EANS-News: Pfeiffer Vacuum Technology AG
Pfeiffer Vacuum announces results for
the first nine months of 2011
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quarterly report
Subtitle: Strong sales revenues development in the first nine months
Temporary slowdown in demand to be expected
Prospects excellent in the medium term
Aßlar (euro adhoc) - As expected, Pfeiffer Vacuum's sales revenues developed
very well during the first nine months of 2011. The significant increase of
155.8 percent over the previous year is not only due to the acquisition of
former competitor adixen. The core business also considerably improved with an
increase of a good 13 percent.
Highlights at a glance:
| |9M/2011 |9M/2010 |Change |
|Sales revenues |EUR 405.5 |EUR 158.5 million|155.8 % |
| |million | | |
|Operating profit |EUR 62.6 million|EUR 37.1 million |68.8 % |
|(EBIT) | | | |
|Net income |EUR 41.7 million|EUR 29.0 million |43.7 % |
|Earnings per share |EUR 4.22 |EUR 3.39 |24.5 % |
| | | | |
|New orders |EUR 402.9 |EUR 165.3 million|143.7 % |
| |million | | |
|Order backlog |EUR 88.6 million|EUR 48.6 million |82.3 % |
| |Q3/2011 |Q3/2010 |Change |
|Sales revenues |EUR 120.4 |EUR 59.1 million |+ 103.9 % |
| |million | | |
|Operating profit |EUR 19.0 million|EUR 14.4 million |+31.7 % |
|(EBIT) | | | |
|Net income |EUR 12.6 million|EUR 11.3 million |+ 12.0 % |
|Earnings per share |EUR 1.29 |EUR 1.32 |- 2.2 % |
In Europe, sales increased to EUR 180.8 million in the first nine months of 2011
(previous year: 92.1 million). In Asia, sales more than quintupled to EUR 148.8
million (previous year: EUR 26.1 million). In the Americas, sales increased by
92.6 percent to EUR 74.9 million (previous year: EUR 38.9 million).
The strongest product by adixen, the company purchased at the end of the
previous year, are the so-called dry backing pumps. These ideally complemented
the Pfeiffer Vacuum product portfolio. As a result of the acquisition as well as
a very strong business development, sales for the backing pumps increased to EUR
148.3 million in the first nine months of 2011 (previous year: EUR 20.9
million). The turbopump business dominated by Pfeiffer Vacuum grew by 69.7
percent to EUR 111.0 million (previous year: EUR 65.4 million). Sales from
components and instruments significantly increased by 71.1 percent to EUR 85.1
million (previous year: EUR 49.7 million). The service revenue increase measured
227.5 percent to EUR 55.6 million (previous year: EUR 17.0 million). With EUR
5.5 million revenues for systems remained the same as in the previous year.
The Pfeiffer Vacuum products are used in a wide variety of industry sectors. In
the Semiconductor market, sales increased to EUR 140.7 million in the first nine
months (previous year: EUR 17.1 million). Sales in the industry market segment
also rose by 111.2 percent to EUR 86.7 million due to good organic growth
(previous year: EUR 41.1 million); in the Coating market segment, sales more
than tripled to EUR 75.9 million (previous year: EUR 23.8 million). In
analytics, sales increased by 36.5 percent to EUR 62.2 million (previous year:
EUR 45.6 million). In the market for research and development, the increase
measured 29.0 percent of EUR 39.9 million (previous year: EUR 30.9 million).
The order intake in the first nine months of 2011 was EUR 402.9 million
(previous year: EUR 165.3 million). This increase of 143.7 percent is strongly
influenced by taking the adixen order intakes into account. However, the new
orders from the previous Pfeiffer Vacuum Group also developed very well with an
increase of approximately 10 percent. The book to bill ratio, the ratio of order
intake to sales revenue, was at 0.99 on September 30, 2011 (previous year:
1.04). The order backlog as at the end of the period rose by 82.3 percent to EUR
88.6 million (previous year: EUR 48.6 million).
Pfeiffer Vacuum's profitability is also worth looking. Gross profit in the first
nine months of 2011 totaled EUR 138.0 million, representing an increase of 87.0
percent (previous year: EUR 73.8 million). This development led to an increase
in operating profit by 68.8 percent to EUR 62.6 million (previous year: EUR 37.1
million). This results in an EBIT margin of 15.4 percent (previous year: 23.4
percent). Net income was EUR 41.7 million (previous year: EUR 29.0 million).
Earnings per share came out at EUR 4.22 in the first nine months of 2011
(previous year: EUR 3.39). When calculating Earnings per share, an increase in
the average number of shares outstanding must be taken into account. This value
increased in comparison to the previous year due to the capital increase by 10
percent and the sale of treasury shares (5.1 percent of previous share capital)
in November 2010.
Manfred Bender, CEO of Pfeiffer Vacuum, is very comfortable with the results of
the first nine months of 2011: "The operating profit after nine months is at EUR
62.6 million. Compared with the previous year, this represents an increase of
almost 70 percent. This means that the new company units are already making a
significantly positive earnings contribution during the integration phase."
Bender continues: "Currently, we are seeing a slow-down of demand in the areas
Semiconductor and Photovoltaic, while the other markets remain stable. We expect
that this trend will continue until about the middle of next year. Nevertheless,
in the current year 2011 we should achieve sales of about EUR 520
million with an operating profit margin of around 15 percent. This sales
expectation is clearly above the estimation of EUR 500 million we made at the
beginning of the year in our annual report regarding fiscal year 2011. In the
medium term we see excellent chances to grow in all markets especially with new,
joint products of the brands adixen, Trinos, and Pfeiffer Vacuum."
For full press release including financial tables, see 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: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
Hamburg, Stuttgart, Düsseldorf, Hannover, München
language: English
Original content of: Pfeiffer Vacuum Technology AG, transmitted by news aktuell