Corporate | 28 July 2011 07:15
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AIXTRON SE / Key word(s): Half Year Results/Forecast
Growing LED lighting demand fuels strong order intake
Aachen, Germany, July 28, 2011 – AIXTRON SE (ISIN DE000A0WMPJ6, US0096061041), a worldwide leading provider of deposition equipment to the semiconductor industry, today announced the consolidated financial results for the second quarter and first half of 2011. Key Financials
Financial Highlights
First-half 2011 revenues grew by 10% year on year to EUR 381.0m (H1/2010: EUR 346.3m), but decreased 15% sequentially from Q1/2011 (EUR 205.4m) to EUR 175.6m in Q2/2011. Recorded H1/2011 revenues were impaired by a weakening US-Dollar, as well as a shift in regional product mix and selling prices influenced by larger order volumes. Some later than scheduled Chinese customer LED production facility completions and temporary regional customer financing delays were additional causes of this sequential development. Gross profit for the first half of the year, in absolute terms, was marginally down year on year at EUR 181.0m, and the gross margin declined by 5 percentage points to 48%, compared to EUR 183.9m or 53% in H1/2010. In a sequential comparison, the Company's Q2/2011 gross margin decreased by seven percentage points, from 51% (EUR 104.2m) in Q1/2011 to 44% (EUR 76.9m) in Q2/2011. This decrease was due to the above mentioned quarterly sequential revenue development which was set against a stable sequential cost base. First half 2011 EBIT came in at EUR 129.2m (34%) and was 21% higher in absolute terms than during the same period last year. The EBIT margin was 3 percentage points better year on year than the EUR 106.9m (31%) in H1/2010. However, the Q2/2011 EBIT margin, at 31% (EUR 54.3m), was 5 percentage points lower sequentially than in Q1/2011 at 36% (EUR 74.9m). This sequential EBIT margin development was mainly influenced by the above mentioned gross margin effects, which were, however, partly compensated by an improved operating cost base and positive hedging effects. The net income in H1/2011 was 22% up, year on year, from EUR 74.1m (21% of revenues) in H1/2010, to EUR 90.4m (24% of revenues). Net income for Q2/2011 was also partly affected by the reduced gross margin and came in at EUR 38.2m or 22% of revenues (Q1/ 2011: EUR 52.3m; 25%).
Management Review
'Despite some unfriendly currency and mix effects in Q2, we have had an excellent quarter: we have seen sequentially higher order intake, a very positive customer response to a new product launch and some increasingly encouraging signals from a rapidly emerging LED lighting market. Although the 'choppy waters' we predicted in Q2 are likely to continue in Q3, we believe that they are transitional effects of a growing market and consequently will pass through in the course of this year. Albeit challenging, we remain optimistic of achieving our original targets set for the full year.'
Outlook
Financial Tables
Investor Conference Call
Contact:
For further information on AIXTRON SE (FSE: AIXA, ISIN DE000A0WMPJ6; NASDAQ: AIXG, ISIN US0096061041) please consult our website at: www.aixtron.com.
Forward-Looking Statements
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| Language: | English | |
| Company: | AIXTRON SE | |
| Kaiserstr. 98 | ||
| 52134 Herzogenrath | ||
| Germany | ||
| Phone: | +49 (241) 8909-444 | |
| Fax: | +49 (241) 8909-445 | |
| E-mail: | invest@aixtron.com | |
| Internet: | www.aixtron.com | |
| ISIN: | DE000A0WMPJ6, US0096061041 | |
| WKN: | A0WMPJ | |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart; Terminbörse EUREX | |
| End of News | DGAP News-Service |
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