AIXTRON Investor Presentation
DISCLAIMER
Forward-Looking Statements
This document may contain forward-looking statements regarding the business, results of operations, financial condition and earnings outlook of AIXTRON. These statements may be identified by words such as "may", "will", "expect", "anticipate", "contemplate", "intend", "plan", "believe", "continue" and "estimate" and variations of such words or similar expressions. These forward-looking statements are based on the current assessments, expectations and assumptions of the executive board of AIXTRON, of which many are beyond control of AIXTRON, based on information available at the date hereof and subject to risks and uncertainties. You should not place undue reliance on these forward-looking statements. Should these risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of AIXTRON may materially vary from those described explicitly or implicitly in the relevant forward-looking statement. This could result from a variety of factors, such as those discussed by AIXTRON in public reports and statements, including but not limited those reported in the chapter "Risk Report". AIXTRON undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise, unless expressly required to do so by law. This document is an English language translation of a document in German language. In case of discrepancies, the German language document shall prevail and shall be the valid version.
Due to rounding, numbers presented throughout this report may not add up precisely to the totals indicated and percentages may not precisely reflect the absolute figures for the same reason.
Our registered trademarks: AIXACT®, AIXTRON®, APEVA®; Atomic Level SolutionS®, Close Coupled Showerhead®, CRIUS®, EXP®, EPISON®, Gas Foil Rotation®, Optacap™, OVPD®, Planetary Reactor®, PVPD®, STExS®, TriJet®
Our Vision
Technology. Materials. Performance.
Technology. | Materials. | Performance. |
We enable our | We deliver the | |
We are the recognized | ||
customers to | performance driving | |
technology leader | ||
successfully shape the | economic success | |
in complex material | ||
markets of the future, | through our expertise, | |
deposition. | ||
exploiting the potential | our employees and the | |
offered by new | quality of our products. | |
materials. |
Who we are
| Headquarters based near Aachen, Germany | | Company founded in 1983, >35 years of experience |
| Worldwide presence in 7 countries | | Technology leader in deposition systems |
| R&D and production facilities in Germany and UK | | Over 3,500 deposition systems sold worldwide |
| ~ 700 employees | | Went public in 1997, listed in TecDAX and MDAX |
Where we are
What We Do
We provide enabling Deposition Technologies to the Compound Semiconductor and Display IndustryFor Optoelectronics and Power Electronics
• Metal-Organic Chemical Vapor Deposition (MOCVD)
for the deposition of compound materials to produce for
instance Lasers, LEDs, GaN and SiC Power Electronics or
other Optoelectronic components
• Plasma-enhanced Chemical Vapor Deposition (PECVD) for the deposition of Carbon Nanostructures and 2D materials (Carbon Nanotubes, Nanowires or Graphene)
• Organic Vapor Phase Deposition (OVPD)*
for the deposition of Organic Light Emitting Diodes (OLED)
based displays for smartphones to TV
*These thin film deposition technologies are offered by AIXTRON's subsidiary APEVA.
Our MOCVD Market Position
2017
Source: Gartner (2017; 2018), Company reports, AIXTRON estimates
2018
2019
Technology Portfolio for Complex Material Deposition
OLED: OVPD®/PVPD®
Nanomaterials
NANO: Innovation Pool
LEDs / Optoelectronics
Specialty LEDs
(e.g. Fine Pitch-, MiniLED-Displays & Backlighting, UV-LED Disinfection, Micro LED- Displays, Horticulture)
tnemeganaM rewoP
MOCVD Core Technology
Revenue Analysis*
* Rounded figures; may not add up
FY 2020: by equipment & after sales
FY 2020: by end application
(equipment only)
FY 2020: by region
Q1/2019 Q2/2019 Q3/2019 Q4/2019 Q1/2020 Q2/2020 Q3/2020 Q4/2020
USD order intake and backlog were recorded at the prevailing budget rate (2019 & 2020: $1.20/€)
USD revenues were converted at the actual period average FX rate (2019: $1.12/€; 2020: $1.14/€)
