SOITEC REPORTS FY’21 FOURTH QUARTER REVENUES
SOITEC REPORTS FY’21 FOURTH QUARTER
REVENUES
- In line with guidance,
full-year FY’21 revenues were up
1% at constant exchange rates and
perimeter1 reaching
€584m, (down 2% on a reported basis)
- Q4’21
revenues reached €181m, down 6% at constant exchange rates and
perimeter1 versus record revenues
in Q4’20 and up 23% versus Q3’21
- Q4’21
confirmed sequential quarter over quarter sales growth achieved
throughout the fiscal year
- FY’21 Electronics
EBITDA2
margin3 still expected
around 30%
- FY’22 revenue guidance
confirmed, with sales expected above $900m
Bernin (Grenoble),
France, April 21st, 2021
– Soitec (Euronext Paris), a world leader in designing and
manufacturing innovative semiconductor materials, today announced
consolidated revenues of 180.7 million Euros for the fourth quarter
of FY’21 (ended March 31st, 2021), down 11.3% compared with the
record level of 203.8 million Euros achieved in the fourth quarter
of FY’20. This is the combination of a 6.2% decrease at constant
exchange rates and a negative currency impact of 5.1%.
On a sequential basis, fourth quarter sales were
up by 23.0% at constant exchange rates compared with the third
quarter of FY’21, confirming the quarter-over-quarter sales
increase that has been anticipated at the beginning of the fiscal
year.
Paul Boudre, Soitec’s CEO, commented:
“We finished the year in line with our guidance, succeeding
in achieving a small growth of revenues at constant exchange rate
despite the economic environment created by the health situation.
We increased our sales quarter after quarter throughout the year,
this fourth quarter being the second highest quarter ever achieved
by Soitec, and, in the meantime, generated more balanced revenues
from one quarter to another.
This strong performance bodes well for
the future. We recovered our growth dynamic from our second fiscal
quarter onward and we will pursue
this trajectory in the next 12 months and beyond. We continued to
recruit new talents and we are gradually adding production capacity
to be able to meet growing customer demand. The innovative
semiconductor materials are at the center of requirements driven by
massive deployment of 5G platform and accelerating adoption of mega
trends of car electrification and Artificial
Intelligence.”
Fourth quarter FY’21 consolidated sales
(unaudited)
|
Q4’20 |
Q4’21 |
Q4’21/Q4’20 |
|
|
|
|
|
(Euros
thousands) |
|
|
change reported |
chg. at const. exch. rates and
perimeter1 |
|
|
|
|
|
150/200-mm |
91,623 |
74,193 |
-19% |
-14% |
300-mm |
103,895 |
94,850 |
-9% |
-3% |
Royalties and
other revenues |
8,299 |
11,666 |
+41% |
+42% |
|
|
|
|
|
Total revenues |
203,817 |
180,708 |
-11% |
-6% |
Total revenues recorded a 6.2% decline at
constant exchange rates in the fourth quarter of FY’21 compared to
the fourth quarter of FY’20. They continued to benefit from strong
sales of RF-SOI wafers dedicated to radiofrequency applications for
smartphones, although at a lower level than the record sales
achieved in the fourth quarter of FY’20. Sales of Imager-SOI and
Photonics-SOI products also came lower than in the fourth quarter
of FY’20. On the other hand, POI wafer sales dedicated to
smartphones’ RF filters benefitted from a strong demand and the
ongoing ramp-up in production: they showed substantial growth
compared to the fourth quarter of FY’20. Sales of FD-SOI were also
higher. Sales of Power-SOI were slightly up. In addition, other
revenues benefitted from a strong performance by Dolphin
Design.
On a sequential basis, fourth quarter sales were
up by 23.0% at constant exchange rates compared with the third
quarter of FY’21.
150/200-mm wafer sales
150/200-mm wafers are mostly dedicated to
radiofrequency applications and, for a smaller part, to power
applications. In the fourth quarter of FY’21, 150/200-mm wafer
sales decreased by 14% at constant exchange rates, compared with
the record level achieved in the fourth quarter of FY’20. This is
essentially reflecting a decrease in volumes, as well as a slightly
less favorable product mix. 150/200-mm wafer sales were however up
by 16% at constant exchange rates compared to the third quarter of
FY’21 confirming the strong trend recorded quarter over quarter
since the beginning of the fiscal year.
