SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16 of the
Securities
Exchange Act of 1934
Commission
File No. 000-51196
For the
month of February, 2015
AIXTRON
SE
(Translation
of registrant’s name into English)
Dornkaulstr.
2
52134 Herzogenrath
Germany
(Address of principal executive
offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Indicate by
check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.
If “Yes” is
marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): N/A
AIXTRON anticipates growth in all technology areas and further
improvement of results in 2015 Positive EBITDA expected for H2/2015
AIXTRON improves revenues and equipment order intake in 2014
Herzogenrath/Germany, February 24, 2015 - AIXTRON SE (FSE: AIXA; NASDAQ:
AIXG) a leading provider of deposition equipment to the semiconductor
industry, today announced financial results for the fourth quarter 2014
and the full financial year 2014.
Results of fiscal year 2014 are in line with the previously published
expectations, but continue to be unsatisfactory. For fiscal year 2015,
AIXTRON expects a sequential increase of the results in both halves of
2015 compared with the previous six-month periods and a return to
positive EBITDA numbers in the second half of 2015.
2014 revenues at EUR 193.8m (2013: EUR 182.9m) were up 6% against the
previous year's level. In Q4/2014 revenues amounting to EUR 58.0m were
up against both the previous year and the previous quarter (Q4/2014: EUR
51.1m; Q3/2014: EUR 45.6m).
2014 EBITDA improved and amounted to EUR -41.3m (2013: EUR -67.9m).
Q4/2014 EBITDA was EUR -13.9m (Q4/2013: EUR 3.7m; Q3/2014: EUR -14.1m).
The Company's order intake was not influenced by the large multiple tool
order from a Chinese LED manufacturer for 50 AIX R6 Showerhead(R) MOCVD
tools AIXTRON received in September 2014 as most of this order will be
booked in the course of the financial year 2015. Total 2014 equipment
order intake was up by 15% to EUR 153.4m (2013: EUR 133.2m). Q4/2014
order intake amounted to EUR 39.9m and was up against both the previous
year and the previous quarter (Q4/2013: EUR 37.1m; Q3/2014: EUR 37.6m).
In the course of the 5-Point-Program AIXTRON is further adapting its
organizational structure in line with customer and market requirements.
Alongside cost-cutting measures, AIXTRON is consistently pursuing new
market opportunities, for example with its new AIX R6 product generation
and in promising future business fields such as power and logic
semiconductors as well as OLED.
Key Financials
|
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2014
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2013
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+/-
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2014
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2013
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+/-
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(in EUR million)
|
|
FY
|
FY
|
|
Q4
|
Q4
|
|
Revenues
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|
193.8
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182.9
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6%
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58.0
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51.1
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14%
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Gross profit
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41.5
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-7.4
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n/a
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11.6
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17.4
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-33%
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Gross margin
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21%
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-4%
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25pp
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20%
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34% -
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14pp
|
Earnings before interest, tax,
|
|
|
|
|
|
|
|
depreciation and amortization (EBITDA)
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-41.3
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-67.9
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39%
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-13.9
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3.7
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n/a
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Operating result (EBIT)
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-58.3
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-95.7
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39%
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-18.9
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-12.6
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-50%
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EBIT margin
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-30%
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-52%
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22pp
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-33%
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-25%
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-8pp
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Net result
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-62.5
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-101.0
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38%
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-19.1
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-14.8
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-29%
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Net result margin
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-32%
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-55%
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23pp
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-33%
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-29%
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-4pp
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Net result per share - basic (EUR)
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-0.56
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-0.98
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43%
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-0.17
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-0.13
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-31%
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Net result per share - diluted (EUR)
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-0.56
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-0.98
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43%
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-0.17
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-0.13
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-31%
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Free Cash Flow FCF*
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-47.0
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-1.1
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n/a
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5.9
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-0.2
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n/a
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Equipment order intake
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153.4
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133.2
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15%
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39.9
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37.1
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8%
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Equipment order backlog (end of period)
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65.2
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59.6
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9%
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65.2
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59.6
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9%
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*Operating CF + Investing CF + Changes in Cash Deposits
Financial Highlights
The global trend towards LED lighting continues. This development as
well as the availability of new MOCVD tool generations will have a
positive impact on investment demand. As previously described, AIXTRON
received its largest ever multiple tool order from China which will be
mostly recognized as order intake and revenues in the financial year
2015.
Revenues in fiscal year 2014 at EUR 193.8m were up 6% compared to the
previous year's level (2013: EUR 182.9m; Q4/2014: EUR 58.0m; Q3/2014:
EUR 45.6m).
2014 cost of sales were down to EUR 152.3m (2013: EUR 190.3m; Q4/2014:
EUR 46.5m; Q3/2014: EUR 39.1m). That includes value adjustments on
inventories and start-up costs for new products but lower unusual items
than recorded in the previous year.
