Pfeiffer Vacuum announces results for first nine months of 2012
- Development of sales exceeds expectations
- Improved earnings
- Full-year guidance confirmed
Pfeiffer Vacuum achieved sales revenues of € 354.3 million during the first nine months of 2012. In a difficult market environment, this result came in better than expected.
"Sales revenues in the third quarter exceeded our expectations", says Manfred Bender, CEO of Pfeiffer Vacuum. "Continued improvement in profitability is a particularly positive development. We are right on track in this respect. In nine months we have already generated an operating cash flow of over € 42 million. This figure is up about 18 percent over the previous year. Furthermore, liquid assets nearing € 90 million far outstrip bank liabilities totaling more than € 55 million. This means we are net debt free". Bender continues: "As far as the full-year result for 2012 is concerned, I believe we will be able to achieve our low-end target of € 470 million. The EBIT margin will be around the 15 percent mark."
The development of sales in the various key markets was very mixed. This is true both for market segments as well as for regional distribution. The distribution of sales revenues according to user markets showed a 6.5 percent decline in the Semiconductors market to € 131.5 million (previous year: € 140.7 million). Sales revenues in the Industry market segment decreased by 1.9 percent to € 85.1 million and have therefore proved relatively stable (previous year: € 86.7 million). In Analytics, in contrast, there was an increase of 1.2 percent to € 63.0 million (previous year: € 62.2 million). Similarly, the Research and Development segment showed a 1.0 percent improvement in sales revenues to € 40.3 million (previous year: € 39.9 million). Only the Coating market segment recorded a significant downturn. Sales revenues here dropped 54.6 percent to € 34.4 million (previous year: € 75.9 million).
In Europe, sales declined by 20.1 percent in the first nine months of 2012 to € 144.4 million (previous year: € 180.8 million). Sales in the Asian region decreased 9.6 percent to € 134.5 million (previous year: € 148.8 million). Sales revenues in the Americas remained encouragingly stable at € 74.6 million (previous year: € 74.9 million).
Sales revenues according to product groups showed an increase in Service of 3.0 percent to € 57.2 million (previous year: € 55.6 million). In contrast, Backing Pumps experienced a decline of 34.3 percent in sales revenues to € 97.4 million (previous year: € 148.3 million). Sales of Turbopumps decreased by 8.9 percent to € 101.1 million (previous year: € 111.0 million). In Systems, sales revenues almost tripled to € 14.7 million (previous year: € 5.5 million).
New orders in the first nine months of 2012 amounted to € 348.2 million and were therefore 13.6 percent down on last year's figure (previous year: € 402.9 million). The book to bill ratio, the ratio of new orders to sales revenue, stood at 0.98 as at September 30, 2012 (previous year: 0.99). The order backlog at € 81.4 million was 8.1 percent down on the comparison period (previous year: € 88.6 million).
A particular feature can be observed when the key earnings figures are compared to the previous year: after finalizing the purchase price allocation for the acquisition of adixen, the key earnings figures for 2011 were adjusted retroactively and therefore differ from the figures posted in the statement for the first nine months of 2011.
Despite a downturn in sales revenues of 12.6 percent, the gross profit margin rose by 3.5 percent to 36.3 percent (previous year: 32.8 percent). The operating profit of € 53.0 million was 0.4 percent over the comparison value (previous year: € 52.8 million). This resulted in an operating profit margin of 15.0 percent (previous year: 13.0 percent) which was exactly in line with the target for 2012. Net income stood 0.8 percent over the previous year at € 35.3 million (previous year: € 35.0 million). Earnings per share stood at € 3.56 in the first nine months of 2012 (previous year: € 3.53).
Attachments: Balance sheet, income and cash flow statements
Pfeiffer Vacuum Technology AG
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 Analytics, Industry, Research & Development, Coating and Semiconductor. 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