DGAP-News: AIXTRON decides on capital increase / AIXTRON's 5-Point-Program is making good progress / Investment demand remains subdued / Positive earnings development additionally supported by unusual effects (news with additional features)
ID: 308647
(firmenpresse) - DGAP-News: AIXTRON SE / Key word(s): Capital Increase/Quarter Results
AIXTRON decides on capital increase / AIXTRON's 5-Point-Program is
making good progress / Investment demand remains subdued / Positive
earnings development additionally supported by unusual effects (news
with additional features)
23.10.2013 / 18:37
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AIXTRON decides on capital increase
AIXTRON's 5-Point-Program is making good progress
Investment demand remains subdued
Positive earnings development additionally supported by unusual effects
Aachen, Germany, October 23, 2013 - AIXTRON SE (ISIN DE000A0WMPJ6), a
leading provider of deposition equipment to the semiconductor industry,
today announced revenues of EUR 46.2m for the third quarter 2013,
representing a slight increase compared to the previous quarter. In the
same quarter last year, revenues amounted to EUR 62.2m. In spite of the
lower percentage of final acceptances, which usually have a positive
earnings effect, relative to Q2/2013 revenues, the Company's EBIT was
improved even before unusual effects. This is particularly attributable to
the positive cost effects and efficiency gains from the 5-Point-Program
initiated in Q1/2013. Thus, the Company is well on track to reduce its
annual operating expenses by about 20%.
Key Financials
2013 2012 +/- 2013 2012 +/- 2013* Excludes provision revisions and re-categorization of insurance
(in EUR million) 9M 9M Q3 Q3 Q3*
Revenues 131.8 150.3 -12% 46.2 62.2 -26%
Gross profit -24.8 -17.3 -43% 10.6 -42.3 125% 12.5
Gross margin -19% -11% -8 pp 23% -68% 91 pp 27%
Operating result (EBIT) -83.1 - 26% 2.9 -78.3 104% -9.2
113.0
EBIT margin -63% -75% 12 pp 6% -126% 132 -20%
pp
Net result -86.2 - 16% 1.6 -78.3 102%
-10.6
102.2
Net result margin -65% -68% 3 pp 3% -126% 129 -23%
pp
Net result per share - basic (EUR) -0.85 -1.01 16% 0.02 -0.77 103%
Net result per share - diluted -0.85 -1.01 16% 0.02 -0.77 103%
(EUR)
Free Cashflow** -0.9 -63.5 99% -6.5 -26.0 75%
Equipment order intake 96.1 96.0 0% 35.7 34.5 3%
Equipment order backlog (end of 72.8 109.8 -34% 72.8 109.8 -34%
period)
** Operating CF + Investing CF + Changes in Cash Deposits
In spite of continuously high capacity utilization rates at many LED chip
manufacturers there were still no significant new investments in respective
production equipment. AIXTRON's order intake showed a slight increase to
EUR 35.7m in the third quarter (Q2/2013: EUR 30.5m; Q3/2012: EUR 34.5m).
This is also reflected in the Company's revenue development.
The Q3/2013 gross profit, even excluding unusual effects, showed a
considerable improvement against the same quarter of theprevious year and
was also up from the previous quarter. A lower revenue percentage of final
acceptances was compensated by reduced production costs. An unusual effect
in the gross profit was the EBIT-neutral reclassification of the expected
insurance coverage amounting to EUR 15.0m following the fire in a
third-party warehouse. In contrast to that, the consequent utilization of
components in excess stock, slightly increased forecasts of tools to be
sold as well as reduced obligations on purchase agreements with suppliers
had a positive effect on gross profit as previously made provisions were
reduced.
Mainly as a result of the aforementioned unusual effects and the positive
cost effects from its 5-Point-Program the Company's Q3/2013 EBIT at EUR
2.9m was improved against both the previous year and the previous quarter
(Q3/2013 Excludes provision revisions and re-categorization of insurance:
EUR -9.2m; Q3/2012: EUR -78.3m; Q2/2013: EUR -9.8m).
