EANS-News: Pfeiffer Vacuum Technology AG Pfeiffer Vacuum announces results for
the first quarter of 2012
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Financial Figures/Balance Sheet/quarterly report/3-month report
Subtitle: Development of sales revenues exceeds expectations
Significant improvement in profitability
New marketing approach to offer complete solutions shows first results
Aßlar (euro adhoc) - Asslar, May 3, 2012. Revenues of EUR 132.0 million achieved
by Pfeiffer Vacuum in the first quarter of 2012 exceeded the expectations of the
company. Good sales revenues in all product groups contributed to this positive
development.
Key figures at a glance:
| |Q1/2012 |Q1/2011* |Change |
| | | | |
|Sales revenues |EUR 132.0 million|EUR 143.6 million|- 8.1% |
|Operating profit |EUR 20.1 million |EUR 17.0 million |17.9% |
|(EBIT) | | | |
|Net income |EUR 13.4 million |EUR 11.3 million |18.6% |
|Earnings per share | EUR 1.35 |EUR 1.14 |18.4% |
| | | | |
|Order intake | EUR 136.8 |EUR 151.7 million|- 9.8% |
| |million | | |
|Orders in hand |EUR 92.4 million |EUR 99.3 million |- 6.9% |
* Figures for 2011 are partially adjusted for the effects of the retroactive
purchase price allocation carried out after acquisition of adixen.
"We are very satisfied with the development of sales revenues. Especially when
you consider that the first quarter of last year was exceptionally strong. More
importantly, though, is the improvement in the profit situation. Here, our
entire team did a good job", commented Manfred Bender, CEO of Pfeiffer Vacuum,
the current results. "We are on the right track to achieve our profitability
goals. However, the signals we are getting from the market are still very
mixed. We cannot yet assess whether the economic environment will continue to
be sustainably strong."
In Europe, during the first quarter of 2012, there was a downturn in the solar
industry. Sales revenues fell there by 21.5 percent to EUR 49.4 million
(previous
year: EUR 63.0 million). In contrast, sales revenues in Asia rose by 5.2 percent
to EUR 55.8 million (previous year: EUR 53.0 million). In the Americas, there
was a
slight reduction in sales revenues of 2.7 percent to EUR 26.5 million (previous
year: EUR 27.2 million).
In terms of sales revenues by product group, the new Pfeiffer Vacuum strategy
to increasingly market vacuum solutions, showed initial results. Sales revenues
of instruments and components that are used in complete vacuum solutions
increased by 18.0 percent to EUR 34.2 million (previous year: EUR 29.0 million),
due in part to the positioning as a provider of complete solutions. A weak
solar market was the cause of a decline in backing pumps. This amounted to 28.1
percent and resulted in sales revenues of EUR 39.2 million for these products
(previous year: EUR 54.5 million). Sales of turbopumps declined by 9.4 percent
to
EUR 35.8 million (previous year: EUR 39.5 million). In the service sector
Pfeiffer
Vacuum achieved an improvement in sales revenues of 1.9 percent to EUR 19.3
million (previous year: EUR 19.0 million). With regard to systems, sales
revenues
doubled to EUR 3.4 million (previous year: EUR 1.6 million).
When looking at sales revenues distribution in terms of market segments the
good results in the semiconductor market are of particular note. This can be
regarded as a great success since the entire industry sector is in a downturn.
In the first quarter of 2012, sales revenues of Pfeiffer Vacuum in this
industry sector were only 1.7 percent lower than the previous year at EUR 52.9
million (previous year: EUR 53.8 million). Sales revenues in market segment
Industry increased by 3.4 percent to EUR 28.3 million (previous year: EUR 27.3
million). The highest increase in sales revenues at Pfeiffer Vacuum was in the
Analytics market segment with an increase of 9.9 percent to EUR 22.8 million
(previous year: EUR 20.7 million). In Research & Development too, there was an
improvement in sales revenues of 4.3 percent to EUR 15.3 million (previous year:
EUR 14.6 million). Only the Coating market segment recorded a significant
decrease of 53.2 percent to EUR 12.7 million (previous year: EUR 27.1 million).
This is caused almost exclusively by the weak solar market.
New orders in the first quarter of 2012 at EUR 136.8 million were 9.8 percent
below last year's level (previous year: EUR 151.7 million). Compared to the
previous quarter, however, it is an improvement of 21.1 percent (Q4 2011: EUR
113.0 million), which indicates a positive trend. The book-to-bill ratio, the
ratio of orders to sales revenue, as at March 31, 2012 was 1.04 (previous year:
1.06). Orders on hand at EUR 92.4 million were down by 6.9 percent over the
comparable period (previous year: EUR 99.3 million). Here too there is a
significant increase over the previous quarter of 5.5 percent (Q4 2011:
EUR 87.6 million).
When comparing the profitability figures with the previous year the following
should be considered: after the finalization of the purchase price allocation
for the acquisition of adixen the profitability figures were adjusted
retrospectively for 2011 and, therefore, the figures shown differ from those
stated in the Quarterly Financial Report for the first quarter of 2011.
Measures to increase efficiency as well as the beforehand announced decrease of
accounting impacts from the purchase price allocation in 2012 over the previous
reporting period have contributed to a very positive development with regard to
our profit situation. Despite a decline in sales revenues of 8.1 percent the
gross profit of EUR 46.9 million remained almost at the level of the same period
last year (previous year: EUR 47.2 million). In contrast, the operating profit
rose by 17.9 percent to EUR 20.1 million (previous year: EUR 17.0 million). This
resulted in an EBIT margin of 15.2 percent (previous year: 11.9 percent). Net
income amounted to EUR 13.4 million, representing an increase of 18.6 percent
over the comparable period (previous year: EUR 11.3 million). Correspondingly,
earnings per share amounted to EUR 1.35 (previous year: EUR 1.14).
Please find the complete press release including Consolidated Statements of
Income, Consolidated Balance Sheets, Consolidated Statements of Cash Flows at
www.pfeiffer-vacuum.com
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 comprises
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 active
throughout the world today. The company employs a workforce of some 2,300
people and has more than 20 subsidiaries.
For more information, please visit www.pfeiffer-vacuum.com
Further inquiry note:
Brigitte Looß
Leiterin Investor Relations
Tel.: +49 (6441) 802-346
E-Mail: Brigitte.Loos[at]pfeiffer-vacuum.de
end of announcement euro adhoc
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company: Pfeiffer Vacuum Technology AG
Berliner Str. 43
D-35614 Aßlar
phone: +49 (6441) 802-0
FAX: +49 (6441) 802-202
mail: info@pfeiffer-vacuum.de
WWW: http://www.pfeiffer-vacuum.de
sector: Machine Manufacturing
ISIN: DE0006916604
indexes: TecDAX, CDAX, HDAX, Prime All Share, DAXsector All Industrial
stockmarkets: free trade: Hannover, Berlin, München, Hamburg, Düsseldorf,
Stuttgart, regulated dealing/prime standard: Frankfurt
language: English