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PRESS RELEASE: Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum reports sound performance in fiscal year 2019
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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)
2020-03-26 / 07:30
The issuer is solely responsible for the content of this announcement.
*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:*
*12M/2019* *12M/2018* *Change *
Sales &euro 632.9 &euro 659.7 -4.1%
EBIT &euro 65.2 million &euro 95.1 million -31.5%
Net income &euro 48.4 million &euro 68.9 million - 29.8%
Earnings per &euro 4.90 &euro 6.98 - 29.8%
Dividend per &euro 1.25* &euro 2.30 - 45.7%
Order intake &euro 598.7 &euro 677.2 - 11.6%
Order backlog &euro 110.7 &euro 144.9 - 23.6%
*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.
Pfeiffer Vacuum Technology AG*
T +49 6441 802 1360
*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: group.pfeiffer-vacuum.com 
*Consolidated Statements of Income
PFEIFFER VACUUM TECHNOLOGY AG*
(in K&euro) *2019* 2018
Net sales 632,865 659,725
Cost of sales -416,995 -424,517
*Gross profit* *215,870* *235,208*
Selling and -71,669 -68,371
General and -52,293 -49,106
Research and -29,620 -28,663
Other operating 7,768 11,302
Other operating -4,904 -5,240
*Operating *65,152* *95,130*
Financial -853 -727
Financial income 216 208
*Earnings before *64,515* *94,611*
Income taxes -16,158 -25,732
*Net income * *48,357* *68,879*
Basic 4.90 6.98
Diluted 4.90 6.98
*Consolidated Balance Sheets
PFEIFFER VACUUM TECHNOLOGY AG*
(in K&euro) *Dec. 31, Dec. 31, 2018
Intangible assets 112,244 109,460
Property, plant 154,701 126,143
Investment 400 424
Other financial 4,031 4,282
Other assets 2,034 3,200
Deferred tax 27,377 24,895
*Total non-current *300,787* *268,404*
Inventories 128,484 133,191
Trade accounts 87,867 92,164
Contract assets 2,860 298
Income tax 9,962 3,726
(MORE TO FOLLOW) Dow Jones Newswires
March 26, 2020 02:31 ET ( 06:31 GMT)
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