SOITEC: SOITEC REPORTS FULL YEAR '17 RESULTS
(Thomson Reuters ONE) -
SOITEC REPORTS FULL YEAR '17 RESULTS
* Solid growth in revenues: +4% at constant exchange rates
* Substantial improvement in operating profitability: current operating income
up 24% to ? 28m and Electronics EBITDA[1] margin[2] at 16.7% of sales
* Net result in positive territory: ? 8m
* Net cash generated by continuing operating activities reached ? 39m, up from
?20m in FY'16
* Equity restored to ? 149m, strong cash position of ? 109m and net debt
significantly reduced to ? 12m
* Solid business base in RF-SOI and Power-SOI
* Further important milestones reached in the adoption of the FD-SOI
technology
* FY'18 outlook: around 25% revenue growth at constant exchange rates and
Electronics EBITDA(1) margin(2) at minimum 20%
Bernin (Grenoble), France, June 14(th), 2017 - Soitec (Euronext Paris), a world
leader in generating and manufacturing revolutionary semiconductor materials,
today announced its full-year audited[3] results for the fiscal year 2017
(period ended on March 31(st), 2017). The financial statements were approved by
the Board of directors during its meeting held today.
Paul Boudre, Soitec's CEO and Chairman of the Board, commented: "From the
successful strengthening of our balance sheet through to the delivery of a
strong operating and financial performance, our fiscal year 2017 has laid the
foundations for a steep recovery, paving the way for higher and more profitable
growth in the coming quarters. For fiscal year 2018, we expect around 25%
revenue growth at constant exchange rates whilst our Electronics EBITDA margin
should stand at a minimum of 20%.
Our confidence in these prospects is based on the relevance of our advanced
semiconductor materials to meet the needs of the consumer electronics markets
for greater performance, lower power consumption, higher reliability and
optimized costs. Whether for automotive or industrial applications, for Internet
of things or wearables, for smartphones or data centers, our innovative
substrates and processes enable electronic systems to create value for everyday
life.
The adoption of the FD-SOI technology by the semiconductor industry is gaining
momentum. A few FD-SOI technology-based products have now been released for
automotive and Internet of things applications. Our decision to go ahead with
investing in capacity dedicated to FD-SOI wafers at our French industrial site
in Bernin is fostered by further commitments made by strategic clients to build
FD-SOI capacity and extend the FD-SOI roadmap," added Paul Boudre.
Solid revenue growth and substantial improvement in operating profitability
As previously reported, Soitec's refocus on Electronics operations decided in
January 2015 was virtually completed on March 31, 2016. Consequently, the FY'17
residual income and expenses related to Solar and Other activities are reported
under 'Net result from discontinued operations', below the 'Operating income'
line, meaning that down to the line 'Net result after tax from continuing
operations', the Group consolidated income fully and exclusively reflects the
Electronics activity as well as the Group's corporate functions expenses. The
FY'16 financial statements have been restated to ensure comparability with the
FY'17 financial statements.
Group consolidated income statement (part 1)
(Euros millions) FY'17 FY'16 restated % change
Sales 245.7 233.2 +5%
Gross profit 77.4 62.2 +24%
As a % of sales 31.5% 26.7%
Research and development expenses (18.7) (16.7) +12%
Selling, general and administrative (31.0) (23.2) +34%
expenses
-------------------------
Current operating income 27.7 22.4 +24%
As a % of sales 11.3% 9.6%
EBITDA(1) (continuing operations) 41.0 36.3 +13%
As a % of sales 16.7% 15.6%
Consolidated FY'17 revenues came to 245.7 million Euros, a 5% increase (+4% at
constant exchange rates), compared with the previous financial year.
* This growth was driven by higher sales of 200mm wafers (74% of sales) which
rose by 6% at constant exchange rates, supported by the steady demand for
radio frequency and power electronics applications in the mobile and
automotive markets.
