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.


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 2018H1 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 2018H1 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 2018Q2 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 2018Q2 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
Dinah.Reiss@pfeiffer-vacuum.de

 

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 months ended June 30,  Six months ended
June 30,
   2018   2017  2018   2017
        adjusted1       adjusted1
    in KEUR   in KEUR   in KEUR   in KEUR
Net sales   167,791   139,290   338,212   276,237
Cost of sales   -111,564   -90,726   -217,583   -175,180
Gross profit  56,227   48,564  120,629   101,057
                 
Selling and marketing expenses   -17,816   -15,068   -35,350   -29,485
General and administrative expenses   -13,210   -13,255   -25,762   -24,008
Research and development expenses   -7,223   -6,829   -14,050   -13,401
Other operating income   3,419   4,264   5,402   6,222
Other operating expenses   -1,100   -3,752   -3,116   -5,336
Operating profit  20,297   13,924  47,753   35,049
                 
Financial expenses   -153   -233   -346   -320
Financial income   73   46   135   78
Earnings before taxes  20,217   13,737  47,542   34,807
                 
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 30, 2018   December 31, 2017
    in KEUR   in KEUR
Assets        
Intangible assets   109,565   110,814
Property, plant and equipment   112,207   106,949
Investment properties   436   448
Deferred tax assets   23,000   23,037
Other non-current assets   4,825   3,840
Total non-current assets  250,033   245,088
         
Inventories   125,735   113,384
Trade accounts receivable   88,152   80,061
Income tax receivables   2,879   3,159
Prepaid expenses   4,227   2,475
Other accounts receivable   12,652   11,792
Cash and cash equivalents   97,167   97,402
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 capital   96,245   96,245
Retained earnings   244,385   229,747
Other equity components   -27,717   -30,316
Equity of Pfeiffer Vacuum Technology AG shareholders  338,174   320,937
         
Financial liabilities   60,215   60,248
Provisions for pensions   51,248   50,034
Deferred tax liabilities   4,037   3,988
Total non-current liabilities  115,500   114,270
         
Trade accounts payable   41,519   40,814
Customer deposits   12,850   7,678
Other accounts payable   26,029   22,333
Provisions   39,349   39,894
Income tax liabilities   7,225   7,354
Financial liabilities   199   81
Total current liabilities  127,171   118,154
         
Total shareholders' equity and liabilities  580,845   553,361
         
 
Consolidated Statements of Cash Flows (unaudited)
PFEIFFER VACUUM TECHNOLOGY AG
       
         
         
   Six months ended June 30,
   2018   2017
        adjusted1
    in KEUR   in 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   -12,633   -10,628
Receivables and other assets   -10,864   -744
Provisions, including pensions, and income tax liabilities   380   -1,549
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   -12,529   -12,342
Proceeds from disposals of fixed assets   129   82
Net cash used in investing activities  -12,400   -86,854
         
Cash flow from financing activities:        
Proceeds from increase of financial liabilities   77   70,000
Dividend payment   -19,735   -35,524
Redemptions of financial liabilities   -   -15,661
Net cash provided by/used in financing activities  -19,658   18.815
         
Effects of foreign exchange rate changes on cash and cash equivalents   -45   314
         
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.


02.08.2018 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: info@pfeiffer-vacuum.de
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

710329  02.08.2018 

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