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Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum Continues Strong Growth in Nine-month Period 2022 and Reports Further Record Results with Raised Sales Expectations for Full Year

EQS-News: Pfeiffer Vacuum Technology AG / Key word(s): 9 Month figures/Quarterly / Interim Statement
Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum Continues Strong Growth in Nine-month Period 2022 and Reports Further Record Results with Raised Sales Expectations for Full Year
03.11.2022 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

PRESS RELEASE

Pfeiffer Vacuum Continues Strong Growth in Nine-month Period 2022 and Reports Further Record Results with Raised Sales Expectations for Full Year

First nine months 2022:

  • Sales of EUR 668.7 million, up 16.2% from the previous year

  • Operating result (EBIT) of EUR 94.0 million, up 27.0% year-on-year

  • EBIT margin improved by 1.2 percentage points to 14.1%

  • Order intake of EUR 866.5 million, up 25.4% and order backlog of EUR 514.0 million at the end of September 2022

Asslar, November 3, 2022. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced consolidated results for the first nine months of 2022. With sales of EUR 668.7 million, the Company reached the strongest nine-months performance ever, representing an increase of 16.2% compared to the previous year (9M 2021: EUR 575.3 million). The operating result (EBIT) totaled EUR 94.0 million, a growth of 27.0% (9M 2021: EUR 74.0 million), leading to a significantly improved EBIT margin of 14.1% (9M 2021: 12.9%). The order intake for the first nine months of 2022 was also at a record level with EUR 866.5 million, a strong increase of 25.4% compared to the previous year (9M 2021: EUR 690.8 million). In addition, the order backlog reached EUR 514.0 million by the end of September 2022 –  also representing a record level for the Company (December 31, 2021: EUR 316.2 million).

Pfeiffer Vacuum’s sales increase for the first nine months of 2022 reflects a strong year-over-year performance and demand in all market segments with the Semiconductor market remaining particularly dynamic. Sales in the Semiconductor and Emerging Technologies market segment increased significantly by 17.1% to EUR 343.6 million (9M 2021: EUR 293.4 million). Sales in the Analytics, Industry and R&D market segment improved by 15.3% to EUR 325.1 million (9M 2021: EUR 281.9 million), with strong demand in industrial high vacuum.

The operating result (EBIT) of EUR 94.0 million represents an increase by 27.0% compared to the previous year (9M 2021: EUR 74.0 million). The EBIT margin reached 14.1% (9M 2021: 12.9%). 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, partially offset by additional personnel costs, increased costs to manage the supply chain and investments to drive medium and long-term growth.

The order intake in the first nine months of 2022 reached EUR 866.5 million, up 25.4% compared to the first nine months of 2021, and remained robust in the third quarter 2022. At the end of the third quarter 2022, Pfeiffer Vacuum had an order backlog of EUR 514.0 million, up 62.6% compared to the previous year (December 31, 2021: EUR 316.2 million). The book-to-bill ratio, the ratio of order intake to sales, was at a very robust level of 1.30 in the nine months of 2022 (2021: 1.20) and 1.25 for the third quarter 2022 (2021: 1.30).

“We are very pleased with the performance of Pfeiffer Vacuum over the course of the year 2022. The strong order intake reflects the confidence of our customers in our products, services and support,” says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG, and continues: “Currently, supply chain conditions are slightly improving, and our semiconductor customers are evaluating their investment timing during a period of demand slow-down. We will continue to manage through changing market conditions by focusing on our customers, while executing our strategy of driving growth and sustainability in the fast growing high-vacuum market.”

Overview of key figures: 

 

 

9M/2022

9M/2021

Change

 

 

 

 

 

Sales

 

€ 668.7 million

€ 575.3 million

16.2%

EBIT

 

€ 94.0 million

€ 74.0 million

27.0%

Net income

 

€ 66.6 million

€ 52.1 million

27.8%

Earnings per share

 

€ 6.75

€ 5.28

27.8%

Order intake

 

€ 866.5 million

€ 690.8 million

25.4%

 

 

 

 

 

 

 

 

 

 

 

 

Q3/2022

Q3/2021

Change

 

 

 

 

 

Sales

 

€ 228.1 million

€ 184.1 million

23.9%

EBIT

 

€ 33.9 million

€ 25.9 million

31.1%

Net income

 