* Sales of 300mm wafers (23% of sales) also recorded positive growth (up
5% at constant exchange rates) despite the anticipated decline of the PD-SOI
product line. This growth came from the other 300mm products, i.e. FD-SOI,
RF 300mm and new Emerging SOI products.
* Revenues from royalties and IP (3% of sales) went down by 29% at constant
exchange rates compared to the exceptionally high level recorded last year.
Gross profit reached 77.4 million Euros (or 31.5% of revenues) in FY'17, up from
62.2 million Euros (or 26.7% of revenues) in the previous financial year. This
is essentially due to the new product portfolio and to the performance recorded
by the Bernin I plant (200mm wafers) which has been running at full capacity and
benefited from greater productivity, hence from higher volumes, but also from a
good control over the production costs. In the meantime, the level of capacity
utilization at the Bernin II facility (300mm wafers) remained low, at 19% on
average in FY'17.
The overall manufacturing margin[4] reached 31% of wafer sales in H1'17 and 35%
of wafer sales in H2'17, improving for the 5(th) and 6(th) semester in a row.
Net R&D expenses rose to 18.7 million Euros or 7.6% of revenues, up from 16.7
million Euros or 7.1% of revenues in FY'16. This is essentially due to an
increase in gross R&D expenses which amounted to 45.2 million Euros, reflecting
Soitec's commitment to continue investing in the future. A small decline in
prototype sales was offset by an increase of a similar amount in subsidies and
income tax credit.
Sales and marketing expenses went up to 7.8 million Euros from 5.6 million Euros
in FY'16, reflecting preparation for future growth. In the meantime, general and
administrative expenses were up to 23.2 million Euros from 17.7 million Euros in
FY'16. All in all, FY'17 selling, general and administrative expenses came to
31.0 million Euros or 12.6% of revenues, compared with 10.0% in the previous
financial year. This is essentially reflecting an increase in total payroll.
FY'17 current operating income came to 27.7 million Euros, up by 24% compared
with a current operating income of 22.4 million Euros in the previous financial
year.
In FY'17, the EBITDA(1) of the continuing operations (Electronics) stands at
41.0 million Euros, or 16.7% of sales, in line with the latest target of a
minimum level of 16.5%. This compares with an EBITDA(1) of 36.3 million Euros,
or 15.6% of sales in FY'16.
Net result in positive territory
Group consolidated income statement (part 2)
(Euros millions) FY'17 FY'16 restated
Current operating income 27.7 22.4
Other operating income and expenses (8.2) (29.4)
----------------------------
Operating income 19.5 (7.0)
Net financial expenses (11.6) (22.5)
Income tax (0.7) (4.1)
----------------------------
Net profit / (loss) from continuing operations 7.2 (33.6)
Net profit / (loss) from discontinued operations 1.1 (38.7)
----------------------------
Net profit / (loss) 8.4 (72.2)
A net amount of 8.2 million Euros was recognized in other operating expenses as
a result of an industrial property litigation with Silicon Genesis Corporation
(SiGen) in the United States. At the end of March 2017, both companies have
agreed to dismiss all pending litigations. This compares with a net amount of
29.4 million Euros recognized in other operating expenses in FY'16, mainly as a
result of an impairment loss of 20.1 million Euros on non-current assets
(industrial building in Singapore).
The operating income totaled 19.5 million Euros, compared with an operating loss
of 7.0 million Euros in the previous financial year.
The Group recorded net financial expenses of 11.6 million Euros, compared with a
charge of 22.5 million Euros in the previous financial year.
Interest expense related to the OCEANE bonds went down from 10.2 million Euros
to 4.7 million Euros following the repayment of close to 60% of these bonds in
June 2016, but a one-off additional charge of 2.2 million Euros related to this
repurchase was recorded. Interest expense on the bridging loans granted by CEA,
Shin Etsu Handotai and BPIfrance went down from 3.3 million Euros to 0.4 million
Euros as a result of the full repayment in May 2016 of these loans. Interest
expense on finance leases went slightly down from 1.3 to 1.1 million Euros.
