1 AIXTRON SE Analyst Earnings Conference Call Q3 2015 Annual

Transcription

AIXTRON SE
Analyst Earnings Conference Call
Q3 2015 Annual Results
October 2015
Prepared Remarks
Martin Goetzeler, President & CEO
Dr. Bernd Schulte, COO
The spoken word applies
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© AIXTRON SE Investor Relations, October 2015
Slide 1 &2 – Operator & Forward-Looking Statements
Operator
Good day everyone, and welcome to AIXTRON’s Q2 3015 results conference call.
Please note today’s call is being recorded. At this time, I would like to turn the
conference over to Mr. Guido Pickert, Director of Investor Relations at AIXTRON, for
opening remarks and introductions.
Director of Investor Relations
Thank you, operator and good day. Let me start by welcoming you all to AIXTRON’s Q3
2015 results conference call.
My name is Guido Pickert, Director of Investor Relations at AIXTRON SE. Joining me on
the call are our President & CEO Martin Goetzeler as well as our COO Dr. Bernd
Schulte.
As the operator indicated, this call is being recorded by AIXTRON and is considered
copyright material. As such, it cannot be recorded or re-broadcast without express
permission. Your participation in this call implies your consent to this recording.
As with previous results conference calls, I trust that all participants have our results
presentation slides, page 2 of which contains the usual SafeHarbor statement. I will
therefore not read it out loud, but would like to point out that it applies throughout this
conference call.
You may also wish to have a look at our latest IR presentation, which includes additional
information on AIXTRON’s markets and its technologies, and is available on our
website.
This call is not being immediately presented via webcast or any other medium. However,
we will place an audio file of the recording or a transcript on our website at some point
after the call.
With that, I’ll turn the call over to Martin Goetzeler, AIXTRON’s President and CEO for
opening remarks.
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Slide 3, 4, 5, 6 – Key Financials Q3/2015, P&L, Cash Flow, Balance Sheet
Martin Goetzeler
President & CEO
Thanks Guido, and a warm welcome to you all, on behalf of AIXTRON’s Executive
Board, to the presentation of our Q3/2015 results. I will start by discussing our financial
performance as well as our recent decision to bring down revenue guidance for 2015.
Bernd will then discuss the ongoing rollout of our AIX R6 MOCVD tool, and then I will
conclude with some comments about how we view our major markets as well as how we
see our business prospects going forward.
During our Full Year 2014 conference call on February 24 we gave our 2015 guidance
for revenues in the range of somewhere between EUR 220m and EUR 250m. We also
stated that we would reach EBITDA breakeven in the second half of this year, with
significant improvements in earnings and free cash flow over the course of the year. We
reiterated that guidance on both our Q1 and Q2 conference calls.
We are happy to report that we reached not only a positive EBITDA in Q3 but even a
positive net result for the first time since 2013. This supports our target to see a
significant improvement in earnings and free cash flow year-on-year.
That said we had to announce earlier this month that we would not be able to meet our
revenue guidance of EUR 220m to EUR 250m and reduced our guidance to the range of
EUR 190m to EUR 200m. This is due to the postponement of shipments to our major
Chinese customer which were planned for delivery in late 2015.
Let me now take you through our numbers for Q3 starting with slide 3.
[Slide 3]
Revenues for the quarter came in at EUR 54.6m which was 35% higher than the
previous quarter’s EUR 40.4m and 20% ahead of the same quarter last year when we
generated EUR 45.6m in revenues. On a nine-month basis, revenues for the year to
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date came in at EUR 135.3m which is more or less in line with the EUR 135.8m we
generated for the first nine months of 2014.
As I said earlier, we had expected a much stronger 2015 in terms of revenue growth and
much of this weakness comes from our business with LED production equipment.
Despite very strong value based growth in LEDs for general lighting, in some
applications as much as 40% year on year, 2015 has shown to be a challenging year for
many LED makers due to a significant price declines in their end-markets. I will return to
this point later.
At the end of Q3 our equipment order backlog excluding spares and services, was EUR
72.3m which was 2% higher than this time last year but 21% lower than the previous
quarter. This sequential drop in backlog is a consequence of a book-to-bill ratio below
one due to a total order intake in Q3/2015 of EUR 34.4m and total revenues at actual
USD/EUR Exchange rates of EUR 54.6m
However, please note that we have not included any tools from the order of our major
Chinese customer in our backlog.
