SOITEC REPORTS FY’21 FIRST QUARTER REVENUES
SOITEC REPORTS FY’21 FIRST QUARTER
REVENUES
- Q1’21 revenues reached €114m, down 5% versus
Q1’20
- FY’21 guidance confirmed with sales expected to be
stable at constant exchange rates and perimeter1 and Electronics
EBITDA2 margin3 expected around 30%
- Wafer production has been maintained at all industrial
facilities during the Covid-19 health crisis
Bernin (Grenoble), France, July 22nd,
2020 – Soitec (Euronext Paris), a world leader in
designing and manufacturing innovative semiconductor materials,
today announced consolidated revenues of 113.6 million Euros for
the first quarter of FY’21 (ended June 30th, 2020), down 4.9%
compared with 119.4 million Euros in the first quarter of FY’20.
This is the result of a 5.2% decline at constant exchange rates and
perimeter1 as well as a positive currency impact of +0.2% and a
scope effect of +0.1% which is related to the acquisition of EpiGaN
in May 2019.
Since the outbreak of the Covid-19 health
crisis, Soitec’s priority has been to safeguard the health of its
own employees as well as that of the people working for its various
partners, subcontractors, customers and of the wider communities
the Company is interacting with. Thanks to the maintained
production at all its industrial facilities during the Covid-19
health crisis, Soitec has been able to supply its clients despite
the more difficult shipping conditions met in this context. With
tight safety measures in place, it has also been able to pursue all
critical R&D projects to secure their roadmaps.
Paul Boudre, Soitec’s CEO, commented:
“As anticipated, we recorded a slight decline in sales in
the first quarter of our fiscal year 2021 compared to last year.
This is due to the Covid-19 health crisis which has impacted the
global semiconductor markets demand. This first quarter is expected
to be our “bottom” in terms of revenues as we anticipate a
continuous sequential increase in sales throughout the rest of this
fiscal year with a strong seasonal rebound in the second half-year.
We therefore reiterate our “flat” revenue growth guidance for the
entire fiscal year 2021.
In this environment, our RF products
sales continue to grow thanks to the increase in RF-SOI content led
by the deployment of 4G and 5G cellular generations that has more
than offset the decline in smartphone volumes.
In the meantime, our “beyond SOI”
strategy is confirming our success as demonstrated by the strategic
agreement signed with Qualcomm. Based on customers demand, Soitec
is increasing capacity of its POI substrates at the 150-mm
industrial facility in Bernin.”
First quarter FY’21 consolidated sales
(unaudited)
|
Q1’20 |
Q1’21 |
Q1’21/Q1’20 |
|
|
|
|
|
(Euros thousands) |
|
|
change reported |
chg. at const. exch. rates and perimeter1 |
|
|
|
|
|
150/200-mm |
59,469 |
67,392 |
+13% |
+13% |
300-mm |
53,832 |
41,269 |
-23% |
-23% |
Royalties and other revenues |
6,135 |
4,961 |
-19% |
-22% |
|
|
|
|
|
Total revenues |
119,435 |
113,622 |
-5% |
-5% |
The level of sales recorded in the first quarter
of FY’21 reflects a mixed performance with sustained growth
achieved in RF-SOI wafers dedicated to radiofrequency applications
for smartphones on the one hand, and lower sales of Power-SOI and
FD-SOI wafers dedicated to automotive and IoT/consumer end markets
due to the weak macroeconomic environment on the other hand. Sales
of POI wafers are growing as expected and should continue to
increase quarter after quarter.
150/200-mm wafer sales
150/200-mm wafers mostly consist of engineered
substrates for radiofrequency and power applications. In the first
quarter of FY’21, 150/200-mm wafer sales rose by 13% at constant
exchange rates, compared with the first quarter of FY’20. This
growth essentially results from a more favorable product mix with a
solid rebound in RF-SOI 200-mm wafer sales, which
continue to be supported by greater RF-SOI content for
radiofrequency applications, and a decrease in
Power-SOI wafer sales essentially due to the
decline of the automotive market in the context of the
Covid-19.
The ramp-up in the production of 150-mm
POI (Piezoelectric-on-Insulator) wafers for RF
filters has continued at Bernin 3 and further incremental revenue
was recognized in the first quarter of FY’21.
300-mm wafer sales
In the first quarter of FY’21, 300-mm wafer
sales declined by 23% at constant exchange rates, compared with the
first quarter of FY’20. RF-SOI 300-mm wafer sales
were stable and continue to be supported by the still growing 4G
market as well as the deployment of first generations of 5G
networks and smartphones.
While design and tape-out activities of chips to
be built on FD-SOI substrates continue to be very
strong, confirming the unique positioning of FD-SOI in some market
segments like 5G, Edge-Computing, Automotive, sales of FD-SOI
wafers were impacted by the difficult environment and came
significantly lower than in the first quarter of FY’20.
Sales of other 300mm products
(Imager-SOI for 3D applications for smartphones
and Photonics-SOI wafers for data centers)
remained stable.
