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Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum Reports Record Sales and Increased Operating Profit for Fiscal Year 2022

EQS-News: Pfeiffer Vacuum Technology AG / Key word(s): Annual Results
Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum Reports Record Sales and Increased Operating Profit for Fiscal Year 2022

21.03.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.


NEWS RELEASE 


Pfeiffer Vacuum Reports Record Sales and Increased Operating Profit for Fiscal Year 2022
 

Asslar, Germany, March 21, 2023. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced the audited financial results for the fiscal year 2022. The Company achieved record sales of EUR 916.7 million, an operating result (EBIT) of EUR 119.4 million for the full-year and an order backlog of EUR 502.7 million at year-end 2022.

Pfeiffer Vacuum sales for the year 2022 increased by 18.8% to EUR 916.7 million (2021: EUR 771.4 million), due to strong demand in all market segments, product groups and regions. Sales in the Semiconductor and Emerging Technologies segment increased by 19.8% to EUR 471.1 million (2021: EUR 393.2 million). The dynamic growth was driven by continued strong demand for microchips and the resulting need for vacuum technology. For the Analytics, Industry and R&D market segment, sales increased by 17.8% to EUR 445.6 million (2021: EUR 378.2 million) and demand continued to be broad-based.

The operating result (EBIT) increased by 28.2% to EUR 119.4 million (previous year: EUR 93.1 million) and the EBIT margin reached 13.0% (previous year: 12.1%). The year-over-year increase in EBIT in 2022 was primarily a result of strong sales, which were partly offset by cost related to securing supply chains – particularly additional material cost – and higher personnel cost as well as operating expenses in connection with the continued expansion of the global IT infrastructure.

For the full year 2022, the order intake was EUR 1,103.2 million (2021: EUR 964.3 million) and the book-to-bill ratio, the ratio of order intake to sales, was 1.20 (2021: 1.25). At the end of the reporting period 2022, Pfeiffer Vacuum had a record order backlog of EUR 502.7 million, representing an increase of 59.0% compared to the previous year (2021: EUR 316.2 million).

“2022 was an all-around successful financial year, particularly in light of record sales and order intake achieved in two consecutive years,” says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. “We are operating in the high-growth vacuum market that comes with cyclicality particularly in the semiconductor market. Our focus is on building Pfeiffer Vacuum for long-term growth by investing in production capacity ahead of demand and becoming an even more important partner to our customers in the high-vacuum market.”

Overview of key figures:

 12M/202212M/2021
 
 
Change
    
Sales€ 916.7 million€ 771.4 million18.8%
EBIT€ 119.4 million€ 93.1 million28.2%
Net income€ 86.4 million€ 62.0 million39.3%
Earnings per share€ 8.75€ 6.2839.3%
Dividend per share€ 0.11*€ 4.08-97.3%
Order intake€ 1,103.2 million€ 964.3 million 14.4%
Order backlog€ 502.7 million€ 316.2 million 59.0%

*Subject to approval by the Annual General Meeting

The gross profit in the reporting period was EUR 329.3 million, up 17.4% from EUR 280.4 million in the previous year due to the significant sales increase. The gross margin decreased by 0.5 percentage points to 35.9% of sales (previous year: 36.4%) due to various effects, including increased procurement prices as well as freight costs as a result of challenging supply chain and market conditions. 

Net income increased by 39.3% to EUR 86.4 million (previous year: EUR 62.0 million), representing earnings per share of EUR 8.75 (previous year: EUR 6.28).

In sales by region – measuring sales according to the location of the customers in their corresponding region – Pfeiffer Vacuum achieved a year-over-year increase in sales by 11.1% to EUR 358.3 million in Asia (previous year: EUR 322.5 million). This was particularly driven by the strong demand from semiconductor customers. Sales in Europe grew by 20.7% to EUR 305.9 million (previous year: EUR 253.4 million). The Americas’ sales increased by 29.1% to EUR 252.3 million (previous year: EUR 195.4 million) and were aided by positive currency effects related to the US Dollar to Euro exchange rate in 2022 compared to 2021. 