Our largest market in Q3 was Asia representing some EUR 97.2m or 72% of revenues
for the first nine months of 2015. This was down both on absolute terms and relative
terms from last year when sales to Asia were EUR 110.6m representing 81% of total
revenues. The big change has been deliveries to the Americas which are up over two
fold from EUR 6.5m in the first nine months of last year to EUR 21.9m for the same
period this year. This is a reflection of increased demand for non-LED application tools.
In addition, 12% of revenues came from Europe which is a slight decrease on last year’s
14%. Equipment revenues in the first nine months of 2015 were EUR 99.1m
representing 73% of the total revenues with the remainder coming from the sale of
spares and services.
[Slide 4]
Turning to slide 4. In Q3/2015, gross margin was a much stronger 33% as opposed to
9% in the previous quarter and 15% in Q3 last year. This increase in gross margin is a
clear reflection of stronger revenues in the quarter as well as a favorable product mix
including the above mentioned solid contribution from tools for non-LED applications.
Operational expenses for the quarter came in at EUR 16.3m which was below the
previous quarter’s EUR 21.5m and the same quarter last year when costs totaled EUR
24.6m. On a nine month basis operational expenses totaled EUR 55.4m down from EUR
68.7m last year. This is a clear reflection of our focus on key spending as well as on
R&D and other key projects across the organization.
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In Q3/15 we also recorded a net operating income resulting from grants we received as
well as an income from a contractual compensation payment.
The result of the strong gross profit contribution, ongoing control of operational
expenses and a little help from the contractual compensation was that we were able to
return to profitability for the first quarter in two years. We increased operating income
from negative EUR -17.9m in the previous quarter to positive EUR 1.5m in this quarter.
We also generated EUR 0.3m in net income in the quarter. These results illustrate the
extensive work we have done over the last quarters which we believe bodes well for the
future.
[Slide 5]
Moving to slide 5 you can see our cash flow statement. In Q3/2015, our Free Cash flow
was at EUR -10m which reflects the increase of inventories for scheduled deliveries over
the next months. Before moving to the balance sheet let me be clear that we continue
being fully focused on managing our cash and working capital.
[Slide 6]
Turning to slide 6 you will see that we continue to have a solid balance sheet with equity
of EUR 396.5m, an equity ratio of 75%, cash and cash equivalents including cash
deposits totaling of EUR 243.5m and no bank borrowings.
In summary, Q3 was a good quarter in terms of revenues and earnings. We have had
some setback in deliveries expected for this year but we are confident that these are
only slippages. We believe we are well positioned with a good balance sheet and strong
product offerings in all of our core markets.
Now let me hand you over to Bernd who will talk about the ongoing qualification of the
AIX R6 MOCVD tool with our core Chinese customer.
Bernd?
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Slide 7 – Technology Portfolio
Dr. Bernd Schulte
COO
Thanks, Martin.
I’d like to start off by sharing our perspective on the launch of the AIX R6 which is
currently going through qualification processes at a number of LED producers. With our
largest customer for the R6, we have agreed on a structured milestone based plan to
address the open issues toward the full production qualification of our tool. Recently, we
have reached the first milestone representing a significant progress in the qualification
process. We are now focusing on the improvement of the process and productivity
performance on our platform.
From our customers we are receiving good and constructive feedback on the product
and we are confident that we will establish the AIX R6 across the LED industry. We will
continue to build on the advantages of our R6 for our customers.
Following the acquisition of PlasmaSi in April 2015, we have successfully completed the
integration into our Sunnyvale operations in Q3/2015. This was an important step on the
execution of our business plan and a prerequisite for the order we have received in this
quarter.
Additionally, I also want to point out that we are continuing to build on our strong
positioning in the power electronics market as well to foster our broad positioning in the
research and development of Carbon Applications although revenue contribution still
being on low levels. Our BM series tools for the manufacturing of Graphene, Carbon
Nanotubes or Carbon Nanowires are increasingly sold to research labs of meaningful
industry players versus labs of Universities or research centers. We recently shipped a
newly developed 8 inch R&D system which is a clear indication of development work
being done on end-applications that are becoming increasingly more tangible.
With those words let me hand you back to Martin.
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Slide 8 – Summary and Outlook
Martin Goetzeler
President & CEO
--------------------------------------------------------------------------------------------------------------------Thank you, Bernd.
Going forward, the major short term growth driver should continue to be in the LED
general lighting market. Let’s not forget that based on LED units installed, adoption
within general lighting is still very small, in and around 10% globally which means that
this remains to be a multi-year growth opportunity for not only us but the whole LED
industry.
