Aixtron Se · XETR:AIXA
Aixtron — Investor Presentation (2008)
41 slides from Aixtron's investor presentation, 2008
Slide 1: AIXTRON Investor Presentation Spring/Summer 2008
(FSE: AIX, ISIN DE0005066203; NASDAQ: AIXG, ISIN: US0096061041) AIXTRON Investor Presentation Spring/Summer Spring/Summer 2008 2008
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 States Private Securities Litigation Reform Act of 1995.
Slide 3: AIXTRON – Enabling Global Solutions
AIXTRON – Enabling Global Solutions AIXTRON AG, Aachen AIXTRON AG, Herzogenrath Epigress AB, Lund AIXTRON Inc., Sunnyvale AIXTRON Ltd., Cambridge • Shanghai, China • Seoul, S. Korea • Tokyo, Japan • Hsinchu, Taiwan Slide: 3
Slide 4: Gas Phase Deposition
Gas Phase Deposition Material Engineering on an Atomic Scale Slide: 4
Slide 5: AIXTRON Planetary Reactor
AIXTRON Planetary Reactor®® Injector Reactor Chamber Wafer Slide: 5
Slide 6: Value Chain Positioning
Value Chain Positioning Production Chip & Electronic End Equipment Component Device User Manufacturers Manufacturers Manufacturers Markets Consumer Communication Industrial Display Lighting Medical Automotive Slide: 6
Slide 7: One Technology – Multiple Solutions
One Technology – Multiple Solutions Gas Phase Deposition Business Nano Scale Material Engineering Compound Semiconductors Silicon Semiconductors Technology MOCVD, OVPD® AVD®, ALD, CVD • LEDs/OLEDs for displays • LEDs/OLEDs for lighting • Metal and oxide films for • Optoelectronics for CMOS transisto
Slide 8: System Technologies
System Technologies Silicon Compound Tricent® AVD® Planetary Reactor® Close Coupled Showerhead® Silicon Compound Compound Lynx CVD OVPD® Silicon Compound Nanoinstruments Hot Wall SiC CVD Black Magic Tricent® ALD Slide: 8
Slide 9: Compound Platform Systems
Compound Platform Systems Planetary Reactor® Rapid adoption by customer base AIX 2800G4, 42x2” Established industry standard Production volume increased in 2007 c.79% of Q1/08 Equipment Orders (72% in 07) c.66% of Q1/08 Revenues (48% in 07) Integrated Concept (IC) System Close Coupled Showerhead® CR
Slide 10: Global MOCVD Market Shares
Global MOCVD Market Shares Operating Performance 2007 2005 2006 2007 Total: $156m Total: $202m Total: $289m 2% 10% 4% 6% 14% 13% 17% 20% 18% 64% 62% 70% AIXTRON Veeco Nippon Sanso Others Source: VLSI RESEARCH Inc. 2008 Slide: 10
Slide 11: Silicon Semiconductor Systems
Silicon Semiconductor Systems Tricent® ALD Consumer Electronics continue to drive the Reactor NAND flash and DRAM industry 1 x 300mm Comprehensive AIXTRON-portfolio: CVD, ALD, AVD® Fab ramp-up with established CVD customers ALD/AVD®: film qualifications for new materials in transistors & capacitors
Slide 12: Global CVD Market Shares for WSix
Global CVD Market Shares for WSixx 2006 2007 Total: $109m Total: $84m 3% 2% 15% Elpida-PSC 12% Hynix 48% Micron 24% Samsung 62% 34% Qimonda ProMos AIXTRON Applied Materials Tokyo Electron Others based on VLSI RESEARCH Inc. 2008 Slide: 12
Slide 13: Equipment Revenues by Application
Equipment Revenues by Application Diversification of Equipment Revenue Base (excl. spares): 2005: €113.4m 2006: €143.1m 2007: €186.9m Q1/2008: €62.6m 4% 5% 3% 15% 27% 32% 22% 2% 58% 44% 9% 13% 61% 15% 5% 78% 2% 5% LED Display & Others Consumer/Optoelectronic Telecom/Datacom Telecom/Datacom Silicon S
Slide 14: High Brightness LED Market Forecast
High Brightness LED Market Forecast HB LED summary forecast by application 2006-2011 2006 10.000 16% 15% 9.000 5% 8.000 Market Size (USD million) 7.000 15% 6.000 48% 1% 5.000 4.000 3.000 2011 2.000 14% 1.000 10% 40% 0 2006 2007 2008 2009 2010 2011 12% Signs / Displays Mobile Appliances Signals Autom
Slide 15: AIXTRON Global Presence
