Pfeiffer Vacuum Technology AG — Earnings Release 2003

Aug 5, 2003

News Details

Ad-hoc | 5 August 2003 08:30

Pfeiffer Vacuum english

Pfeiffer Vacuum announces 1st HY 2003 results Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Pfeiffer Vacuum announces its results for the 1st half of 2003. Weak dollar impacts sales and earnings. New orders outpace sales. 1HY 03 (in brackets 1HY 02): Sales EUR 66.6 million (EUR 73.5 million) – 9.3 %; EBIT EUR 4.7 million (EUR 8.7 million) – 45.5 %; EBT EUR 6.8 million (EUR 8.7 million) – 21.8 %; After-tax income EUR 3.6 million (EUR 5.6 million) – 35.5 %; Earnings per share EUR 0.41 (EUR 0.64) – 35.9 %; New orders 69.5 million (EUR 74.8 million)-7.1 %; Orders on hand EUR 23.9 million (EUR 27.9 million)- 14.3%. Q2 03 (in brackets Q2 02): Sales EUR 31.5 million (EUR 36.5 million); EBIT EUR 1.3 million (EUR 4.1 million); After-tax income EUR 0.9 million (EUR 2.7 million); New orders EUR 35.2 million (EUR 39.4 million) One half of the decline in sales was attributable to the present weakness of the dollar, with the remainder of the decline in sales stemming from the sustained weakness of the economy. Tax rate rose to 47 percent for 1HY03 (previous year: 39 percent), caused by a law passed by the German government in April 2003 that eliminated the tax preference on dividend distributions effective immediately. Sales in Germany from EUR 19.7 million (1HY 02) to EUR 17.9 million (1HY 03).Other European countries sales decline by 5.6 percent from EUR 24.5 million (1HY 02) to EUR 23.1 million (1HY 03). Sales in USA dropped from EUR 18.5 million (1HY 02) to EUR 14.6 million (1HY 03). Sales in Japan went against the trend, rising by 31.7 percent from EUR 4.6 million to EUR 6.0 million. Exports to Asia and the rest of the world now account for 16.6 percent of total sales versus 14.6 percent in 1 HY 02.The book-to-bill ratio was positive in both Q2 03 (1.12) as well as for the entire 1 HY 03. Solid balance sheet: During the 1st half of 2003, trade accounts receivable declined from EUR 21.9 million to EUR 18.0 million, with inventories remaining constant at EUR 22.4. Operating activities provided EUR 12.5 million in net cash flow for the 1 HY 03. A long- term loan of EUR 9 million for development projects was repaid early. The company is now totally free of bank debt. Dividends totaling EUR 4.9 million were paid in June 2003. Cash and cash equivalents now total EUR 68.0 million (EUR 72.3 million on Dec 31, 02). Year end projection sales EUR 140 – 145 million. For detailed press release see www.pfeiffer-vacuum.de end of ad-hoc-announcement (c)DGAP 05.08.2003 ——————————————————————————– WKN: 691660; ISIN: DE0006916604; Index: TecDAX, NEMAX 50 Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin- Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 050830 Aug 03