110915_ir_presentation_including_h1-11_-_september_

1、AIXTRON Investor PresentationIR Presentation including H1/11 - September update(FSE: AIXA, ISIN DE000A0WMPJ6, NASDAQ: AIXG, ISIN: US0096061041)Forward-Looking StatementsThis document may contain forward-looking statements regarding the business, results of operations, financial condition and earning

2、s outlook of AIXTRON within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “may”, “will”, “expect”, “anticipate”, “contemplate”, “intend”, “plan”, “believe”, “continue” and “estimate” and varia

3、tions of such words or similar expressions. These forward-looking statements are based on our current views and assumptions and are subject to risks and uncertainties. You should not place undue reliance on these forward-looking statements. Actual results and trends may differ materially from those

4、reflected in our forward- looking statements. This could result from a variety of factors, such as actual customer orders received by AIXTRON, the level of demand for deposition technology in the market, the timing offinal acceptance of products by customers, the condition of financialmarkets and ac

5、cess tofinancingforAIXTRON,generalconditionsinthemarketfordepositionplantsandmacroeconomicconditions,cancellations,reschedulingordelaysinproductshipments,production capacity constraints, extended sales and qualification cycles, difficulties in the production process, the general development in the s

6、emi-conductor industry, increased competition, fluctuations in exchange rates, availability of public funding, fluctuations and/or changes in interest rates, delays in developing and marketing new products, a deterioration of the general economic situation and any other factors discussed in any repo

7、rts or other announcements field by AIXTRON with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this document are based on current expectations and projections of the executive board and on information currently available to it and are made as at the date he

8、reof. 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.P 2AIXTRON Investor PresentationAgendaIntroduction Operations Industry & Markets FinancialsOutlook Summary C

9、ontact AppendixAIXTRON SitesP 3AIXTRON Investor PresentationThis page has been intentionally left blankP 4AIXTRON Investor PresentationAIXTRON Global PresenceLtd.ABCambridge, UKLund, SwedenKorea Co. Ltd.Seoul, South KoreaKKInc. Sunnyvale, USASEAachen, GermanyHeadquartersTokyo, JapanCo. Ltd., Hsinchu

10、,China Ltd.,Shanghai, P.R. ChinaRepresentationP 5IntroductionOne Technology Multiple SolutionsP 6IntroductionTechnologyDeposition Technology Nano Scale Material EngineeringSystemsCompound Semiconductor(MOCVD, HVPE, OVPD, PVPD, PECVD)Silicon Semiconductor(CVD, ALD, AVD)Applications LEDs/OLEDs for dis

11、plays LEDs/OLEDs for lighting Optoelectronics for telecom/datacom Organic Electronics for flexible displays and RFID CD-, DVD-lasers High frequency for wireless High power SiC III-V Compound and Organic solar cells Carbon Nanotube Structures Metal and oxide films for CMOS transistors Traditional NAN

12、D-Flash Memory Traditional, next generation DRAM MemoryValue Chain PositioningProduction Equipment Manu- facturersElectronic Device Manu- facturersChip & Component MakersModules & Packaging Consumer commu- nication Industrial Display Lighting Medical AutomotiveP 7IntroductionEnd User MarketsCompound

13、 Semiconductor Systems: IC 2 Platform 67% of H1/11 Equipment Orders 54% of H1/11 Equipment Revenues Repeat and multiple orders Turn-key solutions for Compound fab design Proven industry standard & market leader Configurable, extendable common platformP 8OperationsClose Coupled ShowerheadCRIUS II-L,

14、69x2“(16x4“, 7x6“, 3x8“)Integrated Concept (IC 2) SystemPlanetary Reactor AIX G5 HT, 56x2”(14x4”, 8x6”, 5x8”)Global MOCVD Market Shares$113m$164m$238m$340m$185m$133m$231m$155m$202m$289m$486m$533m$1713mCompilation of VLSI RESEARCH Inc. and Gartner DataquestP 9OperationsEquipment Revenues by Applicati

15、on2011 revenue guidance: ca. 600m - 650m excl. spares: ca. 540m - 590m800AIXTRON Equipment Revenues (excl. spares) in EUR m700600H2/11e500400300200H1/11actual10001999200020012002200320042005200620072008200920102011eP 10OperationsLEDTelecom/DatacomConsumer-/OptoelectronicsSolarDisplay & othersSilicon

16、Total Revenues by Region2008:274.4m2009:302.9m2010:783.8mH1/2011:381.0m17.811.435.922.217.131.141.518.5238.2250.0716.9341.7Asia EuropeUSAP 11OperationsHigh Brightness (HB) LED Market ForecastHB LED summary forecast by application2010 42% CAGR 15%CAGR2015eSource: Strategies in Light February 2011P 12

17、Industry & MarketsLED Backlighting Unit (BLU) Market ForecastStrong LCD panel unit growth (TAM)Adoption towards full LED BLU implementationEmerging markets and new TV Models driving LED utilization ratesLED-Monitor penetrationLED-TV penetration300 100%350 100%300 250 80%80%250 200 60%60%200 150 150

