AIXTRON AG / Final Results/Forecast
10.03.2010 15:09
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AIXTRON reports highly successful final full year 2009 results /
Strong Order Book supports sustainable growth into 2010 /
2010 Guidance: EUR600m-EUR650m Revenues, 25%plus EBIT /
AIXTRON AG plans conversion into European Company (SE) /
Aachen, Germany, March 10, 2010 - AIXTRON AG (ISIN DE000A0WMPJ6), worldwide
leading provider of deposition equipment to the semiconductor industry,
today announced record financial results for fiscal year 2009 and guidance
for 2010 of EUR600m to EUR650m revenues with an EBIT margin of 25% or
higher as well as its plan to convert from an AG into a SE company
structure.
Key Financials
|[![CDATA[|[pre|]]]|]
2009 2008 +/- 2009 2008 +/-
(million EUR) Full Full % Q4 Q4 %
Year Year
Revenues 302.9 274.4 10% 117.9 82.3 43%
Gross profit 134.7 112.9 19% 55.5 35.6 56%
Gross margin 44% 41% 3 pp 47% 43% 4 pp
Operating result (EBIT) 62.7 32.5 93% 33.7 7.4 355%
EBIT-margin 21% 12% 9 pp 29% 9% 20pp
Net result 44.8 23.0 95% 24.4 4.1 495%
Net result margin 15% 8% 7 pp 21% 5% 16pp
Net result per share - basic 0.49 0.26 88% 0.23 0.05 460%
(EUR)
Net result per share - diluted 0.48 0.25 92% 0.23 0.04 575%
(EUR)
Dividend proposal/dividend per 0.15 0.09 67%
share (EUR)
Equipment Order Intake 370.1 250.8 48% 163.3 40.6 302%
Equipment Order Backlog (end 203.8 105.0 94% 203.8 105.0 94%
of period)
|[![CDATA[|[/pre|]]]|]
Financial Highlights
In fiscal year 2009, AIXTRON recorded - for the first time since its
foundation - annual revenues in excess of EUR 300m, i.e. EUR 302.9m, an
increase of EUR 28.5m, or 10%, compared to EUR 274.4m in 2008. This has
been achieved despite the global recession, which had a particularly
negative influence on Q1/2009 revenues. From the end of Q1 onwards,
revenues showed an increasing trend sequentially quarter on quarter until
the end of 2009 (Q1: EUR 46.2m; Q2: EUR 56.7m; Q3: EUR 82.0m; Q4: EUR
117.9m).
The Company's gross profit increased by 19% to EUR 134.7m in 2009 (2008:
EUR 112.9m) in line with higher revenues and a lower cost of sales
percentage, resulting in a three percentage points higher gross margin of
44%.
Reflecting the operating leverage effect from increased volumes, a more
favorable average USD/EUR exchange rate and a strong other operating income
figure, the EBIT increased by 93%, from EUR 32.5m in 2008 to EUR 62.7m in
2009, resulting in a full year margin of 21% (2008: 12%). The EBIT
margin peaked at 29% in Q4/2009.
Net income almost doubled from the 2008 figure to EUR 44.8m for 2009 from
EUR 23.0m in 2008. Quarterly net income was more than five times higher
year on year at EUR 24.4m for Q4/2009 from EUR 4.1m in Q4/2008. This
relates to Basic Earnings per Share of 49 cents for the full year 2009 and
23 cents per share for Q4/2009.
On this basis, the Executive Board and Supervisory Board will propose to
AIXTRON's Annual Shareholders' Meeting in May 2010 the payment of a
dividend of EUR 0.15 per share, which would result in accumulated payments
of EUR 15.1m to shareholders and a group net income pay-out ratio of 34%.
Cumulated equipment order intake in fiscal year 2009 also exceeded all
previous historical highs, and at EUR 370.1m, was 48% up year on year
(2008: EUR 250.8m). The progressively increasing quarterly order intake
throughout the year, (Q1: EUR 31.2m, Q2: EUR 57.8m, Q3: EUR 117.6m, Q4: EUR
163.3m) reached the highest quarterly order intake figure in the Company's
history in Q4 and was in contrast to the decreasing quarterly trend seen in
the previous year.
