Pfeiffer Vacuum Technology AG — Earnings Release 2015

Mar 23, 2016

News Details

Corporate | 23 March 2016 07:30

Pfeiffer Vacuum Technology AG: Announcement of final results for FY 2015

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

2016-03-23 / 07:30
The issuer is solely responsible for the content of this announcement.

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PRESS RELEASE

Pfeiffer Vacuum to invest in further growth after a strong FY 2015

• Total sales of EUR 451.5 million

• EBIT margin at 13.5 percent

• Dividend proposal of EUR 3.20

• 18-20 million euros investments planned in FY 2016

Asslar, Germany, March 23, 2016. Total sales for FY 2015, which had been
preliminarily announced and have meanwhile been audited, amounted to EUR
451.5 million. This represents an increase of 11.0 percent (previous year:
EUR 406.6 million). Operating profit (EBIT) grew 35.8 percent and amounted
to EUR 60.8 million (previous year: EUR 44.7 million). As a result, the
operating profit margin (EBIT margin) for FY 2015 amounted to 13.5 percent
and, thus, was 2.5 percentage points higher than the previous year's figure
of 11.0 percent.

The Management and Supervisory Boards propose a dividend of EUR 3.20 per
share (previous year: EUR 2.65). The payout ratio therefore would amount to
around 75 percent of consolidated net income.

Key figures at a glance:

                      FY 2015         FY 2014            Change

Sales EUR 451.5m EUR 406.6m +11.0%
Operating profit (EBIT) EUR 60.8m EUR 44.7m +35.8%
Net income EUR 42.9m EUR 32.4m +29.3%
EPS EUR 4.25 EUR 3.29 +29.2%
Dividend per share EUR 3.20* EUR 2.65 +20.8%
Order intake EUR 456.9m EUR 404.9m +12.8%
Order backlog EUR 64.7m EUR 59.3m +9.1%

* Subject to the approval of the Annual General Meeting.

Order intake for FY 2015 amounted to EUR 456.9 million (prior year: EUR
404.9 million). This resulted in a book-to-bill ratio of 1.01 for FY 2015
(prior year: 1.00). Year-end FY 2015 order backlog amounted to EUR 64.7
million (year-end FY 2014: EUR 59.3 million).

Manfred Bender, CEO of Pfeiffer Vacuum Technology AG, comments: "The year
of our 125th anniversary was a very successful one. After three decreasing
years, we were able to increase our sales significantly. The already good
profitability was further improved. All market segments contributed to this
growth. The best development was seen in the Semiconductor and Analytics
markets. In order to let shareholders participate in this positive
development, Management and the Supervisory Board will propose a dividend
of EUR 3.20 per share at the AGM in May. The investment in our company
shall remain worthwhile for all shareholders in the future."

In context of regional sales, Europe posted a slight increase of 2.1
percent to EUR 187.0 million (previous year: EUR 183.2 million). In Asia,
sales rose 16.3 percent to EUR 151.5 million (previous year: EUR 130.3
million). Even more pleasing was the development in the Americas where
sales increased by 21.3 percent to EUR 112.4 million (previous year: EUR
92.6 million).

Sales of turbopumps rose disproportionately by 16.1 percent to EUR 144.8
million (previous year: EUR 124.7 million). Revenues from backing pumps
increased by 14.5 percent to EUR 102.4 million (previous year: EUR 89.4
million). Business with instruments and components expanded by 1.9 percent
to EUR 98.8 million (previous year: EUR 96.9 million). Service revenues
rose by 13.8 percent to EUR 96.7 million (previous year: EUR 85.0 million).
Finally, systems sales amounted to EUR 8.8 million after EUR 10.6 million
in the previous year.

