SOITEC : Q4 and full-year revenues for FY'16
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Q4 and full-year revenues for FY'16
Soitec reports Electronics full-year revenues of 232.3 million Euros,
up 36% (or 20% at constant exchange rates)
* Electronics revenues recorded a sequential increase of 10% at constant
exchange rates in Q4, in line with the Group's forecasts
* Consolidated FY'16 revenues came in at 237.5 million Euros, up 32% compared
with the previous year
* Ongoing refocus on the Electronics core business
Bernin, France, 13 April 2016 - Soitec (Euronext Paris), a world leader in
manufacturing innovative semiconductor materials, today announced consolidated
revenues of 65.8 million Euros for the fourth quarter of FY'16, representing a
2% increase (+0.5% at constant exchange rates), compared with 64.3 million Euros
in the fourth quarter of the previous year (excluding Solar sales[1]).
For FY'16 as a whole, consolidated revenues reached 237.5 million Euros, a 32%
increase (+17% at constant exchange rates), compared with 179.7 million Euros in
FY'15.
Unaudited Q4 and 12-month revenues for FY'16, ending March 31, 2016
Q4 Q4 Q/Q Y/Y 12m 12m Y/Y
EUR 000s 14-15 15-16 14-15 15-16
200mm 41,854 42,463 -4% 1% 122,819 170,510 39%
300mm 16,226 17,995 37% 11% 44,559 53,597 20%
Royalties and IP 1,397 4,122 159% 195% 3,976 8,234 107%
Electronics 59,477 64,579 10% 9% 171,354 232,342 36%
Lighting 434 773 163% 78% 2,049 2,083 2%
Equipment 4,355 435 -73% -90% 6,310 3,038 -52%
Others (Lighting/Equipment) 4,790 1,207 -37% -75% 8,359 5,121 -39%
--------------------------------------------------------- ---------------------
Consolidated revenues 64,267 65,787 8% 2% 179,713 237,462 32%
--------------------------------------------------------- ---------------------
Solar (discontinued activities) 4,600 353 -97% -92% 43,163 22,465 -48%
Electronics Q4'16 revenues in line with forecasts
Revenues for the Electronics business reached 64.6 million Euros in the fourth
quarter of FY'16. At constant exchange rates, this represents a 10% growth
compared to Q3, or 7% compared with Q4 of the previous year.
In the fourth quarter, Soitec recorded a slight sequential decrease in revenues
for its 200mm segment, but benefited from a strong increase in sales of 300mm
wafers as well as a substantial increase in revenues from royalties and
intellectual property.
* The Electronics business continues to be strongly driven by demand for
products in the mobile (RF devices) and automotive (power) markets. RF-SOI
technology is particularly suited to smartphones, where needs are driven by
the rising number of frequency bands and higher data speed requirements.
The Bernin site has continued to operate at full capacity as far as 200mm RF
production is concerned. The slight decrease in 200mm revenues was caused by a
product mix effect. In addition, in the third quarter, Soitec started volume
manufacturing of 300-mm RF-SOI susbtrates to meet the needs of the growing
4G/LTE-Advanced mobile communications market.
* In digital applications, even though partially depleted silicon-on-insulator
(PD-SOI) products are approaching the end of their lifecycle, sales of
300mm wafers for PCs, games consoles and application-specific integrated
circuits (ASICs) benefited from seasonality, recording a strong rise
compared with the third quarter.
The qualification process by foundry customers for 300mm fully depleted
silicon-on-insulator (FD-SOI) wafers is continuing, with a view to starting
production by certain fabless customers; which has enabled Soitec to continue
its first sales of integrated circuits made on 28nm FD-SOI.
* Royalties and intellectual property generated revenues of 4.1 million Euros
in Q4'16, compared with 1.6 million Euros in the preceding quarter.
For FY'16 as a whole, the Electronics business reported revenues of 232.3
million Euros, a 36% increase. At constant exchange rates, revenue growth was
20%, reflecting increases of 23% in sales of 200mm wafers, 7% in sales of 300mm
wafers and 84% in royalties and intellectual property.
Other activities (Lighting and Equipment) generated revenues of 1.2 million
Euros in Q4'16
Fourth quarter revenues for the Lighting and Equipment activities is made up of
0.8 million Euros for Lighting and 0.4 million Euros for Equipment (Altatech
Semiconductor).
FY'16 revenues for Lighting and Equipment reached 5.1 million Euros,
representing a 39% decrease compared with FY'15.
Sales in the Solar business, reported under "discontinued operations", reached
0.4 million Euros in Q4'16
Revenues in the Solar business are reported separately under "discontinued
operations" in line with Soitec's decision to refocus on its Electronics
business. Solar revenues amounted to 22.5 million Euros for FY'16 as a whole,
compared with 43.2 million Euros for the previous year.
