Pfeiffer Vacuum has announced its results for the first half of 2007. All sales and profitability numbers were up sharply. Once again, the main sales drivers were pumps and components for the analytical industry in Germany, the United States and Japan. Sales to manufacturers of analytical equipment advanced by more than 9 percent from euro 22.3 million in the first half of 2006 to euro 24.4 million during the period under review.
At nearly euro 20 million, sales in the heterogeneous market segment of industrial applications remained at the same high level as in the corresponding period the year before. The strongest growth was generated by sales in the market segment of coating, which increased by nearly 20 percent from euro 12.8 million to euro 15.3 million. The growth driver here, first and foremost, was the solar industry, which now accounts for 5 percent of total sales. In the semiconductor segment, sales rose only modestly from euro 10.3 million to euro 10.6 million
The weak dollar had a negative impact on the development of sales. Had exchange rate conditions remained the same as the year before, the company would have generated an additional euro 1.7 million, or 2 percent, in sales.
There is a good regional sales mix, which means that the company is not dependent upon any one region. During the first half of 2007, sales of euro 25.8 million were generated with customers in Germany, an increase of nearly 13 percent year on year (euro 22.6 million). Sales to customers in Europe outside Germany rose disproportionately, as well, from euro 25.4 million to euro 28.4 million. Due to the weakness of the dollar, euro-denominated sales in the United States declined from euro 21.2 million to euro 20.9 million. There was also a moderate decline in sales in Asia and the rest of the world from euro 16.5 million to euro 16.0 million.
As in the first quarter, new orders developed on a disproportionately good note in the second quarter of 2007. This was also fueled by a major order for thin-layer systems for the production of solar cells. In addition to this customer, to whom the company supplies complete vacuum systems, all prominent manufacturers in the solar industry are purchasing vacuum pumps and components from Pfeiffer Vacuum. The company sees major growth opportunities in the field of renewable energies.
At the Annual Shareholders Meeting on May 31, 2007, the company had announced its first forecast for the full fiscal year. Given the high level of orders on hand and taking into consideration the positive mood in the marketplace, the company is reiterating its sales target of between euro 195 and euro 200 million. In spite of rising energy and raw materials costs worldwide, the company will be doing everything in its power to sustain an EBIT margin of at least 25 percent, an unusually good level for a German machinery manufacturer.
Effective June 30, 2007, the company's venerable Chief Executive Officer Wolfgang Dondorf entered retirement. Manfred Bender, who has been chief financial officer since 2004, assumed the position of chief executive officer effective July 1, 2007, while Management Board member Dr. Matthias Wiemer is responsible for the fields of development, manufacturing, sales and marketing.
Manfred Bender had this to say about the company's results: "Pfeiffer Vacuum has once again announced record results. Our book-to-bill ratio of 1.21 is a key indicator of positive corporate prospects. Our developers are hard at work on a variety of new products, both in the field of turbopumps as well as in connection with backing pumps. With these innovations, we will be further broadening our strong market position.
"As a company that pays one of the highest dividends in Germany and with our outstanding financial numbers, we are an interesting issue for investors with a medium- to long-term view, even when the market is not particularly bullish."