Our view is that LED producers are coming to the point where they might consider
investing in highly productive systems or upgrades not just to meet increasing demand
for LEDs but particularly to strengthen competitiveness.
In addition, we are expecting increasingly healthy contributions from other end markets
such as production equipment needed for power electronics applications, solar, OLEDs
and silicon semiconductor equipment where we do expect to achieve a qualification from
a second memory manufacturer very soon.
In the OLED space, after having acquired PlasmaSi in April as Bernd has just
mentioned, we were able to secure an order for our TFE technology, which was in line
with our expectations and our business plan. Additionally we also see progress in getting
our large area demonstration tool ready for customer testing and due to increasing
customer interest we expect results from customer demos late this year.
However, the macroeconomic environment, particularly in China, remains fragile,
potentially impacting the timing risk on orders and shipments. On the other hand, China
is currently pushing the development of their semiconductor industry as part of the 13th 5
year plan intending to invest USD 19 Billion. This central governmental investment is to
be supplemented by contributions from private equity and local governments in the
amount of close to USD 100 Billion. These investments are expected to support midterm further growth for several technologies and applications.
In summary, 2015 is another year of transition for AIXTRON, a year in which we have
accomplished a lot particularly in strengthening our business model, bringing our new
technologies closer to market and adjusting our cost base. Our immediate goal is to
getting our AIX R6 tool qualified and gain momentum in our core LED market while also
gaining traction in other markets such as power electronics, Lasers, Solar, Memory or
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Carbon Nanomaterials. In Q3 with regard to the different application areas we have seen
initial success.
We have also made good progress in our value propositions as evidenced by our Gross
Margin as well as our cost control demonstrated in the OPEX development.
On a final note, we remain confident about our strategy and positioning in our core
markets and believe that we have the right business model with the right kind of
flexibility and resilience.
With the described risks all around us, we need to remain disciplined and proactive in
executing our strategy while at the same time – as demonstrated – remaining vigilant
about costs and cash flows.
We believe that AIXTRON is well positioned to take full advantage of the different
industry trends -- with our technology portfolio, as well as our service offerings and
strong customer relationships.
Ladies and gentlemen, this concludes our Q3/2015 results presentation. Bernd and I are
now available to answer your questions.
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Guido Pickert
Director of Investor Relations
Thank you, Martin and Bernd.
Before we take questions could I ask everyone to limit your questions to a maximum of
two each time. This will allow everyone a chance to have their questions answered.
Thank you. Operator, we’ll now take the questions.
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Q&A
Operator
The first question comes from David Mulholland from UBS. May we have your
question, please?
Q-David Mulholland - UBS - Analyst
Hi, and thanks for taking the questions.
I wonder if you could give us an update on where we are with the progress with
San'an, and whether that's who the compensation payment relates to in the quarter?
How far are we from qualification and getting clarification on the shipments there?
And then secondly, obviously quite strong performance in the gross margin in the
quarter, but it's been quite volatile over the past two, three years. I wonder if you
can give us some color on whether you think this is the new level that we can now
sustain above 30% from here, or whether we should still expect volatility as product
mix could potentially get a bit worse from here in future quarters?
A-Martin Goetzeler
David, thanks for your questions. Bernd will answer on the San'an, and I will come
back, then, on the gross margin.
A- Bernd Schulte
Yes, hi David. First, let me repeat what I said, it’s important to understand that we
have a defined milestone plan with our customer, and, according to plan the first
milestone has been accomplished. But there are, obviously, more specs to go, which
we're working on. We're quite confident that we are following this milestone plan
successfully.
So, the next milestone will be by end of the year, and there will be other milestones
in early 2016. So, we're following the plan and we are on plan.
But besides San'an, we're also making good progress with other customers. So, we
focus there mainly on showing the productivity levels our tool can reach.
A-Martin Goetzeler
The compensation payment is not related to the customer San'an.
Concerning your question on the gross margin, we said that we want to achieve 30%
to 35%. This is something we still have in our focus. There will be volatility,
depending on the shipments we have in the different quarters. It can also depend,
for example, on the ratio of service revenues or the final approval portion of the
business.
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The margins can fluctuate, but our goal remains to move towards the 30% to 35%
range.
Just to clarify on that, do you think we're in that range and we don't move out of it
again, or as we look to Q4, and Q1, is there potential it could drop below 30% again
and you've still got a bit of work to be sustainably in that level?