Solid balance sheet and cash position

As of December 31, 2022, Pfeiffer Vacuum maintained its solid financial position. Total assets at the end of the year 2022 were EUR 863.7, up EUR 155.8 million from the end of 2021 (2021: EUR 707.9 million). Inventories increased by 86.8 million to EUR 249.0 million (2021: EUR 162.2 million) to ensure the availability of materials in an environment with high business volume and difficult supply chain conditions. Capital expenditures during the fiscal year 2022 amounted to EUR 80.8 million (2021: EUR 41.6 million) and included investments in machinery, the expansion of facilities, and the construction of buildings in order to increase production capacity in the short- and medium-term. Cash and cash equivalents were EUR 67.8 million, down 31.7% from the previous year (2021: EUR 99.4 million). The equity ratio was at 61.5%, down 3.4 percentage points from the year-end 2021 (2021: 64.9%).

Outlook for the 2023 fiscal year

Pfeiffer Vacuum expects consolidated sales for the fiscal year 2023 to be approximately at the same level as for the fiscal year 2022 (EUR 916,7 million). This is due to a slowdown in demand from semiconductor customers as these are delaying the construction of production facilities. This effect is expected to be partially offset by a strong backlog at year-end 2023.

For the fiscal year 2023, the Company expects additional capital expenditures of about EUR 100 million. The main focus of these investments will be the expansion of production, logistic and service buildings as well as productivity improvements. These long-term investments also include sustainability goals, such as measures to reduce CO2 emissions. In addition, the modernization of IT systems will continue in 2023. Moreover, investments into research and development are planned as well. With these capital expenditures, the company aims to achieve its strategic goals: Gaining market share, reaching sales of over EUR 1 billion and driving sustainability.

Based on the forecasted sales development and due to the investments already made or further planned, the EBIT margin for 2023 is expected to slightly decrease to around 12% from the 2022 level of 13.0%. This is mainly attributable to anticipated cost increases, largely due to inflation, which cannot be passed on to customers in its entirety. These expectations, among others, assume that the supply chain will continue to stabilize and there will not be global economic disruptions related to military conflicts or trade wars.

Dividend proposal

The Management and Supervisory Boards will propose to the Annual General Meeting on May 2, 2023, to pay out a dividend of EUR 0.11 per share (previous year: EUR 4.08), reflecting a total payout of about EUR 1.1 million (previous year: EUR 4.08 dividend; total payout of EUR 40.3 million). The decision to decrease the proposed dividend compared to the previous year was made against the background of increased capital expenditures in fiscal year 2022 as well as 2023 to position Pfeiffer Vacuum for market share gains and long-term sustainable growth.

Domination and Profit and Loss Transfer Agreement

The Company has entered into a Domination and Profit and Loss Transfer Agreement in accordance with §§ 291 et seq. German Stock Corporation Act (AktG) between Pfeiffer Vacuum as the controlled company and Pangea GmbH (Pangea) as the controlling company. The purpose of the agreement is to further simplify the already close cooperation between Pfeiffer Vacuum and the Busch Group, and to improve the internal exchange of information within both companies. The Domination and Profit and Loss Transfer Agreement is subject to a number of different steps, including the approval of the Annual General Meeting of Pfeiffer Vacuum, which is scheduled for May 2, 2023, in Frankfurt am Main, and the approval of the Shareholders’ Meeting of Pangea GmbH. More details will be available shortly on the Company website at https://group.pfeiffer-vacuum.com/agm

 

Contact
Pfeiffer Vacuum Technology AG
Investor Relations
Heide Erickson
T +49 6441 802 1360
Heide.Erickson@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, leak detectors, 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 in the analytical, industrial, research & development, semiconductor and future technologies markets. Founded in 1890, Pfeiffer Vacuum is active throughout the world today. The company employs a workforce of some 4,000 people and has more than 20 sales and service companies as well as 10 manufacturing sites worldwide.

