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Pfeiffer Vacuum Technology AG Earnings Release 2020
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Earnings Release
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Corporate | 5 May 2020 07:30
Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum reports strong first quarter 2020 order intake and stable sales in COVID-19 environment
DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): Quarter Results/Quarterly / Interim Statement
05.05.2020 / 07:30
The issuer is solely responsible for the content of this announcement.
PRESS RELEASE
Pfeiffer Vacuum reports strong first quarter 2020 order intake and stable sales in COVID-19 environment
– Sales of EUR 153.3 million flat with the previous year
– Operating result (EBIT) of EUR 12.8 million and 8.4% EBIT margin
– Order intake of EUR 172.9 million, 16.2% above previous year
Asslar, May 5, 2020. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced results for the first quarter 2020. The company reported sales of EUR 153.3 million, an operating result (EBIT) of EUR 12.8 million and an EBIT margin of 8.4%. The order intake increased significantly to EUR 172.9 million.
Pfeiffer Vacuum sales for the first quarter 2020 were about flat with the previous year (Q1 2019: EUR 153.7 million), primarily driven by a strong performance in the semiconductor market and also a growth in the R&D market segment. This was offset by sales declines in the coating, industry and analytics markets. Sales in the semiconductor and coating market increased by 4.7% to EUR 78.6 million (Q1 2019: 75.1 million) and sales in the industry, analytics and R&D market segments decreased by 5.0% to EUR 74.7 million (Q1 2019: 78.6 million).
The operating result (EBIT) decreased by 29.4% (Q1 2019: EUR 18.1 million) and the EBIT margin was 8.4% (Q1 2019: 11.8%). The year-over-year decline in EBIT was primary a result of productivity loss through COVID-19 and due to changes in the product and market mix. In addition, increased expenses to drive market share growth and to improve the EBIT margin to 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 very strong at 1.13 for the first quarter. At the end of the first quarter, Pfeiffer Vacuum had an order backlog of EUR 130.3 million, representing a decrease of 6.9% compared to the previous year (March 31, 2019: EUR 140.0 million) and an increase of 17.7% compared to year-end 2019 (December 31, 2019: EUR 110.7 million).
“Our top priorities in the COVID-19 environment remain the health and safety of our employees and communities and to meet our customers’ needs,” says Dr. Eric Taberlet, CEO of Pfeiffer Vacuum Technology AG. “The high-vacuum industry is robust, and we are supplying growth markets. We must remain vigilant and agile to navigate through this challenging, quickly evolving environment that is impacting already some of the markets we serve. I am proud that so far there has been no major disruption in meeting our customers’ deliveries.”
Nathalie Benedikt, CFO comments: “Pfeiffer Vacuum is affected by COVID-19, but less so than many other industries, and is in a strong financial position. In the current environment we are acting with caution and remain agile to make adjustments where needed. We are firmly on the path to execute our strategy to gain market share and improve the EBIT margin.”
Overview of key figures:
| Q1/2020 | Q1/2019 | Change | |
| Sales | € 153.3 million | € 153.7 million | – 0.3% |
| EBIT | € 12.8 million | € 18.1 million | – 29.4% |
| Net income | € 8.9 million | € 12.9 million | – 31.3% |
| Earnings per share | € 0.90 | € 1.31 | – 31.3% |
| Order intake | € 172.9 million | € 148.8 million | 16.2% |
| Order backlog | € 130.3 million | € 140.0 million | – 6.9% |
The gross profit in the reporting period was EUR 53.3 million (Q1 2019: EUR 55.7 million). The year-over-year decline is due to negative economies of scale related to product and market mix and productivity impact related to COVID-19 measures.
Net income declined to EUR 8.9 million (Q1 2019: EUR 12.9 million) representing earnings per share of EUR 0.90 (Q1 2019: EUR 1.31).
In sales by region, which describes sales according to the location of the customers in their corresponding region, the Americas contributed to an increase in sales of 10.5% to EUR 44.4 million (Q1 2019: EUR 40.2 million) driven by sales to semiconductor customers. Europe showed a decrease of 1.1% to EUR 58.0 million (Q1 2019: EUR 58.6 million). Sales in Asia declined by 7.2% to EUR 50.9 million (Q1 2019: EUR 54.9 million) related to market conditions in the coating market.
Balance sheet and cash-flow
Total assets at the end of first quarter 2020 were EUR 667.0 million up slightly from year-end 2019 (December 31, 2019: EUR 660.0 million). Cash and cash equivalent were EUR 104.7 million and the company is net debt free from a financial liability perspective. The equity ratio was at 60.3%, slightly up from the year-end 2019 (December 31, 2019: 59.6%).
Outlook
Pfeiffer Vacuum is not able to make a reliable forecast due to the impact of COVID-19 on the world economy and thus on some of our markets. Critical semiconductor customers currently remain committed to their expansion and orders in the analytics market supporting the fight against COVID-19 are strong. Economic activity in other markets served declined. The company expects market conditions and world economic activity to put pressure on the financial performance.
