Aixtron Se · XETR:AIXA
Aixtron — Q1 2015 Earnings Presentation
37 slides from Aixtron's earnings presentation, April 2015
Slide 1: AIXTRON Investor Presentation
AIXTRON Investor Presentation IR Presentation – Q1/2015 (FSE: AIXA, ISIN DE000A0WMPJ6, NASDAQ: AIXG, ISIN: US0096061041) © AIXTRON Investor Relations, April 2015
Slide 2: Forward-Looking Statements
AIXTRON INVESTOR PRESENTATION 2 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
Slide 3: Who we are
About aixtron 3 Who we are Headquarters based in Herzogenrath, Germany Technology leader in deposition systems Worldwide presence with 12 sales/representatives offices More than 3,000 deposition systems delivered and production facilities all over the world Company founded in 1983 – over 3
Slide 4: Global Presence
ABOUT AIXTRON 4 Global Presence
Slide 5: Our Vision
ABOUT AIXTRON 5 Our Vision Technology. Materials. Performance. Technology. Materials. Performance. We are the recognized We enable our We deliver the technology leader customers to performance driving in complex material successfully shape the economic success deposition. markets of the future, thro
Slide 6: One Technology – Multiple Solutions
TECHNOLOGY 6 One Technology – Multiple Solutions Deposition Technology Technology Nano Scale Material Engineering Compound Semiconductor Silicon Semiconductor Systems (MOCVD, OVPD®, PVPDTM, PECVD) (PECVD, CVD, ALD. MOCVD) • LEDs/OLEDs for displays • Metal and oxide films for CMOS • LEDs/OLEDs for li
Slide 7: Compound Semiconductors – New AIX R6
AIXTRON TECHNOLOGIES AND PRODUCTS 7 Compound Semiconductors – New AIX R6 AIX R6 Setting New Standards in LED Manufacturing • Close Coupled Showerhead® (CCS) • CoO benefit vs. prior generation systems: > 30% • Capacity increase vs. largest prior generation system: > 60% • Throughput benefit vs. pri
Slide 8: Annual Equipment Revenues by Application (excl. spares)
OPERATIONS 8 Annual Equipment Revenues by Application (excl. spares) 800 (EUR million) 700 600 500 400 300 200 100 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 LED Silicon Power Electronics Optoelectronics* Others * Optoelectronics includes applications in Consum
Slide 9: Order Intake per Quarter
OPERATIONS 9 Order Intake per Quarter Source: Deutsche Bank Equity Research, AIXTRON SE (EUR million) driven by strategic 250 China investments driven by LED TV 200 driven by notebook driven by driven by backlighting 150 telecom/datacom mobile phone and mobile phone penetration 100 50 0 1Q98 2Q98 4Q
Slide 10: 5-Point-Program - Return to Sustainable Profitability
OPERATIONS 10 5-Point-Program - Return to Sustainable Profitability 1 Customer Focusing on customer benefit 2 Technology & Products Putting unique technology portfolio to more effective use, further strengthening future products 3 Efficiency Optimizing process and project structures systematically 4
Slide 11: Our Technology Portfolio
AIXTRON TECHNOLOGIES AND PRODUCTS 11 Our Technology Portfolio Silicon Compound Semiconductors Organic Carbon Semiconductors MOCVD ALD/MOCVD OVPD®/PVPD®/(TFE) PECVD LEDs, Lasers and Power Management Silicon Graphene, Organic Electronics Optoelectronics GaN / SiC Semiconductors CNTs and CNWs • LEDs fo
Slide 12: Financials - 24-Month Business Development
Financials 12 24 - Month Business Development (€ million) 49.7 50.2 49.3 Order Intake1 41.4 47.0 49.0 49.5 48.9 @ $1.30 @ $1.35 @ $1.25 Order Backlog 71.6 72.8 66.4 70.7 * 79.0 59.6 64.2 65.2 @ $1.30 @ $1.35 @ $1.25 *) revalued on Jan.1, 2015 to €69.0m at $1.25/€ Total Revenues 58.0 45.3 46.2 51.1 4
Slide 13: Revenue Analysis
OPERATIONS 13 Revenue Analysis Q1/2015: Q1/2015: Q1/2015: by equipment & spares by end application by region (equipment only) 4% 5% 4% 9% 13% 28% 34% 49% 82% 72% LED Equipment Silicon Asia Spares Power Electronics Europe Optoelectronics USA Others
Slide 14: Consolidated Income Statement
