Intermediate declaration by the
Board of Directors
Regulatory News:
Highlights Q4 2021:
› Revenue was USD 172.3 million, within the
guidance of USD 170-180 million, up 27% year-on-year (YoY) and up
2% quarter-on-quarter (QoQ)
› Record quarterly bookings at USD 249.5
million, up 31% YoY and 25% QoQ
› EBITDA margin of 19.7%, within the 19-23%
guidance
› EBITDA was USD 33.9 million, up 51% YoY and
down 16% QoQ
› EBIT was USD 14.2 million, up USD 10.6
million YoY and down USD 7.2 million QoQ
Highlights 2021:
› Revenue was USD 657.8 million, within the
guided USD 655-665 million, up 38% year-on-year (YoY)
› Consistently strong demand across all end
markets with total bookings amounting to USD 868.4 million
› EBITDA margin of 23.3%, within the 23-24%
guidance
› EBITDA was USD 153.3 million, up USD 92.8
million, up 154% YoY
› EBIT was USD 77.2 million, up 91.8 million
YoY
Outlook:
› Q1 2022 revenue is expected in the range of
USD 175-185 million with an EBITDA margin in the range of 19-23%.
The guidance is based on an average exchange rate of 1.14
USD/Euro.
› Full-year revenues expected in the range of
USD 750-815 million with an EBITDA margin in the range of
21-25%.
Revenue breakdown per quarter:
in millions of USD
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q4 y-o-y growth
Automotive
68.3
61.6
40.8
65.4
83.5
82.8
81.5
83.8
28%
Industrial
22.1
23.9
23.9
27.3
32.4
35.2
38.3
39.7
46%
Medical
6.5
7.3
7.7
12.0
8.7
10.4
14.3
14.5
21%
Subtotal core business
96.9
92.7
72.3
104.7
124.6
128.4
134.1
138.0
32%
76.4%
78.1%
75.2%
77.1%
80.1%
79.8%
79.3%
80.1%
CCC1
29.7
25.9
23.7
30.9
30.6
32.4
34.7
34.0
10%
Others
0.3
0.2
0.1
0.3
0.3
0.1
0.3
0.3
Total revenues
126.9
118.8
96.1
135.9
155.4
161.0
169.1
172.3
27%
- Consumer, Communications & Computer
in millions of USD
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q4 y-o-y growth
CMOS
112.8
103.4
81.1
115.0
134.9
137.5
141.8
144.2
25%
MEMS
9.6
10.4
9.8
14.6
14.4
16.2
17.4
17.5
20%
Silicon carbide
4.5
5.0
5.2
6.3
6.1
7.2
9.9
10.6
70%
Total revenues
126.9
118.8
96.1
135.9
155.4
161.0
169.1
172.3
27%
Business development
Revenues in the fourth quarter came in at USD 172.3 million,
within the guided USD 170-180 million, up 27% year-on-year and 2%
quarter-on-quarter. Full year revenues reached USD 657.8 million,
up 38% against the previous year. X-FAB has achieved new annual and
quarterly sales records, following five quarters of consecutive
growth.
Quarterly revenues in X-FAB’s core markets – namely automotive,
industrial, and medical – amounted to USD 138.0 million, up 32%
year-on-year and 3% quarter-on-quarter. For the full year 2021,
revenue in the core markets totaled USD 525.1 million, up 43%
against 2020. Ongoing electrification in the automotive and
industrial markets was a major growth driver in 2021, pushing
demand for X-FAB’s silicon carbide technology as well as supporting
applications required in electric vehicles. X-FAB’s medical
business benefited from the pandemic-related need for testing as
well as point-of-care devices with lab-on-a-chip applications
recording the strongest growth.
X-FAB’s CCC revenue (Consumer, Communications & Computer)
was up 10% year-on-year in the fourth quarter and up 19%
year-on-year for the full year. While the CCC legacy business
manufactured at X-FAB France gradually decreased in line with
expectations over the course of 2021, interest in X-FAB’s RF SOI
technology picked up significantly, driven by the increased
deployment of 5G.
