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AIXTRON SE Financial Results H1 2023 | Accelerating Growth with IR
July 31, 2023-
08:32 
Investor Relations
AIXTRON SE H1 2023: Key Takeaways
Overview of AIXTRON SE’s Performance in Q2 and H1 2023
In this video presentation, Guido Pickert of AIXTRON SE provides a comprehensive overview of the company’s performance for the second quarter and the first half of 2023.
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Operational Highlights and Financial Figures
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Q2 Operational Highlights
The video begins with an introduction to the operational highlights of Q2, demonstrating a robust order intake of EUR 178 million, a 17% YoY increase. This uptick was fueled by strong demand for wide-band-gap Power Electronics, especially GaN and SiC. The G10-SiC system was the front runner in orders, indicating a trend towards high-volume manufacturing capacities.
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Revenue and Export Licenses
In Q2, AIXTRON saw revenues of EUR 174 million, a notable increase of 69% compared to last year. This surge was primarily due to the issuance of export licenses that had been pending, allowing more than 50 million Euros of the roughly 70 million Euros worth of systems waiting for shipment at the end of Q1 to be shipped and turned into revenues. This reflects a positive shift to a normal situation regarding export licenses.
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Order Backlog and Financial Breakdown
With these figures, AIXTRON reported an impressive order backlog of EUR 412 million, a 31% YoY growth. The financial breakdown followed next, starting with the income statement. Revenues soared to EUR 174 million, more than double the previous quarter and up 69% compared to EUR 102 million last year. Gross profit for Q2/2023 was EUR 74 million, a 94% YoY increase, while EBIT and net profit were at EUR 45 million and EUR 40 million, respectively, more than doubled YoY and substantially up sequentially. The Gross Margin stood at 42%, with OPEX rising to EUR 29 million, predominantly due to higher R&D spending and personnel expenses.
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Balance Sheet and Cash Flow Details
The balance sheet details were also covered, revealing an increase in inventories from EUR 224 million at the end of 2022 to EUR 333 million at the end of June 2023 in preparation for the expected high business volumes in the upcoming quarters. Trade receivables at the end of June were EUR 115 million, compared to EUR 120 million at the end of 2022, mainly due to the business volumes in Q2. The company’s cash balance decreased to EUR 210 million from EUR 325 million due to inventory build-up and a dividend payment of EUR 35 million. Free cash flow in the first half was negative EUR 80 million, primarily due to inventory build-up in preparation for a strong second half of the year.
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Insights on Market Development and Guidance
Towards the end of the presentation, Guido Pickert shared some insights on market development. The G10 system secured a #1 position in orders in the second quarter of 2023, and there was a strong demand for energy-efficient solutions. The momentum for GaN epi tools remained high, with orders in this area accounting for the second-largest demand driver in the quarter. Finally, based on the strong demand, AIXTRON has increased its 2023 guidance ranges for order intake and revenues by EUR 20 million. The total orders for the year are now expected to range between EUR 620 million and EUR 700 million, and total revenues are expected to range between EUR 600 million and EUR 660 million.
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Conclusion and Future Expectations
The presentation concluded with Pickert looking forward to continued strong demand in their end markets and expressing his excitement over the company’s increased expectations.
Chapters
- H1/2023 Highlights
- Consolidated Income Statement
- Consolidated Balance Sheet
- Consolidated Statement of Cash Flows
- Highlights on Market Development
- FY/2023 Growth Guidance UpgradedÂ
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