Pfeiffer Vacuum Technology AG

  • WKN: 691660
  • ISIN: DE0006916604
  • Land: Deutschland

Nachricht vom 03.11.2020 | 07:30

Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum benefits from strong semiconductor business and reports improved margins in Q3 2020

DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): 9 Month figures/Quarter Results
03.11.2020 / 07:30
The issuer is solely responsible for the content of this announcement.

PRESS RELEASE

Pfeiffer Vacuum benefits from strong semiconductor business and reports improved margins in Q3 2020

- Sales down 2.9% in 9M 2020 and down 2.7% in Q3 2020

- EBIT margin reaches 7.9% in 9M 2020 and 10.6% in Q3 2020

- Order intake of EUR 461.3 million in 9M 2020, up 2.5% from the previous year

 

Asslar, Germany, November 3, 2020. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today reports consolidated financial results for the third quarter and nine months period ending September 30, 2020.

Pfeiffer Vacuum sales for the first nine months 2020 declined by 2.9% to EUR 453.9 million compared to the previous year (9 months 2019: EUR 467.3 million), primarily driven by lower sales in the market segments coating, analytics, industry and R&D offset by a strong performance in the semiconductor market. Sales in the semiconductor and coating market combined increased by 7.1% to EUR 233.5 million (9 months 2019: 218.0 million) whereas sales in the industry, analytics and R&D market segments decreased by 11.6% to EUR 220.4 million (9 months 2019: 249.3 million).

The gross profit for the first nine months was EUR 158.0 million (9 months 2019: EUR 161.4 million). The year-over-year decline is due to negative economies of scale related to sales declines and productivity impact in the context of COVID-19 measures implemented by Pfeiffer Vacuum, offset in Q3 2020 by favorable sales mix within the markets. In the first nine months 2020, the gross profit margin improved to 34.8% (9M 2019: 34.5%) driven by the strong gross profit margin in Q3 2020 of 36.4% (Q3 2019: 33.6%)

The operating result (EBIT) for the first nine months 2020 of EUR 35.7 million represents a decrease by 27.0% compared to the previous year (9 months 2019: EUR 48.9 million). The EBIT margin reached 7.9% which was lower than in the previous year (9 months 2019: 10.5%) but higher than in the first half of 2020 (H1 2020: 6.5%). This was driven by an improved EBIT margin of 10.6% in Q3 2020, mainly as a result of the favorable product mix.

The year-over-year decline in EBIT in the 9-months periods was primarily a result of the decrease in sales, productivity losses through COVID-19 and increased expenses to drive market share growth and to improve the EBIT margin to 20% by 2025.

Net income declined to EUR 24.8 million (9 months 2019: EUR 34.7 million), representing earnings per share of EUR 2.51 (9 months 2019: EUR 3.52).

The book-to-bill ratio, the ratio of order intake to sales, was at 1.02 for the nine months ending September 30, 2020. Despite of COVID-19, the order intake reached EUR 461.3 million, up 2.5% compared to first nine months of 2019. At the end of the third quarter 2020, Pfeiffer Vacuum had an order backlog of EUR 118.2 million, down 7.4% compared to the previous year (September 30, 2019: EUR 127.6 million).

"Market indicators in the semiconductor market continued to be positive while our other markets were impacted primarily due to the economic slow-down related to the COVID-19 pandemic" says Dr. Eric Taberlet, CEO of Pfeiffer Vacuum Technology AG. "EBIT margins during the third quarter 2020 were the strongest of the year 2020 due to a very favorable sales mix within our different market segments."

Overview of key figures:

  9M/2020 9M/2019 Change
       
Sales € 453.9 million € 467.3 million -2.9%
EBIT € 35.7 million € 48.9 million -27.0%
Net income € 24.8 million € 34.7 million -28.6%
Earnings per share € 2.51 € 3.52 -28.4%
Order intake € 461.3 million € 450.0 million +2.5%

  Q3 2020 Q3 2019 Change
       
Sales € 152.0 million € 156.2 million -2.7%
EBIT € 16.1 million € 16.1 million +0.5%
Net income € 11.3 million € 11.4 million -1.3%
Earnings per share € 1.14 € 1.16 -1.7%
Order intake € 144.7 million € 156.3 million -7.4%
 

In sales by region, which describes sales according to the location of the customers in their corresponding region, Pfeiffer Vacuum achieved a year-over-year increase in sales by 1.7% to EUR 170.5 million for the first nine months of 2020 (9 months 2019: EUR 167.6 million) in Asia. This was mainly related to higher sales with our customers in the semiconductor market. Europe sales decreased by 6.4% to EUR 162.7 million (9 months 2019: EUR 173.9 million), mainly because of the market conditions in the industry, analytics and R&D segments. Sales in the Americas declined by 4.1% to EUR 120.7 million (9 months 2019: EUR 125.8 million), primarily due to the weaker US Dollar.

