SOITEC REPORTS FULL YEAR RESULTS OF FISCAL YEAR 2021
SOITEC REPORTS FULL YEAR RESULTS OF FISCAL
YEAR 2021
- Revenue of €584m, up 1% at
constant exchange rates and
perimeter1 (down 2% on a
reported basis)
- Electronics
EBITDA2
margin3 at 30.7% of
revenue, in line with guidance
- Strong Electronics net
operating cash flow at €174m
- FY’22 revenue now expected
around $950m (or around €800m based on €/$ exchange rate of 1.2),
up around 40% at constant exchange rates and
perimeter1
- FY’22 Electronics
EBITDA2
margin3 expected around
32%
- FY’22 CAPEX planned at around
240m€ to support ongoing industrial capacity
increase
- Soitec’s strategic vision for
the next 5 years to be unveiled during 2021 Capital Markets
Day (see separate press release to be issued on
June 10th)
Bernin (Grenoble), France, June
9th, 2021 – Soitec
(Euronext Paris), a world leader in designing and manufacturing
innovative semiconductor materials, today announced its full-year
results for fiscal year 2021 (ended on March 31st, 2021). The
financial statements4 were approved by the Board of Directors
during its meeting today.
Paul Boudre, Soitec’s CEO, commented:
“As expected, our fiscal year 2021 has been a transition
year after close to 30% organic growth in fiscal year 2020. Despite
the Covid situation, we are fully in line with our guidance,
achieving a small organic growth in revenue and maintaining
our Ebitda margin above 30%. In
the meantime, we generated strong operating cash flows, which,
together with the proceeds from the new convertible bonds issued
last October, strengthens our cash
position and will contribute to the
financing of our growth even beyond our fiscal year
2022.
Our outlook for fiscal year 2022 looks
bright. Supported by the accelerated
deployment of 5G cellular communication,
reinforced demand from automotive sector and increasing
reliance on artificial intelligence on the Edge and Cloud
computing, we are upgrading our guidance and now expect organic
growth to reach around 40%. Such performance will allow us to
resume the strong growth trajectory that Soitec initiated five
years ago after the Group refocused on Electronics. In addition, we
expect to improve our Ebitda
margin, in line with our ambition to deliver profitable
growth,” added Paul Boudre.
Stable revenue and sustained level of
EBITDA2
margin3
Consolidated income statement (part 1)
(Euros
millions) |
FY’21 |
FY’20 |
% change |
|
|
|
|
Revenue |
583.8 |
597.5 |
-2% |
|
|
|
|
Gross
profit |
183.5 |
195.4 |
-6% |
As a % of
revenue |
31.4% |
32.7% |
|
|
|
|
|
Research and
development expenses |
(44.4) |
(32.5) |
+37% |
Selling,
general and administrative expenses |
(49.1) |
(45.2) |
+9% |
|
|
|
|
Current
operating income |
90.0 |
117.7 |
-24% |
As a % of
revenue |
15.4% |
19.7% |
|
|
|
|
|
Electronics
EBITDA2 (continuing operations) |
179.0 |
185.4 |
-3% |
As a % of
revenue |
30.7% |
31.0% |
|
Consolidated revenue reached
583.8 million Euros in FY’21, down 2.3% compared with FY’20.
This is the result of a 0.9% growth at constant exchange rates and
perimeter1 and a negative currency impact of -3.2% (the scope
effect related to the acquisition of Soitec Belgium in May 2019
being immaterial). Total wafer sales were equally split between
150/200-mm and 300-mm.
- 150/200-mm wafer
sales reached 277.4 million Euros, up 4% at constant
exchange rates and 1% on a reported basis. This is a combination of
further incremental growth achieved in 200-mm RF-SOI wafer sales
dedicated to radiofrequency applications for smartphones, lower
sales of Power-SOI as a result of the difficulties met by the
automotive industry and a strong increase in sales of 150-mm POI
(Piezoelectric-on-Insulator) wafers for RF filters, which was
enabled by Soitec’s increased industrial capacity.
- 300-mm wafer sales
amounted to 276.7 million Euros, representing a decrease of
3% at constant exchange rates and 6% on a reported basis.
