Annual Report 2008
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PVA TePla Annual Report 2008 PVA TePla AG Phone +49 (641) 6 86 90 - 0 Im Westpark 10 -12 Fax +49 (641) 6 86 90 - 800 35435 Wettenberg Email info @pvatepla.com Germany Home www.pvatepla.com Important consolidated figures at a glance Consolidated figures in EUR ‘000 2008 2007 2006 Sales Revenues 168,591 113,704 70,404 Vacuum Systems 45,994 36,946 25,915 Crystal Growing Systems 105,774 60,053 30,934 Plasma Systems 16,822 16,705 13,555 Gross profit 37,735 27,271 18,007 in % sales revenues 22.4 24.0 25.6 R&D expenses 1,790 1,719 1,545 Operating result (EBIT) 15,043 9,977 3,500 in % sales revenues 8.9 8.8 5.0 Consolidated Net income 9,735 6,052 2,109 in % sales revenues 5.8 5.3 3.0 Earnings per share (EPS) in EUR1) 0.46 0.28 0.10 Capital expenditures 11,761 18,934 2,468 Total assets 122,081 108,788 60,271 Equity ratio in % 33.1 28.4 41.0 Employees as of 31.12. 504 422 330 Incoming orders 189,940 145,968 139,484 Order backlog 151,794 137,118 101,058 Book to bill Ratio 1.13 1.28 1.98 Cash Flow from operating activities 8,699 6,759 13,590 1) Circulating shares on average: 21.749.988 Ideas obtain scope Sales Revenues EBIT Consolidated Net income in TEUR in TEUR in TEUR 2008 168.591 2008 15.043 2008 9.735 2007 113.704 2007 9.977 2007 6.052 2006 70.404 2006 3.500 2006 2.109 2005 51.444 2005 1.365 2005 1.122 2004 44.201 2004 291 2004 326 Annual Report 2008 2003 38.907 2003 -5.470 2003 -2.868 PVA TePla Annual Report 2008 PVA TePla AG Phone +49 (641) 6 86 90 - 0 Im Westpark 10 -12 Fax +49 (641) 6 86 90 - 800 35435 Wettenberg Email info @pvatepla.com Germany Home www.pvatepla.com Important consolidated figures at a glance Consolidated figures in EUR ‘000 2008 2007 2006 Sales Revenues 168,591 113,704 70,404 Vacuum Systems 45,994 36,946 25,915 Crystal Growing Systems 105,774 60,053 30,934 Plasma Systems 16,822 16,705 13,555 Gross profit 37,735 27,271 18,007 in % sales revenues 22.4 24.0 25.6 R&D expenses 1,790 1,719 1,545 Operating result (EBIT) 15,043 9,977 3,500 in % sales revenues 8.9 8.8 5.0 Consolidated Net income 9,735 6,052 2,109 in % sales revenues 5.8 5.3 3.0 Earnings per share (EPS) in EUR1) 0.46 0.28 0.10 Capital expenditures 11,761 18,934 2,468 Total assets 122,081 108,788 60,271 Equity ratio in % 33.1 28.4 41.0 Employees as of 31.12. 504 422 330 Incoming orders 189,940 145,968 139,484 Order backlog 151,794 137,118 101,058 Book to bill Ratio 1.13 1.28 1.98 Cash Flow from operating activities 8,699 6,759 13,590 1) Circulating shares on average: 21.749.988 Ideas obtain scope Sales Revenues EBIT Consolidated Net income in TEUR in TEUR in TEUR 2008 168.591 2008 15.043 2008 9.735 2007 113.704 2007 9.977 2007 6.052 2006 70.404 2006 3.500 2006 2.109 2005 51.444 2005 1.365 2005 1.122 2004 44.201 2004 291 2004 326 Annual Report 2008 2003 38.907 2003 -5.470 2003 -2.868 PVA TePla Annual Report 2008 PVA TePla Annual Report 2008 Divisions 2008 Divisions 2009 Changing Structures Changed requirements The divisions reflect the structure of the company which has been grown over two decades. In January 2009, the PVA TePla Group was reorganized into three new divisions, “Industrial Sys- tems”, “Semiconductor Systems” and “Solar Systems”. This structure enables customers from different markets to gain a quick and targeted overview of our portfolio. Vacuum Systems Industrial Systems The Vacuum Systems Division is the core of the PVA TePla-Group. In that division In the Industrial Systems Division the former Vacuum Systems has been integrated. The heat treatment furnaces for processing high-quality materials at high temperatures ON nitriding systems from our subsidiary PlaTeG joint the group as serving similar markets. are produced: 50 years’ experience, more than 1,000 systems, global market leader for vacuum sintering systems. Crystal Growing Systems Semiconductor Systems This division, mainly created by a spin-off from Leybold Systems, is the leading system ON PVA TePla is offering in that division high tech systems for the semiconductor industry, supplier for the semiconductor, photovoltaics and optoeletronical industry. PVA TePla starting with systems for the production of silicon crystals for the semiconductor has all industrial relevant methods of crystal growing, especially for growing mono- and opto-eleletronic industry to systems for plasma treatment in the semiconductor and multicrystalline silicon crystals. assembly. The company also supplies innovative systems for non destructive, ultrasonic quality inspection for high tech materials. Plasma Systems Solar Systems After the merger between PVA with Tepla AG in 2002 the Group incorporated the unit ON The Solar Systems Division specializes in the development, engineering of systems for Plasma Systems. In that division systems for surface engineering of material using processing