02.08.2022 Pfeiffer Vacuum Technology AG  DE0006916604

DGAP-News: Pfeiffer Vacuum Technology AG: Strong development in H1 2022 with growth in all key figures


 

DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): Half Year Results/Quarter Results
Pfeiffer Vacuum Technology AG: Strong development in H1 2022 with growth in all key figures

02.08.2022 / 07:30
The issuer is solely responsible for the content of this announcement.


NEWS RELEASE  

Pfeiffer Vacuum Technology AG: Strong development in H1 2022 with growth in all key figures

First half 2022:

  • Record sales of EUR 440.6 million, up 12.6% from the previous year
  • Operating result (EBIT) of EUR 60.1 million and EBIT margin of 13.6%
  • Record order intake of EUR 580.1 million, up 28.5% compared to previous year
  • Order backlog with EUR 455.7 million at a new high level

Asslar, August 2, 2022. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced results for the first half 2022. Sales increased by 12.6% to EUR 440.6 million compared to the previous year, the highest sales level in the history of the Company within a half-year period (H1 2021: EUR 391.2 million). The operating result (EBIT) increased by 24.9% to EUR 60.1 million (H1 2021: EUR 48.1 million) representing an EBIT margin of 13.6% (H1 2021: 12.3%). In addition, the order intake during the reporting period was EUR 580.1 million (H1 2021: EUR 451.6 million) and the order backlog stood at 455.7 million at the end of the first half of 2022 (H1 2021: EUR 183.7 million).

The Pfeiffer Vacuum sales increase was driven by a strong performance in all market segments. Sales in the Semiconductor and Emerging Technologies market segment increased by 11.6% to EUR 230.6 million (H1 2021: EUR 206.6 million). The sales in the Analytics, Industry and R&D market segment improved by 13.8% to EUR 210.0 million (H1 2021: EUR 184.5 million) with a strong demand particularly in industrial high vacuum. These improvements on top of the 40.7% and 19.1% sales increase from first half 2020 to 2021 for the Semiconductor and Emerging Technologies and the Analytics, Industry and R&D segment respectively, underline the currently strong demand.

The operating result (EBIT) increased by 24.9% to EUR 60.1 million (H1 2021: EUR 48.1 million) and the EBIT margin was 13.6% (H1 2021: 12.3%). The year-over-year increase in EBIT was primarily a result of the sales increase and related scale economies and efficiency improvements, as well as favorable foreign exchange movements, especially from the US-Dollar. The beneficial developments were partially offset by increased material and employee costs as well as investments to build-out the global IT environment and to increase production capacity for  accelerating growth.

The book-to-bill ratio, the ratio of order intake to sales, was at an impressive level of 1.32 for the first half 2022. The order backlog of EUR 455.7 million represents an increase of 148.1% compared to the previous year (June 30, 2021: EUR 183.7 million).

“The solutions of Pfeiffer Vacuum enable leading technologies and enhance the productivity of our customers, which is driving the broad-based demand for our products,” says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. “The unprecedented sales levels in the first half 2022 were achieved despite increasingly strained and fractured supply chains. These conditions are not expected to improve in 2022. Our focus remains on keeping our customers at the center of everything we do, successfully managing risks, and investing in Pfeiffer Vacuum’s mid- and long-term growth even in today’s challenging market environment.”

Overview of key figures:

    H1/2022 H1/2021 Change
         
Sales   € 440.6 million € 391.2 million 12.6%
EBIT   € 60.1 million € 48.1 million 24.9%
Net income   € 42.6 million € 33.9 million 25.7%
Earnings per share   € 4.32 € 3.43 25.9%
Order intake   € 580.1 million € 451.6 million 28.5%
         
         
    Q2/2022 Q2/2021 Change
         
Sales   € 224.7 million € 199.5 million 12.6%
EBIT   € 28.7 million € 25.5 million 12.7%
Net income   €20.4 million €17.9 million 13.4%
Earnings per share   € 2.06 € 1.82 13.2%
Order intake   € 293.9 million € 217.7 million 35.0%
Order backlog   € 455.7 million € 183.7 million 148.1%

The gross profit for the first half of 2022 was EUR 158.1 million (H1 2021: EUR 136.2 million). The year-over-year increase of 16.1% is due to positive economies of scale related to increased sales as well as efficiency improvements partially offset by increasing material and shipping costs.

