Report of Foreign Issuer (6-k)
July 28 2015 - 6:08AM
Edgar (US Regulatory)
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 July, 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: Order backlog supports strong growth in H2/2015 / Customers
proceed with qualification process of AIX R6
Herzogenrath/Germany,
July 28, 2015 - AIXTRON SE (FSE: AIXA; NASDAQ: AIXG) a leading
provider of deposition equipment to the semiconductor industry, today
announced financial results for the first half and the second quarter
2015.
At EUR 101.4m in the first half 2015 order intake
including spares and service was up 2% on the same period last year
(H1/2014: EUR 99.2m) and 7% up in a sequential quarterly comparison
(Q2/2015: EUR 52.5m; Q1/2015: EUR 48.9m).
The total equipment
order backlog of EUR 91.2m as at June 30, 2015 reached the highest
level since 2012 (June 30, 2014: EUR 66.4m) with the major part of the
order backlog scheduled for delivery within this year.
H1/2015 revenues
at EUR 80.7m (H1/2014: EUR 90.1m) were down 10% year-on-year. Q2/2015
revenues at 40.4m fell by 13% year-on-year but inline against the
previous quarter (Q2/2014: EUR 46.2m; Q1/2015: EUR 40.3m).
AIXTRON
generated EUR -21.8m in EBITDA during the first half 2015 which
meant a sequential improvement over the previous half year (H2/2014: EUR
-27.9m; H1/2014: EUR -13.4m). In Q2/2015 EBITDA was at EUR -15.3m
(Q1/2015: EUR -6,4m) which was caused in particular by additional
qualification expenses for the AIX R6, higher R&D costs and lower
positive currency effects compared to the previous quarter.
The
significantly improved free cash flow both compared to the first
half of last year (H1/2015: EUR -12.3m; H1/2014: EUR -31.3m) as well as
to the previous quarter (Q2/2015: EUR -0.1m; Q1/2015: EUR -12.1m)
underlines AIXTRON's continuing management of liquidity.
The
integration of US technology company PlasmaSi, Inc., acquired at the
beginning of April 2015, is going well with AIXTRON expecting measurable
market and customer synergies in the area of OLED technology shortly.
AIXTRON forecasts first orders for the OLED encapsulation technology
Optacap(TM) in the current fiscal year.
Key Financials
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2015
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2014
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+/-
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2015
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2015
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+/-
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(in EUR million)
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H1
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H1*
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Q2
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Q1*
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Revenues
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80.7
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90.1
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-10%
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40.4
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40.3
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0%
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Gross profit
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12.4
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22.6*
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-45%
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3.6
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8.8*
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-59%
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Gross margin
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15%
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25%*
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-10pp
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9%
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22%*
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-13pp
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Earnings before interest, tax, depreciation and amortization (EBITDA)
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-21.8
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-13.4
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-63%
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-15.3
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-6.4
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-139%
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Operating result (EBIT)
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-26.7
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-21.5
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-24%
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-17.9
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-8.8
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-103%
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EBIT margin
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-33%
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-24%
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-9pp
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-44%
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-22%
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-22pp
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Net result
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-27.6
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-23.4
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-18%
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-18.1
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-9.5
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-91%
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Net result margin
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-34%
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-26%
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-8pp
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-45%
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-23%
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-22pp
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Net result per share - basic (EUR)
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-0.25
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-0.21
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-19%
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-0.17
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-0.08
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-113%
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Net result per share - diluted (EUR)
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-0.25
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-0.21
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-19%
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-0.17
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-0.08
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-113%
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Free Cash Flow FCF**
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-12.3
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-31.3
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61%
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-0.1
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-12.1
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99%
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Equipment order intake (incl. spares and services)
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101.4
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99.2
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2%
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52.5
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48.9
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7%
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Equipment order backlog (end of period)
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91.2
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66.4
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37%
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91.2
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79.0
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15%
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* Restated according to "Additional Disclosures, 1. Accounting Policies"
in the Half Year Group Financial Report H1/2015
** Operating CF +
Investing CF + Changes in Cash Deposits, adjusted for acquisition
effects (upfront payments and loan)
Business Development
Demand for LED chips is growing due to an increasing penetration of LED
technology in the lighting market and the demand of LEDs for displays,
with high utilization rates at many LED producers. Despite that, orders
and shipments in the first half-year remained slow.
