Pfeiffer Vacuum Technology AG - Earnings Release 2017

News Details

Corporate | 2 May 2017 07:30

Pfeiffer Vacuum Technology AG: Announcement of results for Q1/2017

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

02.05.2017 / 07:30

The issuer is solely responsible for the content of this announcement.

PRESS RELEASE

Pfeiffer Vacuum significantly increases EBIT margin to 15.6 percent

– Q1/2017 sales up 24.9 percent from prior year

– Q1/2017 EBIT margin increases by 3.8 percentage points

– Order intake amounts to EUR 146.5 million

– Impressive demonstration of long-term growth potential

– High attendance necessary at Annual General Meeting on 23 May

Asslar, May 2, 2017. Pfeiffer Vacuum generated sales in the amount of EUR 136.9 million (up 24.9 percent from the prior year) during the first quarter of 2017, achieving an EBIT of EUR 21.4 million (65.6 percent above the previous year’s figure). Earnings per share for the quarter thus amounted to EUR 1.50 (up 64.8 percent from the prior year).

The figures at a glance:


	Q1/2017	Q1/2016	Change

Sales	EUR 136.9 m	EUR 109.6 m	+24.9 %
Operating profit (EBIT)	EUR 21.4 m	EUR 12.9 m	+65.6 %
Net income	EUR 14.8 m	EUR 9.0 m	+65.6 %
Earnings per share	EUR 1.50	EUR 0.91	+64.8 %

Order intake	EUR 146.5 m	EUR 117.4 m	+24.8 %
Order backlog	EUR 81.9 m	EUR 72.5 m	+13.0 %

“We actually surpassed our high expectations with the start into the year 2017”, says Manfred Bender, CEO of Pfeiffer Vacuum Technology AG. “Compared with the same period last year, we significantly increased our sales and profitability, as our significantly higher EBIT margin of 15.6 percent goes to show. What stands out as particularly impressive is that all market segments and regions contributed to these strong results. The first quarter’s figures impressively demonstrate that Pfeiffer Vacuum is strategically, technologically and financially in a very good position to profit from the long-term growth potential in the vacuum industry as an independent enterprise. And with that, we offer attractive long-term prospects to our shareholders.”

All market segments were able to significantly step up their sales performance:

Sales in the Semiconductor market rose significantly by 53.4 percent to EUR 52.3 million (Q1/2016: EUR 34.1 million). In the Industry segment, sales were up 7.8 percent to EUR 29.7 million (Q1/2016: EUR 27.5 million). The Analytics segment grew by 14.8 percent to EUR 25.3 million (Q1/2016: EUR 22.1 million). The contribution from the Research and Development segment rose by 15.1 percent to EUR 14.4 million (Q1/2016: EUR 12.5 million). Sales in the coating segment climbed by 13.8 percent to EUR 15.2 million (Q1/2016: EUR 13.4 million).

All regions succeeding in increasing sales across all segments.

First quarter 2017 sales grew by 15.5 percent to EUR 53.8 million (Q1/2016: EUR 46.6 million) in Europe . Sales in Asia improved markedly by 45.0 percent to EUR 53.1 million (Q1/2016: EUR 36.6 million). The Americas ‘ contribution to sales increased by 13.7 percent to EUR 30.0 million (Q1/2016: EUR 26.4 million).

Breaking sales down by product groups, Turbopumps accounted for a 25.4 percent increase with sales amounting to EUR 42.8 million (Q1/2016: EUR 34.2 million). Backing pump sales were up by 25.1 percent to EUR 34.0 million (Q1/2016: EUR 27.1 million). Instruments and components sales rose by 41.9 percent to EUR 30.2 million (Q1/2016: EUR 21.3 million). The Service business increased by 11.3 percent to EUR 26.7 million (Q1/2016: EUR 24.0 million). The Systems business posted 6.1 percent growth taking sales to EUR 3.2 million (Q1/2016: EUR 3.0 million).