Consolidated Income Statement*
* Rounded figures; may not add up
(€ million) FY/20 To be up FY/19 | +/- dated% | Q4/20 Q | Q3/20 | +/-% |
Revenues Cost of Sales Gross profit % | 269.2 259.6 161.0 150.9 108.3 108.7 40 42 | 4 7 0 -2 pp | 108.1 64.1 63.1 38.4 45.0 25.8 42 40 | 69 64 75 2 pp |
Selling expenses General & admin expenses R&D Net other operating income EBIT % | 9.7 9.9 18.0 16.5 58.4 55.0 (12.6) (11.6) 34.8 39.0 13 15 | -2 9 6 9 -11 -2 pp | 2.4 1.9 4.2 4.4 17.2 12.6 (3.3) (1.2) 24.5 8.2 23 13 | 26 -5 37 175 199 10 pp |
Net result % | 34.5 32.5 13 13 | 6 - | 24.9 7.1 23 11 | 250 12 pp |
Financials
Balance Sheet*
* Rounded figures; may not add up
(€ million) 31/12/20 To be updated 31/12/19 | 30/09/20 | |
Property, plant & equipment Goodwill Other intangible assets Others | 63.5 64.5 71.0 72.4 2.9 2.4 74.9 11.7 | 66.9 71.2 2.7 41.8 |
Non-current assets | 212.2 151.0 | 182.7 |
Inventories Trade receivables Others Cash, Cash deposits & Investments | 79.1 79.0 41.3 29.2 8.1 5.4 249.7 298.3 | 101.6 19.0 10.9 262.8 |
Current assets | 378.2 412.0 | 394.3 |
Equity | 496.4 464.1 | 471.4 |
Non-current liabilities | 6.6 4.5 | 4.8 |
Trade payables Advance payments from customers Others | 10.8 19.4 50.8 51.1 25.8 23.9 | 14.7 63.2 22.9 |
Current liabilities | 87.5 94.3 | 100.8 |
Balance Sheet total | 590.4 563.0 | 577.0 |
Consolidated Statement of Cash Flows*
* Rounded figures; may not add up
(€ million) FY/20 FY/19 | Q4/20 Q3/20 | |
Net Result | 34.5 32.5 | 24.9 7.1 |
Adjust for Non-Cash Items | 8.0 13.1 | 2.0 3.2 |
Changes in Working Capital | (19.2) (2.8) | (8.5) (2.2) |
Cash Flow from Operating Activities** | 23.3 42.8 | 18.4 8.1 |
Capital Expenditures/Disposals | (9.3) (7.7) | (1.1) (3.0) |
Free Cash Flow | 14.0 35.1 | 17.3 5.0 |
FX Effects | (2.0) (0.1) | (0.2) (0.7) |
Cash, financial investments & deposits | 309.7 298.3 | 309.7 292.8 |
2019 figures reflect the changed presentation of cash flow in the 2019 Annual Report **Excludes changes in financial assets
Outlook
AIXTRON 2021 Guidance* - Strong Growth Expected
Based on current order situation,
Management expects for 2021**:
• Total Order Intake between EUR 340 ~ 380 million
• Revenues between EUR 320 ~ 360 million
• Gross Margin of ~40%
• EBIT Margin of ~16%
Equipment Order Backlog convertible into 2021 Revenues as of January 1, 2021: ca. EUR 130m
2021 Equipment
Order Intake Convertible into 2021 Revenues: EUR 140 ~ 180m
2021 Estimated Revenues from
After Sales: ca. EUR 50m
* Based on 1.25 USD/EUR Budget Rate; for more information please refer to the AIXTRON 2020 Annual Report, "Expected Results of Operations and Financial Position"
** Assuming that the COVID-19 pandemic will continue not to have a significant impact on the business
FUTURE MARKETS
Market Prospects
Short-Term
• Increasing adoption of compound semiconductor-based lasers for 3D sensor systems in mobile devices as well as sensors for infrastructure applications.
• Further increasing demand for lasers for optical data transmission of large volumes, such as for video streaming and Internet-of-Things (IoT) applications.
• Increasing use of LEDs and specialty LEDs (esp. Red-Orange-Yellow, UV or IR) in displays, disinfection, horticulture and other applications.
• Increasing use of wide-band gap GaN- or SiC-based components for energy-efficient power electronics devices in autos, in consumer electronics, in mobile devices and in IT infrastructure.
• Increasing use of GaN and GaAs-based components in mobile devices (e.g. Smartphones) or network infrastructure for 5G mobile communications.
Mid- to Long-Term
• Development of new applications based on wide-band gap materials such as high-frequency chips or system-on-chip architectures with integrated power management.
• Adoption of Micro LED Displays for volume markets.
• Development of alternative LED applications, such as visual-light communication technology.
• Increased use of compound semiconductor-based sensors for autonomous driving.
• Increased development activities for high performance solar cells made of compound semiconductors.
• Application of GaN-based components in mobile devices (e.g. smartphones) for the millimeter-wave range of 5G and 6G mobile communications.
