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Pfeiffer Vacuum Technology AG (0FQR)

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Tuesday 23 March, 2010

Pfeiffer Vacuum Technology AG

Pfeiffer Vacuum announces results for the full ...




Pfeiffer Vacuum Technology AG / Pfeiffer Vacuum announces results for the full 2009 fiscal year processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement. 

·        Excellent profitability in spite of economic crisis

·        Proposed dividend: High distribution ratio maintained

·        Core business well on its way in 2010





Asslar, Germany, March 23. 2010. As already announced in the form of preliminary
results, Pfeiffer Vacuum's now audited sales revenues totaled € 182.0 million in
fiscal 2009. The company's good, above-average development by comparison with
the crisis-plagued industry environment has prompted the Management and
Supervisory Boards to propose that the high dividend distribution ratio of
previous years, amounting to around 75 percent of consolidated net income, be
maintained. This will result in a proposed dividend of € 2.45 per share.



Highlights at a glance:



+--------------------------+-----------------+-----------------+----------+
|                          | 2009            | 2008            | Change   |
+--------------------------+-----------------+-----------------+----------+
| Sales revenues           | € 182.0 million | € 198.1 million | - 8.1 %  |
+--------------------------+-----------------+-----------------+----------+
| Operating profit (EBIT)* | € 37.8 million  | € 52.9 million  | - 28.6 % |
+--------------------------+-----------------+-----------------+----------+
| Net income               | € 27.7 million  | € 38.0 million  | - 27.2 % |
+--------------------------+-----------------+-----------------+----------+
| Earnings per share       | € 3.24          | € 4.36          | - 25.7 % |
+--------------------------+-----------------+-----------------+----------+
| Dividend per share       | € 2.45**        | € 3.35          | - 26.9 % |
+--------------------------+-----------------+-----------------+----------+
| New orders               | € 161.2 million | € 225.3 million | - 28.5 % |
+--------------------------+-----------------+-----------------+----------+
| Orders on hand           | € 40.2 million  |  € 61.0 million | - 34.1 % |
+--------------------------+-----------------+-----------------+----------+


* Effective 2009, including gain/loss on currency conversion; 2008 numbers have
been appropriately adjusted.

** Subject to approval by the Annual Shareholders Meeting.



Sales revenues in Germany for fiscal 2009 saw only little change from the
previous year's regional sales mix; at € 69.1 million, sales revenues were down
by 0.4 percent from € 69.3 million the year before. Sales revenues from a major
contract from the solar industry largely compensated for sales declines in the
company's core business stemming from the economic crisis. In the other
countries of Europe, sales revenues of € 49.0 million were 16.6 percent lower
than in the previous year (2008: € 58.7 million). In a market that was
characterized by inconsistencies, sales declines in the Netherlands, first and
foremost, as well as unfavorable exchange rates for the pound sterling and the
Swedish kroner, outweighed sales growth in individual markets. Below-average
overall economic development in the United States - especially weak demand from
the semiconductor industry, in particular - led to an 8.6-percent decline in
sales, from € 40.8 million in 2008 to € 37.2 million in 2009. Pfeiffer Vacuum
posted positive development in China, Korea, Brazil and Argentina. On the other
hand, it was not possible to compensate for sales shortfalls in Japan due to the
generally weak market environment there. Sales revenues in Asia and the rest of
the world thus declined by 8.7 percent overall, from € 29.3 million in 2008 to €
26.7 million in 2009.



In terms of the sales mix by markets, the Coating segment saw revenue growth of
4.3 percent, from € 45.4 million in 2008 to € 47.3 million in 2009, stemming
from the major contact from the solar industry. Sales revenues in the Analytical
market segment declined by 10.7 percent to € 45.1 million (2008: € 50.5
million). In the heterogeneous market segment of Industrial Applications, the
tense overall economic situation touched off a 21.7-percent decline in sales
revenues, from € 46.5 million in 2008 to € 36.4 million for the year under
review. The Research & Development segment, on the other hand recorded sales
growth of 10.5 percent to € 34.9 million, by comparison with € 31.6 million the
year before. This development was attributable to higher public-sector capital
investments in connection with the institution of various international economic
stimulus programs. Pfeiffer Vacuum's significantly lower dependence upon the
semiconductor segment by comparison with the competition paid off especially in
fiscal 2009. While the company did have to sustain a sharp 30.9-percent revenue
slump here, it came from a low baseline, declining from € 15.5 million in 2008
to € 10.7 million in fiscal 2009. Sales revenues in the Chemical and Process
Technology segment decreased by 8.1 percent from € 8.6 million the year before
to € 7.6 million.