The total equipment order backlog of EUR 203.8m at December 31, 2009 also
represents a new record high and was 94% higher than at the same point in
time in 2008 (EUR 105.0m).
AIXTRON AG plans conversion into European Company (SE)
The Management Board and Supervisory Board of AIXTRON Aktiengesellschaft
will propose to its shareholders in the general meeting on May 18, 2010 to
convert the Company's legal form from a German AG (Aktiengesellschaft) into
a European Company (Societas Europaea, SE) with the name AIXTRON SE. The
company will continue to have its registered office in Herzogenrath,
Germany. Together with their invitation to the general meeting, the
Shareholders of AIXTRON AG will receive detailed information under the
relevant item of the AGM agenda regarding the contemplated conversion of
the legal form.
Management Review
Paul Hyland, President & Chief Executive Officer at AIXTRON, comments:
'After a very difficult start to the year, caused by fiscal uncertainty and
recessionary fears at that time, fiscal year 2009 has turned out to be one
of the best years in the Company's history. The forward looking decisions
we made more than 5 years ago, namely to re-engineer our system technology
into configurable modules and the decision to re-engineer our manufacturing
processes and supply chain structure have played a decisive part in our
ability to react quickly and profitably to the rapid and positive changes
in 2009 market conditions.
Looking into 2010 and beyond, we will, once again, make the necessary
forward looking investment decisions to ensure that we have the appropriate
new technology and infrastructure in place to ensure that AIXTRON remains
the leading player in this marketplace during a period of projected growth.
The decision to convert AIXTRON AG into an SE structure is motivated by the
increasingly international nature of our business and the potential
flexibility that can comes with a SE conversion'
Outlook
AIXTRON entered the year with a very solid opening order backlog of EUR
190.9m (revalued from EUR 203.8m at USD 1.50/EUR as of January 1, 2010),
all shippable in 2010. AIXTRON Management believes that, on this basis,
AIXTRON can deliver total revenues of EUR 600m to EUR 650m and an EBIT
margin of 25%plus in fiscal year 2010.
Financial Tables
Our 2009 full year results presentation as well as all consolidated
financial statements (balance sheet, 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 Annual Report for
the full year 2009.
Investor Conference Call
AIXTRON will host a financial analyst and investor conference call on
Thursday, March 11, 2010, 3:00 p.m. CET (6:00 a.m. PST, 09:00 a.m. EST) to
review the full-year 2009 results. From 2:50 p.m. CET (5:50 a.m. PST, 8:50
a.m. EST) you may dial in to the call at +49 (69) 247501-899 or +1 (212)
444-0297. Both a conference call audio replay or a transcript of the
conference call will be available at http://www.aixtron.com, section
'Investors', following the conference call.
Contact:
Guido Pickert
Investor Relations and Corporate Communications:
T: +49-241-8909-444
F: +49-241-8909-445
invest@aixtron.com
For further information on AIXTRON AG (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.
Contact:
Investor Relations and Corporate Communications
AIXTRON AG, Kaiserstr. 98, 52134 Herzogenrath, Germany
Phone: +49 241 8909 444, Fax: +49 241 8909 445, invest@aixtron.com
www.aixtron.com
10.03.2010 15:09 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: AIXTRON AG
Kaiserstr. 98
52134 Herzogenrath
Deutschland
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, München, Düsseldorf, Stuttgart; Terminbörse EUREX;
Foreign Exchange(s) Nasdaq
End of News DGAP News-Service
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DGAP-News: AIXTRON AG: Highly successful final full year 2009 results / Strong Order Book supports sustainable growth into 2010 / 2010 Guidance: EUR600m-EUR650m Revenues, 25%plus EBIT / AIXTRON AG plans conversion into European Company (SE)
| Source: EQS Group AG