Quarterly Report • Oct 24, 2019
Quarterly Report
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AIXTRON GROUP
| In EUR million | 2019 9M |
2018 9M |
+/- | 2019 Q3 |
2019 Q2 |
+/- |
|---|---|---|---|---|---|---|
| Order Intake | 150.6 | 230.3 | -35% | 52.2 | 44.7 | 17% |
| Order backlog (Equipment only) |
108.4 | 151.9 | -29% | 108.4 | 110.1 | -2% |
| Revenues | 184.6 | 180.9 | 2% | 52.6 | 63.3 | -17% |
| Gross profit | 74.7 | 78.2 | -4% | 22.1 | 25.9 | -15% |
| % | 40% | 43% | -3 pp | 42% | 41% | 1 pp |
| EBIT | 24.5 | 20.7 | 18% | 5.5 | 9.3 | -41% |
| % | 13% | 11% | 2 pp | 10% | 15% | -5 pp |
| Net result | 20.2 | 27.7 | -27% | 4.4 | 7.3 | -40% |
| % | 11% | 15% | -4 pp | 8% | 12% | -4 pp |
| Free cash flow | -2.7 | -1.4 | -93% | 2.3 | 12.6 | -82% |
| In EUR million | September 30 2019 | December 31 2018 |
|---|---|---|
| Inventories | 87.9 | 73.5 |
| Trade receivables | 33.2 | 40.1 |
| Cash, cash equivalents and cash deposits | 260.6 | 263.7 |
| Trade payables | 14.0 | 27.8 |
| Contract liabilities for advance payments | 44.4 | 53.3 |
| Total equity | 451.0 | 429.6 |
| Equity ratio | 84% | 80% |
| In EUR | 2019 9M |
2018 9M |
|---|---|---|
| Closing Price (end of period) | 9.36 | 8.60 |
| Period High Price | 10.67 | 19.27 |
| Period Low Price | 7.43 | 8.60 |
| Number of shares issued (end of period) | 112,927,320 | 112,924,730 |
| Market capitalization (end of period), million EUR | 1,057.5 | 971.2 |
| Net result per share (EUR) | 0.18 | 0.25 |
AIXTRON QUARTERLY GROUP STATEMENT Q3/2019
| FINANCIALS AT A GLANCE | 2 |
|---|---|
| BUSINESS DEVELOPMENT | 4 |
| INTERIM MANAGEMENT REPORT | 6 |
| Business Activity and Strategy | 6 |
| Results of Operations | 6 |
| Development of Orders | 6 |
| Exchange Rate Development of the US Dollar | 6 |
| Development of Revenues | 7 |
| Development of Results | 8 |
| Financial Position and Net Assets | 9 |
| Cash Flow | 10 |
| Opportunities and Risks | 10 |
| Outlook | 11 |
| INTERIM FINANCIAL STATEMENTS | 12 |
| Consolidated Income Statement (unaudited) | 12 |
| Consolidated Statement of other Comprehensive Income (unaudited) | 12 |
| Consolidated Statement of Financial Position (unaudited) | 13 |
| Consolidated Statement of Cash Flows (unaudited) | 14 |
| Consolidated Statement of Changes in Equity (unaudited) | 15 |
| ADDITIONAL DISCLOSURES | 16 |
| Accounting Policies | 16 |
| Segment Reporting | 17 |
| Stock Option Plans | 17 |
| Employees | 18 |
| Management | 18 |
| Related Party Transactions | 19 |
| Post-Balance Sheet Date Events | 19 |
| Forward-Looking Statements | 20 |
As expected, we saw a slight recovery of orders during the third quarter of 2019 compared to the previous quarter. Revenues were affected by longer than expected processes to grant export licenses and were therefore below the revenue levels of the previous quarters. For the fourth quarter of 2019, an increase of orders and revenues is expected.
Order intake in the third quarter of EUR 52.2m was above the order intake of the previous quarter (Q2/2019: EUR 44.7m. The total equipment order backlog as of Sep. 30, 2019 amounted to EUR 108.4m (Sep. 30, 2018: 151.9m). The market developments of an increasing use of lasers for optical data transmission and 3D sensor technology, a progressive expansion of the 5G network and an increasing use of energy-efficient power electronics remain positive and are reflected in ongoing customer discussions.
