DGAP-News: AIXTRON SE: Initial Success from the 5-Point-Program / Progress in efficiency and cost reduction programs / Customers remain hesitant to invest
ID: 281615
(firmenpresse) - DGAP-News: AIXTRON SE / Key word(s): Half Year Results/Incoming Orders
AIXTRON SE: Initial Success from the 5-Point-Program / Progress in
efficiency and cost reduction programs / Customers remain hesitant to
invest
25.07.2013 / 07:31
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Initial Success from the AIXTRON 5-Point-Program
Progress in efficiency and cost reduction programs
Customers remain hesitant to invest
Aachen, Germany, July 25, 2013 - AIXTRON SE (ISIN DE000A0WMPJ6), a leading
provider of deposition equipment to the semiconductor industry, today
announced revenues of EUR 45.3m for the second quarter of 2013,
representing a quarterly sequential increase of 13 percent compared to EUR
40.2m in Q1/2013. AIXTRON also recorded improvements in its gross profit
and operating result (EBIT).
This development reflects first positive impacts from the 5-Point-Program,
which was started in Q1/2013. Efficiency improvements and cost cutting
measures resulted in reductions in both cost of sales and operating
expenses.
Key Financials
2013 2012 2013 2013* Operating CF + Investing CF + Changes in Cash Deposits
(in EUR million) H1 H1 +/- Q2 Q1 +/-
Revenues 85.6 88.1 -3% 45.3 40.2 13%
Gross profit -35.4 25.0 -242% 12.3 -47.7 126%
Gross margin -41% 28% -69 pp 27% -118% 145
pp
Operating result (EBIT) -86.1 -34.7 148% -9.8 -76.3 -87%
EBIT margin -101% -39% -62 pp -22% -190% 168
pp
Net result -87.8 -23.9 -267% -11.8 -76.0 -84%
Net result margin -103% -27% -76 pp -26% -189% 163
pp
Net result per share - basic (EUR) -0.87 -0.24 -263% -0.12 -0.75 -84%
Net result per share - diluted (EUR) -0.87 -0.24 -263% -0.12 -0.75 -84%
Free cash flow* 5.6 -37.5 115% -3.7 9.3 -140%
Equipment order intake 60.3 61.5 -2% 30.5 29.9 2%
Equipment order backlog (end of
period) 71.7 137.7 -48% 71.7 78.4 -9%
Investment demand from LED manufacturers remained subdued despite a
continued reduction of production overcapacities in the market. This was
also reflected in the development of order intake (Q2/2013: EUR 30.5m;
Q1/2013: EUR 29.9m).
Gross profit in Q2/2013 amounted to EUR 12.3m and thus came in
significantly better than the previous quarter which had been affected by
inventory write-downs (Q1/2013: EUR -47.7m; Q2/2012: EUR 14.7m; H1/2013:
EUR -35.4m; H1/2012: EUR 25.0m). The Q2/2013 gross profit also benefitted
from a favorable product mix.
The Q2/2013 EBIT of EUR -9.8m improved against both the previous year's and
the last quarter's results (Q2/2012: EUR -16.5m; Q1/2013: EUR -76.3m;
H1/2013: EUR -86.1m; H1/2012: EUR -34.7m). As mentioned above, this
sequential development also reflects the initial success of the
5-Point-Program which began in Q1/2013.
The net result for Q2/2013 amounted to EUR -11.8m, representing a
significant improvement over the EUR -76.0m in Q1/2013 (Q2/2012: -11.6m;
H1/2013: EUR -87.8m; H1/2012: EUR
-23.9m).
Free cash flow in the first half of 2013 amounted toEUR 5.6m, despite a
net cash outflow of EUR -3.7m in Q2/2013. As of June 30, 2013, AIXTRON
recorded cash and cash equivalents, including bank deposits with a maturity
of more than three months, of EUR 215.9m (EUR 219.9m as of March 31, 2013;
EUR 209.5m as of December 31, 2012).
