Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum Reports Sustained Strong Demand in First Quarter 2023 and Results In-Line with Forecast for the Fiscal Year 2023

11 May 2023 at 1:30 am·10-min read

EQS-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 2023 and Results In-Line with Forecast for the Fiscal Year 2023
11.05.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

NEWS RELEASE

Pfeiffer Vacuum Reports Sustained Strong Demand in First Quarter 2023 and Results In-Line with Forecast for the Fiscal Year 2023

First quarter 2023:

Sales of EUR 253.1 million, up 17.2% from the previous year
Operating result (EBIT) of EUR 32.2 million, up 2.9% year-on-year
Order intake of EUR 238.7 million and order backlog of EUR 488.3 million at the end of March 2023

Asslar, May 11, 2023. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced results for the first quarter 2023.

The Company’s sales increased by 17.2% to EUR 253.1 million – the first time in the Company’s history to achieve over EUR 250 million in sales within one quarter (Q1 2022: EUR 216.0 million). The operating result (EBIT) increased by 2.9%, reaching EUR 32.2 million (Q1 2022: EUR 31.3 million), representing an EBIT margin of 12.8% (Q1 2022: 14.5%). Furthermore, the order intake during the first quarter was EUR 238.7 million (Q1 2022: EUR 286.2 million) and the order backlog stood at EUR 488.3 million at the end of the first quarter 2023 (Q1 2022: EUR 386.4 million). These key financials are in-line with the Company’s forecast for the full fiscal year 2023.

The sales increase was driven by a strong performance in all market segments. Sales in the Semiconductor and Emerging Technologies market segment increased by 10.7% to EUR 124.7 million (Q1 2022: EUR 112.7 million). The sales in the Analytics, Industry and R&D market segment improved by 24.2% to EUR 128.3 million (Q1 2022: EUR 103.3 million) with continued broad-based demand.

The operating result (EBIT) increased by 2.9% to EUR 32.2 million (Q1 2022: EUR 31.3 million) and the EBIT margin was 12.8% (Q1 2022: 14.5%). The year-over-year increase in EBIT was primarily a result of the sales increase and related scale economies. The beneficial developments were partially offset by inflation as well as activities to increase production capacity and the development and expansion of the global IT infrastructure.

The book-to-bill ratio, the ratio of order intake to sales, was at a level of 0.94 for the first quarter 2023. The order backlog of EUR 488.3 million represents an increase of 26.4% compared to the previous year (March 31, 2022: EUR 386.4 million) and a slight decrease of 2.9% compared to year-end 2022 (December 31, 2022: EUR 502.7 million).

“The first quarter 2023 was again strong for Pfeiffer Vacuum”, says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. “The demand for our products and services remained at high levels across our market segments. However, we expect a slow-down in demand related to the semiconductor market conditions later in 2023. Our focus will remain on being agile in responding to demand shifts in the market and meeting the requirements of our customers. At the same time, we are positioning Pfeiffer Vacuum for medium- and long-term growth by modernizing and expanding our production capacities as well as by building a globally integrated IT infrastructure.”

Overview of key figures:

	Q1/2023	Q1/2022	Change

Sales	€ 253.1 million	€ 216.0 million	17.2%
EBIT	€ 32.2 million	€ 31.3 million	2.9%
Net income	€ 22.8 million	€ 22.2 million	2.8%
Earnings per share	€ 2.31	€ 2.25	2.7%
Order intake	€ 238.7 million	€ 286.2 million	-16.6%
Order backlog	€ 488.3 million	€ 386.4 million	26.4%

The gross profit in the reporting period was EUR 97.6 million (Q1 2022: EUR 78.7 million). The year-over-year increase of 24.0% is due to positive economies of scale related to increased sales.

Net income increased by 2.8% to EUR 22.8 million (Q1 2022: EUR 22.2 million), representing earnings per share of EUR 2.31 (Q1 2022: EUR 2.25).

In sales by region, which describes sales according to the location of the customers in their corresponding region, Asia achieved an increase in sales of 13.7% to EUR 101.6 million (Q1 2022: EUR 89.4 million). Europe showed an increase of 15.2% to EUR 84.8 million (Q1 2022: 73.6 million). Sales in the Americas increased by 25.9% to EUR 66.6 million (Q1 2022: EUR 52.9 million).

Balance sheet and cash-flow

Total assets at the end of the first quarter 2023 were EUR 905.4 million, up 4.8% from year-end 2022 (December 31, 2022: EUR 863.7 million). Cash and cash equivalents were EUR 71.3 million (December 31, 2022: EUR 67.8 million). The equity ratio remained at a solid level of 60.5%, slightly below year-end 2022 (December 31, 2022: 61.5%). Capital expenditures in the first quarter nearly doubled to EUR 21.0 million and were mainly used for expanding production capacity (Q1 2022: EUR 11.1 million).

