DGAP-News: AIXTRON SE / Key word(s): Half Year Results/Product Launch
AIXTRON orders & revenues stabilize / Increased Order Intake and EBIT
profitability expected to return within H2/2012 / 2013 expected to be
a growth year / AIXTRON's non-LED activities gaining traction
26.07.2012 / 07:28
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AIXTRON orders & revenues stabilize
Increased Order Intake and EBIT profitability expected to return within
H2/2012
2013 expected to be a growth year
AIXTRON's non-LED activities gaining traction
Aachen, Germany, July 26, 2012 - AIXTRON SE (ISIN DE000A0WMPJ6), a leading
provider of deposition equipment to the global semiconductor industry, has
seen its Q2 revenues and orders stabilize at the levels of Q1. With EUR
46.1m in revenues and an EBIT of EUR -16.5m, the Company has achieved a
sequential improvement of its financial results. There is also evidence of
improved capacity utilizations among LED producers and current quotation
levels suggest that a bottom in the order intake cycle may have been
reached. However, the prevailing market uncertainty makes the magnitude and
timing of the equipment demand pick-up still difficult to forecast with any
certainty, which may also affect the Company's ambition to be EBIT
profitable in fiscal year 2012. The Company expects nevertheless to return
to profitability in the course of the second half of this year.
Key Financials
|[![CDATA[|[pre|]]]|]
2012 2011 2012 2012
(in EUR million) H1 H1 H1-H1 Q2 Q1 Q2-Q1
Revenues 88.1 381.0 -77% 46.1 42.0 10%
Gross profit 25.0 181.0 -86% 14.7 10.3 43%
Gross margin 28% 48% -20 pp 32% 25% 7 pp
Operating result (EBIT) -34.7 129.2 -127% -16.5 -18.3 10%
EBIT margin -39% 34% -73 pp -36% -44% 8 pp
Net result -23.9 90.4 -126% -11.6 -12.3 6%
Net result margin -27% 24% -51 pp -25% -29% 4 pp
Net result per share - basic -0.24 0.90 -127% -0.12 -0.12 0%
(EUR)
Net result per share - diluted -0.24 0.89 -127% -0.12 -0.12 0%
(EUR)
Equipment order intake 61.5 432.5 -86% 30.0 31.5 -5%
Equipment order backlog (end 137.7 373.5 -63% 137.7 136.2 1%
of period)
|[![CDATA[|[/pre|]]]|]
Financial Highlights
Q2/2012 revenues have increased by 10% to EUR 46.1m compared to the
previous quarter (Q1/2012: EUR 42.0m). For the total reporting period of
H1/2012, AIXTRON recorded revenues of EUR 88.1m, a decrease of EUR 292.9m,
or 77%, compared to EUR 381.0m for H1/2011.
The gross margin increased by 7 percentage points from 25% in Q1/2012 to
32% in Q2/2012, mainly due to a favorable product mix and currency effects.
The H1/2012 gross margin was reported at 28%, down from 48% in the same
period last year.
The EBIT remained negative, but improved by 10% sequentially, from EUR
-18.3m in Q1/2012 to EUR -16.5m in Q2/2012. The H1/2012 EBIT decreased on a
year on year comparison by 127%, from EUR 129.2m in H1/2011 to EUR -34.7m
in H1/2012. This development was principally due to the significantly
reduced gross profit, resulting from the lower sales volumes, coupled with
an increasing absolute operating cost base, mainly driven by higher
investments into R&D and currency effects.
In line with expectations, AIXTRON's order intake volume remained stable
during the second quarter of this year. New orders amounted to EUR 30.0m
and were broadly in line with the Q1 level of EUR 31.5m, possibly marking
the trough level of the current investment cycle. The total H1/2012 order
intake of EUR 61.5m compares to a H1/2011 level of EUR 432.5m.
Encouragingly, AIXTRON is seeing its non-LED business gaining traction. The
Company recorded an increase in silicon equipment orders during H1/2012,
strongly influenced by a major order placed by a leading Korean DRAM
manufacturer for AIXTRON's next generation QXP8300 ALD deposition tool. The
Company also recorded several orders from the high potential power
electronics market for both R&D and production tools.
Management Review
Paul Hyland, President & Chief Executive Officer at AIXTRON, remains
confident that AIXTRON will benefit from the next major LED Investment
cycle: 'Recent reports from lighting companies confirm the increased growth
dynamics of the LED lighting market, which we believe will trigger
significantly higher demand for LED production equipment in the coming
years.' Paul Hyland reiterates the importance of a strong R&D: 'As part of
our long-term strategy to retain AIXTRON's technology market leadership, we
continue to pursue our focused R&D programs which are not just limited to
the development of next generation MOCVD tools, they also include
technologies for other promising growth markets. As a result of these
activities, we are today gaining traction in new emerging MOCVD
applications and other technology markets, including Silicon Semiconductor
and Organic Material applications which include OLEDs.'
