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Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum benefits from strong semiconductor business and reports improved margins in Q3 2020

·10-min read

DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): 9 Month figures/Quarter Results
03.11.2020 / 07:30
The issuer is solely responsible for the content of this announcement.

PRESS RELEASE

Pfeiffer Vacuum benefits from strong semiconductor business and reports improved margins in Q3 2020

- Sales down 2.9% in 9M 2020 and down 2.7% in Q3 2020

- EBIT margin reaches 7.9% in 9M 2020 and 10.6% in Q3 2020

- Order intake of EUR 461.3 million in 9M 2020, up 2.5% from the previous year

 

Asslar, Germany, November 3, 2020. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today reports consolidated financial results for the third quarter and nine months period ending September 30, 2020.

Pfeiffer Vacuum sales for the first nine months 2020 declined by 2.9% to EUR 453.9 million compared to the previous year (9 months 2019: EUR 467.3 million), primarily driven by lower sales in the market segments coating, analytics, industry and R&D offset by a strong performance in the semiconductor market. Sales in the semiconductor and coating market combined increased by 7.1% to EUR 233.5 million (9 months 2019: 218.0 million) whereas sales in the industry, analytics and R&D market segments decreased by 11.6% to EUR 220.4 million (9 months 2019: 249.3 million).

The gross profit for the first nine months was EUR 158.0 million (9 months 2019: EUR 161.4 million). The year-over-year decline is due to negative economies of scale related to sales declines and productivity impact in the context of COVID-19 measures implemented by Pfeiffer Vacuum, offset in Q3 2020 by favorable sales mix within the markets. In the first nine months 2020, the gross profit margin improved to 34.8% (9M 2019: 34.5%) driven by the strong gross profit margin in Q3 2020 of 36.4% (Q3 2019: 33.6%)

The operating result (EBIT) for the first nine months 2020 of EUR 35.7 million represents a decrease by 27.0% compared to the previous year (9 months 2019: EUR 48.9 million). The EBIT margin reached 7.9% which was lower than in the previous year (9 months 2019: 10.5%) but higher than in the first half of 2020 (H1 2020: 6.5%). This was driven by an improved EBIT margin of 10.6% in Q3 2020, mainly as a result of the favorable product mix.

The year-over-year decline in EBIT in the 9-months periods was primarily a result of the decrease in sales, productivity losses through COVID-19 and increased expenses to drive market share growth and to improve the EBIT margin to 20% by 2025.

Net income declined to EUR 24.8 million (9 months 2019: EUR 34.7 million), representing earnings per share of EUR 2.51 (9 months 2019: EUR 3.52).

The book-to-bill ratio, the ratio of order intake to sales, was at 1.02 for the nine months ending September 30, 2020. Despite of COVID-19, the order intake reached EUR 461.3 million, up 2.5% compared to first nine months of 2019. At the end of the third quarter 2020, Pfeiffer Vacuum had an order backlog of EUR 118.2 million, down 7.4% compared to the previous year (September 30, 2019: EUR 127.6 million).

"Market indicators in the semiconductor market continued to be positive while our other markets were impacted primarily due to the economic slow-down related to the COVID-19 pandemic" says Dr. Eric Taberlet, CEO of Pfeiffer Vacuum Technology AG. "EBIT margins during the third quarter 2020 were the strongest of the year 2020 due to a very favorable sales mix within our different market segments."

Overview of key figures:


 

In sales by region, which describes sales according to the location of the customers in their corresponding region, Pfeiffer Vacuum achieved a year-over-year increase in sales by 1.7% to EUR 170.5 million for the first nine months of 2020 (9 months 2019: EUR 167.6 million) in Asia. This was mainly related to higher sales with our customers in the semiconductor market. Europe sales decreased by 6.4% to EUR 162.7 million (9 months 2019: EUR 173.9 million), mainly because of the market conditions in the industry, analytics and R&D segments. Sales in the Americas declined by 4.1% to EUR 120.7 million (9 months 2019: EUR 125.8 million), primarily due to the weaker US Dollar.

Balance sheet and cash-flow

As of September 30, 2020, Pfeiffer Vacuum maintained its solid financial position. Total assets at the end of the third quarter 2020 were EUR 659.1 million, slightly less than at the end of 2019 (December 31, 2019: EUR 659.6 million). Cash and cash equivalents were EUR 112.2 million (December 31, 2019: EUR 112.0 million) and the Company remains net debt free. The equity ratio was at 60.1%, slightly up from the year-end 2019 (December 31, 2019: 59.6%).

