21.03.2018
Pfeiffer Vacuum Technology AG DE0006916604
DGAP-News: Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum Posts Record Sales in FY 2017
DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): Final Results
Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum Posts Record Sales in FY 2017
21.03.2018 / 07:53
The issuer is solely responsible for the content of this announcement.
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Pfeiffer Vacuum Posts Record Sales in FY 2017
* Total sales of EUR 587.0 million
* EBIT/-margin of EUR 71.4 million/12.2 percent
* Adjusted EBIT/-margin of EUR 80.9 million/13.8 percent
* Pleasing order intake in first months 2018
Asslar, Germany, March 21, 2018. Total sales for FY 2017, which had been
preliminarily announced and have meanwhile been audited, amounted to EUR
587.0 million. This represents a significant increase of 23.8 percent
(previous year: EUR 474.2 million).
Operating profit (EBIT) came to EUR 71.4 million (previous year: EUR 60.0
million), somewhat lower than preliminarily announced, due to regular
cut-off and valuation procedures in year-end closing. Thus, another record
high in the history of Pfeiffer Vacuum was achieved. However, EBIT increased
5.0 percent, due to the one-offs PPA and increased consulting cost. EBIT
margin for FY 2017 came to 12.2 percent and was thus 2.1 percentage points
lower than previous year's 14.3 percent. Adjusted by the aforementioned
one-offs, EBIT was at EUR 80.9 million with a corresponding margin of 13.8
percent.
Pfeiffer Vacuum's order intake for FY 2017 amounted to EUR 642.1 million
(previous year: EUR 481.9 million). The book-to-bill ratio - the ratio of
order intake to sales - was 1.09 in 2017 (previous year: 1.02). Year-end
order backlog amounted to EUR 127.4 million (previous year: EUR 72.3
million).
The Management and Supervisory Board propose a dividend of EUR 2.00 per
share (previous year: EUR 3.60). The payout ratio would thus amount to
around 37 percent of consolidated net income.
On March 7, 2018, the Management and Supervisory Boards announced a CAPEX
plan with a total volume of EUR 150 million by 2020. Key areas of this
investment plan are: expansion and modernization of production capacity,
intensification of research & development, acceleration of industry
4.0-efforts and expansion of our global footprint in Asia, with a particular
focus on China.
Key figures at a glance:
2017 2016 Change
Sales EUR 587.0m EUR 474.2m +23.8 %
EBIT EUR 71.4m EUR 68.0m +5.0 %
Net income EUR 53.8m EUR 47.0m +14.5 %
EPS EUR 5.46 EUR 4.77 +14.5 %
Dividend per share EUR 2.00* EUR 3.60 (44.4) %
Order intake EUR 642.1m EUR 481.9m +33.2 %
o/w from acquisitions EUR 52.2m - -
Order backlog EUR 127.4m EUR 72.3m +76.2 %
* Subject to the approval of the Annual General Meeting
Dr. Eric Taberlet, CEO of Pfeiffer Vacuum Technology AG, comments, "We at
Pfeiffer Vacuum had a very eventful year behind us. Despite all the
challenges we are facing, 2017 has been a record year when it comes to sales
and EBIT, which attest to the Group's stable growth. Pfeiffer Vacuum will
strengthen its excellent market position to further expanding the Group's
leadership in vacuum technology. And our figures show that we are already
off to a good start."
In terms of sales broken down by regions, Europe posted a pleasing increase
of 17.8 percent to EUR 222.5 million (previous year: EUR 188.9 million).
Sales in Asia rose significantly by 26.2 percent to EUR 220.3 million
(previous year: EUR 174.6 million). In the Americas, sales showed
extraordinary growth of 30.1 percent to EUR 143.8 million (previous year:
EUR 110.5 million), not least due to additional volumes from the companies
acquired during the year.
Sales of turbo pumps are once again strong compared with previous year's
growth rates and showed an increase of 20.0 percent to EUR 173.4 million
(previous year: EUR 144.5 million). Business with instruments and components
outpaced the rest at first glance with an increase of 52.2 percent, however,
it must be acknowledged that more than 20 percent of the total amount of EUR
160.6 million (previous year: EUR 105.5 million) attributes to acquisitions.
Sales of backing pumps increased by 15.5 percent to EUR 132.8 million
(previous year: EUR 115.0 million). Service revenues rose by 8.1 percent to
EUR 107.8 million (previous year: EUR 99.7 million). Systems sales amounted
to EUR 12.4 million after EUR 9.5 million in the previous year.
All of Pfeiffer Vacuum's five market segments exhibited growth in the past
fiscal year. The Semiconductor and Coating markets, representing more than
50 percent of total sales volume, recorded an increase in sales by 45.6 and
33.9 percent to EUR 225.4 and 74.2 million (previous year: EUR 154.7 and
55.4 million), respectively. In Analytics, sales were up 8.7 percent,
increasing to EUR 100.1 million (previous year: EUR 92.1 million). In the
heterogeneous market segment Industry, sales increased by 11.4 percent to
EUR 129.1 million (previous year: EUR 115.9 million). Market segment
Research & Development sales volume rose by 3.7 percent to EUR 58.2 million
(previous year: EUR 56.1 million).
Gross profit for the reporting period amounted to EUR 210.0 million
(previous year: EUR 180.5 million). The gross profit margin in the past year
decreased by 2.3 percentage points to 35.8 percent (previous year: 38.1
percent). Operating income (EBIT) amounted to EUR 71.4 million, 5.0 percent
above the previous year's figure of EUR 68.0 million and resulted in an EBIT
margin of 12.2 percent. Adjusted for one-offs, EBIT amounts to EUR 80.9
million, which is an increase of EUR 12.9 million or 18.9 percent compared
to 2017. This corresponds to an adjusted EBIT margin of 13.8 percent
(previous year: 14.3 percent).
The financial result amounted to EUR -0.4 million (previous year: EUR -0.4
million). The tax ratio markedly decreased to 24.2 percent (previous year:
30.4 percent), mainly influenced by the U.S. tax reform, which led to a
devaluation of deferred tax liabilities. Net income totaled EUR 53.8 million
(previous year: EUR 47.0 million) which corresponds to a net return on sales
of 9.2 percent compared to 9.9 percent in the previous year. Earnings per
share amounted to EUR 5.46, representing an increase of EUR 0.69 (previous
year: EUR 4.77).
Despite an increase in operating cash flow from EUR 63.6 million in 2016 to
EUR 71.4 million in 2017, the dividend, acquisitions and associated
repayments of financial liabilities led to a net decrease in the cash
position to EUR 97.4 million as of December 31, 2017 (previous year: EUR
110.0 million). The equity ratio decreased to 58.0 percent (previous year:
68.7 percent).
Outlook 2018
Pfeiffer Vacuum is very satisfied with the first months of the year. We
expect sales to grow noticeably, however, the growth rate will be probably
below that of 2017, which was influenced by additional volumes of
acquisitions. For 2018, we expect PPA effects of approx. EUR 6.1 million and
impacts from foreign exchange rates. Due to the limited visibility of orders
based on sales over two to three months, we will provide our guidance for
fiscal year 2018 traditionally at the Annual General Meeting in May.
Contact
Pfeiffer Vacuum Technology AG
Investor Relations
Dinah Reiss
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
2,900 people and has worldwide eight production sites and more than 25
subsidiaries.
For more information, please visit group.pfeiffer-vacuum.com
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21.03.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
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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
Indices: TecDAX
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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666565 21.03.2018
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