SOITEC REPORTS FIRST HALF RESULTS OF FISCAL YEAR 2022
SOITEC REPORTS FIRST HALF RESULTS OF FISCAL
YEAR 2022
- H1’22 revenue of €373m, up
53% at constant exchange rates versus H1’21
- H1’22 Electronics
EBITDA1
margin2 at 36.8% of
revenue
- H1’22 current operating
income more than doubled to €75m
- FY’22 revenue expected at
around $975m, up around 45% at constant exchange
rates
- FY’22 Electronics
EBITDA1
margin2 expected around
34% with a potential upside to reach around
35%
-
NOVASiC acquisition to
strengthen SiC products roadmap
Bernin (Grenoble), France, November
30th, 2021 – Soitec
(Euronext Paris), a world leader in designing and manufacturing
innovative semiconductor materials, today announced its results for
the first half for fiscal year 2022 (ended on September 30th,
2021). The financial statements3 were approved by the Board of
Directors during its meeting today.
Paul Boudre, Soitec’s CEO, commented:
“We are very pleased to
have resumed our strong growth trajectory and achieved our best
semester ever. If revenue growth is even stronger than initially
anticipated, we also benefited from a very good operating
performance thanks in particular to the full loading of our
historical plants and the successful ramp-up of our new industrial
facilities.
Looking ahead, the first half of our
fiscal year 2022 is only the first step towards the ambitious
targets we set ourselves for the next five years. Consequently, in
order to keep pace with our customers’ needs and
support their increasing demand, we continue investing in our human
capital and industrial capacity both in Bernin and
Singapore,” added Paul Boudre.
Record revenue and strong increase in
EBITDA1
margin2
Consolidated income statement (part 1)
(Euros
millions) |
H1’22 |
H1’21 |
% change |
|
|
|
|
Revenue |
373.1 |
254.4 |
+47% |
|
|
|
|
Gross
profit |
131.4 |
77.4 |
+70% |
As a % of
revenue |
35.2% |
30.4% |
|
|
|
|
|
Research and
development expenses |
(27.7) |
(17.5) |
+58% |
Selling,
general and administrative expenses |
(28.5) |
(22.7) |
+25% |
|
|
|
|
|
|
|
|
Current
operating income |
75.3 |
37.2 |
+103% |
As a % of
revenue |
20.2% |
14.6% |
|
|
|
|
|
Electronics
EBITDA1 (continuing operations) |
137.5 |
77.3 |
+78% |
As a % of
revenue |
36.8% |
30.4% |
|
Consolidated revenue reached
373.1 million Euros in H1’22, the highest semester ever
achieved by Soitec. Revenue was up 46.7% compared with 254.4
million Euros in H1’21. This reflects the combination of a 52.9%
growth at constant exchange rates and a negative currency impact of
6.2% (no change in perimeter).
- 150/200-mm wafer
sales reached 164.2 million Euros in H1’22 (45% of total
wafer sales), up 23% at constant exchange rates and 19% on a
reported basis compared to H1’21. This is a combination of a slight
increase at constant exchange rates in 200-mm RF-SOI wafer sales
dedicated to radiofrequency applications for smartphones, higher
sales of Power-SOI thanks to the recovery of the automotive
industry and a strong increase in sales of 150-mm POI
(Piezoelectric-on-Insulator) wafers for RF filters, in line with
the ramp-up in production enabled by the increased 150-mm
industrial capacity.
- 300-mm wafer sales
amounted to 197.5 million Euros in H1’22 (55% of total wafer
sales), up 97% at constant exchange rates and 88% on a
reported basis compared to H1’21. 300-mm RF-SOI wafer sales
recorded a sharp increase, supported by the deployment of 5G
smartphones requiring more RF-SOI content per smartphone. Sales of
FD-SOI wafers came at a much higher level than last year reflecting
a stronger use of FD-SOI technology for applications related to
Edge-Computing, Automotive and 5G. Soitec also recorded an increase
in other 300-mm products sales, driven by higher sales of
Imager-SOI dedicated to 3D applications for smartphones as well as
higher sales of Photonics-SOI for data centers.
