par Pfeiffer Vacuum Technology AG (isin : DE0006916604)
Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum Reports Sustained Strong Demand in First Quarter 2023 and Results In-Line with Forecast for the Fiscal Year 2023
EQS-News: Pfeiffer Vacuum Technology AG / Key word(s): Quarter Results/Quarterly / Interim Statement
Pfeiffer Vacuum Technology AG: Pfeiffer Vacuum Reports Sustained Strong Demand in First Quarter 2023 and Results In-Line with Forecast for the Fiscal Year 2023
11.05.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
NEWS RELEASE
Pfeiffer Vacuum Reports Sustained Strong Demand in First Quarter 2023 and Results In-Line with Forecast for the Fiscal Year 2023
First quarter 2023:
- Sales of EUR 253.1 million, up 17.2% from the previous year
- Operating result (EBIT) of EUR 32.2 million, up 2.9% year-on-year
- Order intake of EUR 238.7 million and order backlog of EUR 488.3 million at the end of March 2023
Asslar, May 11, 2023. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced results for the first quarter 2023.
The Company’s sales increased by 17.2% to EUR 253.1 million – the first time in the Company’s history to achieve over EUR 250 million in sales within one quarter (Q1 2022: EUR 216.0 million). The operating result (EBIT) increased by 2.9%, reaching EUR 32.2 million (Q1 2022: EUR 31.3 million), representing an EBIT margin of 12.8% (Q1 2022: 14.5%). Furthermore, the order intake during the first quarter was EUR 238.7 million (Q1 2022: EUR 286.2 million) and the order backlog stood at EUR 488.3 million at the end of the first quarter 2023 (Q1 2022: EUR 386.4 million). These key financials are in-line with the Company’s forecast for the full fiscal year 2023.
The sales increase was driven by a strong performance in all market segments. Sales in the Semiconductor and Emerging Technologies market segment increased by 10.7% to EUR 124.7 million (Q1 2022: EUR 112.7 million). The sales in the Analytics, Industry and R&D market segment improved by 24.2% to EUR 128.3 million (Q1 2022: EUR 103.3 million) with continued broad-based demand.
The operating result (EBIT) increased by 2.9% to EUR 32.2 million (Q1 2022: EUR 31.3 million) and the EBIT margin was 12.8% (Q1 2022: 14.5%). The year-over-year increase in EBIT was primarily a result of the sales increase and related scale economies. The beneficial developments were partially offset by inflation as well as activities to increase production capacity and the development and expansion of the global IT infrastructure.
The book-to-bill ratio, the ratio of order intake to sales, was at a level of 0.94 for the first quarter 2023. The order backlog of EUR 488.3 million represents an increase of 26.4% compared to the previous year (March 31, 2022: EUR 386.4 million) and a slight decrease of 2.9% compared to year-end 2022 (December 31, 2022: EUR 502.7 million).
“The first quarter 2023 was again strong for Pfeiffer Vacuum”, says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. “The demand for our products and services remained at high levels across our market segments. However, we expect a slow-down in demand related to the semiconductor market conditions later in 2023. Our focus will remain on being agile in responding to demand shifts in the market and meeting the requirements of our customers. At the same time, we are positioning Pfeiffer Vacuum for medium- and long-term growth by modernizing and expanding our production capacities as well as by building a globally integrated IT infrastructure.”
Overview of key figures:
Q1/2023 | Q1/2022 | Change | |
Sales | € 253.1 million | € 216.0 million | 17.2% |
EBIT | € 32.2 million | € 31.3 million | 2.9% |
Net income | € 22.8 million | € 22.2 million | 2.8% |
Earnings per share | € 2.31 | € 2.25 | 2.7% |
Order intake | € 238.7 million | € 286.2 million | -16.6% |
Order backlog | € 488.3 million | € 386.4 million | 26.4% |
The gross profit in the reporting period was EUR 97.6 million (Q1 2022: EUR 78.7 million). The year-over-year increase of 24.0% is due to positive economies of scale related to increased sales.
Net income increased by 2.8% to EUR 22.8 million (Q1 2022: EUR 22.2 million), representing earnings per share of EUR 2.31 (Q1 2022: EUR 2.25).
In sales by region, which describes sales according to the location of the customers in their corresponding region, Asia achieved an increase in sales of 13.7% to EUR 101.6 million (Q1 2022: EUR 89.4 million). Europe showed an increase of 15.2% to EUR 84.8 million (Q1 2022: 73.6 million). Sales in the Americas increased by 25.9% to EUR 66.6 million (Q1 2022: EUR 52.9 million).
Balance sheet and cash-flow
Total assets at the end of the first quarter 2023 were EUR 905.4 million, up 4.8% from year-end 2022 (December 31, 2022: EUR 863.7 million). Cash and cash equivalents were EUR 71.3 million (December 31, 2022: EUR 67.8 million). The equity ratio remained at a solid level of 60.5%, slightly below year-end 2022 (December 31, 2022: 61.5%). Capital expenditures in the first quarter nearly doubled to EUR 21.0 million and were mainly used for expanding production capacity (Q1 2022: EUR 11.1 million).
Outlook for the 2023 fiscal year unchanged
The Company confirms its guidance and continues to expect consolidated sales for the fiscal year 2023 to be approximately at the same level as for the fiscal year 2022 (EUR 916.7 million). The EBIT margin expectations for the full year 2023 remain at around 12%. In addition, capital expenditures of about EUR 100 million are planned for the fiscal year 2023. The Company expects the second quarter 2023 again to be solid due to the currently strong backlog with demand slowing in the later part of 2023 related to semiconductor market conditions.