300-mm RF-SOI wafer sales were slightly down but remained at a high
level, still supported by the 4G market and benefiting from the
growing 5G market. Sales of FD-SOI wafers came lower than last year
but recorded a firm rebound in the second part of the year
reflecting a strengthened FD-SOI based offering for applications
related to Edge-Computing and Automotive. Increase in other 300-mm
products sales was driven by higher sales of Imager-SOI dedicated
to 3D applications for smartphones, while sales of Photonics-SOI
for data centers came lower.
- Total Royalties and other
revenue increased from 28.3 million Euros in FY’20 to
29.7 million Euros in FY’21, up 6% at constant exchange rates
and perimeter1. This increase is essentially reflecting a stronger
contribution from Dolphin Design.
Gross profit reached 183.5
million Euros in FY’21, down from 195.4 million Euros in FY’20,
reflecting a decrease in gross margin from 32.7% of revenue to
31.4% of revenue. This mainly comes as a result of higher
depreciation costs, a lower loading of Bernin I and Bernin II
industrial facilities and an unfavorable currency impact. On the
other hand, gross margin benefitted from lower bulk material
prices, as a result of renegotiated long-term agreements with
suppliers.
Current operating income
declined from 117.7 million Euros, i.e. 19.7% of revenue, in FY’20
to 90.0 million Euros or 15.4% of revenue in FY’21. In addition to
lower gross profit, this decline is a direct consequence of the
increasing R&D efforts and new hirings made to support future
expansion:
- Net R&D
expenses increased from 32.5 million Euros in FY’20 to
44.4 million Euros in FY’21. This increase essentially reflects
higher gross R&D Expenses, driven in particular by continued
investment effort and higher depreciation, as well as lower
prototype sales.
- Selling, general and
administrative (SG&A) expenses went up from 45.2
million Euros in FY’20 to 49.1 million Euros in FY’21, essentially
reflecting an increase in expenses related to employee compensation
schemes (higher number of staff and share-based payments related to
employee shareholding plans due to an increase in the share price).
As a percentage of revenue, SG&A expenses went slightly up from
7.6% in FY’20 to 8.4% in FY’21.
The EBITDA2
from continuing operations (Electronics) amounted
to 179.0 million Euros, down from 185.4 million Euros in FY’20.
Despite unfavorable currency impact and continuous efforts in
R&D and SG&A, the EBITDA2 margin was maintained above 30%,
reaching 30.7% of revenue in FY’21, compared with 31.0% of revenue
in FY’20.
Depreciation and amortization
expenses went up from 45.5 million Euros in FY’20 to 59.9
million in FY’21, as a result of the high level of industrial
capacity and R&D investments carried out by the Group in
previous years.
Consolidated income statement (part 2)
(Euros
millions) |
FY’21 |
FY’20 |
% change |
|
|
|
|
Current
operating income |
90.0 |
117.7 |
-24% |
|
|
|
|
Other
operating income |
0.4 |
1.8 |
|
|
|
|
|
|
|
|
|
Operating
income |
90.4 |
119.5 |
-24% |
|
|
|
|
Net financial
result |
(14.8) |
(4.1) |
|
Income
tax |
(1.5) |
(4.9) |
|
|
|
|
|
|
|
|
|
Net profit
from continuing operations |
74.1 |
110.5 |
-33% |
|
|
|
|
Net profit /
(loss) from discontinued operations |
(1.4) |
(0.9) |
|
|
|
|
|
Net
profit |
72.7 |
109.7 |
-34% |
|
|
|
|
Basic earnings
per share (in €) |
2.19 |
3.40 |
-36% |
|
|
|
|
Diluted
earnings per share (in €) |
2.16 |
3.32 |
-35% |
Number
of shares |
33 176 570 |
32 245 503 |
|
Number of
diluted shares |
35 014 307 |
33 984 168 |
|
The Group recorded 0.4 million Euros in
other operating income in FY’21 whereas it
recorded a 1.8 million Euros gain on the disposal of an industrial
site in FY’20. The operating income reached 90.4
million Euros in FY’21.
The net financial result was a
loss of 14.8 million Euros in FY’21 compared to a loss of 4.1
million Euros in FY’20. On the one hand, the Group recorded an
increase in financial expenses mostly related to the new 5-year
convertible bond issued in October 2020 (OCEANEs 2025). On the
other hand, the Group recorded a net foreign exchange loss of 3.6
million Euros in FY’21 compared to a foreign exchange gain of 0.6
million Euros recorded in FY’20.
