Pfeiffer Vacuum Technology AG

  • WKN: 691660
  • ISIN: DE0006916604
  • Land: Deutschland

Nachricht vom 04.08.2020 | 07:30

Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum benefits from strong semiconductor business in challenging overall environment during H1 2020

DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): Quarterly / Interim Statement
04.08.2020 / 07:30
The issuer is solely responsible for the content of this announcement.

PRESS RELEASE

Pfeiffer Vacuum benefits from strong semiconductor business in challenging overall environment during H1 2020

- Sales of EUR 301.9 million, down 3.0% from the previous year

- Operating result (EBIT) of EUR 19.5 million and EBIT margin of 6.5%

- Order intake of EUR 316.6 million, up 7.8% compared to previous year

Asslar, August 4, 2020. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced consolidated results for the first half of 2020.

Pfeiffer Vacuum sales for the first six months 2020 declined slightly by 3.0% to EUR 301.9 million compared to the previous year (H1 2019: EUR 311.1 million), primarily driven by lower sales in the coating, analytics, industry and R&D markets, offset by a strong performance in the semiconductor market. Sales in the semiconductor and coating market combined increased by 7.6% to EUR 158.5 million (H1 2019: 147.3 million) whereas sales in the industry, analytics and R&D market segments decreased by 12.5% to EUR 143.4 million (H1 2019: 163.8 million).

The operating result (EBIT) of EUR 19.5 million represents a decrease by 40.5% compared to the previous year (H1 2019: EUR 32.8 million). The EBIT margin reached 6.5% (H1 2019: 10.6%). The year-over-year decline in EBIT was primarily a result of the decrease in sales, productivity losses through COVID-19 and due to changes in sales mix. In addition, increased expenses to drive market share growth and to improve the EBIT margin to 20% by 2025 as outlined in the Company's growth strategy had a negative effect on the operating performance.

The book-to-bill ratio, the ratio of order intake to sales, was at 1.05 for the first half of the year 2020. The order intake was strong despite COVID-19 and reached EUR 316.6 million, up 7.8% compared to first half of 2019. At the end of the second quarter 2020, Pfeiffer Vacuum had an order backlog of EUR 125.4 million, roughly stable compared to the previous year (June 30, 2019: EUR 127.5 million).

"Our results for the first half of 2020 were particularly impacted by COVID-19 and the global recession in the second quarter 2020," says Dr. Eric Taberlet, CEO of Pfeiffer Vacuum Technology AG. "However, we are operating in the very attractive growth market of high-vacuum applications, have leading technology, a broad customer base and committed employees. This positions us well in an overall challenging market environment."

Nathalie Benedikt, CFO comments: "Pfeiffer Vacuum is in a strong financial position. This provides the foundation for our commitment to execute our strategy to drive market share gains and operational efficiencies. However, it is essential that we remain agile and make adjustments where needed, particularly in the current market environment."

Overview of key figures:

    H1/2020 H1/2019 Change
         
Sales   € 301.9 million € 311.1 million - 3.0%
EBIT   € 19.5 million € 32.8 million - 40.5%
Net income   € 13.5 million € 23.3 million - 41.9%
Earnings per share   € 1.37 € 2.36 - 41.9%
Order intake   € 316.6 million € 293.7 million + 7.8%
         
         
    Q2/2020 Q2/2019 Change
         
Sales   € 148.5 million € 157.4 million - 5.6%
EBIT   € 6.7 million € 14.7 million - 54.2%
Net income   € 4.7 million € 10.4 million - 55.1%
Earnings per share   € 0.47 € 1.06 - 55.7%
Order intake   € 143.7 million € 144.9 million - 0.8%
Order backlog   € 125.4 million € 127.5 million - 1.6%

In sales by region, which describes sales according to the location of the customers in their corresponding region, Pfeiffer Vacuum in the Americas achieved a year-over-year increase in sales by 2.2% to EUR 84.5 million for the first half 2020 (H1 2019: EUR 82.7 million) driven by sales to semiconductor customers. Europe showed a decrease of 5.4% to EUR 108.7 million (H1 2019: EUR 114.9 million). Sales in Asia declined by 4.3% to EUR 108.6 million (H1 2019: EUR 113.4 million), mainly related to market conditions in the coating market.

The gross profit for the first half of 2020 was EUR 102.6 million (H1 2019: EUR 109.0 million). The year-over-year decline is due to negative economies of scale related to sales declines, sales mix and productivity impact related to COVID-19 measures.

Net income declined to EUR 13.5 million (H1 2019: EUR 23.3 million) representing earnings per share of EUR 1.37 (H1 2019: EUR 2.36).

Balance sheet and cash-flow
As of June 30, 2020, Pfeiffer Vacuum maintained its solid financial position. Total assets at the end of second quarter 2020 were EUR 657.2 million down slightly from year-end 2019 (December 31, 2019: EUR 659.6 million). Cash and cash equivalent were EUR 106.4 million (December 31, 2019: EUR 112.0 million) and the Company is net debt free from a financial liability perspective. The equity ratio was at 59.6%, unchanged from the year-end 2019 (December 31, 2019: 59.6%).

