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EANS-News: Pfeiffer Vacuum Technology AG / Pfeiffer Vacuum announces full year results for 2011

Geschrieben am 26-03-2012

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Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
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annual result

Subtitle: Total sales revenues of € 519.5 million confirmed
Earnings development influenced by initial consolidation of adixen
High dividend payout ratio retained

Aßlar (euro adhoc) - Asslar, Germany, March 26, 2012. Total sales
revenues for 2011, which were previously announced as preliminary and
have meanwhile been audited, stand at EUR 519.5 million. This is an
increase of 135.6 percent (previous year: EUR 220.5 million). The
first-time inclusion of sales revenues from adixen as well as
favorable developments in the core business were responsible for this
good result.

The earnings development progressed as expected. The initial
consolidation of the new subsidiaries had a marked effect on the
Consolidated Statements of Income. As a result of the high sales
revenues, an operating profit of EUR 61.8 million (previous year: EUR
52.9 million) and a net income of EUR 41.6 million (previous year:
EUR 38.3 million) were recorded. The Management Board and Supervisory
Board propose a dividend payout of EUR 3.15 per share. This results,
as in previous years, in a payout ratio of 75 percent.

Key figures at a glance:

2011 2010 Change
Sales revenues EUR 519.5 million EUR 220.5 million 135.6%
Operating profit (EBIT) EUR 61.8 million EUR 52.9 million 16.8%
Net income EUR 41.6 million EUR 38.3 million 8.5%
Average no. of shares 9,867,659 8,667,075 13.9%
Earnings per share EUR 4.19 EUR 4.40 - 4.8%
Dividend per share EUR 3.15* ** EUR 2.90 8.6%

Order intake EUR 515.9 million EUR 223.7 million 130.6 %
Orders in hand EUR 87.6 million EUR 91.2 million** - 3.9 %

* Subject to the approval of the Annual Shareholders Meeting
** Adjusted to include adixen´s orders in hand.

"In the first year after a large acquisition, Pfeiffer Vacuum is
highly profitable. In view of our consolidated net profit of EUR 41.6
million, we intend to distribute EUR 31.1 million, which corresponds
to a dividend of EUR 3.15 per share (previous year: EUR 2.90). Our
shareholders therefore benefit from the Company´s new direction right
from the start", comments Pfeiffer Vacuum CEO, Manfred Ben¬der, the
results. Bender continues, "In future, Pfeiffer Vacuum will
contribute even more actively to industrial trends, such as
increasing digitalization and growing environmental awareness.
Together with adixen, we provide perfect solutions which make
numerous technological developments possible in the first place".

Increased sales revenues recorded in 2011 in all regions were largely
the result of the first-time inclusion of adixen, but were also due
to growth in core business. In Europe sales increased by 80.1 percent
to EUR 229.9 million (previous year: EUR127.7 million). Sales in Asia
rose by 408.5 percent to EUR 189.8 million (previous year: EUR 37.3
million). The increase in the Americas was 80.4 percent to EUR 98.7
million (previous year: EUR 54.8 million).

Variations in sales by products were also clearly impacted by the
acquisition of adixen. Sales of backing pumps grew in 2011 by 538.4
percent to EUR 183.0 million (previous year: EUR 28.7 million). Sales
of turbopumps rose by 56.2 percent to EUR 144.3 million (previous
year: EUR 92.4 million). A rise of 61.0 percent was recorded in the
instruments and components market seg¬ment with sales of EUR 111.3
million (previous year: EUR 69.2 million). Service revenues rose
213.2 percent to EUR 72.5 million (previous year: EUR 23.1 million).
Only sales in the systems business proved relatively steady with a
growth of 17.7 percent, achieving EUR 8.4 million (previous year: EUR
7.1 million).

