Pfeiffer Vacuum Announces Results for the First Nine Months of 2011
As expected, Pfeiffer Vacuum s sales revenues developed very well during the first nine months of 2011. The significant increase of 155.8 percent over the previous year is not only due to the acquisition of former competitor adixen. The core business also considerably improved with an increase of a good 13 percent.
In Europe, sales increased to € 180.8 million in the first nine months of 2011 (previous year: 92.1 million). In Asia, sales more than quintupled to € 148.8 million (previous year: € 26.1 million). In the Americas, sales increased by 92.6 percent to € 74.9 million (previous year: € 38.9 million).
The strongest product by adixen, the company purchased at the end of the previous year, are the so-called dry backing pumps. These ideally complemented the Pfeiffer Vacuum product portfolio. As a result of the acquisition as well as a very strong business development, sales for the backing pumps increased to € 148.3 million in the first nine months of 2011 (previous year: € 20.9 million). The turbopump business dominated by Pfeiffer Vacuum grew by 69.7 percent to € 111.0 million (previous year: € 65.4 million). Sales from components and instruments significantly increased by 71.1 percent to € 85.1 million (previous year: € 49.7 million). The service revenue increase measured 227.5 percent to € 55.6 million (previous year: € 17.0 million). With € 5.5 million revenues for systems remained the same as in the previous year.
The Pfeiffer Vacuum products are used in a wide variety of industry sectors. In the Semiconductor market, sales increased to € 140.7 million in the first nine months (previous year: € 17.1 million). Sales in the industry market segment also rose by 111.2 percent to € 86.7 million due to good organic growth (previous year: € 41.1 million); in the Coating market segment, sales more than tripled to € 75.9 million (previous year: € 23.8 million). In analytics, sales increased by 36.5 percent to € 62.2 million (previous year: € 45.6 million). In the market for research and development, the increase measured 29.0 percent of € 39.9 million (previous year: € 30.9 million).
The order intake in the first nine months of 2011 was € 402.9 million (previous year: € 165.3 million). This increase of 143.7 percent is strongly influenced by taking the adixen order intakes into account. However, the new orders from the previous Pfeiffer Vacuum Group also developed very well with an increase of approximately 10 percent. The book to bill ratio, the ratio of order intake to sales revenue, was at 0.99 on September 30, 2011 (previous year: 1.04). The order backlog as at the end of the period rose by 82.3 percent to € 88.6 million (previous year: € 48.6 million).
Pfeiffer Vacuum s profitability is also worth looking. Gross profit in the first nine months of 2011 totaled € 138.0 million, representing an increase of 87.0 percent (previous year: € 73.8 million). This development led to an increase in operating profit by 68.8 percent to € 62.6 million (previous year: € 37.1 million). This results in an EBIT margin of 15.4 percent (previous year: 23.4 percent). Net income was € 41.7 million (previous year: € 29.0 million). Earnings per share came out at € 4.22 in the first nine months of 2011 (previous year: € 3.39). When calculating Earnings per share, an increase in the average number of shares outstanding must be taken into account. This value increased in comparison to the previous year due to the capital increase by 10 percent and the sale of treasury shares (5.1 percent of previous share capital) in November 2010.
Manfred Bender, CEO of Pfeiffer Vacuum, is very comfortable with the results of the first nine months of 2011: "The operating profit after nine months is at € 62.6 million. Compared with the previous year, this represents an increase of almost 70 percent. This means that the new company units are already making a significantly positive earnings contribution during the integration phase." Bender continues: "Currently, we are seeing a slow-down of demand in the areas Semiconductor and Photovoltaic, while the other markets remain stable. We expect that this trend will continue until about the middle of next year. Nevertheless, in the current year 2011 we should achieve sales of about € 520 million with an operating profit margin of around 15 percent. This sales expectation is clearly above the estimation of € 500 million we made at the beginning of the year in our annual report regarding fiscal year 2011. In the medium term we see excellent chances to grow in all markets especially with new, joint products of the brands adixen, Trinos, and Pfeiffer Vacuum."
Source: Pfeiffer Vacuum GmbH
