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DGAP-News: Pfeiffer Vacuum Technology AG: Lower sales and additional investments limit growth and profitability. Positive momentum expected for market and sales in the second half of the year.

DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): Half Year Results
Pfeiffer Vacuum Technology AG: Lower sales and additional investments limit growth and profitability. Positive momentum expected for market and sales in the second half of the year.

06.08.2019 / 07:25
The issuer is solely responsible for the content of this announcement.


PRESS RELEASE

Pfeiffer Vacuum: Lower sales and additional investments limit growth and profitability. Positive momentum expected for market and sales in the second half of the year.

- Sales of EUR 311.1 million 8.0% lower than in the previous year

- EBIT amounted to EUR 32.8 million

- EBIT margin reached 10.6%

- Order intake amounted to EUR 293.7 million

- Outlook confirmed: sales of EUR 640 to 660 million and EBIT margin of 11% to 14%

 

Asslar, Germany, August 6, 2019. Pfeiffer Vacuum, a leading global manufacturer of vacuum solutions, was not able to reach the previous year's record sales in the first half of 2019. Sales decreased by 8.0% to EUR 311.1 million. The main reason for this was sustained weakness in demand, particularly in the semiconductor and coating market segments. However, the analytics, industry, and research & development (R&D) market segments exhibited continued growth momentum.

The gross profit declined by 9.6% to EUR 109.0 million. The gross margin reached 35.0%. EBIT of EUR 32.8 million in the first half of the year was 31.2% below the previous year's figure. Diminishing economies of scale from manufacturing costs through weaker sales and an expanded cost basis due to additional investments to implement the Group's growth strategy limited the EBIT margin to 10.6%. Foreign currency effects were another negative factor. At EUR 293.7 million, order intake was down 20.2% compared to the first half of the previous year (EUR 368.0 million). The book-to-bill ratio - the ratio of order intake to sales - came to 0.94 (previous year: 1.09).

Overview of key figures:

  H1 2019 H1 2018 Change
       
Sales EUR 311.1 million EUR 338.2 million -8.0%
EBIT EUR 32.8 million EUR 47.8 million -31.2%
Net result EUR 23.3 million EUR 34.4 million -32.2%
Earnings per share EUR 2.36 EUR 3.48 -32.2%
Order intake EUR 293.7 million EUR 368.0 million -20.2%
 
  Q2 2019 Q2 2018 Change
       
Sales EUR 157.4 million EUR 167.8 million -6.2%
EBIT EUR 14.7 million EUR 20.3 million -27.6%
Net result EUR 10.4 million EUR 14.6 million -28.7%
Earnings per share EUR 1.06 EUR 1.48 -28.4%
Order backlog EUR 127.5 million EUR 157.2 million -18.9%
 


Nathalie Benedikt, CFO of Pfeiffer Vacuum Technology AG, comments on the results: "The first half of the year went largely as expected, whereby the EBIT margin was exposed to further pressure from the implementation of our growth strategy. We are proceeding with our investments as planned. Volumes of more than EUR 50 million have been approved for 2019, most of which will be realized in the second half of the year."

Sales development remained subdued in all regions. In Europe, sales declined by 4.2% to EUR 114.9 million. Sales in Asia decreased by 14.8% to EUR 113.4 million. In North and South America, sales decreased by 2.8% to EUR 82.7 million.

Turbopumps and service show positive development
Sales of turbopumps could be further increased to EUR 96.1 million. Turbopumps were once again a key product, contributing a 30.9% share of total sales. Sales from services rose to EUR 55.7 million. This increased the share of the service business in total sales to 17.9%. In the project-oriented systems business, sales increased by 5.4% from the previous year to EUR 8.9 million. Sales of instruments and components decreased by 12.9% to EUR 87.2 million. With a sales volume of EUR 63.2 million, backing pumps recorded a decline of 21.6% compared to the previous year.

Growth in industry, analytics and R&D
Sales in the industry market segment, with customers from the automotive and pharmaceutical industries, increased by 16.0% to EUR 70.9 million. With a share of 22.8%, industry is the second-largest customer market. In the analytics market, sales increased by 5.7% to EUR 61.0 million. With a share of 19.6% in total sales, the analytics business has once again gained importance. Sales in the research & development market segment rose by 8.2% to EUR 31.9 million which increased its share of total sales to 10.2%. With a volume of EUR 103.8 million, the semiconductor market recorded a decline of 23.7% as a result of weak demand. The market's 33.4% share of total sales declined by 6.8%-points. Sales in the coating market fell by 19.2% to EUR 43.5 million so that the share of total sales declined to 14.0%.

Dr. Eric Taberlet, CEO of Pfeiffer Vacuum Technology AG, is looking optimistically toward the second half of 2019: "For the coming months I assume an increase in demand, confirming our expectation for sales growth in the second half of the year. The strategic cooperation with the Busch Group creates additional momentum. Working groups consisting of specialists from both companies are currently developing measures for the best possible realization of synergies. The results will be presented to the Group Business Committee, an advisory and decision-making body consisting of the Management Board members of both companies, this year. "

Pfeiffer Vacuum expects demand to increase in the second half of the year. The Management Board confirms the outlook for sales that was specified in mid-July of EUR 640 to 660 million, and an EBIT margin of 11% to 14% for 2019 as a whole.

