UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2016
Commission File Number: 000-51196
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 Form 20-F or Form 40-F.
[ x ] Form 20-F [ ] Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
SUBMITTED HEREWITH
Exhibits
SIGNATURES
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, thereunto duly authorized.
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AIXTRON SE |
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(Registrant) |
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Date: February 23, 2016 |
By: |
/s/ Martin Goetzeler |
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Martin Goetzeler |
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Title: |
President and CEO |
DGAP-News: AIXTRON SE / Key word(s): Final
Results/Forecast
AIXTRON increases revenues and achieves positive EBITDA in
second half 2015 / Diversification strategy is bearing fruits
23.02.2016 / 07:35
The issuer is solely responsible for the
content of this announcement.
AIXTRON increases revenues and achieves positive EBITDA in
second half 2015
Diversification strategy is bearing fruits
Herzogenrath/Germany, February 23, 2016 - AIXTRON SE
(FSE: AIXA; NASDAQ: AIXG) a leading provider of deposition equipment to the
semiconductor industry, today announced financial results for the fourth quarter
2015 and the full financial year 2015.
On the way back to profitability, AIXTRON was able to reach
important, but not all milestones in the past year. As planned, the Company
generated a positive EBITDA for the second half of 2015. Our operating expenses
were also roughly in line with our target of around EUR 80m. Contrary to
expectations, San'an Optoelectronics did not qualify the new AIX R6 system, and
we were not able to reach our original revenue target. In spite of this, we
managed to increase our revenues slightly to EUR 197.8 million in 2015. "We were
able to do this by compensating for lower revenues in the LED segment with
significant growth in other technology areas. This is a result of the progress
we have made in implementing our diversification strategy", says Martin
Goetzeler, President and CEO of AIXTRON SE.
2015 revenues at EUR 197.8m (2014: EUR 193.8m) were up
2% against the previous year's level. In Q4/2015 revenues amounting to EUR 62.5m
were up against both the same quarter last year and the previous quarter
(Q4/2014: EUR 58.0m; Q3/2015: EUR 54.6m) . That said, the broader distribution
of revenues by application reflects the greater diversification of the
technology and product portfolio: opto-electronical components 31% (2014: 9%),
LED 26% (2014: 68%), silicon 19% (2014: 11%), power electronics 17% (2014: 7%),
other applications 7% (2014: 5%).
2015 EBITDA improved to EUR -16.4m (2014: EUR -41.3m) .
Q4/2015 EBITDA was EUR 1.3m (Q4/2014: EUR -13.9m; Q3/2015: EUR 4.1m) . With an
overall positive EBITDA of EUR 5.4m, AIXTRON met the published expectations of
an EBITDA break-even in the second half of 2015. This development reflects the
evolving product mix, the favorable currency performance and the increase in
productivity.
Total 2015 equipment order intake was down by 16% to EUR
167.1m (2014: EUR 198.7m) mainly due to lower overall market demand especially
for LED production systems as well as the effect from the longer than expected
qualification process of the AIX R6. Due to internal policies regarding the
registration of system orders, the major order from San'an Optoelectronics was
not part of our equipment order backlog.
In order to speed up the company's transformation, AIXTRON is
working continuously on efficiency and productivity improvements in the course
of the internal Quality & Business Improvements (QuBI) initiative. In
addition, AIXTRON is continuing to proceed with the diversification of its
technology and product portfolio. By expanding technologies solutions for power
semiconductors, logic and memory, carbon nanostructures as well as targeted
investments in OLED technologies, AIXTRON wants to make use of new market
opportunities.
Key Financials
|
2015 |
2014 |
+/- |
2015 |
2014 |
+/- |
(in EUR million) |
FY |
FY |
|
Q4 |
Q4 |
|
Revenues |
197.8 |
193.8 |
2% |
62.5 |
58.0 |
8% |
Gross profit |
49.8 |
39.7** |
25% |
19.6 |
10.4** |
88% |
Gross margin
|
25% |
20% |
5pp |
31% |
18% |
13pp |
Earnings before interest, tax,
depreciation and amortization (EBITDA) |
-16.4 |
-41.3 |
60% |
1.3 |
-13.9 |
109% |
Operating
result (EBIT) |
-26.7 |
-58.3 |
54% |
-1.5 |
-18.9 |
92% |
EBIT margin |
-14% |
-30% |
16pp |
-2% |
-33% |
31pp |
Net result |
-29.2 |
-62.5 |
53% |
-1.9 |
-19.1 |
90% |
Net result margin |
-15% |
-32% |
17pp |
-3% |
-33% |
30pp |
Net result per
share - basic (EUR) |
-0.26 |
-0.56 |
54% |
-0.02 |
-0.17 |
88% |
Net result per share - diluted
(EUR) |
-0.26 |
-0.56 |
54% |
-0.02 |
-0.17 |
88% |
Free Cash Flow
FCF* |
-57.3 |
-47.0 |
-22% |
-35.0 |
5.9
|
n/a |
Equipment order intake |
167.1 |
198.7** |
-16% |
31.3 |
49.3** |
-37% |
Equipment order
backlog (end of period) |
42.9 |
65.2 |
-34% |
42.9 |
65.2 |
-34%
|
*Operating CF + Investing CF + Changes in Cash Deposits,
adjusted for acquisition effects (upfront payments and loan)
**2014 figures
adjusted to be comparable with 2015
Financial Highlights
As demand for high-performance and energy-efficient components
for use in markets such as communications, data storage or electric mobility
increases, demand is growing for semiconductors for optoelectronics and power
electronics. In contrast, the LED market remains challenging even though the
global trend towards LED lighting continues. However, excess capacities and very
intense competition between LED manufacturers in Asia put a strain on the demand
for MOCVD production systems.
