SOITEC REPORTS FY’23 SECOND QUARTER REVENUE
SOITEC REPORTS FY’23 SECOND QUARTER
REVENUE
- Q2’23 revenue reached €268m,
up 39% on a reported basis and up 28% at constant exchange rates
and perimeter
- Strong growth was achieved
across all divisions
- H1’23 revenue is up 18% at
constant exchange rates and perimeter compared with H1’22, reaching
€471m
- FY’23 guidance confirmed:
revenue growth expected around
20% at constant exchange rates and perimeter, and EBITDA margin
expected around 36%
Bernin (Grenoble),
France, October 26th, 2022
– Soitec (Euronext Paris), a world leader in designing and
manufacturing innovative semiconductor materials, today announced
consolidated revenue of 268 million Euros for the second quarter of
FY’23 (ended September 30th, 2022), up 39% on a reported basis
compared with 193 million Euros achieved in the second quarter of
FY’22. This reflects the combination of a 28% growth at constant
exchange rates and perimeter and a positive currency impact of
11%1.
Pierre Barnabé, Soitec’s CEO, commented:
“After several
months in Soitec, I
am thrilled and proud to
announce this quarterly revenue. The Q2’23
performance reflects the strong dynamics in each of our three
markets and a robust industrial execution. Mobile communications
growth continued to be driven by radiofrequency applications that
are supported by the growing 5G deployment. For the second
consecutive quarter, we recorded a strong surge in FD-SOI wafer
sales across our three end markets, confirming the solid momentum
on its adoption. With this H1’23 performance, we do confirm our
outlook for the full year.”
Second quarter FY’23 consolidated
revenue (unaudited)
As indicated during the presentation of its
full-year results in June 2022, Soitec is, from now on, reporting
its revenue by end market instead of breaking it down by wafer
size. This decision was made in order to better reflect the way
Soitec is conducting and monitoring its business2.
|
Q2’22 |
Q2’23 |
Q2’23/Q2’22 |
|
|
|
|
|
(Euros
millions) |
|
|
change reported |
chg. at const. exch. rates & perimeter |
|
|
|
|
|
Mobile
communications |
142 |
189 |
+32% |
+22% |
Automotive
& Industrial |
17 |
34 |
+96% |
+80% |
Smart
devices |
33 |
45 |
+37% |
+28% |
|
|
|
|
|
Total
revenue |
193 |
268 |
+39% |
+28% |
Soitec recorded a 28% total revenue increase at
constant exchange rates and perimeter in the second quarter of
FY’23 compared to the second quarter of FY’22. Performance was
driven by sustained growth in each of the three end markets: Mobile
communications, Automotive & Industrial and Smart Devices.
Mobile communications
Growth in Mobile communications continues to be
supported by the adoption of 5G smartphones and WiFi6, as well as
the deployment of 5G infrastructure.
In the second quarter of FY’23, Mobile
communications revenue reached 189 million Euros, a 22% growth
at constant exchange rates and perimeter compared to the second
quarter of FY’22, mainly reflecting an increase in volumes.
RF-SOI wafer sales continue to
be boosted by the increase in RF content in every 5G smartphone and
higher penetration of high-end phones. In the second quarter of
FY’23, Soitec enjoyed further growth in RF-SOI 200-mm and sharp
growth in RF-SOI 300-mm, enabled by the ongoing ramp-up in
production at its Singapore facility.
FD-SOI wafer sales continue to
demonstrate the value for 5G front end modules both on mmWaves and
Sub 6 GHz.
Regarding POI
(Piezoelectric-on-Insulator) wafers dedicated to RF
filters for 5G smartphones, while several customers are confirming
the value of POI products, they are going through the adoption
phase, a process that will continue in the coming quarters.
Automotive & Industrial
Demand from the automotive industry is
increasingly supported by the growing needs for multimedia content
(infotainment), by the trends towards more autonomous driving and
functional safety, as well as by the shift to greener vehicles
powered by electric and hybrid engines.
Automotive & Industrial revenue reached 34
million Euros in the second quarter of FY’23, a 17 million
Euros increase compared to the second quarter of FY’22. Growth
essentially reflects an increase in volumes.
