Pfeiffer Vacuum Reports H1 2021 Results

Pfeiffer Vacuum Technology AG reported a record sales level of EUR 391.2 million, an increase of 29.6% compared to the previous year (H1 2020: EUR 301.9 million). The operating results (EBIT) reached EUR 48.1 million, an increase of 146.1% (H1 2020: EUR 19.5 million) representing a significantly improved EBIT margin of 12.3% (H1 2020: 6.5%).
Pfeiffer Vacuum Reports H1 2021 Results

Image source: Pfeiffer Vacuum Technology AG

The order intake for the first half of 2021 was also at a record level with EUR 451.6 million, a strong increase of 42.6% compared to the previous year (H1 2020: EUR 316.6 million).

Pfeiffer Vacuum’s sales increase for the first six months of 2021 reflects strong year-over-year performance in all market segments with the Semiconductor market remaining particularly dynamic. Sales in the Semiconductor and Emerging Technologies market segment increased significantly by 40.7% to EUR 206.6 million (H1 2020: EUR 146.9 million). The sales in the Analytics, Industry and R&D market segment improved by 19.1% to EUR 184.5 million (H1 2020: EUR 155.0 million). Following a new market segmentation introduced at the beginning of 2021, the previous year's figures have been adjusted for better comparability.

The operating result (EBIT) of EUR 48.1 million represents an increase by 146.1% compared to the previous year (H1 2020: EUR 19.5 million). The EBIT margin reached 12.3% (H1 2020: 6.5%). The year-over-year increase in EBIT was primarily a result of the increase in sales and related scale economies.

The order intake in the first half of 2021 reached EUR 451.6 million, up 42.6% compared to the first half of 2020. At the end of the second quarter 2021, Pfeiffer Vacuum had an order backlog of EUR 183.7 million, up 46.5% compared to the previous year and up 49.0% compared to year-end 2020 (June 30, 2020: EUR 125.4 million, December 31, 2020: EUR 123.3 million). The book-to-bill ratio, the ratio of order intake to sales, was at a robust level of 1.15 in the first half of 2021.

“I am very pleased with our strong half-year results amidst the ongoing pandemic,” says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. “Our production and support functions performed very well as we delivered a second consecutive quarter of record sales while maintaining a stable supply chain. The market demand remains at a high level, so we will have to continue to effectively manage tension in the supply chain and customer demand fluctuations related to the timing of projects.”

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. All our market segments benefit from the development of new technologies that are supporting megatrends in the market, including consumer electronics, green energy, medical and pharmaceutical innovation. In addition, our customers pursue efficiencies in their production processes. In Asia, Pfeiffer Vacuum achieved a year-over-year increase in sales by 47.6% to EUR 160.2 million for the first half of 2021 (H1 2020: EUR 108.6 million) and sales in the Americas increased by 22.0% to EUR 103.1 million (H1 2020 EUR 84.5 million). Foreign exchange impacts adversely affected sales particularly in this region. Europe showed an increase of 17.4% to EUR 127.6 million (H1 2020: EUR 108.7 million).

The gross profit for the first half of 2021 was EUR 136.2 million (H1 2020: EUR 102.6 million). The year-over-year increase is primarily due to positive economies of scale related to sales increases.

Net income increased to EUR 33.9 million (H1 2020: EUR 13.5 million), representing earnings per share of EUR 3.43 (H1 2020: EUR 1.37).

Solid Balance sheet and cash-flow
Total assets at the end of the second quarter 2021 were EUR 716.9 million, up 8.3% from year-end 2020 (December 31, 2020: EUR 661.8 million). Cash and cash equivalents were EUR 123.6 million (December 31, 2020: EUR 122.9 million) and remained stable. During the second quarter of 2021, an annual divided of EUR 15.8 million was paid out and financial liabilities of EUR 10.0
million were redeemed. The Company continues to be net debt free from a financial liability perspective. The equity ratio remained at a solid level of 58.5%, slightly below year-end 2020 (December 31, 2020: 59.2%).

Strong 2021 fiscal year results expected
Based on the record sales results for the first half 2021 and the record order intake, Pfeiffer Vacuum has raised its guidance for the full fiscal year 2021. The Company expects annual sales to reach another record level of EUR 710 million to EUR 730 million (fiscal year 2020: EUR 619 million). The EBIT margin is expected to significantly improve in 2021 to between 12.0% and 13.0% of sales (fiscal year 2020: 7.3%).

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