The year 2021 was marked by tremendous demand with fourth
quarter bookings reaching an all-time high of USD 249.5 million, up
31% year-on-year and 25% quarter-on-quarter. Demand remained strong
across all end markets with automotive bookings recording a
particularly steep increase in the fourth quarter. This was driven
not only by the acceleration of car electrification but also by the
pressure resulting from the ongoing chip shortage. Due to high
order intake, which significantly exceeded short-term production
capacities, X-FAB continued to allocate capacity to customers and
backlog kept rising. As long as capacity will have to be allocated,
it remains of utmost importance for X-FAB to ensure customers
receive the minimum quantities necessary to avoid disruptions in
their supply chains.
Supported by strong demand, efforts to move business to X-FAB
France brought the site’s share of revenues based on X-FAB
technologies up to 48%. The process of converting the French site’s
capacity to manufacture X-FAB’s core technologies is ongoing with
new equipment being delivered and installed regularly. This will
contribute positively to meeting the high demand, in particular for
X-FAB’s much sought after 180nm automotive technology.
Prototyping revenues in the fourth quarter were at USD 24.2
million, up 9% year-on-year and down 6% quarter-on-quarter after
the previous quarter had been exceptionally strong. For the full
year 2021, X-FAB recorded prototyping revenues of USD 89.2 million,
up 32% compared to 2020.
Prototyping and production revenue per quarter and end
market:
in millions
of USD
Revenue
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q4 y-o-y growth
Automotive
Prototyping
3.6
3.2
3.0
3.5
3.6
2%
Production
61.8
80.4
79.8
78.0
80.2
30%
Industrial
Prototyping
8.2
9.0
10.3
12.9
11.5
40%
Production
19.0
23.3
24.9
25.4
28.2
48%
Medical
Prototyping
6.9
2.2
2.9
4.1
4.0
-43%
Production
5.1
6.4
7.5
10.2
10.6
107%
CCC
Prototyping
3.2
4.3
4.1
4.8
4.5
40%
Production
27.7
26.3
28.3
29.9
29.5
7%
Operations update
In the fourth quarter, all factories continued to run at high
load. Productivity improvements remained the top priority to
further increase wafer output while ensuring an excellent execution
of all orders. The most important measures include eliminating
production bottlenecks and recruiting additional staff.
X-FAB’s SiC activities further accelerated. For the full year,
SiC revenues came in at USD 33.8 million which was a 61% increase
over the previous year. In the fourth quarter, SiC revenues set a
new record at USD 10.6 million, up 70% year-on-year and 7%
quarter-on-quarter. Quarterly SiC bookings amounted to USD 17.0
million, up 141% year-on-year and 51% quarter-on-quarter. In line
with strong demand, X-FAB kicked off investments to significantly
expand its SiC manufacturing as well as in-house SiC epitaxy
capacity to be available by the end of this year. According to
customer feedback, X-FAB’s SiC line delivers quality and yield that
is above industry average. While there is a lot of interest coming
from new customers, the current main focus is on supporting
existing accounts with products in development to progress with the
launch of volume production.
In 2021, X-FAB invested across all sites to expand capacities in
response to the strong demand and the expected growth going
forward. Capital expenditures in the fourth quarter amounted to USD
21.1 million. For the full year, capital expenditures totaled USD
67.0 million, up 74% against the previous year. Apart from
maintenance capex, these were mainly prepayments for new equipment
ordered in 2021 as part of X-FAB’s capacity expansion program. Most
of these new tools are expected to be delivered in the course of
the current year and will have to be paid in full after delivery
and installation. The reported capex does therefore not reflect the
total volume of investment projects initiated in 2021, which
amounted to approx. USD 190 million. As the new equipment becomes
available, it will contribute positively to an increase of the
wafer output. Main portion of the investments relates to the
conversion of the French site’s capacity for the production of
X-FAB technologies, the expansion of capacity at X-FAB Sarawak in
Malaysia as well as the expansion of X-FAB’s SiC capacity at X-FAB
Texas.
Financial update
Fourth quarter EBITDA was USD 33.9 million with an EBITDA margin
of 19.7%, within the guided 19-23%. For the full year 2021, EBITDA
amounted to USD 153.3 million with an EBITDA margin of 23.3%.
Performance in the fourth quarter was impacted by operational
challenges caused by an increased absence rate due to
COVID-19-related infections or quarantines. In addition to this,
cost of sales went up due to price increases related to raw
materials, spare parts, electricity and transportation. Although
unfinished and finished goods inventory recorded an increase of USD
7.9 million, its contribution to profitability was limited. With a
high number of SiC wafer starts, the main portion of this increase
relates to the SiC substrate value.
