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Pfeiffer Vacuum Technology AG: Strong development in H1 2022 with growth in all key figures

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DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): Half Year Results/Quarter Results
Pfeiffer Vacuum Technology AG: Strong development in H1 2022 with growth in all key figures
02.08.2022 / 07:30
The issuer is solely responsible for the content of this announcement.

NEWS RELEASE

Pfeiffer Vacuum Technology AG: Strong development in H1 2022 with growth in all key figures

First half 2022:

  • Record sales of EUR 440.6 million, up 12.6% from the previous year

  • Operating result (EBIT) of EUR 60.1 million and EBIT margin of 13.6%

  • Record order intake of EUR 580.1 million, up 28.5% compared to previous year

  • Order backlog with EUR 455.7 million at a new high level

Asslar, August 2, 2022. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced results for the first half 2022. Sales increased by 12.6% to EUR 440.6 million compared to the previous year, the highest sales level in the history of the Company within a half-year period (H1 2021: EUR 391.2 million). The operating result (EBIT) increased by 24.9% to EUR 60.1 million (H1 2021: EUR 48.1 million) representing an EBIT margin of 13.6% (H1 2021: 12.3%). In addition, the order intake during the reporting period was EUR 580.1 million (H1 2021: EUR 451.6 million) and the order backlog stood at 455.7 million at the end of the first half of 2022 (H1 2021: EUR 183.7 million).

The Pfeiffer Vacuum sales increase was driven by a strong performance in all market segments. Sales in the Semiconductor and Emerging Technologies market segment increased by 11.6% to EUR 230.6 million (H1 2021: EUR 206.6 million). The sales in the Analytics, Industry and R&D market segment improved by 13.8% to EUR 210.0 million (H1 2021: EUR 184.5 million) with a strong demand particularly in industrial high vacuum. These improvements on top of the 40.7% and 19.1% sales increase from first half 2020 to 2021 for the Semiconductor and Emerging Technologies and the Analytics, Industry and R&D segment respectively, underline the currently strong demand.

The operating result (EBIT) increased by 24.9% to EUR 60.1 million (H1 2021: EUR 48.1 million) and the EBIT margin was 13.6% (H1 2021: 12.3%). The year-over-year increase in EBIT was primarily a result of the sales increase and related scale economies and efficiency improvements, as well as favorable foreign exchange movements, especially from the US-Dollar. The beneficial developments were partially offset by increased material and employee costs as well as investments to build-out the global IT environment and to increase production capacity for  accelerating growth.

The book-to-bill ratio, the ratio of order intake to sales, was at an impressive level of 1.32 for the first half 2022. The order backlog of EUR 455.7 million represents an increase of 148.1% compared to the previous year (June 30, 2021: EUR 183.7 million).

“The solutions of Pfeiffer Vacuum enable leading technologies and enhance the productivity of our customers, which is driving the broad-based demand for our products,” says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. “The unprecedented sales levels in the first half 2022 were achieved despite increasingly strained and fractured supply chains. These conditions are not expected to improve in 2022. Our focus remains on keeping our customers at the center of everything we do, successfully managing risks, and investing in Pfeiffer Vacuum’s mid- and long-term growth even in today’s challenging market environment.”

Overview of key figures:

 

 

H1/2022

H1/2021

Change

 

 

 

 

 

Sales

 

€ 440.6 million

€ 391.2 million

12.6%

EBIT

 

€ 60.1 million

€ 48.1 million

24.9%

Net income

 

€ 42.6 million

€ 33.9 million

25.7%

Earnings per share

 

€ 4.32

€ 3.43

25.9%

Order intake

 

€ 580.1 million

€ 451.6 million

28.5%

 

 

 

 

 

 

 

 

 

 

 

 

Q2/2022

Q2/2021

Change

 

 

 

 

 

Sales

 

€ 224.7 million

€ 199.5 million

12.6%

EBIT

 

€ 28.7 million

€ 25.5 million

12.7%

Net income

 

€20.4 million

€17.9 million

13.4%

Earnings per share

 

€ 2.06

€ 1.82

13.2%

Order intake

 

€ 293.9 million

€ 217.7 million

35.0%

Order backlog

 

€ 455.7 million

€ 183.7 million

148.1%

The gross profit for the first half of 2022 was EUR 158.1 million (H1 2021: EUR 136.2 million). The year-over-year increase of 16.1% is due to positive economies of scale related to increased sales as well as efficiency improvements partially offset by increasing material and shipping costs.