Depreciation of financial assets amounted to 0.6 million Euros versus 0.4
million Euros in FY'16. In relation with the security deposit on the Touwsrivier
Solar Power Plant bond in South Africa, a financial income of 1.2 million Euros
was recognized whilst a provision of 5.0 million Euros was made in FY'16.
Finally, a net foreign exchange loss of 2.5 million Euros was recorded in FY'17
compared to a net loss of 1.1 million Euros in FY'16.
Income tax was limited to 0.7 million Euros compared to 4.1 million Euros in
FY'16 (there was a one-off charge in the US in FY'16).
Net profit after tax from continuing operations therefore stood at 7.2 million
Euros in FY'17 compared with a net loss of 33.6 million Euros in FY'16.
Following the withdrawal from the Solar activities as well as from the Lighting
and Equipment activities, the residual income and expenses related to these
businesses are recorded under discontinued operations. With an operating loss of
4.8 million Euros (versus 10.9 million Euros in FY'16) and a net financial
income of 6.8 million Euros (versus a loss of 27.1 million Euros in FY'16), the
net profit from discontinued operations stood at 1.1 million Euros compared to a
net loss of 38.7 million Euros in FY'16.
As a result, Soitec recorded a net profit of 8.4 million Euros in FY'17,
compared with a net loss of 72.2 million Euros in the previous financial year.
Net cash generation boosted by operating and financing activities
FY'17 cash-flow statement
(Euros millions) Continuing operations Discontinued operations Total
Net profit 7.2 1.1 8.4
Depreciation 20.8 - 20.8
Other non-cash items 12.9 (10.0) 2.9
------------------------------------------------------
EBITDA(1) 41.0 (8.9) 32.1
Change in working (1.7) 1.2 (0.6)
capital
------------------------------------------------------
Net cash generated by /
(used in) operating 39.3 (7.7) 31.6
activities
Net cash generated by /
(used in) investing (5.8) 3.4 (2.4)
activities
Share capital increases
and exercise of stock 143.8 - 143.8
options
Drawing on credit lines 11.0 - 11.0
Loan repayment (incl. (114.4) - (114.4)
finance leases)
Net financial charges (7.8) (0.2) (8.0)
------------------------------------------------------
Net cash generated by /
(used in) financing 32.6 (0.2) 32.4
activities
Impact of exchange rate (1.3) - (1.3)
fluctuations
------------------------------------------------------
Change in net cash 64.8 (4.6) 60.2
In FY'17, net cash generated by operating activities reached 31.6 million Euros.
This came from an inflow of 39.3 million Euros generated by the continuing
operations, mitigated by an outflow of 7.7 million euros used by the
discontinued activities.
Non-cash items related to the continuing operations amount to 33.8 million
Euros, including 20.8 million Euros of depreciation. The EBITDA(1) of the
continuing operations (Electronics) stands at 41.0 million Euros (up 13%
compared to FY'16) whilst the change in working capital was slightly negative by
1.7 million Euros.
A net amount of cash of 5.8 million Euros was used in investing activities
related to the continuing operations, whilst financial assets related to the
discontinued operations generated 3.4 million Euros. Overall, the net cash used
by investing activities amounts to 2.4 million Euros.
Net cash generated by financing activities essentially reflect the strengthening
of the balance sheet which was conducted in May and June 2016. Net proceeds from
share capital increases amounted to 143.8 million Euros. These proceeds were
used to repurchase OCEANE bonds for 58.4 million Euros and to repay expiring
bridging loans for around 44.8 million Euros. In addition, Soitec drew 11.0
million Euros on credit lines and paid 8.0 million in net financial charges
leading to 32.4 million Euros of net cash generated by financing activities.