high-quality crystals. PVA TePla AG is able to provide all the major industrially plasma are produced. relevant processes, especially in the area of growing mono- and polycrystalline silicon crystals. Markets can be served according to the technical requirements of the clients. PVA TePla Annual Report 2008 PVA TePla Annual Report 2008 Divisions 2008 Divisions 2009 Changing Structures Changed requirements The divisions reflect the structure of the company which has been grown over two decades. In January 2009, the PVA TePla Group was reorganized into three new divisions, “Industrial Sys- tems”, “Semiconductor Systems” and “Solar Systems”. This structure enables customers from different markets to gain a quick and targeted overview of our portfolio. Vacuum Systems Industrial Systems The Vacuum Systems Division is the core of the PVA TePla-Group. In that division In the Industrial Systems Division the former Vacuum Systems has been integrated. The heat treatment furnaces for processing high-quality materials at high temperatures ON nitriding systems from our subsidiary PlaTeG joint the group as serving similar markets. are produced: 50 years’ experience, more than 1,000 systems, global market leader for vacuum sintering systems. Crystal Growing Systems Semiconductor Systems This division, mainly created by a spin-off from Leybold Systems, is the leading system ON PVA TePla is offering in that division high tech systems for the semiconductor industry, supplier for the semiconductor, photovoltaics and optoeletronical industry. PVA TePla starting with systems for the production of silicon crystals for the semiconductor has all industrial relevant methods of crystal growing, especially for growing mono- and opto-eleletronic industry to systems for plasma treatment in the semiconductor and multicrystalline silicon crystals. assembly. The company also supplies innovative systems for non destructive, ultrasonic quality inspection for high tech materials. Plasma Systems Solar Systems After the merger between PVA with Tepla AG in 2002 the Group incorporated the unit ON The Solar Systems Division specializes in the development, engineering of systems for Plasma Systems. In that division systems for surface engineering of material using processing high-quality crystals. PVA TePla AG is able to provide all the major industrially plasma are produced. relevant processes, especially in the area of growing mono- and polycrystalline silicon crystals. Markets can be served according to the technical requirements of the clients. Intro For nearly two decades, PVA TePla AG has being providing leading companies worldwide with vacuum and high- temperature process systems. With its systems and associated services, PVA TePla enables complex manufacturing processes and technological developments of materials, particularly in the semiconductor, hard metal, electrical/electronic and optical industries as well as in the energy and photovoltaic markets. Our company provides its customers with customized solutions from a single source. These range from technology development through tailor-made design of production systems right up to after-sales service. We are entering the latest fields of application jointly with our customers – be they next-generation wafers for use in the semiconductor or photovoltaic industries, powder metal technology, new crystals for the optoelectronic industry or further development of high-tech materials, such as metals and ceramics. In January 2009, the company was reorganized into three new divisions: “Industrial Systems”, “Semiconductor Systems” and “Solar Systems”. This structure enables customers to gain a quick and targeted overview of our portfolio. 2 Index 2008 Management and Group Management Report PVA TePla AG FOR OUR SHAREHOLDERS 6 Foreword by the Management Board 8 Report of the Supervisory Board 12 Corporate Governance Report 16 Openness and transparency - PVA TePla Shares 20 THE COMPANY 22 The new Headquarter 24 PVA TePla AG 34 Divisions 36 GROUP MANAGEMENT REPORT 42 2008 Management and Group Management Report PVA TePla AG 44 GROUP FINANCIAL STATEMENTS 72 Consolidated Balance sheet 74 Consolidated Income Statement 76 Consolidated Cash Flow Statement 77 Consolidated Statement of Changes in Equity 78 Notes to the Consolidated Financial Statements 79 Consolidated Statement of Changes in Fixed Assets 2008/2007 128 Responsibility Statement 132 Auditor´s Report 133 single-entity 14 FINANCIAL STATEMENTS Balance sheet 136 Income Statement 138 Notes to the Annual Financial Statements 139 Assets analysis 2008/2007 154 Responsibility Statement 158 Auditor´s Report 159 miscellaneous 160 Glossary 162 History 165 Financial Calendar 166 Imprint 166 4 March April May PVA TePla AG`s net income 2007 PVA TePla announces the biggest High growth in sales revenues confirms the challenging forecast.