS RELEASE

Pfeiffer Vacuum H1 2021 results: On track to reach new record sales and improved margins in fiscal year 2021

First half 2021:

- Sales of EUR 391.2 million, up 29.6% from the previous year

- Operating result (EBIT) of EUR 48.1 million and EBIT margin of 12.3%

- Order intake of EUR 451.6 million, up 42.6% compared to previous year

Asslar, August 3, 2021. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced consolidated results for the first half of 2021. The Company reported a record sales level of EUR 391.2 million, an increase of 29.6% compared to the previous year (H1 2020: EUR 301.9 million). The operating results (EBIT) reached EUR 48.1 million, an increase of 146.1% (H1 2020: EUR 19.5 million) representing a significantly improved EBIT margin of 12.3% (H1 2020: 6.5%). The order intake for the first half of 2021 was also at a record level with EUR 451.6 million, a strong increase of 42.6% compared to the previous year (H1 2020: EUR 316.6 million).

Pfeiffer Vacuum's sales increase for the first six months of 2021 reflects strong year-over-year performance in all market segments with the Semiconductor market remaining particularly dynamic. Sales in the Semiconductor and Emerging Technologies market segment increased significantly by 40.7% to EUR 206.6 million (H1 2020: EUR 146.9 million). The sales in the Analytics, Industry and R&D market segment improved by 19.1% to EUR 184.5 million (H1 2020: EUR 155.0 million). Following a new market segmentation introduced at the beginning of 2021, the previous year's figures have been adjusted for better comparability.

The operating result (EBIT) of EUR 48.1 million represents an increase by 146.1% compared to the previous year (H1 2020: EUR 19.5 million). The EBIT margin reached 12.3% (H1 2020: 6.5%). The year-over-year increase in EBIT was primarily a result of the increase in sales and related scale economies.

The order intake in the first half of 2021 reached EUR 451.6 million, up 42.6% compared to the first half of 2020. At the end of the second quarter 2021, Pfeiffer Vacuum had an order backlog of EUR 183.7 million, up 46.5% compared to the previous year and up 49.0% compared to year-end 2020 (June 30, 2020: EUR 125.4 million, December 31, 2020: EUR 123.3 million).The book-to-bill ratio, the ratio of order intake to sales, was at a robust level of 1.15 in the first half of 2021.

"I am very pleased with our strong half-year results amidst the ongoing pandemic," says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. "Our production and support functions performed very well as we delivered a second consecutive quarter of record sales while maintaining a stable supply chain. The market demand remains at a high level, so we will have to continue to effectively manage tension in the supply chain and customer demand fluctuations related to the timing of projects."

Overview of key figures:

 

 

H1/2021

H1/2020

Change

 

 

 

 

 

Sales

 

€ 391.2 million

€ 301.9 million

29.6%

EBIT

 

€ 48.1 million

€ 19.5 million

146.1%

Net income

 

€ 33.8 million

€ 13.5 million

150.4%

Earnings per share

 

€ 3.43

€ 1.37

150.4%

Order intake

 

€ 451.6 million

€ 316.6 million

42.6%

 

 

 

 

 

 

 

 

 

 

 

 

Q2/2021

Q2/2020

Change

 

 

 

 

 

Sales

 

€ 199.5 million

€ 148.5 million

34.3%

EBIT

 

€ 25.5 million

€ 6.7 million

278.8%

Net income

 

€17.9 million

€ 4.7 million

283.9%

Earnings per share

 

€ 1.82

€ 0.47

287.2%

Order intake

 

€ 217.7 million

€ 143.7 million

51.5%

Order backlog

 

€ 183.7 million

€ 125.4 million

46.5%

 

In sales by region, which describes sales according to the location of the customers in their corresponding region, robust consumer demand and investments in semiconductor capacity drove expansion in all regions. All our market segments benefit from the development of new technologies that are supporting megatrends in the market, including consumer electronics, green energy, medical and pharmaceutical innovation. In addition, our customers pursue efficiencies in their production processes. In Asia, Pfeiffer Vacuum achieved a year-over-year increase in sales by 47.6% to EUR 160.2 million for the first half of 2021 (H1 2020: EUR 108.6 million) and sales in the Americas increased by 22.0% to EUR 103.1 million (H1 2020 EUR 84.5 million). Foreign exchange impacts adversely affected sales particularly in this region. Europe showed an increase of 17.4% to EUR 127.6 million (H1 2020: EUR 108.7 million).

The gross profit for the first half of 2021 was EUR 136.2 million (H1 2020: EUR 102.6 million). The year-over-year increase is primarily due to positive economies of scale related to sales increases.

Net income increased to EUR 33.9 million (H1 2020: EUR 13.5 million), representing earnings per share of EUR 3.43 (H1 2020: EUR 1.37).

Solid Balance sheet and cash-flow
Total assets at the end of the second quarter 2021 were EUR 716.9 million, up 8.3% from year-end 2020 (December 31, 2020: EUR 661.8 million). Cash and cash equivalents were EUR 123.6 million (December 31, 2020: EUR 122.9 million) and remained stable. During the second quarter of 2021, an annual divided of EUR 15.8 million was paid out and financial liabilities of EUR 10.0 million were redeemed. The Company continues to be net debt free from a financial liability perspective. The equity ratio remained at a solid level of 58.5%, slightly below year-end 2020 (December 31, 2020: 59.2%).

Strong 2021 fiscal year results expected
Based on the record sales results for the first half 2021 and the record order intake, Pfeiffer Vacuum has raised its guidance for the full fiscal year 2021. The Company expects annual sales to reach another record level of EUR 710 million to EUR 730 million (fiscal year 2020: EUR 619 million). The EBIT margin is expected to significantly improve in 2021 to between 12.0% and 13.0% of sales (fiscal year 2020: 7.3%).