Overall, Soitec's net cash position has increased by a strong 60.2 million Euros
during FY'17, thanks in particular to the 39.3 million Euros generated by
operating activities of the continuing operations and to the result of the
financing activities (essentially capital increases minus bonds and loan
repayments) whilst the total cash used by the discontinued operations was
limited to 4.6 million Euros.
Major strengthening of Soitec's financial position
Soitec raised a gross amount of 151.9 million Euros in funds in FY'17 to
reinforce its balance sheet and give the Group the financial resources it needs
to finance its growth investments. This capital injection was also a mean to
strengthen its shareholder structure with Bpifrance, CEA Investissement, and
NSIG Sunrise now each holding a 14.5% shareholding in Soitec.
A total of 76.5 million Euros was raised through three increases in capital
reserved for Bpifrance Participations, CEA Investissement and NSIG Sunrise,
followed by a rights issue through which Soitec raised a gross amount of 75.4
million Euros, including the issue premium. As a result, Soitec shareholders'
equity has been restored, standing at 149.1 million Euros on March 31(st), 2017
from negative 7.8 million Euros on March 31(st), 2016.
Gross debt was reduced by 98.0 million Euros during the period (from 218.9 to
120.9 million Euros). Indeed, using the funds raised plus a portion of its
available cash, Soitec was able to fully redeem its borrowings maturing in May
2016 (around 50 million Euros, including a portion redeemed through the offset
of receivables) and buy back a significant part of its 2018 OCEANE bonds (around
60 million Euros out of the total initial issuance of 103 million Euros).
With the funds raised, Soitec has also secured the resources it needs to fund
investments in production capacity to manufacture FD-SOI at the Bernin II site
(around 40 million Euros). Cash and cash equivalents stand at 109.3 million
Euros on March 31(st), 2017 compared to 49.1 million Euros on March
31(st), 2016.
Net debt consequently stands at 11.6 million Euros on March 31(st), 2017
compared to 169.9 million Euros on March 31(st), 2016.
Business trends
Demand remains robust for RF-SOI products driven by the growing adoption of LTE
Advanced standard in the new generation of smartphones. It is expected that the
Front-End module content in smartphones including Antenna Switches, Tuners and
new type of devices - LNA (Low Noise Amplifier), will continue to grow demand
for RF-SOI in the coming years as this RF-SOI technology today is a standard for
these products.
Volumes for Power-SOI keep on experiencing steady growth driven by automotive
and "white goods" applications.
Consequently, Bernin I 200mm wafer production site is expected to continue to
run at full capacity during FY'18.
As Soitec's Shanghai-based industrial partner Simgui successfully achieved first
customer qualifications for 200mm SOI wafers in October 2016, production has
just started in the later part of FY'17 leading to the sale of the very first
few thousands 200mm wafers. Industrial production is now expected to ramp up to
meet customers' demand and continue to benefit from sustained growth in 200mm
wafers.
In 300mm, a low-point was reached in Q2'17 with a capacity utilization down to
14% as a result of the expected contraction of the activity for PD-SOI products.
Production however has started to pick up again in H2'17: the capacity
utilization rate reached 29% in Q4'17 and is expected to gradually reach around
50% towards the end of FY'18 / early FY'19.
Indeed, Soitec has benefitted from a significant rise in the sale of other
300mm products, i.e. FD-SOI, RF 300mm and new Emerging SOI products, including
platforms that are key for silicon photonics component integration used for data
centers and platforms that bring major advantages for image sensors.
In the meantime, the FD-SOI ecosystem continues to strengthen: further progress
in the adoption of FD-SOI by the semi-conductor industry was achieved in the
past few months.
FD-SOI customers have confirmed their engagement with new factories plans (e.g.
