EANS-News: Pfeiffer Vacuum Technology AG Pfeiffer Vacuum announces full year
results for 2011
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annual result
Subtitle: Total sales revenues of 519.5 million confirmed
Earnings development influenced by initial consolidation of adixen
High dividend payout ratio retained
Aßlar (euro adhoc) - Asslar, Germany, March 26, 2012. Total sales revenues for
2011, which were previously announced as preliminary and have meanwhile been
audited, stand at EUR 519.5 million. This is an increase of 135.6 percent
(previous year: EUR 220.5 million). The first-time inclusion of sales revenues
from adixen as well as favorable developments in the core business were
responsible for this good result.
The earnings development progressed as expected. The initial consolidation of
the new subsidiaries had a marked effect on the Consolidated Statements of
Income. As a result of the high sales revenues, an operating profit of EUR 61.8
million (previous year: EUR 52.9 million) and a net income of EUR 41.6 million
(previous year: EUR 38.3 million) were recorded. The Management Board and
Supervisory Board propose a dividend payout of EUR 3.15 per share. This results,
as in previous years, in a payout ratio of 75 percent.
Key figures at a glance:
2011 2010 Change
Sales revenues EUR 519.5 million EUR 220.5 million 135.6%
Operating profit (EBIT) EUR 61.8 million EUR 52.9 million 16.8%
Net income EUR 41.6 million EUR 38.3 million 8.5%
Average no. of shares 9,867,659 8,667,075 13.9%
Earnings per share EUR 4.19 EUR 4.40 - 4.8%
Dividend per share EUR 3.15* ** EUR 2.90 8.6%
Order intake EUR 515.9 million EUR 223.7 million 130.6 %
Orders in hand EUR 87.6 million EUR 91.2 million** - 3.9 %
* Subject to the approval of the Annual Shareholders Meeting
** Adjusted to include adixen´s orders in hand.
"In the first year after a large acquisition, Pfeiffer Vacuum is highly
profitable. In view of our consolidated net profit of EUR 41.6 million, we
intend to distribute EUR 31.1 million, which corresponds to a dividend of EUR
3.15 per share (previous year: EUR 2.90). Our shareholders therefore benefit
from the Company´s new direction right from the start", comments Pfeiffer Vacuum
CEO, Manfred Ben¬der, the results. Bender continues, "In future, Pfeiffer Vacuum
will contribute even more actively to industrial trends, such as increasing
digitalization and growing environmental awareness. Together with adixen, we
provide perfect solutions which make numerous technological developments
possible in the first place".
Increased sales revenues recorded in 2011 in all regions were largely the result
of the first-time inclusion of adixen, but were also due to growth in core
business. In Europe sales increased by 80.1 percent to EUR 229.9 million
(previous year: EUR127.7 million). Sales in Asia rose by 408.5 percent to EUR
189.8 million (previous year: EUR 37.3 million). The increase in the Americas
was 80.4 percent to EUR 98.7 million (previous year: EUR 54.8 million).
Variations in sales by products were also clearly impacted by the acquisition of
adixen. Sales of backing pumps grew in 2011 by 538.4 percent to EUR 183.0
million (previous year: EUR 28.7 million). Sales of turbopumps rose by 56.2
percent to EUR 144.3 million (previous year: EUR 92.4 million). A rise of 61.0
percent was recorded in the instruments and components market seg¬ment with
sales of EUR 111.3 million (previous year: EUR 69.2 million). Service revenues
rose 213.2 percent to EUR 72.5 million (previous year: EUR 23.1 million). Only
sales in the systems business proved relatively steady with a growth of 17.7
percent, achieving EUR 8.4 million (previous year: EUR 7.1 million).
Sales distribution by markets also reflected the specific areas of use of adixen
products. Business with semiconductor customers, for instance, rose by 636.9
percent to EUR 175.4 million (previous year: EUR 23.8 million). In the
heterogeneous industry market, sales increased by 101.3 percent to EUR 117.5
million (previous year: EUR 58.4 million). Sales in the analytical industry
segment rose by 28.4 percent to EUR 81.3 million (previous year: EUR 63.3
million). A similar rate of growth occurred in the research and development
market segment with 28.5 percent, reaching EUR 55.1 million (previous year: EUR
42.9 million).
Gross profit rose by 62.6 percent in 2011 to EUR167.4 million (previous year:
EUR 102.9 million), corresponding to a gross profit margin of 32.2 percent
(previous year: 46.7 percent). There was an increase in the operating profit of
16.8 percent to EUR 61.8 million (previous year: EUR 52.9 million). This
corresponds to an operating profit margin of 11.9 percent (previous year: 24.0
percent). Almost all items of the Consolidated Statements of Income in 2011 are
influenced by effects following the adixen acquisition. In the context of the
purchase price allocation, the assets and liabilities of the adixen business
units were revaluated with their fair value. The resulting higher values
established for the assets acquired led to a rise in the depreciation and
amortization base and so also in annual depreciation and amortization.
With a negative financial result of EUR -2.3 million (previous year: EUR 1.6
million) and a higher tax rate of 30.1 percent compared to the previous year
(previous year: 29.7 percent), the net income amounted to EUR 41.6 million. With
an increase of 8.5 percent, this is the highest net income ever achieved in the
history of Pfeiffer Vacuum (previous year: EUR 38.3 million). Earnings per share
totaled EUR 4.19 (previous year: EUR 4.40). This 4.8 percent decrease is
exclusively the result of a higher average number of shares outstanding in 2011
compared to 2010.
The cash position of Pfeiffer Vacuum was EUR 108.3 million as at December 31,
2011, representing an increase rate of 27.4 percent (previous year: EUR 85.0
million). The balance sheet total as at the end of the past fiscal year was EUR
476.8 million (previous year: EUR 498.9 million). The equity ratio rose to 59.0
percent (previous year: 54.0 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 Analytic, Industry, Research & Development,
Coating, Semiconductor and Chemistry. 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