23.03.2017
Pfeiffer Vacuum Technology AG DE0006916604
DGAP-News: Pfeiffer Vacuum Technology AG: Announcement of final results for FY 2016
DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): Final Results
Pfeiffer Vacuum Technology AG: Announcement of final results for FY 2016
23.03.2017 / 07:30
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE
Pfeiffer Vacuum posts very successful FY 2016 and expects positive
development to continue
- EUR 474.2 million total sales
- EBIT margin at 14.3 percent
- EUR 3.60 dividend proposed
- Presentation of the 2020 Strategy
- Promising start to FY 2017
Asslar, March 23, 2017. Total sales for FY 2016, which had been
preliminarily announced and have meanwhile been audited, amounted to EUR
474.2 million. This represents an increase of 5.0 percent (previous year:
EUR 451.5 million). Operating profit (EBIT) came to EUR 68.0 million,
marking a significant y-o-y increase of 11.9 percent. The operating profit
margin (EBIT margin) for FY 2016 amounted to 14.3 percent and was thus 0.8
percentage points higher than previous year's 13.5 percent.
The Management and Supervisory Boards propose a dividend of EUR 3.60 per
share (previous year: EUR 3.20). As in the previous year, the payout ratio
would thus amount to around 76 percent of consolidated net income.
Key figures at a glance:
2016 2015 Change
Sales EUR 474,2m EUR 451,5m +5 %
Operating profit (EBIT) EUR 68,0m EUR 60,8m +11,9 %
Net income EUR 47,0m EUR 41,9m +12,2 %
EPS EUR 4,77 EUR 4,25 +12,2 %
Dividend per share EUR 3,60* EUR 3,20 +12,5 %
Order intake EUR 481,9m EUR 456,9m +5,5 %
Order backlog EUR 72,3m EUR 64,7m +11,7 %
* Subject to the approval of the Annual General Meeting
Pfeiffer Vacuum's order intake for FY 2016 amounted to EUR 481.9 million
(previous year: EUR 456.9 million). The book-to-bill ratio - the ratio of
order intake to sales - was 1.02 in 2016 (previous year: 1.01). Year-end
order backlog amounted to EUR 72.3 million (previous year: EUR 64.7
million).
Manfred Bender, CEO of Pfeiffer Vacuum Technology AG, comments: "The fiscal
year 2016 was very successful for Pfeiffer Vacuum. We were able to yet again
increase our sales and further improve our already good profitability. We
did more business with more customers and benefited significantly from the
strong, dynamic growth of the Semiconductor and Coating division. In
addition, we have improved our structures and processes with the help of
GAP. To enable shareholders to participate in this positive development, the
Management Board and Supervisory Board will propose a dividend of EUR 3.60
per share at the Annual General Meeting in May."
In terms of sales broken down by regions, Europe posted an increase of 1.0
percent to EUR 188.9 million (previous year: EUR 187.0 million). Sales in
Asia rose significantly by 15.2 percent to EUR 174.6 million (previous year:
EUR 151.5 million). In North and South America, sales dipped slightly by 1.7
percent to EUR 110.5 million (previous year: EUR 112.4 million).
Sales of turbo pumps remained virtually unchanged at EUR 144.5 million
(previous year: EUR 144.8 million). Sales of backing pumps increased by 12.3
percent to EUR 115.0 million (previous year: EUR 102.4 million). Business
with instruments and components grew by 6.8 percent to EUR 105.5 million
(previous year: EUR 98.8 million). Service revenues rose by 3.1 percent to
EUR 99.7 million (previous year: EUR 96.7 million). Systems sales amounted
to EUR 9.5 million after EUR 8.8 million in the previous year.
All market segments exhibited growth in the past fiscal year:
The Semiconductor market generated sales of EUR 154.7 million (previous
year: EUR 139.9 million). This represents a substantial increase of 10.7
percent. In the heterogeneous market segment Industry, sales climbed
slightly by 0.7 percent to EUR 115.9 million (previous year: EUR 115.0
million). Sales in the Analytics market segment were up 0.4 percent,
increasing to EUR 92.1 million (previous year: EUR 91.7 million). In the
Research & Development market, sales rose to EUR 56.1 million (previous
year: EUR 55.6 million). With a strong 12.3 percent growth rate, Coating
sales come to EUR 55.4 million (previous year: EUR 49.3 million).
Gross profit for the reporting period amounted to EUR 180.5 million
(previous year: EUR 175.5 million). The gross profit margin in the past year
decreased by 0.8 percentage points to 38.1 percent (previous year: 38.9
percent). Operating profit (EBIT) amounted to EUR 68.0 million. This was
11.9 percent above the previous year's figure of EUR 60.8 million. This
corresponds to an operating margin (EBIT margin) of 14.3 percent (previous
year: 13.5 percent).
The financial result amounted to EUR -0.4 million (previous year: EUR -0.3
million) and the tax rate amounted to 30.4 percent (previous year: 30.7
percent). Net income therefore totaled 47.0 million EUR. This represents an
increase of 12.2 percent (previous year: 41.9 million EUR). Earnings per
share amounted to a record EUR 4.77, representing an increase of 12.2
percent (previous year: EUR 4.25).