Influenced by the previously mentioned timing effect on deliveries, Revenues in Q3/2019 were EUR 52.6m (Q2/2019: EUR 63.3m). Based on the 2019 full year revenue guidance, revenues in Q4/2019 are expected to be higher. Gross profit in Q3/2019 was EUR 22.1m with a gross margin of 42% (Q2/2019: EUR 25.9m; 41%).
Operating expenses in Q3/2019 of EUR 16.6m remained stable compared to the previous quarter (EUR 16.6m), resulting in an operating profit (EBIT) of EUR 5.5m with an EBIT margin of 10% (Q2/2019: EUR 9.3m; 15%) reflecting the revenue levels. Net income amounted to EUR 4.4m (Q2/2019: EUR 7.3m). Free cash flow in Q3/2019 was EUR 2.3m (Q2/2019: EUR 12.6m).
Based on customer agreed delivery schedules and ongoing customer discussions, the Executive Board firms up its guidance for the full year 2019 with revenues of around EUR 260 million (previously EUR 260 million to EUR 290 million) and order intake of around EUR 220 million (previously EUR 220 million to EUR 260 million). This forecast takes the longer than expected review processes for the granting of export licenses and the expectation of receiving a follow up OLED order no longer in the financial year 2019 into account. With a gross margin of around 40%, EBIT is expected to be around 13% of revenues and free cash flow for the full year to be around EUR 15 million (previously EUR 15 million to EUR 25 million).
Our Gen2 OLED system is being operated in a pilot production line at our customer's plant jointly by engineers from our customer and our subsidiary APEVA. Currently, the engineers are working intensively on the optimization of the tool and the process parameters for OLED manufacturing with the OVPD technology. This is intended to confirm the efficiency of the OVPD technology in the coming months and create the data required for the customer's decision to place a follow-up order for a further OVPD tool.
INTERIM MANAGEMENT REPORT
A detailed overview of the business activities and strategy of the AIXTRON Group AIXTRON ("the AIXTRON Group" or "the Company") can be found in the Annual Report 2018. There were no changes in the first nine months of 2019. The Report is publicly available for download on the Company's website at http://www.aixtron.com/en/investors/publications.
Orders
(in EUR million)
| 2019 9M |
2018 9M |
+/- | ||
|---|---|---|---|---|
| mEUR | % | |||
| Total order intake incl. spares & services | 150.6 | 230.3 | -79.7 | -35 |
| Equipment order backlog (end of period) | 108.4 | 151.9 | -43.5 | -29 |
As a result of the reluctance of customers to invest in capacity expansion, 9M/2019 order intake was down by 35% to EUR 150.6m (9M/2018: EUR 230.3m) in a year-on-year comparison. In Q3/2019, order intake of EUR 52.2m was 17% ahead of the previous quarter (Q2/2019: EUR 44.7m).
The average exchange rate used by AIXTRON to translate income and expenses denominated in US dollars in the first nine months of 2019 was 1.13 USD/EUR (Q1/2019: 1.14 USD/EUR; Q2/2019: 1.12 USD/EUR; Q3/2019: 1.12 USD/EUR), which compares to 1.20 USD/EUR in 9M/2018. Thus, compared to the same period of the previous year, the average US dollar strengthened by 6% in 9M/2019, increasing the Euro value of US dollar denominated revenues in this period.
Total revenues for the first nine months of 2019 amounted to EUR 184.6m and were EUR 3.7m higher compared to the same period last year (9M/2018: EUR 180.9m). This development is attributable to timing effects of shipments in particular during Q3/2019. Revenues in Q3/2019 of EUR 52.6m were below the revenues of the previous quarters partially due to longer than expected review processes for the granting of export licenses (Q2/2019: EUR 63.3m; Q3/2018: EUR 63.4m).
Equipment revenues in 9M/2019 were EUR 148.1m, representing 80% of the total 9M/2019 revenues, compared to EUR 145.4m in 9M/2018 (Q3/2019: EUR 41.6m or 79%; Q3/2018: EUR 52.5m or 83%; Q2/2019: EUR 50.3m or 79%).