AIXTRON Global Presence Ltd. AB AB Cambridge, UK Lund, Sweden cshs KK Seoul, South Tokyo, Japan Korea Inc. AG Sunnyvale, USA Aachen, D Headquarters Taiwan Co., Ltd. AG Shanghai, P.R. China Representation Slide: 15
Slide 16: Revenues by Region
Revenues by Region (81%) (€ million) (79%) (74%) 174,1 135,2 (83%) 103 (16%) (13%) (10%) (9%) (10%) (8%) 51,9 22,1 22,2 21,9 (10%) 18,8 14,3 14,3 (7%) 6,6 4,1 2005 2006 2007 <Q1/08 2005 2006 2007 <Q1/08 2005 2006 2007 <Q1/08 USA Europe Asia Asia Slide: 16
Slide 17: Business Development Q1/2008
Business Development Q1/2008 Compound Semiconductors Silicon Semiconductors (including Organics) €47.8m equipment1) €8.3m equipment1) Revenues revenues (+10% yoy) revenues (-40% yoy) 76% of total2) revenues 13% of total2) revenues Equipment1) €77.3m (+161% yoy) €8.2m (-25% yoy) Order Intake 90% of e
Slide 18: Q1/2008 Key Financials
Q1/2008 Key Financials Year-on-Year Year-on-Year Comparison Comparison (Q1/2008 (Q1/2008 vs. vs. Q1/2007) Q1/2007) (€ million, unaudited) Q1/2008 Q1/2007 Variance Equipment Order Intake 85,5 40,5 111% Equipment Order Backlog (end of period) 157,3 70,0 125% Revenues 62,6 63,8 -2% Gross Profit 24,5 24
Slide 19: Financial Performance 2007
Euro/US-Dollar Exchange Rate 2007 Financial Performance 2007 EUR/USD 0.80 0.78 0.76 0.74 U USS--D UDSoo-llllaar Dor vlvss. la.rEEf U 0.72 aUlR lRsO Ob::y- -111222% %% 0.70 0.68 Average Average Average Rate Rate 2007: Rate 2007: 2007: USD USD 1.37 1.37 per 0.73 EUR/USD or Euro per Euro 1.37 USD/EUR 0
Slide 20: 24-Month Business Development
24 - Month Business Development (€ million) 86,9 85,5 70,0 Equipment (only) 49,5 52,3 44,5 40,5 50,3 Order Intake 157,3 132,0 98,3 102,8 81,2 85,1 80,3 Equipment (only) 70,0 Order Backlog 81,2 98,3 85,1 70,0 80,3 102,8 132,0 157,3 63,1 63,8 62,6 51,7 54,1 Total Revenues 40,9 45,2 35,7 (incl. equipme
Slide 21: 2008 Guidance Model
2008 Guidance Model (€ (€ million) million) Q1/2008 actual total Equipment orders required revenue for 2008 revenue 50-80 63 Assumed Q2-Q4 2008 21 spares/non-system revenue 136 2008 equipment revenue from order backlog (out of €157m) 2008 Guidance: €270 - 300m Revenues 10-12% EBIT Margin Slide: 21
Slide 22: Target Market Opportunities
Target Market Opportunities Short -Term LED backlighting for next generation LCD screens LEDs for increasing automotive applications Emerging LED external/street lighting applications Mid-Term Emerging Solid State Lighting device applications Silicon carbide (SiC) hybrid automotive & solar applicati
Slide 23: 2008 Financial Calendar & Contact Data
2008 Financial Calendar & Contact Data August 7, 2008 Q2/2008 Results conference in Frankfurt November 6, 2008 Q3/2008 Results, conference call March 12, 2009 Q4/2008 Results conference in Frankfurt May 7, 2009 Q1/2009 Results, conference call May 20, 2009 Annual General Meeting at Eurogress in Aach
Slide 24: Slide: 24
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Slide 25: Share Price and Outlook
AIXTRON Share Price Development 2007 10.00 Share Price and Outlook AIXTRON 9.00 TecDax indexed 85% +1 8.00 07: 20 7.00 6.00 5.00 4.00 3.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Slide: 25
Slide 26: Q1/2008 Group Income Statement (IFRS)
Q1/2008 Group Income Statement (IFRS) Year-on-Year Comparison (Q1/2008 vs. Q1/2007) (€ million)* Q1/2008 Q1/2007 Variance Revenues 62,6 63,8 -2% Cost of sales 38,1 39,7 -4% Gross profit 24,5 24,1 2% Gross Margin 39% 38% +1pp Selling Expenses 8,0 6,9 16% General Admin. Expenses 4,5 4,3 5% R&D 6,8 7,1
Slide 27: Q1/2008 Key Financials