New orders in the first three months of 2017 came to EUR 146.5 million, a substantial 24.8 percent increase compared to the prior year (Q1/2016: EUR 117.4 million). The book-to-bill ratio, the ratio of order intake to sales, remained unchanged at 1.07. The order backlog on March 31 amounted to EUR 81.9 million, 13.0 percent higher than in the same period of the previous year (Q1/2016: EUR 72.5 million).

Compared with the same period last year, Pfeiffer Vacuum’s gross profit margin in the first quarter of 2017 decreased slightly by 0.9 percentage points to 38.5 percent (Q1/2016: 39.4 percent). The operating profit of EUR 21.4 million, however, was 65.6 percent higher than in the prior year (Q1/2016: EUR 12.9 million). The resulting EBIT margin was up to 15.6 percent from last year’s level of 11.8 percent. Net income in the amount of EUR 14.8 million was 65.6 percent higher than the previous year’s figure (Q1/2016: EUR 9.0 million). As a result, earnings per share increased markedly to EUR 1.50 (Q1/2016: EUR 0.91).

Outlook for 2017

Pfeiffer Vacuum is very satisfied with developments early in the second quarter. The company has sustained the successful momentum of the first quarter of 2017. At this point in time, the order intake is significantly higher than in the previous year. Pfeiffer Vacuum expects the positive trend to continue. The company expects sales for the full year of 2017 to increase significantly from 2016. This should result in a significant improvement in operating profit. Given the knowledge available today, the positive development should continue in 2018.

The Busch Group’s offer and the 2017 Annual General Meeting

As announced on April 24, 2017, in a reasoned statement, the Management and Supervisory Boards of Pfeiffer Vacuum have advised the company’s shareholders to not accept the offer of Pangea GmbH, a company owned by Busch SE (“Busch Group”). The Management Board and the Supervisory Board are of the opinion that the Busch Group’s second offer is again not in the interest of Pfeiffer Vacuum and its shareholders:

The Busch Group is not offering an appropriate takeover premium to Pfeiffer Vacuum shareholders for the planned acquisition of a controlling stake, nor does the Busch Group have a coherent strategic concept for efficient and value-enhancing cooperation that would present attractive long-term prospects to the shareholders. What is more, official research reports have deemed the offered price inadequate.

The strong results of the first quarter of 2017 are further evidence of the soundness of the Management and Supervisory Boards’ assessment to decline this offer by the Busch Group. We would like to ask all shareholders to exercise their rights and take part in the Annual General Meeting in Wetzlar, on May 23, 2017, either in person or by means of an authorized proxy. High attendance at the Annual General Meeting is the only way to ensure that the interests of all shareholders are safeguarded. The Busch family’s baseless allegations against the corporate governance of Pfeiffer Vacuum prove that the Busch family aims to exploit the Annual General Meeting for its purposes. This has to be prevented – in the interest of Pfeiffer Vacuum and its shareholders.

Additional information about the Busch Group’s public tender offer and the AGM of Pfeiffer Vacuum Technology AG on 23 May, 2017, may be viewed on the company website via the following link:

https://group.pfeiffer-vacuum.com/en/investor-relations

Important Note

This Press Release may contain certain future-oriented statements based on current assumptions and prognoses by the corporate management of Pfeiffer Vacuum Technology AG or of companies affiliated with Pfeiffer Vacuum Technology AG. As a result of various known and unknown risks and contingencies, as well as other factors, the actual results, financial position, development or performance of Pfeiffer Vacuum Technology AG and of the companies affiliated with Pfeiffer Vacuum Technology AG may diverge significantly from the appraisals given here. Neither Pfeiffer Vacuum Technology AG nor the companies affiliated with Pfeiffer Vacuum Technology AG accept any obligation to update such future-oriented statements and bring them into line with future events or developments.

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

[email protected]

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 Semiconductors. Founded in 1890, Pfeiffer Vacuum is globally active today. The company employs a workforce of some 2,500 people and has more than

20 subsidiaries.

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

02.05.2017 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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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:	[email protected]
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, Tradegate Exchange