Outlook

Due to the impact of COVID-19 on the global economy and further pressures due to the arrival of the second wave of increased infections, Pfeiffer Vacuum is currently not able to make a reliable forecast concerning the further business development. Critical semiconductor customers currently remain committed to their expansion. However, economic activity in other markets served could come under increased pressure. The Company currently expects sales in the fourth quarter 2020 to be similar to third quarter 2020 levels, while the EBIT margin for the full year 2020 is expected to be around 7 percent.

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

 

 

 

 


03.11.2020 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

 

9M/2020

9M/2019

Change

 

 

 

 

Sales

€ 453.9 million

€ 467.3 million

-2.9%

EBIT

€ 35.7 million

€ 48.9 million

-27.0%

Net income

€ 24.8 million

€ 34.7 million

-28.6%

Earnings per share

€ 2.51

€ 3.52

-28.4%

Order intake

€ 461.3 million

€ 450.0 million

+2.5%

 

Q3 2020

Q3 2019

Change

 

 

 

 

Sales

€ 152.0 million

€ 156.2 million

-2.7%

EBIT

€ 16.1 million

€ 16.1 million

+0.5%

Net income

€ 11.3 million

€ 11.4 million

-1.3%

Earnings per share

€ 1.14

€ 1.16

-1.7%

Order intake

€ 144.7 million

€ 156.3 million

-7.4%

Consolidated Statements of Income (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

Nine months ended
September 30,

 

 

2020

 

2019

 

2020

 

2019

 

 

in K€

 

in K€

 

in K€

 

in K€

Net sales

 

152,007

 

156,225

 

453,861

 

467,333

Cost of sales

 

-96,672

 

-103,805

 

-295,891

 

-305,909

Gross profit

 

55,335

 

52,420

 

157,970

 

161,424

 

 

 

 

 

 

 

 

 

Selling and marketing expenses

 

-17,955

 

-16,965

 

-54,055

 

-53,267

General and administrative expenses

 

-12,697

 

-14,579

 

-43,456

 

-40,906

Research and development expenses

 

-7,980

 

-6,423

 

-25,499

 

-21,235

Other operating income

 

2,486

 

2,315

 

7,131

 

5,800

Other operating expenses

 

-3,051

 

-709

 

-6,405

 

-2,912

Operating profit

 

16,138

 

16,059

 

35,686

 

48,904

 

 

 

 

 

 

 

 

 

Financial expenses

 

-276

 

-205

 

-729

 

-648

Financial income

 

29

 

59

 

123

 

121

Earnings before taxes

 

15,891

 

15,913

 

35,080

 

48,377

 

 

 

 

 

 

 

 

 

Income taxes

 

-4,612

 

-4,486

 

-10,270

 

-13,641

 

 

 

 

 

 

 

 

 

Net income

 

11,279

 

11,427

 

24,810

 

34,736

 

 

 

 

 

 

 

 

 

Earnings per share (in €):

 

 

 

 

 

 

 

 

Basic

 

1.14

 

1.16

 

2.51

 

3.52

Diluted

 

1.14

 

1.16

 

2.51

 

3.52

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2020

 

December 31, 2019

 

 

in K€

 

in K€

Assets

 

 

 

 

Intangible assets

 

111,927

 

112,244

Property, plant and equipment

 

152,944

 

154,701

Investment properties

 

386

 

400

Other financial assets

 

1,851

 

4,031

Other assets

 

616

 

2,034

Deferred tax assets

 

27,617

 

27,377

Total non-current assets

 

295,341

 

300,787

 

 

 

 

 

Inventories

 

135,006

 

128,484

Trade accounts receivable

 

86,872

 

87,867

Contract assets

 

2,285

 

2,860

Income tax receivables

 

6,099

 

9,962

Prepaid expenses

 

6,319

 

4,308

Other financial assets

 

2,925

 

3,161

Other accounts receivable

 

12,047

 

10,166

Cash and cash equivalents

 

112,217

 

111,980

Total current assets

 

363,770

 

358,788

 

 

 

 

 

Total assets

 

659,111

 

659,575

 

 

 

 

 

Shareholders' equity and liabilities

 

 

 

 

Share capital

 

25,261

 

25,261

Additional paid-in capital

 

96,245

 

96,245

Retained earnings

 

317,027

 

304,552

Other equity components

 

-42,156

 

-32,613

Equity of Pfeiffer Vacuum Technology AG shareholders

 