The Pfeiffer Vacuum half-year financial report 2021 is available for download at group.pfeiffer-vacuum.com/financial-reports.


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 June 30,

 

Six months ended
June 30,

 

 

2021

 

2020

 

2021

 

2020

 

 

in K€

 

in K€

 

in K€

 

in K€

Net sales

 

199,492

 

148,526

 

391,156

 

301,854

Cost of sales

 

-128,471

 

-99,163

 

-254,969

 

-199,219

Gross profit

 

71,021

 

49,363

 

136,187

 

102,635

 

 

 

 

 

 

 

 

 

Selling and marketing expenses

 

-18,961

 

-18,067

 

-39,514

 

-36,100

General and administrative expenses

 

-18,123

 

-15,441

 

-33,730

 

-30,759

Research and development expenses

 

-8,531

 

-9,820

 

-17,526

 

-17,519

Other operating income

 

2,640

 

1,924

 

6,213

 

4,645

Other operating expenses

 

-2,549

 

-1,228

 

-3,518

 

-3,354

Operating profit

 

25,497

 

6,731

 

48,112

 

19,548

 

 

 

 

 

 

 

 

 

Financial expenses

 

-217

 

-222

 

-446

 

-453

Financial income

 

-1

 

55

 

53

 

94

Earnings before taxes

 

25,279

 

6,564

 

47,719

 

19,189

 

 

 

 

 

 

 

 

 

Income taxes

 

-7,330

 

-1,888

 

-13,838

 

-5,658

 

 

 

 

 

 

 

 

 

Net income

 

17,949

 

4,676

 

33,881

 

13,531

 

 

 

 

 

 

 

 

 

Earnings per share (in €):

 

 

 

 

 

 

 

 

Basic

 

1,82

 

0.47

 

3,43

 

1.37

Diluted

 

1,82

 

0.47

 

3,43

 

1.37

 

 

 

 

 

 

 

 

 

 

.

 

 

Consolidated Balance Sheets (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2021

 

December 31, 2020

 

 

in K€

 

in K€

Assets

 

 

 

 

Intangible assets

 

102,905

 

100,736

Property, plant and equipment

 

161,524

 

158,191

Investment properties

 

368

 

376

Other financial assets

 

2,585

 

2,198

Contract assets

 

223

 

-

Other assets

 

593

 

829

Deferred tax assets

 

29,704

 

31,306

Total non-current assets

 

297,902

 

293,636

 

 

 

 

 

Inventories

 

137,267

 

133,254

Trade accounts receivable

 

129,426

 

83,601

Contract assets

 

2,356

 

1,501

Income tax receivables

 

10,779

 

10,848

Prepaid expenses

 

5,563

 

4,260

Other financial assets

 

171

 

1,597

Other accounts receivable

 

9,893

 

10,265

Cash and cash equivalents

 

123,579

 

122,883

Total current assets

 

419,034

 

368,209

 

 

 

 

 

Total assets

 

716,936

 

661,845

 

 

 

 

 

Shareholders' equity and liabilities

 

 

 

 

Share capital

 

25,261

 

25,261

Additional paid-in capital

 

96,245

 

96,245

Retained earnings

 

341,901

 

323,808

Other equity components

 

-44,118

 

-53,580

Equity of Pfeiffer Vacuum Technology AG shareholders

 

419,289

 

391,734

 

 

 

 

 

Financial liabilities

 

59,307

 

69,614

Provisions for pensions

 

65,777

 

70,348

Deferred tax liabilities

 

4,827

 

4,477

Contract liabilities

 

1,451

 

804

Total non-current liabilities

 

131,362

 

145,243

 

 

 

 

 

Trade accounts payable

 

54,150

 

44,937

Contract liabilities

 

19,998

 

7,296

Other accounts payable

 

30,031

 

21,478

Provisions

 

46,712

 

39,502

Income tax liabilities

 

11,579

 

8,154

Financial liabilities

 

3,816

 

3,501

Total current liabilities

 

166,286

 

124,868

 

 

 

 

 

Total shareholders' equity and liabilities

 

716,936

 

661,845

 

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30,

 

 

2021

 

2020

 

 

in K€

 

in K€

Cash flow from operating activities:

 

 

 

 

Net income

 

33,881

 

13,531

Depreciation/amortization

 

12,425

 

13,294

Other non-cash income/expenses

 

3,629

 

2,511

Effects of changes of assets and liabilities:

 

 

 

 

Inventories

 

-5,533

 

-11,911

Receivables and other assets

 

-44,833

 

3,979

Provisions, including pensions, and income tax liabilities

 

11,487

 

-3,731

Payables, other liabilities

 

30,757

 

5,214

Net cash provided by operating activities

 

41,813

 

22,887

 

 

 

 

 

Cash flow from investing activities:

 

 

 

 

Capital expenditures

 

-13,144

 

-13,271

Proceeds from disposals of fixed assets

 

136

 

147

Net cash used in investing activities

 

-13,008

 

-13,124

 

 

 

 

 

Cash flow from financing activities:

 

 

 

 

Principal elements of lease payments

 

-2,920

 

-2,345

Dividend payment

 

-15,788

 

-12,335

Redemptions of financial liabilities

 

-10,062

 

-120

Net cash used in financing activities

 

-28,770

 

-14,800

 

 

 

 

 

Effects of foreign exchange rate changes on cash and cash equivalents

 

661

 

-558

 

 

 

 

 

Net change in cash and cash equivalents

 


696

 

-5,595

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

122,883

 

111,980

 

 

 

 

 

Cash and cash equivalents at end of period

 

123,579

 

106,385

 

 

 

 

 

 

 

 

 

 

 


03.08.2021 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:

1223399


 

End of News

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