26.04.2018
AIXTRON SE DE000A0WMPJ6
DGAP-News: AIXTRON off to a good start in 2018 / Q1/2018: Revenues and order intake up, gross margin and profitability improved / Full-year guidance confirmed, revenues and EBIT close to the upper end
DGAP-News: AIXTRON SE / Key word(s): Quarter Results/Quarterly / Interim
Statement
AIXTRON off to a good start in 2018 / Q1/2018: Revenues and order intake up,
gross margin and profitability improved / Full-year guidance confirmed,
revenues and EBIT close to the upper end
26.04.2018 / 07:32
The issuer is solely responsible for the content of this announcement.
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AIXTRON off to a good start in 2018
Q1/2018: Revenues and order intake up, gross margin and profitability
improved
Full-year guidance confirmed, revenues and EBIT close to the upper end
Herzogenrath/Germany, April 26, 2018 - AIXTRON SE (FSE: AIXA), a leading
provider of deposition equipment to the semiconductor industry, today
announced its financial results for the first quarter 2018.
Order intake including spare parts and service improved in Q1/2018 to EUR
78.6m, an increase of 27% over the previous year and 20% over the previous
quarter. This positive order development is mainly due to the continued
demand for MOCVD systems for laser applications such as vertical cavity
surface emitting lasers (VCSELs) for 3D sensor technology or optical data
transmission.
Equipment order backlog increased to EUR 114.9m as of March 31, 2018, an
increase of 31% year-on-year and 6% year-on-year compared to December 31,
2017.
The continued positive development in order intake and order backlog was
also reflected in revenues, which rose 16% year-on-year as well as 15%
sequentially to EUR 62.4m in Q1/2018.
Gross profit and gross margin improved both year-on-year and sequentially in
the first quarter of 2018.
Operating result (EBIT) in Q1/2018 improved year-on-year to EUR 7.9m.
Net profit in Q1/2018 rose to EUR 12.3m. In addition to the positive
business and cost development, the capitalization of deferred taxes in the
amount of EUR 5m had a positive effect (Q1/2017: 0; Q4/2017: EUR 2.3m).
EBIT as well as net profit in Q4/2017 were significantly influenced by the
positive effects of the sale of the ALD/CVD product line in the amount of
EUR 23.9m.
Cash flow from operating activities amounted to EUR -21.1m in the first
quarter of 2018. This development is mainly due to planned payments in
connection with the sale of the ALD/CVD product line in Q4/2017.
Cash and cash equivalents (including cash deposits with a maturity of more
than 90 days) decreased to EUR 223.2m as of March 31, 2018, compared to EUR
246.5m as of December 31, 2017. The difference is also mainly due to planned
payments in connection with the divested ALD/CVD product line and increased
receivables due to a high number of deliveries of MOCVD systems at the end
of the quarter.
Key Financials
Q1/201- Q1/201- +/- Q1/201- Q4/201- +/-
8 7 (%) 8 7 (%)
(in EUR million)
Order intake 78.6 61.9 27 78.6 65.7 20
Order backlog (Equipment 114.9 87.6 31 114.9 108.6 6
only)
Revenues 62.4 53.6 16 62.4 54.1 15
Gross Profit 26.8 13.6 97 26.8 21.0 28
% 43 25 18 pp 43 39 4 pp
EBIT 7.9 -12.7 n.m. 7.9 24.4 -68
% 13 -24 37 pp 13 45 -32 pp
Net result 12.3 -13.5 n.m. 12.3 27.2 -55
% 20 -25 45 pp 20 50 -30 pp
EPS (EUR) 0.11 -0.12 n.m. 0.11 0.24 -54
Operating cash flow* -21.1 34.6 n.m. -21.1 13.6 n.m.
Business Development
AIXTRON opened 2018 with a good first quarter and remains committed to its
annual goal of a sustainable return to profitability for 2018. Continued
market demand for MOCVD equipment for VCSEL and other laser applications,
ROY and specialty LEDs, and power electronics, as well as higher margins and
lower costs, support this target.
Cost of sales fell from EUR 40.0m in Q1/2017 to EUR 35.6m in Q1/2018,
bringing cost of sales to revenues to 57% in the first quarter of 2018
(Q1/2017: 75%; Q4/2017: 61%).
At EUR 18.9m, operating expenses decreased by 28% year-on-year (Q1/2017: EUR
26.4m). Operating expenses as a percentage of sales decreased to 30% in the
first quarter of 2018 (Q1/2017: 49%). Operating expenses in the previous
quarter were significantly influenced by the positive effects of the sale of
the ALD/CVD product line in the amount of EUR 23.9 million and therefore,
are not comparable.