Other news
As announced at the Annual General Meeting of Pfeiffer Vacuum on May 2nd, 2023, the Supervisory Board has decided to extend the Management Board service contract of Dr. Britta Giesen, CEO, for another five-year term until December 31, 2028.
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 visit www.pfeiffer-vacuum.com.
Consolidated Statements of Income (unaudited) | ||||
Three months ended March 31, | ||||
2023 | 2022 | |||
in K€ | in K€ | |||
Net sales | 253,058 | 215,958 | ||
Cost of sales | -155,440 | -137,210 | ||
Gross profit | 97,618 | 78,748 | ||
Selling and marketing expenses | -24,587 | -22,042 | ||
General and administrative expenses | -28,746 | -17,338 | ||
Research and development expenses | -9,527 | -8,869 | ||
Other operating income | 3,921 | 3,008 | ||
Other operating expenses | -6,437 | -2,169 | ||
Operating profit | 32,242 | 31,338 | ||
Financial expenses | -807 | -96 | ||
Financial income | 192 | 65 | ||
Earnings before taxes | 31,627 | 31,307 | ||
Income taxes | -8,785 | -9,079 | ||
Net income | 22,842 | 22,228 | ||
Earnings per share (in €): | ||||
Basic | 2.31 | 2.25 | ||
Diluted | 2.31 | 2.25 | ||
Consolidated Balance Sheets (unaudited) | ||||
March 31, 2023 | December 31, 2022 | |||
in K€ | in K€ | |||
Assets | ||||
Intangible assets | 106,321 | 106,467 | ||
Property, plant and equipment | 242,065 | 226,664 | ||
Investment properties | 322 | 328 | ||
Other financial assets | 5,228 | 4,985 | ||
Other assets | 663 | 640 | ||
Deferred tax assets | 23,849 | 23,806 | ||
Total non-current assets | 378,448 | 362,890 | ||
Inventories | 254,958 | 248,993 | ||
Trade accounts receivable | 166,115 | 153,154 | ||
Contract assets | 4,827 | 3,506 | ||
Income tax receivables | 3,637 | 3,641 | ||
Prepaid expenses | 11,051 | 10,356 | ||
Other financial assets | 256 | 257 | ||
Other accounts receivable | 14,849 | 13,095 | ||
Cash and cash equivalents | 71,252 | 67,840 | ||
Total current assets | 526,945 | 500,842 | ||
Total assets | 905,393 | 863,732 | ||
Shareholders’ equity and liabilities | ||||
Share capital | 25,261 | 25,261 | ||
Additional paid-in capital | 96,245 | 96,245 | ||
Retained earnings | 438,941 | 416,099 | ||
Other equity components | -12,543 | -6,251 | ||
Equity of Pfeiffer Vacuum Technology AG shareholders | 547,904 | 531,354 | ||
Financial liabilities | 13,265 | 7,858 | ||
Provisions for pensions | 36,906 | 36,709 | ||
Deferred tax liabilities | 4,439 | 4,064 | ||
Contract liabilities | 1,583 | 1,497 | ||
Total non-current liabilities | 56,193 | 50,128 | ||
Trade accounts payable | 65,891 | 86,158 | ||
Contract liabilities | 29,007 | 28,508 | ||
Other accounts payable | 37,567 | 33,112 | ||
Provisions | 48,688 | 50,748 | ||
Income tax liabilities | 15,307 | 15,549 | ||
Financial liabilities | 104,836 | 68,175 | ||
Total current liabilities | 301,296 | 282,250 | ||
Total shareholders’ equity and liabilities | 905,393 | 863,732 | ||
Consolidated Statements of Cash Flows (unaudited) | ||||
Three months ended March 31, | ||||
2023 | 2022 | |||
in K€ | in K€ | |||
Cash flow from operating activities: | ||||
Net income | 22,842 | 22,228 | ||
Depreciation/amortization | 8,180 | 7,221 | ||
Other non-cash income/expenses | 3,512 | 2,320 | ||
Effects of changes of assets and liabilities: | ||||
Inventories | -11,615 | -20,331 | ||
Receivables and other assets | -20,133 | -3,925 | ||
Provisions, including pensions, and income tax liabilities | -1,714 | -1,122 | ||
Payables, other liabilities | -13,965 | 11,936 | ||
Net cash used in / provided by operating activities | -12,893 | 18,327 | ||
Cash flow from investing activities: | ||||
Capital expenditures | -20,951 | -11,069 | ||
Proceeds from disposals of fixed assets | 815 | 67 | ||
Net cash used in investing activities | -20,136 | -11,002 | ||
Cash flow from financing activities: | ||||
Proceeds from increases of financial liabilities | 36,531 | - | ||
Redemptions of leasing liabilities | -1,848 | -1,278 | ||
Redemptions of financial liabilities | - | 2 | ||
Net cash provided by / used in financing activities | 34,683 | -1,276 | ||
Effects of foreign exchange rate changes on cash and cash equivalents | 1,758 | 151 | ||
Net change in cash and cash equivalents | 3,412 | 6,200 | ||
Cash and cash equivalents at beginning of period | 67,840 | 99,371 | ||
Cash and cash equivalents at end of period | 71,252 | 105,571 | ||
11.05.2023 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: | 1629181 |
End of News | EQS News Service |
1629181 11.05.2023 CET/CEST