DGAP-News: AIXTRON orders&revenues reflect current demand level trough / AIXTRON accelerates R&D investments through market downturn / EBIT profitability target for 2012 reiterated
ID: 139378
(firmenpresse) - DGAP-News: AIXTRON SE / Key word(s): Quarter Results/Forecast
AIXTRON orders&revenues reflect current demand level trough /
AIXTRON accelerates R&D investments through market downturn / EBIT
profitability target for 2012 reiterated
26.04.2012 / 07:28
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AIXTRON orders&revenues reflect current demand level trough
AIXTRON accelerates R&D investments through market downturn
EBIT profitability target for 2012 reiterated
Aachen, Germany, April 26, 2012 - AIXTRON SE (ISIN DE000A0WMPJ6,
DE000A1MMEF7), a leading provider of deposition equipment to the global
semiconductor industry, opened fiscal year 2012 as expected with subdued Q1
revenues of EUR 42.0m and a correspondingly negative EBIT of EUR -18.3m,
reflecting the current trough level market demand. Despite the difficult
market conditions, the Company remains focused on delivering further
improvements to existing products and services and on accelerating specific
strategic R&D investments aimed at developing new products for future
market opportunities. For the full year 2012, Management reiterated the
target of remaining EBIT profitable.
Key Financials
2012 2011 2012 2011Financial Highlights
(in EUR million) Q1 Q1 Q1-Q1 Q1 Q4 Q1-Q4
Revenues 42.0 205.4 -80% 42.0 140.1 -70%
Gross profit 10.3 104.2 -90% 10.3 11.8 -13%
Gross margin 25% 51% -26 pp 25% 8% 17 pp
Operating result (EBIT) -18.3 74.9 -124% -18.3 -16.9 -8%
EBIT margin -44% 36% -80 pp -44% -12% -32 pp
Net result -12.3 52.3 -124% -12.3 -10.9 -13%
Net result margin -29% 25% -54 pp -29% -8% -21 pp
Net result per share - basic -0.12 0.52 -123% -0.12 -0.11 -9%
(EUR)
Net result per share - diluted -0.12 0.51 -124% -0.12 -0.11 -9%
(EUR)
Equipment order intake 31.5 210.3 -85% 31.5 29.3 8%
Equipment order backlog (end 136.2 321.1 -58% 136.2 141.0 -3%
of period)
With the considerable reduction in order intake during the second half of
2011, in line with expectations Q1/2012 revenues came in at EUR 42.0m for
the quarter, 80% down on the EUR 205.4m a year before, and 70% lower
sequentially (Q4/2011: EUR 140.1m). Gross profit decreased by 90% compared
to the previous year from EUR 104.2m to EUR 10.3m and 13% sequentially
(Q4/2011: EUR 11.8m).
Consequently, and as already predicted by Management in Q4/2011, Q1/2012
finished EBIT negative at EUR -18.3m, compared to EUR 74.9m in Q1/2011 and
EUR -16.9m in Q4/2011.
The consolidated net result of the AIXTRON Group came in at EUR -12.3m for
Q1/2012 (Q1/2011: EUR 52.3m; Q4/2011: EUR -10.9m).
Heavily influenced by fragile consumer confidence, credit tightness,
reduced subsidies and ongoing customer overcapacity, the Company's order
intake visibility remains limited. The Q1/2012 order intake of EUR 31.5m
was sequentially broadly in line with the Q4/2011 level of EUR 29.3m
(Q1/2011: EUR 210.3m) which suggest that the current order levels may
represent the trough level of the current cycle.
Despite the current market conditions, AIXTRON Management contiues to be
convinced that the development of a sustainable LED lighting industry will
follow this uncertain transitory period. Set against this difficult
environment, the Company remains focused on delivering further improvements
to existing products and services and on accelerating specific strategic
R&D investments focused on developing new products for future market
opportunities. This strong R&D focus is reflected in the 32% year on year
increase in R&D costs of EUR 16.4m in Q1/2012 (Q1/2011: EUR 12.4m) and the
12% sequential increase compared to the prior quarter (Q4/2011: EUR 14.6m),
and additionally in the increased average number of 325 R&D employees in
Q1/2012 compared to 316 in Q4/2011 and 252 in Q1/2011.
Management Review
Paul Hyland, President&Chief Executive Officer at AIXTRON offered the
following comment on the current business and market situation: 'Times are
undoubtedly very tough - but we remain convinced that we have built a
strong and resilient foundation to our business, designed to protect the
Company in the difficult climate that the whole industry is currently
operating in. Furthermore, we have significantly enhanced our existing
product portfolio over the last 18 months, so that we are confident of
being highly competitive in the event of a sudden upturn of demand in the
market. Additionally, despite the very volatile current economic
environment, we have more than just sustained our MOCVD R&D efforts, we
have accelerated our investments into both next generation MOCVD products
and other 'Beyond LED' products that we believe are necessary to support
our longer-term ambitions.'
Outlook
Unfortunately, order intake visibility has not improved to the point where
AIXTRON Management can yet predict a full year revenue figure.
Nevertheless, the Company still targets to remain EBIT profitable in 2012
under the current circumstances. On a more positive note; there continues
to be solid evidence of emerging new LED lighting product developments,
increasingly proactive government engagements and clear company positioning
investments.
Financial Tables
The Q1/2012 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 quarterly financial report for
the first quarter of 2012.
Investor Conference Call
AIXTRON will host a financial analyst and investor conference call on
Thursday, April 26, 2012, 3:00 p.m. CEST (6:00 a.m. PDT, 9:00 a.m. EDT) to
review the first quarter 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
Investor Relations and Corporate Communications:
T: +49-241-8909-444
F: +49-241-8909-445
invest(at)aixtron.com
For further information on AIXTRON SE (FSE: AIXA, ISIN DE000A0WMPJ6,
DE000A1MMEF7; 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
onthe 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.
Contact:
Investor Relations and Corporate Communications
AIXTRON SE, Kaiserstr. 98, 52134 Herzogenrath, Germany
Phone: +49 241 8909 444, Fax: +49 241 8909 445, invest(at)aixtron.com
www.aixtron.com
End of Corporate News
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26.04.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
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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(at)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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166687 26.04.2012
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Datum: 26.04.2012 - 07:28 Uhr
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