05. May 2022 | Finance News

AIXTRON: Strong demand from all end markets / GaN and SiC Power electronics as biggest demand drivers / +79% sales, gross profit doubled, net profit tripled in Q1 / Growth Guidance for 2022

DGAP-News: AIXTRON SE / Key word(s): Quarter Results/Results Forecast
AIXTRON: Strong demand from all end markets / GaN and SiC Power electronics as biggest demand drivers / +79% sales, gross profit doubled, net profit tripled in Q1 / Growth Guidance for 2022 confirmed
05.05.2022 / 07:30
The issuer is solely responsible for the content of this announcement.

AIXTRON: Strong demand from all end markets

GaN and SiC Power electronics as biggest demand drivers / 79% higher quarterly sales in Q1 / Gross profit doubled / Net profit more than tripled / Growth guidance for 2022 confirmed

Herzogenrath, Germany, May 5, 2022 - AIXTRON SE (FSE: AIXA, ISIN DE000A0WMPJ6), a leading provider of deposition equipment to the semiconductor industry, starts the year with continued strong demand from all addressed end markets. Year-on-year, first quarter 2022 order intake as well as revenues, gross profit and net income all increased, partially significantly. Based on this development and in view of the positive business outlook, the Executive Board confirms the growth guidance for the full year 2022.

Order intake at a high level with demand from all end markets

At EUR 130.2 million, order intake in the first quarter of 2022 is at a very high level and was 5 percent above the order intake in the same quarter of the previous year (Q1/2021: EUR 124.4 million). The strongest demand was recorded from the area of energy-efficient GaN power electronics, directly followed by the growth area of SiC power electronics. Likewise high demand came from optoelectronics for lasers for fast optical data communication and from the LED area including Micro LED. The order backlog in Q1/2022 increased by 16% year-on-year to EUR 260.4 million (Q1/2021: EUR 223.5 million).

Energy-efficient power electronics as main revenue driver

Revenues of the MOCVD world market leader improved by 79% to EUR 88.6 million (Q1/2021: EUR 49.5 million) compared to the same quarter of the previous year. Equipment for the production of gallium nitride power electronics was the main revenue driver, followed by systems for data communication lasers as well as systems for the production of Micro LEDs and classic LEDs.

Strong earnings performance

Gross profit doubled year-on-year, increasing by 108% to EUR 35.9m with a gross margin of 41% (Q1/2021: EUR 17.3m). In the quarter, AIXTRON increased its research and development (R&D) expenses to EUR 14.1m (Q1/2021: EUR 11.9m), in particular to bring next generation deposition equipment to market for various applications.

The operating result (EBIT) significantly increased year-on-year to EUR 14.2 million (Q1/2021: EUR -0.7 million), corresponding to an EBIT margin of 16% of revenues. Net profit more than tripled to EUR 13.8 million (Q1/2021: EUR 3.8 million). This includes income from the capitalization of deferred taxes on tax loss carryforwards in the amount of EUR 1.2 million. Earnings per share tripled and increased to EUR 0.12 in the quarter (Q1/2021: EUR 0.04).

Strong financial position

At EUR 22.4 million, free cash flow in Q1/2022 was EUR 5.7 million lower than in the same quarter of the previous year (Q1/2021: EUR 28.1 million), which was mainly due to higher inventories in preparation for the higher expected business volume in the coming quarters. Cash and cash equivalents including financial assets increased to EUR 374.6 million as of March 31, 2022 (Dec. 31, 2021: EUR 352.5 million).

The high equity ratio of 80% as of March 31, 2021 (Dec. 31, 2021: 80%) underlines AIXTRON's financial strength.

A proposal will be made to the Annual General Meeting on May 25, 2022, to distribute a dividend of 30 euro-cents per share (2021: 11 euro-cents per share).

The number of employees in the Group increased to 737 as of March 31, 2022, from 718 as of December 31, 2021. The structural strengthening of the organization for further growth is thus well on track.

Growth guidance 2022 confirmed

Due to the good business development in the first quarter and in view of the expectation of a positive development of demand for the financial year 2022, the Executive Board confirms the growth guidance issued. Accordingly, order intake is expected to be in a range between EUR 520 million and EUR 580 million. With revenues in a range between EUR 450 million and EUR 500 million, the Executive Board expects to achieve a gross margin of approximately 41% and an EBIT margin of approximately 21% to 23% of revenues in fiscal year 2022.

The expectations for 2022 are subject to the provision, that global crisis situations continue to have no significant impact on the development of the business.

"As expected, demand for our technologies continues to be strong", said Dr. Felix Grawert, CEO and President of AIXTRON SE. "Our next generation systems in particular are very well received by our customers and make us very optimistic about their upcoming market introduction."

"Our strategy to prepare suppliers early for our expected growth is proofing effective and allows us to deliver our tools as planned and to confirm our growth guidance", says Dr. Christian Danninger, CFO of AIXTRON SE. "We are well on track to realize our planned growth this year as announced."

To download photos, please click here.

