SOITEC: Third Quarter Sales 2015-2016
(Thomson Reuters ONE) -
Soitec reports Electronics sales for the third quarter of FY'16 up 6% at
constant exchange rates on a sequential basis, in line with its expectations
· Q3'16 Electronics sales rose 37% year-on-year or 20% at constant
exchange rates
· Consolidated revenues for the first nine months of FY'16 amounted to
171.7 million Euros, up 49% compared with the first nine months of FY'15
Bernin, France, January 20, 2016 - Soitec (Euronext Paris), a world leader in
manufacturing innovative semiconductor materials, today announced total
consolidated revenues of 60.8 million Euros for the third quarter of FY'16. This
represented a rise of 36% (growth of 19% at constant exchange rates), compared
with 44.6 million Euros in the previous financial year excluding the Solar
activities[1].
In the first nine months of FY'16, revenues grew by 49% to 171.7 million Euros
(growth of 27% at constant exchange rates), from 115.4 million Euros in the
first nine months of FY'15.
Unaudited revenues for the third quarter and first nine months of FY'16
ending December 31, 2015
Q3 Q3 Q/Q Y/Y 9m 9m Y/Y
EUR 000s 14-15 15-16 14-15 15-16
150 - 200 mm 31,980 44,219 3% 38% 80,964 128,047 58%
300 mm 10,253 13,097 22% 28% 28,333 35,603 26%
Royalties 809 1,593 51% 97% 2,579 4,113 59%
Electronics (wafer sales) 43,042 58,909 8% 37% 111,877 167,763 50%
Lighting 333 294 -9% -12% 1615 1310 -19%
Equipment 1,256 1,610 452% 28% 1,955 2,603 33%
Others (Lighting/Equipment) 1,589 1,904 209% 20% 3,570 3,913 10%
----------------------------------------------------- ---------------------
Consolidated revenues 44,631 60,813 10% 36% 115,446 171,676 49%
----------------------------------------------------- ---------------------
Solar (discontinued) 3,369 11,945 121% 255% 38,563 21,839 -43%
Q3'16 Electronics sales in line with management guidance
Q3'16 wafer sales totaled 58.9 million Euros. At constant exchange rates, that
represents an increase of 6% compared with Q2'16 and a 20% rise relative to
Q3'15.
During Q3'16, Soitec saw a further increase in sales of 200mm wafers and an
increase in 300mm wafers.
* Sales continued to be driven by strong demand for products in the mobile (RF
devices) and automotive (power) markets. In particular, the use of RF-SOI
technology continues to increase in smartphones, where this technology fully
meets the requirements dealing with the rising number of frequency bands and
higher data speed requirements.
Soitec's order book at its 200mm site in Bernin is full until the end of
calendar 2016. Nevertheless, Soitec should continue to support growth in RF
applications by meeting demand for 300mm wafers, a segment in which it recorded
its first sales in Q3'16. Available capacity at the Bernin site will enable
Soitec to meet expected increase in demand for 300mm RF products in the next two
years.
Soitec will also be able to start using the additional production capacity of
its partner Simgui in China for 200mm technologies. Client qualification of
Simgui's 200mm wafer plant is continuing and production at that plant is likely
to ramp up over the next few quarters.
* In digital applications, sales in the PC, games console and ASICs - 300mm
partially depleted silicon-on-insulator (PD-SOI) wafers - saw an increase in
Q3'16, due in particular to the delivery of a large order. Sales of PD-SOI
wafers nevertheless reflect the end of the lifecycle of certain products.
The qualification process by foundry customers for 300mm fully depleted silicon-
on-insulator (FD-SOI) wafers is continuing, with a view to starting production
at certain fabless customers. Management confirms that the first integrated
circuits made on 28nm FD-SOI wafers are currently going into production.
* Royalties generated 1.6 million Euros in revenues in Q3'16 and 4.1 million
Euros in the first nine months of FY'16, representing a 59% increase
compared with the first nine months of FY'15.