In the second quarter of FY’23, growth in
Automotive & Industrial revenue mostly came from FD-SOI
wafers dedicated to automotive applications. Sales of
Power-SOI
wafers also recorded a significant increase.
Smart devices
The demand from the smart devices market is
driven by the need for more complex sensors, higher connectivity
functionalities and embedded intelligence, leading to more powerful
and efficient edge artificial intelligence chips.
Smart devices revenue reached 45 million Euros
in the second quarter of FY’23, a 28% increase at constant exchange
rates and perimeter compared to the second quarter of FY’22. This
performance reflects higher volumes.
Sales of both Imager-SOI
wafers, which allow improved imager performance in 3D
Imaging Applications, and Photonics-SOI wafers for
data transceivers, recorded strong growth compared to the second
quarter of FY’22.
The increase in sales of FD-SOI
wafers was also very strong, confirming structural demand
for Internet of Things (IoT) and Edge Computing devices across
consumer and industrial sectors.
First half FY’23 consolidated revenue
(unaudited)
|
H1’22 |
H1’23 |
H1’23/H1’22 |
|
|
|
|
|
(Euros
millions) |
|
|
change reported |
chg. at const. exch. rates & perimeter |
|
|
|
|
|
Mobile
communications |
277 |
341 |
+23% |
+14% |
Automotive
& Industrial |
33 |
57 |
+72% |
+59% |
Smart
devices |
63 |
73 |
+17% |
+10% |
|
|
|
|
|
Total
revenue |
373 |
471 |
+26% |
+18% |
In the first quarter of FY’23, production at
Bernin site was affected during a few days in April by a power
outage, then by a strike action during another few days in June. As
expected, Soitec has been able to progressively make up for the
lost production (around 10 days). Combined with higher demand,
growth was therefore much stronger in the second quarter of FY’23,
reaching 28% at constant exchange rates and perimeter.
Overall, consolidated revenue reached 471
million Euros in the first half of FY’23, up 26% on a reported
basis compared to 373 million Euros in the first half of FY’22.
This reflects an 18% growth at constant exchange rates and
perimeter combined with a positive currency impact of 9%3.
Confirmed
FY’23 outlook
Soitec continues to anticipate FY’23 revenue to
grow around 20% at constant exchange rates and perimeter, and FY’23
EBITDA1 margin2 to reach around 36%.
Key events of the quarter
STMicroelectronics and GlobalFoundries
to advance FD-SOI ecosystem with new 300mm manufacturing facility
in France
On July 11th, 2022, STMicroelectronics and
GlobalFoundries announced the creation of a new, jointly-operated
300-mm semiconductor manufacturing facility adjacent to ST’s
existing site in Crolles, France. This new facility will support
several technologies, in particular FD-SOI-based technologies, and
will cover multiple variants. This includes GF’s market leading FDX
technology and ST’s comprehensive technology roadmap down to 18nm,
which are expected to remain in high demand for Automotive, IoT,
and Mobile applications for the next few decades. The facility is
targeted to ramp at full capacity by 2026, with up to 620,000
wafers per year production at full build-out.
Pierre Barnabé
succeeds Paul Boudre as
CEO
On July 26th, 2022, Soitec held its Annual
Shareholders’ Meeting, during which Pierre Barnabé was appointed
director of the Company. As planned, he succeeded Paul Boudre as
Chief Executive Officer on the same day. Pierre Barnabé joined
Soitec on May 1st, 2022, and he has been working closely with Paul
Boudre and the Executive Committee during this period to ensure an
effective transition.
# # #
Analysts conference call to be held in
English on Thursday 27th October
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/20221027_1
# # #
Agenda
First-half FY’23 results are due to be published
on November 23rd, 2022, after market close.
# # #
Disclaimer
This document is provided by Soitec (the
“Company”) for information purposes only.
The Company’s business operations and financial
position are described in the Company’s 2021-2022 Universal
Registration Document (which notably includes the 2021-2022 Annual
Financial Report) which was filed on June 20, 2022 with the French
stock market authority (Autorité des Marchés Financiers, or AMF)
under number D.22-0523. The French version of the 2021-2022
Universal Registration Document, together with English courtesy
translations for information purposes, are available for
consultation on the Company’s website (www.soitec.com), in the
section Company - Investors - Financial Reports.
