Aixtron Se · XETR:AIXA
Aixtron — 9M 2015 Earnings Presentation
38 slides from Aixtron's earnings presentation, October 2015
Slide 1: AIXTRON Investor Presentation
AIXTRON Investor Presentation IR Presentation – 9M/2015 (FSE: AIXA, ISIN DE000A0WMPJ6, NASDAQ: AIXG, ISIN: US0096061041) © AIXTRON Investor Relations, October 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: Technology. Materials. Performance.
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: Our Technology. Your FUTURE.
AIXTRON TECHNOLOGIES 6 Our Technology. Your FUTURE. Compound Semiconductors Silicon Semiconductors LED Lighting Memory & Logic Organic Carbon OLED Power Management
Slide 7: Our Technology Portfolio
AIXTRON TECHNOLOGIES AND PRODUCTS 7 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 for d
Slide 8: 24-Month Business Development
FINANCIALS 8 24 - Month Business Development (€ million) 49.3 48.9 52.5 Order Intake1 49.0 49.5 49.7 50.2 34.4 @ $1.30 @ $1.35 @ $1.25 91.2 Order Backlog 64.2 66.4 70.7 65.2 * 79.0 72.3 59.6 @ $1.30 @ $1.35 @ $1.25 *) revalued on Jan.1, 2015 to €69.0m at $1.25/€ Total Revenues 58.0 54.6 51.1 43.9 46
Slide 9: Consolidated Income Statement
FINANCIALS 9 Consolidated Income Statement* 9M/14 (€ million) 9M/15 +/- Q3/15 Q2/15 +/- Restated Revenues 135.3 135.8 0% 54.6 40.4 35% Cost of sales 105.1 106.51 -1% 36.8 36.8 0% Gross profit 30.2 29.21 3% 17.8 3.6 394% Gross Margin 22% 22%1 0 pp 33% 9% 24 pp Selling expenses 9.0 10.21 -12% 2.7 3.0
Slide 10: Consolidated Statement of Financial Position
FINANCIALS 10 Consolidated Statement of Financial Position* (€ million) 30/9/15 31/12/14 30/9/14 Property, plant & equipment 80.9 77.3 78.2 Goodwill 75.7 64.8 64.8 Other intangible assets 6.4 2.5 2.6 Others 4.6 4.6 5.9 Non-current assets 167.6 149.2 151.5 Inventories, WIP & Finished Goods 87.0 81.7
Slide 11: Consolidated Statement of Cash Flows
FINANCIALS 11 Consolidated Statement of Cash Flows* (€ million) 9M/15 9M/14 Q3/15 Q2/15 Cash Flow from operating activities -13.5 -43.6 -7.2 3.7 Cash Flow from investing activities 11.1 6.1 2.2 -2.4 Cash Flow from financing activities -0.2 -0.1 0.0 -0.2 Exchange rate changes 3.5 5.2 -1.7 -1.0 Net ch
Slide 12: Market Prospects
FUTURE MARKETS 12 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 13: AIXTRON Investor Presentation
AIXTRON INVESTOR PRESENTATION 13
Slide 14: LED Lighting Market: Multiple Tipping Points
INDUSTRY & MARKETS 14 LED Lighting Market: Multiple Tipping Points Source: : AIXTRON, McKinsey 2012 LED Lighting Cycle Various Different Numerous Applications Regions Players
Slide 15: LED Lighting Market Estimates
INDUSTRY & MARKETS 15 LED Lighting Market Estimates Source: IHS Q1/2015, Strategies Unlimited Globalization and urbanization to drive LED lighting opportunities: • Emerging countries: need for energy efficient lighting solutions • Developed countries: SSL driven by expanding renovation market • Outd
Slide 16: Increasing LED Area Demand Driving Growth
INDUSTRY & MARKETS 16 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 17: Production Supply: 3rd Party Estimates for HB LEDs
INDUSTRY & MARKETS 17 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 18: A-19 Bulb: 60W LED Replacement – Global Pricing
INDUSTRY & MARKETS 18 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 19: Technology Position
AIXTRON TECHNOLOGIES AND PRODUCTS 19 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 20: Compound Semiconductors – MOCVD System Generations
AIXTRON TECHNOLOGIES AND PRODUCTS 20 Compound Semiconductors – MOCVD System Generations Two Reactor Technologies Planetary Reactor® & Close Coupled Showerhead® (CCS) • Extendibility: Extensive choice of configurations and enhancements • Scalability: Multiple technologies on one platform • Producti
Slide 21: Compound Semiconductors – MOCVD