A-Martin Goetzeler
Again, there will be volatility particularly if this large order kicks in. We always
mentioned that this order has different margin levels due to the size of the order. It
could impact that.
But in general our goal, and I can re-emphasize this, is 30% to 35%.
That's clear. Thank you very much.
Operator
The next question comes from Youssef Essaegh from Barclays. May we have your
question, please? Youssef, your line is open now.
Q-Youssef Essaegh - Barclays - Analyst
Thanks for letting me ask a question.
I was going to ask you about the point you made around the potential clients and
tool demand going forward. Will customers look to invest, even if there are
overcapacities, just to cut their production cost? Can you elaborate a little bit on this?
And then, as a quick follow-up to that, if you see a potential in eventually upgrading
or recycling the tools that are currently already deployed?
Thank you.
A-Martin Goetzeler
First of all, your question is on the investment behavior. On the LED market demand,
I would reemphasize what I said in my presentation. The growth for LED lighting will
continue, and that's what we see.
We also see in the numbers of our Q3 that there are several customers who invest
not at a large scale, but at a smaller scale, in order to add capacity as they need it in
certain steps. These are the customers where you see where the LED sales come
from.
Regarding your question, you're right. There will also be customers who are
particularly competing in the cost arena, they will very much look into further
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investing in more productive tools, as we already mentioned. By having a new
generation of tools, with the latest generation the customer can achieve a 30%
reduction of total cost of ownership. Therefore, there is high interest, if you compete
on the cost side, to invest in this area.
So, it should continue to grow.
Customers also look into upgrading and checking whether there is a possibility for
certain segments they can invest in upgrades, rather than into fully new systems.
This is going on, and clearly they also watch out on what we call, refurbished tool
business. That's something which we also follow.
Currently what we see is that there is consolidation happening. This is supporting the
use of used equipment. Until now, the development of a used equipment market is
slow, but we will watch it.
That's actually extremely useful, but I also meant will you be able to make a
business out of selling upgrade packages or recycling for customers as they, for
instance, order once it's going to be ready some of the R6, and, therefore, they will
be like, please buy back from me this amount of the previous generation, and you
will recondition them, for example, and install them then.
A- Bernd Schulte
First of all, we do upgrade business and system spare business as part of our service
business. This is an interesting part of our business, and certainly we're discussing
with customers who have an installed base of many hundreds of tools of various
generations how we can improve their cost of ownership levels.
So, certainly what is not going to happen that we upgrade all systems to the R6-like
platform. From the technical perspective, this would not be economical.
Thanks.
Operator
The next question comes from Andrew Abrams, Supply Chain Market Research.
Please, your line is open now.
Q-Andrew Abrams - Supply Chain Market Research - Analyst
Hi. Thanks for taking the call.
One question on the milestones and qualification process. Once you reach your final
qualification, which I'm assuming is going to be sometime next year, what does the
delivery schedule look like, relative to what it was originally? Is it staged in equal
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segments over a 12-month period? Or are they looking to take half the order, and
then stage out the rest? Can you give us some perspective on what that looks like?
A-Martin Goetzeler
Yes, thanks for your question. Definitely we will discuss with the customer the exact
shipments. We also assume that, as the customer has to digest all these deliveries, it
will be an approach in different stages. But the exact schedules we have to define
with the customer.
Okay. And on the OLED Gen 8 demo, it sounds like you're on schedule for getting
that up and running. Would you expect that demo to be ready before the end of this
year, or are we talking about early next year? And then, how long would it take you
to actually put one of those units at a customer, if the customer so desired, from
when you actually get the demo up and running?
A- Bernd Schulte
Yes, thanks for the question. So, for the Gen 8 demo, we are ready to show
customers the tool and demo the process performance as we speak. So, this is
achieved.
Your second question, what is the typical delivery time of a Gen 8 system. First of all,
that’s a little bit depending on the integration level the customer is buying from us,
meaning how much automation parts would be included in the order. We think the
delivery term is between 12 and 18 months.
Got it. Thank you very much.
Operator
The next question comes from Guenther Hollfelder from Baader Bank. Please, your
line is open now.
Q- Guenther Hollfelder - Baader Helvea Equity Research - Analyst
Thank you.
First, on the gross margin, can you disclose what's the gross margin on the planetary
systems you're selling?
A-Martin Goetzeler
Guenther, thanks for this question. I hope you accept that we are not publishing this
detailed information. But currently, as you saw in this quarter, it's definitely
developing on a good level. So, it's slightly at the upper part of the range.