Contact
Pfeiffer Vacuum Technology AG

Investor Relations
Dinah Reiss
T +49 6441 802 1346
F +49 6441 802 1365
Dinah.Reiss@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 today. The Company employs approximately 3,200 employees, has over 20 sales and service companies, and operates 8 manufacturing sites worldwide.

For more information, please go to: group.pfeiffer-vacuum.com

 

Consolidated Statements of Income (unaudited)            
                 
    Three month ended June 30,   Six month ended June 30,
    2019   2018   2019   2018
    in KEUR   in KEUR   in KEUR   in KEUR
Net sales   157,375   167,791   311,108   338,212
Cost of Sales   -104,040   -111,564   -202,104   -217,583
Gross Profit   53,335   56,227   109,004   120,629
                 
Selling and marketing expenses   -18,255   -17,816   -36,302   -35,350
General and administrative expenses   -13,127   -13,210   -26,327   -25,762
Research and development expenses   -7,301   -7,223   -14,812   -14,050
Other operating income   1,307   3,419   3,485   5,402
Other operating expenses   -1,257   -1,100   -2,203   -3,116
Operating profit   14,702   20,297   32,845   47,753
                 
Financial expenses   -221   -153   -443   -346
Financial income   26   73   62   135
Earnings before taxes   14,507   20,217   32,464   47,542
                 
Income taxes   -4,091   -5,600   -9,155   -13,169
                 
Net Income   10,416   14,617   23,309   34,373
                 
Earnings per share (in EUR):                
Basic   1.06   1.48   2.36   3.48
Diluted   1.06   1.48   2.36   3.48
                 
                 
 
 
Consolidated Balance Sheets (unaudited)        
         
    June 30, 2019   December 31, 2018
    in kEUR   in kEUR
Assets        
Intangible assets   108,096   109,460
Property, plant and equipment   147,461   126,143
Investment properties   412   424
         
Other financial assets   3,627   4,282
Other assets   1,243   3,200
Deferred tax assets   27,520   24,895
Total non-current assets   288,359   268,404
         
Inventories   143,561   133,191
Trade accounts receivable   82,668   92,164
Contract assets   332   298
Income tax receivables   3,961   3,726
Prepaid expenses   5,793   3,504
Other financial assets   314   609
Other accounts receivable   10,722   13,884
Cash and cash equivalents   93,359   108,380
Total current assets   340,710   355,756
         
Total assets   629,069   624,160
         
Shareholders' equity and liabilities        
Share capital   25,261   25,261
Additional paid-in capital   96,245   96,245
Retained earnings   279,504   278,891
Other equity components   -34,710   -28,172
Equity of Pfeiffer Vacuum Technology AG shareholders   366,300   372,225
         
Financial liabilities   70,934   60,182
Provisions for pensions   65,137   55,638
Deferred tax liabilities   4,572   4,638
Contract liabilities   395   630
Total non-current liabilities   141,038   121,088
         
Trade accounts payable   35,327   38,054
Contract liabilities   15,913   18,271
Other accounts payable   26,041   25,740
Provisions   37,051   41,626
Income tax liabilities   3,523   7,061
Financial liabilities   3,876   95
Total current liabilities   121,731   130,847
         
Total shareholders' equity and liabilities   629,069   624,160
         
 
Consolidated Statements of Cash Flows (unaudited)        
         
    Six month ended June 30,
    2019   2018
    in kEUR   in kEUR
Cash flow from operating activities:        
Net income   23,309   34,373
Depreciation/amortization   11,564   10,256
Other non-cash income/expenses   2,367   1,022
Effects of changes of assets and liabilities:        
Inventories   -13,129   -12,633
Receivables and other assets   10,894   -10,864
Provisions, including pensions, and income tax liabilities   -7,059   380
Payables, other liabilities   -4,904   9,334
Net cash provided by operating activities   23,042   31,868
         
Cash flow from investing activities:        
Capital expenditures   -13,034   -12,529
Proceeds from disposals of fixed assets   102   129
Net cash used in investing activities   -12,932   -12,400
         
Cash flow from financing activities:        
Principal elements of lease payments   -2,183   -
Proceeds from increase of financial liabilities   -   77
Dividend Payments   -22,696   -19,735
Redemptions of financial liabilities   -23   -
Net cash used in financing activities   -24,902   -19,658
         
Effects of foreign exchange rate changes on cash and cash equivalents   -229   -45
         
Net change in cash and cash equivalents   -15,021   -235
         
Cash and cash equivalents at beginning of period   108,380   97,402
         
Cash and cash equivalents at end of period   93,359   97,167
         
         
 
 


06.08.2019 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.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


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: SDAX, TecDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 852155

 
End of News DGAP News Service

852155  06.08.2019 

fncls.ssp?fn=show_t_gif&application_id=852155&application_name=news&site_id=smarthouse

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07.08.2019Pfeiffer Vacuum HoldWarburg Research
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27.05.2019Pfeiffer Vacuum HaltenDZ BANK
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