AIXTRON TECHNOLOGIES AND PRODUCTS 21 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 22: Compound Semiconductors – Power Electronics
AIXTRON TECHNOLOGIES AND PRODUCTS 22 Compound Semiconductors – Power Electronics Consumer Electronics & IT Automotive Energy Industrial Power Management Power Switching 30V 600V 1.2 kV ≥2kV • Electronic appliances • Infotainment • General automotive electro • Power Grid / Smart meter • UPS • Computi
Slide 23: Carbon Nanostructures – PECVD
AIXTRON TECHNOLOGIES AND PRODUCTS 23 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 24: Organic Electronics – OVPD
AIXTRON TECHNOLOGIES AND PRODUCTS 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 vapour phase deposition Free scalability: suitable for all
Slide 25: Organic Electronics – OPTACAP PECVD
AIXTRON TECHNOLOGIES AND PRODUCTS Organic Electronics – OPTACAP™ PECVD Product Description – OptaCap™ PECVD Proprietary PECVD technology based on linear plasma sources Based on AIXTRON‘s core competence of carrier gas enhanced vapour phase deposition “Disruptive deposition technology Free scal
Slide 26: Organic Electronics – OVPD + Encapsulation
AIXTRON TECHNOLOGIES AND PRODUCTS 26 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 Final test Te
Slide 27: Organic Electronics – Front-end Process Equipment
AIXTRON TECHNOLOGIES AND PRODUCTS 27 Organic Electronics – Front-end 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 depo
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: Consolidated Income Statement
FINANCIALS 30 Consolidated Income Statement* (€ million) 2014 2013 2012 Revenues 193.8 182.9 227.8 Cost of sales 152.3 190.3 227.4 Gross profit 41.5 -7.4 0.4 Gross Margin 20% -4% 0% Selling expenses 16.0 29.0 34.8 General & admin expenses 19.3 18.2 19.6 R&D 66.7 57.2 72.9 Net other op.(income)/expen
Slide 31: Consolidated Statement of Financial Position
FINANCIALS 31 Consolidated Statement of Financial Position* (€ million) 31/12/14 31/12/13 31/12/12 Property, plant & equipment 77.3 79.9 97.6 Goodwill 64.8 64.1 64.3 Other intangible assets 2.5 3.1 4.2 Others 4.6 5.7 6.3 Non-current assets 149.2 152.7 172.4 Inventories, WIP & Finished Goods 81.7 66.
Slide 32: Consolidated Statement of Cash Flows
FINANCIALS 32 Consolidated Statement of Cash Flows* (€ million) 2014 2013 2012 Cash Flow from operating activities -33.8 8.2 -45.2 Cash Flow from investing activities -23.2 -39.7 -4.4 Cash Flow from financing activities 0.2 101.6 -24.3 Exchange rate changes 5.9 -2.4 0.8 Net change in Cash & Cash Equ
Slide 33: Revenue Analysis
OPERATIONS 33 Revenue Analysis 9M/2015: 9M/2015: 9M/2015: by equipment & spares by end application by region (equipment only) 8% 16% 27% 22% 28% 12% 17% 25% 72% 73% LED Equipment Silicon Asia Spares Power Electronics Europe Optoelectronics Americas Others
Slide 34: Annual Equipment Revenues by Application
OPERATIONS 34 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 Consu
Slide 35: Equipment Order Intake per Quarter
150 100 200 250 50 0 OPERATIONS 1Q98 2Q98 3Q98 4Q98 1Q99 2Q99 3Q99 driven by 4Q99 (EUR million) 1Q00 2Q00 3Q00 4Q00 telecom/datacom and mobile phone 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 Compound Semiconductor Market 2Q03 3Q03 4Q03 mobile phone driven by penetration 1Q04 2Q04 3Q04 4Q04 1Q05 2
Slide 36: Global Presence
ABOUT AIXTRON 36 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 37: Financial Calendar & Contact Data
37 Financial Calendar & Contact Data • February 23, 2016 FY 2015 Results, Conference Call • April 26, 2016 Q1/2016 Results, Conference Call • May 25, 2016 Annual General Meeting, Aachen • July 26, 2016 H1/2016 Results, Conference Call • October 25, 2016 9M/2016 Results, Conference Call For further i
Slide 38: 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]