€ 24.0 million

€ 18.3 million

31.6%

Earnings per share

 

€ 2.43

€ 1.85

31.4%

Order intake

 

€ 286.0 million

€ 239.2 million

19.6%

Order backlog

 

€ 514.0 million

€ 238.8 million

115.2%

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. In Asia, Pfeiffer Vacuum achieved a year-over-year increase in sales by 6.6% to EUR 258.5 million for the first nine months of 2022 (9M 2021: EUR 242.5 million) and sales in the Americas increased by 36.8% to EUR 199.1 million (9M 2021: EUR 145.5 million). The foreign exchange movement of the US-Dollar to Euro positively impacted particularly the Americas’ results. Europe showed an increase of 12.8% to EUR 211.0 million (9M 2021: EUR 187.4 million).

The gross profit for the first nine months of 2022 was EUR 243.6 million (9M 2021: EUR 203.5 million). The year-over-year increase is primarily due to positive economies of scale related to sales increases and efficiencies, partially offset by higher procurement and freight expenses.

The net income increased to EUR 66.6 million (9M 2021: EUR 52.1 million), representing earnings per share of EUR 6.75 (9M 2021: EUR 5.28).

Solid balance sheet and increased capital expenditure

Total assets at the end of the third quarter 2022 were EUR 825.6 million, up 16.6% from year-end 2021 (December 31, 2021: EUR 707.9 million). Cash and cash equivalents were EUR 71.4 million (December 31, 2021: EUR 99.4 million). The Company remains net debt-free from a financial liability perspective. Due to the high demand and supply chain constrains, the Company increased inventories by EUR 80.1 million to EUR 242.3 million (December 31, 2021: EUR 162.2 million). The equity ratio remained at a solid level of 63.5% (December 31, 2021: 64.9%). Capital expenditure in the first nine months 2022 increased significantly to EUR 52.4 million and was mainly used for equipment and building out the global production capacity (9M 2021: EUR 22.6 million).

Strong 2022 fiscal year results expected

Based on the record sales results for the first nine months of 2022 and strong order intake, Pfeiffer Vacuum raised the sales guidance for the full year 2022 on October 17, 2022. The Company now expects annual sales to reach another record level in a range between EUR 860 to 880 million, representing a year-over-year sales growth of approximately 11 to 14% (fiscal year 2021: EUR 771.4 million; previous expectations for 2022 was year-over-year sales growth of 5% or more). The EBIT margin is expected to remain unchanged from previous expectations at around 14% for the full year 2022 (fiscal year 2021: 12.1%). A potential negative impact from US trade restrictions in relation to advanced computing chips as well as equipment to manufacture advanced semiconductors for China cannot be predicted and therefore is not reflected in the guidance.

The Pfeiffer Vacuum nine-month financial report 2022 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 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 September 30,

 

Nine months ended
September 30,

 

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

 

 

in K€

 

in K€

 

in K€

 

in K€

Net sales

 

228,076

 

184,099

 

668,689

 

575,255

Cost of sales

 

-142,526

 

-116,739

 

-425,045

 

-371,708

Gross profit

 

85,550

 

67,360

 

243,644

 

203,547

 

 

 

 

 

 

 

 

 

Selling and marketing expenses

 

-23,226

 

-19,878

 

-68,447

 

-59,392

General and administrative expenses

 

-19,661

 

-14,242

 

-56,891

 

-47,972

Research and development expenses

 

-8,958

 

-8,362

 

-26,801

 

-25,888

Other operating income

 

4,837

 

2,509

 

12,593

 

8,722

Other operating expenses

 

-4,657

 

-1,531

 

-10,144

 

-5,049

Operating profit

 

33,885

 

25,856

 

93,954

 

73,968

 

 

 

 

 

 

 

 

 

Financial expenses

 

-182

 

-222

 

-415

 

-668

Financial income

 

95

 

74

 

238

 

127

Earnings before taxes

 

33,798

 

25,708

 

93,777

 

73,427

 

 

 

 

 

 

 

 

 

Income taxes

 

-9,780

 

-7,456

 

-27,174

 

-21,294

 

 

 

 

 

 

 

 

 

Net income

 

24,018

 

18,252

 

66,603

 

52,133

 

 

 

 

 

 

 

 

 

