EANS-News: Pfeiffer Vacuum Technology AG
Pfeiffer Vacuum announces results for
first half of 2011
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6-month report
Subtitle: Disproportionate growth in sales and EBIT
adixen integration progressing on schedule
Full-year guidance reiterated
Aßlar (euro adhoc) - Pfeiffer Vacuum´s sales revenues developed on a very
positive note during the
first half of 2011. The significant 186.6-percent year-on-year rise was
attributable - aside from the strong development of the company´s core business
- first and foremost to the initial consolidation of the adixen operations.
Pfeiffer Vacuum had acquired the "adixen" vacuum business unit from the Alcatel-
Lucent Group on December 31, 2010, which is why all line items in the income
statement for fiscal 2011 were impacted considerably by this transaction.
Highlights at a glance:
| |H1/2011 |H1/2010 |Change |
|Sales revenues | | | |
|Operating profit |EUR 285.0 million|EUR 99.5 million|186.6 % |
|(EBIT) | | | |
|Net income |EUR 43.6 million |EUR 22.7 million|92.5 % |
|Earnings per share |EUR 29.1 million |EUR 17.8 million|63.8 % |
| |EUR 2.93 |EUR 2.07 |41.5 % |
| | | | |
|New orders |EUR 293.2 million|EUR 103.2 |EUR 184.1 % |
| | |million | |
|Order backlog |EUR 99.4 million |EUR 45.5 million|EUR 118.5 % |
| |Q2/2011 |Q2/2010 |Change |
| | | | |
|Sales revenues |EUR 141.4 |EUR 49.9 million|+ 183.2 % |
| |million | | |
|Operating profit |EUR 23.2 million|EUR 11.4 million|+ 103.3 % |
|(EBIT) | | | |
|Net income |EUR 15.4 million|EUR 8.5 million |+ 80.8 % |
|Earnings per share |EUR 1.54 |EUR 1.00 |+ 54.0 % |
| | | | |
In Europe, sales revenues advanced by 120.2 percent to EUR 127.4 million in the
first half of 2011 (2010: EUR 57.9 million). Sales revenues in Asia more than
sextupled to EUR 105.5 million (2010: EUR 17.0 million). In the Americas, sales
revenues grew by 117.9 percent to EUR 51.5 million (2010: EUR 23.7 million).
One of the major reasons for the acquisition of the adixen operations was
adixen´s technology leadership and outstanding positioning in the field of dry-
compressing backing pumps. Accordingly, backing pump sales revenues rose to EUR
109.7 million (2010: EUR 14.2 million). Turbopump business, which is dominated
by
Pfeiffer Vacuum, grew by 91.2 percent to EUR 77.1 million (2010: EUR
40.4 million).
Sales of components and instruments, too, nearly doubled to stand at
EUR 58.8 million (2010: EUR 30.6 million). Service, as well, saw a significant
rise
in sales revenues to EUR 36.4 million (2010: EUR 10.5 million). Systems posted a
decline in sales revenues to EUR 3.0 million (2010: EUR 3.8 million).
In the Semiconductor market, sales revenues advanced to EUR 100.4 million during
the first six months (2010: EUR 10.0 million). Fueled by good organic growth,
sales in the Industrial Applications market segment increased by 116.0 percent
to EUR 58.0 million (2010: EUR 26.9 million), while sales revenues in the
Coating
market segment quadrupled to EUR 57.2 million (2010: EUR 14.1 million), with a
positive impulse from the solar industry, first and foremost, coming to bear
here. In Analytics, sales revenues rose by 50.4 percent to EUR 43.2 million
(2010: EUR 28.7 million). The Research & Development market saw growth of 32.3
percent to EUR 26.2 million (2010: EUR 19.8 million).
New orders during the first half of 2011 totaled EUR 293.2 million (2010:
EUR 103.2
million). This 1184.1-percent rise was strongly impacted by the first-time
consideration of adixen´s order backlog. However new orders from the former
Pfeiffer Vacuum Group also developed very well with growth of around
20 percent. As at June 30, 2011, the book to bill ratio, the ratio between new
orders and sales revenues, stood at 1.03 (2010: 1.04). The order backlog rose
to EUR 99.4 million at period-end (2010: EUR 45.5 million).
As a result of effects stemming from the initial consolidation of adixen, the
gross margin declined by 12.0 percentage points to 33.9 percent (2010:
45.9 percent). Consequently, gross profit totaled EUR 96.5 million for the first
half of 2011, representing an increase of 111.5 percent (2010: EUR 45.6
million).
This development led to a 92.5-percent rise in operating profit to EUR 43.6
million (2010: EUR 22.7 million). This corresponds to an EBIT margin of 15.3
percent (2010: 22.8 percent). Net income stood at EUR 29.1 million (2010: EUR
17.8 million). During the first six months of fiscal 2011, earnings per share
amounted to EUR 2.93 (2010: EUR 2.07). It should be noted that calculation of
earnings per share is based upon the average number of shares in circulation.
Consequently, this value rose year on year as a result of the 10-percent
increase of capital and the sale of treasury shares (5.1 percent of the former
equity capital) in November 2010.
Pfeiffer Vacuum Chief Executive Officer Manfred Bender had this to say about
the results: "We are highly satisfied with the course of business thus far. The
semiannual results that we have now announced show that we are on the right
track in connection with the integration of adixen. This is also manifesting
itself in our success in the market segments of Industrial Applications,
Coating and Analytics. After six months, our operating profit (EBIT) is up EUR
21
million, or 93 percent, from the year before. This is very noteworthy given the
fact that the integration process has only been in place for the past six
months." Bender continues: "We view our sales revenue target of around EUR 550
million for the current fiscal year as being realistic in the current market
environment. The same also applies with respect to our planned EBIT margin of
around 15 percent."
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 a leading
supplier of vacuum solutions worldwide. In addition to a full range of hybrid-
bearing and magnetically levitated turbopumps, our portfolio includes backing
pumps, measurement and analysis tools and components, as well as vacuum
chambers and systems. Ever since it introduced the turbomolecular pump,
Pfeiffer Vacuum has been known for innovative solutions and high-tech products
in the analytics sector, in research & development, environmental technology,
chemistry, semiconductor production and vacuum coating technologies, as well as
in the automotive industry and numerous other sectors. 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 worldwide.
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
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