Due to economies of scale resulting from the development of sales revenues,
additional costs in conjunction with the reorganization of turbopump production
operations, as well as effects stemming from the product mix, gross margin
decreased by 3.3 percentage points in fiscal 2009 to 43.0 percent, as opposed to
46.3 percent the year before. Consequently, gross profit totaled € 78.3 million
for the year under review, i.e. 14.6 percent lower than the year before (2008: €
91.7 million). Essentially as a result of this development, operating profit
declined by 28.6 percent, from € 52.9 million in 2008 to € 37.8 million in
fiscal 2009. The EBIT margin of 20.8 percent continues to remain at a high
level; this is extremely noteworthy in view of the serious damage that was
caused in the industrial environment by the worst economic crisis to hit the
Federal Republic of Germany since its founding.



With only immaterial changes in financial income/expenses in terms of absolute
values and a tax ratio of 27.9 percent, which was lower than the year before
(2008: 29.7 percent), net income totaled € 27.7 million. This represents a
decline of 27.2 percent from the previous year's level of € 38.0 million.
Earnings per share stood at € 3.24 (2008: € 4 .36).



As at December 31, 2009, Pfeiffer Vacuum's cash and cash equivalents totaled €
62.0 million, down 9.3 percent from € 68.3 million the year before. This was
attributable to considerable capital investments in the production location and
from the high dividend payment. Equity capital rose by € 0.5 million in fiscal
2009 to € 138.3 million (December 31, 2008: € 137.8 million). On the heels of an
equity ratio of 81.0 percent the year before, which was already above average,
this metric again improved during the year under review to total 87.0 percent as
at December 31, 2009.



Pfeiffer Vacuum Chief Executive Officer Manfred Bender commented as follows:
"Pfeiffer Vacuum continues to be strongly aligned; in addition to offering
first-class products, the company's finances are also enormously fit. We
utilized the past year to modernize our turbopump production operations. At the
same time, we also broadened our product line through the acquisition of Trinos
Vakuum-Systeme. It now remains to be seen how swiftly the economy will recover
worldwide. A variety of new technologies, such as OLED in the semiconductor
market, research projects on new energies and particle accelerators as well as
innovative analytical methods in the Analytical industry, will bring with them
new fields of application for our vacuum products. And, following a phase of
market consolidation, a positive trend can again be seen in the solar sector.
Manfred Bender added: "The new orders that we received during the first two
months of fiscal 2010 give us reason to be confident that our core business is
well on its way."





Please finde the complete press release including balance sheet, income and cash
flow statements at www.Pfeiffer-Vacuum.net



Contact:

Pfeiffer Vacuum Technology AG

Investor Relations

Dr. Brigitte Loos

Tel. +49 (0) 6441 802 346

Fax +49 (0) 6441 802 365

E-Mail                                          [email protected]
<mailto:[email protected]>




About Pfeiffer Vacuum
Pfeiffer Vacuum (Stock Exchange Symbol PFV, ISIN DE0006916604) is one of the
world's leading manufacturers of components and systems for vacuum generation,
measurement and analysis. Ever since the invention of the turbomolecular pump by
Pfeiffer Vacuum, the company has stood for innovative solutions and
high-technology products that are used in the analytical segment, in research
and development, environmental technology, chemistry, semiconductor production
and coating technology, as well as in the automotive industry and any number of
further sectors. Founded in 1890, Pfeiffer Vacuum is today together with Trinos
Vakuum-Systeme active throughout the world with a workforce of some 870 people
as well as 14 subsidiaries and over 20 agencies. Further information is
available at www.pfeiffer-vacuum.net <

http://www.pfeiffer-vacuum.net/>









[HUG#1396401]



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Pfeiffer Vacuum Technology AG
Berliner Strasse 43 Asslar Germany

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




  



                                                                                            

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