Income tax amounted to (1.5)
million Euros in FY’21 as the Group continues to benefit from tax
loss carryforwards. It compares to (4.9) million Euros in
FY’20.
The Group’s consolidated net
profit amounted to 72.7 million Euros in FY’21, down 34%
compared with a net profit of 109.7 million Euros recorded in
FY’20.
Sharp increase in operating cash flows
Consolidated cash-flows
(Euros
millions) |
FY’21 |
FY’20 |
|
|
|
Continuing
operations |
|
|
|
|
|
EBITDA2 |
179.0 |
185.4 |
|
|
|
Change in
working capital |
9.3 |
(59.1) |
Tax paid |
(14.0) |
(25.6) |
|
|
|
|
|
|
Net cash
generated by operating activities |
174.3 |
100.7 |
|
|
|
Net cash used
in investing activities |
(132.6) |
(108.1) |
|
|
|
Net proceeds
from OCEANEs 2025 issued |
321.1 |
- |
Proceeds from
shareholders and other items |
(0.9) |
22.7 |
Drawing on
credit lines, new loans and debt repayment (including finance
leases) |
94.2 |
(9.0) |
Financial
expenses |
(2.1) |
(2.0) |
|
|
|
|
|
|
Net cash
generated by financing activities |
412.3 |
11.7 |
|
|
|
Impact of
exchange rate fluctuations |
(0.3) |
(4.6) |
|
|
|
|
|
|
Net change in
cash |
453.7 |
(0.3) |
|
|
|
Discontinued
operations |
(0.4) |
16.0 |
|
|
|
|
|
|
Group
net change in cash |
453.4 |
15.7 |
|
|
|
Adjusted net cash generated by / (used in) investing
activities (1) |
(136.7) |
(132.8) |
|
|
|
Adjusted free cash-flows |
37.6 |
(32.1) |
|
|
|
Adjusted net cash generated by / (used in) financing
activities (1) |
416.5 |
36.4 |
(1) Adjusted net cash used by investing
activities includes 4.1 million Euros in FY’21 (24.7 million Euros
in FY’20) of investments which have been financed through leasing
(lease-back) and adjusted net cash generated by financing
activities includes the same 4.1 million Euros (24.7 million Euros
in FY’20).
The working capital
requirements from continuing operations improved by 9.3
million Euros during FY’21 thanks to a strong monitoring. This good
performance is essentially a reflection of an 18.3 million Euros
increase in accounts payables and other liabilities, partially
offset by a 9.4 million Euros increase in inventories.
This 9.3 million Euros cash inflow from working
capital compares to a cash outflow of 59.1 million Euros recorded
in FY’20. In addition, tax paid was down to 14.0 million Euros from
25.6 million Euros in FY’20. As a result, net operating
cash generated by continuing operations increased sharply,
reaching 174.3 million Euros in FY’21 compared with 100.7
million Euros generated in FY’20.
In FY’21, the adjusted cash out related
to investing activities of continuing operations amounted
to 136.7 million Euros compared to 132.8 million Euros in FY’20
which was including 25.5 million Euros related to the acquisition
of Soitec Belgium. FY’21 capital expenditure includes
24.2 million Euros of investments in intangible assets (mostly
capitalized R&D and software) and 113.5 million Euros of
investments in tangible assets essentially reflecting capacity
investments carried out both in Bernin (mostly for 150-mm POI
wafers production at Bernin III) and in Singapore, as well as IT
investments.
Thanks to the strong operating cash flows and
despite significant cash out from investments, adjusted free cash
flows are positive at 37.6 million Euros as compared with negative
free cash flows of 32.1 million Euros in FY’20.
Adjusted net cash generated by financing
activities of continuing operations amounted to 416.5
million Euros. Financing included 321.1 million Euros of net
proceeds from the issue of OCEANEs 2025 convertible bonds, 94.6
million Euros of drawdowns on the 200 million Euros long-term loan
facility granted by Banque des Territoires (Caisse des Dépôts
Group) as part of Nano 2022 plan to support the financing of both
R&D programs and investments in first industrial deployment
infrastructures in France as well as 44 million Euros of bank loans
in Singapore to finance tools.