Significant progress made regarding the refocusing on the Electronics business
segment
Regarding the Lighting business, Soitec has already announced having finalized
the sale of its non-core R&D assets in Phoenix (USA) in the third quarter.
During the month of March, Soitec contributed the assets enabling this business
to operate to a joint-venture which was set up with a major player in the
lighting sector. Soitec holds a minority interest in this joint-venture.
With regard to the Equipment business, Soitec announced that it sold its entire
stake in Altatech Semiconductor for an undisclosed sum at the end of March 2016.
With regard to the Solar business, Soitec has ceased all manufacturing and R&D
activities in San Diego (USA) and Freiburg (Germany) and is continuing to sell
the residual assets of this business (sale of manufacturing equipment in the
United States).
Proposed capital increases to strengthen the balance sheet
Given the size of its debt and its inadequate equity level, Soitec announced
plans on February 10, 2016 for proposed capital increases of a total amount
between 130 million and 180 million Euros (including 76.5 million Euros through
reserved capital increases). These plans would enable Soitec to strengthen its
balance sheet and establish a long-term shareholder base, in order to promote
the widespread adoption of FD-SOI technology.
Regarding the use of the funds raised, the amount allocated to capacity
investments would be around 40 million Euros, which would be invested in FD-SOI
wafer production at the Bernin site. The remainder of the funds raised would be
used to repay loans maturing in May 2016, amounting to around 50 million Euros,
and to strengthen the Group's balance sheet, notably by potential 2018 OCEANE
bonds repurchase at favorable conditions for an amount between 40 million and
90 million Euros depending on market conditions.
Prospects
Having now refocused on its core Electronics business, Soitec's prospects appear
encouraging.
For FY'16 (ending March 31), Soitec expects to report an EBITDA margin of around
15% for the Electronics business.
For FY'17, growth in demand for products used in RF and power applications
should be strong, offsetting the effect of PD-SOI products reaching the end of
their lifecycle. If that is the case, the aim for the Electronics business would
be to achieve single-digit revenue growth at constant currencies and an EBITDA
margin of around the same level as that reported for FY'16.
Regarding more specifically the first quarter of FY'17, Soitec expects its
Electronics revenuesapproximately in line with those generated in the first
quarter of FY'16 at constant exchange rates (i.e. a sequential decrease of
around 15% compared with Q4'16).
In the longer term, the Group expects to benefit from the promising prospects
resulting from the continuing adoption of FD-SOI in the semiconductor industry.
For more details on the objectives and trends for FY'17 and subsequent years,
please refer to the items available in section 12 of the update to Soitec's
2014-2015 reference document filed with the French stock market authority
(Autorité des Marchés Financiers) on March 7, 2016.
Paul Boudre, Soitec's CEO and Chairman of the Board, commented: "Strong demand
for RF and power applications in the mobile and automotive markets enabled our
Electronics business to record a full-year growth of 20% excluding exchange rate
effects. Having accelerated the process of refocusing on our core Electronics
business, we are increasingly confident regarding the prospects resulting from
the large-scale adoption of FD-SOI in the semiconductor industry. The
implementation of our recapitalization plans will give us resources to increase
our financial flexibility while establishing a long-term shareholder base, in
order to facilitate the widespread adoption of FD-SOI technology and support its
industrial deployment."
Agenda
Shareholders will be invited to meet at an Extraordinary General Meeting on
second notice on April 29, 2016.
Given the current capital increase plans, the date of publication of the FY'16
results has not yet been decided.
Important Notice
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the companies within its scope of consolidation (the "Group") and prospective
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registered under the United States Securities Act of 1933, as amended (the
"Securities Act"), and may not be offered, or sold in the United States absent
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the Securities Act. Soitec S.A. does not intend to register any portion of the
planned offering in the United States or to conduct a public offering of
securities in the United States.
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registered under the United States Securities Act of 1933, as amended (the
"Securities Act"), and may not be offered, or sold in the United States in the
absence of such registration or an applicable exemption from the registration
requirement under the Securities Act. Soitec S.A. does not intend to register
any securities in the United States or to conduct a public offering of
securities in the United States.
This press release is neither an invitation to commit to, nor is it intended to
encourage an investment activity for the purpose of Section 21 of the Financial
Services and Markets Act 2000, as amended ("FSMA"). This press release is
directed only at (i) persons outside the United Kingdom, (ii) investment
professionals falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (the "Order"), (iii) persons referred
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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:
Investor Relations Officer
Press
Steve Babureck
+33 (0)6 16 38 56 27 or +1 858 519 6230 Marylen Schmidt
steve.babureck(at)soitec.com +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 discontinue 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/2003315/739393.pdf
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Datum: 13.04.2016 - 17:45 Uhr
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