Key financial data Q1/2022 Q1/2021 +/- Q1/2022 Q4/2021 +/-
(EUR million)     (%)     (%)
Incoming orders 130.2 124.4 5 130.2 119.7 9
Order backlog
(equipment only)
260.4 223.5 16 260.4 214.6 21
Revenues 88.6 49.5 79 88.6 180.9 -51
Gross profit 35.9 17.3 108 35.9 80.0 -55
% 41% 35% 6 pp 41% 44% -3 pp
Operating result / EBIT 14.2 -0.7 n.m. 14.2 57.9 -75
% 16% -1% 17 pp 16% 32% -16 pp
Net profit 13.8 3.8 264 13.8 51.9 -73
% 16% 8% 8 pp 16% 29% -13 pp
Earnings per share (EUR) 0.12 0.04 200% 0.12 0.46 -74%
Free cash flow 22.4 28.1 -20 22.4 21.6 4
 

Financial information

The presentation on the results for the first quarter of fiscal 2022 is available at:
https://www.aixtron.com/en/investors/publications
The complete financial tables of the Group (income statement, other comprehensive income, balance sheet, cash flow statement and statement of changes in equity) related to this press release are available as part of the Quarterly Statement for the first quarter of 2022 at:
https://www.aixtron.com/en/investors/publications
There, the non-financial Group report (Sustainability Report) 2021 of AIXTRON SE including details on the application of the EU taxonomy is
also available.


Investor conference call

In conjunction with the release of the first quarter 2022 results, AIXTRON will host a conference call (in English) for analysts and investors on Thursday, May 5, 2022, at 15:00 CEST (06:00 a.m. PDT, 09:00 a.m. EDT). You can dial into the conference from 14:45 CEST (05:45 a.m. PDT, 08:45 a.m. EDT) on the following telephone number: +49 (30) 23 25 31 411 or +1 (862) 701-2734. An audio recording or transcript will be available after the conference at: https://www.aixtron.com/de/investoren/events/telefonkonferenzen.

 

Contact

Guido Pickert
Vice President Investor Relations & Corporate Communications
fon +49 (2407) 9030-444
e-mail g.pickert@aixtron.com

Andrea Koegler-Ihler
Senior IR Manager

fon +49 (2407) 9030-6153

e-mail a.koegler@aixtron.com

About AIXTRON
AIXTRON SE is a leading provider of deposition equipment to the semiconductor industry. The Company was founded in 1983 and is headquartered in Herzogenrath (near Aachen), Germany, with subsidiaries and sales offices in Asia, United States and in Europe. AIXTRON´s technology solutions are used by a diverse range of customers worldwide to build advanced components for electronic and optoelectronic applications based on compound semiconductor materials. Such components are used in a broad range of innovative applications, technologies, and industries. These include Laser and LED applications, display technologies, data transmission, SiC and GaN power management and conversion, communication, signaling and lighting as well as a range of other leading-edge applications.

Our registered trademarks: AIXACT®, AIXTRON®, Close Coupled Showerhead®, EXP®, EPISON®, Gas Foil Rotation®, Optacap®, OVPD®, Planetary Reactor®, PVPD®, STexS®, TriJet®

For further information on AIXTRON (FSE: AIXA, ISIN DE000A0WMPJ6) please visit 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. 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 assessments, expectations and assumptions, of which many are beyond control of AIXTRON, and are subject to risks and uncertainties. You should not place undue reliance on these forward-looking statements. Should these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of AIXTRON may materially vary from those described explicitly or implicitly in the relevant forward-looking statement. 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 , in particular in the chapter Risks in the Annual Report, filed by AIXTRON. Any forward-looking statements contained in this document are based on current expectations and projections of the executive board based on information available 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.

This document is an English language translation of a document in German language. In case of discrepancies, the German language document shall prevail and shall be the valid version.



05.05.2022 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.

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Our registered trademarks: AIXACT®, AIXTRON®, Atomic Level Solutions®, Close Coupled Showerhead®, CRIUS®, EXP®, EPISON®, Gas Foil Rotation®, Optacap™, OVPD®, Planetary Reactor®, PVPD®, STExS®, Trijet®

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South Korea

E-Mail senden

Wei (William) Song
China

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Vincent Meric
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Guido Pickert
Vice President

E-Mail senden

Research & Development

Prof. Dr. Michael Heuken
Vice President Advanced Technologies

E-Mail senden

Service

AIXTRON SE (Headquarters)

AIXTRON 24/7 Technical Support Line

AIXTRON Europe

AIXTRON Ltd (UK)

AIXTRON K.K. (Japan)

AIXTRON Korea Co., Ltd.

AIXTRON Taiwan Co., Ltd. (Main Office)

AIXTRON Inc. (USA)

Products

Vincent Meric
Director Marketing

Career

Laura Preinich
Recruiter

Sustainability

Christoph Pütz
ESG Senior Manager

Company & Investor Relations

Guido Pickert
Vice President

Press & Public Relation

Guido Pickert
Vice President

Research & Development

Prof. Dr. Michael Heuken
Vice President Advanced Technologies