In total, net cash generated by
continuing operations reached 453.7 million Euros.
Net cash used by
discontinued operations stood at 0.4 million Euros.
Overall, Soitec’s cash position
has increased by 453.4 million Euros in FY’21 to reach
644.4 million Euros on March 31st, 2021.
Further strengthened financial
position
Thanks to the strong operating cash flow
generated in FY’21, Soitec has further strengthened its balance
sheet.
Shareholders’ equity increased
by 123.8 million Euros in FY’21 to 675.5 million Euros, mainly
thanks to the net profit generated during the period and the equity
part of the OCEANEs 2025 convertible bonds issue.
Financial debt increased from
244.7 million Euros on March 31st, 2020 to 648,5 million Euros on
March 31st, 2021. This is essentially reflecting the debt part of
the OCEANEs 2025 convertible bonds issue, the drawdowns on the
long-term loan facility granted by Banque des Territoires and the
new bank loan in Singapore.
However, thanks to the Group’s strong cash
position, net debt5 went down
from 53.7 million Euros on March 31st, 2020 to 4.1 million Euros on
March 31st, 2021.
Key events of FY’21
Business key events
POI substrates business agreement with Qualcomm
Technologies for 4G/ 5G RF filters
After multiple years of collaboration with
Qualcomm Technologies, Soitec announced on July 7th, 2020, the
signing of a supply agreement of POI substrates for Qualcomm’s new
generation of RF filters going to smartphones RF front end
modules.
RF-SOI wafer supply agreement with GlobalFoundries for
5G radiofrequency solutions
On November 5th, 2020, Soitec announced a
strategic multi-year supply agreement with GlobalFoundries for
RF-SOI wafers aimed at supporting the growing demand for the
foundry’s most advanced RF front-end-module platform, called 8SW,
using Soitec’s 300-mm RF-SOI wafers.
Strengthened adoption of FD-SOI technology
During the fourth quarter of FY’21, Bosch chose
GlobalFoundries as its partner to develop a millimeter-wave
(mmWave) automotive radar system-on-chip (SoC) for Advanced Driver
Assistance Systems (ADAS) applications, manufactured using GF’s
22FDX RF solution.
Also during the fourth quarter, NXP continued to
expand its Ultra Low Power “crossover” product line built on 28FDS
technology and manufactured by Samsung Foundry, introducing two new
products aimed at securing cloud connectivity.
People- and CSR-related news
Free share allocation plans
On November 18th, 2020, the Board of Directors
has allocated a free share plan to all employees representing a
maximum dilution of 0.43% of the outstanding share capital, as well
as free shares to 22 executives representing a maximum dilution of
0.18% of the outstanding share capital.
Soitec launches ELEVATE to attract new talent and
create jobs
On January 5, 2021, Soitec launched a
company-wide job creation program called ELEVATE to firstly recruit
100 new high potentials at its headquarters and production
facilities in Bernin, before rolling out the program in Singapore
where Soitec is ramping up its production and operations.
Soitec enters
Gaïa Index while engaging to set new
global climate and sustainability
targets
On January 11, 2021, Soitec announced it has
received an 82/100 score in Gaïa Rating’s 2020 ESG survey, ranking
16th amongst 230 rated companies. Soitec consequently joined the
Gaïa Index, which groups the 70 top-rated companies. Soitec also
achieved in December 2020 an upgrade in its CDP rating, from
category F to category C. In the meantime, Soitec engaged to set
itself new and ambitious mid- and long-term targets to cut its
greenhouse gas (GHG) emissions and increase its support to reach
the objectives of the COP21 Paris Agreement on climate change.
Soitec’s objectives and achievements in environmental
sustainability will be monitored, validated and disclosed in
cooperation with the globally recognized Science Based Targets
initiative (SBTi).
Other key events
Acquisition of a further 20% stake in Dolphin
Design
On November 13th, 2020, Soitec acquired from its
partner MBDA a further 20% equity stake in Dolphin Design,
increasing its holding to 80%, with MBDA still owning the remaining
20%.
France awards Soitec-led European consortium for
semiconductor innovation
On December 17th, 2020, the French Government
has granted the REFERENCE consortium, a project based on the
Silicon on Insulator substrate technology and led by Soitec, the
“Étoile de l’Europe” (“Star of Europe”) award for innovation in
telecommunication. REFERENCE brings together 15 multidisciplinary
partners from four European countries.