Despite paying out a high dividend for FY 2015, Pfeiffer Vacuum was able to
increase its net cash position to EUR 109.8 million as at December 31, 2016
(previous year: EUR 94.7 million). The equity ratio rose to 68.7 percent
(previous year: 67.3 percent).
On top of that, Pfeiffer Vacuum has attractive growth prospects:
Strategy 2020
The past fiscal year's outstanding results clearly demonstrate that Pfeiffer
Vacuum is already very well positioned today. With its very attractive,
high-margin portfolio mix, the company also offers sustainable long-term
prospects to its shareholders. In addition, the two business units are at
excellent vantage points to realize the potential for growth in the vacuum
industry and benefit from global growth trends. The company will concentrate
on putting the 2020 strategy into practice to continue developing Pfeiffer
Vacuum successfully and in its shareholders' best interests. This strategy
prioritizes profitability and growth, of which the GAP program is a key
driver.
GAP program continues
Since 2015, Pfeiffer Vacuum has been creating the prerequisites for
increased profitable growth with GAP. Its key measures will be implemented
by the end of 2017. The following GAP measures contributed to the very good
result in the past fiscal year:
- stronger focus on key accounts, especially in Asia,
- in-depth analysis and optimization of the entire supply chain, and
- the creation of competence centers for individual products at specific
locations.
The contribution to earnings resulting from GAP for FY 2016 amounted to EUR
2.5 million, which represents an improvement of the EBIT margin of around
0.5 percentage points. This means that more than half of the margin increase
was attributable to GAP. The contribution to earnings in the current
financial year is expected to increase to EUR 3 to 4 million.
In the course of putting GAP into practice, the company identified a number
of other key measures to be implemented in the course of the next few years.
GAP Reloaded will take advantage of the internal structures and processes
established by the original GAP program to tap further potential within the
company. Pfeiffer Vacuum expects GAP Reloaded to contribute between EUR 5
and 7 million, respectively, to earnings in 2018 and 2019.
Further use of financial strength for acquisitions
Another key element of the 2020 Strategy is growth through selected
acquisitions. Pfeiffer Vacuum will therefore continue to actively leverage
its financial strength for attractive acquisitions and play a key role in
the vacuum industry's consolidation. Pfeiffer Vacuum had already taken over
two exciting enterprises, the service company Dreebit and ATC for the leak
detection division, at the beginning of this fiscal year. Dreebit is to be
an integral component of Pfeiffer Vacuum's future service strategy which
aims to meet customers' needs for excellent and comprehensive service. This
constitutes a clear and attractive growth market. Together with ATC and its
alternative technologies and new applications, Pfeiffer Vacuum will also
establish itself as a market leader in non-destructive testing. Dreebit and
ATC are to be rapidly integrated in the course of the current fiscal year.
Failed takeover bid by Busch Group, further options under review
Pfeiffer Vacuum expressly welcomes the termination of the takeover bid. This
is good news for Pfeiffer Vacuum and its shareholders. The estimation of
Pfeiffer Vacuum's management from the outset was that the Busch Group aimed
to gain active control over Pfeiffer Vacuum with the takeover offer, albeit
without being prepared to pay a customary and appropriate takeover premium.
What is more, Busch failed to present a plan outlining the scope for a
potential collaboration with Pfeiffer Vacuum.
In addition to further developing Pfeiffer Vacuum as an autonomous and
independent company through major acquisitions and implementing the 2020
Strategy, the company will also examine further options in order to enable
shareholders to participate accordingly in Pfeiffer Vacuum's value potential
and decide for themselves what the future of their company should be.
Manfred Bender, CEO of Pfeiffer Vacuum Technology AG, comments: "The
termination of the takeover offer has markedly improved our scope for
action. However, there is still the concern that Busch will bring about
resolutions at our Annual General Meeting on May 23 that are clearly
directed against the interests of the company and its shareholders. In the
weeks and months ahead, we will therefore be calling on our shareholders to
determine the further course of their company with a high attendance at the
Annual General Meeting and prevent a minority shareholder from depriving
them of options to achieve the returns befitting the company."
Outlook 2017
Pfeiffer Vacuum is very satisfied with the first months of the new year. The
company has been able to carry 2016's successful developments over to this
fiscal year. Year-to-date order intake is around 20 percent higher than it
was last year. Pfeiffer Vacuum expects this positive trend to continue at
least until the middle of the year and FY 2017 sales to increase
significantly compared to FY 2016. The operating result (EBIT) should rise
accordingly. As it stands today, Pfeiffer Vacuum has every reason to believe
these positive developments will also continue into 2018.
Contact
Pfeiffer Vacuum Technology AG
Investor Relations
Eerik Budarz
T +49 6441 802 1346
F +49 6441 802 1365
[email protected]
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
encompasses backing pumps, 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 that are used in the markets Analytics, Industry,
Research & Development, Coating and Semiconductor. Founded in 1890, Pfeiffer
Vacuum is globally active today. The company employs a workforce of some
2,400 people and has more than 20 subsidiaries.
For more information, please visit group.pfeiffer-vacuum.com
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23.03.2017 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.
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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: [email protected]
Internet: www.pfeiffer-vacuum.de
ISIN: DE0006916604
WKN: 691660
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange
End of News DGAP News Service
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557181 23.03.2017
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