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DGAP-News: Pfeiffer Vacuum Technology AG
/ Key word(s): Annual Results
Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum reports sound performance in fiscal year 2019 (news with additional features)
26.03.2020 / 07:30
The issuer is solely responsible for the content of this announcement.
PRESS RELEASE
Pfeiffer Vacuum reports sound performance in fiscal year 2019
Asslar, March 26, 2020. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announces audited results for the fiscal year 2019. They correspond to the preliminary results announced on February 20, 2020. The company reported sales of EUR 632.9 million, operating results (EBIT) of EUR 65.2 million and an EBIT margin of 10.3 %. These results are in line with the guidance provided in September 2019.
Compared to the previous year, when Pfeiffer Vacuum reached sales at a record level, sales decreased by 4.1% in 2019 (2018: EUR 659.7 million), primarily driven by challenging market conditions in the coating market and a weaker demand from semiconductor customers. This was partly offset by a strong performance in the industry market segment and the growth in the R&D and analytics markets. The operating result (EBIT) decreased by 31.5% (previous year: EUR 95.1 million) and the EBIT margin was 10.3% (previous year: 14.4%). The decrease in sales put pressure on operating results. In addition, increased expenses to drive market share growth and to improve the EBIT margin to over 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 0.95 for the full year. At the end of the fourth quarter, Pfeiffer Vacuum had an order backlog of EUR 110.7 million, representing a decrease of 23.6% compared to the previous year (EUR 144.9 million).
The Management and Supervisory Boards will propose to pay out a dividend of EUR 1.25 per share (previous year: EUR 2.30) at the Annual General Meeting. This takes into consideration the increased expenses related to the implementation of the growth strategy, which were especially significant in 2019, the expected investments in 2020, as well as the Coronavirus situation. The payout ratio would thus represent 25.5% of the Group result.
"2019 was a year of preparing for the transformation of the company to an even stronger market position in the high-vacuum market and to drive operational efficiencies," says Dr. Eric Taberlet, CEO of Pfeiffer Vacuum Technology AG. "Our focus for 2020 is first and foremost on managing through the Coronavirus related business challenges and protecting the health and safety of our employees as well as meeting our customers' needs."
Nathalie Benedikt, CFO comments: "In 2020 we will continue the execution of our growth strategy. However, we will take into consideration the new economic realities that the Coronavirus presents to balance expenses."
Overview of key figures:
| Â |
12M/2019 |
12M/2018 |
Change |
| Â |
 |
 |
 |
| Sales |
€ 632.9 million |
€ 659.7 million |
-4.1% |
| EBIT |
€ 65.2 million |
€ 95.1 million |
-31.5% |
| Net income |
€ 48.4 million |
€ 68.9 million |
- 29.8% |
| Earnings per share |
€ 4.90 |
€ 6.98 |
- 29.8% |
| Dividend per share |
€ 1.25* |
€ 2.30 |
- 45.7% |
| Order intake |
€ 598.7 million |
€ 677.2 million |
- 11.6% |
| Order backlog |
€ 110.7 million |
€ 144.9 million |
- 23.6% |
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*Subject to approval by the Annual General Meeting
The gross profit in the reporting period was EUR 215.9 million (previous year: EUR 235.2 million). The year-over-year decline is due to reduced sales and negative economies of scale.
Net income declined to EUR 48.4 million (previous year: EUR 68.9 million) representing earnings per share of EUR 4.90 (previous year: EUR 6.98).
Sales growth in the Americas
Sales by region, which describes sales according to the location of the customers in their corresponding region, Americas contributed to an increase in sales of 2.2% to EUR 169.7 million (previous year: EUR 165.9 million). Europe showed a decrease of 6.0% to EUR 232.0 million (previous year: EUR 247.0 million). Sales in Asia declined by 6.3% to EUR 231.1 million (previous year: EUR 246.6 million) due to an adverse environment in the semiconductor and coating markets.
Sales by product: Year-over-year increase in systems and service
With EUR 191.6 million sales of turbopumps were flat compared to the previous year (previous year: EUR 192.1 million). Instruments and components sales reached EUR 184.6 million (previous year: EUR 193.7 million). With a sales volume of EUR 124.2 million (previous year: EUR 143.4 million), backing pump sales were the most impacted by challenging semiconductor and coating market conditions compared to the previous year. Sales from services increased by 1.1% to EUR 112.8 million (previous year: EUR 111.6 million). Systems, a predominantly project-oriented area, increased sales by 4.5% over the previous year to EUR 19.7 million (previous year: EUR 18.9 million).
Industry market reports record sales
The industry market sector grew by 10.5% in a challenging market, to a record total sales volume of EUR 149.5 million (previous year: EUR 135.3 million). This is partly due to the increased use of new high-vacuum technology applications. Sales in the semiconductor market, the Company's largest market, declined by 8.7% to EUR 222.6 million compared to EUR 243.9 million in the previous year. This development is attributable to the adverse market environment. The coating market dropped by 24.1% to EUR 75.6 million (previous year: EUR 99.6 million) due to a weaker solar market. On the other hand, Analytics with sales of EUR 118.5 million (previous year: EUR 116.7 million) and R&D with sales of EUR 66.7 million (previous year: EUR 64.2 million), both grew year-over-year.
