Pfeiffer Vacuum Reports on Successful Financial Year 2016 and Expects Strong First Half 2017
Pfeiffer Vacuum announced preliminary figures for FY 2016. According to unaudited figures, sales amounted to € 474.2 million, an increase of 5.0 percent over the previous year (€ 451.5 million) and surpassing its sales guidance of € 470 million, concluding one of most successful years in the company’s history.
EBIT increased by 12 percent to € 68.0 million (prior year: € 60.8 million), taking the EBIT margin to 14.3 percent (prior year: 13.5 percent). Pfeiffer Vacuum s order intake for FY 2016 amounted to € 481.9 million (prior year: € 456.9 million), and the company’s book-to-bill ratio, the ratio of order intake to sales, was 1.02 in 2016 (prior year: 1.01). Year-end FY 2016 order backlog amounted to € 72.3 million (prior year: € 64.7 million).
Manfred Bender, CEO of Pfeiffer Vacuum Technology AG, commented: "Strong incoming orders at the end of the year transformed 2016 into a very good year. We are also highly satisfied with the start of the 2017 fiscal year. We expect the positive trend of the past months to continue at least for the first six months of 2017."
Pfeiffer Vacuum recently expanded its investment portfolio with two acquisitions, including the purchase of 100 percent of Dresden-based Dreebit GmbH, of which it previously owned 24.9 percent. Pfeiffer Vacuum will continue focusing on service, a growth segment currently accounting for roughly 22 percent of group sales and increasingly becoming an important selling point for Pfeiffer Vacuum s customers. Dreebit is renowned for its high process and service quality and set to form a key component of Pfeiffer Vacuum s future service strategy. Pfeiffer Vacuum also acquired 100 percent of ATC Inc. which is based in Indianapolis, USA, in order to further expand its legacy leak detection product portfolio. With access to alternative technologies and new applications, Pfeiffer Vacuum is set to become the market leader in the field of non-destructive testing, a highly attractive and high-margin business even prior to potential synergies generated in the course of further expansion.
Pending a detailed review of the offer document published on February 13, 2017, by the Busch Group and the issuance of a reasoned opinion, the Management Board of Pfeiffer Vacuum Technology AG has made an initial assessment.
The Management Board of Pfeiffer Vacuum understands the Busch Group as intending to actively control and possibly integrate Pfeiffer Vacuum without offering a customary control premium. In addition, the offer does not reflect the growth potential in the vacuum industry, which the Busch Group itself had previously identified. As such, the Management Board considers the offer as inadequate. As of today, the Management Board therefore cannot recommend the acceptance of the offer to its shareholders. The Board is currently reviewing other options to ensure that Pfeiffer Vacuum shareholders can appropriately participate in the long-term development of the company.
The Management Board of Pfeiffer Vacuum understands the Busch Group as intending to actively control and possibly integrate Pfeiffer Vacuum without offering a customary control premium. In addition, the offer does not reflect the growth potential in the vacuum industry, which the Busch Group itself had previously identified. As such, the Management Board considers the offer as inadequate. As of today, the Management Board therefore cannot recommend the acceptance of the offer to its shareholders. The Board is currently reviewing other options to ensure that Pfeiffer Vacuum shareholders can appropriately participate in the long-term development of the company.
The complete audited results will be announced by the company on the day of the financial press conference, March 23, 2017.
Source: Pfeiffer Vacuum GmbH