Net income increased by 25.7% to EUR 42.6 million (H1 2021: EUR 33.9 million), representing earnings per share of EUR 4.32 (H1 2021: EUR 3.43).

In sales by region, which describes sales according to the location of the customers in their corresponding region, Asia contributed with an increase in sales of 8.1% to EUR 173.1 million (H1 2021: EUR 160.2 million). Europe showed an increase of 11.5% to EUR 142.3 million (H1 2021: EUR 127.6 million) related to the broad recovery in all markets. Sales in the Americas increased by 21.2% to EUR 125.0 million (H1 2021: EUR 103.1 million), also reflecting the positive impact of the US-Dollar foreign exchange movement.

Solid Balance sheet and cash-flow

Total assets at the end of the second quarter 2022 were EUR 763.4 million, up 7.8% from year-end 2021 (December 31, 2021: EUR 707.9 million). Cash and cash equivalents were EUR 74.0 million (December 31, 2021: EUR 99.4 million). During the second quarter of 2022, an annual dividend of EUR 40.3 million was paid to shareholders. In addition, financial liabilities of EUR 25.0 million were taken out during the second quarter 2022. The Company remains net debt free from a financial liability perspective. Due to the high demand and supply chain constrains, the Company increased inventories by EUR 42.7 million to  EUR 204.9 million (December 31, 2021: EUR 162.2 million). The equity ratio remained at a solid level of 64.4%, just slightly below year-end 2021 (December 31, 2021: 64.9%). Capital expenditure in the first half increased significantly to EUR 29.8 million and was mainly used for the building out of production facilities in Asslar, Germany; Asan, Korea; and Annecy, France (H1 2021: EUR 13.1 million).

Outlook for the 2022 fiscal year remains unchanged

The Company confirms its previous guidance in an increasingly volatile environment and continues to expect sales for the full year 2022 to grow 5% or more above 2021 levels due to ongoing strong market demand. The sales volume in the second half of 2022 is expected to decline from first half 2022 levels due to increasing strains and some disruptions in the supply chain. The EBIT margin expectations for the full year 2022 remain at around 14%, also unchanged from the previous outlook, related to expected favorable product and market mix, increased efficiencies, and timing-related lower expenses. The probability and impact of disruptions due to geopolitical, economic and Corona pandemic related market conditions cannot be predicted.

Contact
Pfeiffer Vacuum Technology AG

Investor Relations
Heide Erickson
T +49 6441 802 1360
[email protected]

 

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 over 3,500 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 June 30,   Six months ended
June 30,
    2022   2021   2022   2021
    in K€   in K€   in K€   in K€
Net sales   224,655   199,492   440,613   391,156
Cost of sales   -145,309   -128,471   -282,519   -254,969
Gross profit   79,346   71,021   158,094   136,187
                 
Selling and marketing expenses   -23,179   -18,961   -45,221   -39,514
General and administrative expenses   -19,892   -18,123   -37,230   -33,730
Research and development expenses    -8,974   -8,531   -17,843   -17,526
Other operating income   4,748   2,640   7,756   6,213
Other operating expenses   -3,318   -2,549   -5,487   -3,518
Operating profit   28,731   25,497   60,069   48,112
                 
Financial expenses   -137   -217   -233   -446
Financial income   78   -1   143   53
Earnings before taxes   28,672   25,279   59,979   47,719
                 
Income taxes   -8,315   -7,330   -17,394   -13,838
                 
Net income   20,357   17,949   42,585   33,881
                 
Earnings per share (in €):                
Basic   2.06   1.82   4.32   3.43
Diluted   2.06   1.82   4.32   3.43
                 

 

Consolidated Balance Sheets (unaudited)        
         
         
    June 30, 2022   December 31, 2021
    in K€   in K€
Assets        
Intangible assets     98,139   91,524
Property, plant and equipment   193,617   175,952
Investment properties   336   352
Other financial assets   3,136   2,502
Contract assets   246   -
Other assets   541   791
Deferred tax assets   22,101   28,650
Total non-current assets   318,116   299,771
         
Inventories   204,917   162,178
Trade accounts receivable   140,662   119,587
Contract assets   4,371   1,392
Income tax receivables   3,646   4,796
Prepaid expenses   7,538   4,689
Other financial assets   123   168
Other accounts receivable   10,000   15,924
Cash and cash equivalents   74,044   99,371
Total current assets   445,301   408,105
         