Innovation leadership and strengthening of production capabilities
During 2019 production facilities at the sites in France and Romania were modernized and capacity expanded. Furthermore, Pfeiffer Vacuum established production capabilities in China. In addition, the HiLobe product line, which has exceptional short pump-down times, and the ASM 306 S, a new leak detector with break-through technology, were introduced.
Outlook for the 2020 fiscal year
Sales and order intake in the semiconductor market were strong entering 2020. However, the Company expects an impact on the business related to the Coronavirus, which cannot be predicted at this point-in-time. Expectations for 2020, outlined in February 2020 and in the Annual Report, of revenue growth, EBIT margins flat to 2019 and expected capital investments in the range of EUR 40 to 60 million are therefore invalid.
Contact
Pfeiffer Vacuum Technology AG
Investor Relations
Heide Erickson
T 60
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 3,200 employees, has over 20 sales and service companies, and operates 10 manufacturing sites worldwide.
For more information, please go to:
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Consolidated Statements of Income
PFEIFFER VACUUM TECHNOLOGY AG |
| Â |
 |
| (in K€) |
 |
2019 |
2018 |
 |
| Â |
 |
 |
 |
 |
| Net sales |
 |
632,865 |
659,725 |
 |
| Cost of sales |
 |
-416,995 |
-424,517 |
 |
| Gross profit |
 |
215,870 |
235,208 |
 |
| Â |
 |
 |
 |
 |
| Selling and marketing expenses |
 |
-71,669 |
-68,371 |
 |
| General and administrative expenses |
 |
-52,293 |
-49,106 |
 |
| Research and development expenses |
 |
-29,620 |
-28,663 |
 |
| Other operating income |
 |
7,768 |
11,302 |
 |
| Other operating expenses |
 |
-4,904 |
-5,240 |
 |
| Operating profit |
 |
65,152 |
95,130 |
 |
| Â |
 |
 |
 |
 |
| Financial expenses |
 |
-853 |
-727 |
 |
| Financial income |
 |
216 |
208 |
 |
| Earnings before taxes |
 |
64,515 |
94,611 |
 |
| Â |
 |
 |
 |
 |
| Income taxes |
 |
-16,158 |
-25,732 |
 |
| Â |
 |
 |
 |
 |
| Net income |
 |
48,357 |
68,879 |
 |
| Â |
 |
 |
 |
 |
| Earnings per share (in €): |
 |
 |
 |
 |
| Basic |
 |
4.90 |
6.98 |
 |
| Diluted |
 |
4.90 |
6.98 |
 |
| Â |
 |
 |
 |
 |
Â
Consolidated Balance Sheets
PFEIFFER VACUUM TECHNOLOGY AG |
 |
| (in K€) |
 |
Dec. 31, 2019 |
Dec. 31, 2018 |
 |
 |
| Â |
 |
 |
 |
 |
 |
| ASSETS |
 |
 |
 |
 |
 |
| Intangible assets |
 |
112,244 |
109,460 |
 |
 |
| Property, plant and equipment |
 |
154,701 |
126,143 |
 |
 |
| Investment properties |
 |
400 |
424 |
 |
 |
| Other financial assets |
 |
4,031 |
4,282 |
 |
 |
| Other assets |
 |
2,034 |
3,200 |
 |
 |
| Deferred tax assets |
 |
27,377 |
24,895 |
 |
 |
| Total non-current assets |
 |
300,787 |
268,404 |
 |
 |
| Â |
 |
 |
 |
 |
 |
| Inventories |
 |
128,484 |
133,191 |
 |
 |
| Trade accounts receivable |
 |
87,867 |
92,164 |
 |
 |
| Contract assets |
 |
2,860 |
298 |
 |
 |
| Income tax receivables |
 |
9,962 |
3,726 |
 |
 |
| Prepaid expenses |
 |
4,308 |
3,504 |
 |
 |
| Other financial assets |
 |
3,161 |
609 |
 |
 |
| Other accounts receivable |
 |
10,166 |
13,884 |
 |
 |
| Cash and cash equivalents |
 |
111,980 |
108,380 |
 |
 |
| Total current assets |
 |
358,788 |
355,756 |
 |
 |
| Â |
 |
 |
 |
 |
 |
| Total assets |
 |
659,575 |
624,160 |
 |
 |
| Â |
 |
 |
 |
 |
 |
| SHAREHOLDERS' EQUITY AND LIABILITIES |
 |
 |
 |
 |
 |
| Share capital |
 |
25,261 |
25,261 |
 |
 |
| Additional paid-in capital |
 |
96,245 |
96,245 |
 |
 |
| Retained earnings |
 |