- Total Royalties and other
revenue increased from 10.8 million Euros in H1’21 to
11.4 million Euros in H1’22, up 7% at constant exchange rates
and 6% on a reported basis.
Gross profit reached 131.4
million Euros in H1’22, up from 77.4 million Euros in H1’21,
reflecting a strong increase in gross margin, from 30.4% of revenue
in H1’21 to 35.2% of revenue in H1’22, despite an unfavorable
currency impact. Soitec benefited from a strong operating leverage
due to the robust increase in activity as well as from a very good
industrial performance across all its industrial facilities. Soitec
also benefited from a favorable phasing of its long-term agreements
with suppliers regarding bulk material prices.
Current operating income has
more than doubled, increasing from 37.2 million Euros, i.e. 14.6%
of revenue, in H1’21 to 75.3 million Euros or 20.2% of revenue in
H1’22. The strong increase in gross profit has more than offset the
intensified efforts in R&D and higher SG&A, both aimed at
supporting the Group’s expansion:
- Net R&D
expenses increased from 17.5 million Euros in H1’21 to
27.7 million Euros in H1’22. Soitec continued to accelerate
innovation to develop the products required for each of its three
end markets. As a percentage of revenue, net R&D expenses went
slightly up from 6.9% in H1’21 to 7.4% in H1’22.
- Selling, general and
administrative (SG&A) expenses went up from 22.7
million Euros in H1’21 to 28.5 million Euros in H1’22, essentially
reflecting an increase in expenses related to employee compensation
schemes due to higher number of staff and share-based payments
related to employee shareholding plans in connection with the
increase in the share price. SG&A expenses were well
controlled: as a percentage of revenue, they went down from 8.9% in
H1’21 to 7.6% in H1’22.
The EBITDA1
from continuing operations (Electronics) amounted
to 137.5 million Euros in H1’22, up by 78% from 77.3 million Euros
in H1’21. Despite unfavorable currency impact and continuous
efforts in R&D and SG&A, the EBITDA1 margin2 stood at 36.8%
of revenue in H1’22, compared with 30.4% of revenue in H1’21,
benefitting from a strong operating leverage and a very good
industrial performance.
Depreciation and amortization
expenses went up from 27.4 million Euros in H1’21 to
36.7 million Euros in H1’22 as a result of the increased
industrial capacity as well as R&D investments carried out by
the Group in previous years.
Consolidated income statement (part 2)
(Euros
millions) |
H1’22 |
H1’21 |
% change |
|
|
|
|
Current
operating income |
75.3 |
37.2 |
+103% |
|
|
|
|
Other
operating income and expenses |
9.4 |
(0.0) |
|
|
|
|
|
|
|
|
|
Operating
income |
84.7 |
37.1 |
+128% |
|
|
|
|
Net financial
result |
(4.7) |
(10.2) |
|
Income
tax |
(5.6) |
(4.8) |
|
|
|
|
|
|
|
|
|
Net profit
from continuing operations |
74.5 |
22.2 |
+235% |
|
|
|
|
Net profit /
(loss) from discontinued operations |
(0.3) |
(0.0) |
|
|
|
|
|
|
|
|
|
Net
profit |
74.2 |
22.2 |
+234% |
|
|
|
|
Basic earnings
per share (in €) |
2.23 |
0.67 |
+233% |
|
|
|
|
Diluted
earnings per share (in €) |
2.14 |
0.66 |
+224% |
|
|
|
|
Number of
shares |
33,311,866 |
33,176,479 |
|
|
|
|
|
Number of
diluted shares |
36,680,990 |
33,466,404 |
|
The Group recorded a non-recurring income of 9.4
million Euros in other operating income and
expenses in H1’22. This mainly reflects the full reversal
of an impairment loss related to Singapore industrial building
which had been recognized in FY’16. This reversal, which amounted
to 8.8 million Euros, was triggered by the good industrial
performance of Singapore facility. Other operating income and
expenses were not material in H1’21. Consequently, the
operating income reached 84.7 million Euros in
H1’22 compared to 37.1 million Euros in H1’21.