Cash and cash equivalents at the end of the fourth quarter were
USD 290.2 million, up 28% from the end of the previous quarter.
Compared to the end of 2020, X-FAB’s cash position increased 41%
driven by the positive cash flow from operating activities as well
as from financing activities. With a total of USD 109.3 million,
cash flow from operating activities recorded 47% increase over the
previous year and fully covered 2021 capital expenditures.
The share of Euro-denominated
sales in the fourth quarter amounted to 41%, which is in line with
the level of costs incurred in Euro. This natural hedging of the
business makes X-FAB’s profitability development largely
independent of exchange rate fluctuations.
The actual US-Dollar/Euro exchange rate for the fourth quarter
of 2021 was 1.14 leading to an EBITDA margin of 19.7%. At a
constant exchange rate of 1.19, as experienced in the fourth
quarter 2020, the EBITDA margin would have been 19.4%.
Management comments
Rudi De Winter, CEO of X-FAB Group, said: “I am very excited
about the strong business development and how well X-FAB is
positioned to benefit from the transition to green energy in
automotive and industrial as well as the increasing deployment of
reliable testing and point-of-care applications in medical. The
ever-growing need for semiconductor-based innovative solutions will
ensure healthy demand for our specialty technologies in the long
term. In the short term, it is key to manage the challenges arising
from the tremendous demand requiring full attention and commitment
of all X-FAB teams. Our key focus has been and will be on execution
excellence and productivity improvements for the best possible
supply to our customers. The installation and qualification of new
tools to remove bottlenecks will particularly contribute to an
increase of wafer output going forward. While it is currently not
clear how the semiconductor industry and, in light of all the
uncertainties, the world economy will evolve, I am confident that
X-FAB is perfectly placed to achieve its growth targets for 2022
and beyond.”
Procedures of the independent auditor
The statutory auditor, KPMG Bedrijfsrevisoren – Réviseurs
d’Entreprises BV/SRL, represented by Jos Briers, has confirmed that
the audit procedures, which have been substantially completed, have
not revealed any material misstatement in the accounting
information included in the Company’s annual announcement.
X-FAB Quarterly Conference Call
X-FAB’s fourth quarter results will be discussed in a live
conference call on Thursday, February 10, 2022, at 6.30 p.m. CET.
The conference call will be in English. Please register in advance
of the conference using the following link:
http://emea.directeventreg.com/registration/9650368.
Upon registering, you will be provided with participant dial-in
numbers, Direct Event passcode and a unique registrant ID. In the
10 minutes prior to the call, you will need to use the conference
access information provided in the email received at the point of
registering.
The conference call will be available for replay from February
10, 2022, 11.30 p.m. CET until February 17, 2022, 11.30 p.m. CET.
The replay number will be +44 (0) 3333009785, conference ID
9650368.
The first quarter 2022 results will be communicated on April 28,
2022.
About X-FAB
X-FAB is the leading analog/mixed-signal and MEMS foundry group
manufacturing silicon wafers for automotive, industrial, consumer,
medical and other applications. Its customers worldwide benefit
from the highest quality standards, manufacturing excellence and
innovative solutions by using X-FAB’s modular CMOS processes in
geometries ranging from 1.0 to 0.13 µm, and its special silicon
carbide and MEMS long-lifetime processes. X-FAB’s analog-digital
integrated circuits (mixed-signal ICs), sensors and
micro-electro-mechanical systems (MEMS) are manufactured at six
production facilities in Germany, France, Malaysia and the U.S.
X-FAB employs about 4,000 people worldwide. For more information,
please visit www.xfab.com.
Forward-looking information
This press release may include forward-looking statements.
Forward-looking statements are statements regarding or based upon
our management’s current intentions, beliefs or expectations
relating to, among other things, X-FAB’s future results of
operations, financial condition, liquidity, prospects, growth,
strategies or developments in the industry in which we operate. By
their nature, forward-looking statements are subject to risks,
uncertainties and assumptions that could cause actual results or
future events to differ materially from those expressed or implied
thereby. These risks, uncertainties and assumptions could adversely
affect the outcome and financial effects of the plans and events
described herein.