18、40%40%100 100 20%20%50 50 00%00%2009 2010e2011e2012e2013e2014e2009 2010e 2011e 2012e 2013e 2014eLCD MonitorsLED BLUPenetrationLCD TVLED BLUPenetrationBased on: AIXTRON; DisplaySearch Q2/2011P 13Industry & MarketsLCD TV Market (million units)LED BLU Penetration RateLCD Monitor Market (million units)L

19、ED BLU Penetration RateLED Lighting Market EstimatesGlobalization and urbanization to drive LED lighting opportunities: Emerging countries: need for energy efficient lighting solutions Developed countries: SSL driven by expanding renovation market Outdoor: Early adoption streetlight replacement mark

20、et Commercial / retail: LED Light Bulb reaching price tipping pointGlobal Lighting SocketsLED Lighting marketSource: McKey 10.2010; Sterne Agee 2010; Citigroup Global Markets June 2010; Clinton FoundationP 14Industry & Marketsbillion unitsLED penetrationUSD billionLED Outdoor and Commercial market d

21、evelopmentOutdoor: Fiscal stimulus in public sector 3x growthtreetlightCommercial: Imminent market tipping point indicated by shift of focus from lm/W to $/lmCurrent retail adoption: 30-40% in down light segmentOutdoor LED penetrationCommercial / Retail LED penetrationBased on: Gartner; Deutsche Ban

22、k; Sterne Agee; Canaccord Genuity, McKey; AIXTRON SEP 15Industry & MarketsLED Lighting Momentum Signalsenforcement of standardstax sanctionsdefinition of standardstechnology subsidies (top down)incan- descent banscapacity incentives (bottom up)produc- tivity (COO)ecological awarenessproduct qualityr

23、eturn on (lumen/watt)invest- mentenergy savingscost/ benefit conflictproduct availabilitycapital invest- mentproduct qualitybest practiceproduct migration price(lumen/$)product priceP 16GOVERNMENTIndustry & MarketsLEDLightingTangibility of LED Lighting Momentum Ban targets set by top 10 GDP countrie

24、s Energy Star in place (US Standard) EU / US energy saving programs (Tax Credit) Japanese consumer promotions - EcoPoint Investment subsidies in China China 12th 5-year plan imminent Korea: SSL development programEnd-User(municipal, utilities, corporate, private)Manufacturer(materials, deposition, d

25、evices)Utility promotions: LED replacement bulbs NSTAR Electric Outdoor: China /Korea B2G; LED Street Lights (e.g. China “2 Mio lights in 50 cities”, PG&E California subsidies);Commercial / Retail interior lighting (e.g.Macys, Walmart, 7-Eleven) Home Appliance: NVCLighting; Home Depot; Mart;Praktike

26、rIndustrial / Office buildings Continued investment by Asian high volume electronic producers New state of the art LED fabs High volume platform approach: IC-II, cluster, automation Substrate size 4“ becoming matream; 6“ emerging Supply chain to drive LED Price / Volume curveP 17GovernmentIndustry &

27、 MarketsLEDLightingIncreasing LED Chip Size Strong estimated* area growth: 5 year CAGR of 75% Larger chip sizes lead to epitaxial area increase Improved visibility for SSL gaining momentumLED UnitsMaterial Area*) Based on compilation of latest opinions by: AIXTRON; DisplaySearch; Strategies Unlimite

28、d; Displaybank; Gartner Dataquest; Philips Lighting; Deutsche Bank; Citigroup, Sterne AgeeP 18Industry & Markets(0.1mm)(0.25mm)(1mm)Production Supply Estimates for HB LEDs Bear-Bull MOCVD system demand: 2010 - 2015 CAGR of 5-15% Larger chip sizes require further capacity increase SSL is the stronges

29、t driver for material area growthLED UnitsMaterial Area50454035302520151050502.000401.500301.000205001000200920102011e 2012e 2013e 2014e2015e20092010 2011e 2012e 2013e2014e 2015eIncremental HBLEDs UnitsBased on compilation of latest opinions by: AIXTRON; Strategies Unlimited; DisplaySearch; Gartner

30、Dataquest; Philips Lighting; Unicredit, Goldman Sachs, Deutsche Bank; DZ-Bank, Citigroup, Sterne Agee; Canaccord Genuity; Exane; JPMorgan; Merrill Lynch; Lazard Capital Market; Credit Suisse; Cheuvreux, Equinet; HSBC; Avian; BHF; Commerzbank; LBBW; UBS; SES, Liberum Capital,Steubing, Berenberg Bank,

31、 RBSP 19Industry & MarketsIncremental HB LEDs (bn units)Incremental HB LEDs (sq area)Required numbers of MOCVDsystemsIncremental HB LEDs sq area MOCVD Systems - Bear MOCVD Systems - BullThis page has been intentionally left blankP 20AIXTRON Investor Presentation24 - Month Business Development( milli

