Pfeiffer Vacuum announces results
for the full 2009 fiscal year
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:
* 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.
Contact:
Pfeiffer Vacuum Technology AG
Investor Relations
Dr. Brigitte Loos
Tel. +49 (0) 6441 802 346
Fax +49 (0) 6441 802 365
E-Mail Brigitte.Loos@pfeiffer-vacuum.de