The net result for Q3/2013 amounted to a positive EUR 1.6m (Q3/2013
excludes provision revisions and re-categorization of insurance: EUR
-10.6m; Q3/2012: EUR -78.3m; 9M/2013: EUR -86.2m; 9M/2012: EUR -102.2m),
representing an improvement against both, the previous year and the
previous quarter (Q2/2013: EUR -11.8m).
The free cash flow that was generated until the end of September
demonstrates the specific focus on liquidity management. Though free cash
flow was negative at EUR -6.5m in the third quarter 2013, especially due to
severance payments, the cash outflow for the first nine months amounts to
only EUR 0.9m (Q2/2013: EUR -3.7m; Q3/2012: EUR -26.0m).
5-Point-Program
The 5-Point-Program, presented by the CEO in May 2013, is being
consistently pursued. In the third quarter, AIXTRON started its 'supply
chain process', an individual project related to point 3 'processes'.
Amongst others, the aims of this project are an integrated planning
process, to involve suppliers more closely in procurement and product
development processes which allows AIXTRON to reduce the inventory risk and
improve lead times as well as a better management of a more defined supply
chain.
A thorough analysis of AIXTRON's technology fields has fundamentally
confirmed the Management's view on targeted future business opportunities,
such as Silicon applications, OLEDs and Power Electronics. The Management
has also identified other technology fields with attractive market
potential. Consequently, R&D expenses and investments are made in defined
growth areas.
Management Review
'Though the order situation is still subdued we are using the time to adapt
to the new market conditions', says Martin Goetzeler, CEO of AIXTRON SE.
'Our customers are currently in the course of optimizing their processes
for the production of more powerful and cost-efficient devices. We are
actively supporting the industry in this development with our newly
implemented technical key account structure and our product roadmap.
Moreover, we want to reduce both our lead times and the timeframe from the
conception of a product to its volume production.'
High capacity utilization rates at leading LED manufacturers give reasons
to believe that the overcapacity of MOCVD deposition equipment is further
diminishing. However, there has still been no significant pick-up in the
demand for new AIXTRON equipment even in the third quarter of 2013. As a
result, it still remains difficult to give a precise forecast of the
Company's revenues and EBIT margin. However, the Management thinks that
Q4/2013 revenues will be higher than in Q3/2013.
Capital Increase
The Executive Board of AIXTRON SE has, with the consent of the Supervisory
Board, agreed to increase the Company's share capital by partially
utilizing its authorized capital of up to EUR 10,223,133 by issuing up to
10,223,133 new no-par value registered shares, corresponding to
approximately 10.0% of the current share capital, for cash. Shareholders'
subscription rights will be excluded.
The new shares will be admitted for trading without a prospectus in the
regulated market of the Frankfurt Stock Exchange with a simultaneous
listing in the Prime Standard segment of the Frankfurt Stock Exchange,
which requires additional disclosure obligations. They will have full
dividend entitlement as of January 1, 2013.
The new shares will be offered to qualified investors in Germany and
internationally via an accelerated book building process.
The proceeds from the issue will be used to further strengthen the
Company's technological leadership by investing in additional growth areas
for the Company, including projects related to technologies for the
manufacturing of Power Electronics, Organic LEDs (OLEDs) and Silicon
Semiconductor applications. Additionally, the Capital Increase will
strengthen the financial flexibility of AIXTRON by reinforcing its balance
sheet and cash position.'
Financial Tables
The 9M/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 quarterly
financial report for the first nine months of 2013.
Investor Conference Call
Due to the results having been pulled forward, AIXTRON will now host a
financial analyst and investor conference call on Thursday, October 24,
2013, 8:00 a.m. CEST (11:00 p.m. PDT (Wed.), 2:00 a.m. EDT) to review the
first nine months 2013 results. From 7:45 a.m. CEST (10:45 p.m. PDT (Wed.),
1:45 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 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. You should 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-lookingstatements as a result of new information, future events or
otherwise, unless expressly required to do so by law.
End of Corporate News
+++++
Additional features:
Document: http://n.equitystory.com/c/fncls.ssp?u=ESMGXKOPDY
Document title: AIXTRON 9-Months Result
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23.10.2013 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,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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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235910 23.10.2013
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Datum: 23.10.2013 - 18:37 Uhr
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