Outlook
Soitec is upgrading its revenue outlook for
FY’22, now expecting FY’22 revenue to reach around 950 million
Dollars, against a previous guidance at above 900 million Dollars.
Based on a €/$ rate of 1.2, Soitec’s new guidance stands at
around 800 million Euros. This represents a growth of around 40% at
constant exchange rates and perimeter1.
Organic growth is expected across all diameters.
Soitec expects strong growth in 300-mm wafer sales driven by RF-SOI
to support the ongoing deployment of 5G smartphones, by FD-SOI with
applications in 5G, edge computing and automotive, as well as by
Imager-SOI. Soitec also expects further growth in 200-mm wafer
sales thanks to continuous increase of RF-SOI content in
smartphones. Finally, Soitec expects a sharp increase in 150-mm POI
wafer sales.
Soitec expects its FY’22 Electronics EBITDA2
margin3 to reach around 32%. This represents circa 130 basis points
improvement from FY’21. Despite expected unfavorable currency
impact, Soitec will benefit from a full loading of Bernin I and
Bernin II production facilities, a higher loading of Singapore
plant as well as favorable raw material prices due to suppliers
long-term agreements.
In addition, Soitec anticipates Electronics
adjusted net cash out related to capital expenditure to reach
around 240 million Euros in FY’22, essentially reflecting an
acceleration in capacity investments to support Singapore ramp-up
in 300-mm and further capacity increase in 150-mm at Bernin III for
POI products.
Soitec’s strategic vision for the next five
years will be unveiled during 2021 Capital Markets Day that will be
held on June 10th, 2021. A separate press release outlining
Soitec’s financial targets for 2026 will be issued on June 10th,
2021 before market opens.
# # #
FY’21 results will be commented as part
of Soitec’s 2021 Capital Markets Day to be held in English on June
10th,
2021 at 2:00pm CET
A live webcast of the Capital Markets Day will be accessible at
the following
address: https://channel.royalcast.com/webcast/soitec/20210610_1/
The slide presentation will be available on Soitec’s website at
2:00pm CET.
The replay of the event will be available at the same address:
https://channel.royalcast.com/webcast/soitec/20210610_1/ or
directly from Soitec’s website.
# # #
Agenda
Q1’22 revenue is due to be published on July
21st, 2021 after market close.
Soitec’s Annual General Meeting will be held on
July 28th.
# # #
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 2019-2020 Universal
Registration Document (which notably includes the 2019-2020 Annual
Financial Report) and in the Company’s FY’21 half-year report
released on November 19th, 2020. The Company’s 2019-2020 Universal
Registration Document was filed with the AMF. Both the Universal
Registration Document and the half-year report are available on the
Company’s website in both French and English versions
(www.soitec.com, in section “Company - Investors - Financial
Reports”).
Your attention is drawn to the risk factors
described in Chapter 2.2 of the Company’s 2019-2020 Universal
Registration Document.
This document contains summary information and
should be read in conjunction with the 2019-2020 Universal
Registration Document and the FY’21 half-year report.
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 2.2 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 and
semiconductor expertise to serve the electronics markets. With more
than 3,500 patents worldwide, Soitec’s strategy is based on
disruptive innovation to answer its customers’ needs for high
performance, energy efficiency and cost competitiveness. Soitec has
manufacturing facilities, R&D centers and offices in Europe,
the U.S. and Asia.
Soitec and Smart Cut are registered trademarks
of Soitec.
For more information, please
visit www.soitec.com and follow
us on Twitter: @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 € 66,557,802.00, 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:
- FY’21 consolidated income
statement
- Balance sheet at March 31, 2021
- FY’21 consolidated cash-flows
Consolidated financial statements for
FY’21
As previously reported, Soitec’s refocus on
Electronics operations decided in January 2015 was nearly completed
on March 31st, 2016. Consequently, the FY’21 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 FY’20 financial statements.
