Pfeiffer Vacuum Technology AG

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

Nachricht vom 26.03.2020 | 07:30

Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum reports sound performance in fiscal year 2019 (news with additional features)

DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): Annual Results
26.03.2020 / 07:30
The issuer is solely responsible for the content of this announcement.

PRESS RELEASE

Pfeiffer Vacuum reports sound performance in fiscal year 2019

Asslar, March 26, 2020. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announces audited results for the fiscal year 2019. They correspond to the preliminary results announced on February 20, 2020. The company reported sales of EUR 632.9 million, operating results (EBIT) of EUR 65.2 million and an EBIT margin of 10.3 %. These results are in line with the guidance provided in September 2019.

Compared to the previous year, when Pfeiffer Vacuum reached sales at a record level, sales decreased by 4.1% in 2019 (2018: EUR 659.7 million), primarily driven by challenging market conditions in the coating market and a weaker demand from semiconductor customers. This was partly offset by a strong performance in the industry market segment and the growth in the R&D and analytics markets. The operating result (EBIT) decreased by 31.5% (previous year: EUR 95.1 million) and the EBIT margin was 10.3% (previous year: 14.4%). The decrease in sales put pressure on operating results. In addition, increased expenses to drive market share growth and to improve the EBIT margin to over 20% by 2025 as outlined in the company's growth strategy had a negative effect on the operating performance.

The book-to-bill ratio, the ratio of order intake to sales, was 0.95 for the full year. At the end of the fourth quarter, Pfeiffer Vacuum had an order backlog of EUR 110.7 million, representing a decrease of 23.6% compared to the previous year (EUR 144.9 million).

The Management and Supervisory Boards will propose to pay out a dividend of EUR 1.25 per share (previous year: EUR 2.30) at the Annual General Meeting. This takes into consideration the increased expenses related to the implementation of the growth strategy, which were especially significant in 2019, the expected investments in 2020, as well as the Coronavirus situation. The payout ratio would thus represent 25.5% of the Group result.

"2019 was a year of preparing for the transformation of the company to an even stronger market position in the high-vacuum market and to drive operational efficiencies," says Dr. Eric Taberlet, CEO of Pfeiffer Vacuum Technology AG. "Our focus for 2020 is first and foremost on managing through the Coronavirus related business challenges and protecting the health and safety of our employees as well as meeting our customers' needs."

Nathalie Benedikt, CFO comments: "In 2020 we will continue the execution of our growth strategy. However, we will take into consideration the new economic realities that the Coronavirus presents to balance expenses."

Overview of key figures:

  12M/2019 12M/2018 Change
       
Sales € 632.9 million € 659.7 million -4.1%
EBIT € 65.2 million € 95.1 million -31.5%
Net income € 48.4 million € 68.9 million - 29.8%
Earnings per share € 4.90 € 6.98 - 29.8%
Dividend per share € 1.25* € 2.30 - 45.7%
Order intake € 598.7 million € 677.2 million - 11.6%
Order backlog € 110.7 million € 144.9 million - 23.6%
 

*Subject to approval by the Annual General Meeting

The gross profit in the reporting period was EUR 215.9 million (previous year: EUR 235.2 million). The year-over-year decline is due to reduced sales and negative economies of scale.

Net income declined to EUR 48.4 million (previous year: EUR 68.9 million) representing earnings per share of EUR 4.90 (previous year: EUR 6.98).

Sales growth in the Americas
Sales by region, which describes sales according to the location of the customers in their corresponding region, Americas contributed to an increase in sales of 2.2% to EUR 169.7 million (previous year: EUR 165.9 million). Europe showed a decrease of 6.0% to EUR 232.0 million (previous year: EUR 247.0 million). Sales in Asia declined by 6.3% to EUR 231.1 million (previous year: EUR 246.6 million) due to an adverse environment in the semiconductor and coating markets.

Sales by product: Year-over-year increase in systems and service
With EUR 191.6 million sales of turbopumps were flat compared to the previous year (previous year: EUR 192.1 million). Instruments and components sales reached EUR 184.6 million (previous year: EUR 193.7 million). With a sales volume of EUR 124.2 million (previous year: EUR 143.4 million), backing pump sales were the most impacted by challenging semiconductor and coating market conditions compared to the previous year. Sales from services increased by 1.1% to EUR 112.8 million (previous year: EUR 111.6 million). Systems, a predominantly project-oriented area, increased sales by 4.5% over the previous year to EUR 19.7 million (previous year: EUR 18.9 million).

Industry market reports record sales
The industry market sector grew by 10.5% in a challenging market, to a record total sales volume of EUR 149.5 million (previous year: EUR 135.3 million). This is partly due to the increased use of new high-vacuum technology applications. Sales in the semiconductor market, the Company's largest market, declined by 8.7% to EUR 222.6 million compared to EUR 243.9 million in the previous year. This development is attributable to the adverse market environment. The coating market dropped by 24.1% to EUR 75.6 million (previous year: EUR 99.6 million) due to a weaker solar market. On the other hand, Analytics with sales of EUR 118.5 million (previous year: EUR 116.7 million) and R&D with sales of EUR 66.7 million (previous year: EUR 64.2 million), both grew year-over-year.

