Ad hoc: AIXTRON: Slower Than Expected Recovery of Demand leads to EUR 51.5m Inventory Write-Downs
The Company will not Return to Profitability within the Current Year.
Aachen, Germany, October 24, 2012 - AIXTRON SE (ISIN
DE000A0WMPJ6), a leading provider of deposition equipment
to the global semiconductor industry, wrote down EUR 51.5m
of inventory due to a significantly slower than expected
recovery of demand for MOCVD equipment.
The devaluation followed a comprehensive review of
Inventory held, which concluded that despite the positive
long-term outlook for the LED industry, the existing stock
held was inappropriately high in comparison to the current
subdued level of demand in the market.
These non-cash effects will lead to a negative operating
result of ca. EUR 78m in Q3/2012 or ca. EUR 113m for the
first nine months of 2012.
However, for fiscal year 2012, AIXTRON expects sequentially
stronger fourth quarter revenues, albeit considerably less
than previously expected. As a result of the unexpected
slower demand recovery, the Company will not report a
profit in fiscal year 2012.
AIXTRON anticipates for fiscal year 2012, that the Company
will achieve full year total revenues of ca. EUR 220m and
principally because of the previously described write-offs,
the expected negative operating result will be ca. EUR
125m.
For fiscal year 2013, Management expects an increase of
demand for LED manufacturing equipment driven by stronger
projected demand in the LED lighting market and expects to
return to profitability during the year.
Details to AIXTRON's third quarter and first nine
months 2012 financials will be published as part of the
AIXTRON Nine Months Group Financial Report on October 24,
2012 before market opening in Germany.
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