SOITEC REPORTS SECOND QUARTER REVENUE AND FIRST HALF RESULTS OF
FISCAL YEAR 2024
SOITEC REPORTS SECOND QUARTER REVENUE
ANDFIRST HALF RESULTS OF FISCAL YEAR
2024
- Q2’24
revenue reached €245m, down 7% at constant exchange rates and
perimeter compared to Q2’23
- H1’24
revenue at €401m, down 15% both at constant exchange rates and
perimeter and on a reported basis compared with H1’23 - in line
with guidance
- H1’24
EBITDA1
margin2 stood at the
robust level of 33% of revenue while the Company maintained
significant investment in R&D
- Anticipated return to a
slight year-on-year organic growth in H2’24, leading to a moderate
downward revision of FY24 outlook: mid-single digit decline in
FY’24 revenue expected at constant exchange rate and
EBITDA1
margin2 anticipated
around 35%
Bernin (Grenoble), France, November
15th, 2023 – Soitec
(Euronext Paris), a world leader in designing and manufacturing
innovative semiconductor materials, today announced its revenue for
the second quarter of fiscal year 2024 and its results for the
first half of fiscal year 2024 (ended on September 30th, 2023). The
financial statements3 were approved by the Board of Directors
during its meeting today.
Pierre Barnabé, Soitec’s CEO, commented:
“With a sequential growth of over 50% compared to the first
quarter, our second-quarter revenue rebounded significantly, as we
had anticipated. This was particularly the case in Mobile
Communications as the inventory correction across the smartphone
value chain eased. We continue to leverage strong demand in
Automotive to deploy our SmartSiCTM
roadmap and we continue to progress actively with several
customers. Overall, our first half revenue is in line with our
expectations. We have maintained strong profitability and a solid
financial position, while continuing to invest in R&D and
industrial capacity, as well as building inventories to prepare for
H2’24.
Looking ahead, we maintain our growth
perspectives for the second part of the fiscal year. We note
however that the absorption of RF-SOI inventories at our customers
level will last longer than anticipated. At the same time, we
continue to expect sustained demand in Automotive & Industrial
as well as in Smart Devices. Consequently, we now anticipate a
full-fiscal-year revenue decline of around mid-single digit
percentage, and an EBITDA margin of around 35%. After this
transition year, we will resume our growth trajectory”
added Pierre Barnabé.
Second quarter FY’24 consolidated
revenue
|
Q2’24 |
Q2’23 |
Q2’24/Q2’23 |
|
|
|
|
|
(Euros millions) |
|
|
change reported |
chg. at const. exch. rates & perimeter |
|
|
|
|
|
Mobile communications |
169 |
189 |
-10% |
-9% |
Automotive &
Industrial |
38 |
34 |
+12% |
+13% |
Smart devices |
37 |
45 |
-18% |
-17% |
|
|
|
|
|
Total
revenue |
245 |
268 |
-9% |
-7% |
Soitec revenue reached 245 million Euros in the
second quarter of FY’24, down 9% on a reported basis compared with
268 million Euros achieved in the second quarter of FY’23. At
constant exchange rates and perimeter4, the revenue decreased 7%,
lower volumes being only partially offset by a favorable mix
effect.
Sequentially, second quarter FY’24 revenue was
up 56% excluding currency impact compared to the first quarter of
FY’24.
Mobile Communications
In the second quarter of FY’24, Mobile
Communications revenue reached 169 million Euros, up 91%
sequentially compared to the first quarter of FY’24 and down 9%
year-on-year at constant exchange rates compared to the second
quarter of FY’23.
As expected, the inventory digestion across the
whole smartphone supply chain continued to impact our RF-SOI wafers
sales, causing a decrease in revenue as compared to the second
quarter of FY'23.
On a sequential basis, however, RF-SOI wafer
sales were much higher than in the first quarter of FY’24,
supported by a greater penetration of high-end smartphones, with
continued adoption of 5G and Wi-Fi 6/6E/7 requiring higher content
of RF-SOI per smartphone. Further deployment of 5G infrastructure
is also contributing to higher sales.
Sales of POI
(Piezoelectric-on-Insulator) wafers continued to grow,
partially compensating for the year-on-year decrease of RF-SOI
wafers sales. Growth was driven by higher volumes from both
existing and new customers. Additionally, the Group continues to
work with several customers on qualifying Soitec’s POI
technology.
