Pfeiffer Vacuum Announces Full Year Results for 2011
Total sales revenues for 2011, which were previously announced as preliminary and have meanwhile been audited, stand at € 519.5 million. This is an increase of 135.6 percent (previous year: € 220.5 million).
The first-time inclusion of sales revenues from adixen as well as favorable developments in the core business were responsible for this good result.
The earnings development progressed as expected. The initial consolidation of the new subsidiaries had a marked effect on the Consolidated Statements of Income. As a result of the high sales revenues, an operating profit of € 61.8 million (previous year: € 52.9 million) and a net income of € 41.6 million (previous year: € 38.3 million) were recorded. The Management Board and Supervisory Board propose a dividend payout of € 3.15 per share. This results, as in previous years, in a payout ratio of 75 percent.
“In the first year after a large acquisition, Pfeiffer Vacuum is highly profitable. In view of our consolidated net profit of € 41.6 million, we intend to distribute € 31.1 million, which corresponds to a dividend of € 3.15 per share (previous year: € 2.90). Our shareholders therefore benefit from the Company’s new direction right from the start“, comments Pfeiffer Vacuum CEO, Manfred Bender, the results. Bender continues, “In future, Pfeiffer Vacuum will contribute even more actively to industrial trends, such as increasing digitalization and growing environmental awareness. Together with adixen, we provide perfect solutions which make numerous technological developments possible in the first place”.
Increased sales revenues recorded in 2011 in all regions were largely the result of the first-time inclusion of adixen, but were also due to growth in core business. In Europe sales increased by 80.1 percent to € 229.9 million (previous year: €127.7 million). Sales in Asia rose by 408.5 percent to € 189.8 million (previous year: € 37.3 million). The increase in the Americas was 80.4 percent to € 98.7 million (previous year: € 54.8 million).
Variations in sales by products were also clearly impacted by the acquisition of adixen. Sales of backing pumps grew in 2011 by 538.4 percent to € 183.0 million (previous year: € 28.7 million). Sales of turbopumps rose by 56.2 percent to € 144.3 million (previous year: € 92.4 million). A rise of 61.0 percent was recorded in the instruments and components market segment with sales of € 111.3 million (previous year: € 69.2 million). Service revenues rose 213.2 percent to € 72.5 million (previous year: € 23.1 million). Only sales in the systems business proved relatively steady with a growth of 17.7 percent, achieving € 8.4 million (previous year: € 7.1 million).
Sales distribution by markets also reflected the specific areas of use of adixen products. Business with semiconductor customers, for instance, rose by 636.9 percent to € 175.4 million (previous year: € 23.8 million). In the heterogeneous industry market, sales increased by 101.3 percent to € 117.5 million (previous year: € 58.4 million). Sales in the analytical industry segment rose by 28.4 percent to € 81.3 million (previous year: € 63.3 million).
A similar rate of growth occurred in the research and development market segment with 28.5 percent, reaching € 55.1 million (previous year: € 42.9 million).
Gross profit rose by 62.6 percent in 2011 to €167.4 million (previous year: € 102.9 million), corresponding to a gross profit margin of 32.2 percent (previous year: 46.7 percent). There was an increase in the operating profit of 16.8 percent to € 61.8 million (previous year: € 52.9 million). This corresponds to an operating profit margin of 11.9 percent (previous year: 24.0 percent). Almost all items of the Consolidated Statements of Income in 2011 are influenced by effects following the adixen acquisition. In the context of the purchase price allocation, the assets and liabilities of the adixen business units were revaluated with their fair value. The resulting higher values established for the assets acquired led to a rise in the depreciation and amortization base and so also in annual depreciation and amortization.
With a negative financial result of € -2.3 million (previous year: € 1.6 million) and a higher tax rate of 30.1 percent compared to the previous year (previous year: 29.7 percent), the net income amounted to € 41.6 million. With an increase of 8.5 percent, this is the highest net income ever achieved in the history of Pfeiffer Vacuum (previous year: € 38.3 million). Earnings per share totaled € 4.19 (previous year: € 4.40). This 4.8 percent decrease is exclusively the result of a higher average number of shares outstanding in 2011 compared to 2010.
The cash position of Pfeiffer Vacuum was € 108.3 million as at December 31, 2011, representing an increase rate of 27.4 percent (previous year: € 85.0 million). The balance sheet total as at the end of the past fiscal year was € 476.8 million (previous year: € 498.9 million). The equity ratio rose to 59.0 percent (previous year: 54.0 percent).
Source: Pfeiffer Vacuum GmbH