The remaining revenues were generated from the sale of spare parts and services.
(in EUR million)
| 2019 9M |
2018 9M |
+/- | ||||
|---|---|---|---|---|---|---|
| m EUR | % | m EUR | % | m EUR | % | |
| Equipment revenues | 148.1 | 80 | 145.4 | 80 | 2.7 | 2 |
| Service, spare parts, etc. | 36.5 | 20 | 35.5 | 20 | 1.0 | 3 |
| Total | 184.6 | 100 | 180.9 | 100 | 3.7 | 2 |
| 2019 9M |
2018 9M |
+/- | ||||
|---|---|---|---|---|---|---|
| m EUR | % | m EUR | % | m EUR | % | |
| Asia | 128.8 | 70 | 90.9 | 50 | 37.9 | 42 |
| Europe | 25.6 | 14 | 54.2 | 30 | -28.6 | -53 |
| Americas | 30.2 | 16 | 35.8 | 20 | -5.6 | -16 |
| Total | 184.6 | 100 | 180.9 | 100 | 3.7 | 2 |
| 2019 9M |
2018 9M |
+/- | ||||
|---|---|---|---|---|---|---|
| m EUR | % Rev. | m EUR | % Rev. | m EUR | % Rev. | |
| Cost of sales | 109.8 | 60 | 102.7 | 57 | 7.1 | 7 |
| Gross Profit | 74.7 | 40 | 78.2 | 43 | -3.5 | -4 |
| Operating costs | 50.2 | 27 | 57.6 | 32 | -7.4 | -13 |
| Selling expenses | 7.1 | 4 | 6.7 | 4 | 0.4 | 6 |
| General and administration expenses | 12.4 | 7 | 13.3 | 7 | -0.9 | -7 |
| Research and development costs | 40.0 | 22 | 40.0 | 22 | 0.0 | 0 |
| Net other operating (income) and Expenses |
(9.4) | -5 | (2.5) | -1 | 6.8 | 272 |
Gross profit in Q3/2019 was EUR 22.1m with a 42% margin (Q3/2018: EUR 27.6m, 44%; Q2/2019: EUR 25.9m, 41%). In 9M/2019, gross profit was EUR 74.7m or 40% of revenues compared to EUR 78.2m or 43% of revenues in 9M/2018. This was mainly due to a more favorable product mix in the previous year. A favorable USD/EUR exchange rate had positive effects on dollar denominated revenues during Q3/2019.
Operating costs decreased by 13% year-on-year to EUR 50.2m in 9M/2019, which is attributable mainly to higher other operating income driven to a large degree by higher R&D grants received. In a quarterly sequential comparison, operating costs remained stable at EUR 16.6m due to higher R&D expenses offset by higher R&D grants received (Q2/2019: EUR 16.6m; Q3/2018: EUR 18.9m).
Research and development costs (including the development activities in the area of OLED and power) in 9M/2019 were stable year-on-year. Sequentially, R&D costs increased by 18% to EUR 14.7m (Q2/2019: EUR 12.5m) mainly due to our ongoing development activities in the above mentioned areas.
| 2019 9M |
2018 9M |
+/- | |
|---|---|---|---|
| R&D expenses (million EUR) | 40.0 | 40.0 | - |
| R&D expenses, % of sales | 22 | 22 |
Net other operating income and expenses in the first nine months of 2019 resulted in an income of EUR 9.4m (Q3/2019: EUR 4.7m; Q3/2018: EUR 0.9m income; Q2/2019: EUR 2.7m income). Such income is mainly attributable to R&D grants and exchange rate gains.
The 9M/2019 operating result (EBIT) increased from previous year's figure of EUR 20.7m to EUR 24.5m. This year-on-year development was mainly attributable to the above-mentioned business and cost development. Compared to the previous quarter, the operating result in Q3/2019 decreased to EUR 5.5m (Q2/2019: EUR 9.3m) mainly due lower revenue volumes.