Consolidated income statement
|
FY’21 |
FY’20 |
(Euro
Millions) |
(endedMarch 31,
2021) |
(endedMarch 31,
2020) |
|
|
|
|
|
|
Sales |
583.8 |
597.5 |
|
|
|
Cost of
sales |
(400.3) |
(402.1) |
|
|
|
|
|
|
Gross
profit |
183.5 |
195.4 |
|
|
|
Sales and
marketing expenses |
(11.7) |
(10.2) |
Research and
development expenses |
(44.4) |
(32.5) |
General and
administrative expenses |
(37.4) |
(35.0) |
|
|
|
|
|
|
Current
operating income |
90.0 |
117.7 |
|
|
|
Other
operating income |
0.4 |
1.8 |
|
|
|
|
|
|
Operating
income |
90.4 |
119.5 |
|
|
|
Financial
income |
0.5 |
3.2 |
Financial
expenses |
(15.3) |
(7.3) |
|
|
|
|
|
|
Net financial
expenses |
(14.8) |
(4.1) |
|
|
|
|
|
|
Profit before
tax |
75.6 |
115.4 |
|
|
|
Income
tax |
(1.5) |
(4.9) |
|
|
|
|
|
|
Net profit
from continuing operations |
74.1 |
110.5 |
|
|
|
Net profit /
(loss) from discontinued operations |
(1.4) |
(0.9) |
|
|
|
|
|
|
Consolidated
net profit |
72.7 |
109.7 |
|
|
|
Non-controlling interests |
- |
- |
|
|
|
|
|
|
Net profit,
Group share |
72.7 |
109.7 |
Balance sheet at March 31, 2021
Assets |
March 31, 2021 |
March 31, 2020 |
(Euro
Millions) |
|
|
|
|
|
Non-current
assets: |
|
|
|
|
|
Intangible
assets |
99.1 |
87.5 |
Property,
plant and equipment |
378.2 |
297.2 |
Non-current
financial assets |
12.7 |
14.4 |
Other
non-current assets |
15.4 |
9.0 |
Deferred tax
assets |
53.1 |
37.2 |
|
|
|
|
|
|
Total
non-current assets |
558.5 |
445.2 |
|
|
|
Current
assets: |
|
|
|
|
|
Inventories |
124.3 |
123.3 |
Trade
receivables |
157.4 |
167.4 |
Other current
assets |
77.1 |
73.9 |
Current
financial assets |
6.3 |
0.4 |
Cash and cash
equivalents |
644.4 |
191.0 |
|
|
|
|
|
|
Total current
assets |
1 009.5 |
556.0 |
|
|
|
Total
assets |
1 568.0 |
1 001.2 |
Equity and liabilities |
March 31, 2021 |
March 31, 2020 |
(Euro
Millions) |
|
|
|
|
|
Equity: |
|
|
|
|
|
Share
capital |
66.7 |
66.6 |
Share
premium |
83.2 |
82.4 |
Reserves and
retained earnings |
533.2 |
395.4 |
Other
reserves |
(7.6) |
7.4 |
|
|
|
|
|
|
Equity, Group Share |
675.5 |
551.7 |
|
|
|
|
|
|
Total
equity |
675.5 |
551.7 |
|
|
|
Non-current
liabilities: |
|
|
|
|
|
Long-term
financial debt |
612.3 |
192.5 |
Provisions and
other non-current liabilities |
43.8 |
40.5 |
|
|
|
|
|
|
Total
non-current liabilities |
656.1 |
233.0 |
|
|
|
Current
liabilities: |
|
|
|
|
|
Short-term
financial debt |
36.2 |
52.2 |
Trade
payables |
79.0 |
76.3 |
Provisions and
other current liabilities |
121.3 |
88.0 |
|
|
|
|
|
|
Total current
liabilities |
236.5 |
216.5 |
|
|
|
|
|
|
Total equity
and liabilities |
1 568.0 |
1 001.2 |
Consolidated cash-flows
|
FY’21 |
FY’20 |
(Euros
millions) |
(endedMarch 31,
2021) |
(endedMarch 31,
2020) |
|
|
|
|
|
|
Consolidated
net profit |
72.7 |
109.7 |
of which continuing operations |
74.1 |
110.5 |
|
|
|
Depreciation
and amortization expenses |
59.9 |
45.5 |
Impairment of
non-current assets and accelerated depreciation |
- |
0.0 |
Provisions,
net |
6.8 |
1.9 |
Proceeds from
disposal of assets |
0.8 |
(0.2) |
Income on
assets disposals |
1.2 |
(0.8) |
Income
tax |
1.5 |
4.9 |
Net financial
expense |
14.8 |
4.1 |
Share-based
payments |
20.0 |
19.5 |
Non-cash items
related to discontinued operations |
1.1 |
(0.1) |
|
|
|
|
|
|
EBITDA2 |
178.7 |
184.5 |
of which continuing operations |