MARKETS
Epitaxial Growth Equipment Market Forecast*
* Excluding MBE
Micro LED equipment demand as strongest driver from 2021 (Aggressive Model)
Power equipment demand to accelerate from 2021
($ million)
7,000 6,000 5,000 4,000 3,000 2,000 1,000
BaseAggressive
Total:
0
2018 $ 781m
2019 $ 958m
2020 $ 1,138m
2021 $ 1,396m
2022 $ 1,701m
2023 $ 2,192m
2024 $ 3,613m
2025 $ 6,236m
CAGR: ~35%CAGR: ~21%
Source:
Epitaxial Growth Equipment Market for More-than-Moore Devices by Yole Developpement 2020
AIXTRON - Enabling Emerging Global Mega Trends
AIXTRON MOCVD - Planetary Reactor®: Tool-of-Record
Individual Wafer Rotation = Best Material Uniformity
Individual wafer temperature adjustment = Wafer Level Control/Optimization
Highest Epi / Product Yield = Lowest Production Cost
Devices: GaN/SiC Power Electronics - Superior Performance
Source: icons fromwww.flaticon.com
More Efficient
Smaller
Wireless Charging
Electric Vehicles
EV-charging
Renewable Energy
Data Centers
Fast Charging
Overview: GaN/SiC as Wide Band Gap (WBG) Power Electronics
Power Management
Power Switching
30V
600V
1.2 kV
≥2kV
• General automotive electronic
• HEV/EV
• Charging station
• Inverter / motor drives
• Converter
• Radar test applications
GaN
GaN / SiC
SiC
SiC in Automotive : Main Inverter as the Major Market Opportunity
Quick charging pole 1 kV DC (30 - 300 kW)
Higher efficiency =
Battery size reduction
Cost savings
Range extension
Component
Power (kW)Fraction 6'' wafer*
Comment
Main inverter
20 ~ 150
0.1 ~ 0.5
Brings energy from battery to the electric motor
DC-DC Converter
1 ~3
<0.01
Brings energy from battery for car electronics
On Board Charger (OBC)
5 ~ 30
0.01
Brings 240 V AC energy from wall plug to battery
(Quick) Charging Pole
30 ~ 300
0.1 ~ 1
Brings 1-3 kV DC energy directly from grid to battery
Devices: ROY LEDs for RGB* Displays; UV LEDs for Niche Markets
Source: LEDinside, Yole Développement
MiniLED for Consumer Electronics
RGB* LED DISPLAYS
Stadium Outdoor Display
(Pixel Pitch ≥10mm) (Chip size: ≥ 200µm)
Fine Pitch Indoor Display
(Pixel Pitch ≤2.5mm) (Chip size: ≥ 200µm)
(Chip size: ≤ 200µm)Micro LED for Consumer Electronics
(Chip size: ≤ 50µm)
Curing
*RGB = Red, Green & Blue
UV LED
Water Disinfection
Air Purifier
Devices: Micro LED - The Perfect Future Display Technology
RGB* Micro LED Display
● ● ●
● ● ●
● ● ●
Source: LEDinside
Devices: VCSEL/EEL - Internet of Things Creates New Opportunities
Source: icons fromwww.flaticon.com
3D Sensing Functionality
Face Recognition / Lidar
……
Processor
Facial Recognition
Tailor-made clothing/shoesAutonomous Driving
Interior Design
Mapping
Industry 4.0
AIXTRON - Instrumental in Evolving Display Technologies
APEVA: OLED Deposition System Provider
OVPD Deposition
OVPD Deposition Line*
Automation & Handling
• Fully Automated OLED
Deposition Lines and Fab Integration as a Complete System Provider
• Innovative Deposition Technology with
• Higher Efficiency of OLED Material Deposition
• Mixing and Doping of Materials via Multiple Material Deposition in One Chamber
• Maintaining the Delicate Organic Material Properties improving Lifetime
AIXTRON INVESTOR PRESENTATION
Demand Drivers on Order Intake per Quarter (Equipment Only)
250
200
150
100
50
0
Q1/99
Q3/99
Q1/00
Q3/00
Q1/01
Q3/01
Q1/02
Q3/02
Q1/03
Q3/03
Q1/04
Q3/04
Q1/05
Q3/05
Q1/06
Q3/06
Q1/07