Consequently, this resulted in an improved gross profit of EUR 41.5m
(2013: EUR -7.4m; Q4/2014: EUR 11.6m; Q3/2014: EUR 6.5m).
The operating expenses reflect the efficiency gains from the
5-Point-Program and at EUR 99.8m stayed below the stated goal of EUR
100m (2013: EUR 88.4m; Q4/2014: EUR 30.5m; Q3/2014: EUR 24.4m) in spite
of increased R&D expenses (2014: EUR 66.7m; 2013: EUR 57.2m) in
preparation for the launch of the next generation MOCVD tools.
As a result of the above mentioned business development the 2014 EBIT at
EUR -58.3m was an improvement from the previous year's figure of EUR
-95.7m (Q4/2014: EUR -18.9m; Q3/2014: EUR -17.9m). That also includes
restructuring costs for the reorganization of the Group which were
largely recorded in Q4/2014.
The net result for 2014 amounted to EUR -62.5m (2013: EUR -101.0m;
Q4/2014: EUR -19.1m; Q3/2014: EUR -19.9m).
AIXTRON's equipment order intake reflects the improved market demand
throughout the reporting period. Due to internal booking principles the
aforementioned large Chinese order has had no influence on 2014 order
intake yet. In total, the 2014 order intake at EUR 153.4m was up 15%
from the previous year's figure of EUR 133.2m (Q4/2014: EUR 39.9m;
Q3/2014 EUR 37.6m)
The total equipment order backlog of EUR 65.2m as at December 31, 2014
was 9% higher than the EUR 59.6m at the same point in time in 2013 and
12% higher than the January 2014 opening backlog of EUR 58.1m.
Following a positive free cash flow of EUR 5.9m in the fourth quarter,
fiscal year 2014 was finished with a free cash flow of EUR -47.0m (2013:
EUR -1.1m; Q3/2014: EUR -21.7m). This was mainly driven by substantial
expenses for future technologies. The planned increase in inventories
related to the launch of the next generation MOCVD tools was financed
through advance payments from customers.
Cash and cash equivalents (including bank deposits with a maturity of
more than three months) as of December 31, 2014 amounted to EUR 268.1m
(December 31, 2013: EUR 306.3m) and in relation to 2013 were down by EUR
38.2m. The difference to the free cash flow mainly results from the
currency difference of the US$-based cash and cash equivalents.
Management Review
"In fiscal year 2014 order intake and revenues developed positively.
Even if this is not yet reflected in the figures, we have achieved an
important milestone with the market launch of the AIX R6 and a resultant
major order in the previous year. Results of the previous year are in
line with our stated expectations, but continue to be unsatisfactory.
This was mainly due to the low topline level reflecting the challenges
that specifically the MOCVD industry faces. Therefore, we as Management
strongly believe that it is important continuing to invest in R&D,
thereby reducing our dependency on one product while creating new
business opportunities. Our future oriented technologies already started
to perform well, despite the fact that market introduction of these new
products still requires preparatory efforts. Due to our focus on active
cash management, we continue to be in a solid financial situation", says
Martin Goetzeler, President and CEO of AIXTRON SE.
Guidance
For the 2015 financial year, Management expects to see growth across all
technology areas, and thus also improved demand for the corresponding
production systems. Management therefore expects full-year revenues to
increase to between EUR 220 million and EUR 250 million. At the same
time, the company will be pressing ahead with implementing its
innovation roadmaps, productivity and efficiency programs across all
areas. It expects to see a sequential increase of the results in both
halves of 2015 compared with the previous six-month periods and a return
to positive EBITDA numbers in the second half of 2015 considering
ongoing ramp up costs for the new AIX R6 tool as well as the costs for
some crucial R&D projects.
Financial Tables
The full year 2014 results presentation will be available at
http://www.aixtron.com/en/investors/ir-presentation. 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/en/investors/financial-reports/ as part of
AIXTRON's Annual Report 2014. AIXTRONs interactive online Annual Report
2014 is available at http://annualreport2014.aixtron.com.
Investor Conference Call
AIXTRON will host a financial analyst and investor conference call on
Tuesday, February 24, 2015, 3:00 p.m. CET (6:00 a.m. PST, 9:00 a.m. EST)
to review the full year 2014 results. From 2:45 p.m. CET (5:45 a.m. PDT,
8:45 a.m. EST) you may dial in to the call at +49 (69) 247501-899 or +1
(212) 444-0296. A conference call audio replay or a transcript of the
conference call will be available at
http://www.aixtron.com/en/investors/dates/conference-call/ following the
conference call.
Contact:
Guido Pickert Investor Relations and Corporate Communications T: +49
(2407) 9030-444 F: +49 (2407) 9030-445 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.
SIGNATURE
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
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AIXTRON SE
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Date:
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February 24, 2015
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By:
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/s/ Martin Goetzeler
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Name:
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Martin Goetzeler
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Title:
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President and CEO
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