The net financial result was a
loss of 4.7 million Euros in H1’22 compared to a loss of 10.2
million Euros in H1’21. On the one hand, the Group recorded an
increase in financial expenses mostly related to the 5-year
convertible bond issued in October 2020 (OCEANEs 2025). On the
other hand, the Group recorded a net foreign exchange gain of 3.1
million Euros in H1’22 compared to a foreign exchange loss of 6.4
million Euros recorded in H1’21.
Income tax amounted to (5.6)
million Euros in H1’22 compared to (4.8) million Euros in H1’21. As
the Group continues to benefit from tax loss carryforwards, the
H1’22 income tax includes a deferred tax income of 2.5 million
Euros following the first recognition of a deferred tax asset on
Singapore tax loss carryforward in line with the evolution on
Singapore tax planning.
The Group recorded a net loss from
discontinued operations of 0.3 million Euros in H1’22
which is essentially resulting from a foreign exchange loss related
to the 125 million South African Rands proceeds from the disposal
of South African assets received in May 2021. In H1’21 the net
result from discontinued operations was not
material. The
Group’s consolidated net profit more than tripled
to reach 74.2 million Euros in H1’22, compared with a net profit of
22.2 million Euros recorded in H1’21.
Growth in activity led to an increase in working capital
requirements; higher capital expenditure to support the Group’s
expansion
Consolidated cash-flows
(Euros
millions) |
H1’22 |
H1’21 |
|
|
|
Continuing
operations |
|
|
|
|
|
EBITDA1 |
137.5 |
77.3 |
|
|
|
Change in
working capital |
(81.7) |
31.2 |
Tax paid |
2.9 |
(6.3) |
|
|
|
|
|
|
Net cash
generated by operating activities |
58.6 |
102.3 |
|
|
|
Net cash used
in investing activities |
(101.3) |
(44.2) |
|
|
|
Financing
received from non-controlling interests |
0.2 |
0.5 |
Drawing on
credit lines, new loans and debt repayment (including finance
leases) |
(9.6) |
45.5 |
Financial
expenses |
(1.6) |
(0.6) |
|
|
|
|
|
|
Net cash
generated / (used) by financing activities |
(11.0) |
45.3 |
|
|
|
Impact of
exchange rate fluctuations |
0.8 |
(2.9) |
|
|
|
|
|
|
Net change in
cash |
(52.7) |
100.5 |
|
|
|
Discontinued
operations |
(1.7) |
(0.2) |
|
|
|
|
|
|
Group
net change in cash |
(54.4) |
100.3 |
|
|
|
Adjusted net cash generated used in investing
activities (1) |
(102.5) |
(47.7) |
|
|
|
Adjusted free cash-flows |
(43.8) |
54.6 |
|
|
|
Adjusted net cash generated by / (used in) financing
activities (1) |
(9.7) |
48.8 |
(1) Adjusted net cash used by investing
activities includes 1.2 million Euros in H1’22 (3.5 million Euros
in H1’21) of investments which have been financed through leasing
(lease-back) and adjusted net cash generated by financing
activities includes the same 1.2 million Euros (3.5 million Euros
in H1’21).
The working capital
requirements from continuing operations increased by 81.7
million Euros during H1’22 reflecting the strong increase in
activity compared to a cash inflow of 31.2 million Euros recorded
in H1’21 when the activity was flat. The cash outflow from working
capital recorded in H1’22 came as a result of a 37.0 million Euros
increase in inventories related to the strong expansion in 300-mm
wafers, a 19.5 million Euros increase in trade receivables
reflecting the growth of the activity as well as an 18.7 million
Euros increase in other receivables (mainly research tax credits
and tax receivables) and a 6.6 million decrease in trade payables
and other liabilities mainly related to the payment of social
contributions on employee shareholding plans.