Innovation leadership and strengthening of production capabilities
During 2019 production facilities at the sites in France and Romania were modernized and capacity expanded. Furthermore, Pfeiffer Vacuum established production capabilities in China. In addition, the HiLobe product line, which has exceptional short pump-down times, and the ASM 306 S, a new leak detector with break-through technology, were introduced.

Outlook for the 2020 fiscal year
Sales and order intake in the semiconductor market were strong entering 2020. However, the Company expects an impact on the business related to the Coronavirus, which cannot be predicted at this point-in-time. Expectations for 2020, outlined in February 2020 and in the Annual Report, of revenue growth, EBIT margins flat to 2019 and expected capital investments in the range of EUR 40 to 60 million are therefore invalid.

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 3,200 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

PFEIFFER VACUUM TECHNOLOGY AG
   
(in K€)   2019 2018  
         
Net sales   632,865 659,725  
Cost of sales   -416,995 -424,517  
Gross profit   215,870 235,208  
         
Selling and marketing expenses   -71,669 -68,371  
General and administrative expenses   -52,293 -49,106  
Research and development expenses   -29,620 -28,663  
Other operating income   7,768 11,302  
Other operating expenses   -4,904 -5,240  
Operating profit   65,152 95,130  
         
Financial expenses   -853 -727  
Financial income   216 208  
Earnings before taxes   64,515 94,611  
         
Income taxes   -16,158 -25,732  
         
Net income   48,357 68,879  
         
Earnings per share (in €):        
Basic   4.90 6.98  
Diluted   4.90 6.98  
         
 
Consolidated Balance Sheets

PFEIFFER VACUUM TECHNOLOGY AG
 
(in K€)   Dec. 31, 2019 Dec. 31, 2018    
           
ASSETS          
Intangible assets   112,244 109,460    
Property, plant and equipment   154,701 126,143    
Investment properties   400 424    
Other financial assets   4,031 4,282    
Other assets   2,034 3,200    
Deferred tax assets   27,377 24,895    
Total non-current assets   300,787 268,404    
           
Inventories   128,484 133,191    
Trade accounts receivable   87,867 92,164    
Contract assets   2,860 298    
Income tax receivables   9,962 3,726    
Prepaid expenses   4,308 3,504    
Other financial assets   3,161 609    
Other accounts receivable   10,166 13,884    
Cash and cash equivalents   111,980 108,380    
Total current assets   358,788 355,756    
           
Total assets   659,575 624,160    
           
SHAREHOLDERS' EQUITY AND LIABILITIES          
Share capital   25,261 25,261    
Additional paid-in capital   96,245 96,245    
Retained earnings   304,552 278,891    
Other equity components   -32,613 -28,172    
Equity of Pfeiffer Vacuum Technology AG shareholders   393,445 372,225    
           
Financial liabilities   69,729 60,182    
Provisions for pensions   64,103 55,638    
Deferred tax liabilities   5,041 4,638    
Contract liabilities   584 630    
Total non-current liabilities   139,457 121,088    
           
Trade accounts payable   41,137 38,054    
Contract liabilities   12,259 18,271    
Other accounts payable   23,406 25,740    
Provisions   38,735 41,626    
Income tax liabilities   7,248 7,061    
Financial liabilities   3,888 95    
Total current liabilities   126,673 130,847    
           
Total shareholders' equity and liabilities   659,575 624,160    
           
 
Consolidated Statements of Cash Flows

PFEIFFER VACUUM TECHNOLOGY AG
(in K€)   2019 2018      
             
Cash flow from operating activities:            
Earnings before taxes   64,515 94,611      
Adjustment for financial income/financial expenses   637 519      
Financial income received   189 177      
Financial expenses paid   -818 -900      
Income taxes paid   -18,717 -22,703      
Depreciation/amortization   24,226 18,591      
Gain/loss from disposals of long-term assets   341 -1,532      
Changes in allowances for doubtful accounts   350 590      
Changes in inventory reserves   4,441 1,467      
Other non-cash changes   -1,859 6      
Effects of changes in assets and liabilities:            
Inventories   904 -20,035      
Receivables and other assets   -2,198 -19,329      
Provisions, including pensions, and income tax liabilities   -1,159 -425      
Payables   -5,472 11,510      
Net cash provided by operating activities   65,380 62,547      
             
Cash flow from investing activities:            
Capital expenditures   -34,913 -33,669      
Proceeds from disposals of fixed assets   650 2,177      
Net cash used in investing activities   -34,263 -31,492      
             
Cash flow from financing activities:            
Proceeds from increase of financial liabilities   97 23      
Dividend payments   -22,696 -19,735      
Redemptions of leasing liabilities   -5,257 -87      
Net cash used in financing activities   -27,856 -19,799      
             
Effects of foreign exchange rate changes
on cash and cash equivalents
  339 -278      
             
Net changes in cash and cash equivalents   3,600 10,978      
             
Cash and cash equivalents at beginning of period   108,380 97,402      
             
Cash and cash equivalents at end of period   111,980 108,380      
           
 
 

 


Additional features:

Document: https://eqs-cockpit.com/c/fncls.ssp?u=BAUYKUJWJK
Document title: Pfeiffer Vacuum FY 2019 Financial Results


26.03.2020 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.

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