304,552 |
278,891 |
 |
 |
| Other equity components |
 |
-32,613 |
-28,172 |
 |
 |
| Equity of Pfeiffer Vacuum Technology AG shareholders |
 |
393,445 |
372,225 |
 |
 |
| Â |
 |
 |
 |
 |
 |
| Financial liabilities |
 |
69,729 |
60,182 |
 |
 |
| Provisions for pensions |
 |
64,103 |
55,638 |
 |
 |
| Deferred tax liabilities |
 |
5,041 |
4,638 |
 |
 |
| Contract liabilities |
 |
584 |
630 |
 |
 |
| Total non-current liabilities |
 |
139,457 |
121,088 |
 |
 |
| Â |
 |
 |
 |
 |
 |
| Trade accounts payable |
 |
41,137 |
38,054 |
 |
 |
| Contract liabilities |
 |
12,259 |
18,271 |
 |
 |
| Other accounts payable |
 |
23,406 |
25,740 |
 |
 |
| Provisions |
 |
38,735 |
41,626 |
 |
 |
| Income tax liabilities |
 |
7,248 |
7,061 |
 |
 |
| Financial liabilities |
 |
3,888 |
95 |
 |
 |
| Total current liabilities |
 |
126,673 |
130,847 |
 |
 |
| Â |
 |
 |
 |
 |
 |
| Total shareholders' equity and liabilities |
 |
659,575 |
624,160 |
 |
 |
| Â |
 |
 |
 |
 |
 |
Â
Consolidated Statements of Cash Flows
PFEIFFER VACUUM TECHNOLOGY AG |
| (in K€) |
 |
2019 |
2018 |
 |
 |
 |
| Â |
 |
 |
 |
 |
 |
 |
| Cash flow from operating activities: |
 |
 |
 |
 |
 |
 |
| Earnings before taxes |
 |
64,515 |
94,611 |
 |
 |
 |
| Adjustment for financial income/financial expenses |
 |
637 |
519 |
 |
 |
 |
| Financial income received |
 |
189 |
177 |
 |
 |
 |
| Financial expenses paid |
 |
-818 |
-900 |
 |
 |
 |
| Income taxes paid |
 |
-18,717 |
-22,703 |
 |
 |
 |
| Depreciation/amortization |
 |
24,226 |
18,591 |
 |
 |
 |
| Gain/loss from disposals of long-term assets |
 |
341 |
-1,532 |
 |
 |
 |
| Changes in allowances for doubtful accounts |
 |
350 |
590 |
 |
 |
 |
| Changes in inventory reserves |
 |
4,441 |
1,467 |
 |
 |
 |
| Other non-cash changes |
 |
-1,859 |
6 |
 |
 |
 |
| Effects of changes in assets and liabilities: |
 |
 |
 |
 |
 |
 |
| Inventories |
 |
904 |
-20,035 |
 |
 |
 |
| Receivables and other assets |
 |
-2,198 |
-19,329 |
 |
 |
 |
| Provisions, including pensions, and income tax liabilities |
 |
-1,159 |
-425 |
 |
 |
 |
| Payables |
 |
-5,472 |
11,510 |
 |
 |
 |
| Net cash provided by operating activities |
 |
65,380 |
62,547 |
 |
 |
 |
| Â |
 |
 |
 |
 |
 |
 |
| Cash flow from investing activities: |
 |
 |
 |
 |
 |
 |
| Capital expenditures |
 |
-34,913 |
-33,669 |
 |
 |
 |
| Proceeds from disposals of fixed assets |
 |
650 |
2,177 |
 |
 |
 |
| Net cash used in investing activities |
 |
-34,263 |
-31,492 |
 |
 |
 |
| Â |
 |
 |
 |
 |
 |
 |
| Cash flow from financing activities: |
 |
 |
 |
 |
 |
 |
| Proceeds from increase of financial liabilities |
 |
97 |
23 |
 |
 |
 |
| Dividend payments |
 |
-22,696 |
-19,735 |
 |
 |
 |
| Redemptions of leasing liabilities |
 |
-5,257 |
-87 |
 |
 |
 |
| Net cash used in financing activities |
 |
-27,856 |
-19,799 |
 |
 |
 |
| Â |
 |
 |
 |
 |
 |
 |
Effects of foreign exchange rate changes
on cash and cash equivalents |
 |
339 |
-278 |
 |
 |
 |
| Â |
 |
 |
 |
 |
 |
 |
| Net changes in cash and cash equivalents |
 |
3,600 |
10,978 |
 |
 |
 |
| Â |
 |
 |
 |
 |
 |
 |
| Cash and cash equivalents at beginning of period |
 |
108,380 |
97,402 |
 |
 |
 |
| Â |
 |
 |
 |
 |
 |
 |
| Cash and cash equivalents at end of period |
 |
111,980 |
108,380 |
 |
 |
 |
| Â |
 |
 |
 |
 |
 |
| Â |
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Additional features:
Document:
Document title: Pfeiffer Vacuum FY 2019 Financial Results
26.03.2020 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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