Forward-looking statements contained in this press release
regarding trends or current activities should not be taken as a
report that such trends or activities will continue in the future.
We undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless legally required. You should not place undue
reliance on any such forward-looking statements, which speak only
as of the date of this press release.
The information contained in this press release is subject to
change without notice. No re-report or warranty, express or
implied, is made as to the fairness, accuracy, reasonableness, or
completeness of the information contained herein and no reliance
should be placed on it.
Condensed Consolidated Statement of Profit and Loss
in thousands of USD
Quarter
ended 31 Dec 2021
unaudited
Quarter
ended 31 Dec 2020
unaudited
Quarter
ended 30 Sep 2021
unaudited
Year
ended 31 Dec 2021
unaudited
Year
ended 31 Dec 2020
audited
Revenue
172,279
135,851
169,097
657,751
477,586
Revenues in USD in %
59
66
60
63
68
Revenues in EUR in %
41
34
40
37
32
Cost of sales
-138,351
-116,258
-129,773
-507,773
-433,852
Gross Profit
33,928
19,593
39,323
149,978
43,734
Gross Profit margin in %
19.7
14.4
23.3
22.8
9.2
Research and development expenses
-9,383
-9,559
-7,751
-34,308
-26,812
Selling expenses
-1,922
-2,077
-1,969
-8,017
-8,005
General and administrative expenses
-8,651
-8,065
-8,320
-32,771
-29,610
Rental income and expenses from investment
properties
181
703
422
1,898
1,691
Other income and other expenses
38
3,026
-340
412
4,385
Operating profit
14,192
3,621
21,366
77,192
-14,617
Finance income
3,196
43,016
5,166
16,115
54,187
Finance costs
-4,143
-5,080
-6,027
-20,441
-22,015
Net financial result
-947
37,936
-861
-4,326
32,172
Profit before tax
13,245
41,557
20,505
72,866
17,555
Income tax
9,083
-2,486
1,296
10,774
-4,025
Profit for the period
22,327
39,072
21,801
83,640
13,530
Operating profit (EBIT)
14,192
3,621
21,366
77,192
-14,617
Depreciation
19,748
18,879
19,076
76,093
75,067
EBITDA
33,940
22,500
40,442
153,286
60,450
EBITDA margin in %
19,7
16,6
23,9
23,3
12,7
Earnings per share at the end of
period
0,17
0,30
0,17
0,64
0,10
Weighted average number of shares
130,631,921
130,631,921
130,631,921
130,631,921
130,631,921
EUR/USD average exchange rate
1.14382
1.19146
1.17954
1.18331
1.14126
Amounts in the financial tables provided in this press release
are rounded to the nearest thousand except when otherwise
indicated, rounding differences may occur.
Condensed Consolidated Statement of Financial
Position
in thousands of USD
Year ended
31 Dec 2021
unaudited
Year ended
31 Dec 2020
audited
ASSETS
Non-current assets
Property, plant, and equipment
340,670
336,848
Investment properties
8,310
8,556
Intangible assets
4,034
4,726
Other non-current assets
28
68
Deferred tax assets
26,000
30,392
Total non-current assets
379,042
380,590
Current assets
Inventories
181,014
153,711
Trade and other receivables
73,689
54,576
Other assets
43,354
38,054
Cash and cash equivalents
290,187
205,867
Deferred tax assets (short-term)
19,645
0
Total current assets
607,889
452,208
TOTAL ASSETS
986,931
832,798
EQUITY AND LIABILITIES
Equity
Share capital
432,745
432,745
Share premium
348,709
348,709
Retained earnings
-36,154
-120,603
Cumulative translation adjustment
-559
-747
Treasury shares
-770
-770
Total equity attributable to equity
holders of the parent
743,971
659,334
Non-controlling interests
365
344
Total equity
744,335
659,677
Non-current liabilities
Non-current loans and borrowings
39,917
44,413
Other non-current liabilities and
provisions
5,686
4,371
Total non-current liabilities
45,602
48,784
Current liabilities
Trade payables
41,364
27,882
