Aixtron Se · XETR:AIXA
Aixtron — Investor Presentation (September 2015)
27 slides from Aixtron's investor presentation, September 2015
Slide 1: AIXTRON Investor Presentation
AIXTRON Investor Presentation IR Presentation – H1/2015 (FSE: AIXA, ISIN DE000A0WMPJ6, NASDAQ: AIXG, ISIN: US0096061041) © AIXTRON Investor Relations, September 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: Our Technology. Your FUTURE.
AIXTRON TECHNOLOGIES 4 Our Technology. Your FUTURE. Compound Semiconductors Silicon Semiconductors LED Lighting Memory & Logic Organic Carbon OLED Power Management
Slide 5: Equipment Order Intake per Quarter
OPERATIONS 5 Equipment 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 1Q
Slide 6: LED Lighting Market: Multiple Tipping Points
INDUSTRY & MARKETS 6 LED Lighting Market: Multiple Tipping Points Source: : AIXTRON, McKinsey 2012 LED Lighting Cycle Various Different Numerous Applications Regions Players
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: H1/2015 Financial Highlights
FINANCIALS 8 H1/2015 Financial Highlights Sales: Volume below expectations due to delays in AIX R6 shipments Gross Margin: Lower than expected due to impact from AIX R6 qualification process OPEX on track: EUR 39.1m (target run-rate around EUR 80m on an annual basis) Solid Cash Position: EUR 255.4m
Slide 9: Market Prospects
FUTURE MARKETS 9 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 10: AIXTRON INVESTOR PRESENTATION
AIXTRON INVESTOR PRESENTATION 10
Slide 11: Technology Position
AIXTRON TECHNOLOGIES AND PRODUCTS 11 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 12: Increasing LED Area Demand Driving Growth
INDUSTRY & MARKETS 12 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 13: Incremental HB LEDs and MOCVD demand estimates
INDUSTRY & MARKETS 13 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 14: Compound Semiconductors – Power Electronics
AIXTRON TECHNOLOGIES AND PRODUCTS 14 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 • Power Grid / Smart Meter • UPS • Computing • GPS
Slide 15: Compound Semiconductors – MOCVD System Generations
AIXTRON TECHNOLOGIES AND PRODUCTS 15 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 16: Compound Semiconductors – MOCVD
AIXTRON TECHNOLOGIES AND PRODUCTS 16 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 17: Organic Electronics – OVPD + Encapsulation
AIXTRON TECHNOLOGIES AND PRODUCTS 17 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 18: Organic Electronics – Front-end Process Equipment
AIXTRON TECHNOLOGIES AND PRODUCTS 18 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 19: Organic Electronics – OVPD
AIXTRON TECHNOLOGIES AND PRODUCTS 19 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 20: Carbon Nanostructures – PECVD
AIXTRON TECHNOLOGIES AND PRODUCTS 20 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 21: Silicon Semiconductors – ALD
AIXTRON TECHNOLOGIES AND PRODUCTS 21 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 22: Silicon Semiconductors – ALD and MOCVD
AIXTRON TECHNOLOGIES AND PRODUCTS 22 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 23: Revenue Analysis
OPERATIONS 23 Revenue Analysis H1/2015: H1/2015: H1/2015: by equipment & spares by end application by region (equipment only) 11% 10% 28% 14% 11% 24% 19% 32% 79% 72% LED Equipment Silicon Asia Spares Power Electronics Europe Optoelectronics Americas Others
Slide 24: Consolidated Income Statement
FINANCIALS 24 Consolidated Income Statement* H1/14 (€ million) H1/15 +/- Q2/15 Q1/15 +/- Restated Revenues 80.7 90.1 -10% 40.4 40.3 0% Cost of sales 68.3 67.61 1% 36.8 31.5 17% Gross profit 12.4 22.61 -45% 3.6 8.8 -59% Gross Margin 15% 25%1 -10 pp 9% 22% -13 pp Selling expenses 6.3 6.41 -2% 3.0 3.3
Slide 25: Consolidated Statement of Financial Position
Financials 25 Consolidated Statement of Financial Position* (€ million) 30/6/15 31/12/14 30/6/14 Property, plant & equipment 80.6 77.3 78.3 Goodwill 77.1 64.8 64.5 Other intangible assets 5.7 2.5 2.7 Others 4.8 4.6 5.8 Non-current assets 168.2 149.2 151.3 Inventories, WIP & Finished Goods 85.8 81.7
Slide 26: Consolidated Statement of Cash Flows
FINANCIALS 26 Consolidated Statement of Cash Flows* (€ million) H1/15 H1/14 Q2/15 Q1/15 Cash Flow from operating activities -6.4 -25.1 3.7 -10.1 Cash Flow from investing activities 8.9 -19.9 -2.4 11.3 Cash Flow from financing activities -0.2 -0.2 -0.2 0.0 Exchange rate changes 5.2 0.6 -1.0 6.2 Net c
Slide 27: 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 invest@aixtron.com