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Okay. And looking at the order intake during the quarter, which was back in the
range we saw in 2014 and 2013, what's your visibility in the current market
environment that you can get back to levels we've seen in the first half of 2015, and
independent from the San'an business?
A-Martin Goetzeler
If you look at our product portfolio, the focus is on the applications which we
mentioned, such as LED, power, solar, and also other optoelectronics, like
telecommunication, data communication, and in the silicon world it's about ALD.
These are the areas which we are pushing in 2015. We now also saw the first order
for our newly acquired encapsulation technology, which should also become sales in
next year. We will also have a small revenue contribution next year on our III-V
business, where we received an order this year.
So, there are several activities, but clearly the drivers have to be the initial ones
which I mentioned, and the contributions from AIX R6 and from power and from the
encapsulation acquisition. This is what our focus is for next year. And then in the
years to come we will see the benefits from III-V and also from OVPD, our OLED
business. It's also a key for us, besides the R6, to build on the success which we
have shown with our planetary technology in Q3.
Okay, thank you.
Operator
The next question comes from Colin Rusch from Oppenheimer. May we have your
question, please?
Q-Colin Rusch - Oppenheimer & Co. - Analyst
Sure. Can you talk a little bit about the mix of revenue this quarter? How much of
the revenue is just actually acceptance payments out of the sum for the equipment?
A-Martin Goetzeler
You mean final approval of the tool, which is typically 10% of the total. In relative
terms compared to the previous quarter, final acceptances were not higher. So, this
was not a major contributor. The major contributors were higher service and spare
sales, and a good mix in our products. So, these were the key drivers for our gross
margin.
All right, perfect. And then, just shifting gears into the semi cap business a bit, what
are you seeing from customers? We're seeing the chip manufacturers saying that
CapEx will be up next year, and equipment companies are concerned about it being
flat to down. What are you folks seeing right now?
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A-Martin Goetzeler
Independently from the industries’ final decisions on equipment orders, our focus is
really to develop further films with our customers and also get qualified at more
customers. That's our focus, and that will also reduce any risk if there is a delay in
certain investments on our existing business.
Okay. Thanks so much.
Operator
And the next question comes from Mark Heller at CLSA. May we have your question,
please?
Q-Mark Heller - CLSA - Analyst
Thanks for taking my question. Can you just clarify the R6, is it qualified at any
customers? And is it in mass production at any customers right now?
A- Bernd Schulte
Yes, its qualified at one customer, and I wouldn't call it mass production. I would call
it pilot production.
Okay, got it. And then, in terms of when you'll be recognizing the order for San'an
and the R6, what is that hinged on? Is that achieving the milestones at this point, or
is it just delivery timing that's keeping you from recognizing the order?
A-Martin Goetzeler
It's somehow both. First we require an agreed shipment schedule. But we also need
to reach the milestones in order to recognize the order and ship tools. The primary
thing is that we have schedules and the shipments. When we have the shipments,
the confidence of the customer is there.
Okay, got it. And then last question for me, can you just quantify the contractual
settlement payment? What was the benefit to gross margin in the quarter?
A-Martin Goetzeler
There was no benefit to the gross margin. The benefit was to the EBIT, and it's in
the other operating income. The impact was EUR 1.9 million.
Thank you.
Operator
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And the next question comes from Janardan Menon from Liberum. May we have your
question, please?
Q-Janardan Menon - Liberum - Analyst
Yes, hi. Thanks for taking the question. You've been doing quite a lot of business in
the non-LED side this year from opto, telecommunications, et cetera, power. I'm just
wondering how the outlook for all of that looks into 2016? Can we assume that that
market will grow next year based on what you are seeing in terms of customer
interactions, requests, et cetera? And then, if anything comes from San'an, and the
LED side that'll be on top of that? Or can this market sort of be flat to down next
year?
And then I have a brief follow-up.
A-Martin Goetzeler
Yes, thanks for your question and you make a good point here. This is really a good
year for us in these other applications, as you mentioned, such as data
communication, telecommunication, but also solar and some other optoelectronic
applications.
This is always difficult to predict exactly which direction it goes, but it has been over
the last years a quite stable business for us. So, this year is a very good year. We
have to see how next year can be.
The growth should come, as we mentioned, from the higher penetration in the
power electronics field, and also from a recovery in the LED field.