Earnings per share (in €):

 

 

 

 

 

 

 

 

Basic

 

2.43

 

1.85

 

6.75

 

5.28

Diluted

 

2.43

 

1.85

 

6.75

 

5.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Consolidated Balance Sheets (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,
2022

 

December 31, 2021

 

 

in K€

 

in K€

Assets

 

 

 

 

Intangible assets  

 

103,283

 

91,524

Property, plant and equipment

 

208,445

 

175,952

Investment properties

 

334

 

352

Other financial assets

 

3,136

 

2,502

Contract assets

 

247

 

-

Other assets

 

520

 

791

Deferred tax assets

 

22,206

 

28,650

Total non-current assets

 

338,171

 

299,771

 

 

 

 

 

Inventories

 

242,312

 

162,178

Trade accounts receivable

 

137,732

 

119,587

Contract assets

 

4,807

 

1,392

Income tax receivables

 

3,930

 

4,796

Prepaid expenses

 

11,453

 

4,689

Other financial assets

 

2,976

 

168

Other accounts receivable

 

12,793

 

15,924

Cash and cash equivalents

 

71,385

 

99,371

Total current assets

 

487,388

 

408,105

 

 

 

 

 

Total assets

 

825,559

 

707,876

 

 

 

 

 

Shareholders’ equity and liabilities

 

 

 

 

Share capital

 

25,261

 

25,261

Additional paid-in capital

 

96,245

 

96,245

Retained earnings

 

396,350

 

370,007

Other equity components

 

6,237

 

-32,137

Equity of Pfeiffer Vacuum Technology AG shareholders

 

524,093

 

459,376

 

 

 

 

 

Financial liabilities

 

8,056

 

13,876

Provisions for pensions

 

39,672

 

60,502

Deferred tax liabilities

 

5,863

 

4,437

Contract liabilities

 

1,436

 

1,321

Total non-current liabilities

 

55,027

 

80,136

 

 

 

 

 

Trade accounts payable

 

79,842

 

58,046

Contract liabilities

 

20,112

 

13,343

Other accounts payable

 

29,608

 

27,742

Provisions

 

53,102

 

48,181

Income tax liabilities

 

14,211

 

16,773

Financial liabilities

 

49,564

 

4,279

Total current liabilities

 

246,439

 

168,364

 

 

 

 

 

Total shareholders’ equity and liabilities

 

825,559

 

707,876

 

 

 

 

 

 
 

Consolidated Statements of Cash Flows (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended
September 30,

 

 

 

2022

 

2021

 

 

 

 

 

 

 

 

 

in K€

 

in K€

 

Cash flow from operating activities:

 

 

 

 

 

Net income

 

66,603

 

52,133

 

Depreciation/amortization

 

22,417

 

18,821

 

Other non-cash income/expenses

 

4,891

 

4,152

 

Effects of changes of assets and liabilities:

 

 

 

 

 

Inventories

 

-75,860

 

-16,970

 

Receivables and other assets

 

-21,065

 

-43,014

 

Provisions, including pensions, and income tax liabilities

 

3,487

 

22,247

 

Payables, other liabilities

 

28,826

 

35,871

 

Net cash provided by operating activities

 

29,299

 

73,240

 

 

 

 

 

 

 

Cash flow from investing activities:

 

 

 

 

 

Capital expenditures

 

-52,392

 

-22,622

 

Proceeds from disposals of fixed assets

 

214

 

252

 

Net cash used in investing activities

 

-52,178

 

-22,370

 

 

 

 

 

 

 

Cash flow from financing activities:

 

 

 

 

 

Proceeds from increase of financial liabilities

 

40,000

 

-

 

Dividend payment

 

-40,260

 

-15,788

 

Principal elements of lease payments

 

-4,026

 

-4,165

 

Redemption of financial liabilities

 

-

 

-20,062

 

Net cash provided by/used in financing activities

 

-4,286

 

-40,015

 

 

 

 

 

 

 

Effects of foreign exchange rate changes on cash and cash equivalents

 

-821

 

561

 

 

 

 

 

 

 

Net changes in cash and cash equivalents

 

-27,986

 

11,416

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

93,371

 

122,883

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

71,385

 

134,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


03.11.2022 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.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

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:

1477809


 

End of News

EQS News Service

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