By type of products, RF-SOI
200-mm wafer sales were lower than the record sales
achieved in the fourth quarter of FY’20 but slightly up compared to
the third quarter of FY’21 as they continue to be supported by
greater RF-SOI content for radiofrequency applications.
Power-SOI wafer sales slightly
increased in the fourth quarter of FY’21compared to the fourth
quarter of FY’20 and recorded a strong recovery on a sequential
basis after the difficulties met by the automotive market since the
beginning of the fiscal year in the context of the Covid-19
situation.
POI
(Piezoelectric-on-Insulator) wafer sales recorded a sharp
increase compared to the fourth quarter of FY’20 reflecting the
ramp-up in production enabled by the ongoing extension of the
dedicated 150-mm industrial capacity at Bernin. Sales were also
higher than in the third quarter of FY’21 as POI substrates
continue to bring strong value proposition to smartphones’ 4G/ 5G
RF filters for mass markets.
300-mm wafer sales
In the fourth quarter of FY’21, 300-mm wafer
sales decreased by only 3% at constant exchange rates, compared
with the high comparison base of the fourth quarter of FY’20. This
is resulting from a combination of a small volume decrease and a
slightly less favorable product mix. 300-mm wafer sales were
however up by 25% at constant exchange rates compared to the third
quarter of FY’21 confirming the strong momentum achieved quarter
over quarter since the beginning of the fiscal year.
RF-SOI 300-mm wafer sales
continue to be supported by the still important 4G market as well
as further deployment of first generations of 5G smartphones.
FD-SOI wafer sales reached
a higher level than in the fourth quarter of FY’20 and a
substantial growth compared to the third quarter of FY’21,
confirming the rebound already achieved in the third quarter of
FY’21. Indeed, FD-SOI based offering from fabless companies
continued to strengthen for applications related to 5G, Edge
Computing and Automotive.
Sales of Imager-SOI wafers for
3D applications dedicated to smartphones and
Photonics-SOI wafers for data centers were both
lower that in the fourth quarter of FY’20, but for each of them
sales have been growing quarter after quarter over the full fiscal
year.
Royalties and other revenue
Total Royalties and other revenues reached 11.7
million Euros in the fourth quarter of FY’21 compared to 8.3
million Euros in the fourth quarter of FY’20. This strong increase
essentially came from a very good quarter achieved by Dolphin
Design.
FY’21 consolidated sales
(unaudited)
|
FY’20 |
FY’21 |
FY’21/FY’20 |
|
|
|
|
|
(Euros
thousands) |
|
|
change reported |
chg. at const. exch. rates and
perimeter1 |
|
|
|
|
|
150/200-mm |
274,933 |
277,376 |
+1% |
+4% |
300-mm |
294,363 |
276,650 |
-6% |
-3% |
Royalties and
other revenues |
28,253 |
29,735 |
+5% |
+6% |
|
|
|
|
|
Total revenues |
597,549 |
583,761 |
-2% |
+1% |
For the full-year of FY’21, revenues reached
583.8 million Euros, up 0.9% at constant exchange rates and
perimeter1 compared with the full-year of FY’20.
150/200-mm wafer sales were up 4% at constant
exchange rates compared to FY’20 while 300-mm wafer sales were down
by 3% at constant exchange rates.
While FY’21 RF-SOI wafer sales have been stable
compared to FY’20, performance of other products was more
contrasted with a strong increase in POI and Imager-SOI wafer sales
and a decline in Power-SOI, FD-SOI, and Photonics-SOI wafer
sales.
Key events of the quarter
Recent news related to the
adoption of FD-SOI technology
1) Bosch using GF’s 22FDX RF solution
for mmWave automotive radar
SoC
GlobalFoundries (GF) (the world’s leading
specialty foundry) and Germany’s Bosch are partnering to develop
and manufacture next-generation automotive radar technology.
Bosch chose GF 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.
The first 22FDX-based radar SoCs for further
testing Bosch’s new generation of automotive radars are targeted
for delivery in second-half 2021.