Financials 14 Consolidated Income Statement* Q1/14 Q4/14 (€ million) Q1/15 +/- Q1/15 +/- Restated Restated Revenues 40.3 43.9 -8% 40.3 58.0 -31% Cost of sales 31.5 34.01 -7% 31.5 47.61 -34% Gross profit 8.8 10.01 -12% 8.8 10.41 -15% Gross Margin 22% 23%1 -1 pp 22% 18%1 4 pp Selling expenses 3.3 3.11
Slide 15: Consolidated Statement of Financial Position
Financials 15 Consolidated Statement of Financial Position* (€ million) 31/3/15 31/12/14 31/3/14 Property, plant & equipment 79.4 77.3 80.2 Goodwill 65.7 64.8 64.2 Other intangible assets 2.3 2.5 2.8 Others 5.0 4.6 5.6 Non-current assets 152.5 149.2 152.8 Inventories, WIP & Finished Goods 88.8 81.7
Slide 16: Consolidated Statement of Cash Flows
Financials 16 Consolidated Statement of Cash Flows* (€ million) Q1/15 Q1/14 Q1/15 Q4/14 Cash Flow from operating activities -10.1 -9.8 -10.1 9.8 Cash Flow from investing activities 11.3 -24.3 11.3 -29.3 Cash Flow from financing activities 0.0 0.1 0.0 0.3 Exchange rate changes 6.2 -0.4 6.2 0.7 Net ch
Slide 17: Market Prospects
FUTURE MARKETS 17 Market Prospects Short-Term • Further increasing adoption of LEDs for exterior, public infrastructure & commercial lighting • Increased adoption of LEDs for consumer & residential lighting • Market positioning of the new AIX R6 MOCVD tool for LED manufacturing • Increasing adoption
Slide 18: AIXTRON Investor Presentation
AIXTRON INVESTOR PRESENTATION 18
Slide 19: LED Lighting Market: Multiple Tipping Points
INDUSTRY & MARKETS 19 LED Lighting Market: Multiple Tipping Points Source: : AIXTRON, McKinsey 2012 LED Lighting Cycle Various Different Numerous Applications Regions Players
Slide 20: Increasing LED Area Demand Driving Growth
INDUSTRY & MARKETS 20 Increasing LED Area Demand Driving Growth • Growth through increasing LED-unit and area demand • Consistent epitaxial area growth will trigger equipment demand • LED-lighting gaining further momentum LED Units 2” Equivalent Wafer 150 60,000 HB LED Market (2" Equivalent Wafer in
Slide 21: Production Supply 3rd Party Estimates for HB LEDs
INDUSTRY & MARKETS 21 Production Supply 3rd Party Estimates for HB LEDs • Analysts’ Bull-Bear MOCVD system demand estimates • Larger area and future replacement to drive equipment demand • SSL is the strongest driver for material area growth • Incremental LED units and area growth every year Increme
Slide 22: LED Lighting Market Estimates
INDUSTRY & MARKETS 22 LED Lighting Market Estimates Source: IHS Q1/2015 Globalization and urbanization to drive LED lighting opportunities: • Emerging countries: need for energy efficient lighting solutions • Developed countries: SSL driven by expanding renovation market • Outdoor: Early adoption st
Slide 23: A-19 Bulb: 60W LED Replacement – Global Pricing
INDUSTRY & MARKETS 23 A-19 Bulb: 60W* LED Replacement – Global Pricing Source: Various websites; AIXTRON Global Brands: Samsung, Osram, Philips, GE, Toshiba, etc. New light bulbs with higher lm/W being offered Brand suppliers increasingly offering attractively priced devices QoQ LED vs. Hal. L
Slide 24: Compound Semiconductors – System Generations
AIXTRON TECHNOLOGIES AND PRODUCTS 24 Compound Semiconductors – System Generations Two Reactor Technologies Planetary Reactor® & Close Coupled Showerhead® (CCS) • Extendibility: Extensive choice of configurations and enhancements • Scalability: Multiple technologies on one platform • Productivity:
Slide 25: Compound Semiconductors – MOCVD
AIXTRON TECHNOLOGIES AND PRODUCTS 25 Compound Semiconductors – MOCVD Two Reactor Technologies Planetary Reactor® & Close Coupled Showerhead® (CCS) • Addressing multiple industries • Established industry standard & market leading • Configurable, extendable common platform • Introduced the latest MO
Slide 26: Compound Semiconductors for Power Electronics
