01.08.2023 Pfeiffer Vacuum Technology AG  DE0006916604

EQS-News: Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum Technology AG Reports Record Sales for H1 2023


 

EQS-News: Pfeiffer Vacuum Technology AG / Key word(s): Half Year Results/Quarter Results
Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum Technology AG Reports Record Sales for H1 2023

01.08.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.


NEWS RELEASE  

Pfeiffer Vacuum Technology AG Reports Record Sales for H1 2023

First half 2023:

  • Record sales of EUR 496.7 million, up 12.7% from the previous year
  • Operating result (EBIT) of EUR 56.3 million and EBIT margin of 11.3%
  • Order intake of EUR 452.5 million, down 22.0% compared to previous year
  • Order backlog with EUR 458.3 million about flat with previous year

Asslar, August 1, 2023. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced results for the first half of 2023. Sales increased by 12.7% to EUR 496.7 million compared to the previous year, the highest sales level in the history of the Company within a half-year period (H1 2022: EUR 440.6 million). The operating result (EBIT) decreased by 6.2% to EUR 56.3 million (H1 2022: EUR 60.1 million) mainly due to costs related to the comprehensive investment program. This represents an EBIT margin of 11.3% (H1 2022: 13.6%). In addition, the order intake during the reporting period was EUR 452.5 million (H1 2022: EUR 580.1 million) and the order backlog stood at 458.3 million at the end of the first half of 2023 (H1 2022: EUR 455.7 million). 

The Pfeiffer Vacuum sales increase was driven by a strong performance in the Analytics, Industry and R&D market segment. Sales in this market segment improved by 21.7% to EUR 255.6 million (H1 2022: EUR 210.0 million). The Semiconductor and Emerging Technologies market segment sales increased by 4.5% to EUR 241.1 million (H1 2022: EUR 230.6 million). The semiconductor market is currently experiencing a market adjustment after a multi-year high-demand cycle.

The operating result (EBIT) decreased by 6.2% to EUR 56.3 million (H1 2022: EUR 60.1 million) and the EBIT margin was 11.3% (H1 2022: 13.6%). The year-over-year decrease in EBIT was primarily due to higher costs for investments to drive long-term sustainable growth, including the expansion of the global IT environment and the increase of production capacities for accelerating growth.

The book-to-bill ratio, the ratio of order intake to sales, was at 0.91 for the first half 2023, reflecting especially the order slow-down in the semiconductor market. The order backlog of EUR 458.3 million was up 0.6% compared to the previous year (June 30, 2022: EUR 455.7 million).

“The strong sales results in the first half of 2023 underline Pfeiffer Vacuum’s ability to ramp up production, particularly during the last two years”, says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. “As expected, market conditions, primarily in the semiconductor market, are currently challenging due to a slow-down in demand. However, we continue to invest in the medium- and long-term growth by modernizing and expanding our production capacities as well as by building a globally integrated IT infrastructure to position Pfeiffer Vacuum for growth and market share gains.”


Overview of key figures: 

    H1/2023 H1/2022 Change
         
Sales   € 496.7 million € 440.6 million 12.7%
EBIT   € 56.3 million € 60.1 million -6.2%
Net income   € 39.8 million € 42.6 million -6.4%
Earnings per share   € 4.04 € 4.32 -6.5%
Order intake   € 452.5 million € 580.1 million -22.0%
         
         
    Q2/2023 Q2/2022 Change
         
Sales   € 243.7 million € 224.7 million 8.5%
EBIT   € 24.1 million € 28.7 million -16.2%
Net income   €17.0 million €20.4 million -16.5%
Earnings per share   € 1.72 € 2.06 -16.5%
Order intake   € 213.8 million € 293.9 million -27.3%
Order backlog   € 458.3 million € 455.7 million 0.6%


The gross profit for the first half of 2023 was EUR 184.7 million (H1 2022: EUR 158.1 million). The year-over-year increase of 16.8% is primarily due to the strong sales performance. 

Net income decreased by 6.4% to EUR 39.8 million (H1 2022: EUR 42.6 million), representing earnings per share of EUR 4.04 (H1 2022: EUR 4.32).

In sales by region, which describes sales according to the location of the customers in their corresponding region, showed strong sales growth particularly in Europe and the Americas: European sales increased by 20.5% to EUR 171.5 million (H1 2022: EUR 142.3 million). Sales in the Americas contributed with an increase by 12.5% to EUR 140.6 million (H1 2022: EUR 125.0 million). Sales in Asia increased by 6.5% to EUR 184.5 million (H1 2022: EUR 173.1 million). 

Solid Balance sheet and cash-flow

Total assets at the end of the second quarter 2023 were EUR 914.2 million, up 5.8% from year-end 2022 (December 31, 2022: EUR 863.7 million). Cash and cash equivalents were EUR 76.6 million (December 31, 2022: EUR 67.8 million). The equity ratio remained at a solid level of 61.4%, slightly below year-end 2022 (December 31, 2022: 61.5%). Capital expenditure in the first half increased significantly to EUR 42.0 million, up 40.8 percent from the same period in 2022, and was mainly used for the building out of production facilities and investing in information technology infrastructure (H1 2022: EUR 29.8 million).

Outlook for the 2023 fiscal year remains unchanged

The Company confirms its previous guidance and continues to expect consolidated sales for the full year 2023 to be approximately at the same level as for the fiscal year 2022 (EUR 916.7 million). The sales volume in the second half of 2023 is expected to be affected by the decline in order volume, primarily due to conditions in the semiconductor market. The EBIT margin expectations for the full year 2023 remain at around 12%, also unchanged from the previous outlook. In addition, capital expenditures of about EUR 100 million are planned for the fiscal year 2023. 