Sales distribution by markets also reflected the specific areas of
use of adixen products. Business with semiconductor customers, for
instance, rose by 636.9 percent to EUR 175.4 million (previous year:
EUR 23.8 million). In the heterogeneous industry market, sales
increased by 101.3 percent to EUR 117.5 million (previous year: EUR
58.4 million). Sales in the analytical industry segment rose by 28.4
percent to EUR 81.3 million (previous year: EUR 63.3 million). A
similar rate of growth occurred in the research and development
market segment with 28.5 percent, reaching EUR 55.1 million (previous
year: EUR 42.9 million).

Gross profit rose by 62.6 percent in 2011 to EUR167.4 million
(previous year: EUR 102.9 million), corresponding to a gross profit
margin of 32.2 percent (previous year: 46.7 percent). There was an
increase in the operating profit of 16.8 percent to EUR 61.8 million
(previous year: EUR 52.9 million). This corresponds to an operating
profit margin of 11.9 percent (previous year: 24.0 percent). Almost
all items of the Consolidated Statements of Income in 2011 are
influenced by effects following the adixen acquisition. In the
context of the purchase price allocation, the assets and liabilities
of the adixen business units were revaluated with their fair value.
The resulting higher values established for the assets acquired led
to a rise in the depreciation and amortization base and so also in
annual depreciation and amortization.

With a negative financial result of EUR -2.3 million (previous year:
EUR 1.6 million) and a higher tax rate of 30.1 percent compared to
the previous year (previous year: 29.7 percent), the net income
amounted to EUR 41.6 million. With an increase of 8.5 percent, this
is the highest net income ever achieved in the history of Pfeiffer
Vacuum (previous year: EUR 38.3 million). Earnings per share totaled
EUR 4.19 (previous year: EUR 4.40). This 4.8 percent decrease is
exclusively the result of a higher average number of shares
outstanding in 2011 compared to 2010.

The cash position of Pfeiffer Vacuum was EUR 108.3 million as at
December 31, 2011, representing an increase rate of 27.4 percent
(previous year: EUR 85.0 million). The balance sheet total as at the
end of the past fiscal year was EUR 476.8 million (previous year: EUR
498.9 million). The equity ratio rose to 59.0 percent (previous year:
54.0 percent).

Please find the complete press release including Consolidated
Statements of Income, Consolidated Balance Sheets, Consolidated
Statements of Cash Flows at www.pfeiffer-vacuum.com

About Pfeiffer Vacuum Pfeiffer Vacuum (Stock Exchange Symbol PFV,
ISIN DE0006916604) is one of the world´s leading providers of vacuum
solutions. In addition to a full range of hybrid and magnetically
levitated turbopumps, the product portfolio comprises backing pumps,
measurement and analysis devices, components as well as vacuum
chambers and systems. Ever since the invention of the turbopump by
Pfeiffer Vacuum, the company has stood for innovative solutions and
high-tech products that are used in the markets Analytic, Industry,
Research & Development, Coating, Semiconductor and Chemistry. Founded
in 1890, Pfeiffer Vacuum is active throughout the world today. The
company employs a workforce of some 2,300 people and has more than 20
subsidiaries. For more information, please visit
www.pfeiffer-vacuum.com

Further inquiry note:
Brigitte Looß
Leiterin Investor Relations
Tel.: +49 (6441) 802-346
E-Mail: Brigitte.Loos[at]pfeiffer-vacuum.de

end of announcement euro adhoc
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company: Pfeiffer Vacuum Technology AG
Berliner Str. 43
D-35614 Aßlar
phone: +49 (6441) 802-0
FAX: +49 (6441) 802-202
mail: info@pfeiffer-vacuum.de
WWW: http://www.pfeiffer-vacuum.de
sector: Machine Manufacturing
ISIN: DE0006916604
indexes: TecDAX, CDAX, HDAX, Prime All Share, DAXsector All Industrial
stockmarkets: free trade: Hannover, Berlin, München, Hamburg, Düsseldorf,
Stuttgart, regulated dealing/prime standard: Frankfurt
language: English


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