Aixtron 2104 results "˜unsatisfactory'
Aixtron SE, a provider of deposition equipment for the semiconductor industry, today announced financial results for the fourth quarter 2014 and the full financial year 2014. While in line with expectations, the results continue to be 'unsatisfactory', according to Martin Goetzeler, president and CEO of Aixtron.
2014 revenues at €193.8m (2013: €182.9m) were up 6 percent against the previous year's level. In Q4/2014 revenues amounting to €58.0m were up against both the previous year and the previous quarter (Q4/2014: €51.1m; Q3/2014: €45.6m).2014 EBITDA improved and amounted to -€41.3m (2013:-€67.9m). Q4/2014 EBITDA was -€13.9m (Q4/2013: €3.7m; Q3/2014: -€14.1m).
For fiscal year 2015, Aixtron expects a sequential increase of the results in both halves of 2015 compared with the previous six-month periods and a return to positive EBITDA numbers in the second half of 2015.
The company's order intake was not influenced by the large multiple tool order from a Chinese LED manufacturer for 50 AIX R6 Showerhead MOCVD tools Aixtron received in September 2014 as most of this order will be booked in the course of the financial year 2015. Total 2014 equipment order intake was up by 15 percent to €153.4m (2013: €133.2m). Q4/2014 order intake amounted to €39.9m and was up against both the previous year and the previous quarter (Q4/2013: €37.1m; Q3/2014: €37.6m).
"In fiscal year 2014 order intake and revenues developed positively. Even if this is not yet reflected in the figures, we have achieved an important milestone with the market launch of the AIX R6 and a resultant major order in the previous year. Results of the previous year are in line with our stated expectations, but continue to be unsatisfactory, " said Martin Goetzeler, president and CEO of Aixtron SE.
"This was mainly due to the low topline level reflecting the challenges that specifically the MOCVD industry faces. Therefore, we as management strongly believe that it is important continuing to invest in R&D, thereby reducing our dependency on one product while creating new business opportunities.
:Our future oriented technologies already started to perform well, despite the fact that market introduction of these new products still requires preparatory efforts. Due to our focus on active cash management, we continue to be in a solid financial situation", he added.
Guidance
For the 2015 financial year, Aixtron expects to see growth across all technology areas, and thus also improved demand for the corresponding production systems. Management therefore expects full-year revenues to increase to between €220 million and €250 million.
At the same time, the company will be pressing ahead with implementing its innovation roadmaps, productivity and efficiency programs across all areas. It expects to see a sequential increase of the results in both halves of 2015 compared with the previous six-month periods and a return to positive EBITDA numbers in the second half of 2015 considering ongoing ramp up costs for the new AIX R6 tool as well as the costs for some crucial R&D projects.