 

Contact

Pfeiffer Vacuum Technology AG
Investor Relations
Heide Erickson
T +49 6441 802 1360
[email protected]

 

About Pfeiffer VacuumPfeiffer Vacuum (stock exchange symbol PFV, ISIN DE0006916604) is one of the world’s leading providers of vacuum solutions. In addition to a full range of hybrid and magnetically levitated turbopumps, the product portfolio comprises backing pumps, leak detectors, measurement and analysis devices, components as well as vacuum chambers and systems. Ever since the invention of the turbopump by Pfeiffer Vacuum, the company has stood for innovative solutions and high-tech products in the analytical, industrial, research & development, semiconductor and future technologies markets. Founded in 1890, Pfeiffer Vacuum is active throughout the world today. The company employs a workforce of some 4,000 people and has more than 20 sales and service companies as well as 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,
    2023   2022   2023   2022
    in K€   in K€   in K€   in K€
Net sales   243,653   224,655   496,711   440,613
Cost of sales   -156,602   -145,309   -312,042   -282,519
Gross profit   87,051   79,346   184,669   158,094
                 
Selling and marketing expenses   -25,031   -23,179   -49,619   -45,221
General and administrative expenses   -27,525   -19,892   -56,271   -37,230
Research and development expenses    -10,093   -8,974   -19,620   -17,843
Other operating income   3,344   4,748   7,265   7,756
Other operating expenses   -3,661   -3,318   -10,098   -5,487
Operating profit   24,085   28,731   56,327   60,069
                 
Financial expenses   -1,126   -137   -1,933   -233
Financial income   217   78   409   143
Earnings before taxes   23,176   28,672   54,803   59,979
                 
Income taxes   -6,176   -8,315   -14,961   -17,394
                 
Net income   17,000   20,357   39,842   42,585
                 
Earnings per share (in €):                
Basic   1.72   2.06   4.04   4.32
Diluted   1.72   2.06   4.04   4.32
                 

 

Consolidated Balance Sheets (unaudited)        
         
         
    June 30, 2023   December 31, 2022
    in K€   in K€
Assets        
Intangible assets     108,850   106,467
Property, plant and equipment   252,161   226,664
Investment properties   316   328
Other financial assets   5,260   4,985
Contract assets   -   -
Other assets   667   640
Deferred tax assets   24,102   23,806
Total non-current assets   391,356   362,890
         
Inventories   244,044   248,993
Trade accounts receivable   170,863   153,154
Contract assets   4,063   3,506
Income tax receivables   4,546   3,641
Prepaid expenses   9,121   10,356
Other financial assets   251   257
Other accounts receivable   13,422   13,095
Cash and cash equivalents   76,572   67,840
Total current assets   522,882   500,842
         
Total assets   914,238   863,732
         
Shareholders’ equity and liabilities        
Share capital   25,261   25,261
Additional paid-in capital   96,245   96,245
Retained earnings   454,856   416,099
Other equity components   -15,301   -6,251
Equity of Pfeiffer Vacuum Technology AG shareholders   561,061   531,354
         
Financial liabilities   12,596   7,858
Provisions for pensions   37,850   36,709
Deferred tax liabilities   4,271   4,064
Contract liabilities   1,638   1,497
Total non-current liabilities   56,355   50,128
         
Trade accounts payable   67,243   86,158
Contract liabilities   33,812   28,508
Other accounts payable   36,056   33,112
Provisions   51,983   50,748
Income tax liabilities   6,839   15,549
Financial liabilities   100,889   68,175
Total current liabilities   296,822   282,250
         
Total shareholders’ equity and liabilities   914,238   863,732
         

 

Consolidated Statements of Cash Flows (unaudited)          
           
           
    Six months ended June 30,  
    2023   2022  
    in K€   in K€  
Cash flow from operating activities:          
Net income   39,842   42,585  
Depreciation/amortization   16,585   14,509  
Other non-cash income/expenses   8,593   3,264  
Effects of changes of assets and liabilities:          
   Inventories   -6,839   -40,653  
   Receivables and other assets   -23,012   -16,235  
   Provisions, including pensions, and income tax liabilities   -6,482   -4,462  
   Payables, other liabilities   -8,016   23,619  
Net cash provided by operating activities   20,671   22,627  
           
Cash flow from investing activities:          
Capital expenditures   -41,954   -29,807  
Proceeds from disposals of fixed assets   826   241  
Net cash used in investing activities   -41,128   -29,566  
           
Cash flow from financing activities:          
Proceeds from increase of financial liabilities   32,682   25,002  
Principal elements of lease payments   -3,371   -2,607  
Dividend payment   -1,085   -40,260  
Net cash provided by/ used in financing activities   28,226   -17,865  
           
Effects of foreign exchange rate changes on cash and cash equivalents    
963
   
-523
 
           
Net change in cash and cash equivalents    
8,732
   
-25,327
 
           
Cash and cash equivalents at beginning of period   67,840   99,371  
           
Cash and cash equivalents at end of period   76,572   74,044  
           

 



01.08.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - 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.com
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: 1692323

 
End of News EQS News Service

1692323  01.08.2023 CET/CEST

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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 154,200 Kaufen 1.521,59
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
18,36 26,49 0,69 25,48
KBV KCV KUV EV/EBITDA
2,72 13,68 1,59 10,58
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
1,04% -0,63% 0,00% 2,39%
    
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu Pfeiffer Vacuum Technology AG  ISIN: DE0006916604 können Sie bei EQS abrufen


Spezialmaschinenbau , 691660 , PFV , XETR:PFV