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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 2^nd, 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 [phone]
[e-mail]

 

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

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11.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language:	English
Company:	Pfeiffer Vacuum Technology AG
	Berliner Str. 43
	35614 Asslar
	Germany
Phone:	[phone]
Fax:	[phone]
E-mail:	[e-mail]
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

Pfeiffer Vacuum Technology

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+79,39 %

+205,21 %

ISIN:DE0006916604WKN:691660

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