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Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum reports strong results for 9M 2021, a record order backlog, and sales expectations for full year 2021 above previous guidance

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DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): 9 Month figures/Quarterly / Interim Statement
04.11.2021 / 07:30
The issuer is solely responsible for the content of this announcement.


PRESS RELEASE

Pfeiffer Vacuum reports strong results for 9M 2021, a record order backlog, and sales expectations for full year 2021 above previous guidance


First nine months 2021:

- Sales of EUR 575.3 million, up 26.7% from the previous year

- Operating result (EBIT) of EUR 74.0 million, up 107.3% year-on-year

- EBIT margin improved by five percentage points to 12.9%

- Order intake of EUR 690.8 million, up 49.8% compared to previous year

Asslar, November 4, 2021. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced consolidated results for the first nine months of 2021. With sales of EUR 575.3 million, the Company reached the strongest nine-months-performance ever, representing an increase of 26.7% compared to the previous year (9M 2020: EUR 453.9 million). The operating result (EBIT) reached EUR 74.0 million, a growth of 107.3% (9M 2020: EUR 35.7 million), leading to a significantly improved EBIT margin of 12.9% (9M 2020: 7.9%). The order intake for the first nine months of 2021 was also at a record level with EUR 690.8 million, a strong increase of 49.8% compared to the previous year (9M 2020: EUR 461.3 million). In addition, the order backlog reached EUR 238.8 million by the end of September 2021 - also a record level for the Company (December 31, 2020: EUR 123.3 million).

Pfeiffer Vacuum's sales increase for the first nine months of 2021 reflects a 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 35.7% to EUR 293.4 million (9M 2020: EUR 216.2 million). Sales in the Analytics, Industry and R&D market segment improved by 18.6% to EUR 281.9 million (9M 2020: EUR 237.7 million).

The operating result (EBIT) of EUR 74.0 million represents an increase by 107.3% compared to the previous year (9M 2020: EUR 35.7 million). The EBIT margin reached 12.9% (9M 2020: 7.9%). The year-over-year increase in EBIT was primarily a result of the increase in sales and related scale economies as well as tighter cost management.

The order intake in the first nine months of 2021 reached EUR 690.8 million, up 49.8% compared to the first nine months of 2020. At the end of the third quarter 2021, Pfeiffer Vacuum had an order backlog of EUR 238.8 million, up 93.7% compared to the previous year (December 31, 2020: EUR 123.3 million). In the current high-demand environment, customers are ordering well ahead of historically common periods due to extended delivery schedules. The book-to-bill ratio, the ratio of order intake to sales, was at a robust level of 1.20 in the nine months of 2021 and 1.30 for the third quarter 2021.

"The demand for our products is at an all-time-high for all our segments, also due to the high demand for microprocessors and the related capacity expansions of our customers," says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. "Even as global supply chains are stressed, our production and support functions were able to successfully manage the significant ramp-up in demand. This positions us well for the future. I am very satisfied with the nine-month results and proud of the outstanding performance of our team."

Overview of key figures:

 

 

9M/2021

9M/2020

Change

 

 

 

 

 

Sales

 

€ 575.3 million

€ 453.9 million

26.7%

EBIT

 

€ 74.0 million

€ 35.7 million

107.3%

Net income

 

€ 52.1 million

€ 24.8 million

110.1%

Earnings per share

 

€ 5.28

€ 2.51

110.4%

Order intake

 

€ 690.8 million

€ 461.3 million

49.8%

 

 

 

 

 

 

 

 

 

 

 

 

Q3/2021

Q3/2020

Change

 

 

 

 

 

Sales

 

€ 184.1 million

€ 152.0 million

21.1%

EBIT

 

€ 25.9 million

€ 16.1 million

60.2%

Net income

 

€18.3 million

€ 11.3 million

61.8%

Earnings per share

 

€ 1.85

€ 1.14

62.3%

Order intake

 

