02.08.2018
Pfeiffer Vacuum Technology AG DE0006916604
DGAP-News: Pfeiffer Vacuum: H1 2018 Sales increase by 22.4% compared to the previous year
DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): Half Year Results
Pfeiffer Vacuum: H1 2018 Sales increase by 22.4% compared to the previous
year
02.08.2018 / 07:59
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE
Pfeiffer Vacuum: H1 2018 Sales increase by 22.4% compared to the previous
year
- Sales increase to EUR 338.2 million: +22.4%
- EBIT reaches EUR 47.8 million: +36.2%
- EBIT-margin: 14.1%, adjusted: 15.3%
- Order intake: EUR 174 million in Q2 2018
Asslar, August 2, 2018. Pfeiffer Vacuum, a leading global manufacturer of
vacuum solutions, managed to increase sales by 22.4% to EUR 338.2 million
compared to the previous year, a continuation of its encouraging start to
the first half of the year. Of its total sales, EUR 33.4 million was
generated by the companies acquired in 2017, which allowed for growth of
12.9% from stock units to be recorded. EBIT rose to EUR 47.8 million or by
36.2%. The EBIT-margin was 14.1%. Adjusted for PPA-effects, EBIT reached EUR
51.7 million at an adjusted EBIT-margin of 15.3%. The order intake in the
second quarter, which was again positive at EUR 174.0 million, indicates the
expected delays in orders from semiconductor customers. Accordingly subdued
development has been confirmed for the second half of the year. The
book-to-bill ratio as of June 30, 2018 amounted to 1.09.
Overview of key figures:
H1 2018 H1 2017* Change
Sales EUR 338.2 million EUR 276.2 million +22.4%
thereof from acquisitions EUR 33.4 million EUR 6.2 million
EBIT EUR 47.8 million EUR 35.1 million +36.2%
Adjusted EBIT EUR 51.7 million EUR 35.9 million +43.8%
H1 2018 H1 2017* Change
Net result EUR 34.4 million EUR 24.2 million +41.9%
Earnings per share EUR 3.48 EUR 2.46 +41.5%
Order intake EUR 368.0 million EUR 318.5 million +15.5%
thereof from acquisitions EUR 37.9 million EUR 22.9 million
Order backlog EUR 157.2 million EUR 114.6 million +37.2%
Q2 2018 Q2 2017* Change
Sales EUR 167.8 million EUR 139.3 million +20.5%
thereof from acquisitions EUR 17.3 million EUR 4.1 million
EBIT EUR 20.3 million EUR 13.9 million +45.8%
Adjusted EBIT EUR 22.3 million EUR 14.6 million +52.9%
Q2 2018 Q2 2017* Change
Net result EUR 14.6 million EUR 9.6 million +52.9%
Earnings per share EUR 1.48 EUR 0.79 +52.6%
Order intake EUR 174.0 million EUR 172.0 million +1.2%
thereof from acquisitions EUR 20.9 million EUR 18.8 million +13%
H1 and Q2 2017 values adjusted in some cases according to effects from the
purchase price allocation for the companies Nor-Cal, ATC and Dreebit, which
was carried out retroactively
Nathalie Benedikt, CFO comments: "Pfeiffer Vacuum was able to increase sales
and earnings in the second quarter. We are in line with the three-year
investment program. In the first half of the year, investments amounting to
approximately EUR 20 million were commissioned in machines, buildings and IT
infrastructure. In the second quarter EUR 8.9 million has been capitalized."
Additional sales were gained across all business units in the first half of
the year. Business in the coatings market developed exceptionally well with
an increase of 62.1% to a volume of EUR 53.8 million. Announcements of cuts
in public funds for solar energy feed in tariffs by the Chinese government
do not have an impact on our business according to current estimates. In the
semiconductor customer market, sales increased by 26.9% to a record volume
of EUR 136.1 million. Analytics business increased by 21.1% to EUR 57.7
million compared to the same period in the previous year. Sales increased by
6.7% to EUR 29.5 million with research and development customers. At EUR
61.2 million, sales were stable in the heterogeneous business with
industrial customers compared to the previous year.
According to product groups, turbopumps and backing pumps, with sales of EUR
94.4 million and EUR 80.6 million, achieved the highest organically
generated growth compared to the previous year of 13.3% and 18.9%,
respectively. Business in instruments and components recorded a significant
volume in the first half of the year of EUR 100.1 million, rising by 52.6%.
This figure includes acquisition-related growth of EUR 30.6 million. Systems
showed an extremely pleasing performance with an increase of 57.0% compared
to the previous year to a volume of EUR 8.5 million. Service achieved
slightly improved sales compared to the previous year of EUR 54.7 million.
From a regional perspective, Asia continues to be the most important sales
market for vacuum solutions, with a sales volume of EUR 133.1 million. This
is followed by Europe with sales of EUR 120.0 million in the first half of
the year and North and South America with EUR 85.1 million. In relative
terms, especially taking into account the acquisition-related share of sales
of EUR 26.4 million, North and South America showed the largest increase by
far of 36.4% compared to the previous year.
In a quarter on quarter analysis gross margin was reduced by 4.3 percentage
points to 33.5% in the second quarter, due to the product and customer mix
and a lower amount of production days because of federal holidays and
vacation days.
For Dr. Eric Taberlet, CEO of Pfeiffer Vacuum Technology AG, the figures
confirm the expected developments. "The latest market data from the
semiconductor industry and the delays in the capacity extensions of our
customers relativize the record levels from the beginning of the year.
