Pfeiffer Vacuum Technology AG
Berliner Str. 43
Phone: +49 64418020p:+49 64418020 ASSLAR, 35614  Germany Ticker: PFVPFV

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DGAP-News: Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum starts fiscal year 2021 with new quarterly records for sales and order intake

DGAP-News: Pfeiffer Vacuum Technology AG / Key word(s): Quarter Results
Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum starts fiscal year 2021 with new quarterly records for sales and order intake

04.05.2021 / 07:30
The issuer is solely responsible for the content of this announcement.


Pfeiffer Vacuum starts fiscal year 2021 with new quarterly records for sales and order intake

- Sales of EUR 191.7 million up 25.0% from the previous year

- Order intake of EUR 233.9 million, 35.3% above last year

- Operating result (EBIT) EUR 22.6 million and 11.8% EBIT margin

Asslar, May 4, 2021. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced results for the first quarter 2021. The Company's sales increased by 25.0% to a quarterly record level of EUR 191.7 million (Q1 2020: EUR 153.3 million). The operating result (EBIT) reached EUR 22.6 million, an increase of 76.4% (Q1 2020: EUR 12.8 million) representing an EBIT margin of 11.8% (Q1 2020: 8.4%). Also the order intake was at a record level with EUR 233.9 million (Q1 2020: EUR 172.9 million).

The Pfeiffer Vacuum sales increase was driven by a strong performance in all market segments. The sales development in the Semiconductor market was particularly dynamic. Starting January 1, 2021, Pfeiffer Vacuum changed its market segment categorization. The Coating market is now partly integrated into the newly named Semiconductor and Emerging Technologies market segment and partly into the Industry market, which is in turn assigned to the market segment Analytics, Industry and R&D. This change reflects the ongoing work of Pfeiffer Vacuum on its global market growth strategy - with the goal to be even more efficient and responsive to the customers' requirements.

Sales in the Semiconductor and Emerging Technologies market segment increased significantly by 38.9% to EUR 99.6 million (Q1 2020: EUR 71.7 million). The sales in the Analytics, Industry and R&D market segment improved by 12.8% to EUR 92.1 million (Q1 2020: EUR 81.6 million). The previous year's figures have been adjusted in line with the new market segmentation for better comparability.

The operating result (EBIT) increased by 76.4% to EUR 22.6 million (Q1 2020: EUR 12.8 million) and the EBIT margin was 11.8% (Q1 2020: 8.4%). The year-over-year increase in EBIT was primarily a result of the sales increase and related scale economies. This was partially offset by a less favorable product and market mix and continued prevailing efficiency losses due to safety measures related to the Corona pandemic. Additionally, unfavorable foreign exchange movements, especially from the US-Dollar, burdened the EBIT margin by 2 percentage points.

The book-to-bill ratio, the ratio of order intake to sales, was at an impressive level of 1.22 for the first quarter 2021. The order backlog of EUR 165.5 million represents an increase of 27.0% compared to the previous year (March 31, 2020: EUR 130.3 million) and an increase of 34.2% compared to year-end 2020 (December 31, 2020: EUR 123.3 million).

"This was a very strong quarter with order and sales levels accelerating from the beginning of the year," says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. "We kept up with the customer demand due to our robust global infrastructure and committed employees. The market demand remains volatile, but with a clear focus on the customers' needs and our agile team, we are able to navigate through this fast changing environment and serve the high demand. At the same time, we remain vigilant to protect the health and safety of our employees."

Overview of key figures:

  Q1/2021 Q1/2020 Change
Sales € 191.7 million € 153.3 million 25.0%
EBIT € 22.6 million € 12.8 million 76.4%
Net income € 15.9 million € 8.9 million 79.9%
Earnings per share € 1.61 € 0.90 78.9%
Order intake € 233.9 million € 172.9 million 35.3%
Order backlog € 165.5 million € 130.3 million 27.0%

The gross profit in the reporting period was EUR 65.2 million (Q1 2020: EUR 53.3 million). The year-over-year increase of 22.3% is due to positive economies of scale related to increased sales, partially offset by less favorable product and market mix, productivity impact related to COVID-19 measures, and foreign exchange movement particularly by the US-Dollar.

Net income increased by 79.9% to EUR 15.9 million (Q1 2020: EUR 8.9 million) representing earnings per share of EUR 1.61 (Q1 2020: EUR 0.90).

In sales by region, which describes sales according to the location of the customers in their corresponding region, Asia contributed with an increase in sales of 58.5% to EUR 80.7 million (Q1 2020: EUR 50.9 million) driven by strong sales to semiconductor customers. Europe showed an increase of 15.1% to EUR 66.7 million (Q1 2020: EUR 58.0 million) related to the broad recovery in all markets, including the Semiconductor market. Sales in the Americas declined slightly by 0.8% to EUR 44.1 million (Q1 2020: EUR 44.4 million) due to the negative impact of the US-Dollar foreign exchange movement.

Balance sheet and cash-flow
Total assets at the end of the first quarter 2021 were EUR 708.3 million, up 7.0% from year-end 2020 (December 31, 2020: EUR 661.8 million). Cash and cash equivalents were EUR 130.2 million (December 31, 2020: EUR 122.9 million) and the Company is net debt free from a financial liability perspective. The equity ratio remained at a solid level of 58.6%, slightly below year-end 2020 (December 31, 2020: 59.2%).