Overall, net operating cash
generated by continuing operations went down from 102.3
million in H1’21 to 58.6 million Euros in H1’22.
The adjusted cash-out related to
investing activities of continuing operations amounted to
102.5 million Euros in H1’22 compared to 47.7 million Euros in
H1’21. As planned, capital expenditure was mainly related to
capacity investments carried out both in Singapore for 300-mm wafer
production and in Bernin III for 150-mm POI wafer production, but
also in the renewal of equipment dedicated to the production of
200-mm and 300-mm wafers in Bernin I and Bernin II and investments
in R&D.
As a result of this strong increase in capital
expenditure, the adjusted free cash flows were
negative at 43.8 million Euros in H1’22 as compared with positive
free cash flows of 54.6 million Euros in H1’21.
In total, net cash used by continuing
operations reached 52.7 million Euros in H1’22 compared to
100.5 million Euros generated in H1’21.
Net cash used by
discontinued operations stood at 1.7 million Euros in
H1’22, mainly linked to the exercise of foreign currency hedging
instruments following the payment related to the disposal of South
African assets received in May 2021.
Overall, Soitec retained a strong cash
position at 589.9 million Euros on September 30th,
2021.
Strong financial position
maintained
Soitec has maintained a strong balance sheet
over the period.
Shareholders’ equity increased
by 89.7 million Euros in H1’22 to 765.2 million Euros, mainly
thanks to the net profit generated during the period. It also
benefitted from the partial conversion of OCEANEs 2023 convertible
bonds issue.
Financial debt decreased
slightly, from 648.5 million Euros on March 31st, 2021 to 636.6
million Euros on September 30th, 2021 following the partial
conversion of OCEANEs 2023 bond.
Taking into account the decrease in the Group’s
strong cash position, net debt4
went up from 4.1 million Euros on March 31st, 2021 to 46.7 million
Euros on September 30th, 2021.
Key events of H1’22
Early redemption of the bonds convertible into and/or
exchangeable for new or existing shares (OCEANEs) due June 28,
2023
On September 16th, 2021, Soitec announced its
decision to redeem all outstanding OCEANEs due June 28th, 2023, at
a price per OCEANE equal to par (i.e. 104.47 Euros). On October
8th, 2021, all bondholders had opted for the exercise of their
conversion/exchange right at the conversion/exchange ratio of 1
Soitec share per OCEANE. Consequently, 1,319,318 new Soitec shares
were issued, representing 3.90% of Soitec share capital. On October
18th, 2021, following the conversion of all OCEANEs 2023, share
capital amounted to 70,275,148.00 euros and comprised 34,896,560
ordinary shares, and 241,014 preferred shares, all with a par value
of €2.00.
FY’22 Outlook
Soitec expects FY’22 revenue to reach around 975
million US Dollars i.e. a growth of around 45% at constant exchange
rates compared to FY’21 revenue. Organic revenue growth will
continue to be driven by an increase in sales in each one of the
Group’s three end-markets, as Soitec expects to continue benefiting
from the 5G deployment, from further recovery of the automotive
market as well as from sustained market trends for smart
devices.
Thanks to a higher operating leverage driven by
a robust level of activity and a strong industrial performance,
Soitec expects FY’22 Electronics EBITDA1 margin2 to reach around
34% with a potential upside to reach around 35%. Soitec will
continue to benefit from the full loading of Bernin I and Bernin II
industrial facilities as well as from a higher output at Bernin III
and an increased loading of Singapore plant and will have some
headwinds as compared to the first FY’22 semester during the second
FY’22 semester such as raw material and energy costs as well as the
phasing of FX hedging contracts.
In addition, Soitec confirms that Electronics
adjusted net cash out related to capital expenditure should reach
around 240 million Euros in FY’22, essentially reflecting capacity
investments to support Singapore ramp-up in 300-mm and capacity
increase in 150-mm at Bernin III for POI products.
