Pfeiffer Vacuum Technology AG

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

Nachricht vom 05.11.2019 | 07:30

Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum delivers revenue growth in Q3 2019 in challenging market environment. Full-year outlook confirmed.

DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): 9 Month figures

05.11.2019 / 07:30
The issuer is solely responsible for the content of this announcement.


PRESS RELEASE

Pfeiffer Vacuum delivers revenue growth in Q3 2019 in challenging market environment. Full-year outlook confirmed.

- Order intake in third quarter was highest quarter in FY 2019

- Sales growth of 2% in Q3 2019 year-over-year

- Sales of EUR 467.3 million, EBIT of EUR 48.9 million, and EBIT margin of 10.5% for 9 months 2019

- Outlook for the full fiscal year 2019 confirmed


Asslar, Germany, November 5, 2019. Pfeiffer Vacuum, a leading global manufacturer of vacuum solutions, reports financial results for the third quarter and nine months ending September 30, 2019.

For the third quarter 2019, sales reached EUR 156.2 million, up 2.0% compared to the same period in 2018, and EBIT was EUR 16.1 million, down 22.6%. Year-to-date 2019, sales were EUR 467.3 million, down 4.9% compared to the same period in 2018. In the first nine months 2019, sales were impacted primarily by declines in the semiconductor and coating market. Third quarter 2019 was the first quarter in 2019 where sales in the semiconductor market improved year-over-year. The company is in an investment phase, which in addition to sales performance impacts the EBIT margin.

"Market indicators in the semiconductor and coating market are stabilizing, and we expect demand will accelerate in 2020," says Dr. Eric Taberlet, CEO of Pfeiffer Vacuum Technology AG. "We are executing an ambitious investment plan to drive increased market share and earnings improvements and I am pleased with the progress we are making."


Overview of key figures:

  9M/2019 9M/2018 Change
       
Sales EUR 467.3 million EUR 491.3 million -4.9%
EBIT EUR 48.9 million EUR 68.5 million -28.6%
Net income EUR 34.7 million EUR 49.3 million -29.5%
Earnings per share EUR 3.52 EUR 4.99 -29.5%
Order intake EUR 450.00 million EUR 516.6 million -12.9%
 
  Q3 2019 Q3 2018 Change
       
Sales EUR 156.2 million EUR 153.1 million +2.0%
EBIT EUR 16.1 million EUR 20.7 million -22.6%
Net income EUR 11.4 million EUR 14.9 million -23.2%
Earnings per share EUR 1.16 EUR 1.51 -23.2%
Order intake EUR 156.3 million EUR 148.6 million +5.2%
 

Nathalie Benedikt, CFO of Pfeiffer Vacuum Technology AG, comments: "We are in a very important investment phase. Over a multi-year period we are investing EUR 150 million to drive growth and profitability. We expect to realize the full benefits of this investment program by 2025."

Orders
Third quarter 2019 orders were EUR 156.3 million, the highest level for 2019, compared to EUR 148.8 million in the first quarter and EUR 144.9 million in the second quarter 2019.

Sales by Market, Product Group and Geographic Regions
For the nine months ending September 30, 2019, sales decreased by 4.9% to EUR 467.3 million. The year-over-year decline was related to weakness in sales from the semiconductor market, which decreased year-over-year by 15.9% to EUR 156.5 million as well as declines in the coating market of 20.1% to EUR 61.5 million. This was partially offset by strong demand in the industry market segment, which increased 13.9% to EUR 110.0 million, research & development (R&D) business, which grew 10.6% to EUR 48.8 million, and analytics, up 3.5% to EUR 90.5 million.

In terms of product groups, turbopumps recorded the largest sales, with the most significant year-over-year sales increases of 2.9% to EUR 145.2 million year-to-date. Year-over-year sales also improved for service, by 1.2% to EUR 84.3 million, and systems by 2.1% to EUR 11.6 million. This was offset by year-over-year sales declines for instruments and components of 9.1% to EUR 132.2 million and backing pumps by 14.7% to EUR 93.9 million, primarily related to the semiconductor and coating market conditions.

While sales in all geographic regions declined year-over-year for the first 9 months, the primary decline was in Asia, with 9.4% to EUR 167.6 million. Third quarter 2019 sales grew year-over-year in all geographic regions.

Operating Performance
EBIT for the nine months ending September 30, 2019 was EUR 48.9 million or 10.5% of sales, compared to EUR 68.5 million and 13.9% for the same period in 2018. The year-over-year decline was due to lower sales and expanded costs related to strategic investments to achieve higher market share and EBIT margin of above 20%. Foreign currency effects had a slightly positive impact on results.