The Company's net result amounted to EUR 20.2m in 9M/2019 (9M/2018: EUR 27.7m). In 9M/2018, the net result benefited from a EUR 9.0m credit as a result of a recognition of deferred tax assets. In Q3/2019, the net result amounted to EUR 4.4m (Q3/2018: EUR 11.7m; Q2/2019: EUR 7.3m).
The Company did not have any bank borrowings as of September 30, 2019 or December 31, 2018.
Total equity as of September 30, 2019 increased to EUR 451.0m compared to EUR 429.6m as of December 31, 2018 mainly due to the period's net profit. The equity ratio was 84% as of September 30, 2019 (80% as of December 31, 2018).
Cash and cash equivalents (including cash deposits with a maturity of more than three months) decreased to EUR 260.6m as of September 30, 2019 compared to EUR 263.7m as of December 31, 2018. Compared to June 30, 2019, cash and cash equivalents increased from EUR 258.9 million despite the increase in inventories.
Property, plant and equipment was EUR 64.8m as of September 30, 2019 (EUR 63.1m as of December 31, 2018). This figure includes EUR 3.9m from the capitalization of leased assets in accordance with IFRS 16.
Goodwill was EUR 72.2m as per September 30, 2019 compared to EUR 71.6m as per December 31, 2018. There were no impairments in the first nine months of 2019. The difference is attributable to exchange rate fluctuations.
Inventories, including raw materials, unfinished and finished goods, increased to EUR 87.9m as of September 30, 2019 from EUR 73.5m as of December 31, 2018, which mainly reflects the construction of prototypes, the procurement of items that could be affected by BREXIT and, in particular, the longer than expected processes to grant export licenses.
Trade receivables amounted to EUR 33.2m as of September 30, 2019, compared to EUR 40.1m as of December 31, 2018, which corresponds to a DSO of 44 days (December 31, 2018: 36 days). This mainly reflects the changed business volume.
Contract liabilities for advance payments amounted to EUR 44.4m as of September 30, 2019 compared to EUR 53.3m as of December 31, 2018 reflecting the current order situation.
The free cash flow in 9M/2019 amounted to EUR -2.7m (9M/2018: EUR -1.4m). The negative free cash flow in 9M/2019 was mainly due to the increased working capital, including investment in beta tools, as well as the growth of inventories and reflects the current order situation. Free cash flow in Q3/2019 was EUR 2.3m and, thus, positive as in the previous quarter (Q2/2019: EUR 12.6m).
During the first nine months of 2019, AIXTRON Management was not aware of any further significant additions or changes in the Opportunities and Risks as described in the 2018 Annual Report.
A description of the opportunities and risks of the AIXTRON Group can be found in the chapters "Risk Report" and "Opportunities Report" of the Annual Report 2018 which is publicly available for download on the Company's website athttps://www.aixtron.com/en/investors/publications.
Based on the good results for the first nine months of 2019 and the assessment of the development of demand in the current market environment, AIXTRON Management firms up its forecast for 2019 orders, sales and free cash flow.
Accordingly, Management expects a stable revenue development compared to 2018. In the final quarter of the year, despite low visibility a further increase in demand is expected. Based on the 9M/2019 results, the present assessment of the order situation and the budget exchange rate of 1.20 USD/EUR, Management refines its forecast for 2019, now expecting to receive orders for the current financial year of around EUR 220 million (previously: EUR 220 million to EUR 260 million). With revenues of around EUR 260 million (previously: EUR 260 million to EUR 290 million), Management expects to achieve a gross margin of around 40% and an EBIT of around 13% of revenues in 2019. Furthermore, Management anticipates a free cash flow around EUR 15 million in 2019 (previously EUR 15 million to EUR 25 million). This forecast takes the longer than expected review processes for granting export licences as well as the expectation of a follow up OLED order no longer in the financial year 2019 into account. Expectations for 2019 fully include the results of AIXTRON's APEVA subsidiary, including all necessary investments to continue the development of OLED activities.
Developments in AIXTRON's markets are positive. In particular, the increasing use of lasers in optical data transmission and 3D sensor technology, the expansion of the 5G network and the increasing use of energy-efficient power electronics are expected to lead to further growth in the corresponding target markets.