Outlook
Due to the impact of COVID-19 on the global economy, Pfeiffer Vacuum remains unable to make a reliable forecast. Critical semiconductor customers currently remain committed to their expansion. However, economic activity in other markets served has declined. Therefore, the Company does not expect improvements in sales or operating results in the second half of 2020 compared to the first half of 2020.


Contact
Pfeiffer Vacuum Technology AG

Investor Relations
Heide Erickson
T +49 6441 802 1360
Heide.Erickson@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, coating and semiconductor markets since its invention of the turbopump. Founded in 1890, Pfeiffer Vacuum is active worldwide. The Company employs approximately 3,300 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,
    2020   2019   2020   2019
    in K€   in K€   in K€   in K€
Net sales   148,526   157,375   301,854   311,108
Cost of sales   -99,163   -104,040   -199,219   -202,104
Gross profit   49,363   53,335   102,635   109,004
                 
Selling and marketing expenses   -18,067   -18,255   -36,100   -36,302
General and administrative expenses   -15,441   -13,127   -30,759   -26,327
Research and development expenses   -9,820   -7,301   -17,519   -14,812
Other operating income   1,924   1,307   4,645   3,485
Other operating expenses   -1,228   -1,257   -3,354   -2,203
Operating profit   6,731   14,702   19,548   32,845
                 
Financial expenses   -222   -221   -453   -443
Financial income   55   26   94   62
Earnings before taxes   6,564   14,507   19,189   32,464
                 
Income taxes   -1,888   -4,091   -5,658   -9,155
                 
Net income   4,676   10,416   13,531   23,309
                 
Earnings per share (in €):                
Basic   0.47   1.06   1.37   2.36
Diluted   0.47   1.06   1.37   2.36
                 
 
Consolidated Balance Sheets (unaudited)        
         
         
    June 30, 2020   December 31, 2019
    in K€   in K€
Assets        
Intangible assets   113,438   112,244
Property, plant and equipment   153,496   154,701
Investment properties   388   400
Other financial assets   1,689   4,031
Contract assets   216   -
Other assets   624   2,034
Deferred tax assets   27,709   27,377
Total non-current assets   297,560   300,787
         
Inventories   136,713   128,484
Trade accounts receivable   88,619   87,867
Contract assets   2,758   2,860
Income tax receivables   4,134   9,962
Prepaid expenses   6,643   4,308
Other financial assets   2,987   3,161
Other accounts receivable   11,361   10,166
Cash and cash equivalents   106,385   111,980
Total current assets   359,600   358,788
         
Total assets   657,160   659,575
         
Shareholders' equity and liabilities        
Share capital   25,261   25,261
Additional paid-in capital   96,245   96,245
Retained earnings   305,748   304,552
Other equity components   -35,668   -32,613
Equity of Pfeiffer Vacuum Technology AG shareholders   391,586   393,445
         
Financial liabilities   68,724   69,729
Provisions for pensions   66,449   64,103
Deferred tax liabilities   4,690   5,041
Contract liabilities   834   584
Total non-current liabilities   140,697   139,457
         
Trade accounts payable   39,538   41,137
Contract liabilities   15,159   12,259
Other accounts payable   26,746   23,406
Provisions   38,296   38,735
Income tax liabilities   1,831   7,248
Financial liabilities   3,307   3,888
Total current liabilities   124,877   126,673
         
Total shareholders' equity and liabilities   657,160   659,575
         
 
 
Consolidated Statements of Cash Flows (unaudited)        
         
         
    Six months ended June 30,
    2020   2019
    in K€   in K€
Cash flow from operating activities:        
Net income   13,531   23,309
Depreciation/amortization   13,294   11,564
Other non-cash income/expenses   2,511   2,367
Effects of changes of assets and liabilities:        
Inventories   -11,911   -13,129
Receivables and other assets   3,979   10,894
Provisions, including pensions, and income tax liabilities   -3,731   -7,059
Payables, other liabilities   5,214   -4,904
Net cash provided by operating activities   22,887   23,042
         
Cash flow from investing activities:        
Capital expenditures   -13,271   -13,034
Proceeds from disposals of fixed assets   147   102
Net cash used in investing activities   -13,124   -12,932
         
Cash flow from financing activities:        
Principal elements of lease payments   -2,345   -2,183
Dividend payment   -12,335   -22,696
Redemptions of financial liabilities   -120   -23
Net cash provided by/used in financing activities   -14,800   -24,902
         
Effects of foreign exchange rate changes on cash and cash equivalents   -558   -229
         
Net change in cash and cash equivalents   -5,595   -15,021
         
Cash and cash equivalents at beginning of period   111,980   108,380
         
Cash and cash equivalents at end of period   106,385   93,359
         
         
 


04.08.2020 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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