EANS-News: Pfeiffer Vacuum Technology AG Pfeiffer Vacuum announces results for
the first half of 2012
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Financial Figures/Balance Sheet/quarterly report/6-month report
Subtitle: Progress made in improving profitability
Full year forecast confirmed
Development of sales reflects market environment
Aßlar (euro adhoc) - Asslar, Germany - August 7, 2012. Pfeiffer Vacuum's sales
revenues reached EUR 242.3 million in the first half of 2012. Following a good
first quarter, this result now reflects the general market trend.
Highlights at a glance:
| |H1/2012 |H1/2011* |Change |
| | | | |
|Sales revenues | EUR 242.3M |EUR 285.0M |- 15.0% |
|Operating profit |EUR 36.1M |EUR 36.9M |- 2.2% |
|(EBIT) | | | |
|Net income |EUR 24.0M |EUR 24.6 M |- 2.3% |
|Earnings per share |EUR 2.41 |EUR 2.48 |- 2.8% |
| | | | |
|New orders |EUR 247.5M |EUR 293.2M |- 15.6% |
|Order backlog |EUR 92.7M |EUR 99.4M |- 6.7% |
| |Q2/2012 |Q2/2011* |Change |
| | | | |
|Sales revenues |EUR 110.3M |EUR 141.4M |- 22.0% |
|Operating profit |EUR 16.0M |EUR 19.9M |- 19.4% |
|(EBIT) | | | |
|Net income |EUR 10.5M |EUR 13.2M |- 20.3% |
|Earnings per share |EUR 1.06 |EUR 1.33 |- 20.3% |
| | | | |
* Figures for 2011 adjusted in part to reflect the effects from the purchase
price allocation carried out retroactively following the acquisition of adixen.
"The results for the first half-year are on a par with our expectations. The
very strong first half of 2011 must be taken into account when this result is
compared with the previous year. We are witnessing a slight decline this year in
various markets within the bounds of normal fluctuations. It is only in the
Coatings market that we have a marked decline, particularly in Germany, due to
the now virtually non-existent solar business", says Manfred Bender, CEO of
Pfeiffer Vacuum. "This year we will concentrate on improving profitability. We
have made significant progress in this respect. We are therefore holding fast to
our objective for the full year 2012 of raising our EBIT margin to around 15
percent with sales revenues of between EUR 470 million and EUR 500 million."
In Europe, sales in the first half of 2012 declined by 27.8 percent to EUR 92.0
million (previous year: EUR 127.4 million). Sales from Asia decreased by 6.9
percent to EUR 98.1 million (previous year: EUR 105.5 million). Sales revenues
in the Americas remained stable at EUR 51.6 million (previous year: EUR 51.5
million).
Sales revenues according to product groups showed an increase in Service of 4.0
percent to EUR 37.9 million (previous year: EUR 36.4 million). In contrast, the
weak solar market caused a decline of Backing Pump sales by 35.2 percent to EUR
71.1 million (previous year: EUR 109.7 million). Sales of Turbopumps decreased
by 11.3 percent to EUR 68.4 million (previous year: EUR 77.1 million). In
Systems, sales revenues doubled to EUR 5.9 million (previous year: EUR 3.0
million).
Distribution of sales revenues according to endmarkets in the first half of
2012 was as follows: the Semiconductor market segment recorded a downturn of
5.9 percent to EUR 94.4 million (previous year: EUR 100.4 million). The Industry
market segment declined by 4.7 percent to EUR 55.3 million (previous year: EUR
58.0 million). In Analytics there was a slight decline of 2.6 percent to EUR
42.1 million (previous year: EUR 43.2 million). In contrast, the Research and
Development market segment showed a slight improvement in sales revenues of 0.9
percent to EUR 26.5 million (previous year: EUR 26.2 million). The biggest
downturn occurred in the Coatings market segment due to the general weakness in
the solar industry. This resulted in a decrease of 58.0 percent to EUR 24.0
million (previous year: EUR 57.2 million).
New orders in the first half of 2012 amounted to EUR 247.5 million and therefore
were 15.6 percent down on last year's figure (previous year: EUR 293.2 million).
The book to bill ratio, the ratio of new orders to sales revenue, stood at 1.02
(previous year: 1.03) as at June 30, 2012. The order backlog fell 6.7 percent
compared to the same period last year EUR 92.7 million (previous year: EUR 99.4
million).
When comparing the profitability figures with the prior 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 Financial Report for the first half of 2011.
Despite a downturn in sales revenues of 15.0 percent, the gross profit at EUR
86.9 million fell by only 6.5 percent compared to the same period last year
(previous year: EUR 92.9 million). In addition, the operating profit of EUR 36.1
million was only 2.2 percent below the comparison value (previous year: EUR 36.9
million). This resulted in an EBIT margin of EUR 14.9 percent (previous year:
12.9 percent). Net income fell by 2.3 percent to EUR 24.0 million (previous
year: EUR 24.6 million). Earnings per share stood at EUR 2.41 (previous year:
EUR 2.48).
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) 802-1346
E-Mail: Brigitte.Loos@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(0)6441-802-0
FAX: +49 (6441) 802-1202
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