Post events
Sustainability report
publicationOn November 15th 2021, Soitec published its new
sustainability report. The publication of this report follows the
adoption of the corporate purpose by its shareholders and its
inclusion in the company's by-laws in July 2021.Illustrated with
quantified targets and achievements, the document lays out Soitec's
ambitious commitments to preserve the environment, promote its
inclusive social policy and enhance its societal impact.
NOVASiC
acquisitionOn November 29th 2021, Soitec acquired
NOVASiC, an advanced technology company specialized in polishing
and refreshing wafers, to support its unique silicon carbide based
SmartSiC roadmap.The acquisition of NOVASiC and its expertise
brings the latest technology building block for Soitec to deliver
an optimal final product and prepare the industrialization
phase.
Strategic partnership with Mersen to
develop new silicon carbide substrates for the electric vehicle
marketOn November 29th, 2021, Soitec and Mersen, a global
expert in electrical specialties and advanced materials, announced
that they have entered into a strategic technical partnership to
develop a new family of polycrystalline silicon carbide (polySiC)
substrates for the electric vehicle market.
# # #
H1’22 results will be commented during
an analyst and investor conference call to be held in English
on December 1st,
2021 at 8:00am CET
The live webcast and slide presentation will be
available on:
https://channel.royalcast.com/landingpage/soitec/20211201_1/
# # #
Agenda
Q3’22 revenue is due to be published on January
26th, 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 2020-2021 Universal
Registration Document (which notably includes the 2020-2021 Annual
Financial Report) which was filed on July 5, 2021 with the French
stock market authority (Autorité des Marchés Financiers, or AMF)
under number D.21-0681. The French version of the 2020-2021
Universal Registration Document and an English courtesy translation
for information purposes are both 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 2020-2021 Universal
Registration Document.
This document contains summary information and
should be read in conjunction with the 2020-2021 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 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 the manufacture of innovative semiconductor materials.
The company uses its unique technologies to serve the electronics
markets. With more than 3,500 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.
Soitec and Smart Cut are registered trademarks
of Soitec.
For more information, please
visit www.soitec.com and follow
us on Twitter: @Soitec_EN
Investor
Relations:Steve Babureck +33 6 16 38 56 27 +65 9231
9735steve.babureck@soitec.com |
Media
contacts: Isabelle Laurent+33 1 53 32 61 51
isabelle.laurent@oprgfinancial.fr Fabrice Baron+33 1 53 32 61
27fabrice.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 €70,276,054.00, 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.
# # #
Consolidated financial statements in appendix include:
- H1’22 consolidated income
statement
- Balance sheet at September 30, 2021
- H1’22 consolidated cash-flows
Consolidated financial statements for H1’22
As previously reported, Soitec’s refocus on
Electronics operations decided in January 2015 was nearly completed
on March 31st, 2016. Consequently, the H1’22 residual income and
expenses relating 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 Company consolidated income
statement fully and exclusively reflects the Electronics activity
as well as the Company’s corporate functions expenses. This was
already the case in H1’21 financial statements.