Outlook for the 2023 fiscal year unchanged

The Company confirms its guidance and continues to expect consolidated sales for the fiscal year 2023 to be approximately at the same level as for the fiscal year 2022 (EUR 916.7 million). The EBIT margin expectations for the full year 2023 remain at around 12%. In addition, capital expenditures of about EUR 100 million are planned for the fiscal year 2023. The Company expects the second quarter 2023 again to be solid due to the currently strong backlog with demand slowing in the later part of 2023 related to semiconductor market conditions.

Other news

As announced at the Annual General Meeting of Pfeiffer Vacuum on May 2^nd, 2023, the Supervisory Board has decided to extend the Management Board service contract of Dr. Britta Giesen, CEO, for another five-year term until December 31, 2028.

Contact

Pfeiffer Vacuum Technology AG

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

About Pfeiffer Vacuum
Pfeiffer Vacuum (stock exchange symbol PFV, ISIN DE0006916604) is one of the world’s leading providers of vacuum solutions. In addition to a full range of hybrid and magnetically levitated turbopumps, the product portfolio comprises backing pumps, leak detectors, measurement and analysis devices, components as well as vacuum chambers and systems. Ever since the invention of the turbopump by Pfeiffer Vacuum, the company has stood for innovative solutions and high-tech products in the analytical, industrial, research & development, semiconductor and future technologies markets. Founded in 1890, Pfeiffer Vacuum is active throughout the world today. The company employs a workforce of some 4,000 people and has more than 20 sales and service companies as well as 10 manufacturing sites worldwide.

For more information, please visit www.pfeiffer-vacuum.com.

Consolidated Statements of Income (unaudited)


	Three months ended March 31,
	2023	2022
	in K€	in K€
Net sales	253,058	215,958
Cost of sales	-155,440	-137,210
Gross profit	97,618	78,748

Selling and marketing expenses	-24,587	-22,042
General and administrative expenses	-28,746	-17,338
Research and development expenses	-9,527	-8,869
Other operating income	3,921	3,008
Other operating expenses	-6,437	-2,169
Operating profit	32,242	31,338

Financial expenses	-807	-96
Financial income	192	65
Earnings before taxes	31,627	31,307

Income taxes	-8,785	-9,079

Net income	22,842	22,228

Earnings per share (in €):
Basic	2.31	2.25
Diluted	2.31	2.25

Consolidated Balance Sheets (unaudited)


	March 31, 2023	December 31, 2022
	in K€	in K€
Assets
Intangible assets	106,321	106,467
Property, plant and equipment	242,065	226,664
Investment properties	322	328
Other financial assets	5,228	4,985
Other assets	663	640
Deferred tax assets	23,849	23,806
Total non-current assets	378,448	362,890

Inventories	254,958	248,993
Trade accounts receivable	166,115	153,154
Contract assets	4,827	3,506
Income tax receivables	3,637	3,641
Prepaid expenses	11,051	10,356
Other financial assets	256	257
Other accounts receivable	14,849	13,095
Cash and cash equivalents	71,252	67,840
Total current assets	526,945	500,842

Total assets	905,393	863,732

Shareholders’ equity and liabilities
Share capital	25,261	25,261
Additional paid-in capital	96,245	96,245
Retained earnings	438,941	416,099
Other equity components	-12,543	-6,251
Equity of Pfeiffer Vacuum Technology AG shareholders	547,904	531,354

Financial liabilities	13,265	7,858
Provisions for pensions	36,906	36,709
Deferred tax liabilities	4,439	4,064
Contract liabilities	1,583	1,497
Total non-current liabilities	56,193	50,128

Trade accounts payable	65,891	86,158
Contract liabilities	29,007	28,508
Other accounts payable	37,567	33,112
Provisions	48,688	50,748
Income tax liabilities	15,307	15,549
Financial liabilities	104,836	68,175
Total current liabilities	301,296	282,250

Total shareholders’ equity and liabilities	905,393	863,732

Consolidated Statements of Cash Flows (unaudited)


	Three months ended March 31,
	2023	2022
	in K€	in K€
Cash flow from operating activities:
Net income	22,842	22,228
Depreciation/amortization	8,180	7,221
Other non-cash income/expenses	3,512	2,320
Effects of changes of assets and liabilities:
Inventories	-11,615	-20,331
Receivables and other assets	-20,133	-3,925
Provisions, including pensions, and income tax liabilities	-1,714	-1,122
Payables, other liabilities	-13,965	11,936
Net cash used in / provided by operating activities	-12,893	18,327

Cash flow from investing activities:
Capital expenditures	-20,951	-11,069
Proceeds from disposals of fixed assets	815	67
Net cash used in investing activities	-20,136	-11,002

Cash flow from financing activities:
Proceeds from increases of financial liabilities	36,531	-
Redemptions of leasing liabilities	-1,848	-1,278
Redemptions of financial liabilities	-	2
Net cash provided by / used in financing activities	34,683	-1,276

Effects of foreign exchange rate changes on cash and cash equivalents	1,758	151

Net change in cash and cash equivalents	3,412	6,200

Cash and cash equivalents at beginning of period	67,840	99,371

Cash and cash equivalents at end of period	71,252	105,571

11.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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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.com
Internet:	www.pfeiffer-vacuum.com
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:	1629181


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