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PFEIFFER VACUUM TECHNOLOGY AG

(PFV)
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PRESS RELEASE : Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum starts fiscal year 2021 with new quarterly records for sales and order intake

05/04/2021 | 01:32am EDT
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 
2021-05-04 / 07:30 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
PRESS RELEASE 
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, 
                                                        2021            2020 
                                                       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 
Assets 
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 

(MORE TO FOLLOW) Dow Jones Newswires

May 04, 2021 01:31 ET (05:31 GMT)

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DJ INDUSTRIAL 1.06% 34382.13 Delayed Quote.11.16%
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Financials
Sales 2021 696 M 845 M 845 M
Net income 2021 57,0 M 69,2 M 69,2 M
Net cash 2021 25,7 M 31,2 M 31,2 M
P/E ratio 2021 27,7x
Yield 2021 1,37%
Capitalization 1 571 M 1 907 M 1 907 M
EV / Sales 2021 2,22x
EV / Sales 2022 2,07x
Nbr of Employees 3 303
Free-Float 36,3%
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Mean consensus UNDERPERFORM
Number of Analysts 4
Average target price 148,63 €
Last Close Price 159,20 €
Spread / Highest target -2,01%
Spread / Average Target -6,64%
Spread / Lowest Target -12,1%
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Managers and Directors
NameTitle
Britta Giesen Chairman-Management Board
Ayla Busch Chairman-Supervisory Board
Wolfgang Ehrk Chief Operating Officer
Götz Timmerbeil Vice Chairman-Supervisory Board
Filippo Th. Beck Member-Supervisory Board
Sector and Competitors