Other activities (Lighting and Equipment) generated sales growth of 20% in Q3'16
The Lighting and Equipment businesses generated 1.9 million Euros of sales in
Q3'16. That figure broke down into 0.3 million Euros in Lighting and 1.6 million
Euros in Equipment (Altatech Semiconductor).
In the first nine months of FY'16, Lighting and Equipment revenues grew by 10%
year-on-year to 3.9 million Euros.
In Q3'16, Soitec completed the disposal of its non-strategic Lighting R&D
activities based in Phoenix, USA.
Sales in the Solar business, recognized under "discontinued operations" totaled
almost 12 million Euros in Q3'16
Revenues in the Solar business are recognized separately under "discontinued
operations" in line with Soitec's decision to refocus on its Electronics
business. Solar revenues amounted to 11.9 million Euros in Q3'16 (versus 3.4
million Euros in Q3'15) and 21.8 million Euros in the first nine months of FY'16
(versus 38.6 million Euros in the year-earlier period). Management reiterates
that it has ceased all manufacturing and R&D activities in San Diego (USA) and
Freiburg (Germany) and is continuing to sell off the residual assets of its
Solar activities.
Cash position in line with expectations
On December 31, 2015, Soitec's cash position was 51 million Euros as opposed to
71 million Euros on September 30, 2015.
This evolution was in line with management expectations, and was caused by:
* non-recurring expenses related to the discontinuation of the Solar business
and the sale of R&D activities in the Lighting business;
* the increase in the working capital requirement in line with growth in the
Electronics business;
* interest payments on Soitec's debt.
Debt amounted to 220 million Euros at December 31, 2015, almost unchanged
compared with September 30, 2015.
Continuing talks with investors in order to strengthen the balance sheet
Given the size of its debt and its inadequate equity level, Soitec indicates
that it is continuing talks with several investors with a view to their possible
involvement in a recapitalization project.
Electronics sales guidance for Q4'16
For Q4'16, Electronics sales are expected to grow by over 10% versus Q3'16 (at
constant exchange rates).
Paul Boudre, Soitec's CEO and Chairman of the Board, commented: "The
implementation of our strategy in the Electronics segment is continuing to pay
off. In Q3'16, we achieved further sequential sales growth in Electronics, and
wafer sales continued to be supported by strong demand for products in the
mobile and automotive markets.
Given our level of debt and our low equity level, we are in continuing talks
with several investors to strengthen our balance sheet and to support our
development."
Agenda
Q4'16 revenues will be published on April 18, 2016.
About Soitec
Soitec (Euronext, Paris) is a world leader in manufacturing innovative
semiconductor materials. The company uses its unique technologies to serve the
electronics and energy markets. With 3,600 patents worldwide, Soitec's strategy
is based on disruptive innovation to respond to its customers' needs for high
performance, energy efficiency and cost competitiveness. Soitec has
manufacturing facilities, R&D centers and offices in Europe, US and Asia. For
more information, please visit www.soitec.com.
For all information, please contact:
Investors relations
Steve Babureck Media
+33 (0)6 16 38 56 27 or +1 858 519 6230
steve.babureck(at)soitec.com Marylen Schmidt
+33 (0)6 21 13 66 72
marylen.schmidt(at)soitec.com
DDB Financial
Fabrice Baron
+33(0)1 53 32 61 27
fabrice.baron(at)ddbfinancial.fr
Isabelle Laurent
+33 (0)1 53 32 61 51
isabelle.laurent(at)ddbfinancial.fr
--------------------------------------------------------------------------------
[1]In line with management's decision to stop the Solar activities, consolidated
revenues no longer reflect Solar sales, which are accounted for under
discontinued operations.
Soitec press release in PDF:
http://hugin.info/143589/R/1980274/725410.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: SOITEC via GlobeNewswire
[HUG#1980274]
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Datum: 20.01.2016 - 17:45 Uhr
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