Q3/07
Q1/08
Q3/08
Q1/09
Q3/09
Q1/10
Q3/10
Q1/11
Q3/11
Q1/12
Q3/12
Q1/13
Q3/13
Q1/14
Q3/14
Q1/15
Q3/15
Q1/16
Q3/16
Q1/17
Q3/17
Q1/18
Q3/18
Q1/19
Q3/19
Q1/20
Q3/20
Annual Total Revenues by Application (including After Sales)
* Optoelectronics includes applications in Consumer Optoelectronics, Telecom/Datacom and Solar ** Silicon: ALD/CVD product line sold in 2017
INDUSTRY
AIXTRON Competitive Landscape
USA | Europe | China | Korea | Japan |
Opto | GaAs/InP Optoelectronics, ROY LED | |||
GaN LED | TOPEC | |||
Power | GaN Power | |||
SiC Power | ||||
OLED |
Consolidated Income Statement*
* Rounded figures; may not add up
(€ million) 2020 2019 | 2018 | ||
Revenues Cost of sales Gross profit % | 269.2 259.6 161.0 150.9 108.3 108.7 40% 42% | 268.8 151.2 117.6 44% | |
Selling expenses General & admin expenses R&D | 9.7 9.9 18.0 16.5 58.4 55.0 | 9.4 18.4 52.2 | |
Net other operating income EBIT % | (12.6) (11.6) 34.8 39.0 13% 15% | (3.8) 41.5 15% | |
Net result % | 34.5 13% | 32.5 13% | 45.9 17% |
Balance Sheet*
* Rounded figures; may not add up
(€ million) 31/12/20 31/12/19 | 31/12/18 | |
Property, plant & equipment Goodwill Other intangible assets Others | 63.5 64.5 71.0 72.4 2.9 2.4 74.9 11.7 | 63.1 71.6 2.1 13.3 |
Non-current assets | 212.2 151.0 | 150.1 |
Inventories Trade receivables Others Cash, Cash deposits & Investments | 79.1 79.0 41.3 29.2 8.1 5.4 249.7 298.3 | 73.5 40.1 11.5 263.7 |
Current Assets | 378.2 412.0 | 388.8 |
Equity | 496.4 464.1 | 429.7 |
Non-current liabilities | 6.6 4.5 | 1.8 |
Trade payables Contract liabilities for advance payments Others | 10.8 19.4 50.8 51.1 25.8 23.9 | 27.8 53.3 26.3 |
Current liabilities | 87.5 94.3 | 107.4 |
Balance Sheet total | 590.4 563.0 | 538.9 |
63.1 71.6 2.1 13.3
40.1 11.5
27.8 53.3
26.3
Consolidated Statement of Cash Flows*
* Rounded figures; may not add up
(€ million) 2020 2019 | 2018 | |
Cash Flow from operating activities | -39.2 42.8 | 11.9 |
Cash Flow from investing activities | -41.5 -6.8 | -15.1 |
Cash Flow from financing activities | -0.9 -1.2 | 10.4 |
Exchange rate changes | -2.0 -0.1 | 2.4 |
Net change in Cash & Cash Equivalents | -83.6 34.6 | 9.7 |
Cash & Cash Equivalents (beginning of period) Cash & Cash Equivalents (end of period) | 270.8 236.2 187.3 270.8 | 226.5 236.2 |
Change in Cash deposits | 32.5 0.0 | 7.5 |
Free Cash Flow | 14.0 35.1 | 4.4 |
Capex | 9.3 7.7 | 9.2 |
Financial Calendar & Contact Data
• | April 29, 2021 | Q1/2021 Results, Conference Call |
• | May 19, 2021 | Virtual Annual General Meeting |
• | July 29, 2021 | H1/2021 Results, Conference Call |
• | November 04, 2021 | 9M/2021 Results, Conference Call |
• | February 24, 2022 | FY 2021 Results, Conference Call |
For further information please contact:
Investor Relations Team
Andrea Kögler-Ihler
Phone: +49 (2407) 9030-6153
AIXTRON SE
Investor Relations & Corporate Communications Dornkaulstr. 2
52134 Herzogenrath Germany
E-Mail:invest@aixtron.com
Public Relations Team Rita Syre
Phone: +49 (2407) 9030-3665
35
AIXTRON - Our technology. Your future.
AIXTRON SE
Dornkaulstr. 2
52134 Herzogenrath
Germany
Phone +49 (2407) 9030-0
Fax +49 (2407) 9030-40
E-Maiinfo@aixtron.com
Attachments
- Original document
- Permalink
Disclaimer
Aixtron SE published this content on 25 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2021 09:19:03 UTC.