Revenues
in Q2/2015 at EUR 40.4m were in line with the previous quarter (Q1/2015:
EUR 40.3m) but fell by 10% half year on half year (H1/2015: EUR 80.7m;
H1/2014: EUR 90.1m).
Second quarter cost of sales at EUR
36.8m increased 17% against the previous quarter (Q1/2015: EUR 31.5m)
mainly due to the ongoing production qualification process of the AIX R6
MOCVD tool and the corresponding actual and anticipated modification
costs and inefficiencies resulting from this process. On a half year
basis, cost of sales at EUR 68.3m for the first half of 2015 was almost
unchanged in comparison to last year (H1/2014: EUR 67.6m).
This
resulted in a Q2/2015 gross profit of EUR 3.6m, down by 59% on a
quarterly basis (Q1/2015: EUR 8.8m; H1/2015: EUR 12.4m; H1/2014: EUR
22.6m). Due to the higher cost of sales in Q2/2015, the gross margin
fell to 9% but would have improved slightly against the previous quarter
(Q1/2015: 22%) without additional qualification and modification
expenses.
Compared to the previous quarter, operating costs
increased to EUR 21.5m (Q1/2015: EUR 17.6m) due to higher R&D costs and
non-repeating positive currency effects. However, they decreased by 11%
year-on-year to EUR 39.1m in the first half 2015 (H1/2014: EUR 44.0m).
As
a result of the above mentioned business development the second quarter
2015 EBIT at EUR -17.9m was down from the previous quarter's
figure as well as half year on half year (Q1/2015: EUR -8.8m, H1/2015:
EUR -26.7m; H1/2014: EUR -21.5m).
The net result for
Q2/2015 was EUR -18.1m in comparison to the previous quarter (Q1/2015:
EUR -9.5m) but was up sequentially when comparing the first half of this
year to the second half of last year (H2/2014: EUR -39.1m; H1/2015: EUR
-27.6m).
Free cash flow in Q2/2015 was EUR -0.1m (Q1/2015:
EUR -12.1m; H1/2015: EUR -12.3m; H1/2014: EUR -31.3m).
Cash
and cash equivalents (including bank deposits with a maturity of
more than three months) as of June 30, 2015 amounted to EUR 255.4m, EUR
7.8m lower than the end of the previous quarter (March 31, 2015: EUR
263.2m). The difference from free cash flow mainly results from the
currency difference of the US$-based cash and cash equivalents as well
as from the acquisition of PlasmaSi, Inc. in April 2015.
Management Review
"In the context of the qualification of
our new MOCVD tool AIX R6, we have been working intensively with our
customers. Thereby, specific additional costs are reflected in the
unsatisfactory result of the second quarter. Overall, we have agreements
with eight customers for the AIX R6, of which one has recently qualified
the system for production", says Martin Goetzeler, President and CEO of
AIXTRON SE.
"We continue to make good progress in the
strengthening of our product and technology portfolio. In the field of
OLEDs, we are seeing strong interest from customers regarding the
technology of the recently acquired PlasmaSi, Inc. First test runs of
our Gen8 demonstrator for the production of large-area OLEDs are
positive. In addition, during 2015 we expect significant growth for our
planetary(R) systems covering applications such as LED, laser,
telecommunication and power electronics as well as for our memory and
logic products. This is included in our expectations for the second half
of 2015 which are supported by the strong backlog.
Guidance
Based
on the first half 2015 results and the current assessment of AIXTRON's
latest revenue forecast, including risks and opportunities, Management
reiterates its February revenue forecast of EUR 220 to 250 million for
fiscal year 2015. This guidance is supported by the backlog and based on
the assumption of current USD/EUR exchange rates. Furthermore, it
includes expected shipments of AIX R6 MOCVD tools which still depend on
successfully reaching customer specific milestones within their
individual production qualification processes. Management continues to
expect returning to EBITDA break-even within the second half of 2015.
Financial
Tables
The H1/2015 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 half year financial report for the first half of 2015.
Investor
Conference Call
AIXTRON will host a financial analyst and
investor conference call on Tuesday, July 28, 2015, 3:00 p.m. CEST (6:00
a.m. PDT, 9:00 a.m. EDT) to review the first half 2015 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) 247501-899 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/en/investors/events/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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July 28, 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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