Management Review
Dr. Bernd Schulte, President of AIXTRON SE, comments: "We are pleased with
the good start into the new fiscal year. Q1/2018 was AIXTRON's strongest
first quarter since 2011, with further increases in revenues and order
intake, as well as in order backlog, enabling us to confirm the guidance for
2018 issued in February. We expect both revenues and EBIT to be close to the
upper end of the corresponding range. AIXTRON benefits from the robust
demand for MOCVD tools for optoelectronics and power electronics as well as
the successful realignment of its product portfolio".
"AIXTRON currently has a very good market position in laser and specialty
LED applications as well as promising equipment technologies for power
electronics. With our comprehensive roadmap for technology and product
development, we ensure the continuous, market-oriented further development
of our MOCVD systems for optoelectronics as well as the improvement of our
offering in the field of power electronics. In the medium term, we expect
power electronics based on gallium nitride and silicon carbide in particular
to offer significant potential for the Company," adds Dr. Felix Grawert,
President of AIXTRON.
Guidance
Based on the results for the first three months of the fiscal year 2018 and
the internal assessment of the development of demand, AIXTRON Management
confirms its 2018 full year guidance given in February 2018 whereby both
revenues and EBIT are expected to be close to the upper end of the guidance
due to the positive course of business.
For fiscal year 2018, the Management expects revenues and order intake to
range between EUR 230 million and 260 million. The gross margin is expected
to be between 35% and 40% and EBIT to come in at 5% to 10% of revenues.
Operating cash flow for 2018 as a whole is expected to be positive, but
lower than in 2017.
Further details can be found in chapter "3.1. Expected Developments " of the
Annual Report 2017, which is publicly available for download on the
Company's website at http://www.aixtron.com/en/investors/financial-reports/.
Financial Tables
The Q1/2018 results presentation is available at
http://www.aixtron.com/en/investors/ir-presentation. The consolidated
financial statements (income statement, statement of comprehensive income,
balance sheet, cash flow statement, statement of changes in equity) relating
to this press release are available at
http://www.aixtron.com/en/investors/financial-reports/ as part of AIXTRON's
Quarterly Statement for the first quarter of 2018.
Investor Conference Call
AIXTRON will host a financial analyst and investor conference call on
Thursday, April 26, 2018, 3.00 p.m. CEST (6.00 a.m. PDT, 9.00 a.m. EDT) to
review the first quarter 2018 results. You can dial into the call at +49
(30) 23 25 31 411 or +1 (862) 701-2734 from 2.45 a.m. CEST (5.45 p.m. PDT,
8.45 a.m. EDT). An audio replay or transcript will be available after the
conference call at
http://www.aixtron.com/en/investors/events/conference-call/.
Contact:
Guido Pickert
Investor Relations and Corporate Communications
T: +49 (2407) 9030-444
F: +49 (2407) 9030-445
Andrea Su
Investor Relations US
T: +1 (669) 228-3895
[email protected]
For further information on AIXTRON (FSE: AIXA, ISIN DE000A0WMPJ6) please
consult our website at: www.aixtron.com.
Our registered trademarks: AIXACT(R), AIXTRON(R), APEVA(R), Atomic Level
SolutionS(R), Close Coupled Showerhead(R), CRIUS(R), EXP(R), EPISON(R), Gas
Foil Rotation(R), Optacap(TM), OVPD(R), Planetary Reactor(R), PVPD(R),
STExS(R),
TriJet(R)
Due to rounding, numbers presented throughout this document may not add up
precisely to the totals indicated and percentages may not precisely reflect
the absolute figures for the same reason.
Forward-Looking Statements
This document may contain forward-looking statements regarding the business,
results of operations, financial condition and earnings outlook of AIXTRON.
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 assessments,
expectations and assumptions, of which many are beyond control of AIXTRON,
and are subject to risks and uncertainties. You should not place undue
reliance on these forward-looking statements. Should these risks or
uncertainties materialize, or should underlying expectations not occur or
assumptions prove incorrect, actual results, performance or achievements of
AIXTRON may materially vary from those described explicitly or implicitly in
the relevant forward-looking statement. 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 , in particular in
the chapter Risks in the Annual Report, filed by AIXTRON. Any
forward-looking statements contained in this document are based on current
expectations and projections of the executive board based on information
available 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.
This document is an English language translation of a document in German
language. In case of discrepancies, the German language document shall
prevail and shall be the valid version.
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26.04.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: AIXTRON SE
Dornkaulstraße 2
52134 Herzogenrath
Germany
Phone: +49 (2407) 9030-0
Fax: +49 (2407) 9030-445
E-mail: [email protected]
Internet: www.aixtron.com
ISIN: DE000A0WMPJ6
WKN: A0WMPJ
Indices: TecDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange; Nasdaq OTC
End of News DGAP News Service
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679349 26.04.2018
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