Sales of FD-SOI wafers continue
to show strong year-on-year growth, further demonstrating the value
they bring to front end modules integrated in both 5G Sub-6 GHz and
5G mmWave smartphones.
Automotive & Industrial
Automotive & Industrial revenue reached 38
million Euros in the second quarter of FY’24, a 1% sequential
growth compared to the first quarter of FY’24 and a 13%
year-on-year growth at constant exchange rates compared to the
second quarter of FY’23.
Demand from the automotive industry continues to
be driven by the rise in semiconductor content embedded in the
latest generations of vehicles. Soitec products are addressing
increasing needs for multimedia and infotainment, functional
safety, autonomous and assisted driving, as well as engine
electrification.
Growth in Automotive & Industrial mostly
came from Power-SOI wafers sales,
which increased significantly compared to the second quarter of
FY’23, reflecting higher volumes and, to a lesser extent, a
positive price / mix effect.
FD-SOI wafers sales remained
strong, mostly driven by adoption for automotive
microcontrollers.
In addition, Automotive & Industrial
continues to benefit from revenue generated by Soitec’s
SmartSiCTM technology. Soitec’s
new plant dedicated to SmartSiC™ substrates for future generations
of electric vehicles was inaugurated late September and production
ramp-up is expected in FY’25.
Smart Devices
Smart Devices revenue reached 37 million Euros
in the second quarter of FY’24, a 21% sequential increase compared
to the first quarter of FY’24, but a 17% decline at constant
exchange rates compared to the second quarter of FY’23.
Products dedicated to Smart devices are
supporting the need for more complex sensors, higher connectivity
functionalities and embedded intelligence, leading to more powerful
and efficient chips for Edge Artificial Intelligence, Image
Sensors, Data Centers and Cloud Computing.
Compared to the second quarter of FY’23,
performance was contrasted between the different products.
Sales of FD-SOI wafers were
much higher than in the second quarter of FY’23, supported by
structural demand for Edge Computing devices across consumer and
industrial sectors.
Conversely, sales of Photonics-SOI
wafers, providing high speed connectivity in the Cloud,
and sales of Imager-SOI wafers for 3D imaging
applications, were both lower than in the second quarter of
FY’23.
First half FY’24 consolidated
revenue
|
H1’24 |
H1’23 |
H1’24/H1’23 |
|
|
|
|
|
(Euros millions) |
|
|
change reported |
chg. at const. exch. rates & perimeter |
|
|
|
|
|
Mobile communications |
258 |
341 |
-24% |
-24% |
Automotive &
Industrial |
75 |
57 |
+31% |
+31% |
Smart devices |
68 |
73 |
-6% |
-6% |
|
|
|
|
|
Total
revenue |
401 |
471 |
-15% |
-15% |
Overall, consolidated revenue
reached 401 million Euros in the first half of FY’24, down 15% both
on a reported basis and at constant exchange rates and perimeter5
compared to 471 million Euros in the first half of FY’23. This 15%
decline is in line with Soitec’s guidance.
The decline in revenue essentially reflects
lower volumes, partly offset by a small favorable mix effect.
Performance was mixed across Soitec’s three end-markets:
- Mobile
Communications revenue reached 258 million Euros in the
first half of FY’24 (64% of total revenue), down 24% on a
reported basis and at constant exchange rates compared to the first
half of FY’23. The decline essentially reflects the ongoing RF-SOI
inventory adjustment across the entire smartphone supply chain. It
was, however, partly offset by higher FD-SOI wafer sales and by a
significant contribution from POI wafer sales.
- Automotive &
Industrial revenue amounted to 75 million Euros in the
first half of FY’24 (19% of total revenue), up 31% on a
reported basis and at constant exchange rates compared to the first
half of FY’23. This strong performance was essentially driven by a
solid increase in Power-SOI wafer sales, continued strength in
automotive FD-SOI, and the revenue generated by SmartSiCTM
technology.
- Smart devices
revenue reached 68 million Euros in the first half of FY’24 (17% of
total revenue), down 6% on a reported basis and at constant
exchange rates compared to the first half of FY’23. Strong growth
in FD-SOI wafer sales was more than offset by lower sales of both
Photonics-SOI and Imager-SOI wafers.
