Aixtron Se · XETR:AIXA
Aixtron — H1 2009 Earnings Presentation
20 slides from Aixtron's earnings presentation, Jul 30, 2009
Slide 1: First Half 2009 Results
(FSE: AIXA, ISIN DE000A0WMPJ6; NASDAQ: AIXG, ISIN: US0096061041) First Half 2009 Results July July 30, 30, 2009 2009 Paul Hyland President & Chief Executive Officer Wolfgang Breme Executive Vice President & Chief Financial Officer
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation 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 First Half 2009 Results States Private Securities Litiga
Slide 3: Phases of Market Recovery
Phases of Market Recovery Phase 1: Reaching the bottom No inventory buffer between end-user demand and production Q1 First Half 2009 Results Customer replenishment orders trigger higher utilization rates Initially smaller volumes & shorter contracts New ‘strategic’ LED investors enter the market Pha
Slide 4: LCD TV BLU Market Forecast
LCD TV BLU Market Forecast Positive trend (2008-2012) towards technology acceptance Research opinion ranges TAM 2012 LEDs LEDs First Half 2009 Results BLUs (Mio Units) (at 100%) / Unit in market size (TAM) Mobile 1,550* 15,500 10 in penetration rate Notebooks 200* 12,000 60 LCD TV 175** 105,000 600
Slide 5: Financial Highlights: Quarter-on-Quarter
Financial Highlights Quarter-on-Quarter Sequential Comparison (Q2/2009 vs. Q1/2009) First Half 2009 Results Quarterly Revenues up 23% to €56.7m (Q1/2009: €46.2m) Recurring EBIT up 23% with 8% Margin to €4.7m; reported EBIT down 38% (Q1/2009: €7.6m; 16%) Equipment Order Intake 85% higher at €57.9m (Q
Slide 6: Financial Highlights: Year-on-Year
Financial Highlights Year-on-Year Comparison (H1/2009 vs. H1/2008) First Half 2009 Results H1/2009 total Revenues down 20% to €102.9m (H1/2008: €128.2m) Gross Margin significantly higher at 43% (H1/2008: 39%) H1/2009 EBIT, incl. two special Q1-items of €3.8m, down to €12.3m, with 12% margin (H1/2008
Slide 7: Business Development and Convergence
Business Development and Convergence H1/2009 Compound Semiconductors Silicon Semiconductors First Half 2009 Results (including Organics) €88.7m equipment1) €4.2m equipment1) Revenues revenues (-15% yoy) revenues (-58% yoy) 86% of total2) revenues 4% of total2) revenues €88.4m (-41% yoy) €0.6m (-93%
Slide 8: Group Income Statement
Group Income Statement (€ million, unaudited) H1/09 H1/08 +/- Q2/09 Q2/08 +/- First Half 2009 Results Revenues 102.9 128.2 -20% 56.7 65.6 -14% Cost of sales 58.4 77.8 -25% 33.2 39.7 -16% Gross profit 44.5 50.3 -12% 23.5 25.8 -9% Gross Margin 43% 39% +4 pp 41% 39% +2 pp Selling expenses 9.5 14.6 -35%
Slide 9: Group Balance Sheet
Group Balance Sheet (€ million, unaudited) 30/06/09 31/12/08 30/06/08 First Half 2009 Results Property, plant & equipment 32.8 39.3 36.6 Goodwill 59.1 58.7 55.0 Other intangible assets 8.8 10.3 10.9 Others 11.2 9.1 9.6 Non-current assets 111.9 117.4 112.1 Inventories, WIP & Finished Goods 70.4 77.1
Slide 10: Group Cash Flow Statement
Group Cash Flow Statement (€ million, unaudited) H1/2009 H1/2008 First Half 2009 Results Cash Flow from operating activities 17.0 22.3 Cash Flow from investing activities -5.6 -31.1 Cash Flow from financing activities -6.2 -3.8 (incl. exchange rate changes) Net change in Cash & Cash Equivalents 6.9
Slide 11: Quarterly Business Development
24 - Month Business Development (€ million) 86.9 85.5 70.0 72.5 Equipment (only) First Half 2009 Results 52.2 57.9 Order Intake 40.6 31.2 157.3 165.1 158.1 132.0 102.8 105.0 100.7 109.4 Equipment (only) Order Backlog 82.3 65.6 63.9 Total Revenues 54.1 62.6 46.2 56.7 (incl. equipment, 51.7 service, s
Slide 12: Revenue Analysis
Revenue Analysis H1/2009: H1/2009: H1/2009: by Technology by End Application by Region (equipment only) First Half 2009 Results 6% 10% 5%3% 4% 19% 14% 1% 4% 73% 75% 86% Compound LED Asia Silicon Telecom/Datacom Europe Spares & Service Solar USA Consumer/Optoelectronic Display & Others Silicon Slide:
Slide 13: New 2009 Guidance Model
New 2009 Guidance Model 2009 revised revenue guidance range: €230m - €250m 2009 revised EBIT guidance: 12 - 13% EBIT margin First Half 2009 Results Sufficient cash levels will be maintained (without any bank borrowings) (€ million) ‘shippable’ equipment orders H1/2009 actual total required by Q3/200
Slide 14: Key Takeaways
Key Takeaways Quicker than expected recovery … New strategic LED ventures First Half 2009 Results Progressive “LED TV” marketing of TV vendors “Green technology” stimulus investments … is being managed through Solid financial situation High flexibility through outsourcing, contract staff Strong comp
Slide 15: Financial Calendar & Contact Data
Financial Calendar & Contact Data October 29, 2009 Q3/2009 Results, Conference Call First Half 2009 Results March 11, 2010 Full Year 2009 Results, Conference in Frankfurt April 29, 2010 Q1/2010 Results, Conference Call May 18, 2010 Annual General Meeting, Eurogress Aachen For further information ple
Slide 16: Appendix
First Half 2009 Results Appendix Target Target Market Market Opportunities Opportunities Detailed Detailed Financial Financial Statements Statements Slide: 16
Slide 17: Market Prospects
Market Prospects Short -Term LED backlighting for next generation LCD screens First Half 2009 Results LEDs for increasing automotive applications Mid-Term Government support for “green” lighting applications Emerging general/interior lighting device applications Pioneering e-paper applications Silic
Slide 18: Key Financials: Quarter-on-Quarter
Key Financials Quarter-on-Quarter Sequential Comparison (Q2/2009 vs. Q1/2009) First Half 2009 Results (€ million, unaudited) Q2/2009 Q1/2009 +/- Equipment Order Intake 57.9 31.2 86% Equipment Order Backlog (end of period) 109.4 100.7 9% Revenues 56.7 46.2 23% Gross Profit 23.5 21.0 12% Gross Margin
Slide 19: Key Financials: Year-on-Year
Key Financials Year-on-Year Comparison (H1, Q2/2009 vs. H1, Q2/2008) First Half 2009 Results (€ million, unaudited) H1/09 H1/08 +/- Q2/09 Q2/08 +/- Equipment Order Intake 89.1 158.0 -44% 57.9 72.5 -20% Equipment Order Backlog 109.4 165.1 -34% 109.4 165.1 -34% (end of period) Revenues 102.9 128.2 -20
Slide 20: First Half 2009 Results
First Half 2009 Results Slide: 20