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Aixtron reports financial results for Q1 2015

Aixtron management pursues growth across all technology areas in 2015 and therefore, expects full-year revenues to increase to between EUR 220m and EUR 250m

1 May 2015 | Editor

Aixtron has recently announced financials for 2015 Q1. The company reported revenues of EUR 40.3m for the first quarter of 2015, representing a year-on-year fall of 8%, and 31% down compared to previous quarter.

Aixtron said that the company's order intake and revenues were influenced by the large multiple tool order from a Chinese LED manufacturer for 50 AIX R6 Showerhead MOCVD tools AIXTRON received in September 2014. However, a large portion of this order will be booked in the course of the financial year 2015.

In order to better reflect industry practice and due to the intensified activities in the spares & services business, Management has decided to start reporting total order intake including spares & service.

Business Development

  • The global trend towards LED lighting continues
  • This development as well as the availability of new and more efficient MOCVD tool generations, does not yet have a significant impact on investment demand
  • Compared to the development in 2010, expansion plans of Chinese manufacturers in particular are driven by the positive market development, a sustainable demand can be expected
  • For the first time, the large tool order received in September 2014 is partially reflected in the figures of the first quarter 2015

Key Financials

Aixtron reports financial results for Q1 2015
Q1
2014
Q1
+/- 2015
Q1
2014
Q4
+/-
Revenue 40.3 43.9 -8% 40.3 58.0 (31%)
Gross Profit 8.8 10.0 (12%) 8.8 10.4 (15%)
Operating result (EBIT) (8.8) (10.9) 19% (8.8) (18.9) 53%
Net result (9.5) (11.8) 19% (9.5) (19.1) 50%
Net result per share - basic(€) (0.08) (0.11) 27% (0.08) (0.17) 53%

Management Review

Martin Goetzeler, President and CEO of Aixtron said:

  • Currently, we have contracts with seven LED manufacturers that are assuring themselves of the performance of our next generation system
  • Due to the increasing utilisation rates, we expect a positive development for the demand in production systems
  • At the same time, we must continue to focus on the implementation of our 5-point program and, above all, bearing in mind the cost side
  • The fact that we are on the right track in this area, is demonstrated by the improvement of our performance indicators and progress towards the targeted expansion of our product and technology portfolio
  • We have successfully expanded the technology portfolio in the field of OLED by the acquisition of PlasmaSi, Inc. at the beginning of April
  • Thereby, we will be able to cover nearly two-thirds of the value chain in the front-end of the OLED production in the future.
  • So, the preparations for putting our Gen8 demonstrator into operation for the production of large-area OLEDs are on track
  • Furthermore, it is encouraging that customer interest in our other technologies remains high

Cash and cash equivalents

Cash and cash equivalents (including bank deposits with a maturity of more than three months) as of March 31, 2015 amounted to EUR 263.2m, 4.9m down compared to the previous quarter (December 31, 2014: EUR 268.1m), and EUR 28.8m less than March 31, 2014.

Guidance

Aixtron management pursues growth across all technology areas in 2015 and therefore, expects full-year revenues to increase to between EUR 220m and EUR 250m. As the Company will be pressing ahead with implementing its innovation roadmaps, productivity and efficiency programs across all areas, management 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.

www.aixtron.com   

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