5-Point-Program
This program, presented by the CEO in May 2013, consists of a number of
targeted individual projects, which are all designed to address the
following five topics: 1) focus on customer benefits; 2) utilization of
technology and product portfolio; 3) processes; 4) attention to financial
targets; 5) strengthening of AIXTRON's corporate culture.
The program consists of a series of different projects. After planning and
implementing an improved product development process, a specific initiative
for the optimization of the AIXTRON supply chain has been started. The aim
is to increase efficiency on a global scale in procurement, logistics and
inventory-management. In addition, AIXTRON continues customer-specific
measures, e.g. to increase output and yield of the installed base. Another
major objective of the Company program is to reduce operating expenses by
20%.
Management Review
Martin Goetzeler, President&Chief Executive Officer at AIXTRON SE since
March 1, 2013, firmly believes in the success of the transformation
measures: 'With our 5-Point-Program we are on track to regain sustainable
profitability. Our main focus is on innovative technology solutions,
increasing the production efficiency of our customers as well as the
efficiency of our own core process flows. This is valid for all of our
targeted growth markets, including applications beyond LED, such as next
generation memory chips. Our Q2 figures show first positive results of the
successful implementation of our 5-point-program.'
The rising rates of capacity utilization at leading LED manufacturers give
reason to believe that the overcapacity in the market for MOCVD equipment
for the production of LEDs continues to diminish. However, it remains
difficult to predict, when and to what extent this will translate into
significant new equipment orders. Due to this continuing low visibility,
Management remains unable to give precise guidance on the Company's
revenues and EBIT margin for the current financial year.
Financial Tables
The H1/2013 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 Reports/Presentations, as part of AIXTRON's financial
report for the first half of 2013.
Investor Conference Call
AIXTRON will host a financial analyst and investor conference call (in
English) on Thursday, July 25, 2013, 3:00 p.m. CEST (6:00 a.m. PDT, 9:00
a.m. EDT) to review the first half 2013 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;
NASDAQ: AIXG, ISIN US0096061041) please consult our website at:
www.aixtron.com.
Forward-Looking Statements
This document may contain forward-looking statements regarding the
business, results of operations, financial condition and earnings outlook
of AIXTRON within the meaning of the safe harbor provisions of the US
Private Securities Litigation Reform Act of 1995. These statements may be
identified by words such as 'may', 'will', 'expect', 'anticipate',
'contemplate', 'intend', 'plan', 'believe', 'continue' and 'estimate' and
variations of such words or similar expressions. These forward-looking
statements are based on our current views and assumptions and are subject
to risks and uncertainties. Youshould not place undue reliance on these
forward-looking statements. Actual results and trends may differ materially
from those reflected in our forward-looking statements. This could result
from a variety of factors, such as actual customer orders received by
AIXTRON, the level of demand for deposition technology in the market, the
timing of final acceptance of products by customers, the condition of
financial markets and access to financing for AIXTRON, general conditions
in the market for deposition plants and macroeconomic conditions,
cancellations, rescheduling or delays in product shipments, production
capacity constraints, extended sales and qualification cycles, difficulties
in the production process, the general development in the semi-conductor
industry, increased competition, fluctuations in exchange rates,
availability of public funding, fluctuations and/or changes in interest
rates, delays in developing and marketing new products, a deterioration of
the general economic situation and any other factors discussed in any
reports or other announcements filed by AIXTRON with the U.S. Securities
and Exchange Commission. Any forward-looking statements contained in this
document are based on current expectations and projections of the executive
board and on information currently available to it and are made as at the
date hereof. AIXTRON undertakes no obligation to revise or update any
forward-looking statements as a result of new information, future events or
otherwise, unless expressly required to do so by law.
End of Corporate News
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25.07.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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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; Nasdaq
End of News DGAP News-Service
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point
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Datum: 25.07.2013 - 07:31 Uhr
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