396,377

 

393,445

 

 

 

 

 

Financial liabilities

 

69,007

 

69,729

Provisions for pensions

 

66,558

 

64,103

Deferred tax liabilities

 

4,502

 

5,041

Contract liabilities

 

804

 

584

Total non-current liabilities

 

140,871

 

139,457

 

 

 

 

 

Trade accounts payable

 

36,422

 

41,137

Contract liabilities

 

13,747

 

12,259

Other accounts payable

 

22,899

 

23,406

Provisions

 

41,739

 

38,735

Income tax liabilities

 

3,514

 

7,248

Financial liabilities

 

3,542

 

3,888

Total current liabilities

 

121,863

 

126,673

 

 

 

 

 

Total shareholders' equity and liabilities

 

659,111

 

659,575

 

 

 

 

 

 

Consolidated Statements of Cash Flows (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended
September 30,

 

 

2020

 

2019

 

 

in K€

 

in K€

Cash flow from operating activities:

 

 

 

 

Net income

 

24,810

 

34,736

Depreciation/amortization

 

19,760

 

17,487

Other non-cash income/expenses

 

4,066

 

3,455

Effects of changes of assets and liabilities:

 

 

 

 

Inventories

 

-13,079

 

-11,038

Receivables and other assets

 

1,989

 

6,389

Provisions, including pensions, and income tax liabilities

 

2,263

 

-3,566

Payables, other liabilities

 

-2,852

 

-11,950

Net cash provided by operating activities

 

36,957

 

35,513

 

 

 

 

 

Cash flow from investing activities:

 

 

 

 

Capital expenditures

 

-19,675

 

-19,307

Proceeds from disposals of fixed assets

 

-204

 

293

Net cash used in investing activities

 

-19,879

 

-19,014

 

 

 

 

 

Cash flow from financing activities:

 

 

 

 

Principal elements of lease payments

 

-3,636

 

-3,448

Proceeds from increase of financial liabilities

 

-

 

632

Dividend payment

 

-12,335

 

-22,696

Redemptions of financial liabilities

 

-56

 

-

Net cash provided by/used in financing activities

 

-16,027

 

-25,512

 

 

 

 

 

Effects of foreign exchange rate changes on cash and cash equivalents

 

-814

 

255

 

 

 

 

 

Net change in cash and cash equivalents

 

237

 

-8,758

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

111,980

 

108,380

 

 

 

 

 

Cash and cash equivalents at end of period

 

112,217

 

99,622

 

 

 

 

 

 

9M/2020

9M/2019

Change

 

 

 

 

Sales

€ 453.9 million

€ 467.3 million

-2.9%

EBIT

€ 35.7 million

€ 48.9 million

-27.0%

Net income

€ 24.8 million

€ 34.7 million

-28.6%

Earnings per share

€ 2.51

€ 3.52

-28.4%

Order intake

€ 461.3 million

€ 450.0 million

+2.5%

 

Q3 2020

Q3 2019

Change

 

 

 

 

Sales

€ 152.0 million

€ 156.2 million

-2.7%

EBIT

€ 16.1 million

€ 16.1 million

+0.5%

Net income

€ 11.3 million

€ 11.4 million

-1.3%

Earnings per share

€ 1.14

€ 1.16

-1.7%

Order intake

€ 144.7 million

€ 156.3 million

-7.4%

Consolidated Statements of Income (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

Nine months ended
September 30,

 

 

2020

 

2019

 

2020

 

2019

 

 

in K€

 

in K€

 

in K€

 

in K€

Net sales

 

152,007

 

156,225

 

453,861

 

467,333

Cost of sales

 

-96,672

 

-103,805

 

-295,891

 

-305,909

Gross profit

 

55,335

 

52,420

 

157,970

 

161,424

 

 

 

 

 

 

 

 

 

Selling and marketing expenses

 

-17,955

 

-16,965

 

-54,055

 

-53,267

General and administrative expenses

 

-12,697

 

-14,579

 

-43,456

 

-40,906

Research and development expenses

 

-7,980

 

-6,423

 

-25,499

 

-21,235

Other operating income

 

2,486

 

2,315

 

7,131

 

5,800

Other operating expenses

 

-3,051

 

-709

 

-6,405

 

-2,912

Operating profit

 

16,138

 

16,059

 

35,686

 

48,904

 

 

 

 

 

 

 

 

 

Financial expenses

 

-276

 

-205

 

-729

 

-648

Financial income

 

