SOITEC : PUBLICATION OF FY'17 FOURTH QUARTER AND ANNUAL REVENUES
(Thomson Reuters ONE) -
SOITEC REPORTS FY'17 FOURTH QUARTER AND ANNUAL REVENUES
* Q4'17 revenues reached ?70.5m, up 4% at constant exchange rates compared
with Q4'16
* Sustained growth in Communication & Power 200-mm wafer sales compared with
Q4'16
* Double-digit growth in 300-mm wafer sales versus Q4'16 - further strong pick
up from Q3'17 after low point reached in Q2'17
* Total 200-mm and 300-mm wafer sales up 9% in Q4'17 vs Q4'16[1] at constant
exchange rates
* FY'17 revenues reached ?245.7m, up 4% at constant exchange rates
Bernin (Grenoble), France, April 19th, 2017 - Soitec (Euronext Paris), a world
leader in designing and manufacturing innovative semiconductor materials, today
announced consolidated revenues of 70.5 million Euros for the fourth quarter of
FY'17 (ended March 31(st) 2017), up 8% compared with 65.4 million Euros in the
fourth quarter of FY'16. This represents a 4% increase at constant exchange
rates. On a sequential basis, fourth quarter revenues were 10% higher at
constant exchange rates than in the third quarter of FY'17.
Paul Boudre, Soitec's CEO and Chairman of the Board, commented: "We delivered a
solid performance in the fourth quarter, boosted by a surge in FD-SOI and
Emerging SOI wafer sales. We end up our fiscal year with a 4% organic growth,
which is in line with our expectations given the strong anticipated decline in
PD-SOI products that we actually faced."
"Further significant milestones for our FD-SOI technology have been reached
since early 2017, starting with GlobalFoundries plans to invest in
22FDX(®) 22nm FD-SOI capacity growth in Germany and China. Other announcements
supporting the adoption of FD-SOI were made recently. This is the case of NXP,
who will tap into FD-SOI technology for ultra-low power processors designed for
IoT, home control and wearables but also for highly safe, reliable and scalable
processors designed for automotive and industrial dedicated applications", added
Paul Boudre.
Comments on fourth quarter FY'17 sales by business line
Communication & Power
In the fourth quarter of FY'17, demand for both radiofrequency (RF-SOI) and
power electronics (Power-SOI) products dedicated to the mobile and automotive
markets respectively continued to drive the sales of 200-mm wafers whilst the
sales of RF 300-mm wafers remained modest. The RF-SOI substrates product line
(SOI for radio-frequency applications) continues to be driven by the growing
needs for smartphones, as it helps coping with the rising number of frequency
bands and higher data speed requirements to meet 4G/LTE-Advanced mobile
communications.
Digital
In the digital segment, the fourth quarter of FY'17 revenues related to PD-SOI
300-mm wafers (partially depleted silicon-on-insulator for ASICs, servers and
networking applications) remained at the same residual level that had already
been reached in the third quarter of FY'17.
Revenues from FD-SOI wafers (fully depleted silicon-on-insulator for digital
mobile and low power applications such as smartphones, automotive, consumer
electronics, Internet-of-Things) have further increased but continued to mostly
reflect the ongoing qualification process at some foundries with their fabless
customers.
In the meantime, sales of SOI substrates for emerging applications, such as
Silicon Photonics and Imagers, enjoyed a solid growth.
Fourth quarter FY'17 consolidated sales
Q4'16 Q4'17 Q4'17/Q4'16
(annual change)
(Euros thousands) % % at cst FX
200-mm 42,463 47,215 +11% +7%
300-mm 17,995 21,266 +18% +14%
Royalties and IP 4,975 2,026 -59% -61%
Total revenues 65,432 70,506 +8% +4%
Excluding revenues from royalties and intellectual property, total 200-mm and
300-mm wafer sales were up 9% in the fourth quarter of FY'17 at constant
exchange rates compared with the fourth quarter of FY'16(1).
200-mm wafer sales
Sales of 200-mm wafers (67% of total sales) went up 7% at constant exchange
rates in the fourth quarter of FY'17 compared with the fourth quarter of
FY'16(1). This is essentially reflecting an increase in the volume of RF-SOI and
Power-SOI wafers sold, which was made possible thanks to the improvement plan
implemented at the Bernin I 200-mm production site during the first part of
FY'17. The site continued to operate at full capacity in the fourth quarter of
FY'17. The volumes produced at Bernin I were complemented by the sale of a few
thousands 200-mm wafers produced by Simgui's manufacturing facility in Shanghai,
using Soitec's proprietary Smart Cut(TM) technology. On a sequential basis,
sales of 200-mm wafers however declined by 3% at constant exchange rates
compared to the third quarter of FY'17 due to a slightly different product mix.
300-mm wafer sales
Sales of 300-mm wafers in the fourth quarter of FY'17 (30% of total sales) were
up 14% at constant exchange rates compared with the fourth quarter of FY'16.
This is the result of combination of:
* a sharp but anticipated decline of the PD-SOI product line;
* a higher level of sales of FD-SOI products;
* an increase in other 300-mm products, in particular new Emerging SOI
products for digital applications.
On a sequential basis, 300-mm wafer sales of the fourth quarter of FY'17 were
57% higher at constant exchange rates compared to the third quarter of FY'17,
confirming the expected strong rebound at the Bernin II 300-mm production site.
