PRESS RELEASE

Pfeiffer Vacuum Continues Strong Growth in Nine-month Period 2022 and Reports Further Record Results with Raised Sales Expectations for Full Year

First nine months 2022:

Sales of EUR 668.7 million, up 16.2% from the previous year Operating result (EBIT) of EUR 94.0 million, up 27.0% year-on-year EBIT margin improved by 1.2 percentage points to 14.1% Order intake of EUR 866.5 million, up 25.4% and order backlog of EUR 514.0 million at the end of September 2022

Asslar, November 3, 2022. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced consolidated results for the first nine months of 2022. With sales of EUR 668.7 million, the Company reached the strongest nine-months performance ever, representing an increase of 16.2% compared to the previous year (9M 2021: EUR 575.3 million). The operating result (EBIT) totaled EUR 94.0 million, a growth of 27.0% (9M 2021: EUR 74.0 million), leading to a significantly improved EBIT margin of 14.1% (9M 2021: 12.9%). The order intake for the first nine months of 2022 was also at a record level with EUR 866.5 million, a strong increase of 25.4% compared to the previous year (9M 2021: EUR 690.8 million). In addition, the order backlog reached EUR 514.0 million by the end of September 2022 –  also representing a record level for the Company (December 31, 2021: EUR 316.2 million).

Pfeiffer Vacuum’s sales increase for the first nine months of 2022 reflects a strong year-over-year performance and demand in all market segments with the Semiconductor market remaining particularly dynamic. Sales in the Semiconductor and Emerging Technologies market segment increased significantly by 17.1% to EUR 343.6 million (9M 2021: EUR 293.4 million). Sales in the Analytics, Industry and R&D market segment improved by 15.3% to EUR 325.1 million (9M 2021: EUR 281.9 million), with strong demand in industrial high vacuum. 

The operating result (EBIT) of EUR 94.0 million represents an increase by 27.0% compared to the previous year (9M 2021: EUR 74.0 million). The EBIT margin reached 14.1% (9M 2021: 12.9%). The year-over-year increase in EBIT was primarily a result of the increase in sales and related scale economies as well as tighter cost management, partially offset by additional personnel costs, increased costs to manage the supply chain and investments to drive medium and long-term growth. 

The order intake in the first nine months of 2022 reached EUR 866.5 million, up 25.4% compared to the first nine months of 2021, and remained robust in the third quarter 2022. At the end of the third quarter 2022, Pfeiffer Vacuum had an order backlog of EUR 514.0 million, up 62.6% compared to the previous year (December 31, 2021: EUR 316.2 million). The book-to-bill ratio, the ratio of order intake to sales, was at a very robust level of 1.30 in the nine months of 2022 (2021: 1.20) and 1.25 for the third quarter 2022 (2021: 1.30).

“We are very pleased with the performance of Pfeiffer Vacuum over the course of the year 2022. The strong order intake reflects the confidence of our customers in our products, services and support,” says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG, and continues: “Currently, supply chain conditions are slightly improving, and our semiconductor customers are evaluating their investment timing during a period of demand slow-down. We will continue to manage through changing market conditions by focusing on our customers, while executing our strategy of driving growth and sustainability in the fast growing high-vacuum market.”

Overview of key figures: 

    9M/2022 9M/2021 Change           Sales   € 668.7 million € 575.3 million 16.2% EBIT   € 94.0 million € 74.0 million 27.0% Net income   € 66.6 million € 52.1 million 27.8% Earnings per share   € 6.75 € 5.28 27.8% Order intake   € 866.5 million € 690.8 million 25.4%                         Q3/2022 Q3/2021 Change           Sales   € 228.1 million € 184.1 million 23.9% EBIT   € 33.9 million € 25.9 million 31.1% Net income   € 24.0 million € 18.3 million 31.6% Earnings per share   € 2.43 € 1.85 31.4% Order intake   € 286.0 million € 239.2 million 19.6% Order backlog   € 514.0 million € 238.8 million 115.2%

In sales by region, which describes sales according to the location of the customers in their corresponding region, robust consumer demand and investments in semiconductor capacity drove expansion in all regions. In Asia, Pfeiffer Vacuum achieved a year-over-year increase in sales by 6.6% to EUR 258.5 million for the first nine months of 2022 (9M 2021: EUR 242.5 million) and sales in the Americas increased by 36.8% to EUR 199.1 million (9M 2021: EUR 145.5 million). The foreign exchange movement of the US-Dollar to Euro positively impacted particularly the Americas’ results. Europe showed an increase of 12.8% to EUR 211.0 million (9M 2021: EUR 187.4 million).

The gross profit for the first nine months of 2022 was EUR 243.6 million (9M 2021: EUR 203.5 million). The year-over-year increase is primarily due to positive economies of scale related to sales increases and efficiencies, partially offset by higher procurement and freight expenses.

The net income increased to EUR 66.6 million (9M 2021: EUR 52.1 million), representing earnings per share of EUR 6.75 (9M 2021: EUR 5.28).

Solid balance sheet and increased capital expenditure

Total assets at the end of the third quarter 2022 were EUR 825.6 million, up 16.6% from year-end 2021 (December 31, 2021: EUR 707.9 million). Cash and cash equivalents were EUR 71.4 million (December 31, 2021: EUR 99.4 million). 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 80.1 million to EUR 242.3 million (December 31, 2021: EUR 162.2 million). The equity ratio remained at a solid level of 63.5% (December 31, 2021: 64.9%). Capital expenditure in the first nine months 2022 increased significantly to EUR 52.4 million and was mainly used for equipment and building out the global production capacity (9M 2021: EUR 22.6 million).