For more information, please go to: group.pfeiffer-vacuum.com

 

Consolidated Statements of Income
 
PFEIFFER VACUUM TECHNOLOGY AG
 
    
  (in K€) 20222021
      
  Net sales 916,711771,373
  Cost of sales -587,456-490,965
  Gross profit 329,255280,408
      
  Selling and marketing expenses -95,070-79,371
  General and administrative expenses -80,014-61,448
  Research and development expenses -36,728-34,230
  Other operating income 19,63711,395
  Other operating expenses -17,714-23,661
  Operating profit 119,36693,093
      
  Financial expenses -854-843
  Financial income 340251
  Earnings before taxes 118,85292,501
      
  Income taxes -32,500-30,514
      
  Net income 86,35261,987
      
  Earnings per share (in €):   
  Basic 8.756.28
  Diluted 8.756.28
      
        

 

 

Consolidated Balance Sheets
 
PFEIFFER VACUUM TECHNOLOGY AG
 
 
  
(in K€)                  
  
Dec. 31, 2022
 
Dec. 31, 2021
 
     
 ASSETS   
 Intangible assets 106,46791,524
 Property, plant and equipment 226,664175,952
 Investment properties 328352
 Other financial assets 4,9852,502
 Other assets 640791
 Deferred tax assets 23,80628,650
 Total non-current assets 362,890299,771
     
 Inventories 248,993162,178
 Trade accounts receivable 153,154119,587
 Contract assets 3,5061,392
 Income tax receivables 3,6414,796
 Prepaid expenses 10,3564,689
 Other financial assets 257168
 Other accounts receivable 13,09515,924
 Cash and cash equivalents 67,84099,371
 Total current assets 500,842408,105
     
 Total assets 863,732707,876
     
 SHAREHOLDERS’ EQUITY AND LIABILITIES   
 Share capital 25,26125,261
 Additional paid-in capital 96,24596,245
 Retained earnings 416,099370,007
 Other equity components -6,251-32,137
 Equity of Pfeiffer Vacuum Technology AG shareholders 531,354459,376
     
 Financial liabilities 7,85813,876
 Provisions for pensions 36,70960,502
 Deferred tax liabilities 4,0644,437
 Contract liabilities 1,4971,321
 Total non-current liabilities 50,12880,136
     
 Trade accounts payable 86,15858,046
 Contract liabilities 28,50813,343
 Other accounts payable 33,11227,742
 Provisions 50,74848,181
 Income tax liabilities 15,54916,773
 Financial liabilities 68,1754,279
 Total current liabilities 282,250168,364
     
 Total shareholders’ equity and liabilities 863,732707,876
     
      

 

Consolidated Statements of Cash Flows
 
PFEIFFER VACUUM TECHNOLOGY AG
 
(in K€) 20222021 
     
Cash flow from operating activities:    
Earnings before taxes 118,85292,501 
Adjustment for financial income/financial expenses 514592 
Interest income received 208282 
Interest expenses paid -759-1,031 
Income taxes paid -30,071-16,055 
Depreciation/amortization 31,23326,103 
Impairment losses -16,407 
Gains/losses from disposals of long-term assets -129775 
Changes in allowances for doubtful accounts 950730 
Changes in inventory reserves 7,4325,531 
Other non-cash income and expenses 2,147159 
Effects of changes in assets and liabilities:    
  Inventories -91,358-30,094 
  Receivables and other assets -37,468-30,667 
  Provisions, including pensions, and income tax liabilities -2,5201,643 
  Payables 47,93324,702 
Net cash provided by operating activities 46,96491,578 
     
Cash flow from investing activities:    
Capital expenditures -80,834-41,607 
Payments for acquisitions -3,430- 
Proceeds from disposals of fixed assets 1,3131,748 
Net cash used in investing activities -82,951-39,859 
     
Cash flow from financing activities:    
Proceeds from increases of financial liabilities 58,597- 
Dividend payments -40,260-15,788 
Redemptions of leasing liabilities -12,670-5,505 
Redemptions of financial liabilities --55,062 
Net cash provided by/used in financing activities 5,667-76,355 
     
Effects of foreign exchange rate changes
on cash and cash equivalents
 -1,2111,124 
     
Net changes in cash and cash equivalents -31,531-23,512 
     
Cash and cash equivalents at beginning of period 99,371122,883 
     
Cash and cash equivalents at end of period 67,84099,371 
     
      

 



21.03.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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Language:English
Company:Pfeiffer Vacuum Technology AG
Berliner Str. 43
35614 Asslar
Germany
Phone:+49 6441 802-0
Fax:+49 6441 802-1365
E-mail:info@pfeiffer-vacuum.com
Internet:www.pfeiffer-vacuum.com
ISIN:DE0006916604
WKN:691660
Indices:SDAX,
Listed:Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID:1587155

 
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1587155  21.03.2023 CET/CEST

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