28. October 2009 | Finance News
AIXTRON AG / Capital Increase/Quarter Results
28.10.2009
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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Capital increase of up to 8,979,937 new shares approved
AIXTRON reports record quarterly equipment order intake
2009 guidance increased to EUR 280m revenues and 18% EBIT margin
Positive business trend expected to continue into 2010
Significant sequential quarterly improvement in order intake and revenues
Increased 9M gross margin (43%) and EBIT margin (16%) despite 4% YoY 9M
revenue decline
Aachen, Germany, October 28, 2009 - AIXTRON AG (ISIN DE000A0WMPJ6),
worldwide leading provider of deposition equipment to the semiconductor
industry, today announced the resolution of a capital increase and the
brought forward publication of its consolidated financial results for the
first nine months of 2009.
Key Financials
2009 2008 +/- 2009 2008 +/-
(million EUR) 9M 9M % Q3 Q3 %
Revenues 184.9 192.1 -4% 82.0 63.9 28%
Gross profit 79.2 77.3 2% 34.7 26.9 29%
Gross margin 43% 40% 3 pp 42% 42% 0 pp
Operating result (EBIT) 29.0 25.0 16% 16.7 7.5 123%
EBIT-margin 16% 13% 3 pp 20% 12% 8 pp
Net result 20.4 18.9 8% 11.6 5.5 111%
Net result margin 11% 10% 1 pp 14% 9% 5 pp
Net result per share - basic 0.23 0.21 10% 0.13 0.06 117%
(EUR)
Net result per share - diluted 0.22 0.21 5% 0.12 0.06 100%
(EUR)
Free cash flow* 45.7 5.5 731% 27.3 -11.0 348%
Equipment Order Intake 206.7 210.2 -2% 117.6 52.2 125%
Equipment Order Backlog (end of 152.4 158.1 -4% 152.4 158.1 -4%
period)
* Operating CF + Investing CF + Changes in Cash Deposits
Financial Highlights
Total 9M/2009 revenues were down 4% to EUR 184.9m from EUR 192.1m in
9M/2008. Nevertheless, the gross margin improved in the period to 43%, 3pp
up on 9M/2008. EBIT in the first nine months of 2009 was up 16%, to EUR
29.0m, with a 16% margin, compared to EUR 25.0m and a 13% margin in
9M/2008.
Quarterly revenues grew substantially by 45% in Q3 over the previous
quarter, and 28% year-on-year, reaching EUR 82.0m in Q3/2009. Reflecting
the operating leverage effect from increased volumes and a strong other
income figure, the quarterly EBIT increased by 255% over the previous
quarter and 123% over Q3/2008, to EUR 16.7m or a 20% margin.
AIXTRON's total nine months 2009 equipment order intake was 2% lower than
last year's high level of EUR 210.2m, coming in at EUR 206.7m. However, the
9M/2009 order volume reflects a progressively rising quarterly order trend,
whereas in 2008, the nine month total was reached on a sequentially
declining quarterly order intake trend.
In fact, the Q3/2009 order intake figure (EUR 117.6m; an increase of 103%
sequentially, and 125% year-on-year) represents the highest quarterly order
volume in AIXTRON's history.
The equipment order backlog at the end of September 2009 stood at EUR
152.4m, 4% lower than at the same point in time in 2008, but up 39% from
the end of June 2009. Management expects that about EUR 88m of the 9M/2009
period end backlog will be converted into revenues before the end of the
year 2009.
9M/2009 free cash flow of EUR 45.7m (including changes in cash deposits)
was more than seven times higher, year on year, while Q3/2009 free cash
flow of EUR 27.3m was up 241% compared to the previous quarter, and 348%
over Q3/2008.
Capital Increase
The Executive Board of AIXTRON AG has agreed, with the consent of the
Supervisory Board, to increase the Company's share capital by utilizing its
authorized capital of up to EUR 8,979,937.00 by issuing up to 8,979,937 new
no-par value registered shares, corresponding to approximately 9.8% of the
current share capital, for cash. Shareholders' subscription rights will be
excluded.
The new shares will be offered to qualified investors in Germany and
internationally via an accelerated book building process. The proceeds from
the issue will be used to strengthen the Company's balance sheet, to
support higher capital spending and further growth of the Company.
The new shares will be admitted for trading without a prospectus in the
regulated market of the Frankfurt Stock Exchange with a simultaneous
listing in the Prime Standard segment of the Frankfurt Stock Exchange,
which requires additional disclosure obligations. They will have full
dividend entitlement for the fiscal year 2009.
Management Review
Paul Hyland, President & Chief Executive Officer at AIXTRON, comments: 'We
continue to see very healthy demand for our systems driven by an
exceptionally positive response by consumers to the introduction of TV LED
backlighting. Encouragingly, order and quotation activities are still
continuing at a very high level and this trend seems set to continue into
2010. As a consequence of this very positive trend, I am very pleased to be
able to increase our 2009 revenue guidance to EUR 280 million with a 2009
EBIT percentage of 18%.