GlobalFoundries plant at Chengdu, China) and with new features such as embedded
memory and new nodes to further expand their offer (12FDX for GlobalFoundries
and 18nmFDS for Samsung). The list of end products benefitting from FD-SOI
technology is expanding from the first FD-SOI consumer products: Sony's GPS
embedded in Huami Amazfit Smartwatch and Casio Pro Trek Smartwatch, Mobileye's
EyeQ4 and DreamChip solution for automotive driver assistance, NXP's i.MX series
(7ULP, 8) for consumer applications (like Amazon Alexa) are main examples of FD-
SOI adoptions. FD-SOI based products will more and more be present in our
daily's electronics with a growth that will gain momentum with further FD-SOI
opportunities coming from IOT and Mobile 5G transceivers.
Still in 300mm, multiple foundries and their fabless customers are engaged in
the development of products based on 300mm wafers for RF and volume ramp up is
expected in FY'18.
Finally, Soitec is confident in its capacity to build on the recent success of
its Photonics-SOI and Imager-SOI products.
Capex plan
Regarding its capex plan, Soitec has made the decision to go ahead with the 40
million Euros investment at Bernin II aimed at progressively increase FD-SOI
production capacity from 100,000 to 400,000 FD-SOI wafers (300mm) per year
whilst Bernin II full capacity will remain at 650,000 wafers per year. These
capex will be spread between FY'18 and FY'19. The process has actually started
and the first part of these capex has already been incurred.
In order to address long-term demand for FD-SOI wafers, Soitec intends to reopen
its 300mm facility in Singapore. Net cost related to the restarting of the plant
would amount to approximately 20 million Euros, to be spread over a period of
24 months once the decision to reopen Singapore is made. The total contemplated
investment would reach approximately 270 million US Dollars to bring the
production capacity up to 800,000 wafers per year (300mm), including a
qualification line worth 40 million US Dollars of which investment will be spent
over a period of 24 months following the decision to reopen Singapore. Customer
commitments would trigger the gradual roll out of the capex plan. All financing
options are currently being considered, with the final choice likely to be
determined by the timing of the investment.
FY'18 outlook
FY'18 sales are expected to grow by around 25% at constant exchange rates.
Sustained demand is expected in RF-SOI (200mm) and Power-SOI (200mm) leading
Bernin I production site to continue operating at full capacity whilst Soitec
will also marginally benefit from Simgui capacity. In the meantime, Soitec's
300mm business is expected to keep on recovering in FY'18 from the low point
reached in Q2'17 with further growth coming in all three families (RF-SOI, FD-
SOI, Emerging SOI) more than offsetting lower sales of PD-SOI products.
FY'18 Electronics EBITDA(1) margin(2) is expected to reach a minimum of 20%.
Operating profitability will further benefit from the high manufacturing margin
of Bernin I production site which, as indicated, is expected to continue
operating at full capacity. The strong increase foreseen in the Soitec's FY'18
Electronics EBITDA(1) margin(2) will however mainly come from the higher
operating leverage of Bernin II production site, as result of a higher
utilization rate.
Disclaimer
This document was prepared by Soitec (the "Company") on June 14, 2017 in
connection with the announcement of the fiscal year end 2017 results.
This document is provided for information purposes only. It is public
information only.
The Company's business operations and financial position is described in the
Company's Document de Référence 2016-2017 registered by the Autorité des marchés
financiers (the "AMF") (the "Document de Référence"). Copies of the French
language Document de Référence are available through the Company and may also be
consulted on the AMF's website (www.amf-france.org) and on the Company's website
(www.soitec.com).
Your attention is drawn to the risk factors described in Chapter 4 of the
Document de Référence. This document contains summary information and should be
read in conjunction with the Document de Référence. In the event of a
discrepancy between this document and the Document de Référence, the Document de
Référence shall prevail.
The information contained in this document has not been independently verified.
No representation, warranty or undertaking, express or implied, is made as to,
and you may not rely on, the fairness, accuracy, completeness or correctness of
the information and opinions contained in this document. The information
contained in this document is provided only as of the date hereof. Neither the
Company, nor its shareholders or any of their respective subsidiaries, advisors
or representatives, accept any responsibility or liability whatsoever for any
loss arising from the use of this document or its contents or in connection
whatsoever with this document.