Net income increased by 25.7% to EUR 42.6 million (H1 2021: EUR 33.9 million), representing earnings per share of EUR 4.32 (H1 2021: EUR 3.43).

In sales by region, which describes sales according to the location of the customers in their corresponding region, Asia contributed with an increase in sales of 8.1% to EUR 173.1 million (H1 2021: EUR 160.2 million). Europe showed an increase of 11.5% to EUR 142.3 million (H1 2021: EUR 127.6 million) related to the broad recovery in all markets. Sales in the Americas increased by 21.2% to EUR 125.0 million (H1 2021: EUR 103.1 million), also reflecting the positive impact of the US-Dollar foreign exchange movement.

Solid Balance sheet and cash-flow

Total assets at the end of the second quarter 2022 were EUR 763.4 million, up 7.8% from year-end 2021 (December 31, 2021: EUR 707.9 million). Cash and cash equivalents were EUR 74.0 million (December 31, 2021: EUR 99.4 million). During the second quarter of 2022, an annual dividend of EUR 40.3 million was paid to shareholders. In addition, financial liabilities of EUR 25.0 million were taken out during the second quarter 2022. 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 42.7 million to  EUR 204.9 million (December 31, 2021: EUR 162.2 million). The equity ratio remained at a solid level of 64.4%, just slightly below year-end 2021 (December 31, 2021: 64.9%). Capital expenditure in the first half increased significantly to EUR 29.8 million and was mainly used for the building out of production facilities in Asslar, Germany; Asan, Korea; and Annecy, France (H1 2021: EUR 13.1 million).

Outlook for the 2022 fiscal year remains unchanged

The Company confirms its previous guidance in an increasingly volatile environment and continues to expect sales for the full year 2022 to grow 5% or more above 2021 levels due to ongoing strong market demand. The sales volume in the second half of 2022 is expected to decline from first half 2022 levels due to increasing strains and some disruptions in the supply chain. The EBIT margin expectations for the full year 2022 remain at around 14%, also unchanged from the previous outlook, related to expected favorable product and market mix, increased efficiencies, and timing-related lower expenses. The probability and impact of disruptions due to geopolitical, economic and Corona pandemic related market conditions cannot be predicted.

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 June 30,

 

Six months ended
June 30,

 

 

2022

 

2021

 

2022

 

2021

 

 

in K€

 

in K€

 

in K€

 

in K€

Net sales

 

224,655

 

199,492

 

440,613

 

391,156

Cost of sales

 

-145,309

 

-128,471

 

-282,519

 

-254,969

Gross profit

 

79,346

 

71,021

 

158,094

 

136,187

 

 

 

 

 

 

 

 

 

Selling and marketing expenses

 

-23,179

 

-18,961

 

-45,221

 

-39,514

General and administrative expenses

 

-19,892

 

-18,123

 

-37,230

 

-33,730

Research and development expenses

 

-8,974

 

-8,531

 

-17,843

 

-17,526

Other operating income

 

4,748

 

2,640

 

7,756

 

6,213

Other operating expenses

 

-3,318

 

-2,549

 

-5,487

 

-3,518

Operating profit

 

28,731

 

25,497

 

60,069

 

48,112

 

 

 

 

 

 

 

 

 

Financial expenses

 

-137

 

-217

 

-233

 

-446

Financial income

 

78

 

-1

 

143

 

53

Earnings before taxes

 

28,672

 

25,279

 

59,979

 

47,719

 

 

 

 

 

 

 

 

 

Income taxes

 

-8,315

 

-7,330

 

-17,394

 

-13,838

 

 

 

 

 

 

 

 

 

Net income

 

20,357

 

17,949

 

42,585

 

33,881

 

 

 

 

 

 

 

 

 

