DGAP-News: Pfeiffer Vacuum AG

Pfeiffer Vacuum with strong order intake in first half-year of 2017
 

• Sales 23.9 % up in first half-year of 2017
• EBIT margin rose to 13.0 %
• New orders 37.6 % over previous year
• Acquisition of Nor-Cal underlines long-term growth course
• Enlargement of board by appointment of Dr Ulrich von Hülsen

 
Asslar, August 2, 2017. In the first half-year of 2017, Pfeiffer Vacuum Technology AG ("Pfeiffer Vacuum") achieved sales of EUR 276.2 million (23.9 % over the previous year) and at the same time reached an EBIT of EUR 35.9 million (33.3 % over the previous year). The earnings per share for the period therefore amounted to EUR 2.52 (33.3 % over the previous year).
 
The figures at a glance:
 

	H1/2017			H1/2016	Change
Sales	EUR 276.2 m			EUR 222.9 m	+23.9 %
Operating profit (EBIT)	EUR 35.9 m			EUR 26.9 m	+33.3 %
Net income	EUR 24.8 m			EUR 18.7 m	+32.9 %
Earnings per share	EUR 2.52			EUR 1.89	+33.3 %
Order intake	EUR 318.5 m			EUR 231.5 m	+37.6 %
Order backlog	EUR 114.6 m			EUR 73.3 m	+56.3 %
		Q2/2017	Q2/2016		Change
Sales		EUR 139.3 m	EUR 113.3 m		+23.0 %
Operating profit (EBIT)		EUR 14.6 m	EUR 14.0 m		+3.6 %
Net income		EUR 10.0 m	EUR 9.7 m		+2.7 %
Earnings per share		EUR 1.01	EUR 0.99		+2.0 %
Order intake		EUR 172.0 m	EUR 114.1 m		+50.7 %

"The first half-year of 2017 was marked by a high intake of new orders. This is due in particular to the fact that we have participated in expanding production capacities in the semiconductor industry", says Manfred Bender, Chief Executive Officer of Pfeiffer Vacuum. After a strong first quarter with an order intake of EUR 144.6 million, the company succeeded in increasing the volume to EUR 172.0 million in the second quarter (including the takeover of order backlog by Nor-Cal of EUR 14 million). Altogether, this represents growth of 37.6 % overall in the first half-year of 2017 compared to the previous-year period. Backlog totaled EUR 114.6 million at the end of the reporting period and thus reached a new record level. "The high level of orders in hand and the potential offered by recent acquisitions, above all Nor-Cal, will have a favorable effect on Pfeiffer Vacuum's ongoing business performance during the current fiscal year", remarks Bender confidently and adds: "Furthermore, we are operating more profitably. Compared to the previous year, we improved the EBIT margin by almost one percentage point to 13.0 %. It should be taken into account that the results include nonrecurring effects like consultancy fees related to the tender offer and the acquisition of Nor-Cal."
 
The strongest sales growth by far is attained by Pfeiffer Vacuum in the Semiconductor market. Net sales here rose significantly by 59.0 % to EUR 107.2 million (H1 2016: EUR 67.4 million). In the Industry segment, sales increased by 12.2 % to EUR 60.6 million (H1 2016: EUR 54.0 million). The figure for the Analytics segment was up 4.9 % to EUR 47.6 million (H1 2016: EUR 45.4 million). The Coating market grew by 11.3 % to EUR 33.2 million (H1 2016: EUR 29.8 million). The Research & Development segment increased by 5.3 % to EUR 27.6 million (H1 2016: EUR 26.3 million).
 
For the first time, a 36.0 % increase in sales to EUR 107.3 million (H1 2016: EUR 79.0 million) made Asia the strongest region in the Group. In Europe, sales in the first half-year grew 15.3 % to EUR 106.4 million (H1 2016: EUR 92.3 million). Sales in the Americas rose 20.9 % to EUR 62.3 million (H1 2016: EUR 51.6 million).
 
In terms of sales according to product groups, turbopumps recorded a 25.0 % sales increase to EUR 83.2 million (H1 2016: 66.6 million). Sales of backing pumps rose by 19.5 % to EUR 67.8 million (H1 2016: EUR 56.7 million). Instruments and components achieved a 38.4 % increase in net sales to EUR 65.6 million (H1 2016: EUR 47.4 million). Service was up 12.5 % to EUR 54.2 million (H1 2016: EUR 48.2 million). System business recorded a 34.8 % growth in sales to EUR 5.4 million (H1 2016: EUR 4.0 million).  
 
The order intake in the first half-year of 2017 overall totaled EUR 318.5 million and so was a clear 37.6 % over the previous year's figure (H1 2016: EUR 231.5 million). At 1.15, the book-to-bill ratio, the ratio of orders received to sales, was higher than in the comparable period (H1 2016: 1.04). Backlog on June 30, 2017 amounted to EUR 114.6 million and so were up 56.3 % at the end of June 2016 (EUR 73.3 million).
 
The gross margin achieved by Pfeiffer Vacuum declined slightly in the first half-year of 2017 compared to the previous-year period to 36.8 % (H1 2016: 38.2 %). At EUR 35.9 million, the operating margin was 33.3 % over the comparable figure for the previous year (H1 2016: EUR 26.9 million). The EBIT margin derived from this figure rose to 13.0 % compared to the previous-year period (H1 2016: 12.1%). The net result amounted to EUR 24.8 million and so was 32.9 % higher than in the previous year (H1 2016: EUR 18.7 million). This led to considerably improved earnings per share of EUR 2.52 (H1 2016: EUR 1.89).
 
To meet the growing demands by organic growth and the acquisition of three companies the board of Pfeiffer Vacuum Technology AG was expanded by Dr Ulrich von Hülsen. The Doctor of physics was appointed by the supervisory board on August 1, 2017 as an additional member of the board. Dr von Hülsen has worked for the company since two years as Managing Director of Pfeiffer Vacuum GmbH and Director of the business unit Analytics & Industry.

 
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 encompasses 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 Semiconductors. Founded in 1890, Pfeiffer Vacuum is globally active today. The company employs a workforce of some 2,900 people and has 32 subsidiaries.
For more information, please visit www.group.pfeiffer-vacuum.com.
 
 
Contact
Pfeiffer Vacuum Technology AG
Investor Relations
Dr Karen Bogdanski
T +49 6441 802 1346
F +49 6441 802 1365
Karen.Bogdanski@pfeiffer-vacuum.de