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 4 of the Document de Référence 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 or subscribe for 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
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.
Agenda
Q1'18 sales is due to be published on July 19th, 2017 after market close.
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.
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
# # #
Consolidated financial statements for FY'17
Consolidated income statement
FY'17 FY'16 restated
(Euros millions) (ended (ended
March 31, 2017) March 31, 2016)
Sales 245.7 233.2
Cost of sales (168.3) (171.0)
--------------------------------
Gross profit 77.4 62.2
Sales and marketing expenses (7.8) (5.5)
Research and development expenses (18.7) (16.7)
General and administrative expenses (23.2) (17.7)
--------------------------------
Current operating income 27.7 22.4
Other operating income - -
Other operating expenses (8.2) (29.4)
--------------------------------
Operating income 19.5 (7.0)
Financial income 1.4 1.4
Financial expenses (13.0) (23.8)
--------------------------------
Financial income / (expense) (11.6) (22.5)
--------------------------------
Profit / (loss) before tax 7.9 (29.5)
Income tax (0.7) (4.1)
--------------------------------
Net profit / (loss) from continuing operations 7.2 (33.6)
Net profit / (loss) from discontinued 1.1 (38.7)
operations
--------------------------------
Consolidated net profit / (loss) 8.4 (72.2)
Non-controlling interests - -
--------------------------------
Net profit / (loss), Group share 8.4 (72.2)
Balance sheet at March 31, 2017
Assets March 31, 2017 March 31, 2016
(Euros millions)
Non-current assets:
Goodwill and other intangible assets 2.5 3.8
Capitalized development projects 1.5 1.9
------------------------------
Total intangible assets 4.0 5.7
Property, plant and equipment 113.5 120.6
Non-current financial assets 12.2 8.9
Other non-current assets 31.3 24.7
------------------------------
Total non-current assets 161.0 159.9
Current assets:
Inventories 33.6 30.9
Trade receivables 40.0 40.4
Other current assets 14.8 17.5
Current financial assets 1.8 1.4
Cash and cash equivalents 109.3 49.1
------------------------------
Total current assets 199.5 139.4
Assets held for sale and related to discontinued 29.1 25.9
operations
------------------------------
Total assets 389.6 325.1
Equity and liabilities March 31, 2017 March 31, 2016
(Euros millions)
Equity:
Share capital 60.6 23.1
Share premium 887.5 780.4
Treasury shares (0.5) (0.5)
Retained earnings (accumulated losses) (806.0) (817.1)
Other reserves 7.5 6.1
------------------------------
Equity, Group Share 149.1 (7.8)
------------------------------
Total consolidated equity 149.1 (7.8)
Non-current liabilities:
Long-term financial debt 104.7 160.0
Provisions and other non-current liabilities 15.2 14.1
------------------------------
Total non-current liabilities 119.8 174.1
Current liabilities:
Short-term financial debt 16.2 59.0
Trade payables 44.4 42.6
Provisions and other current liabilities 46.3 40.8
------------------------------
Total current liabilities 106.9 142.4
Liabilities related to discontinued operations 13.7 16.5
------------------------------
Total equity and liabilities 389.6 325.1
Consolidated statement of cash-flows
FY'17 FY'16 restated
(Euros millions) (ended (ended
March 31, 2017) March 31, 2016)
Net profit / (loss) from continuing operations 7.2 (33.6)
Net profit / (loss) from discontinued 1.1 (38.7)
operations
--------------------------------
Consolidated net profit / (loss) 8.4 (72.2)
Elimination of non-cash items:
Share of profit / (loss) of equity-accounted - -
companies
Depreciation and amortization expenses 20.8 24.0
Impairment of non-current assets and (0.3) 20.9
accelerated depreciation / amortization
Provisions, net (1.2) (1.3)
Provisions for retirement benefit obligations 0.5 0.4
Income on assets disposals (1.0) (0.5)
Change in taxes 0.7 4.1
Financial income / (expenses) 11.6 22.5
Share-based payments 2.6 (0.2)
Non-cash items related to discontinued (10.0) (19.8)