Q1/2008 Key Financials Sequential Sequential Quarterly Quarterly Comparison Comparison (Q1/2008 (Q1/2008 vs. vs. Q4/2007) Q4/2007) (€ million, unaudited) Q1/2008 Q4/2007 Variance Equipment Order Intake 85,5 86,9 -2% Equipment Order Backlog (end of period) 157,3 132,0 19% Revenues 62,6 54,1 16% Gross
Slide 28: Q1/2008 Group Balance Sheet (IFRS)
Q1/2008 Group Balance Sheet (IFRS) Balance Sheet Development (Q1/2008 vs. Q4/2007) (€ million)* Mar.31, 2008 Dec.31, 2007 Property, plant & equipment 36,5 35,1 Goodwill 55,0 59,0 Other intangible assets 11,3 12,5 Others 8,7 10,9 Non-current assets 111,5 117,5 Inventories 67,8 60,0 Trade receivables
Slide 29: New Technologies – New Opportunities
New Technologies – New Opportunities Operating Performance 2007 Development of New Tool for Plastic Logic – Plastic Electronics Deposition with AIXTRON Gen 3.5 tool Slide: 29
Slide 30: New Technologies – New Opportunities
New Technologies – New Opportunities Acquisition of Nanoinstruments, Ltd. – Carbon Nanotubes Unique Properties Application Examples Very high thermal conductivity Electronics Very low resistivity Heat Sinks Very high mechanical stability Field Emission Display Graphene sheet Carbon Nanotube structur
Slide 31: Advanced Technology Requirements
Advanced Technology Requirements Word Line DRAM 1000 CVD Metal Control Gate NAND Layer thickness [Å] Atomic Level Solutions 100 Metal Electrode and AVD High-k Dielectric eDRAM 10 Metal Electrode and ALD High-k Dielectric DRAM 1 1 10 100 Aspect ratio Slide: 31
Slide 32: Films for Logic and Memory Transistors
Films for Logic and Memory Transistors Metal / Metal Silicide on Poly Gate Stack DRAM Capacitors FeRAM Capacitors CVD ALD (Dielectric) AVD® ALD + AVD® (Electrode) Metal Gate AVD® Sidewall Spacers ALD + AVD® High-k Gate Dielectrics AVD® Integrated Flash Floating Gate Capacitors Interpoly & Tunnel Oxi
Slide 33: Key Group Financials 2007
Key Group Financials 2007 Financial Performance 2007 (€ million) 2007 2006 Variance Equipment Order Intake 247.7 178.0 39% Equipment Order Backlog (end of period) 139.8 85.1 64% Revenues 214.8 171.7 25% Gross Profit 85.0 63.4 34% Gross Margin 40% 37% +3pp EBIT 20.6 5.7 261% EBIT Margin 10% 3% +7pp N
Slide 34: Group Income Statement 2007 (IFRS)
Group Income Statement 2007 (IFRS) Financial Performance 2007 (€ million) 2007 2006 Variance Revenues 214,8 171,7 25% Cost of sales 129,8 108,3 20% Gross profit 85,0 63,4 34% Gross Margin 40% 37% +3pp Selling Expenses 27,2 23,4 16% General & Admin. expenses 16,0 17,3 -8% R&D 26,5 23,9 11% Other oper
Slide 35: Group Cash Flow Statement (IFRS)
Group Cash Flow Statement (IFRS) Financial Performance 2007 (€ million) 2007 2006 Cash Flow from operating activities 32,9 20,8 of which: net income (loss) after taxes 17,3 5,9 Cash Flow from investing activities (10,5) (5,1) Cash Flow from financing activities 2,9 (0,3) [incl. exchange rate changes
Slide 36: Group Balance Sheet 2007 (IFRS)
Group Balance Sheet 2007 (IFRS) Financial Performance 2007 (€ million) Dec 31, 2007 Dec 31, 2006 Property, plant & equipment 35,1 36,4 Goodwill 59,0 65,1 Other intangible assets 12,5 15,1 Others 10,9 11,4 Non-current assets 117,5 128,0 Inventories 60,0 53,1 Trade receivables 33,5 27,7 Others 13,9 7,
Slide 37: AIXTRON Group Worldwide Production
AIXTRON Group Worldwide Production AIXTRON AG, Aachen-Herzogenrath/Germany Slide: 37
Slide 38: AIXTRON Group Worldwide Production
AIXTRON Group Worldwide Production AIXTRON AG, Aachen-Herzogenrath/Germany Slide: 38
Slide 39: AIXTRON Group Worldwide Production
AIXTRON Group Worldwide Production AIXTRON Ltd., Cambridge/UK Slide: 39
Slide 40: AIXTRON Group Worldwide Production
AIXTRON Group Worldwide Production AIXTRON Inc., Sunnyvale/USA Slide: 40
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