Royalties and other
revenue
Total Royalties and other revenues reached 5.0
million Euros in the first quarter of FY’21 compared to 6.1 million
Euros in the first quarter of FY’20 (down 22% at constant exchange
rates and perimeter).
Key events of the quarter
Soitec provided an updated presentation
of its engineered substrates portfolio for the automotive
market
On May 9th, 2020, Soitec has made a presentation
dedicated to the expansion of its portfolio of engineered
substrates aimed at supporting the adoption of automotive
megatrends as new vehicles are increasingly connected, autonomous,
shared and electric.
The presentation referred to is available from
the investors section of Soitec’s website:
https://www.soitec.com/en/investors/investors-material.
Soitec ranks amongst French top
companies for the number of patents filed
On June 26th, 2020, the French institute for
industrial property (Institut National de la Propriété Industrielle
– INPI) published its 2019 annual ranking based on the numbers of
patents filed. With 35 patents filed in 2019, Soitec ranks 39th, up
from 46th in 2018, in the global table and ranks 2nd amongst
medium-sized companies.
Post-closing events
Mobi-SiC Project
On July 3rd, 2020, the French government
announced that the collaborative innovation project Mobi-SiC led by
Soitec, Valeo and CEA-Leti has been selected as part of the effort
to support innovation for automotive and green mobility.
This confirms the strategic interest for Soitec
SiC engineered substrate to improve the efficiency of electrical
vehicles in a competitive manner. It will support Soitec to
accelerate the development of a pilot line at CEA-Leti in Grenoble.
Valeo-Siemens eAutomotive will integrate Soitec’s engineered SiC in
a prototype of bidirectional on-board charger.
POI substrates business agreement with Qualcomm
Technologies for 4G/ 5G RF filters
After multiple years of collaboration with
Qualcomm Technologies, Soitec announced on July 7th, 2020 the
signing of a supply agreement of POI substrates for Qualcomm’s new
generation of RF filters going to smartphones RF front end modules.
Soitec’s POI substrate brings strong value proposition to
smartphones’ 4G/ 5G filters for mass markets.
Outlook
Soitec confirms expecting FY’21 sales to remain
stable at constant exchange rates and perimeter1 and Electronics
EBITDA2 margin3 to reach around 30%.
Analysts conference call to be held in
English tomorrow Thursday the 23th July at 8:00 am CET
To listen this conference call, the audiocast is
available live and in replay at the following
address: https://channel.royalcast.com/soitec/#!/soitec/20200723_1
Agenda
Soitec’s Annual General Meeting will be held in
September 2020. The actual date of the Meeting will be announced at
a later stage.
Q2’21 sales are due to be published on October
21st, 2020 after market close.
Disclaimer
This document is provided by Soitec (the
“Company”) for information purposes only.
The Company’s business operations and financial
position is described in the Company’s 2019-2020 Financial Annual
Report filed with the French stock market authority (Autorité des
marchés financiers or the “AMF”) on July 7th, 2020 under number
306343208_20200707. The French and English versions of the
2019-2020 Financial Annual Report are available for consultation on
the Company’s website (www.soitec.com), in the section Company -
Investors - Financial Reports - All reports - 2019-2020, at the
following link:
https://www.soitec.com/en/investors/financial-reports-2019-2020.
Your attention is drawn to the risk factors
described in Chapter 2.2 of the Company’s 2019-2020 Financial
Annual Report.
This document contains summary information and
should be read in conjunction with the 2019-2020 Financial Annual
Report.
The Company’s 2019-2020 Universal Registration
Document is due to be filed with the AMF and subsequently released
early September 2020.
This document contains certain forward-looking
statements. These forward-looking statements relate to the
Company’s future prospects, developments and strategy and are based
on analyses of earnings forecasts and estimates of amounts not yet
determinable. By their nature, forward-looking statements are
subject to a variety of risks and uncertainties as they relate to
future events and are dependent on circumstances that may or may
not materialize in the future. Forward-looking statements are not a
guarantee of the Company’s future performance.
The Company’s actual financial position, results
and cash flows, as well as the trends in the sector in which the
Company operates may differ materially from those contained in this
document. Furthermore, even if the Company’s financial position,
results, cash-flows and the developments in the sector in which the
Company operates were to conform to the forward-looking statements
contained in this document, such elements cannot be construed as a
reliable indication of the Company’s future results or
developments.
The Company does not undertake any obligation to
update or make any correction to any forward-looking statement in
order to reflect an event or circumstance that may occur after the
date of this document. In addition, the occurrence of any of the
risks described in Chapter 2.2 of the Financial Report may have an
impact on these forward-looking statements.
This document does not constitute or form part
of an offer or a solicitation to purchase, subscribe for, or sell
the Company’s securities in any country whatsoever. This document,
or any part thereof, shall not form the basis of, or be relied upon
in connection with, any contract, commitment or investment
decision.
Notably, this document does not constitute an
offer or solicitation to purchase, subscribe for or to sell
securities in the United States. Securities may not be offered or
sold in the United States absent registration or an exemption from
the registration under the U.S. Securities Act of 1933, as amended
(the “Securities Act”). The Company’s shares have not been and will
not be registered under the Securities Act. Neither the Company nor
any other person intends to conduct a public offering of the
Company’s securities in the United States.