This rebound, which had already started to materialize in the third quarter of
FY'17 after the low point reached in the second quarter of FY'17, is due to an
increase in sales of FD-SOI products as well as other 300-mm products, in
particular RF 300-mm products and new Emerging SOI products.
Royalties and intellectual property
Revenues from royalties and intellectual property (3% of total sales) reached
2.0 million Euros in the fourth quarter of FY'17, compared with the
exceptionally high level of 5.0 million Euros recorded in the fourth quarter of
the previous fiscal year. This represents a 61% drop at constant exchange rates.
Annual FY'17 consolidated sales
12m'16 12m'17 12m'17/12m'16
(Euros thousands) % % at cst FX
,
200-mm 170,510 182,495 +7% +6%
300-mm 53,596 56,663 +6% +5%
Royalties and IP 9,087 6,551 -28% -29%
Total revenues 233,194 245,709 +5% +4%
For FY'17 as a whole, annual revenues reached 245.7 million Euros. Compared with
FY'16(1), they were up 5% on a reported basis and up 4% at constant exchange
rates, in line with expectations.
Key events since the beginning of 2017
Ramp-up of 200-mm China manufacturing
Early March 2017, Soitec announced the beginning of the ramping-up of the
production of 200-mm SOI wafers at Simgui's Shanghai-based manufacturing
facility in using Soitec's proprietary Smart Cut technology. Simgui's site has
now been fully qualified by Soitec key customers. This is a significant
milestone for Soitec in managing its worldwide manufacturing capacity to meet
market demand for 200-mm SOI wafers. Additional customers are currently in the
process of qualifying the wafers. Producing the wafers in China has been a key
objective of the licensing and technology-transfer agreement signed in May 2014
by Soitec and its Chinese partner. It validates Smart Cut as a standard process.
This wafer production line in China will boost the industrial manufacturing
capacity of 200-mm SOI wafers to meet increasing worldwide usage and also will
be a key element in establishing the SOI ecosystem in China.
End of patent lawsuit with SiGen
At the end of March 2017, Soitec and Silicon Genesis Corporation (SiGen) have
successfully brought to an end their dispute regarding the importation and sale
in the United States of certain silicon-on-insulator (SOI) wafers (see press
releases dated October 21, 2016 and March 29, 2017). Both companies have agreed
to dismiss all pending litigations including the proceedings in front of the
U.S. International Trade Commission (USITC). This agreement reinforces Soitec's
intellectual property position and allows the company to better serve and
protect Soitec's customers and business partners.
Outlook
On the basis of the level of sales achieved in the fourth quarter of FY'17,
Soitec expects its FY'17 EBITDA margin[2] in Electronics to reach a minimum
level of 16.5%.
Regarding its first quarter of FY'18 sales, Soitec expects growth to be at least
20% at constant exchange rates compared to the first quarter of FY'17.
Agenda
FY'17 results are due to be published on June 14(th), 2017.
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 3,000 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:
(at)Soitec_EN
Investor Relations: Media Contact:
Steve Babureck Camille Dufour
+33 (0)6 16 38 56 27 +33 (0)6 79 49 51 43
+1 858 519 6230 camille.dufour(at)soitec.com
steve.babureck(at)soitec.com
Isabelle Laurent
+33 (0)1 53 32 61 51
isabelle.laurent(at)ddbfinancial.fr
Fabrice Baron
+33 (0)1 53 32 61 27
fabrice.baron(at)ddbfinancial.fr
# # #
Appendix
Quarterly Q1 Q2 Q3 Q4 FY
sales
(Euros '16 '17 '16 '17 '16 '17 '16 '17 '16 '17
thousands)
200-mm 40,798 42,677 43,030 44,706 44,219 47,896 42,463 47,215 170,510 182,495
300-mm 11,790 11,355 10,715 10,676 13,097 13,366 17,995 21,266 53,596 56,663
Royalties 1,467 1,405 1,053 1,314 1,593 1,806 4,975 2,026 9,087 6,551
and IP
Total 54,055 55,437 54,799 56,697 58,908 63,068 65,432 70,506 233,194 245,709
revenues
Quarterly Q1 Q2 Q3 Q4 FY
sales
(vs change change change change change change change change change change
previous reported at cst reported at cst reported at cst reported at cst reported at cst
year) FX FX FX FX FX
200-mm +4.6% +6.5% +3.9% +4.3% +8.3% +6.6% +11.2% +7.3% +7.0% +5.9%
300-mm -3.7% -1.9% -0.4% -0.0% +2.1% +0.4% +18.2% +14.0% +5.7% +4.6%
Royalties -4.2% -2.5% +24.8% +25.2% +13.4% +11.6% -59.3% -60.7% -27.9% -28.7%
and IP
Total +2.6% +4.4% +3.5% +3.8% +7.1% +5.4% +7.8% +4.0% +5.4% +4.3%
revenues
--------------------------------------------------------------------------------
[1] Excluding royalties and intellectual property revenues which were
significantly lower in Q4'17 than in Q4'16 due to a high basis of comparison in
Q4'16
[2] EBITDA/revenues
Soitec press release PDF:
http://hugin.info/143589/R/2096890/793509.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SOITEC via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 19.04.2017 - 17:46 Uhr
Sprache: Deutsch
News-ID 537115
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