PRESS RELEASE

from Pfeiffer Vacuum Technology AG (isin : DE0006916604)

Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum Technology AG Reports Record Sales for H1 2023

EQS-News: Pfeiffer Vacuum Technology AG / Key word(s): Half Year Results/Quarter Results
Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum Technology AG Reports Record Sales for H1 2023

01.08.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.


NEWS RELEASE  

Pfeiffer Vacuum Technology AG Reports Record Sales for H1 2023

First half 2023:

  • Record sales of EUR 496.7 million, up 12.7% from the previous year
  • Operating result (EBIT) of EUR 56.3 million and EBIT margin of 11.3%
  • Order intake of EUR 452.5 million, down 22.0% compared to previous year
  • Order backlog with EUR 458.3 million about flat with previous year

Asslar, August 1, 2023. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced results for the first half of 2023. Sales increased by 12.7% to EUR 496.7 million compared to the previous year, the highest sales level in the history of the Company within a half-year period (H1 2022: EUR 440.6 million). The operating result (EBIT) decreased by 6.2% to EUR 56.3 million (H1 2022: EUR 60.1 million) mainly due to costs related to the comprehensive investment program. This represents an EBIT margin of 11.3% (H1 2022: 13.6%). In addition, the order intake during the reporting period was EUR 452.5 million (H1 2022: EUR 580.1 million) and the order backlog stood at 458.3 million at the end of the first half of 2023 (H1 2022: EUR 455.7 million). 

The Pfeiffer Vacuum sales increase was driven by a strong performance in the Analytics, Industry and R&D market segment. Sales in this market segment improved by 21.7% to EUR 255.6 million (H1 2022: EUR 210.0 million). The Semiconductor and Emerging Technologies market segment sales increased by 4.5% to EUR 241.1 million (H1 2022: EUR 230.6 million). The semiconductor market is currently experiencing a market adjustment after a multi-year high-demand cycle.

The operating result (EBIT) decreased by 6.2% to EUR 56.3 million (H1 2022: EUR 60.1 million) and the EBIT margin was 11.3% (H1 2022: 13.6%). The year-over-year decrease in EBIT was primarily due to higher costs for investments to drive long-term sustainable growth, including the expansion of the global IT environment and the increase of production capacities for accelerating growth.

The book-to-bill ratio, the ratio of order intake to sales, was at 0.91 for the first half 2023, reflecting especially the order slow-down in the semiconductor market. The order backlog of EUR 458.3 million was up 0.6% compared to the previous year (June 30, 2022: EUR 455.7 million).

“The strong sales results in the first half of 2023 underline Pfeiffer Vacuum’s ability to ramp up production, particularly during the last two years”, says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. “As expected, market conditions, primarily in the semiconductor market, are currently challenging due to a slow-down in demand. However, we continue to invest in the medium- and long-term growth by modernizing and expanding our production capacities as well as by building a globally integrated IT infrastructure to position Pfeiffer Vacuum for growth and market share gains.”


Overview of key figures: 

  H1/2023H1/2022Change
     
Sales € 496.7 million€ 440.6 million12.7%
EBIT € 56.3 million€ 60.1 million-6.2%
Net income € 39.8 million€ 42.6 million-6.4%
Earnings per share € 4.04€ 4.32-6.5%
Order intake € 452.5 million€ 580.1 million-22.0%
     
     
  Q2/2023Q2/2022Change
     
Sales € 243.7 million€ 224.7 million8.5%
EBIT € 24.1 million€ 28.7 million-16.2%
Net income €17.0 million€20.4 million-16.5%
Earnings per share € 1.72€ 2.06-16.5%
Order intake € 213.8 million€ 293.9 million-27.3%
Order backlog € 458.3 million€ 455.7 million0.6%


The gross profit for the first half of 2023 was EUR 184.7 million (H1 2022: EUR 158.1 million). The year-over-year increase of 16.8% is primarily due to the strong sales performance. 

Net income decreased by 6.4% to EUR 39.8 million (H1 2022: EUR 42.6 million), representing earnings per share of EUR 4.04 (H1 2022: EUR 4.32).

In sales by region, which describes sales according to the location of the customers in their corresponding region, showed strong sales growth particularly in Europe and the Americas: European sales increased by 20.5% to EUR 171.5 million (H1 2022: EUR 142.3 million). Sales in the Americas contributed with an increase by 12.5% to EUR 140.6 million (H1 2022: EUR 125.0 million). Sales in Asia increased by 6.5% to EUR 184.5 million (H1 2022: EUR 173.1 million). 

Solid Balance sheet and cash-flow

Total assets at the end of the second quarter 2023 were EUR 914.2 million, up 5.8% from year-end 2022 (December 31, 2022: EUR 863.7 million). Cash and cash equivalents were EUR 76.6 million (December 31, 2022: EUR 67.8 million). The equity ratio remained at a solid level of 61.4%, slightly below year-end 2022 (December 31, 2022: 61.5%). Capital expenditure in the first half increased significantly to EUR 42.0 million, up 40.8 percent from the same period in 2022, and was mainly used for the building out of production facilities and investing in information technology infrastructure (H1 2022: EUR 29.8 million).

