DGAP-News: Pfeiffer Vacuum Technology AG: Strong development in H1 2022 with growth in all key figures

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Pfeiffer Vacuum Technology AG: Strong development in H1 2022 with growth in all key figures

First half 2022:

• Record sales of EUR 440.6 million, up 12.6% from the previous year
• Operating result (EBIT) of EUR 60.1 million and EBIT margin of 13.6%
• Record order intake of EUR 580.1 million, up 28.5% compared to previous year
• Order backlog with EUR 455.7 million at a new high level

Asslar, August 2, 2022. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced results for the first half 2022. Sales increased by 12.6% to EUR 440.6 million compared to the previous year, the highest sales level in the history of the Company within a half-year period (H1 2021: EUR 391.2 million). The operating result (EBIT) increased by 24.9% to EUR 60.1 million (H1 2021: EUR 48.1 million) representing an EBIT margin of 13.6% (H1 2021: 12.3%). In addition, the order intake during the reporting period was EUR 580.1 million (H1 2021: EUR 451.6 million) and the order backlog stood at 455.7 million at the end of the first half of 2022 (H1 2021: EUR 183.7 million).

The Pfeiffer Vacuum sales increase was driven by a strong performance in all market segments. Sales in the Semiconductor and Emerging Technologies market segment increased by 11.6% to EUR 230.6 million (H1 2021: EUR 206.6 million). The sales in the Analytics, Industry and R&D market segment improved by 13.8% to EUR 210.0 million (H1 2021: EUR 184.5 million) with a strong demand particularly in industrial high vacuum. These improvements on top of the 40.7% and 19.1% sales increase from first half 2020 to 2021 for the Semiconductor and Emerging Technologies and the Analytics, Industry and R&D segment respectively, underline the currently strong demand.

The operating result (EBIT) increased by 24.9% to EUR 60.1 million (H1 2021: EUR 48.1 million) and the EBIT margin was 13.6% (H1 2021: 12.3%). The year-over-year increase in EBIT was primarily a result of the sales increase and related scale economies and efficiency improvements, as well as favorable foreign exchange movements, especially from the US-Dollar. The beneficial developments were partially offset by increased material and employee costs as well as investments to build-out the global IT environment and to increase production capacity for  accelerating growth.

The book-to-bill ratio, the ratio of order intake to sales, was at an impressive level of 1.32 for the first half 2022. The order backlog of EUR 455.7 million represents an increase of 148.1% compared to the previous year (June 30, 2021: EUR 183.7 million).

The solutions of Pfeiffer Vacuum enable leading technologies and enhance the productivity of our customers, which is driving the broad-based demand for our products, says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. The unprecedented sales levels in the first half 2022 were achieved despite increasingly strained and fractured supply chains. These conditions are not expected to improve in 2022. Our focus remains on keeping our customers at the center of everything we do, successfully managing risks, and investing in Pfeiffer Vacuums mid- and long-term growth even in todays challenging market environment.

Overview of key figures:

The gross profit for the first half of 2022 was EUR 158.1 million (H1 2021: EUR 136.2 million). The year-over-year increase of 16.1% is due to positive economies of scale related to increased sales as well as efficiency improvements partially offset by increasing material and shipping costs.

Net income increased by 25.7% to EUR 42.6 million (H1 2021: EUR 33.9 million), representing earnings per share of EUR 4.32 (H1 2021: EUR 3.43).

In sales by region, which describes sales according to the location of the customers in their corresponding region, Asia contributed with an increase in sales of 8.1% to EUR 173.1 million (H1 2021: EUR 160.2 million). Europe showed an increase of 11.5% to EUR 142.3 million (H1 2021: EUR 127.6 million) related to the broad recovery in all markets. Sales in the Americas increased by 21.2% to EUR 125.0 million (H1 2021: EUR 103.1 million), also reflecting the positive impact of the US-Dollar foreign exchange movement.

Solid Balance sheet and cash-flow

Total assets at the end of the second quarter 2022 were EUR 763.4 million, up 7.8% from year-end 2021 (December 31, 2021: EUR 707.9 million). Cash and cash equivalents were EUR 74.0 million (December 31, 2021: EUR 99.4 million). During the second quarter of 2022, an annual dividend of EUR 40.3 million was paid to shareholders. In addition, financial liabilities of EUR 25.0 million were taken out during the second quarter 2022. The Company remains net debt free from a financial liability perspective. Due to the high demand and supply chain constrains, the Company increased inventories by EUR 42.7 million to  EUR 204.9 million (December 31, 2021: EUR 162.2 million). The equity ratio remained at a solid level of 64.4%, just slightly below year-end 2021 (December 31, 2021: 64.9%). Capital expenditure in the first half increased significantly to EUR 29.8 million and was mainly used for the building out of production facilities in Asslar, Germany; Asan, Korea; and Annecy, France (H1 2021: EUR 13.1 million).

Outlook for the 2022 fiscal year remains unchanged

The Company confirms its previous guidance in an increasingly volatile environment and continues to expect sales for the full year 2022 to grow 5% or more above 2021 levels due to ongoing strong market demand. The sales volume in the second half of 2022 is expected to decline from first half 2022 levels due to increasing strains and some disruptions in the supply chain. The EBIT margin expectations for the full year 2022 remain at around 14%, also unchanged from the previous outlook, related to expected favorable product and market mix, increased efficiencies, and timing-related lower expenses. The probability and impact of disruptions due to geopolitical, economic and Corona pandemic related market conditions cannot be predicted.

Contact
Pfeiffer Vacuum Technology AG

Investor Relations
Heide Erickson
T +49 6441 802 1360
Heide.Erickson@pfeiffer-vacuum.de

About Pfeiffer Vacuum

Pfeiffer Vacuum (ticker symbol PFV, ISIN DE0006916604) is a leading global manufacturer of vacuum solutions. Among a full range of hybrid and magnetically levitated turbopumps, the portfolio comprises backing pumps, leak detectors, measurement and analysis devices, components and vacuum chambers and systems. Pfeiffer Vacuum has stood for innovative solutions and high-tech products in analytics, industry, research & development, coating and semiconductor markets since its invention of the turbopump. Founded in 1890, Pfeiffer Vacuum is active worldwide. The Company employs over 3,500 employees, has over 20 sales and service companies, and operates 10 manufacturing sites worldwide.

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