Outlook
For fiscal year 2019, Pfeiffer Vacuum expects sales of EUR 620 to 640 million, and an EBIT margin of around 10%. In addition, capital expenditures are expected to be about EUR 30 million.

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, coatings and semiconductor markets since its invention of the turbopump. Founded in 1890, Pfeiffer Vacuum is active worldwide. The Company employs approximately 3,200 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,
    2019   2018   2019   2018
                 
    in KEUR   in KEUR   in KEUR   in KEUR
Net sales   156,225   153,118   467,333   491,330
Cost of sales   -103,805   -97,177   -305,909   -314,760
Gross profit   52,420   55,941   161,424   176,570
                 
Selling and marketing expenses   -16,965   -17,204   -53,267   -52,554
General and administrative expenses   -14,579   -12,689   -40,906   -38,451
Research and development expenses   -6,423   -6,653   -21,235   -20,703
Other operating income   2,315   2,282   5,800   7,684
Other operating expenses   -709   -928   -2,912   -4,044
Operating profit   16,059   20,749   48,904   68,502
                 
Financial expenses   -205   -198   -648   -544
Financial income   59   39   121   174
Earnings before taxes   15,913   20,590   48,377   68,132
                 
Income taxes   -4,486   -5,705   -13,641   -18,874
                 
Net income   11,427   14,885   34,736   49,258
                 
Earnings per share (in EUR):                
Basic   1,16   1,51   3,52   4,99
Diluted   1,16   1,51   3,52   4,99
                 
                 
 
 

 

Consolidated Balance Sheets (unaudited)        
         
         
    September 30,
2019
  December 31, 2018
    in KEUR   in KEUR
Assets        
Intangible assets   109,932   109,460
Property, plant and equipment   149,743   126,143
Investment properties   407   424
Other financial assets   3,801   4,282
Other assets   1,392   3,200
Deferred tax assets   27,675   24,895
Total non-current assets   292,950   268,404
         
Inventories   141,676   133,191
Trade accounts receivable   88,327   92,164
Contract assets   518   298
Income tax receivables   3,459   3,726
Prepaid expenses   5,514   3,504
Other financial assets   1,134   609
Other accounts receivable   10,388   13,884
Cash and cash equivalents   99,622   108,380
Total current assets   350,638   355,756
         
Total assets   643,588   624,160
         
Shareholders' equity and liabilities        
Share capital   25,261   25,261
Additional paid-in capital   96,245   96,245
Retained earnings   290,931   278,891
Other equity components   -28,238   -28,172
Equity of Pfeiffer Vacuum Technology AG shareholders   384,199   372,225
         
Financial liabilities   69,921   60,182
Provisions for pensions   64,952   55,638
Deferred tax liabilities   4,606   4,638
Contract liabilities   348   630
Total non-current liabilities   139,827   121,088
         
Trade accounts payable   31,822   38,054
Contract liabilities   14,383   18,271
Other accounts payable   25,147   25,740
Provisions   41,298   41,626
Income tax liabilities   3,506   7,061
Financial liabilities   3,406   95
Total current liabilities   119,562   130,847
         
Total shareholders' equity and liabilities   643,588   624,160
         
 
 

 

Consolidated Statements of Cash Flows (unaudited)        
         
         
    Nine months ended
September 30,
    2019   2018
         
    in KEUR   in KEUR
Cash flow from operating activities:        
Net income   34,736   49,258
Depreciation/amortization   17,487   14,943
Other non-cash income/expenses   3,455   1,617
Effects of changes of assets and liabilities:        
Inventories   -11,038   -24,298
Receivables and other assets   6,389   -13,648
Provisions, including pensions, and income tax liabilities   -3,566   6,324
Payables, other liabilities   -11,950   3,187
Net cash provided by operating activities   35,513   37,383
         
Cash flow from investing activities:        
Payments for acquisitions   -   -
Capital expenditures   -19,307   -24,038
Proceeds from disposals of fixed assets   293   217
Net cash used in investing activities   -19,014   -23,821
         
Cash flow from financing activities:        
Proceeds from increase of financial liabilities   632   63
Dividend payment   -22,696   -19,735
Redemptions of financial liabilities   -3,448   -
Net cash provided by/used in financing activities   -25,512   -19,672
         
Effects of foreign exchange rate changes on cash and cash equivalents   255   -490
         
Net changes in cash and cash equivalents   -8,758   -6,600
         
Cash and cash equivalents at beginning of period   108,380   97,402
         
Cash and cash equivalents at end of period   99,622   90,802
         


05.11.2019 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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