Consolidated income statement
|
H1’22 |
H1’21 |
(Euro
Millions) |
(ended Sept. 30, 2021) |
(ended Sept. 30, 2020) |
|
|
|
|
|
|
Revenue |
373.1 |
254.4 |
|
|
|
Cost of
sales |
(241.7) |
(176.9) |
|
|
|
|
|
|
Gross
profit |
131.4 |
77.4 |
|
|
|
Sales and
marketing expenses |
(6.7) |
(5.5) |
Research and
development expenses |
(27.7) |
(17.5) |
General and
administrative expenses |
(21.8) |
(17.3) |
|
|
|
|
|
|
Current
operating income |
75.3 |
37.2 |
|
|
|
Other
operating income / (expenses) |
9.4 |
(0.0) |
|
|
|
|
|
|
Operating
income |
84.7 |
37.1 |
|
|
|
Financial
income |
3.3 |
0.1 |
Financial
expenses |
(8.0) |
(10.2) |
|
|
|
|
|
|
Financial income / (expense) |
(4.7) |
(10.2) |
|
|
|
|
|
|
Profit before
tax |
80.1 |
27.0 |
|
|
|
Income
tax |
(5.6) |
(4.8) |
|
|
|
|
|
|
Net profit
from continuing operations |
74.5 |
22.2 |
|
|
|
Net profit /
(loss) from discontinued operations |
(0.3) |
(0.0) |
|
|
|
|
|
|
Consolidated
net profit |
74.2 |
22.2 |
|
|
|
Non-controlling interests |
- |
- |
|
|
|
|
|
|
Net profit,
Group share |
74.2 |
22.2 |
Balance sheet at September 30, 2021
Assets |
Sept. 30, 2021 |
March 31, 2021 |
(Euro
Millions) |
|
|
|
|
|
Non-current
assets: |
|
|
|
|
|
Intangible
assets |
102.1 |
99.1 |
Property,
plant and equipment |
473.4 |
378.2 |
Non-current
financial assets |
14.6 |
12.7 |
Other
non-current assets |
16.9 |
15.4 |
Deferred tax
assets |
41.4 |
53.1 |
|
|
|
|
|
|
Total
non-current assets |
648.4 |
558.5 |
|
|
|
Current
assets: |
|
|
|
|
|
Inventories |
147.8 |
124.3 |
Trade
receivables |
184.9 |
157.4 |
Other current
assets |
93.5 |
77.1 |
Current
financial assets |
2.3 |
6.3 |
Cash and cash
equivalents |
589.9 |
644.4 |
|
|
|
|
|
|
Total current
assets |
1,018.4 |
1,009.5 |
|
|
|
Total
assets |
1,666.7 |
1,568.0 |
Equity and liabilities |
Sept. 30, 2021 |
March 31, 2021 |
(Euro
Millions) |
|
|
|
|
|
Equity: |
|
|
|
|
|
Share
capital |
67.6 |
66.7 |
Share
premium |
94.9 |
83.2 |
Reserves and
retained earnings |
612.9 |
533.2 |
Other
reserves |
(10.3) |
(7.6) |
|
|
|
|
|
|
Equity, Group Share |
765.2 |
675.5 |
|
|
|
|
|
|
Total
equity |
765.2 |
675.5 |
|
|
|
Non-current
liabilities: |
|
|
|
|
|
Long-term
financial debt |
466.7 |
612.3 |
Provisions and
other non-current liabilities |
42.3 |
43.8 |
|
|
|
|
|
|
Total
non-current liabilities |
509.0 |
656.1 |
|
|
|
Current
liabilities: |
|
|
|
|
|
Short-term
financial debt |
169.9 |
36.2 |
Trade
payables |
90.8 |
79.0 |
Provisions and
other current liabilities |
131.9 |
121.3 |
|
|
|
|
|
|
Total current
liabilities |
392.6 |
236.5 |
|
|
|
|
|
|
Total equity
and liabilities |
1,666.7 |
1,568.0 |
Consolidated cash-flows
|
H1’22 |
H1’21 |
(Euros
millions) |
(ended Sept. 30, 2021) |
(ended Sept. 30, 2020) |
|
|
|
|
|
|
Consolidated
net profit / (loss) |
74.2 |
22.2 |
of which continuing operations |
74.5 |
22.2 |
|
|
|
Depreciation
and amortization expenses |
36.7 |
27.4 |
Impairment
reversal and accelerated depreciation of non-current assets |
(10.0) |
- |
Provisions,
net |
(0.3) |
1.0 |
Provisions for
retirement benefit obligations |
0.7 |
0.6 |
Income on
assets disposals |
0.1 |
0.7 |
Income tax
(credit) / expense |
5.6 |
4.8 |
Financial
(income) / expense |
4.7 |
10.2 |
Share-based
payments |
11.3 |
9.4 |
Other non-cash
items |
14.2 |
1.1 |
Non-cash items
related to discontinued operations |
0.1 |
(0.1) |
|
|