€ 239.2 million

€ 144.7 million

65.3%

Order backlog

 

€ 238.8 million

€ 118.2 million

102.0%

 

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 market segments benefit from the development of new technologies that are supporting megatrends in the market, including consumer electronics, green energy as well as medical and pharmaceutical innovation. In addition, customers pursue efficiencies in their production processes. In Asia, Pfeiffer Vacuum achieved a year-over-year increase in sales by 42.2% to EUR 242.5 million for the first nine months of 2021 (9M 2020: EUR 170.5 million) and sales in the Americas increased by 20.5% to EUR 145.5 million (9M 2020: EUR 120.7 million). Foreign exchange impacts adversely affected sales particularly in this region. Europe showed an increase of 15.4% to EUR 187.4 million (9M 2020: EUR 162.3 million).

The gross profit for the first nine months of 2021 was EUR 203.5 million (9M 2020: EUR 158.0 million). The year-over-year increase is primarily due to positive economies of scale related to sales increases.

The net income increased to EUR 52.1 million (9M 2020: EUR 24.8 million), representing earnings per share of EUR 5.28 (9M 2020: EUR 2.51).

Solid balance sheet
Total assets at the end of the third quarter 2021 were EUR 743.4 million, up 12.3% from year-end 2020 (December 31, 2020: EUR 661.8 million). Cash and cash equivalents were EUR 134.3 million (December 31, 2020: EUR 122.9 million). The Company continues to be net debt free from a financial liability perspective. The equity ratio remained at a solid level of 59.3%, slightly above year-end 2020 (December 31, 2020: 59.2%).

Strong 2021 fiscal year results expected
Based on the record sales results for the first nine months of 2021 and strong order intake, Pfeiffer Vacuum raised the sales guidance for full year 2021 on October 26, 2021. The company now expects annual sales to reach another record level in a range between EUR 730.0 million and EUR 750.0 million (fiscal year 2020: EUR 618.7 million; previous expectations EUR 710.0 million to EUR 730.0 million). The EBIT margin is expected to significantly improve in 2021 to between 12.0% and 13.0% of sales, unchanged from previous expectations (fiscal year 2020: 7.3%).

The Pfeiffer Vacuum nine-month 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 September 30,

 

Nine months ended
September 30,

 

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

 

 

 

in K€

 

in K€

 

in K€

 

in K€

Net sales

 

184,099

 

152,007

 

575,255

 

453,861

Cost of sales

 

-116,739

 

-96,672

 

-371,708

 

-295,891

Gross profit

 

67,360

 

55,335

 

203,547

 

157,970

 

 

 

 

 

 

 

 

 

Selling and marketing expenses

 

-19,878

 

-17,955

 

-59,392

 

-54,055

General and administrative expenses

 

-14,242

 

-12,697

 

-47,972

 

-43,456

Research and development expenses

 

-8,362

 

-7,980

 

-25,888

 

-25,499

Other operating income

 

2,509

 

2,486

 

8,722

 

7,131

Other operating expenses

 

-1,531

 

-3,051

 

-5,049

 

-6,405

Operating profit

 

25,856

 

16,138

 

73,968

 

35,686

 

 

 

 

 

 

 

 

 

Financial expenses

 

-222

 

-276

 

-668

 

-729

Financial income

 

74

 

29

 

127

 

123

Earnings before taxes

 

25,708

 

15,891

 

73,427

 

35,080

 

 

 

 

 

 

 

 

 

Income taxes

 

-7,456

 

-4,612

 

-21,294

 

-10,270

 

 

 

 

 

 

 

 

 

Net income

 

18,252

 

11,279

 

52,133

 

24,810

 

 

 

 

 

 

 

 

 

Earnings per share (in €):

 

 

 

 

 

 

 

 

Basic

 

1.85

 

1.14

 

5.28

 

2.51

Diluted

 

1.85

 

1.14

 

5.28

 

2.51

 