**Contact
Pfeiffer Vacuum Technology AG**
Investor Relations
Heide Erickson
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 3,300 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 (unaudited) | ||||
| Three months ended March 31, | ||||
| 2020 | 2019 | |||
| in K€ | in K€ | |||
| Net sales | 153,328 | 153,733 | ||
| Cost of sales | -100,056 | -98,064 | ||
| Gross profit | 53,272 | 55,669 | ||
| Selling and marketing expenses | -18,033 | -18,047 | ||
| General and administrative expenses | -15,318 | -13,200 | ||
| Research and development expenses | -7,699 | -7,511 | ||
| Other operating income | 2,721 | 2,178 | ||
| Other operating expenses | -2,126 | -946 | ||
| Operating profit | 12,817 | 18,143 | ||
| Financial expenses | -231 | -222 | ||
| Financial income | 39 | 36 | ||
| Earnings before taxes | 12,625 | 17,957 | ||
| Income taxes | -3,770 | -5,064 | ||
| Net income | 8,855 | 12,893 | ||
| Earnings per share (in €): | ||||
| Basic | 0.90 | 1.31 | ||
| Diluted | 0.90 | 1.31 | ||
| Consolidated Balance Sheets (unaudited) | ||||
| March 31, 2020 | December 31, 2019 | |||
| in K€ | in K€ | |||
| Assets | ||||
| Intangible assets | 113,474 | 112,244 | ||
| Property, plant and equipment | 155,577 | 154,701 | ||
| Investment properties | 394 | 400 | ||
| Other financial assets | 3,978 | 4,031 | ||
| Other assets | 1,080 | 2,034 | ||
| Deferred tax assets | 27,539 | 27,377 | ||
| Total non-current assets | 302,042 | 300,787 | ||
| Inventories | 134,658 | 128,484 | ||
| Trade accounts receivable | 91,661 | 87,867 | ||
| Contract assets | 2,866 | 2,860 | ||
| Income tax receivables | 9,662 | 9,962 | ||
| Prepaid expenses | 6,595 | 4,308 | ||
| Other financial assets | 2,831 | 3,161 | ||
| Other accounts receivable | 12,065 | 10,166 | ||
| Cash and cash equivalents | 104,652 | 111,980 | ||
| Total current assets | 364,990 | 358,788 | ||
| Total assets | 667,032 | 659,575 | ||
| Shareholders’ equity and liabilities | ||||
| Share capital | 25,261 | 25,261 | ||
| Additional paid-in capital | 96,245 | 96,245 | ||
| Retained earnings | 313,407 | 304,552 | ||
| Other equity components | -32,430 | -32,613 | ||
| Equity of Pfeiffer Vacuum Technology AG shareholders | 402,483 | 393,445 | ||
| Financial liabilities | 69,275 | 69,729 | ||
| Provisions for pensions | 65,005 | 64,103 | ||
| Deferred tax liabilities | 4,663 | 5,041 | ||
| Contract liabilities | 666 | 584 | ||
| Total non-current liabilities | 139,609 | 139,457 | ||
| Trade accounts payable | 41,183 | 41,137 | ||
| Contract liabilities | 11,303 | 12,259 | ||
| Other accounts payable | 24,993 | 23,406 | ||
| Provisions | 37,959 | 38,735 | ||
| Income tax liabilities | 5,947 | 7,248 | ||
| Financial liabilities | 3,555 | 3,888 | ||
| Total current liabilities | 124,940 | 126,673 | ||
| Total shareholders’ equity and liabilities | 667,032 | 659,575 | ||
| Consolidated Statements of Cash Flows (unaudited) | ||||
| Three months ended March 31, | ||||
| 2020 | 2019 | |||
| in K€ | in K€ | |||
| Cash flow from operating activities: | ||||
| Net income | 8,855 | 12,893 | ||
| Depreciation/amortization | 6,801 | 5,650 | ||
| Other non-cash income/expenses | 868 | 1,146 | ||
| Effects of changes of assets and liabilities: | ||||
| Inventories | -7,221 | -15,959 | ||
| Receivables and other assets | -6.841 | 9,654 | ||
| Provisions, including pensions, and income tax liabilities | -1,063 | -3,371 | ||
| Payables, other liabilities | 886 | -1,868 | ||
| Net cash provided by operating activities | 2,285 | 8,145 | ||
| Cash flow from investing activities: | ||||
| Capital expenditures | -7,585 | -5,608 | ||
| Proceeds from disposals of fixed assets | 109 | 35 | ||
| Net cash used in investing activities | -7,476 | -5,573 | ||
| Cash flow from financing activities: | ||||
| Principal elements of lease payments | -1,298 | -1,033 | ||
| Proceeds from increase of financial liabilities | – | 163 | ||
| Redemptions of financial liabilities | -120 | – | ||
| Net cash used in financing activities | -1,418 | -870 | ||
| Effects of foreign exchange rate changes on cash and cash equivalents | -719 | 142 | ||
| Net change in cash and cash equivalents | -7,328 | 1,844 | ||
| Cash and cash equivalents at beginning of period | 111,980 | 108,380 | ||
| Cash and cash equivalents at end of period | 104,652 | 110,224 | ||
05.05.2020 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 |
| Indices: | SDAX, TecDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1035541 |
| End of News | DGAP News Service |