Current loans and borrowings
87,114
31,796
Other current liabilities and
provisions
68,515
64,658
Total current liabilities
196,993
124,336
TOTAL EQUITY AND LIABILITIES
986,931
832,798
Condensed Consolidated Statement of Cash Flow
in thousands of USD
Quarter
ended 31 Dec 2021
unaudited
Quarter
ended 31 Dec 2020
unaudited
Quarter
ended 30 Sep 2021
unaudited
Year
ended 31 Dec 2021
unaudited
Year
ended 31 Dec 2020
audited
Income before taxes
13,245
41,557
20,505
72,866
17,555
Reconciliation of net income to cash
flow arising from operating activities:
18,518
-20,219
18,131
70,319
34,404
Depreciation and amortization, before
effect of grants and subsidies
19,748
18,879
19,076
76,093
75,067
Recognized investment grants and subsidies
netted with depreciation and amortization
-991
-850
-850
-3,530
-3,453
Interest income and expenses (net)
203
-1,601
-139
-176
379
Loss/(gain) on the sale of plant,
property, and equipment (net)
37
-2,668
80
-275
-3,253
Loss/(gain) on the change in fair value of
derivatives (net) and financial assets (net)
0
0
0
0
-420
Other non-cash transactions (net)
-480
-33,978
-36
-1,793
-33,915
Changes in working capital:
-14,312
10,852
15,565
-31,806
23,032
Decrease/(increase) of trade
receivables
1,027
-3,592
1,439
-9,769
362
Decrease/(increase) of other receivables
& prepaid expenses
-3,456
5,433
10,743
-4,267
25,510
Decrease/(increase) of inventories
-8,454
6,377
-10,324
-27,302
936
(Decrease)/increase of trade payables
301
4,611
4,446
5,146
-10,970
(Decrease)/increase of other
liabilities
-3,731
-1,978
9,261
4,386
7,194
Income taxes (paid)/received
-134
187
-220
-2,101
-645
Cash Flow from operating
activities
17,316
32,377
53,981
109,278
74,346
Cash Flow from investing
activities:
Payments for property, plant, equipment
& intangible assets
-21,122
-14,611
-21,932
-66,972
-38,460
Proceeds from sale of financial assets
0
0
0
0
1,156
Payments for loan investments to related
parties
-626
-39
-72
-827
-211
Proceeds from loan investments related
parties
45
40
42
211
193
Proceeds from sale of property, plant, and
equipment
220
2,002
47
669
3,528
Interest received
380
459
451
1,769
1,864
Cash Flow used in investing
activities
-21,104
-12,149
-21,464
-65,149
-31,929
Condensed Consolidated Statement of Cash Flow – con’t
in thousands of USD
Quarter
ended 31 Dec 2021
unaudited
Quarter
ended 31 Dec 2020
unaudited
Quarter
ended 30 Sep 2021
unaudited
Year
ended 31 Dec 2021
unaudited
Year
ended 31 Dec 2020
audited
Cash Flow from (used in) financing
activities:
Proceeds from loans and borrowings
77,796
8,660
310
82,585
17,208
Repayment of loans and borrowings
-7,807
-6,232
-8,561
-28,218
-26,950
Payments of lease installments
-1,057
-1,130
-1,335
-5,094
-5,331
Receipt of government grants and
subsidies
535
0
0
535
696
Interest paid
-325
-1,617
-312
-1,335
-2,244
Distribution to non-controlling
interests
0
0
0
-12
-12
Cash Flow from (used in) financing
activities
69,142
-318
-9,898
48,461
-16,633
Effect of changes in foreign currency
exchange rates on cash
-1,180
6,295
-1,715
-8,269
6,872
Increase/(decrease) of cash and cash
equivalents
65,354
19,909
22,619
92,589
25,783
Cash and cash equivalents at the beginning
of the period
226,013
179,662
205,109
205,867
173,211
Cash and cash equivalents at the end
of
the period
290,187
205,867
226,013
290,187
205,867
###
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220210005734/en/
X-FAB Press Contact Uta Steinbrecher Investor Relations
X-FAB Silicon Foundries +49-361-427-6489
uta.steinbrecher@xfab.com
X-FAB Silicon Foundries (EU:XFAB)
Historical Stock Chart
Von Feb 2024 bis Mär 2024
X-FAB Silicon Foundries (EU:XFAB)
Historical Stock Chart
Von Mär 2023 bis Mär 2024