Strong 2022 fiscal year results expected

Based on the record sales results for the first nine months of 2022 and strong order intake, Pfeiffer Vacuum raised the sales guidance for the full year 2022 on October 17, 2022. The Company now expects annual sales to reach another record level in a range between EUR 860 to 880 million, representing a year-over-year sales growth of approximately 11 to 14% (fiscal year 2021: EUR 771.4 million; previous expectations for 2022 was year-over-year sales growth of 5% or more). The EBIT margin is expected to remain unchanged from previous expectations at around 14% for the full year 2022 (fiscal year 2021: 12.1%). A potential negative impact from US trade restrictions in relation to advanced computing chips as well as equipment to manufacture advanced semiconductors for China cannot be predicted and therefore is not reflected in the guidance.

The Pfeiffer Vacuum nine-month financial report 2022 is available for download at group.pfeiffer-vacuum.com/financial-reports.

 

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

 

Consolidated Statements of Income (unaudited)                                          Three months ended September 30,   Nine months ended
September 30,     2022   2021   2022   2021                       in K€   in K€   in K€   in K€ Net sales   228,076   184,099   668,689   575,255 Cost of sales   -142,526   -116,739   -425,045   -371,708 Gross profit   85,550   67,360   243,644   203,547                   Selling and marketing expenses   -23,226   -19,878   -68,447   -59,392 General and administrative expenses   -19,661   -14,242   -56,891   -47,972 Research and development expenses    -8,958   -8,362   -26,801   -25,888 Other operating income   4,837   2,509   12,593   8,722 Other operating expenses   -4,657   -1,531   -10,144   -5,049 Operating profit   33,885   25,856   93,954   73,968                   Financial expenses   -182   -222   -415   -668 Financial income   95   74   238   127 Earnings before taxes   33,798   25,708   93,777   73,427                   Income taxes   -9,780   -7,456   -27,174   -21,294                   Net income   24,018   18,252   66,603   52,133                   Earnings per share (in €):                 Basic   2.43   1.85   6.75   5.28 Diluted   2.43   1.85   6.75   5.28                                      

 

Consolidated Balance Sheets (unaudited)                                 September 30,
2022   December 31, 2021     in K€   in K€ Assets         Intangible assets     103,283   91,524 Property, plant and equipment   208,445   175,952 Investment properties   334   352 Other financial assets   3,136   2,502 Contract assets   247   - Other assets   520   791 Deferred tax assets   22,206   28,650 Total non-current assets   338,171   299,771           Inventories   242,312   162,178 Trade accounts receivable   137,732   119,587 Contract assets   4,807   1,392 Income tax receivables   3,930   4,796 Prepaid expenses   11,453   4,689 Other financial assets   2,976   168 Other accounts receivable   12,793   15,924 Cash and cash equivalents   71,385   99,371 Total current assets   487,388   408,105           Total assets   825,559   707,876           Shareholders’ equity and liabilities         Share capital   25,261   25,261 Additional paid-in capital   96,245   96,245 Retained earnings   396,350   370,007 Other equity components   6,237   -32,137 Equity of Pfeiffer Vacuum Technology AG shareholders   524,093   459,376           Financial liabilities   8,056   13,876 Provisions for pensions   39,672   60,502 Deferred tax liabilities   5,863   4,437 Contract liabilities   1,436   1,321 Total non-current liabilities   55,027   80,136           Trade accounts payable   79,842   58,046 Contract liabilities   20,112   13,343 Other accounts payable   29,608   27,742 Provisions   53,102   48,181 Income tax liabilities   14,211   16,773 Financial liabilities   49,564   4,279 Total current liabilities   246,439   168,364           Total shareholders’ equity and liabilities   825,559   707,876            
 
  Consolidated Statements of Cash Flows (unaudited)                                       Nine months ended
September 30,       2022   2021                   in K€   in K€   Cash flow from operating activities:           Net income   66,603   52,133   Depreciation/amortization   22,417   18,821   Other non-cash income/expenses   4,891   4,152   Effects of changes of assets and liabilities:              Inventories   -75,860   -16,970      Receivables and other assets   -21,065   -43,014      Provisions, including pensions, and income tax liabilities   3,487   22,247      Payables, other liabilities   28,826   35,871   Net cash provided by operating activities   29,299   73,240               Cash flow from investing activities:           Capital expenditures   -52,392   -22,622   Proceeds from disposals of fixed assets   214   252   Net cash used in investing activities   -52,178   -22,370               Cash flow from financing activities:           Proceeds from increase of financial liabilities   40,000   -   Dividend payment   -40,260   -15,788   Principal elements of lease payments   -4,026   -4,165   Redemption of financial liabilities   -   -20,062   Net cash provided by/used in financing activities   -4,286   -40,015               Effects of foreign exchange rate changes on cash and cash equivalents   -821   561               Net changes in cash and cash equivalents   -27,986   11,416               Cash and cash equivalents at beginning of period   93,371   122,883               Cash and cash equivalents at end of period   71,385   134,299