Pfeiffer Vacuum Technology AG — Earnings Release 2013

Mar 20, 2014

News Details

Corporate | 20 March 2014 07:30

Pfeiffer Vacuum Technology AG: Announcement of FY2013 results

DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): Final Results

20.03.2014 / 07:30

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PRESS RELEASE

Pfeiffer Vacuum announces results for FY 2013

• Total sales of EUR 408.7 million

• EBIT margin at 12.4 percent

• Dividend proposal of 2.65 euros

Asslar, Germany, March 20, 2014. Total sales for FY 2013 which had already
been preliminarily announced and have meanwhile been audited amounted to
EUR 408.7 million. This represents a decrease of 11.4 percent (previous
year: EUR 461.3 million). This development meets our expectations which we
had previously communicated. Operating profit (EBIT) fell by 26.2 percent
to EUR 50.5 million (previous year: EUR 68.5 million). As a result, the
operating profit margin (EBIT margin) for FY 2013 amounted to 12.4 percent
and, thus, was 2.4 percentage points lower than the previous year's figure
of 14.8 percent.

The Management and Supervisory boards have proposed a dividend of EUR 2.65
per share. The payout ratio, as in previous years, therefore would amount
to around 75 percent of consolidated net income.

Key figures at a glance:

                       2013         2012\*         Change

Sales EUR 408.7m EUR 461.3m -11.4%
Operating profit (EBIT) EUR 50.5m EUR 68.5m -26.2%
Net income EUR 34.8m EUR 45.8m -24.0%
EPS EUR 3.53 EUR 4.64 -23.9%
Dividend per share EUR 2.65** EUR 3.45 -23.2%

Order intake EUR 398.0m EUR 445.6m -10.7%
Order backlog EUR 61.1m EUR 71.8m -14.9%

* Figures for 2012 are partially adjusted due to the retroactive
application of IAS 19.
** Subject to the approval of the Annual General Meeting.

Manfred Bender, CEO of Pfeiffer Vacuum, comments: "After a difficult year
2013 we regard the new year with confidence. We expect sales impulses
especially from the market segments semiconductor and coating, here
specifically from solar and display business, in the second half of the
year. Our current portfolio of vacuum solutions is leading in performance,
energy consumption and reliability. Though our product innovations we are
very well positioned and prepared for the future.

In context of regional sales, Europe posted the slightest decrease of 4.6
percent to EUR 182.1 million (previous year: EUR 190.8 million) while sales
in Asia receded by 16.1 percent to EUR 143.9 million (previous year:
EUR171.5 million) and the Americas declined by 17.1 percent to EUR 81.4
million (previous year: EUR 98.1 million).

Sales of turbopumps declined by 5.7 percent to EUR 125.3 million (previous
year: EUR 133.0 million). Instrument and component sales experienced a
decline of 8.8 percent to EUR 101.1 million (previous year: EUR 110.9
million). Revenues from backing pumps fell by 23.9 percent to EUR 92.1
million (previous year: EUR 121.0 million). Service revenues rose by 4.4
percent to EUR 81.7 million (previous year: EUR 78.2 million). Finally,
systems sales saw a development of minus 53.4 percent to EUR 8.5 million
(previous year: 18.2 million).

The sales split by market segments shows that the semiconductor market was
the only area to experience a double-digit percentage decline, namely by
25.6 percent to EUR123.4 million (previous year: EUR 165.9 million). In the
heterogeneous market segment industry there was a sales decline of 6.6
percent to EUR 104.9 million (previous year: 112.3 million). Sales in the
analytical market segment fell by 4.8 percent to EUR 79.6 million (previous
year: EUR 83.6 million). The research and development market segment
experienced a mild decline of 1.4 percent to EUR 55.1 million (previous
year: EUR 55.8 million) while coating sales grew by 4.7 percent EUR 45.7
million (previous year: EUR 43.7 million).

Gross profit for the reporting period declined by 10.6 percent to EUR 149.4
million (previous year: EUR 167.1 million). This, however, meant that the
gross profit margin was able to be improved by 0.3 percentage points to
36.5 percent (previous year: 36.2 percent). Operating profit (EBIT)
decreased by 26.2 percent to EUR 50.5 million (previous year: EUR 68.5
million). This corresponds to an operating profit margin (EBIT margin) of
12.4 percent (previous year: 14.8 percent).

The financial result increased to EUR -0.6 million (previous year: EUR -1.4
million) and the tax rate amounted to 30.3 percent (previous year: 31.7
percent). This resulted in net income of EUR 34.8 million which represents
a decrease of 24.0 percent (previous year: EUR 45.8 million). Earnings per
share amounted to EUR 3.53 (previous year: EUR 4.64), representing a
decline of 23.9 percent.

Despite the payment of the high dividend, Pfeiffer Vacuum was able to
increase its net cash position to EUR 53.6 million as at December 31, 2013
(previous year: EUR 49.9 million). The equity ratio rose to 64.1 percent
(previous year: 61.4 percent).

Attachments: Income statement, balance sheet and cash flow statement.

Contact:
Pfeiffer Vacuum Technology AG
Investor Relations
Eerik K.D. Budarz
T +49 6441 802 1346
F +49 6441 802 1365
Eerik.Budarz@pfeiffer-vacuum.de

About Pfeiffer Vacuum
Pfeiffer 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 encompasses backing pumps, 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 that are used in the markets Analytics,
Industry, Research & Development, Coating and Semiconductor. Founded in
1890, Pfeiffer Vacuum is globally active today. The company employs a
workforce of some 2,200 people and has more than 20 subsidiaries.

For more information, please visit www.pfeiffer-vacuum.com

End of Corporate News

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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: info@pfeiffer-vacuum.de
Internet: www.pfeiffer-vacuum.de
ISIN: DE0006916604
WKN: 691660
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart

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