DGAP-News: AIXTRON SE / Key word(s): Final Results/Incoming Orders
AIXTRON Sees Signs of Market Stabilization / Rising Utilization Rates,
still Limited Order Visibility / Highest 2012 Order Intake and
Revenues Recorded in Q4/2012 / Focus on Cost Control and Cash Flow /
Continuing R&D Investments
28.02.2013 / 07:31
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AIXTRON Sees Signs of Market Stabilization
Rising Utilization Rates but still Limited Order Visibility
Highest 2012 Order Intake and Revenues Recorded in Q4/2012
Management Focus on Cost Control and Cash Flow
Continuing R&D Investments into Future Market Opportunities
Aachen, Germany, February 28, 2013 - AIXTRON SE (ISIN DE000A0WMPJ6), a
leading provider of deposition equipment to the semiconductor industry,
today announced revenues of EUR 227.8m and an EBIT loss of EUR -132.3m for
the fiscal year 2012.
A slow recovery of revenues but a virtually flat order intake throughout
the year reflects a reluctant investment attitude by customers and a
continuation of macroeconomic uncertainty. Despite an improving market
consensus on the potential outlook for the back end of 2013, Management is
unable at this stage to offer a precise revenue and EBIT margin guidance
for the year, due to the prevailing low visibility.
Key Financials
<pre>
2012 2011 +/- 2012 2011 +/-
(in EUR million) FY FY Q4 Q4
Revenues 227.8 611.0 -63% 77.5 140.1 -45%
Gross profit 0.4 231.4 n.m. 17.7 11.8 50%
Gross margin n.m. 38% -38pp 23% 8% 15pp
Operating result (EBIT) -132.3 112.9 n.m. -19.3 -16.9 -14%
EBIT margin -58% 18% -76pp -25% -12% -13pp
Net result -145.4 79.5 n.m. -43.2 -10.9 n.m.
Net result margin -64% 13% -77pp -56% -8% -48pp
Net result per share - basic (EUR) -1.44 0.79 n.m. -0.43 -0.11 n.m.
Net result per share - diluted (EUR) -1.44 0.78 n.m. -0.43 -0.11 n.m.
Dividend proposal/dividend per share 0.00 0.25
(EUR)
Equipment order intake 131.4 513.4 -74% 35.5 29.3 21%
Equipment order backlog (end of 79.4 141.0 -44% 79.4 141.0 -44%
period)
</pre>
Financial Highlights
Throughout fiscal year 2012, AIXTRON customers remained hesitant in adding
significant LED manufacturing capacity, despite increasingly high
utilization rates at some mainline Asian manufacturers. AIXTRON recorded
revenues of EUR 227.8m for the full year 2012, which although nearly EUR 8m
higher than the Q3 forecast for the full year, still represents a decrease
of EUR 383.2m, or 63%, compared to EUR 611.0m in 2011. H2/2012 revenues
were however c. 58% higher than H1/2012.
Total order intake in 2012 was EUR 131.4m, 74% down compared to 2011 (EUR
513.4m) although H2/2012 orders were c. 14% higher than H1/2012.
The year-end order backlog stood at EUR 79.4m on December 31, 2012; 44%
lower than at the same time in 2011 (December 31, 2011: EUR 141.0m). One
third of this percentage point reduction came from the EUR 19m Order
Backlog adjustment made in Q3/2012.
The second half order intake development that became clearer in Q3/2012 did
not constitute the expected second half market recovery and was catalyst
for a thorough internal review into the immediate outlook. The Management
conclusion, announced in October 2012, was that the opening year objective
of remaining EBIT profitable in 2012 was not achievable. The accompanying
risk assessment that was conducted as part of this business review also
concluded that the likelihood of ongoing subdued demand necessitated the
reduction in value of certain work in progress assemblies, components and
spare parts. As a result, the Company executed a significant write-down of
inventories in Q3/12.
The subdued business environment, evident throughout the year 2012, had the
consequent effect on AIXTRON's 2012 earnings. Gross profit declined to EUR
400 thousand (2011: EUR 231.4m) and EBIT turned negative to EUR -132.3m
(2011: EUR 112.9m). The Company continues to implement cost reduction
measures which include both efficiency improvements and cost reductions
measures throughout the organization.
The 2012 net result of EUR -145.4m, was considerably down from the EUR
79.5m recorded in 2011 and resulted in a basic loss per share of EUR -1.44
(2011: earnings of EUR 0.79).
Appropriation of Net Loss
AIXTRON's Executive and Supervisory Boards will propose to the
shareholders' meeting that the 2012 loss should be carried forward and
consequently no dividend for 2012 will be distributed.
Management Review
Management expects demand for MOCVD production equipment to potentially
improve as demand for LEDs increases later in the current year. On the same
timeline, Management also envisages incremental equipment demand coming
from non-LED emerging MOCVD applications and other technology markets,
including Silicon and Organic Semiconductor applications. Nevertheless, the
exact timing of that order intake pickup is difficult to predict whilst
order visibility remains so low.
Paul Hyland, President & Chief Executive Officer of AIXTRON: '2012 proved
to be an exceptionally challenging year for AIXTRON, largely due to the
severe and extended macroeconomic headwinds that the whole world has been
suffering from. Our original expectation that 2012 would develop into a
transitory year with the prospect of a significantly better second half has
evidently not materialized.
However, the ongoing, albeit low level of demand we have seen in the second
half of 2012 and into 2013, encourages us to reiterate our view that we
have reached the bottom of the current cycle and that we might reasonably
expect to see further market recovery at some point during 2013 driven by
increasing demand for LED manufacturing equipment.
We also remain confident that we will see increased demand for our
manufacturing equipment for non-LED applications such as power electronics,
silicon or organic applications going forward. Despite the current
short-term challenges, we will continue to invest into the development of
manufacturing technologies for these and other emerging markets to secure
our technological leadership and stay 'fit for the future'.'
Outlook
Despite the generally more positive outlook for the year 2013, there
remains a high degree of uncertainty about the timing of a significant
order recovery and Management is consequently unable to offer a precise
revenue and EBIT margin guidance for the year at this time.
Financial Tables
The full year 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 Annual Report for 2012.
Investor Conference Call
AIXTRON will host a financial analyst and investor conference call on
Thursday, February 28, 2013, 3:00 p.m. CET (6:00 a.m. PST, 9:00 a.m. EST)
to review the full year 2012 results. From 2:45 p.m. CET (5:45 a.m. PST,
8:45 a.m. EST) 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@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-looking statements as a result of new information, future events or
otherwise, unless expressly required to do so 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@aixtron.com
www.aixtron.com
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
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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202565 28.02.2013
DGAP-News: AIXTRON Sees Signs of Market Stabilization / Rising Utilization Rates, still Limited Order Visibility / Highest 2012 Order Intake and Revenues Recorded in Q4/2012 / Focus on Cost Control and Cash Flow / Continuing R&D Investments
| Source: EQS Group AG