Balance sheet and cash-flow

As of September 30, 2020, Pfeiffer Vacuum maintained its solid financial position. Total assets at the end of the third quarter 2020 were EUR 659.1 million, slightly less than at the end of 2019 (December 31, 2019: EUR 659.6 million). Cash and cash equivalents were EUR 112.2 million (December 31, 2019: EUR 112.0 million) and the Company remains net debt free. The equity ratio was at 60.1%, slightly up from the year-end 2019 (December 31, 2019: 59.6%).

Outlook

Due to the impact of COVID-19 on the global economy and further pressures due to the arrival of the second wave of increased infections, Pfeiffer Vacuum is currently not able to make a reliable forecast concerning the further business development. Critical semiconductor customers currently remain committed to their expansion. However, economic activity in other markets served could come under increased pressure. The Company currently expects sales in the fourth quarter 2020 to be similar to third quarter 2020 levels, while the EBIT margin for the full year 2020 is expected to be around 7 percent.

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 approximately 3,300 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,
    2020   2019   2020   2019
    in K€   in K€   in K€   in K€
Net sales   152,007   156,225   453,861   467,333
Cost of sales   -96,672   -103,805   -295,891   -305,909
Gross profit   55,335   52,420   157,970   161,424
                 
Selling and marketing expenses   -17,955   -16,965   -54,055   -53,267
General and administrative expenses   -12,697   -14,579   -43,456   -40,906
Research and development expenses   -7,980   -6,423   -25,499   -21,235
Other operating income   2,486   2,315   7,131   5,800
Other operating expenses   -3,051   -709   -6,405   -2,912
Operating profit   16,138   16,059   35,686   48,904
                 
Financial expenses   -276   -205   -729   -648
Financial income   29   59   123   121
Earnings before taxes   15,891   15,913   35,080   48,377
                 
Income taxes   -4,612   -4,486   -10,270   -13,641
                 
Net income   11,279   11,427   24,810   34,736
                 
Earnings per share (in €):                
Basic   1.14   1.16   2.51   3.52
Diluted   1.14   1.16   2.51   3.52
                 
 
 

 

Consolidated Balance Sheets (unaudited)        
         
         
    September 30, 2020   December 31, 2019
    in K€   in K€
Assets        
Intangible assets   111,927   112,244
Property, plant and equipment   152,944   154,701
Investment properties   386   400
Other financial assets   1,851   4,031
Other assets   616   2,034
Deferred tax assets   27,617   27,377
Total non-current assets   295,341   300,787
         
Inventories   135,006   128,484
Trade accounts receivable   86,872   87,867
Contract assets   2,285   2,860
Income tax receivables   6,099   9,962
Prepaid expenses   6,319   4,308
Other financial assets   2,925   3,161
Other accounts receivable   12,047   10,166
Cash and cash equivalents   112,217   111,980
Total current assets   363,770   358,788
         
Total assets   659,111   659,575
         
Shareholders' equity and liabilities        
Share capital   25,261   25,261
Additional paid-in capital   96,245   96,245
Retained earnings   317,027   304,552
Other equity components   -42,156   -32,613
Equity of Pfeiffer Vacuum Technology AG shareholders   396,377   393,445
         
Financial liabilities   69,007   69,729
Provisions for pensions   66,558   64,103
Deferred tax liabilities   4,502   5,041
Contract liabilities   804   584
Total non-current liabilities   140,871   139,457
         
Trade accounts payable   36,422   41,137
Contract liabilities   13,747   12,259
Other accounts payable   22,899   23,406
Provisions   41,739   38,735
Income tax liabilities   3,514   7,248
Financial liabilities   3,542   3,888
Total current liabilities   121,863   126,673
         
Total shareholders' equity and liabilities   659,111   659,575
         
 
 

 

Consolidated Statements of Cash Flows (unaudited)        
         
         
    Nine months ended
September 30,
    2020   2019
    in K€   in K€
Cash flow from operating activities:        
Net income   24,810   34,736
Depreciation/amortization   19,760   17,487
Other non-cash income/expenses   4,066   3,455
Effects of changes of assets and liabilities:        
Inventories   -13,079   -11,038
Receivables and other assets   1,989   6,389
Provisions, including pensions, and income tax liabilities   2,263   -3,566
Payables, other liabilities   -2,852   -11,950
Net cash provided by operating activities   36,957   35,513
         
Cash flow from investing activities:        
Capital expenditures   -19,675   -19,307
Proceeds from disposals of fixed assets   -204   293
Net cash used in investing activities   -19,879   -19,014
         
Cash flow from financing activities:        
Principal elements of lease payments   -3,636   -3,448
Proceeds from increase of financial liabilities   -   632
Dividend payment   -12,335   -22,696
Redemptions of financial liabilities   -56   -
Net cash provided by/used in financing activities   -16,027   -25,512
         
Effects of foreign exchange rate changes on cash and cash equivalents   -814   255
         
Net change in cash and cash equivalents   237   -8,758
         
Cash and cash equivalents at beginning of period   111,980   108,380
         
Cash and cash equivalents at end of period   112,217   99,622
         


03.11.2020 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.
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