EBITDA1
margin2 maintained at a
robust level
Consolidated income statement (part 1)
(Euros millions) |
H1’24 |
H1’23 |
% change |
|
|
|
|
Revenue |
401 |
471 |
-15% |
|
|
|
|
|
|
|
|
Gross
profit |
144 |
168 |
-14% |
As a % of revenue |
36.0% |
35.6% |
|
|
|
|
|
Net research and development
expenses |
(34) |
(29) |
+17% |
Selling, general and
administrative expenses |
(25) |
(28) |
-11% |
|
|
|
|
|
|
|
|
Current operating
income |
85 |
110 |
-23% |
As a % of revenue |
21.3% |
23.4% |
|
|
|
|
|
|
|
|
|
EBITDA1 |
132 |
167 |
-21% |
As a % of revenue |
33.0% |
35.5% |
|
Current operating income
amounted to 85 million Euros in the first half of FY’24 moving from
23.4% of revenue in the first half of FY’23 to 21.3% of revenue in
the first half of FY’24:
- Gross profit
reached 144 million Euros in the first half of FY’24, down from 168
million Euros in the first half of FY’23 as a result of lower
revenue. Gross margin however recorded a 0.4 point increase, from
35.6% of revenue in the first half of FY’23 to 36.0% of revenue in
the first half of FY’24. Soitec achieved a robust gross margin
thanks to a favorable mix effect, a good industrial performance,
tight costs control, and a positive currency impact, offsetting
inflationary cost increases including higher bulk material prices
and higher depreciation. Industrial capacity utilization rate was
maintained at a satisfactory level as the Group also produced
wafers in anticipation of higher second half deliveries.
- Selling, general and
administrative (SG&A) expenses were down from 28
million Euros in the first half of FY’23 to 25 million Euros in the
first half of FY’24, almost stable as a percentage of revenue at
6.3% of revenue compared to 6.0% in the first half FY’23. This is
the result of further cost containment actions implemented by the
Group.
- While maintaining strong cost
control, the Group preserved strategic investments such as
innovation for new products development. As a consequence,
net R&D expenses increased from 29 million
Euros in the first half of FY’23 to 34 million Euros in the first
half of FY’24, representing 8.4% of revenue.
The EBITDA1
from continuing operations amounted to 132 million
Euros in the first half of FY’24, down 21% from 167 million Euros
in the first half of FY’23. Soitec however recorded a 33.0% EBITDA1
margin2, a robust level, although lower than the 35.5% margin
achieved in the first half of FY’23. This essentially reflect our
choice of maintaining a strong level of R&D investment.
Consolidated income statement (part 2)
(Euros millions) |
H1’24 |
H1’23 |
% change |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
86 |
110 |
-22% |
|
|
|
|
Net financial result |
2 |
(2) |
|
Income tax |
(8) |
(13) |
|
|
|
|
|
|
|
|
|
Net profit, Group
share |
80 |
95 |
-16% |
|
|
|
|
|
|
|
|
Basic earnings per
share (in €) |
2.24 |
2.72 |
-18% |
|
|
|
|
Diluted earnings per
share (in €) |
2.19 |
2.65 |
-17% |
|
|
|
|
|
|
|
|
Weighted average number of
ordinary shares |
35,620,925 |
35,001,682 |
|
|
|
|
|
Weighted average number of
diluted ordinary shares |
37,623,199 |
36,951,749 |
|
The net financial result was a
gain of 2 million Euros in the first half of FY’24 compared to a
loss of 2 million Euros in the first half of FY’23. In the context
of rising interest rates, the Group benefited from a 9 million
Euros increase in financial income mainly from cash investments,
which has more than offset a 4 million Euros increase in net
financial expenses. In addition, the Group recorded a net foreign
exchange gain of 3 million Euros in the first half of FY’24
compared to a gain of 4 million Euros in the first half FY’23.
Income tax expense amounted to
8 million Euros in the first half of FY’24 compared to 13 million
Euros in the first half of FY’23. The lower effective tax rate of
9% compared to 12% in the first half of FY’23 reflects a higher
contribution from the Singapore subsidiary, Soitec Microelectronics
Singapore Ltd., to the Group’s results.