2) NXP continues to
expand product families built on 28FDS technology NXP
introduces in 28FDS manufactured by Samsung Foundry, two new
members to its popular Ultra Low Power “crossover” product line
with i.MX 8ULP and i.MX 8ULP-CS for secure cloud connectivity. The
next evolution of the edge computing will be driven by distributed
intelligence across billions of devices, and that requires profound
innovations in processing, energy efficiency, and security.
Outlook
Soitec confirms expecting FY’21 Electronics
EBITDA2 margin3 to reach around 30%.
Soitec also confirms expecting FY’22 sales to
reach above 900 million US Dollars.
# # #
Analysts conference call to be held in
English on Thursday 22nd April 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/20210422_1
# # #
Agenda
Full-year FY’21 results are due to be published
on June 9th, 2021 after market close.
Soitec will host a Capital Markets Day on the
next day (June 10th, 2021).
# # #
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 3,300 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.
# # #Appendix
Consolidated sales (Q3’21 and Q4’21
unaudited)
Quarterly
sales |
Q4 |
Q1 |
Q2 |
Q3 |
Q4 |
(Euros
thousands) |
‘19 |
‘20 |
‘20 |
‘21 |
‘20 |
‘21 |
‘20 |
‘21 |
‘20 |
‘21 |
|
|
|
|
|
|
|
|
|
|
|
150/200-mm |
60,206 |
91,623 |
59,469 |
67,392 |
61,957 |
71,029 |
61,885 |
64,762 |
91,623 |
74,193 |
300-mm |
72,300 |
103,895 |
53,832 |
41,269 |
71,504 |
63,877 |
65,133 |
76,655 |
103,895 |
94,850 |
Royalties and other
revenues |
7,776 |
8,299 |
6,135 |
4,961 |
5,555 |
5,848 |
8,264 |
7,260 |
8,299 |
11,666 |
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
140,282 |
203,817 |
119,435 |
113,622 |
139,015 |
140,754 |
135,282 |
148,678 |
203,817 |
180,708 |
Quarterly
sales |
Q4’20 |
Q1’21 |
Q2’21 |
Q3’21 |
Q4’21 |
(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 |
change reported |
chg. at const. exch. rates and
perimeter1 |
change reported |
chg. at const. exch. rates and
perimeter1 |
|
|
|
|
|
|
|
|
|
|
|
150/200-mm |
+52.2% |
+47.0% |
+13.3% |
+13.1% |
+14.6% |
+17.2% |
+4.6% |
+9.1% |
-19.0% |
-14.4% |
300-mm |
+43.7% |
+38.8% |
-23.3% |
-23.5% |
-10.7% |
-8.6% |
+17.7% |
+23.3% |
-8.7% |
-2.9% |
Royalties and
other revenues |
+6.7% |
-1.4% |
-19.1% |
-22.1% |
+5.3% |
+5.9% |
-12.1% |
-11.0% |
+40.6% |
+42.3% |
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
+45.3% |
+40.1% |
-4.9% |
-5.2% |
+1.3% |
+3.5% |
+9.9% |
+14.7% |
-11.3% |
-6.2% |
1 At constant exchange rates and comparable scope of
consolidation:
- in Q3’19 and Q4’19, scope effects relate to the acquisition of
Dolphin Integration assets in August 2018
- in Q1’20 and Q2’20, scope effects relate to the acquisitions of
Dolphin Integration assets in August 2018 and the acquisition of
EpiGaN in May 2019
- in Q3’20, Q4’20 and Q1’21, scope effects relate to the
acquisition of EpiGaN in May 2019
- there is no scope effect in Q2’21, Q3’21 and Q4’21
Both Dolphin Integrations assets and EpiGaN are included in the
segment Royalties and other revenues.
# # #
1 At constant exchange rates and comparable
scope of consolidation; scope effect only applies to Q1; it is
related to the acquisition of EpiGaN N.V. in May 2019; there was no
scope effect in Q2, Q3 and Q4; EpiGaN N.V. was renamed Soitec
Belgium N.V. in July 2020; its revenues are included in the segment
Royalties and other revenues.
2 The EBITDA represents the operating income
(EBIT) before depreciation, amortization, non-monetary items
related to share-based payments, and changes in provisions on
current assets and provisions for risks and contingencies,
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 / Sales.
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