AIXTRON TECHNOLOGIES AND PRODUCTS 26 Compound Semiconductors for Power Electronics Source: Yole Développement Benefits – Compound Semiconductors for Power Electronics • GaN-on-Si emerging into 30-300V voltage range devices • GaN-on-Si and SiC to compete for attractive 600V devices • SiC with superio
Slide 27: Compound and Silicon Semiconductors – Two Converging Worlds
AIXTRON TECHNOLOGIES AND PRODUCTS 27 Compound and Silicon Semiconductors – Two Converging Worlds • Dominated by Small Wafers – 2”, 4” & 6” Compound • Low Level of Automation and Fab Integration Semiconductors • Complex Binning Process Required • No Industry Wide Roadmap • AIXTRON G5+ MOCVD Planetary
Slide 28: Silicon Semiconductors - ALD
AIXTRON TECHNOLOGIES AND PRODUCTS 28 Silicon Semiconductors - ALD Product Description – ALD • 300mm ALD Technology • QXP-8300 Mini-batch system • High throughput : 2 Process Chambers – 8 stations “Best-in class technology, state of the art • Up to 3 vaporizers and one bubbler deposition system, lowe
Slide 29: Silicon Semiconductors – ALD and MOCVD
AIXTRON TECHNOLOGIES AND PRODUCTS 29 Silicon Semiconductors – ALD and MOCVD Source: Gartner 2015 Benefits – ALD and MOCVD • Multi generation film development for Memory and Logic • Advanced technology nodes require high productivity ALD equipment • Introduction of new materials drives ALD and MOCVD
Slide 30: Organic Electronics – OVPD
AIXTRON TECHNOLOGIES AND PRODUCTS 30 Organic Electronics – OVPD® Product Description – OVPD® • Proprietary carrier-gas enhanced gas phase deposition approach for organic thin films • Based on AIXTRON‘s core competence of carrier gas enhanced vapor phase deposition “Disruptive deposition technology f
Slide 31: AIXTRON in Organic Electronics – OVPD + Encapsulation
AIXTRON TECHNOLOGIES AND PRODUCTS 31 AIXTRON in Organic Electronics OVPD + Encapsulation Source: DisplaySearch, AIXTRON OLED manufacturing process Cleaning Cleaning Glass cutting ITO deposition Organic material deposition Bonding Coating Etching Cathode deposition Aging Stripping Encapsulation Fin
Slide 32: Front-end Cell Process Equipment
MARKET OPPORTUNITIES 32 Front-end Cell Process Equipment Source: IHS; AIXTRON internal estimates Focus Activities Cumulative Capex Key competency: Thin-film deposition Value creation: 60% 100% 80% 75% 55% 45% 40% 20% 20% 5% 10% 5% Cathode Module Cleaning Deposition deposition Encapsulation preparati
Slide 33: Carbon Nanostructures – PECVD
AIXTRON TECHNOLOGIES AND PRODUCTS 33 Carbon Nanostructures – PECVD Graphene and Carbon Nanotube Deposition Systems • Proprietary thermal and plasma enhanced chemical vapour deposition technology • Excellent uniformity and reproducibility with fast turnaround cycle times • BM platform: BM R&D (2-inch
Slide 34: Technology Position
AIXTRON TECHNOLOGIES AND PRODUCTS 34 Technology Position MOCVD for LEDs, MOCVD for Power Lasers and Management Optoelectronics MOCVD for III-V on ALD for Memory ALD for Memory Silicon Customer B & C Customer A OVPD for OLED deposition Thin-Film Carbon Encapsulation for OLED R&D Demo &Qualificati
Slide 35: Global Presence
ABOUT AIXTRON 35 Global Presence AIXTRON SE Headquarters AIXTRON Ltd. AIXTRON Inc. Herzogenrath, Germany Cambridge, United Kingdom Sunnyvale, California, USA Core of AIXTRON’s activities is Focus on the enhancement of Focus on silicon applications for the Technology and R&D Center material sciences
Slide 36: Financial Calendar & Contact Data
36 Financial Calendar & Contact Data • May 20, 2015 Annual General Meeting, Aachen • July 28, 2015 H1/2015 Results, Conference Call • October 2015 9M/2015 Results, Conference Call • February 2016 FY 2015 Results, Conference Call For further information please contact: Investor Relations & Corporate
Slide 37: Thank you very much for your attention.
Thank you very much for your attention. AIXTRON SE Dornkaulstr. 2 52134 Herzogenrath Germany Phone +49 (2407) 9030-0 Fax +49 (2407) 9030-40 E-Mail [email protected]