Nevertheless, we are convinced that we will achieve our goals for the year
as a whole. The increased momentum in implementing our strategy will allow
us to expand our locations in Romania, North America and Vietnam in the
second half of the year."
Contact
Pfeiffer Vacuum Technology AG
Investor Relations
Dinah Reiss
T +49 6441 802 1346
F +49 6441 802 1365
[email protected]
Short profile
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,
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 over 125 years
ago. Founded in 1890, Pfeiffer Vacuum is active worldwide today. Pfeiffer
Vacuum has eight manufacturing sites in Europe, Asia and North America. The
company employs approx. 3,000 employees worldwide and has over 20 sales and
service companies.
For more information, please go to: group.pfeiffer-vacuum.com
Consolidated
Statements of Income
(unaudited) PFEIFFER
VACUUM TECHNOLOGY AG
Three Six
months months
ended ended
June June
30, 30,
2018 2017 2018 2017
adjuste- adjuste-
d1 d1
in KEUR in KEUR in KEUR in KEUR
Net sales 167,791 139,290 338,212 276,237
Cost of sales -111,56- -90,726 -217,58- -175,18-
4 3 0
Gross profit 56,227 48,564 120,629 101,057
Selling and -17,816 -15,068 -35,350 -29,485
marketing expenses
General and -13,210 -13,255 -25,762 -24,008
administrative
expenses
Research and -7,223 -6,829 -14,050 -13,401
development expenses
Other operating 3,419 4,264 5,402 6,222
income
Other operating -1,100 -3,752 -3,116 -5,336
expenses
Operating profit 20,297 13,924 47,753 35,049
Financial expenses -153 -233 -346 -320
Financial income 73 46 135 78
Earnings before 20,217 13,737 47,542 34,807
taxes
Income taxes -5,600 -4,176 -13,169 -10,581
Net income 14,617 9,561 34,373 24,226
Earnings per share
(in EUR):
Basic 1.48 0.97 3.48 2.46
Diluted 1.48 0.97 3.48 2.46
1 Due to the
completion of the
purchase price
allocation for the
Dreebit, ATC and
Nor-Cal acquisitions
in fiscal 2017 some
of the amounts shown
above were adjusted
retroactively and
thus differ from the
amounts reported in
the Half Year
Financial Statements
for the second
quarter 2017.
Consolidated Balance
Sheets (unaudited)
PFEIFFER VACUUM
TECHNOLOGY AG
June Decembe-
30, r 31,
2018 2017
in KEUR in KEUR
Assets
Intangible assets 109,565 110,814
Property, plant and 112,207 106,949
equipment
Investment 436 448
properties
Deferred tax assets 23,000 23,037
Other non-current 4,825 3,840
assets
Total non-current 250,033 245,088
assets
Inventories 125,735 113,384
Trade accounts 88,152 80,061
receivable
Income tax 2,879 3,159
receivables
Prepaid expenses 4,227 2,475
Other accounts 12,652 11,792
receivable
Cash and cash 97,167 97,402
equivalents
Total current assets 330,812 308,273
Total assets 580,845 553,361
Shareholders' equity
and liabilities
Share capital 25,261 25,261
Additional paid-in 96,245 96,245
capital
Retained earnings 244,385 229,747
Other equity -27,717 -30,316
components
Equity of Pfeiffer 338,174 320,937
Vacuum Technology AG
shareholders
Financial 60,215 60,248
liabilities
Provisions for 51,248 50,034
pensions
Deferred tax 4,037 3,988
liabilities
Total non-current 115,500 114,270
liabilities
Trade accounts 41,519 40,814
payable
Customer deposits 12,850 7,678
Other accounts 26,029 22,333
payable
Provisions 39,349 39,894
Income tax 7,225 7,354
liabilities
Financial 199 81
liabilities
Total current 127,171 118,154
liabilities
Total shareholders' 580,845 553,361
equity and
liabilities
Consolidated Statements of Cash Flows (unaudited)
PFEIFFER VACUUM TECHNOLOGY AG
Six
months
ended
June
30,
2018 2017
adjuste-
d1
in in KEUR
KEUR
Cash flow from operating activities:
Net income 34,373 24,226
Depreciation/amortization 10,256 9,599
Other non-cash income/expenses 1,022 518
Effects of changes of assets and liabilities:
Inventories -12,63- -10,628
3
Receivables and other assets -10,86- -744
4
Provisions, including pensions, and income tax 380 -1,549
liabilities
Payables, other liabilities 9,334 5,213
Net cash provided by operating activities 31,868 26,635
Cash flow from investing activities:
Payments for acquisitions - -74,594
Capital expenditures -12,52- -12,342
9
Proceeds from disposals of fixed assets 129 82
Net cash used in investing activities -12,40- -86,854
0
Cash flow from financing activities:
Proceeds from increase of financial liabilities 77 70,000
Dividend payment -19,73- -35,524
5
Redemptions of financial liabilities - -15,661
Net cash provided by/used in financing activities -19,65- 18.815
8
Effects of foreign exchange rate changes on cash -45 314
and cash equivalents
Net change in cash and cash equivalents -235 -41,091
Cash and cash equivalents at beginning of period 97,402 110,032
Cash and cash equivalents at end of period 97,167 68,941
1 Due to the completion of the purchase price
allocation for the Dreebit, ATC and Nor-Cal
acquisitions in fiscal 2017 some of the amounts
shown above were adjusted retroactively and thus
differ from the amounts reported in the Half Year
Financial Statements for the second quarter 2017.
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02.08.2018 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
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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