Okay. And just going back to the qualification, how many customers are currently
qualifying the R6? You used to give some of that information in the early stage of the
R6. I mean, what is the updated number? And how many of them have converted to
any kind of firm orders yet?
A- Bernd Schulte
It's still the same number we mentioned before, its 8 customers.
8 customers are qualifying?
A- Bernd Schulte
Yes.
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Can you confirm that your margin structure for everyone else, except San'an, I
mean, let me put it like that, that everybody should get a higher level than San'an?
Would that be a fair assumption?
A-Martin Goetzeler
I think the assumption is the following, the larger the deal is, the more you have to
discuss about pricing. But, in general, I would say your statement is right.
Thank you very much.
Operator
And the next question comes from Tammy Qiu from Berenberg. May we have your
question, please?
Q-Tammy Qiu - Berenberg - Analyst
Hi. Thank you for taking my questions.
The first one is on the qualification, because you have mentioned there are other
milestones to be reached. Can I just confirm is that something we're going to see
impacting the gross margin next year at some point going forward? And also, is the
qualification about tool engineering, or is it just basically about improving the
throughput, or there is something relating to the cost effort still needs to be
improved?
A-Martin Goetzeler
Thanks Tammy for your question. When we had our call last quarter, there were
some extraordinary impacts from some adjustments we did for the tool. There are,
on a lower scale, things still going on which also impacted our results this quarter,
and also, maybe in Q4. But this is at a much lower level and therefore it doesn't
become really obvious. It's a small number.
So, the focus now on the qualification process is, as Bernd said, on productivity and
getting the tool to the performance we would like to see at this customer in order to
achieve the productivity specification.
Okay, and the other customers you mentioned are still running qualification on the
tool, as well. Is that because of the same problem they had?
A-Martin Goetzeler
First of all, some of the customers we're talking about started significantly later.
Some actually already qualified their devices, and we also work with them on
productivity topics. So, there're several reasons; but also there is no immediate need
for further investments to get it finalized. There's a lot of reasons why things might
8
still be in discussion. In general, I think the progress we see at our customers is
going in the right direction.
Okay, thank you very much.
Operator
And the next question comes from Malte Schaumann from Warburg Research. May
we have your question, please?
Q-Malte Schaumann - Warburg Research - Analyst
Yes, good afternoon.
The first one is a follow-up on the non-LED side of your business. The
optoelectronics is quite strong this year. You said you didn't really expect growth
going forward, especially in 2016, coming from that you said. But are you
comfortable to keep the level, which is significantly higher this year in comparison to
2014?
A-Martin Goetzeler
What we said is: this is at a particularly high level for these applications compared to
the last couple of years. Since it's already a mature business, in many cases, and
these are applications which our customers run for many years, the growth is not
tremendous. So, step by step, they add to their capacity. It's difficult to predict the
exact development next year.
What I mentioned is that we count on the growth coming from power electronics and
LEDs for next year.
Okay, understood. And then, could you provide us, maybe, an update or share some
color on the development you see in your OLEDs business, any sign that customers
move quicker or slow down activities in both the encapsulation business, as well as
on the deposition side?
A- Bernd Schulte
On the encapsulation, this is still a young business, so you can assume that in a
relatively short period we do not see a big change, and in the short term, we should
not see a change in the speed of adoption. We mentioned the order we got in Q3,
we will book it in Q4, and we are very happy that we could ensure this deal. We are
also looking for further small-scale business in this application.
On the OLED deposition side, you probably noticed that there are basically two main
players, both from Korea. There has been some repositioning of one of the players
which we think is not in our disadvantage.
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Yes, okay. Thanks.
Operator
And the next question comes from [Daniel Christian] from Exane BNP Paribas.
Please, your line is open now.
Q-Daniel Christian - Exane BNP Paribas - Analyst
Good afternoon. I have just a brief question on this EUR 1.9 million payment from
contractual settlement. From whom did this come from, or what was it related to,
exactly?
A-Martin Goetzeler
So, I hope you accept that we don't disclose this customer. We discussed and
renegotiated a complete contract which led to certain shipments and also to this
contractual compensation payment.
Q-Daniel Christian - Exane BNP Paribas - Analyst
Okay. Thanks a lot.
Guido Pickert
Thank you very much to everyone listening and asking questions. This concludes our
Q3 '15 results conference call. Please feel free to contact us any time here in
Germany or in California if you have any questions, and we're happy to talk to you
and hear you later. Thank you. Bye-bye.
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1 AIXTRON SE Analyst Earnings Conference Call Q3 2015 Annual

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