29

 

59

 

123

 

121

Earnings before taxes

 

15,891

 

15,913

 

35,080

 

48,377

 

 

 

 

 

 

 

 

 

Income taxes

 

-4,612

 

-4,486

 

-10,270

 

-13,641

 

 

 

 

 

 

 

 

 

Net income

 

11,279

 

11,427

 

24,810

 

34,736

 

 

 

 

 

 

 

 

 

Earnings per share (in €):

 

 

 

 

 

 

 

 

Basic

 

1.14

 

1.16

 

2.51

 

3.52

Diluted

 

1.14

 

1.16

 

2.51

 

3.52

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2020

 

December 31, 2019

 

 

in K€

 

in K€

Assets

 

 

 

 

Intangible assets

 

111,927

 

112,244

Property, plant and equipment

 

152,944

 

154,701

Investment properties

 

386

 

400

Other financial assets

 

1,851

 

4,031

Other assets

 

616

 

2,034

Deferred tax assets

 

27,617

 

27,377

Total non-current assets

 

295,341

 

300,787

 

 

 

 

 

Inventories

 

135,006

 

128,484

Trade accounts receivable

 

86,872

 

87,867

Contract assets

 

2,285

 

2,860

Income tax receivables

 

6,099

 

9,962

Prepaid expenses

 

6,319

 

4,308

Other financial assets

 

2,925

 

3,161

Other accounts receivable

 

12,047

 

10,166

Cash and cash equivalents

 

112,217

 

111,980

Total current assets

 

363,770

 

358,788

 

 

 

 

 

Total assets

 

659,111

 

659,575

 

 

 

 

 

Shareholders' equity and liabilities

 

 

 

 

Share capital

 

25,261

 

25,261

Additional paid-in capital

 

96,245

 

96,245

Retained earnings

 

317,027

 

304,552

Other equity components

 

-42,156

 

-32,613

Equity of Pfeiffer Vacuum Technology AG shareholders

 

396,377

 

393,445

 

 

 

 

 

Financial liabilities

 

69,007

 

69,729

Provisions for pensions

 

66,558

 

64,103

Deferred tax liabilities

 

4,502

 

5,041

Contract liabilities

 

804

 

584

Total non-current liabilities

 

140,871

 

139,457

 

 

 

 

 

Trade accounts payable

 

36,422

 

41,137

Contract liabilities

 

13,747

 

12,259

Other accounts payable

 

22,899

 

23,406

Provisions

 

41,739

 

38,735

Income tax liabilities

 

3,514

 

7,248

Financial liabilities

 

3,542

 

3,888

Total current liabilities

 

121,863

 

126,673

 

 

 

 

 

Total shareholders' equity and liabilities

 

659,111

 

659,575

 

 

 

 

 

 

Consolidated Statements of Cash Flows (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended
September 30,

 

 

2020

 

2019

 

 

in K€

 

in K€

Cash flow from operating activities:

 

 

 

 

Net income

 

24,810

 

34,736

Depreciation/amortization

 

19,760

 

17,487

Other non-cash income/expenses

 

4,066

 

3,455

Effects of changes of assets and liabilities:

 

 

 

 

Inventories

 

-13,079

 

-11,038

Receivables and other assets

 

1,989

 

6,389

Provisions, including pensions, and income tax liabilities

 

2,263

 

-3,566

Payables, other liabilities

 

-2,852

 

-11,950

Net cash provided by operating activities

 

36,957

 

35,513

 

 

 

 

 

Cash flow from investing activities:

 

 

 

 

Capital expenditures

 

-19,675

 

-19,307

Proceeds from disposals of fixed assets

 

-204

 

293

Net cash used in investing activities

 

-19,879

 

-19,014

 

 

 

 

 

Cash flow from financing activities:

 

 

 

 

Principal elements of lease payments

 

-3,636

 

-3,448

Proceeds from increase of financial liabilities

 

-

 

632

Dividend payment

 

-12,335

 

-22,696

Redemptions of financial liabilities

 

-56

 

-

Net cash provided by/used in financing activities

 

-16,027

 

-25,512

 

 

 

 

 

Effects of foreign exchange rate changes on cash and cash equivalents

 

-814

 

255

 

 

 

 

 

Net change in cash and cash equivalents

 

237

 

-8,758

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

111,980

 

108,380

 

 

 

 

 

Cash and cash equivalents at end of period

 

112,217

 

99,622

 

 

 

 

 

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:

1144869


 

End of News

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