04. November 2021 | Finance News
DGAP-News: AIXTRON SE / Key word(s): 9 Month figures/Incoming Orders
AIXTRON with strong tailwinds
Strong order situation in third quarter of 2021 / Order intake and revenues in first nine months at the highest level since 2012 / Further improvement in profitability / 2021 guidance confirmed
Herzogenrath/Germany, November 4, 2021 - AIXTRON (FSE: AIXA, ISIN DE000A0WMPJ6) continues to report strong order intake in the third quarter of 2021. The equipment of the leading supplier of deposition equipment to the semiconductor industry was in particular demanded for gallium nitride and silicon carbide power electronics applications, wireless and optical data communications as well as for LED applications. Order intake and revenues in the first nine months of the reporting year 2021 reached their highest level since 2012.
Order intake increased by 80% compared to the corresponding period of the previous year to EUR 377.6 million. In the third quarter, order momentum remained at the high level of the previous quarters, reaching EUR 114.2 million, compared to EUR 139.0 million in the second quarter of 2021 and EUR 124.4 million in the first quarter of the reporting year. The order backlog at the end of the third quarter of 2021 stood at EUR 267.7 million, compared to EUR 295.0 million at the end of the second quarter. Year-on-year, the order backlog exceeded the corresponding prior-year figure by 63%.
High revenue momentum - driven by various applications
Due to the high number of systems delivered, the equipment manufacturer almost doubled its revenues in the third quarter by 93% to EUR 130.8 million. From January to September inclusive, revenues increased by 54% year-on-year to EUR 248.1 million. The revenue development was driven by a variety of applications, including equipment for the manufacture of gallium nitride power electronics and wireless and optical data transmission devices as well as of red LEDs.
In the first three quarters of the reporting year, the semiconductor equipment manufacturer generated gross profit totaling EUR 101.4 million, exceeding the corresponding prior-year figure by 60%. The company thus generated a gross margin of 41% (previous year: 39%). In the third quarter, gross profit of EUR 56.3 million almost doubled compared to the previous quarter (EUR 27.9 million) with a further improvement in the margin from 41% to 43%.
Significantly improved margin
At EUR 20.1 million, operating expenses in the third quarter of 2021 were slightly below the level of the previous quarter (EUR 22.3 million). This reflects the structural adjustments and cost reductions at the OLED subsidiary APEVA in the second quarter of 2021, with a simultaneous slight increase in expenses for the development of the next generation of MOCVD systems. Overall, R&D expenses fell from EUR 41.2 million to EUR 40.5 million in the first nine months compared to the same period of the previous year.
As a result of the significant increase in gross profit combined with lower operating expenses, AIXTRON's operating result (EBIT, earnings before interest and taxes) nearly quadrupled in the first nine months, from EUR 10.3 million to EUR 41.1 million. In the third quarter, the operating result amounted to EUR 36.2 million, compared to EUR 5.6 million in the previous quarter. Accordingly, the EBIT margin increased significantly in the first three quarters to 17% (previous year: 6%) and in the third quarter to 28% (previous year: 8%).
At EUR 31.4 million, the deposition equipment manufacturer's net result for the third quarter of 2021 significantly exceeded the previous quarter's figure of EUR 7.7 million. In the first nine months of the reporting year, AIXTRON generated net income of EUR 42.9 million, compared to EUR 9.6 million in the corresponding period of the previous year.
High financial strength
AIXTRON has a solid financial foundation with an equity ratio of 78% (as of September 30, 2021), up from 84% as of December 31, 2021. Primarily due to the increase in inventories for planned deliveries in the fourth quarter of 2021 and investments in next-generation laboratory equipment, the free cash flow in the third quarter was EUR -19.0 million (previous quarter: EUR 18.0 million).
AIXTRON confirms 2021 guidance
The AIXTRON Executive Board confirms the most recent guidance for the year. For fiscal year 2021, it expects
- Order intake in a range between EUR 440 million and EUR 480 million
- Revenues between EUR 400 million and EUR 440 million
- a Gross margin of around 40% of revenues and an EBIT margin of between 20% and 22% of revenue.