Further details can be found in chapter "Expected Developments" of the Annual Report 2018, which is publicly available for download on the Company's website at https://www.aixtron.com/ en/investors/publications.
| in EUR thousands | 9M 2019 | 9M 2018 | +/- |
|---|---|---|---|
| Revenues | 184,551 | 180,922 | 3,629 |
| Cost of sales | 109,830 | 102,683 | 7,147 |
| Gross profit | 74,721 | 78,239 | -3,518 |
| Selling expenses | 7,121 | 6,716 | 405 |
| General administration expenses | 12,409 | 13,332 | -923 |
| Research and development costs | 39,994 | 40,029 | -35 |
| Other operating income | 9,807 | 4,297 | 5,510 |
| Other operating expenses | 455 | 1,783 | -1,328 |
| Operating expenses | 50,172 | 57,563 | -7,391 |
| Operating result | 24,549 | 20,676 | 3,873 |
| Finance income | 671 | 704 | -33 |
| Finance expense | 72 | 4 | 68 |
| Net finance income | 599 | 700 | -101 |
| Profit before taxes | 25,148 | 21,376 | 3,772 |
| Taxes on income | 4,905 | -6,326 | 11,231 |
| Profit for the period | 20,243 | 27,702 | -7,459 |
| Attributable to: | |||
| Owners of AIXTRON SE | 20,485 | 27,702 | -7,217 |
| Non-controlling interests | -242 | 0 | -242 |
| Basic earnings per share (EUR) | 0.18 | 0.25 | -0.07 |
| Diluted earnings per share (EUR) | 0.18 | 0.25 | -0.07 |
| in EUR thousands | 9M/2019 | 9M/2018 | +/- |
|---|---|---|---|
| Net profit for the period | 20,243 | 27,702 | -7,459 |
| Currency translation | 479 | 1,645 | -1,166 |
| Other comprehensive income/loss | 479 | 1,645 | -1,166 |
| Total comprehensive income for the period | 20,722 | 29,347 | -8,625 |
| Attributable to: | |||
| Owners of AIXTRON SE | 20,957 | 29,347 | -8,390 |
| Non-controlling interests | -235 | 0 | -235 |
| in EUR thousands | Sep 30, 2019 | Dec 31, 2018 |
|---|---|---|
| Assets | ||
| Property, plant and equipment | 64,845 | 63,111 |
| Goodwill | 72,237 | 71,599 |
| Other intangible assets | 2,204 | 2,125 |
| Other non-current assets | 451 | 430 |
| Deferred tax assets | 12,097 | 12,832 |
| Total non-current assets | 151,834 | 150,097 |
| Inventories | 87,920 | 73,526 |
| Trade receivables | 33,188 | 40,137 |
| Current tax receivables | 287 | 905 |
| Other current assets | 6,245 | 10,489 |
| Other financial assets | 27,500 | 27,500 |
| Cash and cash equivalents | 233,087 | 236,207 |
| Total current assets | 388,227 | 388,764 |
| Total assets | 540,061 | 538,861 |
| Liabilities and shareholders' equity | ||
| Share capital | 111,840 | 111,840 |
| Additional paid-in capital | 375,061 | 374,413 |
| Accumulated losses | -41,609 | -62,094 |
| Currency translation reserve | 4,898 | 4,426 |
| Equity attributable to the owners of AIXTRON SE | 450,190 | 428,585 |
| Non-controlling interests | 824 | 1,059 |
| Total equity | 451,014 | 429,644 |
| Other non-current liabilities | 2,714 | 347 |
| Other non-current provisions | 2,053 | 1,477 |
| Total non-current liabilities | 4,767 | 1,824 |
| Trade payables | 14,006 | 27,815 |
| Contract liabilities for advance payments | 44,363 | 53,314 |
| Other current provisions | 16,436 | 19,339 |
| Other current liabilities | 6,254 | 4,955 |
| Current tax payables | 3,221 | 1,970 |
| Total current liabilities | 84,280 | 107,393 |
| Total liabilities | 89,047 | 109,217 |
| Total liabilities and shareholders' equity | 540,061 | 538,861 |
| in EUR thousands | 9M/2019 | 9M/2018 | +/- |
|---|---|---|---|
| Cash flow from operating activities | |||
| Net profit | 20,243 | 27,702 | -7,459 |
| Reconciliation between profit and cash flow from operating activities |