operations
--------------------------------
Total non-cash items 23.8 50.1
of which continuing operations 33.8 69.9
--------------------------------
EBITDA(1) 32.1 (22.1)
of which continuing operations 41.0 36.3
Increase / (decrease) in cash relating to:
Inventories (4.0) (5.2)
Trade receivables 1.4 (11.0)
Other receivables (3.8) (0.2)
Trade payables 2.8 (4.1)
Other liabilities 1.8 4.7
Change in working capital requirement on 1.2 25.6
discontinued operations
--------------------------------
Change in working capital (0.6) 9.7
of which continuing operations (1.7) (15.9)
--------------------------------
Net cash generated by / (used in) operating 31.6 (12.5)
activities
of which continuing operations 39.3 20.4
FY'17 FY'16 restated
(Euros millions) (ended (ended
March 31, 2017) March 31, 2016)
Net cash generated by / (used in) operating 31.6 (12.5)
activities
of which continuing operations 39.3 20.4
Purchases of intangible assets (1.2) (0.8)
Purchases of property, plant and equipment (5.8) (8.1)
Proceeds from sales of intangible assets and 1.0 0.3
property, plant and equipment
(Acquisitions) and disposals of financial 0.1 1.2
assets
Flows from (investing) / divestment activities 3.4 34.3
on discontinued operations
--------------------------------
Net cash generated by / (used in) investing (2.4) 26.9
activities
of which continuing operations (5.8) (7.3)
Proceeds from shareholders: capital increases 143.8 (0.1)
and exercise of stock options
ABSAAR redeemable warrants - (0.7)
Issuance of debt - 65.4
Drawing of credit lines 11.0 0.9
Repayment of borrowings (including finance (114.4) (23.0)
leases)
Interest received 0.2 0.0
Interest paid (8.0) (9.3)
Financing flows related to discontinued (0.2) (21.0)
operations
--------------------------------
Net cash generated by financing activities 32.4 12.4
of which continuing operations 32.6 33.3
Effects of exchange rate fluctuations (1.3) (0.7)
--------------------------------
Change in net cash 60.2 26.2
of which continuing operations 64.8 45.7
Cash at beginning of the period 49.1 22.9
Cash at end of the period 109.3 49.1
--------------------------------------------------------------------------------
[1] The EBITDA represents the operating gain (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. This
indicator 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.
[2] Electronics EBITDA margin = EBITDA from continuing operations / Sales.
[3] The audit procedures on the consolidated accounts have been performed.
Auditors works for documentation are currently being finalized. The
certification report will be issued after completion of the last verifications
of the management report and the annex to the financial statements.
[4] The manufacturing margin represents the wafer sales (total sales excluding
royalties and IP revenues) less cost of sales before distribution costs, before
costs related to sales of royalties and costs of patent rights (essentially paid
to CEA-Leti in connection with the use of the Smart Cut(TM) technology). Cost of
sales represent the production costs (including the cost of raw materials,
essentially silicon), the manufacturing costs (including direct staff cost), the
depreciation charges as well as maintenance costs related to production
equipment and clean room facilities, and the share of general expense allocated
to production. Sales and costs related to Simgui are included in the
manufacturing margin. Manufacturing margin is not defined by an IFRS standard
and must not be considered an alternative to any other financial indicator.
Download the press release in PDF:
http://hugin.info/143589/R/2113328/803918.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: 14.06.2017 - 17:45 Uhr
Sprache: Deutsch
News-ID 547966
Anzahl Zeichen: 48297
contact information:
Town:
CROLLES CEDEX
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 299 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"SOITEC: SOITEC REPORTS FULL YEAR '17 RESULTS"
steht unter der journalistisch-redaktionellen Verantwortung von
SOITEC (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
