DGAP-News: AIXTRON SE / Key word(s): Half Year Results/Forecast
AIXTRON: Growing LED lighting demand fuels strong order intake /
Revenue & margins influenced by currency and mix effects / 2011
guidance confirmed despite short-term volatility
28.07.2011 / 07:15
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Growing LED lighting demand fuels strong order intake
Revenue & margins influenced by currency and mix effects
2011 guidance confirmed despite short-term volatility
Aachen, Germany, July 28, 2011 - AIXTRON SE (ISIN DE000A0WMPJ6,
US0096061041), a worldwide leading provider of deposition equipment to the
semiconductor industry, today announced the consolidated financial results
for the second quarter and first half of 2011.
Key Financials
|[![CDATA[|[pre|]]]|]
2011 2010 +/- 2011 2011 +/-
(in EUR million) H1 H1 Q2 Q1
Revenues 381.0 346.3 10% 175.6 205.4 -15%
Gross profit 181.0 183.9 -2% 76.9 104.2 -26%
Gross margin 48% 53% -5 pp 44% 51% -7 pp
Operating result (EBIT) 129.2 106.9 21% 54.3 74.9 -28%
EBIT margin 34% 31% 3 pp 31% 36% -6 pp
Net result 90.4 74.1 22% 38.2 52.3 -27%
Net result margin 24% 21% 3 pp 22% 25% -4 pp
Net result per share - basic
(EUR) 0.90 0.74 22% 0.38 0.52 -27%
Net result per share - diluted
(EUR) 0.89 0.73 22% 0.38 0.51 -25%
Equipment order intake 432.5 343.9 26% 222.2 210.3 6%
Equipment order backlog (end of
period) 373.5 250.0 49% 373.5 321.1 16%
|[![CDATA[|[/pre|]]]|]
Financial Highlights
During the first half year of 2011, AIXTRON's equipment order intake
amounted to EUR 432.5m, 26% higher than in H1/2010 (EUR 343.9m). Recorded
orders continued to be received at an historically high level, mainly
fuelled by HB LED backlighting and lighting applications, the latter
becoming more prominent in the second quarter. In line with the trend seen
in recent quarters, China was the strongest regional driver in this market.
The total equipment order intake for Q2/2011 came in at EUR 222.2m, an
increase of 6% over Q1/2011.
First-half 2011 revenues grew by 10% year on year to EUR 381.0m (H1/2010:
EUR 346.3m), but decreased 15% sequentially from Q1/2011 (EUR 205.4m) to
EUR 175.6m in Q2/2011. Recorded H1/2011 revenues were impaired by a
weakening US-Dollar, as well as a shift in regional product mix and selling
prices influenced by larger order volumes. Some later than scheduled
Chinese customer LED production facility completions and temporary regional
customer financing delays were additional causes of this sequential
development.
Gross profit for the first half of the year, in absolute terms, was
marginally down year on year at EUR 181.0m, and the gross margin declined
by 5 percentage points to 48%, compared to EUR 183.9m or 53% in H1/2010. In
a sequential comparison, the Company's Q2/2011 gross margin decreased by
seven percentage points, from 51% (EUR 104.2m) in Q1/2011 to 44% (EUR
76.9m) in Q2/2011. This decrease was due to the above mentioned quarterly
sequential revenue development which was set against a stable sequential
cost base.
First half 2011 EBIT came in at EUR 129.2m (34%) and was 21% higher in
absolute terms than during the same period last year. The EBIT margin was 3
percentage points better year on year than the EUR 106.9m (31%) in H1/2010.
However, the Q2/2011 EBIT margin, at 31% (EUR 54.3m), was 5 percentage
points lower sequentially than in Q1/2011 at 36% (EUR 74.9m). This
sequential EBIT margin development was mainly influenced by the above
mentioned gross margin effects, which were, however, partly compensated by
an improved operating cost base and positive hedging effects.
The net income in H1/2011 was 22% up, year on year, from EUR 74.1m (21% of
revenues) in H1/2010, to EUR 90.4m (24% of revenues). Net income for
Q2/2011 was also partly affected by the reduced gross margin and came in at
EUR 38.2m or 22% of revenues (Q1/ 2011: EUR 52.3m; 25%).
Management Review
Paul Hyland, President & Chief Executive Officer at AIXTRON, remains
confident about AIXTRON's prospects for the rest of the year despite some
short-term market volatility:
'Despite some unfriendly currency and mix effects in Q2, we have had an
excellent quarter: we have seen sequentially higher order intake, a very
positive customer response to a new product launch and some increasingly
encouraging signals from a rapidly emerging LED lighting market.
Although the 'choppy waters' we predicted in Q2 are likely to continue in
Q3, we believe that they are transitional effects of a growing market and
consequently will pass through in the course of this year.
Albeit challenging, we remain optimistic of achieving our original targets
set for the full year.'
Outlook
AIXTRON Management reconfirmed its revenue guidance for 2011 of circa EUR
800 million to EUR 900 million and an operating margin of circa 35%.
Financial Tables
The H1/2011 results presentation as well as all 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 2011.
Investor Conference Call
AIXTRON will host a financial analyst and investor conference call on
Thursday, July 28, 2011, 3:00 p.m. CEST (6:00 a.m. PDT, 9:00 a.m. EDT) to
review the first half-year 2011 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) 247501-891 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@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
deposition 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
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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133499 28.07.2011
DGAP-News: AIXTRON: Growing LED lighting demand fuels strong order intake / Revenue & margins influenced by currency and mix effects / 2011 guidance confirmed despite short-term volatility
| Source: EQS Group AG