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 October, 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 SE: Revenue increase in Q3/2015 based on broad foundation /
Positive EBITDA in Q3/2015 due to favorable product mix
Herzogenrath/Germany, October 27, 2015 - AIXTRON SE (FSE: AIXA;
NASDAQ: AIXG) a leading provider of deposition equipment to the
semiconductor industry, today announced financial results for the first
nine months and the third quarter 2015.
Q3/2015 revenues improved to EUR 54.6m due to increased scheduled
shipments and were 35% up against the previous quarter (Q2/2015: EUR
40.4m). Revenue growth was based on a wide range of different
applications such as LEDs, laser, memory chips and power electronics.
For the first time since Q4/2013, EBITDA was positive in the
third quarter at EUR 4.1m (Q2/2015: EUR -15.3m). It also improved by 36%
year-on-year (9M/2015: EUR -17.6m; 9M/2014: EUR -27.5m). The main
reasons are an improved gross margin in Q3 due to a more favorable
product mix and lower operational costs, including a payment from a
contractual settlement.
As a result of this development, Q3/2015 EBIT also came in
positive with EUR 1.5m (Q2/2015: EUR -17.9m; 9M/2015: EUR -25.2m;
9M/2014: EUR -39.4m).
At EUR 0.3m net result was also positive (Q2/2015: EUR -18.1m;
9M/2015: EUR -27.3m; 9M/2014: EUR -43.4m).
Q3/2015 total order intake including spares and service came in
at EUR 34.4m, 34% below the previous quarter (Q2/2015: EUR 52.5m). Total equipment
order backlog at EUR 72.3m as at September 30, 2015 was 2% up
compared with the previous year (September 30, 2014: EUR 70.7m) but 21%
down against the previous quarter (June 30, 2015: EUR 91.2m). This
backlog figure continues to exclude tools from the order of the major
Chinese customer.
Key Financials
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(in EUR million)
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2015
9M
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2014
9M*
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+/-
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2015
Q3
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2015
Q2*
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+/-
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Revenues
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135.3
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135.8
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0%
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54.6
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40.4
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35%
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Gross profit
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30.2
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29.2*
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3%
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17.8
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3.6
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394%
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Gross margin
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22%
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22%
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0pp
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33%
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9%
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24pp
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Earnings before interest, tax, depreciation and amortization
(EBITDA)
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-17.6
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-27.5
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36%
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4.1
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-15.3
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127%
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Operating result (EBIT)
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-25.2
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-39.4
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36%
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1.5
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-17.9
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108%
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EBIT margin
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-19%
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-29%
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10pp
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3%
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-44%
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47pp
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Net result
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-27.3
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-43.4
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37%
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0.3
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-18.1
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102%
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Net result margin
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-20%
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-32%
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12pp
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1%
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-45%
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46pp
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Net result per share - basic (EUR)
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-0.24
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-0.39
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38%
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0.01
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-0.17
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106%
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Net result per share - diluted (EUR)
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-0.24
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-0.39
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38%
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0.01
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-0.17
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106%
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Free Cash Flow FCF**
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-22.3
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-52.9
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58%
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-10.0
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-0.1
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n/a
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Equipment order intake (incl. spares and services)
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135.8
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149.4
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-9%
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34.4
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52.5
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-34%
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Equipment order backlog (end of period)
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72.3
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70.7
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2%
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72.3
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91.2
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-21%
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* Restated according to "Additional Disclosures, 1. Accounting Policies"
in the Nine Months Group Financial Report 9M/2015
** Operating CF +
Investing CF + Changes in Cash Deposits, adjusted for acquisition
effects (upfront payments and loan)
Business Development
The global penetration of LED technology in the lighting market
continues. Because of the continuing qualification processes of the AIX
R6 showerhead tool, the demand for this system type remained subdued.
The revenue development in Q3/2015 was based on a wide range of
different applications such as LEDs, laser, memory chips and power
electronics. Overall, demand in the first nine months 2015 remained
relatively slow.
Revenues at EUR 54.6m in Q3/2015 were 35% higher compared to the
previous quarter (Q2/2015: EUR 40.4m). On a nine-month basis, 9M/2015
revenues were in line with the previous year (9M/2015: EUR 135.3m;
9M/2014: EUR 135.8m).
Third quarter cost of sales at EUR 36.8m was flat sequentially
(Q2/2015: EUR 36.8m) despite higher revenues. On a yearly comparison,
cost of sales in 9M/2015 fell slightly by 1% to EUR 105.1m (9M/2014: EUR
106.5m).
