EANS-News: Pfeiffer Vacuum Technology AG Pfeiffer Vacuum announces full year
results for 2012
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Subtitle: Total sales revenues of 461.3 million confirmed
Earnings at record level
Highest dividend proposal in the Companys history
annual result/Company Information/Earnings/Financial Figures/Balance Sheet
Aßlar, Germany (euro adhoc) - March 22, 2013. Total sales revenues for 2012,
which were previously announced as preliminary and have meanwhile been audited,
stand at EUR 461.3 million. This is a decrease of 11.2 percent (previous year:
EUR 519.5 million). This figure is in line with expectations. In contrast,
operating profit rose by 9.6 percent to reach a total of EUR 67.7 million
(previous year: EUR 61.8 million). The operating profit margin for 2012 is
therefore 14.7 percent and so is down by 2.8 percentage points from the
previous year (previous year: 11.9 percent).
The Management Board and Supervisory Board propose a dividend payout of EUR 3.45
per share. This is the highest dividend proposal in the history of the Company.
The payout ratio is therefore a good 75 percent.
Key figures at a glance:
2012 2011 Change
Sales revenues EUR 461.3 million EUR 519.5 million - 11.2%
Operating profit (EBIT) EUR 67.7 million EUR 61.8 million 9.6%
Net income EUR 45.3 million EUR 41.6 million 8.9%
Earnings per share EUR 4.59 EUR 4.19 9.5%
Dividend per share EUR 3.45* EUR 3.15 9.5%
Order intake EUR 445.6 million EUR 515.9 million - 13.6%
Orders in hand EUR 71.8 million EUR 87.6 million - 18.0%
* Subject to the approval of the Annual Shareholders Meeting.
"We were able to increase net profit to a record level despite declining sales.
We have managed to uphold our market shares in a difficult market environment.
Our shareholders are set to benefit from this success with the highest dividend
proposal in the history of the company", comments Manfred Bender, CEO of
Pfeiffer Vacuum, the results. Bender says, "The current year continues to be
characterized by weaknesses in the market. Pfeiffer Vacuum is superbly
positioned, however, when demand picks up. We are confident that we can achieve
our medium-term profitability goals."
Sales revenues for the various regions showed some changes, particularly in
Europe and Asia, while sales revenues in the Americas remained stable at
EUR 98.1 million (previous year: 98.7 million), representing a decrease of
0.6 percent. In Europe sales declined by 20.9 percent to EUR 190.8 million
(previous year: EUR 229.9 million). Sales in Asia decreased by 9.6 percent to
EUR 171.5 million (previous year: EUR 189.8 million).
Sales of turbopumps declined by 7.9 percent to EUR 133.0 million (previous year:
EUR 144.3 million). Sales of backing pumps decreased by 33.8 percent to EUR
121.0 million (previous year: EUR 183.0 million). In contrast, sales of
instruments and components remained relatively stable at EUR 110.9 million. This
represents a decline of 0.4 percent (previous year: EUR 111.3 million). Service
revenues rose by 7.9 percent to EUR 78.2 million (previous year:
EUR 72.5 million). Finally, the increase in systems in 2012 to EUR 18.2 million
more than doubled the previous year's figure of EUR 8.4 million.
In the distribution of sales by markets, the weakness in the semiconductor
market was reflected by a mere 5.4 percent decline in sales to EUR 165.9 million
(previous year: EUR 175.4 million). In the heterogeneous industry market
segment, sales decreased by 4.4 percent to EUR 112.3 million (previous year:
117.5 million). Sales in the analytical industry segment rose by 2.8 percent to
EUR 83.6 million (previous year: EUR 81.3 million). A rate of growth of 1.3
percent occurred in the research and development market, resulting in sales of
EUR 55.8 million (previous year: EUR 55.1 million). Due to a weak solar market,
coating sales dropped by 51.6 percent to EUR 43.7 million (previous year:
EUR 90.2 million).
Despite the double-figure decline in sales revenues, the measures put in place
by Pfeiffer Vacuum contributed towards a considerable increase in profitability.
As a result, gross profit in 2012 declined by a mere 0.4 percent
to EUR 166.8 million (previous year: EUR 167.4 million). Consequently, the gross
profit margin rose by 4 percentage points to 36.2 percent (previous year: 32.2
percent). Operating profit increased by as much as 9.6 percent to EUR 67.7
million (previous year: EUR 61.8 million). This corresponds to an operating
profit margin of 14.7 percent (previous year: 11.9 percent).
The financial result increased to a figure of EUR -1.4 million (previous year:
EUR -2.3 million). The tax rate increased to 31.7 percent (previous year:
30.1 percent). This resulted in a net income of EUR 45.3 million. With an
increase of 8.9 percent, this is the highest net income ever achieved in the
history of Pfeiffer Vacuum (previous year: EUR 41.6 million). Earnings per share
totaled EUR 4.59 (previous year: EUR 4.19), representing an increase of
9.5 percent.
The cash position of Pfeiffer Vacuum was EUR 102.0 million as at December 31,
2012, which was 5.8 percent down on the previous year (previous year: EUR 108.3
million. This was due to the high dividend payout in 2012 and the repayment of
loans. The balance sheet total at the end of the past fiscal year was EUR 445.7
million (previous year: EUR 476.8 million). The equity ratio rose to 65.8
percent (previous year: 59.0 percent).
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