|||
| Expense from share-based payments | 647 | 1,214 | -567 |
| Depreciation, amortization and impairment expense | 7,453 | 7,794 | -341 |
| Net result from disposal of property, plant and equipment | 33 | -344 | 377 |
| Deferred income taxes | 886 | -8,813 | 9,699 |
| Change in | |||
| Inventories | -14,287 | -28,332 | 14,045 |
| Trade receivables | 7,877 | -15,774 | 23,651 |
| Other assets | 5,286 | -1,009 | 6,295 |
| Trade payables | -14,492 | 2,564 | -17,056 |
| Provisions and other liabilities | -608 | -12,507 | 11,899 |
| Non-current liabilities | 2,890 | -302 | 3,192 |
| Contract liabilities for advance payments | -9,389 | 33,199 | -42,588 |
| Cash flow from operating activities | 6,539 | 5,392 | 1,147 |
| Cash flow from investing activities | |||
| Capital expenditures in property, plant and equipment | -8,423 | -6,710 | -1,713 |
| Capital expenditures in intangible assets | -839 | -420 | -419 |
| Proceeds from disposal of fixed assets | 53 | 344 | -291 |
| Bank deposits with a maturity of more than 90 days | 0 | 5,000 | -5,000 |
| Cash flow from investing activities | -9,209 | -1,786 | -7,423 |
| Effect of changes in exchange rates on cash and | -450 | 235 | -685 |
| cash equivalents Net change in cash and cash equivalents |
-3,120 | 3,841 | -6,961 |
| Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period |
236,207 233,087 |
226,526 230,367 |
9,681 2,720 |
| Interest paid | 72 | 0 | 72 |
| Interest received | 487 | 425 | 62 |
| Income taxes paid Income taxes received |
-2,523 324 |
-3,239 77 |
716 247 |
| in EUR thousands | Subscribed capital under IFRS |
Additional paid-in capital |
Currency trans lation |
Retained earnings/ Accumulated deficit |
Sharehol ders' equity attributable to the owners of AIXTRON SE |
Non-controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|
| Balance January 1, 2018 | 111,802 | 372,912 | 1,481 | -117,289 | 368,906 | 0 | 368,906 |
| Share based payments | 1,213 | 1,213 | 1,213 | ||||
| Issue of shares | 35 | -35 | 0 | 0 | |||
| Net income for the year | 27,702 | 27,702 | 27,702 | ||||
| Other comprehensive income | 1,645 | 1,645 | 1,645 | ||||
| Total comprehensive profit for the period |
1,645 | 27,702 | 29,347 | 0 | 29,347 | ||
| Balance Sept 30, 2018 | 111,837 | 374,090 | 3,126 | -89,587 | 399,466 | 0 | 399,466 |
| Balance January 1, 2019 | 111,840 | 374,413 | 4,426 | -62,094 | 428,585 | 1,059 | 429,644 |
| Share based payments | 648 | 648 | 648 | ||||
| Net profit for the year | 20,485 | 20,485 | -242 | 20,243 | |||
| Other comprehensive income | 472 | 472 | 7 | 479 | |||
| Total comprehensive profit for the period |
472 | 20,485 | 20,957 | -235 | 20,722 | ||
| Balance Sept 30, 2019 | 111,840 | 375,061 | 4,898 | -41,609 | 450,190 | 824 | 451,014 |
This consolidated interim financial report of AIXTRON SE has been prepared in accordance with International Financial Reporting Standards (IFRS) applicable for Interim Financial Reporting, IAS 34.
The accounting policies adopted in this interim financial report are consistent with those followed in the preparation of the Group's annual financial statements for the year ended December 31, 2018, with the exception that IFRS 16 has been adopted for the first time at the beginning of 2019. The principal effect of the adoption of IFRS 16 is to add kEUR 3,935 to Property Plant and Equipment with an equivalent addition of kEUR 2,849 to long term liabilities and kEUR 1,086 to short term liabilities.