This resulted in a Q3/2015 gross profit of EUR 17.8m,
significantly improved on a quarterly basis (Q2/2015: EUR 3.6m; 9M/2015:
EUR 30.2m; 9M/2014: EUR 29.2m). While the gross margin on an
annual basis remained unchanged (9M/2015: 22%; 9M/2014: 22%), it
improved by 24 percentage points to 33% in Q3/2015 points due to a
better product mix (Q2/2015: 9%). This is in line with the range
targeted by AIXTRON.
Mainly due to better cost control and income from a contractual
compensation recorded in other operating income, operating costs
in Q3/2015 fell to EUR 16.3m sequentially (Q2/2015: EUR 21.5m). On a
nine-month comparison, they decreased by 19% to 55.4m (9M/2014: EUR
68.7m).
As a result of the above-mentioned business development, the third
quarter 2015 EBIT improved to EUR 1.5m both sequentially and
compared to the previous-year period (Q2/2015: EUR -17.9m, 9M/2015: EUR
-25.2m; 9M/2014: EUR -39.4m).
The net result for Q3/2015 rose to EUR 0.3m compared to the
previous quarter (Q2/2015: EUR -18.1m) and improved by 37% on a
nine-months basis (M9/2015: EUR -27.3m; 9M/2014: EUR -43.4m).
AIXTRON's total order intake including spares & service in the
third quarter 2015 decreased 34% sequentially to EUR 34.4m (Q2/2015: EUR
52.5m). Compared to the previous-year period total order intake fell by
9% to EUR 135.8m (9M/2014: EUR 149.4m). This development reflects the
lower overall market demand in the reporting period as well as the
effects from the ongoing qualification processes for the AIX R6.
Free cash flow in Q3/2015 was EUR -10.0m (Q2/2015: EUR -0.1m;
9M/2015: EUR -22.3m; 9M/2014: EUR -52.9m).
Cash and cash equivalents (including bank deposits with a
maturity of more than three months) as of September 30, 2015 amounted to
EUR 243.5m, EUR 11.9m lower than the end of the previous quarter (June
30, 2015: EUR 255.4m). The difference from free cash flow mainly results
from the currency difference of the US$-based cash and cash equivalents.
AIXTRON does not have any bank borrowings.
Management Review
"Due to postponed shipments, in particular of the AIX R6 showerhead
system, we have recently revised our revenue expectations for the
current financial year. However, we work intensively with our customers
to push forward and to successfully complete the qualification
processes", says Martin Goetzeler, President and CEO of AIXTRON SE.
"We continue to proceed in the strengthening of our product and
technology portfolio. In the area of OLEDs, we have received a first
order for our encapsulation technology OPTACAP(TM). The test runs of our
Gen8 demonstrator for the production of large-area OLEDs are moving
forward on schedule and therefore, we anticipate results from customer
demonstrations within the coming months. In addition, we were able to
score in applications such as LED, laser, telecommunication and power
electronics as well as in memory products. The margin improvement
resulting from it supports our recently communicated profit expectations
for the current financial year. The third quarter also proves that
markets in Europe and the U.S. are still of great importance."
Guidance
Based on the results of the first nine months of 2015 and the assessment
of AIXTRON's risks and opportunities, Management expects 2015 full year
revenues of EUR 190m to 200m, based on the USD/EUR exchange rate of 1.12
as of September 30, 2015. The guidance was revised due to a postponement
of shipments to a major Chinese customer which were planned for delivery
in 2015. These deliveries are now expected for 2016 depending on the
progress of the ongoing milestone based qualification process.
Management reiterates its target to reach EBITDA break-even within the
second half of 2015. Year-on-year, EBIT and net result are expected to
improve but to remain negative for the full year 2015.
Financial Tables
The 9M/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 quarterly financial report for the first nine months of 2015.
Investor Conference Call
AIXTRON will host a financial analyst and investor conference call on
Tuesday, October 27, 2015, 3:00 p.m. CET (7:00 a.m. PDT, 10:00 a.m. EDT)
to review the first nine months 2015 results. From 2:45 p.m. CET (6:45
a.m. PDT, 9:45 a.m. EDT) you may dial in to the call at +49 (69)
247501-899 or +1 (212) 444-0297. Please note that Europe has already
switched back from Daylight Savings Time to Standard Time resulting in 1
hour less time difference for example compared to the U.S. 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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October 27, 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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