All markets exhibited growth in the reported year 2015:

The Semiconductor market produced sales of EUR 139.9 million (previous
year: EUR 118.4 million) - this represents an increase of 18.1 percent. In
the heterogeneous market segment Industry there was a sales increase of 7.3
percent to EUR 115.0 million (previous year: EUR 107.2 million). Sales in
the Analytical market segment rose disproportionately by 16.6 percent to
EUR 91.7 million (previous year: EUR 78.7 million). The Research and
Development market segment increased its sales to EUR 55.6 million
(previous year: EUR 55.2 million). Coating sales grew by 4.7 percent and
amounted to EUR 49.3 million (previous year: EUR 47.1 million).

Gross profit for the reporting period amounted to EUR 175.5 million
(previous year: EUR 143.4 million). This meant that the gross profit margin
increased by 3.6 percentage points to 38.9 percent (previous year: 35.3
percent). The operating profit (EBIT) amounted to EUR 60.8 million. It was
35.8 percent above the previous year's figure of EUR 44.7 million. This
corresponds to an operating profit margin (EBIT margin) of 13.5 percent
(previous year: 11.0 percent).

The financial result increased to EUR -0.3 million (previous year: EUR -0.5
million) and the tax rate amounted to 30.7 percent (previous year: 26.8
percent). This resulted in net income of EUR 41.9 million which represents
an increase of 29.3 percent (previous year: EUR 32.4 million). Earnings per
share amounted to EUR 4.25 (previous year: EUR 3.29), representing an
increase of 29.2 percent.

Despite the payment of the high dividend, Pfeiffer Vacuum was able to
increase its net cash position to EUR 94.7 million as at December 31, 2015
(previous year: EUR 70.3 million). The equity ratio rose to 67.3 percent
(previous year: 65.2 percent).

With reference to the motto of our annual report that has been published
today, we have been thinking further:

Concretization of mid-term planning
Pfeiffer Vacuum's goal is the continuation of its successful growth path in
the years to come. Significant potential is seen in both areas
Semiconductor/Coating and Analytics/Industry. By consistently aligning the
business units Semiconductor/ Coating and Analytics/Industry towards
customer demand and global growth trends like increasing digitalization,
renewable energy and population growth, Pfeiffer Vacuum will sustainably
benefit from these dynamics. The company expects the business unit
Semiconductor/Coating to grow by an average of 5-7 percent per year over
the cycle and Analytics/Industry to exhibit an average of 3-5 percent
growth per year over the cycle.

First implementation success of GAP already in 2015
In order to create the prerequisites for profitable growth on an
operational level, Pfeiffer Vacuum initiated its GAP program last year. The
goals of GAP are the optimization of operational processes and the
establishment of more efficient structures. The emphasis of GAP is on key
account management, the optimization of the supply chain, and the alignment
of production towards a competency center approach. GAP's main measures are
aimed towards being realized by the end of 2017 while some have already
been successfully put into effect during the past financial year 2015.

Advanced investment planning in order to increase capacity
The optimization of Pfeiffer Vacuum's production is a further goal for
sustainable growth. The company's comprehensive investment plan includes
the enlargement of its machine park and in this context the expansion of
existing production locations or the establishment of new ones. In this
context, additional capital expenditures in the amount of EUR 6-8 million
have been planned for the current fiscal year 2016.

Active use of the strong balance sheet to seize opportunities for
acquisitions
In addition to the operational measures, Pfeiffer Vacuum plans to use its
financial strength in order to foster the company's long-term growth
through selective acquisitions. Potential targets must fulfill strict
internal criteria and can arise from the current consolidation process
within the industry or from adjacent relevant markets.

Outlook 2016
For the FY 2016 Pfeiffer Vacuum expects a noticeable increase in sales
compared to FY 2015. This is expected to coincide with a noticeable
improvement in operating profit and the EBIT margin compared to FY 2015.

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

Contact
Pfeiffer Vacuum Technology AG
Investor Relations
Eerik 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 2,350 people and has more than 20 subsidiaries.

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

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2016-03-23 Dissemination of a Corporate News, transmitted by DGAP - a
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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: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart; Terminbörse EUREX

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