About Soitec
Soitec (Euronext, Tech 40 Paris) is a world
leader in designing and manufacturing innovative semiconductor
materials. The company uses its unique technologies and
semiconductor expertise to serve the electronics markets. With more
than 3,500 patents worldwide, Soitec’s strategy is based on
disruptive innovation to answer its customers’ needs for high
performance, energy efficiency and cost competitiveness. Soitec has
manufacturing facilities, R&D centers and offices in Europe,
the U.S. and Asia.
Soitec and Smart Cut are registered trademarks
of Soitec.
For more information, please visit
www.soitec.com and follow us on Twitter: @Soitec_EN
Investor
Relations: Steve Babureck +33 6 16 38 56 27 +65 9231
9735steve.babureck@soitec.com |
Financial
media contacts: Isabelle Laurent+33 1 53 32 61 51
isabelle.laurent@oprgfinancial.fr Fabrice Baron+33 1 53 32
61 27fabrice.baron@oprgfinancial.fr Business
media contact: Marie Cabrières+33 6 26 70 12 78
marie.cabrieres@soitec.com |
# # #
Soitec is a French joint-stock corporation with
a Board of Directors (Société Anonyme à Conseil d’administration)
with a share capital of € 66,557,802.00, having its registered
office located at Parc Technologique des Fontaines - Chemin des
Franques - 38190 Bernin (France), and registered with the Grenoble
Trade and Companies Register under number
384 711 909.
# # #
Appendix
Consolidated sales (Q1’21
unaudited)
Quarterly sales |
Q1 |
Q2 |
Q3 |
Q4 |
Q1 |
(Euros thousands) |
‘19 |
‘20 |
‘19 |
‘20 |
‘19 |
‘20 |
‘19 |
‘20 |
‘20 |
‘21 |
|
|
|
|
|
|
|
|
|
|
|
150/200-mm |
50,889 |
59,469 |
51,150 |
61,957 |
58,747 |
61,885 |
60,206 |
91,623 |
59,469 |
67,392 |
300-mm |
39,335 |
53,832 |
41,261 |
71,504 |
52,775 |
65,133 |
72,300 |
103,895 |
53,832 |
41,269 |
Royalties and other revenues |
1,714 |
6,135 |
2,547 |
5,555 |
5,246 |
8,264 |
7,776 |
8,299 |
6,135 |
4,961 |
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
91,938 |
119,435 |
94,957 |
139,015 |
116,768 |
135,282 |
140,282 |
203,817 |
119,435 |
113,622 |
Quarterly sales |
Q1’20 |
Q2’20 |
Q3’20 |
Q4’20 |
Q1’21 |
(vs. previous year) |
change reported |
chg. at const. exch. rates and perimeter1 |
change reported |
chg. at const. exch. rates and perimeter1 |
change reported |
chg. at const. exch. rates and perimeter1 |
change reported |
chg. at const. exch. rates and perimeter1 |
change reported |
chg. at const. exch. rates and perimeter1 |
|
|
|
|
|
|
|
|
|
|
|
150/200-mm |
+16.9% |
+12.5% |
+21.1% |
+17.3% |
+5.3% |
+1.7% |
+52.2% |
+47.0% |
+13.3% |
+13.1% |
300-mm |
+36.9% |
+31.7% |
+73.3% |
+67.9% |
+23.4% |
+19.1% |
+43.7% |
+38.8% |
-23.3% |
-23.5% |
Royalties and other revenues |
+257.9% |
-17.0% |
+118.1% |
+45.5% |
+57.5% |
+40.6% |
+6.7% |
-1.4% |
-19.1% |
-22.1% |
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
+29.9% |
+20.2% |
+46.4% |
+40.0% |
+15.9% |
+11.3% |
+45.3% |
+40.1% |
-4.9% |
-5.2% |
1 At constant exchange rates and comparable scope of
consolidation:
- in Q3’19 and Q4’19, scope effects relate to the acquisition of
Dolphin Integration assets in August 2018
- in Q1’20 and Q2’20, scope effects relate to the acquisitions of
Dolphin Integration assets in August 2018 and the acquisition of
EpiGaN in May 2019
- in Q3’20, Q4’20 and Q1’21, scope effects relate to the
acquisition of EpiGaN in May 2019
Both Dolphin Integrations assets and EpiGaN are included in the
segment Royalties and other revenues.
# # #
1 At constant exchange rates and comparable scope of
consolidation; scope effects relate to the acquisition of EpiGaN nv
in May 2019, included in the caption Royalties and other
revenues.
2 The EBITDA represents the current operating income (EBIT)
before depreciation, amortization, non-monetary items related to
share-based payments, and changes in provisions on current assets
and provisions for risks and contingencies, excluding income on
asset disposals. This alternative indicator of performance is a
non-IFRS quantitative measure used to measure the company’s ability
to generate cash from its operating activities. EBITDA is not
defined by an IFRS standard and must not be considered an
alternative to any other financial indicator.
3 Electronics EBITDA margin = EBITDA from continuing operations
/ Sales.
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