Information  X 
Enter a valid email address

Pfeiffer Vacuum Technology AG (0FQR)

  Print   

Wednesday 25 March, 2009

Pfeiffer Vacuum Technology AG

Ad hoc: Pfeiffer Vacuum Technology AG: Best res...



Pfeiffer Vacuum Technology AG / Annual accounts / Ad hoc: Best 
results in the company's history. Dividend again raised.
  
Ad hoc announcement according to §15 WpHG processed and transmitted 
by Hugin. The issuer is solely responsible for the content of this 
announcement.     
   
----------------------------------------------------------------------
--------------




Pfeiffer Vacuum, one of the leading manufacturers of high-quality
vacuum pumps, measurement equipment and complete vacuum systems,
announces its full, audited results for the 2008 fiscal year, which
surpassed expectations. With a proposed dividend of ¤ 3.35 per share
and a dividend yield of 7.1 percent, Pfeiffer Vacuum is the
highest-dividend issue in the TecDAX.

Highlights at a glance:


+-------------------------------------------------------------------+
|                         | 2008         | 2007         | Change    |
|-------------------------+--------------+--------------+-----------|
| Sales                   | Euro 198.1   | Euro 192.0   | + 3.1 %   |
|                         | million      | million      |           |
|-------------------------+--------------+--------------+-----------|
| Operating profit (EBIT) | Euro   51.5  | Euro   52.8  | - 2.6 %   |
|                         | million      | million      |           |
|-------------------------+--------------+--------------+-----------|
| Net income              | Euro   38.0  | Euro   37.3  | + 2.1 %   |
|                         | million      | million      |           |
|-------------------------+--------------+--------------+-----------|
| Earnings per share      | Euro  4.36   | Euro  4.19   | + 4.1 %   |
|-------------------------+--------------+--------------+-----------|
| Dividend                | Euro  3.35   | Euro  3.15   | + 6.3 %   |
|-------------------------+--------------+--------------+-----------|
| New orders              | Euro 225.3   | Euro 200.2   | + 12.5 %  |
|                         | million      | million      |           |
|-------------------------+--------------+--------------+-----------|
| Orders on hand          | Euro   61.0  | Euro   33.8  |  + 80.5 % |
|                         | million      | million      |           |
+-------------------------------------------------------------------+


*Subject to approval by the Annual Shareholders Meeting

Sales revenues rose by 3.1 percent in fiscal 2008, from ¤ 192.0
million to ¤ 198.1 million, with customers in the analytical industry
accounting for around one quarter of this total. Sales revenues in
this market segment were up by 5.4 percent from ¤ 47.9 to ¤ 50.5
million. Manufacturers of analytical equipment in the United States,
the United Kingdom, Japan and Germany rely upon the dependability and
performance of products from Pfeiffer Vacuum.

It was also possible to increase sales in the heterogeneous
Industrial Applications market segment, by 4.1 percent from ¤ 44.7 to
¤ 46.5 million. Large pumping stations for steel degassing are an
important element in the production of high-quality stainless steep
products that are free of air inclusions. During the year under
review, pumping stations and leak detection systems were also
supplied for solar thermal systems in Spain and New Mexico (U.S.A.).
Moreover, pumps for electron beam welding systems that are used in
joining modern materials and for metallurgical furnaces also
contributed to this sales growth.

In the Coating market segment, sales revenues advanced sharply by
15.4 percent, from ¤ 39.3 to ¤ 45.4 million, fuelled especially by
growth in the solar industry. In addition to completing the first
major contract for systems used in the fabrication of thin layer
solar cells and commencement of work on the follow-on order for
Q-Cells subsidiary Solibro, numerous orders for pumps and measurement
equipment were also delivered to prominent manufacturers of
photovoltaic systems. The solar sector continues to be the largest
sales driver in the market segment of Coating. In fiscal 2008, this
segment accounted for around 12.5 percent of total sales revenues
(2007: 9.0 percent). However orders in the Coating segment also came
from the fields of optical coating, film coating and wear protection.

The Research & Development segment saw a moderate 2.1-percent decline
in revenues from ¤ 32.2 to ¤ 31.6 million, attributable first and
foremost to lower government investments in research and development
projects.