Earnings per share (in €):

 

 

 

 

 

 

 

 

Basic

 

2.06

 

1.82

 

4.32

 

3.43

Diluted

 

2.06

 

1.82

 

4.32

 

3.43

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2022

 

December 31, 2021

 

 

in K€

 

in K€

Assets

 

 

 

 

Intangible assets  

 

98,139

 

91,524

Property, plant and equipment

 

193,617

 

175,952

Investment properties

 

336

 

352

Other financial assets

 

3,136

 

2,502

Contract assets

 

246

 

-

Other assets

 

541

 

791

Deferred tax assets

 

22,101

 

28,650

Total non-current assets

 

318,116

 

299,771

 

 

 

 

 

Inventories

 

204,917

 

162,178

Trade accounts receivable

 

140,662

 

119,587

Contract assets

 

4,371

 

1,392

Income tax receivables

 

3,646

 

4,796

Prepaid expenses

 

7,538

 

4,689

Other financial assets

 

123

 

168

Other accounts receivable

 

10,000

 

15,924

Cash and cash equivalents

 

74,044

 

99,371

Total current assets

 

445,301

 

408,105

 

 

 

 

 

Total assets

 

763,417

 

707,876

 

 

 

 

 

Shareholders’ equity and liabilities

 

 

 

 

Share capital

 

25,261

 

25,261

Additional paid-in capital

 

96,245

 

96,245

Retained earnings

 

372,332

 

370,007

Other equity components

 

-2,295

 

-32,137

Equity of Pfeiffer Vacuum Technology AG shareholders

 

491,543

 

459,376

 

 

 

 

 

Financial liabilities

 

8,191

 

13,876

Provisions for pensions

 

39,019

 

60,502

Deferred tax liabilities

 

5,481

 

4,437

Contract liabilities

 

1,524

 

1,321

Total non-current liabilities

 

54,215

 

80,136

 

 

 

 

 

Trade accounts payable

 

74,728

 

58,046

Contract liabilities

 

17,537

 

13,343

Other accounts payable

 

31,298

 

27,742

Provisions

 

47,915

 

48,181

Income tax liabilities

 

11,539

 

16,773

Financial liabilities

 

34,642

 

4,279

Total current liabilities

 

217,659

 

168,364

 

 

 

 

 

Total shareholders’ equity and liabilities

 

763,417

 

707,876

 

 

 

 

 

 

Consolidated Statements of Cash Flows (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30,

 

 

2022

 

2021

 

 

in K€

 

in K€

Cash flow from operating activities:

 

 

 

 

Net income

 

42,585

 

33,881

Depreciation/amortization

 

14,509

 

12,425

Other non-cash income/expenses

 

3,264

 

3,629

Effects of changes of assets and liabilities:

 

 

 

 

Inventories

 

-40,653

 

-5,533

Receivables and other assets

 

-16,235

 

-44,833

Provisions, including pensions, and income tax liabilities

 

-4,462

 

11,487

Payables, other liabilities

 

23,619

 

30,757

Net cash provided by operating activities

 

22,627

 

41,813

 

 

 

 

 

Cash flow from investing activities:

 

 

 

 

Capital expenditures

 

-29,807

 

-13,144

Proceeds from disposals of fixed assets

 

241

 

136

Net cash used in investing activities

 

-29,566

 

-13,008

 

 

 

 

 

Cash flow from financing activities:

 

 

 

 

Proceeds from increase of financial liabilities

 

25,002

 

-

Principal elements of lease payments

 

-2,607

 

-2,920

Dividend payment

 

-40,260

 

-15,788

Redemptions of financial liabilities

 

-

 

-10,062

Net cash used in financing activities

 

 -17,865

 

-28,770

 

 

 

 

 

Effects of foreign exchange rate changes on cash and cash equivalents

 


-523

 


661

 

 

 

 

 

Net change in cash and cash equivalents

 

 
 -25,327

 


 696

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

99,371

 

122,883

 

 

 

 

 

Cash and cash equivalents at end of period

 

74,044

 

123,579

 

 

 

 

 

 

 


02.08.2022 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,

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1410743


 

End of News

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