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Pfeiffer Vacuum Technology AG / Interim report / Ad hoc: Record volume of new orders in 3rd quarter. Dollar impacts sales and profitability. Ad hoc announcement according to §15 WpHG processed and transmitted by Hugin. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- --------------
Asslar, Germany, November 4, 2008. Pfeiffer Vacuum, a leading manufacturer of high-quality vacuum pumps, vacuum gauges, analytical equipment and complete vacuum systems, announces its 9-month results for the 2008 fiscal year.
Highlights at a glance
+-------------------------------------------------------------------+ | | 9 M 2008 | 9 M 2007 | Change | |--------------------+-----------------+-----------------+----------| | Sales | Euro 142.0 | Euro 136.7 | + 3.9 % | | | million | million | | |--------------------+-----------------+-----------------+----------| | Operating profit | Euro 35.6 | Euro 36.6 | - 2.5 % | | (EBIT) | million | million | | |--------------------+-----------------+-----------------+----------| | Net income | Euro 26.5 | Euro 25.4 | + 4.5 % | | | million | million | | |--------------------+-----------------+-----------------+----------| | Earnings per share | Euro 3.02 | Euro 2.84 | + 6.3 % | |--------------------+-----------------+-----------------+----------| | New orders | Euro 182.7 | Euro 154.6 | +18.2 % | | | million | million | | |--------------------+-----------------+-----------------+----------| | Orders on hand | Euro 74.5 | Euro 43.5 | +71.3 % | | | million | million | | +-------------------------------------------------------------------+
+-------------------------------------------------------------------+ | | Q 3 / 2008 | Q 3 / 2007 | Change | |--------------------+----------------+----------------+------------| | Sales | Euro 46.2 | Euro 46.0 | + 0.5 % | | | million | million | | |--------------------+----------------+----------------+------------| | Operating profit | Euro 10.9 | Euro 13.1 | - 16.3 % | | (EBIT) | million | million | | |--------------------+----------------+----------------+------------| | Net income | Euro 8.8 | Euro 7.6 | +16.2 % | | | million | million | | |--------------------+----------------+----------------+------------| | Earnings per share | Euro 1.01 | Euro 0.85 | +18.8% | |--------------------+----------------+----------------+------------| | New orders | Euro 79.4 | Euro 44.7 | +77.6 % | | | million | million | | +-------------------------------------------------------------------+
The 3rd quarter of 2008 was characterized by an extremely high volume of new orders, stemming from both pump and component business as well as from a major order from the solar industry for vacuum systems used in coating thin-layer solar cells. Orders came from all regions and markets, in particular from the solar and analytical markets.
Sales revenues in the 3rd quarter of 2008 were again impacted by the weakness of the dollar. While sales revenues in the United States advanced by well over 13 percent, from US$ 14.6 million to US$ 16.6 million when expressed in U.S. dollars, after translation into euros, however, the increase amounted to only 2.4 percent, from € 10.6 million to € 10.8 million. Over the course of the 9-month period, the negative foreign-exchange effect has had a € 3.7-million impact on sales revenues.
The renovation work on the production buildings and the changeover of the company's processes in connection with start-up of the new Logistics Center delayed deliveries moderately during the 3rd quarter of 2008. This therefore again increased the already high level of orders on hand at the close of the 2nd quarter of 2008 - even without the major order - and will assure predictable planning for the coming months. In spite of capacity expansion measures that have already been initiated, though, the company might possibly remain just under its sales target of at least € 202 million for the full fiscal year. However Pfeiffer Vacuum is reiterating its profitability target of an EBIT margin of between 25 and 27 percent.
Accounting for 25.1 percent of sales revenues, the company succeeded in earning an outstanding EBIT margin in the first nine months of 2008, in spite of a negative foreign-exchange effect totaling € 3.2 million and the non-recurring € 1.3-million impact stemming from the renovation work. Pfeiffer Vacuum's financial result of € 3.4 million and its favorable tax ratio of 32 percent produced net income of € 26.5 million and an 18.7-percent return on sales. Earnings per share rose by 6.3 percent, from € 2.84 to € 3.02.
In these times of financial market crisis, Pfeiffer Vacuum is proud of its sound financial numbers. The company is debt-free and was holding cash and cash equivalents totaling € 54.2 million on September 30, 2008 (December 31, 2007: € 83.4 million). Major expenditures during the first nine months of fiscal 2008 included € 27.9 million for the dividend payment to our shareholders, € 17.9 million € for the buyback of treasury stock and € 8.6 million for machinery and equipment, as well as for renovation and expansion of production buildings.
Chief Executive Officer Manfred Bender commented as follows on the numbers: "During the course of the past nine months, Pfeiffer Vacuum has succeeded in boosting its sales revenues and profitability, in spite of a difficult environment. Without the negative effect of the dollar, these increases would have been significantly more positive. We see unabated demand from all industries and regions for our high-quality vacuum products. And we anticipate being able to again further increase our sales revenues for 2009 fiscal year.
"We have since bought back somewhat more than 5 percent of our shares. In order to avoid further reducing our cash on hand, we will not be continuing this program indefinitely. We believe that, given the insecurity on the financial market, our shareholders would currently prefer for us to hold onto our money and instead be able to look forward to a high dividend next year."
For full press release including financial tables, see the company's web site www.pfeiffer-vacuum.de.
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: Geregelter Markt in Frankfurter Wertpapierbörse, 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, Freiverkehr in Frankfurter Wertpapierbörse;
