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
2021-05-04 / 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 EUR 191.7 million EUR 153.3 million 25.0%
EBIT EUR 22.6 million EUR 12.8 million 76.4%
Net income EUR 15.9 million EUR 8.9 million 79.9%
Earnings per share EUR 1.61 EUR 0.90 78.9%
Order intake EUR 233.9 million EUR 172.9 million 35.3%
Order backlog EUR 165.5 million EUR 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.
Contact Pfeiffer Vacuum Technology AG Investor Relations Heide Erickson T +49 6441 802 1360 Heide.Erickson@pfeiffer-vacuum.de
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. For more information, please go to: group.pfeiffer-vacuum.com
Consolidated Statements of Income (unaudited)
Three months ended March 31,
in KEUR in KEUR
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 EUR):
Basic 1.61 0.90
Diluted 1.61 0.90
Consolidated Balance Sheets (unaudited)
March 31, 2021 December 31, 2020
in KEUR in KEUR
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
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