Your attention is drawn to the risk factors
described in Chapter 2.1 of the Company’s 2021-2022 Universal
Registration Document.
This document contains summary information and
should be read in conjunction with the 2021-2022 Universal
Registration 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 occurrence of
any of the risks described in Chapter 2.1 of the Universal
Registration Document may have an impact on these forward-looking
statements. In addition, the future consequences of geopolitical
conflicts, in particular the Ukraine / Russia situation, as well as
rising inflation, may result in greater impacts than currently
anticipated in these forward-looking statements.
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 2.1 of the Universal Registration
Document 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 to serve the
electronics markets. With more than 3,700 patents worldwide,
Soitec’s strategy is based on disruptive innovation to meet its
customers’ needs for high performance, energy efficiency and cost
competitiveness. Soitec has manufacturing facilities, R&D
centers and offices in Europe, the United States and Asia. Fully
committed to sustainable development, Soitec adopted in 2021 its
corporate purpose to reflect its engagements: “We are the
innovative soil from which smart and energy efficient electronics
grow into amazing and sustainable life experiences.”
Soitec, SmartSiC™ and SmartCut™ are registered
trademarks of Soitec.
# # #
For more information, please
visit www.soitec.com and follow
us on Twitter: @Soitec_EN
Investor
Relations: investors@soitec.com
|
Media
contacts: Isabelle Laurent+33 6 42 37 54
17 isabelle.laurent@oprgfinancial.fr
Fabrice Baron+33 6 14 08 29
81 fabrice.baron@oprgfinancial.fr |
# # #
Soitec is a French joint-stock corporation with
a Board of Directors (Société Anonyme à Conseil d’administration)
with a share capital of €71,081,214 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 revenue (Q1’23 and Q2’23
unaudited)
Revenue |
Q1’22 |
Q2’22 |
Q3’22 |
Q4’22 |
Q1’23 |
Q2’23 |
|
H1’22 |
H1’23 |
(Euros
thousands) |
|
|
|
|
|
|
|
|
|
Mobile
communications |
135,121 |
142,282 |
145,709 |
200,031 |
152,105 |
|
|
277,403 |
340,610 |
Automotive
& Industrial |
15,917 |
17,212 |
18,815 |
22,461 |
23,160 |
33,785 |
|
33,129 |
|
Smart
devices |
29,390 |
33,174 |
43,045 |
59,587 |
27,604 |
|
|
62,564 |
73,026 |
|
|
|
|
|
|
|
|
|
|
Total
revenue |
180,427 |
192,668 |
207,569 |
282,079 |
202,869 |
267,712 |
|
373,095 |
470,581 |
Change in
revenue |
Q1’23/Q1’22 |
Q2’23/Q2’22 |
|
H1’23/H1’22 |
(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 |
Mobile
communications |
+12.6% |
+6.2% |
+32.5% |
+22.1% |
|
+22.8% |
+14.3% |
Automotive &
Industrial |
+45.5% |
+36.7% |
+96.3% |
+79.7% |
|
+71.9% |
+59.1% |
Smart devices |
-6.1% |
-10.9% |
+36.9% |
+27.9% |
|
+16.7% |
+9.7% |
|
|
|
|
|
|
|
|
Total
revenue |
+12.4% |
+6.1% |
+38.9% |
+28.3% |
|
+26.1% |
+17.5% |
1 At constant exchange rates and comparable scope of
consolidation:
- There was no scope effect in Q1’22, Q2’22, Q3’22.
- In Q4’22, Q1’23 and Q2’23 the scope effect relating to the
acquisition of NOVASiC, finalized on December 29, 2021, had no
material impact on Soitec's revenue.
# # #
1 The scope effect related to the acquisition of
NOVASiC, the closing of which took place on December 29, 2021, had
no material impact on Soitec’s revenue.
2 Soitec keeps unchanged its two operating segments according to
IFRS 8, i.e. production and marketing of substrates and components
for the semiconductor industry (Electronics) on the one hand, and
other discontinued operations of the Group (Other Businesses) on
the other hand.
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