Outlook
Management continues to believe that orders and revenues in the second half
of 2012 will pick up compared to the first six months of 2012. However, the
recent perceived higher short-term macro-economic risks in the end markets
AIXTRON addresses, has increased the timing risks on the predicted orders
and shipments in the second half of the year. This development may also
affect the Company's ambition to be EBIT profitable in 2012. Therefore,
order intake and shipment commitments in Q3 and early Q4 will largely
determine the full extent of the year end performance. The Company expects
nevertheless to return to profitability in the course of the second half of
this year. That said, AIXTRON will also continue to review and implement
appropriate cost-saving measures to optimize the year-end result.
Furthermore, the Company expects to see significantly higher demand and
growth in 2013.
Financial Tables
The H1/2012 results presentation as well as the consolidated financial
statements (statement of financial position, income statement, cash flow
statement, statement of changes in equity) relating to this press release
are available at http://www.aixtron.com, section 'Investors,
Reports/Presentations', as part of AIXTRON's Half-Year Financial Report
2012.
Investor Conference Call
AIXTRON will host a financial analyst and investor conference call on
Thursday, July 26, 2012, 3:00 p.m. CEST (6:00 a.m. PDT, 9:00 a.m. EDT) to
review the first half-year 2012 results. From 2:45 p.m. CEST (5:45 a.m.
PDT, 8:45 a.m. EDT) you may dial in to the call at +49 (69) 247501-899 or
+1 (212) 444-0297. A conference call audio replay or a transcript of the
conference call will be available at http://www.aixtron.com, section
'Investors, Reports/Presentations', following the conference call.
Contact:
Guido Pickert Andrea Su
Investor Relations and Corporate Communications Investor Relations USA
T: +49-241-8909-444 T: +1 (408) 747-7140 ext. 1292
F: +49-241-8909-445
Mail: invest@aixtron.com Mail: invest@aixtron.com
For further information on AIXTRON SE (FSE: AIXA, ISIN DE000A0WMPJ6;
NASDAQ: AIXG, ISIN US0096061041) please consult our website at:
www.aixtron.com.
Forward-Looking Statements
This news release may contain forward-looking statements about the
business, financial condition, results of operations and earnings outlook
of AIXTRON within the meaning of the 'safe harbor' provisions of the United
States Private Securities Litigation Reform Act of 1995. Words such as
'may', 'will', 'expect', 'anticipate', 'contemplate', 'intend', 'plan',
'believe', 'continue' and 'estimate', and variations of these words and
similar expressions, identify these forward-looking statements. The
forward-looking statements reflect our current views and assumptions and
are subject to risks and uncertainties. You should not place undue reliance
on the forward-looking statements. The following factors, and others which
are discussed in AIXTRON's public filings and submissions with the U.S.
Securities and Exchange Commission, are among those that may cause actual
and future results and trends to differ materially from our forward-looking
statements: actual customer orders received by AIXTRON; the extent to which
chemical vapor deposition, or CVD, technology is demanded by the market
place; the timing of final acceptance of products by customers; the
financial climate and accessibility of financing; general conditions in the
thin film equipment market and in the macro-economy; cancellations,
rescheduling or delays in product shipments; manufacturing capacity
constraints; lengthy sales and qualification cycles; difficulties in the
production process; changes in semiconductor industry growth; increased
competition; exchange rate fluctuations; availability of government
funding; variability and availability of interest rates; delays in
developing and commercializing new products; general economic conditions
being less favorable than expected; and other factors. The forward-looking
statements contained in this news release are made as of the date hereof
and AIXTRON does not assume any obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, unless required by law.
End of Corporate News
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Language: English
Company: AIXTRON SE
Kaiserstr. 98
52134 Herzogenrath
Germany
Phone: +49 (241) 8909-444
Fax: +49 (241) 8909-445
E-mail: invest@aixtron.com
Internet: www.aixtron.com
ISIN: DE000A0WMPJ6, US0096061041
WKN: A0WMPJ
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart;
Terminbörse EUREX
End of News DGAP News-Service
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179183 26.07.2012
DGAP-News: AIXTRON orders & revenues stabilize / Increased Order Intake and EBIT profitability expected to return within H2/2012 / 2013 expected to be a growth year / AIXTRON's non-LED activities gaining traction
| Source: EQS Group AG