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,
2021

 

December 31, 2020

 

 

in K€

 

in K€

Assets

 

 

 

 

Intangible assets

 

105,298

 

100,736

Property, plant and equipment

 

164,281

 

158,191

Investment properties

 

358

 

376

Other financial assets

 

2,101

 

2,198

Contract assets

 

228

 

 

Other assets

 

592

 

829

Deferred tax assets

 

29,774

 

31,306

Total non-current assets

 

302,632

 

293,636

 

 

 

 

 

Inventories

 

149,376

 

133,254

Trade accounts receivable

 

126,669

 

83,601

Contract assets

 

1,758

 

1,501

Income tax receivables

 

11,160

 

10,848

Prepaid expenses

 

5,917

 

4,260

Other financial assets

 

170

 

1,597

Other accounts receivable

 

11,461

 

10,265

Cash and cash equivalents

 

134,299

 

122,883

Total current assets

 

440,810

 

368,209

 

 

 

 

 

Total assets

 

743,442

 

661,845

 

 

 

 

 

Shareholders' equity and liabilities

 

 

 

 

Share capital

 

25,261

 

25,261

Additional paid-in capital

 

96,245

 

96,245

Retained earnings

 

360,153

 

323,808

Other equity components

 

-41,127

 

-53,580

Equity of Pfeiffer Vacuum Technology AG shareholders

 

440,532

 

391,734

 

 

 

 

 

Financial liabilities

 

48,585

 

69,614

Provisions for pensions

 

66,422

 

70,348

Deferred tax liabilities

 

4,868

 

4,477

Contract liabilities

 

1,433

 

804

Total non-current liabilities

 

121,308

 

145,243

 

 

 

 

 

Trade accounts payable

 

50,244

 

44,937

Contract liabilities

 

28,511

 

7,296

Other accounts payable

 

30,268

 

21,478

Provisions

 

53,926

 

39,502

Income tax liabilities

 

14,862

 

8,154

Financial liabilities

 

3,791

 

3,501

Total current liabilities

 

181,602

 

124,868

 

 

 

 

 

Total shareholders' equity and liabilities

 

743,442

 

661,845

 

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended
September 30,

 

 

2021

 

2020

 

 

 

 

 

 

 

in K€

 

in K€

Cash flow from operating activities:

 

 

 

 

Net income

 

52,133

 

24,810

Depreciation/amortization

 

18,821

 

19,760

Other non-cash income/expenses

 

4,152

 

4,066

Effects of changes of assets and liabilities:

 

 

 

 

Inventories

 

-16,970

 

-13,079

Receivables and other assets

 

-43,014

 

1,989

Provisions, including pensions, and income tax liabilities

 

22,247

 

2,263

Payables, other liabilities

 

35,871

 

-2,852

Net cash provided by operating activities

 

73,240

 

36,957

 

 

 

 

 

Cash flow from investing activities:

 

 

 

 

Capital expenditures

 

-22,622

 

-19,675

Proceeds from disposals of fixed assets

 

252

 

-204

Net cash used in investing activities

 

-22,370

 

-19,879

 

 

 

 

 

Cash flow from financing activities:

 

 

 

 

Redemption of financial liabilities

 

-20,062

 

-56

Dividend payment

 

-15,788

 

-12,335

Principal elements of lease payments

 

-4,165

 

-3,636

Proceeds from increase of financial liabilities

 

-

 

-

Net cash provided by/used in financing activities

 

-40,015

 

-16,027

 

 

 

 

 

Effects of foreign exchange rate changes on cash and cash equivalents

 

561

 

-814

 

 

 

 

 

Net changes in cash and cash equivalents

 

11,416

 

237

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

122,883

 

111,980

 

 

 

 

 

Cash and cash equivalents at end of period

 

134,299

 

112,217

 

 

 

 

 

 

 

 

 

 

 


04.11.2021 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:

1245873


 

End of News

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