179.0 |
185.4 |
|
|
|
|
|
|
Change in
: |
|
|
|
|
|
Inventories |
(9.4) |
(51.9) |
Trade
receivables |
0.4 |
(33.8) |
Other
receivables |
(3.0) |
11.1 |
Trade
payables |
7.4 |
11.8 |
Other
liabilities |
14.0 |
3.7 |
Income tax
paid |
(14.0) |
(25.6) |
Change in
working capital requirement and tax paid on discontinued
operations |
(0.0) |
(0.1) |
|
|
|
|
|
|
Change in
working capital and tax paid |
(4.7) |
(84.9) |
of which continuing operations |
(4.7) |
(84.7) |
|
|
|
|
|
|
Net cash
generated by / (used in) operating activities |
174.0 |
99.6 |
of which continuing operations |
174.3 |
100.7 |
|
FY’21 |
FY’20 |
(Euro
Millions) |
(endedMarch 31,
2021) |
(endedMarch 31,
2020) |
|
|
|
|
|
|
Net cash
generated by operating activities |
174.0 |
99.6 |
of which continuing operations |
174.3 |
100.7 |
|
|
|
Purchases of
intangible assets |
(24.2) |
(31.1) |
Purchases of
property, plant and equipment |
(109.4) |
(53.0) |
Proceeds from
sales of intangible assets and property, plant and equipment |
0.4 |
2.2 |
Acquisition of
subsidiaries, net of cash acquired |
(1.0) |
(25.5) |
(Acquisitions)
and disposals of financial assets |
1.1 |
(1.2) |
Interest
received |
0.4 |
0.4 |
Investment /
divestment flows related to discontinued operations |
- |
17.1 |
|
|
|
|
|
|
Net cash used
in investing activities |
(132.6) |
(91.1) |
of which continuing operations |
(132.6) |
(108.1) |
|
|
|
Capital
increase and other items |
(0.9) |
22.7 |
Convertible
bond (net of issuance costs) - OCEANE 2025 |
321.1 |
- |
Loans and
drawdowns on credit lines |
143.2 |
22.3 |
Repayment of
borrowings (including finance leases) |
(48.9) |
(31.3) |
Interest
paid |
(2.1) |
(2.0) |
Financing
flows related to discontinued operations |
(0.0) |
0.0 |
|
|
|
|
|
|
Net cash
generated by financing activities |
412.3 |
11.7 |
of which continuing operations |
412.3 |
11.7 |
|
|
|
Effects of
exchange rate fluctuations |
(0.3) |
(4.6) |
|
|
|
|
|
|
Net change in
cash |
453.4 |
15.7 |
of which continuing operations |
453.7 |
(0.3) |
|
|
|
Cash
at beginning of the period |
191.0 |
175.3 |
Cash
at end of the period |
644.4 |
191.0 |
|
|
|
Adjusted
net cash used in investing activities
(1) |
(136.7) |
(132.8) |
|
|
|
Adjusted
net cash generated byfinancing
activities (1) |
416.5 |
36.4 |
(1) Adjusted net cash used by investing
activities includes 4.1 million Euros in FY’21 (24.7 million Euros
in FY’20) of investments which have been financed through leasing
(lease-back) and adjusted net cash generated by financing
activities includes the same 4.1 million Euros (24.7 million Euros
in FY’20).
1 At constant exchange rates and comparable scope of
consolidation; scope effect relates to the acquisition of Epigan in
May 2019, which was renamed Soitec Belgium N.V. in July 2020; its
revenue are included in the caption Royalties and other
revenue.
2 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.
3 Electronics EBITDA margin = EBITDA from continuing operations
/ Revenue.
4 Audit procedures were completed and the audit report is in the
process of being issued.
5 The net debt represents financial debt less cash and cash
equivalents.
- SOITEC PR FY'21 results VA
SOITEC (EU:SOI)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
SOITEC (EU:SOI)
Historical Stock Chart
Von Apr 2023 bis Apr 2024