Positive outlook for the 2021 fiscal year
Based on the strong results for the first quarter 2021, the record order intake, as well as the continuing recovery in all market segments, Pfeiffer Vacuum expects that annual sales growth as well as the EBIT margin performance will significantly improve in 2021 compared to the same period in 2020. Both sales growth and EBIT margin are expected to be above 10% (fiscal year 2020: sales growth -2.2%; EBIT margin 7.3%). The Management Board expects a strong first half of 2021 and a slight slowing in demand in the second half of 2021 due to quarterly fluctuations and a more normalized demand environment.

Pfeiffer Vacuum Technology AG

Investor Relations
Heide Erickson
T +49 6441 802 1360

About Pfeiffer Vacuum
Pfeiffer Vacuum (ticker symbol PFV, ISIN DE0006916604) is a leading global manufacturer of vacuum solutions. Among a full range of hybrid and magnetically levitated turbopumps, the portfolio comprises backing pumps, leak detectors, measurement and analysis devices, components and vacuum chambers and systems. Pfeiffer Vacuum has stood for innovative solutions and high-tech products in analytics, industry, research & development, coating and semiconductor markets since its invention of the turbopump. Founded in 1890, Pfeiffer Vacuum is active worldwide. The Company employs approximately 3,300 employees, has over 20 sales and service companies, and operates 10 manufacturing sites worldwide.

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Consolidated Statements of Income (unaudited)        
    Three months ended March 31,
    2021   2020
    in K€   in K€
Net sales   191,664   153,328
Cost of sales   -126,498   -100,056
Gross profit   65,166   53,272
Selling and marketing expenses   -20,553   -18,033
General and administrative expenses   -15,607   -15,318
Research and development expenses   -8,995   -7,699
Other operating income   3,573   2,721
Other operating expenses   -969   -2,126
Operating profit   22,615   12,817
Financial expenses   -229   -231
Financial income   54   39
Earnings before taxes   22,440   12,625
Income taxes   -6,508   -3,770
Net income   15,932   8,855
Earnings per share (in €):        
Basic   1.61   0.90
Diluted   1.61   0.90


Consolidated Balance Sheets (unaudited)        
    March 31, 2021   December 31, 2020
    in K€   in K€
Intangible assets   103,039   100,736
Property, plant and equipment   158,987   158,191
Investment properties   374   376
Other financial assets   3,232   2,198
Other assets   830   829
Deferred tax assets   31,480   31,306
Total non-current assets   297,942   293,636
Inventories   136,776   133,254
Trade accounts receivable   114,078   83,601
Contract assets   1,898   1,501
Income tax receivables   11,232   10,848
Prepaid expenses   4,830   4,260
Other financial assets   176   1,597
Other accounts receivable   11,118   10,265
Cash and cash equivalents   130,219   122,883
Total current assets   410,327   368,209
Total assets   708,269   661,845
Shareholders' equity and liabilities        
Share capital   25,261   25,261
Additional paid-in capital   96,245   96,245
Retained earnings   339,740   323,808
Other equity components   -46,477   -53,580
Equity of Pfeiffer Vacuum Technology AG shareholders   414,769   391,734
Financial liabilities   69,246   69,614
Provisions for pensions   71,558   70,348
Deferred tax liabilities   6,265   4,477
Contract liabilities   1,050   804
Total non-current liabilities   148,119   145,243
Trade accounts payable   52,683   44,937
Contract liabilities   10,031   7,296
Other accounts payable   25,688   21,478
Provisions   44,029   39,502
Income tax liabilities   9,221   8,154
Financial liabilities   3,729   3,501
Total current liabilities   145,381   124,868
Total shareholders' equity and liabilities   708,269   661,845
Consolidated Statements of Cash Flows (unaudited)        
    Three months ended March 31,
    2021   2020
    in K€   in K€
Cash flow from operating activities:        
Net income   15,932   8,855
Depreciation/amortization   6,233   6,801
Other non-cash income/expenses   5,130   868
Effects of changes of assets and liabilities:        
Inventories   -4,550   -7,221
Receivables and other assets   -29,753   -6.841
Provisions, including pensions, and income tax liabilities   6,289   -1,063
Payables, other liabilities   14,420   886
Net cash provided by operating activities   13,701   2,285
Cash flow from investing activities:        
Capital expenditures   -5,116   -7,585
Proceeds from disposals of fixed assets   65   109
Net cash used in investing activities   -5,051   -7,476
Cash flow from financing activities:        
Principal elements of lease payments   -1,570   -1,298
Redemptions of financial liabilities   -62   -120
Net cash used in financing activities   -1,632   -1,418
Effects of foreign exchange rate changes on cash and cash equivalents   318   -719
Net change in cash and cash equivalents   7,336   -7,328
Cash and cash equivalents at beginning of period   122,883   111,980
Cash and cash equivalents at end of period   130,219   104,652


04.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Pfeiffer Vacuum Technology AG
Berliner Str. 43
35614 Asslar
Phone: +49 6441 802-0
Fax: +49 6441 802-1365
ISIN: DE0006916604
WKN: 691660
Indices: SDAX, TecDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1191927

End of News DGAP News Service

1191927  04.05.2021 


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