Our target to maintain the strong and profitable market leadership position
we have and our reputation for innovation can only be supported by a very
active product development pipeline, anticipating market trends and
customer needs. With today's proposed capital increase, our balance sheet
should give us even more flexibility to support higher capital spending and
additional working capital needed to support the targeted growth over the
next several years.'
Outlook
AIXTRON Management again increases its full-year 2009 guidance to revenues
of EUR 280m. This total revenue figure is expected to bear enough operating
leverage potential to enable the Company to reach an 18% EBIT margin for
the full year. Management sees a strong possibility of the revenue momentum
carrying over into 2010.
Financial Tables
The consolidated interim financial statements (balance sheet, income
statement, cash flow statement, statement of changes in equity) relating to
this press release are available on www.aixtron.com, section 'Investors',
subsection 'Financial Data', subsection 'Reports', as part of AIXTRON's
Group nine months financial report 2009.
Investor Conference Call
AIXTRON will host a financial analyst and investor conference call on
Thursday, October 29th, 2009, 08:30 a.m. CET (03:30 a.m. EDT, 00:30 a.m.
PDT) to review the nine-monthly 2009 results. From 8:15 a.m. CET (03:15
a.m. EDT, 0:15a.m. PDT) you may dial in to the call at +49 (69) 247501-891
or +1 (212) 444-0297. Both a conference call audio replay and a transcript
of the conference call will be available at http://www.aixtron.com, section
'investors', following the conference call.
Contact:
Guido Pickert
Investor Relations and Corporate Communications:
T: +49-241-8909-444
F: +49-241-8909-445
invest@aixtron.com
For further information on AIXTRON AG (FSE: AIXA, ISIN DE000A0WMPJ6;
NASDAQ: AIXG, ISIN US0096061041) please consult our website at:
www.aixtron.com.
This publication constitutes neither an offer to sell nor a solicitation of
an offer to buy securities. In particular, this document constitutes
neither an offer to sell nor a solicitation of an offer to purchase
securities in the United States. The shares in AIXTRON Aktiengesellschaft
(the 'Shares') may not be offered or sold in the United States or to or for
the account or benefit of 'U. S. persons' (as such term is defined in
Regulation S under the U. S. Securities Act of 1933, as amended (the
'Securities Act')) absent registration or an exemption from registration
under the Securities Act. The Shares have not been and will not be
registered under the Securities Act. There will be no public offering of
Shares in the United States.
Forward-Looking Statements
This news release may contain forward-looking statements about the
business, financial condition, results of operations and earnings outlook
of AIXTRON within the meaning of the 'safe harbor' provisions of the United
States Private Securities Litigation Reform Act of 1995. Words such as
'may', 'will', 'expect', 'anticipate', 'contemplate', 'intend', 'plan',
'believe', 'continue' and 'estimate', and variations of these words and
similar expressions, identify these forward-looking statements. The
forward-looking statements reflect our current views and assumptions and
are subject to risks and uncertainties. You should not place undue reliance
on the forward-looking statements. The following factors, and others which
are discussed in AIXTRON's public filings and submissions with the U.S.
Securities and Exchange Commission, are among those that may cause actual
and future results and trends to differ materially from our forward-looking
statements: actual customer orders received by AIXTRON; the extent to which
chemical vapor deposition, or CVD, technology is demanded by the market
place; the timing of final acceptance of products by customers; the
financial climate and accessibility of financing; general conditions in the
thin film equipment market and in the macro-economy; cancellations,
rescheduling or delays in product shipments; manufacturing capacity
constraints; lengthy sales and qualification cycles; difficulties in the
production process; changes in semiconductor industry growth; increased
competition; exchange rate fluctuations; availability of government
funding; variability and availability of interest rates; delays in
developing and commercializing new products; general economic conditions
being less favorable than expected; and other factors. The forward-looking
statements contained in this news release are made as of the date hereof
and AIXTRON does not assume any obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, unless required by law.
Contact:
Investor Relations and Corporate Communications
AIXTRON AG, Kaiserstr. 98, 52134 Herzogenrath, Germany
Phone: +49 241 8909 444, Fax: +49 241 8909 445, invest@aixtron.com
www.aixtron.com
28.10.2009 Financial News transmitted by DGAP
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Language: English
Company: AIXTRON AG
Kaiserstr. 98
52134 Herzogenrath
Deutschland
Phone: +49 (241) 8909-444
Fax: +49 (241) 8909-445
E-mail: invest@aixtron.com
Internet: www.aixtron.com
ISIN: DE000A0WMPJ6, US0096061041
WKN: A0WMPJ
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart; Terminbörse EUREX;
Foreign Exchange(s) Nasdaq
End of News DGAP News-Service
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Investor Relations
Ralf Penner
Senior IR Manager
Alan Tai
Taiwan/Singapore
Christof Sommerhalter
USA
Christian Geng
Europe
Hisatoshi Hagiwara
Japan
Nam Kyu Lee
South Korea
Wei (William) Song
China
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)
Christoph Pütz
Senior Manager ESG & Sustainability
Christian Ludwig
Vice President Investor Relations & Corporate Communications
Ralf Penner
Senior IR Manager
Christian Ludwig
Vice President Investor Relations & Corporate Communications
Prof. Dr. Michael Heuken
Vice President Advanced Technologies