Outlook for the 2023 fiscal year remains unchanged

The Company confirms its previous guidance and continues to expect consolidated sales for the full year 2023 to be approximately at the same level as for the fiscal year 2022 (EUR 916.7 million). The sales volume in the second half of 2023 is expected to be affected by the decline in order volume, primarily due to conditions in the semiconductor market. The EBIT margin expectations for the full year 2023 remain at around 12%, also unchanged from the previous outlook. In addition, capital expenditures of about EUR 100 million are planned for the fiscal year 2023. 

 

Contact

Pfeiffer Vacuum Technology AG
Investor Relations
Heide Erickson
T +49 6441 802 1360
Heide.Erickson@pfeiffer-vacuum.de

 

About Pfeiffer VacuumPfeiffer 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 comprises backing pumps, leak detectors, 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 in the analytical, industrial, research & development, semiconductor and future technologies markets. Founded in 1890, Pfeiffer Vacuum is active throughout the world today. The company employs a workforce of some 4,000 people and has more than 20 sales and service companies as well as 10 manufacturing sites worldwide.

For more information, please go to: group.pfeiffer-vacuum.com

 

Consolidated Statements of Income (unaudited) 
         
         
  Three months ended June 30, Six months ended
June 30,
  2023 2022 2023 2022
  in K€ in K€ in K€ in K€
Net sales 243,653 224,655 496,711 440,613
Cost of sales -156,602 -145,309 -312,042 -282,519
Gross profit 87,051 79,346 184,669 158,094
         
Selling and marketing expenses -25,031 -23,179 -49,619 -45,221
General and administrative expenses -27,525 -19,892 -56,271 -37,230
Research and development expenses  -10,093 -8,974 -19,620 -17,843
Other operating income 3,344 4,748 7,265 7,756
Other operating expenses -3,661 -3,318 -10,098 -5,487
Operating profit 24,085 28,731 56,327 60,069
         
Financial expenses -1,126 -137 -1,933 -233
Financial income 217 78 409 143
Earnings before taxes 23,176 28,672 54,803 59,979
         
Income taxes -6,176 -8,315 -14,961 -17,394
         
Net income 17,000 20,357 39,842 42,585
         
Earnings per share (in €):        
Basic 1.72 2.06 4.04 4.32
Diluted 1.72 2.06 4.04 4.32
         

 

Consolidated Balance Sheets (unaudited)    
     
     
  June 30, 2023 December 31, 2022
  in K€ in K€
Assets    
Intangible assets   108,850 106,467
Property, plant and equipment 252,161 226,664
Investment properties 316 328
Other financial assets 5,260 4,985
Contract assets - -
Other assets 667 640
Deferred tax assets 24,102 23,806
Total non-current assets 391,356 362,890
     
Inventories 244,044 248,993
Trade accounts receivable 170,863 153,154
Contract assets 4,063 3,506
Income tax receivables 4,546 3,641
Prepaid expenses 9,121 10,356
Other financial assets 251 257
Other accounts receivable 13,422 13,095
Cash and cash equivalents 76,572 67,840
Total current assets 522,882 500,842
     
Total assets 914,238 863,732
     
Shareholders’ equity and liabilities    
Share capital 25,261 25,261
Additional paid-in capital 96,245 96,245
Retained earnings 454,856 416,099
Other equity components -15,301 -6,251
Equity of Pfeiffer Vacuum Technology AG shareholders 561,061 531,354
     
Financial liabilities 12,596 7,858
Provisions for pensions 37,850 36,709
Deferred tax liabilities 4,271 4,064
Contract liabilities 1,638 1,497
Total non-current liabilities 56,355 50,128
     
Trade accounts payable 67,243 86,158
Contract liabilities 33,812 28,508
Other accounts payable 36,056 33,112
Provisions 51,983 50,748
Income tax liabilities 6,839 15,549
Financial liabilities 100,889 68,175
Total current liabilities 296,822 282,250
     
Total shareholders’ equity and liabilities 914,238 863,732
     

 

Consolidated Statements of Cash Flows (unaudited)     
      
      
  Six months ended June 30, 
  2023 2022 
  in K€ in K€ 
Cash flow from operating activities:     
Net income 39,842 42,585 
Depreciation/amortization 16,585 14,509 
Other non-cash income/expenses 8,593 3,264 
Effects of changes of assets and liabilities:     
   Inventories -6,839 -40,653 
   Receivables and other assets -23,012 -16,235 
   Provisions, including pensions, and income tax liabilities -6,482 -4,462 
   Payables, other liabilities -8,016 23,619 
Net cash provided by operating activities 20,671 22,627 
      
Cash flow from investing activities:     
Capital expenditures -41,954 -29,807 
Proceeds from disposals of fixed assets 826 241 
Net cash used in investing activities -41,128 -29,566 
      
Cash flow from financing activities:     
Proceeds from increase of financial liabilities 32,682 25,002 
Principal elements of lease payments -3,371 -2,607 
Dividend payment -1,085 -40,260 
Net cash provided by/ used in financing activities 28,226 -17,865 
      
Effects of foreign exchange rate changes on cash and cash equivalents  
963
  
-523
 
      
Net change in cash and cash equivalents  
8,732
  
-25,327
 
      
Cash and cash equivalents at beginning of period 67,840 99,371 
      
Cash and cash equivalents at end of period 76,572 74,044 
      

 



01.08.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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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.com
Internet:www.pfeiffer-vacuum.com
ISIN:DE0006916604
WKN:691660
Indices:SDAX,
Listed:Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID:1692323

 
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1692323  01.08.2023 CET/CEST

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