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:
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H1/2022 |
H1/2021 |
Change |
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Sales |
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€ 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 |
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€ 580.1 million |
€ 451.6 million |
28.5% |
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Q2/2022 |
Q2/2021 |
Change |
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|
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Sales |
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€ 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 |
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€ 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) |
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Three months ended June 30, |
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Six months ended June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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in K€ |
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in K€ |
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in K€ |
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in K€ |
Net sales |
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224,655 |
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199,492 |
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440,613 |
|
391,156 |
Cost of sales |
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-145,309 |
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-128,471 |
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-282,519 |
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-254,969 |
Gross profit |
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79,346 |
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71,021 |
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158,094 |
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136,187 |
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Selling and marketing expenses |
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-23,179 |
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-18,961 |
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-45,221 |
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-39,514 |
General and administrative expenses |
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-19,892 |
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-18,123 |
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-37,230 |
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-33,730 |
Research and development expenses |
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-8,974 |
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-8,531 |
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-17,843 |
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-17,526 |
Other operating income |
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4,748 |
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2,640 |
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7,756 |
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6,213 |
Other operating expenses |
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-3,318 |
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-2,549 |
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-5,487 |
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-3,518 |
Operating profit |
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28,731 |
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25,497 |
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60,069 |
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48,112 |
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Financial expenses |
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-137 |
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-217 |
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-233 |
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-446 |
Financial income |
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78 |
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-1 |
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143 |
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53 |
Earnings before taxes |
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28,672 |
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25,279 |
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59,979 |
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47,719 |
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Income taxes |
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-8,315 |
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-7,330 |
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-17,394 |
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-13,838 |
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Net income |
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20,357 |
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17,949 |
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42,585 |
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33,881 |
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Earnings per share (in €): |
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Basic |
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2.06 |
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1.82 |
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4.32 |
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3.43 |
Diluted |
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2.06 |
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1.82 |
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4.32 |
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3.43 |
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Consolidated Balance Sheets (unaudited) |
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June 30, 2022 |
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December 31, 2021 |
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in K€ |
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in K€ |
Assets |
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Intangible assets |
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98,139 |
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91,524 |
Property, plant and equipment |
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193,617 |
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175,952 |
Investment properties |
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336 |
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352 |
Other financial assets |
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3,136 |
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2,502 |
Contract assets |
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246 |
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- |
Other assets |
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541 |
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791 |
Deferred tax assets |
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22,101 |
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28,650 |
Total non-current assets |
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318,116 |
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299,771 |
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Inventories |
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204,917 |
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162,178 |
Trade accounts receivable |
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140,662 |
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119,587 |
Contract assets |
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4,371 |
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1,392 |
Income tax receivables |
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3,646 |
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4,796 |
Prepaid expenses |
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7,538 |
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4,689 |
Other financial assets |
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123 |
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168 |
Other accounts receivable |
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10,000 |
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15,924 |
Cash and cash equivalents |
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74,044 |
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99,371 |
Total current assets |
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445,301 |
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408,105 |
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Total assets |
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763,417 |
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707,876 |
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Shareholders’ equity and liabilities |
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Share capital |
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25,261 |
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25,261 |
Additional paid-in capital |
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96,245 |
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96,245 |
Retained earnings |
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372,332 |
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370,007 |
Other equity components |
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-2,295 |
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-32,137 |
Equity of Pfeiffer Vacuum Technology AG shareholders |
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491,543 |
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459,376 |
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Financial liabilities |
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8,191 |
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13,876 |
Provisions for pensions |
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39,019 |
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60,502 |
Deferred tax liabilities |
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5,481 |
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4,437 |
Contract liabilities |
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1,524 |
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1,321 |
Total non-current liabilities |
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54,215 |
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80,136 |
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Trade accounts payable |
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74,728 |
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58,046 |
Contract liabilities |
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17,537 |
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13,343 |
Other accounts payable |
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31,298 |
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27,742 |
Provisions |
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47,915 |
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48,181 |
Income tax liabilities |
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11,539 |
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16,773 |
Financial liabilities |
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34,642 |
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4,279 |
Total current liabilities |
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217,659 |
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168,364 |
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Total shareholders’ equity and liabilities |
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763,417 |
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707,876 |
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Consolidated Statements of Cash Flows (unaudited) |
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Six months ended June 30, |
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2022 |
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2021 |
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in K€ |
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in K€ |
Cash flow from operating activities: |
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Net income |
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42,585 |
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33,881 |
Depreciation/amortization |
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14,509 |
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12,425 |
Other non-cash income/expenses |
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3,264 |
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3,629 |
Effects of changes of assets and liabilities: |
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Inventories |
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-40,653 |
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-5,533 |
Receivables and other assets |
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-16,235 |
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-44,833 |
Provisions, including pensions, and income tax liabilities |
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-4,462 |
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11,487 |
Payables, other liabilities |
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23,619 |
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30,757 |
Net cash provided by operating activities |
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22,627 |
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41,813 |
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Cash flow from investing activities: |
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Capital expenditures |
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-29,807 |
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-13,144 |
Proceeds from disposals of fixed assets |
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241 |
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136 |
Net cash used in investing activities |
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-29,566 |
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-13,008 |
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Cash flow from financing activities: |
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Proceeds from increase of financial liabilities |
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25,002 |
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- |
Principal elements of lease payments |
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-2,607 |
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-2,920 |
Dividend payment |
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-40,260 |
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-15,788 |
Redemptions of financial liabilities |
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- |
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-10,062 |
Net cash used in financing activities |
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-17,865 |
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-28,770 |
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Effects of foreign exchange rate changes on cash and cash equivalents |
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-523 |
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661 |
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Net change in cash and cash equivalents |
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-25,327 |
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696 |
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Cash and cash equivalents at beginning of period |
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99,371 |
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122,883 |
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Cash and cash equivalents at end of period |
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74,044 |
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123,579 |
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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.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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Language: |
English |
Company: |
Pfeiffer Vacuum Technology AG |
|
Berliner Str. 43 |
|
35614 Asslar |
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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
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
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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% |
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