32、on)222.2210.3204.0200.4175.4168.5163.3117.6Equipment (only)Order Intake $1.35373.5321.1278.7274.8250.0Equipment (only)Order Backlog229.9203.8152.4 $1.35224.7Total Revenues(incl. equipment, service, spare parts)212.7205.4191.8175.6154.5117.982.0 $1.40Q3/2009 Q4/2009 Q1/2010 Q2/2010 Q3/2010 Q4/2010Q1/

33、2011 Q2/2011USD Order Intake and Order Backlog are recorded at the prevailing budget rate (2011: $1.35/) USD Revenues are converted at the actual period average exchange rate (H1/2011: $1.40/)P 21FinancialsConsolidated Income Statement*) rounded figures; may not add upP 22Financials( million)H1/11H1

34、/10+/-Q2/11Q2/10+/-Revenues Cost of sales Gross profitGross Margin381.0346.310%175.6191.8-8%200.0162.523%98.885.915%181.0183.9-2%76.9106.0-27%48%53%-5 pp44%55%-11 ppSelling expensesGeneral & admin expenses R&DNet other op. income/(expenses) EBITEBIT Margin17.825.2-29%7.213.3-46%17.614.125%8.76.730%2

35、4.021.711%11.510.96%7.5(16.0)-4.9(14.5)-129.2106.921%54.360.6-10%34%31%+3 pp31%32%-1 ppResult before taxPre-Tax Margin129.5107.421%54.361.7-12%34%31%+3 pp31%32%-1 ppNet resultNet Return on Sales90.474.122%38.242.3-10%24%21%+3 pp22%22%0 ppConsolidated Statement of Financial Position*) rounded figures

36、; may not add upP 23Financials( million)30.06.1131.12.1030.06.10Property, plant & equipment GoodwillOther intangible assets Others83.977.948.657.562.267.05.77.07.420.420.630.1Non-current assets167.5167.7153.1Inventories, WIP & Finished Goods Trade receivablesOthersCash & Cash Equivalents incl. CD186

37、.3167.2131.094.888.489.135.115.417.6342.2384.7371.2Current Assets658.4655.7608.8Shareholders equity627.0600.3476.8Non-current liabilities0.31.02.2Trade payablesAdvance payments from customers Others40.339.633.0104.6117.5155.953.764.994.1Current liabilities198.5222.1282.9Balance Sheet total825.9823.4

38、762.0Consolidated Statement of Cash Flows*) rounded figures; may not add up*) Operating CF + Investing CF + Changes in Cash DepositsP 24Financials( million)H1/2011 H1/2010Q2/2011 Q2/2010Cash Flow from operating activities32.194.813.522.9Cash Flow from investing activities49.6-55.449.3-20.4Cash Flow

39、from financing activities-57.6-12.8-59.7-14.6Exchange rate changes-3.93.4-1.42.6Net change in Cash & Cash Equivalents20.230.01.6-9.4Cash & Cash Equivalents (beginning of period)Cash & Cash Equivalents (end of period)182.1211.2202.3241.2200.7250.6202.3241.2Change in Cash deposits-61.240.0-54.09.0Free

40、 Cash Flow*20.579.48.811.52011 Revised Guidance Model 2011 revenue guidance: ca. 600m - 650m 2011 EBIT guidance:ca. 25-30% EBIT margin( million)Shippable equipment orders out of274m total adjusted backlog189-239H1/2011 actual totalrevenue38130Assumed H2 spares& non-equipment revenuesP 25OutlookMarke

41、t ProspectsShort-TermContinuing adoption of LEDs in backlighting & automotive Increasing LEDs for exterior, public street & commercial lighting Increased adoption of LEDs for consumer & residential lightingMid-TermIncreased emergence of silicon carbide (SiC) hybrid automotive & photovoltaic applicat

42、ionsFurther development of plastic electronics/flexible TFT backplanes Next generation NAND, DRAM & PRAM memory applications Increased development for specialized compound solar cellsLong-TermOLED: Promising longer term development technology III-V Silicon material convergenceDevelopment of applicat

43、ions using carbon nanostructures Development of UV LED applicationsP 26OutlookKey DevelopmentsMarket Developments New government initiatives to support LED lighting adoption Continued proliferation of LED lighting products Slower consumer market demand for LED TVsFinancial Performance Margin influen

44、ced by currency and mix effects Increased China sales at lower price levels Rising work in progress & customer deposits reflecting stronger orders Reduced absolute operating costs Strong liquidity continues to support operational flexibilityOperational Performance Positive customer feedback to intro

45、duction of CRIUS II-L CRIUS II-L - the industrys most productive MOCVD reactor technology Further facility investments in China SINANO R&D, demo & training labP 27Financial Calendar & Contact DataOctober 20119M/2011 Results, Conference CallMarch 2012FY/2011 Results Conference & Conf. CallApril 2012Q1