In the generally weak Semiconductor market, sales revenues decreased
by 22.9 percent, from ¤ 20.1 to ¤ 15.5 million. In fiscal 2008, this
segment accounted for 7.9 percent of total sales revenues, as opposed
to 10.5 percent the year before. This industry's price deterioration
and crumbling revenues also left their mark on Pfeiffer Vacuum.
Moreover, many customers in this market segment additionally
manufacture in the United States, adding negative foreign exchange
parity effects to the generally weak development here.

Sales revenues in the Chemical and Process Technology market segment
rose at an above-average pace of 11.1 percent, from ¤ 7.7 to ¤ 8.5
million. Contributing to this sales growth were gas-cooled Roots
pumping stations for plastics production, along with pumps and
measurement equipment for accelerators that are used in cancer
therapy.

In spite of a negative exchange rate parity effect of ¤ 4.1 million,
gross profit (EBIT) stood at ¤ 51.5 million, down only moderately
from the previous year's level of ¤ 52.8 million. The outstanding
EBIT margin of 26.0 percent is squarely within the company's forecast
target corridor.

One of the factors that had a positive impact on the financial result
consisted of exchange rate gains. This line item, in combination with
a more favorable tax ratio of 29.7 percent, as opposed to 37.2
percent the year before, led to the highest after-tax income in the
company's history of ¤ 38.0 million (2007: ¤ 37.3 million).

New orders in fiscal 2008 totaled ¤ 225.3 million, up 12.5 percent
from the previous year's level of ¤ 200.2 million. The book-to-bill
ratio - the quotient between new orders and sales revenues - stood at
an outstanding 1.14 as of December 31, 2008 (2007: 1.04). This means
that the level of new orders was significantly higher than sales
revenues during the year under review, reflecting the company's
strong market position.

Capital expenditures for machinery, IT equipment and buildings
increased by nearly 57 percent to ¤ 10.5 million in fiscal 2008, as
opposed to ¤ 6.7 million the year before. Expenditures for
construction of the Logistics Center and for renovation of the
backing pump manufacturing operation accounted for a major share of
this total.

Chief Executive Officer Manfred Bender had this to say about the
numbers: "With a 19.2-percent return on sales, we number among the
most profitable companies in Germany and need not fear any comparison
worldwide.

"We have made considerable capital investments and have further
capital spending planned for 2009 in order to continue to maintain
our position of leadership in the future.

"We will propose to the Annual Shareholders Meeting that a dividend
in the amount of ¤ 3.35 per share be distributed. This represents a
more than 6-percent rise over the year before and a distribution
ratio of around 75 percent. We are proud that, with this dividend
proposal, we are in a position to offer our shareholders a steadily
rising dividend, even in the face of a difficult general economic
environment.

"As expected, the level of new orders declined moderately in all
regions and industries in January and February 2009. However we are
engaged in intensive talks with our customers about new products and
development projects that are taking shape with the aid of our vacuum
technology. We expect to begin to see orders stemming from these
projects in the second half of the year. However due to the
low visibility of our orders, as in the years before it is not yet
possible for us to make any clear indication regarding our full-year
sales revenues or the development of
our profitability. As customary, we will issue our first guidance at
our Annual Share-holders Meeting, which will be conducted on May 26
this year."

For full press release including financial tables please see our
website www.pfeiffer-vacuum.net.


Contact:
Pfeiffer Vacuum Technology AG
Investor Relations

Gudrun                                                       Geissler
                                                        Dr.  Brigitte
Looss
Phone +49 (0) 6441 802 314                                   +49  (0)
6441 802 346
Fax +49  (0) 6441  802  365                                       +49
(0) 6441 802 365
E-Mail          [email protected]
[email protected]


 
--- End of Message  ---

Pfeiffer Vacuum Technology AG
Berliner Strasse 43 Asslar 
Germany

WKN: 691660; ISIN: DE0006916604; Index: TecDAX, CDAX, HDAX, MIDCAP, 
Prime All Share, TECH All Share;
Listed: Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in 
Börse Berlin, 
Freiverkehr in Bayerische Börse München, Freiverkehr in Börse 
Düsseldorf, 
Freiverkehr in Börse Stuttgart, Freiverkehr in Hanseatische 
Wertpapierbörse zu Hamburg, 
Freiverkehr in Niedersächsische Börse zu Hannover, Open Market in 
Frankfurter Wertpapierbörse, 
Regulierter Markt in Frankfurter Wertpapierbörse;




                                                                                                                                                                                                          

a d v e r t i s e m e n t