Revenues in fiscal year 2015 at EUR 197.8m were up 2%
compared to the previous year's level (2014: EUR 193.8m; Q4/2015: EUR 62.5m;
Q3/2015: EUR 54.6m) . In this context, special attention should be paid to the
increased revenue shares in the application areas of optoelectronics (+22
percentage points, excluding LED), power electronics (+10pp) and, silicon-based
microelectronics (+8pp).
2015 cost of sales were down 4 percent to EUR 147.9m
(2014: EUR 154.1m; Q4/2015: EUR 42.8m; Q3/2015: EUR 36.8m) . This was mainly due
to lower material cost and higher efficiencies in logistics and service.
The result was an improvement in gross profit to EUR
49.8m (2014: EUR 39.7m; Q4/2015: EUR 19.6m; Q3/2015: EUR 17.8m) . The
development was driven by an improving product mix and favorable currency
effects. Year-on-year this resulted in a gross margin increase from 20%
to 25%.
The operating expenses reflect better cost control as
well as higher other operating income, stemming from positive currency related
effects and higher R&D funding. At EUR 76.5m operating costs stayed well
below the stated goal of EUR 80m (2014: EUR 98.0m; Q4/2015: EUR 21.1m; Q3/2015:
EUR 16.3m) in spite of significant R&D investments (2015: EUR 55.4m; 2014:
EUR 66.7m) in our system technologies such as OLED and III-V-on-silicon
(TFOS).
As a result of the above mentioned business development the
2015 EBIT at EUR -26.7m was up on the previous year's figure of EUR
-58.3m (Q4/2015: EUR -1.5m; Q3/2015: EUR 1.5m) .
The net result for 2015 amounted to EUR -29.2m (2014:
EUR -62.5m; Q4/2015:
EUR -1.9m; Q3/2015: EUR 0.3m) .
AIXTRON's 2015 equipment order intake at EUR 167.1m was
down EUR 31.6m from the previous year's figure of EUR 198.7m.
The total equipment order backlog of EUR 42.9m as at
December 31, 2015 was 34% lower than the EUR 65.2m at the same point in time in
2014 and 38% lower than the January 2015 opening backlog of EUR 69.0m. These
reductions are caused by the high level of deliveries as scheduled at the end of
2015 in combination with low order intakes in the same period of time.
Following a negative free cash flow of EUR -35.0m in the
fourth quarter, we ended fiscal year 2015 with a free cash flow of EUR -57.3m
(2014: EUR -47m; Q3/2015: EUR -10.0m) . This was mainly driven by a partial
repayment of advance payments from San'an for the originally ordered 50 AIX R6
systems. The remaining payment to San'an was made in Q1/2016.
Cash and cash equivalents (including bank deposits with
a maturity of more than three months) as of December 31, 2015 amounted to EUR
209.4m (December 31, 2014: EUR 268.1m) and in comparison to 2014 were down by
EUR 58.7m.
Management Review
"In the past year, we were able to improve our earnings again
even though we were not in the black yet. Achieving positive EBITDA in the
second half of 2015 as planned and without the revenue share from China confirms
our cost discipline as well as the progress in the implementation of our
diversification strategy", says Martin Goetzeler, President and CEO of AIXTRON
SE.
"AIXTRON has a promising technology and product portfolio which
we are developing systematically. Leaving aside LEDs, we were able to register
the best year for optoelectronics, especially for applications such as laser,
infrared LEDs and photovoltaics, as well as power electronics in a long time by
partially tripling our revenues. Although we are in an early phase in the area
of carbon nano technology, we achieved another improvement in revenues in 2015.
Based on our technology for memory chips, we almost doubled our revenues in the
silicon industry and we have continued to drive forward our market positioning
for the development of new logic applications. With the installation of our Gen8
demonstration system and the acquisition of the encapsulation technology from
PlasmaSi, we see ourselves in a good position for the current year."
Guidance
Based on the assessment on AIXTRON's current order situation,
including current risks and opportunities as well as on the internal budget rate
of USD/EUR 1.10, Management expects to achieve revenues between EUR 170 and 200
million for fiscal year 2016 with a significantly stronger revenue generation in
the second half of 2016 compared to the first half of 2016. Currency-adjusted
order intake is expected to be at the same level as in fiscal year 2015.
Depending on the successful completion of qualification
processes and market entry efforts as well as the achievement of revenues at the
high end of the revenue guidance range, Management expects to achieve another
improvement of results in 2016. EBITDA, EBIT, net result and free cash flow are
expected to improve slightly compared to 2015 but to remain negative for the
full year 2016. Management expects to report a positive EBITDA for full year
2017.
Financial Tables
The full year 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 Annual Report 2015. AIXTRONs interactive online Annual
Report 2015 is available at http://annualreport2015.aixtron.com.
Investor Conference Call
AIXTRON will host a financial analyst and investor conference
call on Tuesday, February 23, 2016, 3:00 p.m. CET (6:00 a.m. PST, 9:00 a.m. EST)
to review the full year 2015 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)
444-0297. 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.
23.02.2016 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.
Media archive at
www.dgap-medientreff.de and www.dgap.de
Language: |
English |
Company: |
AIXTRON SE |
|
Dornkaulstraße 2 |
|
52134 Herzogenrath |
|
Germany |
Phone: |
+49 (2407) 9030-0 |
Fax: |
+49 (2407) 9030-40 |
E-mail: |
invest@aixtron.com |
Internet: |
www.aixtron.com |
ISIN: |
DE000A0WMPJ6, US0096061041 |
WKN: |
A0WMPJ, A0D82P |
Indices: |
TecDAX |
|
Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart;
Terminbörse |
Listed: |
EUREX; Nasdaq |
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