Total assets   763,417   707,876
         
Shareholders’ equity and liabilities        
Share capital   25,261   25,261
Additional paid-in capital   96,245   96,245
Retained earnings   372,332   370,007
Other equity components   -2,295   -32,137
Equity of Pfeiffer Vacuum Technology AG shareholders   491,543   459,376
         
Financial liabilities   8,191   13,876
Provisions for pensions   39,019   60,502
Deferred tax liabilities   5,481   4,437
Contract liabilities   1,524   1,321
Total non-current liabilities   54,215   80,136
         
Trade accounts payable   74,728   58,046
Contract liabilities   17,537   13,343
Other accounts payable   31,298   27,742
Provisions   47,915   48,181
Income tax liabilities   11,539   16,773
Financial liabilities   34,642   4,279
Total current liabilities   217,659   168,364
         
Total shareholders’ equity and liabilities   763,417   707,876
         

 

Consolidated Statements of Cash Flows (unaudited)        
         
         
    Six months ended June 30,
    2022   2021
    in K€   in K€
Cash flow from operating activities:        
Net income   42,585   33,881
Depreciation/amortization   14,509   12,425
Other non-cash income/expenses   3,264   3,629
Effects of changes of assets and liabilities:        
   Inventories   -40,653   -5,533
   Receivables and other assets   -16,235   -44,833
   Provisions, including pensions, and income tax liabilities   -4,462   11,487
   Payables, other liabilities   23,619   30,757
Net cash provided by operating activities   22,627   41,813
         
Cash flow from investing activities:        
Capital expenditures   -29,807   -13,144
Proceeds from disposals of fixed assets   241   136
Net cash used in investing activities   -29,566   -13,008
         
Cash flow from financing activities:        
Proceeds from increase of financial liabilities   25,002   -
Principal elements of lease payments   -2,607   -2,920
Dividend payment   -40,260   -15,788
Redemptions of financial liabilities   -   -10,062
Net cash used in financing activities    -17,865    -28,770
         
Effects of foreign exchange rate changes on cash and cash equivalents    
-523
   
661
         
Net change in cash and cash equivalents    
 -25,327
   
 696
         
Cash and cash equivalents at beginning of period     99,371     122,883
         
Cash and cash equivalents at end of period   74,044   123,579
         

 

 



02.08.2022 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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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: [email protected]
Internet: www.pfeiffer-vacuum.de
ISIN: DE0006916604
WKN: 691660
Indices: SDAX,
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1410743

 
End of News DGAP News Service

1410743  02.08.2022 

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023
Umsatzerlöse1 586,96 659,73 632,87 618,67 771,37 916,71 956,25
EBITDA1,2 92,21 113,72 89,38 66,20 114,00 150,60 144,27
EBITDA-Marge3 15,71 17,24 14,12 10,70 14,78 16,43
EBIT1,4 71,39 95,13 65,15 45,30 93,09 119,37 108,70
EBIT-Marge5 12,16 14,42 10,29 7,32 12,07 13,02 11,37
Jahresüberschuss1 53,85 68,88 48,36 31,59 61,99 86,35 77,05
Netto-Marge6 9,17 10,44 7,64 5,11 8,04 9,42 8,06
Cashflow1,7 71,40 62,55 65,38 59,19 91,58 46,96 111,19
Ergebnis je Aktie8 5,47 6,98 4,90 3,20 6,28 8,75 7,81
Dividende8 2,00 2,30 1,25 1,60 4,08 0,11 3,60
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

INVESTOR-INFORMATIONEN
©boersengefluester.de
Pfeiffer Vacuum
WKN Kurs in € Einschätzung Börsenwert in Mio. €
691660 154,000 Kaufen 1.519,62
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
18,33 26,49 0,69 25,45
KBV KCV KUV EV/EBITDA
2,71 13,67 1,59 10,57
Dividende '22 in € Dividende '23 in € Div.-Rendite '23
in %
Hauptversammlung
0,11 7,32 4,75 05.07.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
12.08.2024 25.04.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
0,84% -0,75% -0,13% 1,99%
    
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu Pfeiffer Vacuum Technology AG  ISIN: DE0006916604 können Sie bei EQS abrufen


Spezialmaschinenbau , 691660 , PFV , XETR:PFV