|
|
|
|
EBITDA2 |
137.3 |
77.1 |
of which continuing operations |
137.5 |
77.3 |
|
|
|
|
|
|
Increase /
(decrease) in cash relating to: |
|
|
|
|
|
Inventories |
(37.0) |
(24.2) |
Trade
receivables |
(19.5) |
59.5 |
Other
receivables |
(18.7) |
5.5 |
Trade
payables |
6.6 |
0.6 |
Other
liabilities |
(13.3) |
(10.2) |
Tax received /
(paid) |
2.9 |
(6.3) |
Change in
working capital requirement and tax paid on discontinued
operations |
0.0 |
(0.0) |
|
|
|
|
|
|
Change in
working capital and tax paid |
(78.8) |
25.0 |
of which continuing operations |
(78.8) |
25.0 |
|
|
|
|
|
|
Net cash
generated by / (used in) operating activities |
58.5 |
102.1 |
of which continuing operations |
58.6 |
102.3 |
|
H1’22 |
H1’21 |
(Euro
Millions) |
(ended Sept. 30, 2021) |
(ended Sept. 30, 2020) |
|
|
|
|
|
|
Net cash
generated by / (used in) operating activities |
58.5 |
102.1 |
of which continuing operations |
58.6 |
102.3 |
|
|
|
Purchases of
intangible assets |
(13.1) |
(8.9) |
Purchases of
property, plant and equipment |
(85.4) |
(36.2) |
Proceeds from
sales of intangible assets and property, plant and equipment |
0.5 |
- |
Acquisition of
a subsidiary, net of cash acquired |
(1.4) |
(1.0) |
(Acquisitions)
and disposals of financial assets |
(1.9) |
1.7 |
Interest
received |
0.1 |
0.1 |
Flows from
(investing) / divestment activities on discontinued operations |
(0.0) |
- |
|
|
|
|
|
|
Net cash
generated by / (used in) investing activities |
(101.2) |
(44.2) |
of which continuing operations |
(101.3) |
(44.2) |
|
|
|
Financing
received from non-controlling interests |
0.2 |
0.5 |
Drawing of
credit lines and new loans |
3.5 |
61.7 |
Repayment of
borrowings (including leases) |
(13.1) |
(16.3) |
Interest
paid |
(1.6) |
(0.6) |
Financing
flows related to discontinued operations |
(1.5) |
(0.0) |
|
|
|
|
|
|
Net cash
generated by / (used in) financing activities |
(12.5) |
45.3 |
of which continuing operations |
(11.0) |
45.3 |
|
|
|
Effects of
exchange rate fluctuations |
0.8 |
(2.9) |
|
|
|
|
|
|
Change in net
cash |
(54.4) |
100.3 |
of which continuing operations |
(52.7) |
100.5 |
|
|
|
Cash
at beginning of the period |
644.4 |
191.0 |
Cash
at end of the period |
589.9 |
291.3 |
|
|
|
Adjusted
net cash used in investing activities
(1) |
(102.5) |
(47.7) |
|
|
|
Adjusted
net cash generated by / (used in) financing activities
(1) |
(9.7) |
48.8 |
(1) Adjusted net cash used by investing
activities includes 1.2 million Euros in H1’22 (3.5 million Euros
in H1’21) of investments which have been financed through leasing
(lease-back) and adjusted net cash generated by financing
activities includes the same 1.2 million Euros (3.5 million Euros
in H1’21).
1 The EBITDA represents the current operating income before
depreciation, amortization, non-monetary items related to
share-based payments, and changes in provisions on current assets
and provisions for risks and contingencies, excluding income on
asset disposals. This alternative indicator of performance 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
/ Revenue.
3 Audit procedures were completed and the audit report is in the
process of being issued.
4 The net debt represents financial debt less cash and cash
equivalents.
SOITEC (EU:SOI)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
SOITEC (EU:SOI)
Historical Stock Chart
Von Apr 2023 bis Apr 2024