The expectations for 2021 are based on the assumption that the COVID-19 pandemic continues to have no significant impact on the development of business operations.
With a view to the sustainability goals newly defined for the AIXTRON Group in 2020, the Management Board is also aiming for a noticeable reduction in energy consumption and a significant expansion of further training measures for employees in the medium term.
"Megatrends such as digitalization and data communication, energy efficiency and e-mobility are driving demand for compound semiconductors. Their outstanding properties are the basis for applications not only in optoelectronics, but increasingly also in power electronics. Our deposition equipment enables our customers to achieve exactly the performance and productivity they require. As a result, we expect revenues in the current fourth quarter of 2021 to increase even further compared to the already strong previous quarters," said Dr. Felix Grawert, CEO and President of AIXTRON SE.
The presentation on the results for the first nine months of 2021 is available at https://www.aixtron.com/en/investors/publications. The complete financial tables of the Group (income statement, other comprehensive income for the period, balance sheet, statement of cash flows and statement of changes in equity) accompanying this press release are available as part of the Nine-Month Report 2021 at: https://www.aixtron.com/en/investors/publications
Investor Conference Call
In conjunction with the announcement of the first nine months 2021 results, AIXTRON will hold a conference call (in English) for analysts and investors on Thursday, November 4, 2021, at 15:00 CET (07:00 a.m. PDT, 10:00 a.m. EDT). You can dial into the conference call starting at 14:45 CET (06:45 a.m. PDT, 09:45 a.m. EDT) at the following telephone number: +49 30 232531428 Germany local (English) or +1 862-701-3503 United States local (English)
An audio recording or transcript will be available after the conference at:
To download photos please click here.
fon +49 (2407) 9030-6153
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 or organic 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(R), AIXTRON(R), Close Coupled Showerhead(R), EXP(R), EPISON(R), Gas Foil Rotation(R), Optacap(R), OVPD(R), Planetary Reactor(R), PVPD(R), STexS(R), TriJet(R)
For further information on AIXTRON (FSE: AIXA, ISIN DE000A0WMPJ6) please visit our website at: www.aixtron.com
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.
|Phone:||+49 (2407) 9030-0|
|Fax:||+49 (2407) 9030-445|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; Nasdaq OTC|
|EQS News ID:||1246038|
|End of News||DGAP News Service|
Our registered trademarks: AIXACT®, AIXTRON®, Atomic Level Solutions®, Close Coupled Showerhead®, CRIUS®, EXP®, EPISON®, Gas Foil Rotation®, Optacap™, OVPD®, Planetary Reactor®, PVPD®, STExS®, Trijet®
Nam Kyu Lee
Wei (William) Song
AIXTRON SE (Headquarters)Phone: +49 (2407) 9030-0
AIXTRON SE (R&D Center)Phone: +49 (2407) 9030-222
AIXTRON 24/7 Technical Support LinePhone: +49 (2407) 9030-999
AIXTRON EuropePhone: +49 (2407) 9030-828
AIXTRON Ltd (UK)Phone: +44 (1223) 519-444
AIXTRON K.K. (Japan)Phone: +81 3 5781 0931
AIXTRON Korea Co., Ltd.Phone: +82 (31) 371-3000
AIXTRON Taiwan Co., Ltd. (Main Office)Phone: +886 3 571 2678
AIXTRON Inc. (USA)Phone: +1 (669) 228-3759
ESG Senior Manager
Nam Kyu Lee
Wei (William) Song
ESG Senior Manager
Nam Kyu Lee
Wei (William) Song
AIXTRON SE (Headquarters)
AIXTRON 24/7 Technical Support Line
AIXTRON Ltd (UK)
AIXTRON K.K. (Japan)
AIXTRON Korea Co., Ltd.
AIXTRON Taiwan Co., Ltd. (Main Office)
AIXTRON Inc. (USA)