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Pfeiffer Vacuum FY19 Preliminary EBIT Down 31.5%; Sees Sales Growth In FY20

Pfeiffer Vacuum Technology (PFFVF.PK,PVTCY.PK), a manufacturer of vacuum solutions, reported Thursday that its preliminary operating result or EBIT for the financial year 2019 declined 31.5 percent to 65.2 million euros from 95.1 million euros in the previous year.

The EBIT margin of 10.3 percent for the year decreased by 4.1 percentage points compared to the previous year's 14.4 percent.

Sales for the year declined 4.1 percent to 632.9 million euros from 659.7 million euros in the previous year, primarily driven by challenging market conditions in the coating market and a weaker demand in the semiconductor market.

The book-to-bill ratio, the ratio of order intake to sales, was 0.95 for the year, compared to 1.03 last year. At the end of the fourth quarter, Pfeiffer Vacuum had an order backlog of 110.7 million euros, a decrease of 23.6 percent over the previous year.

Looking ahead, Pfeiffer Vacuum said it expects sales to grow in 2020, but was carefully monitoring developments related to the coronavirus and the Chinese market, a critical growth market for the company.

Nathalie Benedikt, CFO of Pfeiffer Vacuum said, "Just as in 2019, we will continue the execution of our growth strategy, which is expected to be especially intense in 2020. Therefore, despite the anticipated sales growth, we don't expect a significant improvement in EBIT margin in 2020. Capital investments in 2020 are expected to be above 2019 levels."

The company said that the audited annual results are scheduled to be published on March 26, 2020.

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