PVA TePla: Slight revenue growth with significantly improved profitability
- Nine-Month-Revenues up +3.7 % to EUR 198.3 million (9M 2023: EUR 191.2 million), EBITDA +11.1 % to EUR 32.4 million (9M 2023: EUR 29.1 million)
- Main profit and growth drivers: metrology systems for ultrasonic microscopy, joining and finishing technologies
- Forecast 2024 confirmed and specified
- Further progress in implementing the measures for Strategy 2028
- Progress in the silicon carbide area
Wettenberg, 12 November 2024 - PVA TePla AG, leading provider of high-tech solutions in the fields of material and measurement technology, has significantly improved profitability and has grown revenues slightly in the first nine months of 2024. PVA TePla has further created financial flexibility for investments in R&D, additional capacities and inorganic growth.
In a persistently challenging industry environment, the increase in revenues and earnings underlines the successful implementation of the business strategy: revenues rose by the end of September by 3.7 % to EUR 198.3 million (9M 2023: EUR 191.2 million) and operating earnings before depreciation and amortization (EBITDA) by 11.1 % to EUR 32.4 million (9M 2023: EUR 29.1 million).
Jalin Ketter, CEO of PVA TePla AG, says: "We are very satisfied with our operational progress, good business performance and earnings development in particular. Our team is putting our 'Strategy 2028', which we presented in spring, into action. In particular, the increasing demand for our inspection systems in the semiconductor segment confirms that we are on the right track to grow this business area."
Strong demand for metrology systems for ultrasonic microscopy in the Semiconductor segment contributed to the positive performance in the first nine months. The Industrial Systems segment instead benefited from the demand for materials technologies.
PVA TePla Group received new orders totaling EUR 107.2 million (9M 2023: EUR 177.6 Mio.) in the first nine months of 2024. The reduced order backlog of EUR 187.3 million (30 September 2023: EUR 297.3 million) continues to provide a solid basis for the Group's further growth. A significant portion of the incoming orders in the Semiconductor Systems segment is now attributable to the metrology systems product area.
PVA TePla drives implementation of “Strategy 2028” forward – focus on investments in R&D
PVA TePla secures its long-term growth path with research and development in the Technology Hub and through strategic investments. In the third quarter, this was particularly successful in the area of crystal production with silicon carbide (SiC).
Thanks to the efforts of the Technology Hub team, PVA TePla is now able to produce SiC-powder – as a starting material for crystal production – in different grain sizes with consistently high quality and reproducibility.
25 percent stake in Scientific Visual: progress in volume analysis and quality control
To expand activities related to the future material silicon carbide in the metrology division, PVA TePla entered a strategic partnership with Scientific Visual. In this context, work is currently being done on the 3D analysis of silicon carbide crystals, so-called pucks. Volume inspection of the crystal allows even earlier detection of defects than at the wafer level. This enables identification of material sections in the puck of excellent quality and select them specifically for further processing. As a result, production processes are accelerated, scrap is minimized, and energy is saved.
Growth in revenues and earnings in both segments
The Semiconductor Systems segment contributed over two thirds (68.5 %; 9M 2023: 70 %) of the total revenue for the first nine months of 2024, with revenue of EUR 135.7 million (9M 2023: EUR 133.8 million). The main growth drivers were equipment for material synthesis, such as crystal growing systems, as well as acoustic metrology systems (ultrasonic microscopy). The operating result rose by 8.7 % to EUR 23.4 million (9M 2023: EUR 21.5 million).
The Industrial Systems segment grew by 9.0 %, with revenues increasing to EUR 62.5 million (9M 2023: EUR 57.4 million), accounting for 31.5 % (9M 2023: 30.0 %) of total revenues. Joining and finishing technologies were the focus of the deliveries. The operating result increased slightly to EUR 7.6 million (9M 2023: EUR 7.5 million).
PVA TePla increased earnings before interest, taxes, depreciation and amortization (EBITDA) noticeably to EUR 32.4 million (9M 2024: EUR 29.1 million). The EBITDA margin rose to 16.3 % compared to 15.2 % in the first nine months of 2023. Earnings before interest and taxes (EBIT) also rose significantly to EUR 26.6 million (9M 2023: EUR 23.9 million, with an EBIT margin of 13.4 % (9M 2023: 12.5 %).
Cash flow from operating activities improved significantly to EUR 21.2 million due to the successful execution of major customer contracts and is therefore clearly positive – in the first nine months of 2023, operating cash flow was still negative at EUR -0.01 million.
Forecast 2024 confirmed and specified
For the full year 2024, the company confirms its forecasts and specifies consolidated revenues and EBITDA at the lower end of the previously announced ranges of EUR 270 – 290 million and EUR 47 – 51 million.
Overview of key figures for the nine-month period
| |
9M/2024 |
9M/2023 |
| Consolidated revenues in EUR million |
198.3 |
191.2 |
| EBITDA in EUR million |
32.4 |
29.1 |
| EBITDA margin |
16.3% |
15.2% |
| EBIT in EUR million |
26.6 |
23.9 |
| EBIT margin |
13.4% |
12,5% |
Cash flow from operating activities
in EUR million |
21.2 |
-0.01 |
| Order intake |
107.2 |
177.6 |
| thereof Semiconductor Systems |
71.4 |
118.4 |
| thereof Industrial Systems |
35.8 |
59.2 |
| Book-to-Bill Ratio |
0.54 |
0.93 |
| Order backlog |
187.3 |
297.3 |
| thereof Semiconductor Systems |
108.7 |
203.1 |
| thereof Industrial Systems |
78.6 |
94.2 |
Contact:
Dr.
Gert Fisahn
Investor Relations
PVA TePla AG
Tel: +49(0)641/68690-400
gert.fisahn@pvatepla.com