The consolidated interim financial statements of AIXTRON SE include the following subsidiaries (collectively referred to as "AIXTRON", "the AIXTRON Group", "the Group" or "the Company"): APEVA SE, Herzogenrath (Germany), AIXTRON, Inc., Santa Clara (USA); AIXTRON Ltd., Cambridge (United Kingdom); AIXinno Ltd., Cambridge (United Kingdom); APEVA Holdings Ltd., Cambridge (United Kingdom); APEVA Co Ltd., Asan (South Korea); AIXTRON Korea Co. Ltd., Hwasung (South Korea); AIXTRON China Ltd., Shanghai (PR of China); AIXTRON KK, Tokyo ( Japan) and AIXTRON Taiwan Co. Ltd., Hsinchu (Taiwan).
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.
(in EUR thousands)
| Asia | Europe | Americas | Group | ||
|---|---|---|---|---|---|
| Revenues realized with third parties |
9M/2019 | 128,818 | 25,577 | 30,156 | 184,551 |
| 9M/2018 | 90,866 | 54,246 | 35,810 | 180,922 | |
| Segment assets (property, plant and equipment) |
30.09.19 | 1,298 | 63,027 | 520 | 64,845 |
| 31.12.18 | 312 | 62,537 | 262 | 63,111 |
As of September 30, 2019, AIXTRON's employees and Executive Board members held stock options, representing the right to receive AIXTRON common shares. The status of these options developed as follows:
| Expired/For | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 30.09.19 | Exercised | feited | Allocation | 31.12.18 | |||||
| Stock options | 1,304,500 | 0 | 33,500 | 0 | 1,338,000 |
The total number of employees increased from 616 on September 30, 2018 to 686 persons on September 30, 2019.
| 2019 | 2018 | +/- | ||||
|---|---|---|---|---|---|---|
| 30.09. | % | 30.09. | % | abs. | % | |
| Asia | 123 | 18 | 106 | 17 | 17 | 16 |
| Europe | 528 | 77 | 478 | 78 | 50 | 10 |
| Americas | 35 | 5 | 32 | 5 | 3 | 9 |
| Total | 686 | 100 | 616 | 100 | 70 | 11 |
The end of the Annual General Meeting held on 15 May 2019 marked the end of the term of office of the Supervisory Board members, Kim Schindelhauer and Prof Dr. Wolfgang Blättchen. Dr. Martin Komischke retired from the Supervisory Board for personal reasons also with effect from the end of the day of the Annual General Meeting. After dedicating more than 20 years to the Supervisory Board, Prof. Dr. Blättchen no longer stood for re-election; Mr. Schindelhauer made himself available for a shortened 3-year tenure.
In addition to Mr. Schindelhauer, the Annual General Meeting appointed new members of the Supervisory Board of AIXTRON SE: Prof. Dr. Anna Gersbacher and Mr. Frits van Hout. Prof. Dr. Anna Gersbacher has a degree in business administration and is an auditor/tax advisor as well as Professor of General Business Administration at Heilbronn University/Germany. Mr. Frits van Hout is a physics graduate and a Board Member of ASML Holding N.V., Veldhoven/Netherlands.
There were no further changes in the composition of the Management and Supervisory Board compared with December 31, 2018 as of September 30, 2019.
During the reporting period, AIXTRON did not initiate or conclude any material transactions with related parties, except for the appointment of the new members to the Supervisory Board.
There were no known events after September 30, 2019 with a potentially significant effect on AIXTRON's results of operation or financial position at that date.
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.
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®.
This financial report should be read in conjunction with the interim financial statements and the additional disclosures included elsewhere in this report.
Contact for investors and analysts: [email protected] Contact for journalists: [email protected]
AIXTRON does not routinely print or mail its financial reports. These are available on the AIXTRON website under www.aixtron.com/en/investors/publications at any time.
AIXTRON SE | Dornkaulstr. 2 | 52134 Herzogenrath | Germany
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