Negative Free Cash Flow after further increase in
capacity investments
Consolidated cash-flows
(Euros millions) |
H1’24 |
H1’23 |
|
|
|
Continuing operations |
|
|
|
|
|
EBITDA1 |
132 |
167 |
|
|
|
Change in working capital |
(69) |
(26) |
Tax paid |
(19) |
(15) |
|
|
|
|
|
|
Net cash generated by
operating activities |
45 |
126 |
|
|
|
Net cash used in investing
activities |
(129) |
(120) |
|
|
|
|
|
|
Free Cash
Flow |
(85) |
7 |
|
|
|
Liquidity contract and other
items |
(7) |
0 |
New loans and debt repayment
(including finance leases), drawing on credit lines |
(32) |
(15) |
Financial expenses |
(6) |
(3) |
|
|
|
|
|
|
Net cash used in financing
activities |
(45) |
(17) |
|
|
|
Impact of exchange rate
fluctuations |
2 |
26 |
|
|
|
|
|
|
|
|
|
|
|
|
Group net change in
cash |
(127) |
15 |
The Group generated a negative Free Cash
Flow of 85 million Euros in the first half of FY’24
compared to a 7 million Euros positive Free Cash Flow in the first
half of FY’23, as result of lower EBITDA, higher working capital
needs, as well as higher capital expenditure to support both the
rebound expected in the second part of the fiscal year and future
expansion.
The cash outflow from working
capital amounted to 69 million Euros in the first half of
FY’24, compared to 26 million Euros in the first half of
FY’23. This is essentially reflecting:
- a
65 million Euros increase in inventories in anticipation of
higher deliveries projected in the second half of the fiscal
year,
- a 105 million
Euros decrease in trade payables, including non-recurring down
payments in connection with the signing of long-term supply
agreements,
- partly offset by a 106 million
Euros decrease in trade receivables: the level of these receivables
was high at the start of the fiscal year after the record level of
revenue achieved in the fourth quarter of FY’23.
The net cash used in investing
activities amounted to 129 million Euros in the first half
of FY’24 (120 million Euros in the first half of FY’23). It
included 8 million Euros of financial income from cash investment
and 138 million Euros of cash out related to capital expenditure
reflecting mainly:
- 300-mm SOI
production capacity investments, both in Bernin and in Singapore,
including refresh capacity in Bernin IV and work related to the
extension of Singapore facility,
- the installation
of the first SmartSiC™ production capacities,
- capitalized
development costs (R&D investments of around 15 million
Euros),
- other
investments related to Innovation, Sustainability and IT.
Net cash used in financing
activities amounted to 45 million Euros in the first half
of FY’24 essentially reflecting a net decrease in borrowings and
related interest paid, as well as 8 million Euros dedicated to the
implementation of a liquidity contract.
In total, including a 2 million Euros positive
impact of exchange rate fluctuations (26 million Euros in the first
half of FY’23), the net cash outflow reached 127
million Euros the first half of FY’24 (compared to a cash
generation of 15 million Euros in the first half of FY’23) leading
to a cash position of 661 million Euros on September 30th,
2023.
Strong Balance sheet
maintained
Soitec has maintained a strong balance sheet as
of September 30th, 2023.
Shareholders’ equity increased
by 98 million Euros in the first half of FY’24 to 1.4 billion Euros
on September 30th, 2023, mainly attributed to the net profit
generated during the period.
Financial debt stood at 682
million Euros on September 30th, 2023. This represents a 34 million
Euros increase compared to March 31st, 2023, mainly resulting from
the arrangement of the first tranche of a new leasing debt secured
for Bernin IV for 59 million Euros, that was partially offset by
the repayment of borrowings for 35 million Euros.
As a result of the 34 million Euros increase in
financial debt combined with the 127 million Euros cash outflow,
the Group went from a net cash
position6 of 140 million Euros on
March 31st, 2023, to a net debt
position6 of 21 million Euros on
September 30th, 2023.
FY’24 outlook
Soitec confirms growth recovery in the second
half of FY’24. Against the backdrop of a weaker-than-expected
smartphone market, the extent of the inventory correction at our
customers level is greater than anticipated. We confirm strong
traction for our Automotive & Industrial and Smart Devices
divisions. We now anticipate our FY’24 revenue to slightly decline,
by around a mid-single digit percentage, compared to FY’23, at
constant exchange rates and perimeter.
As a result, FY’24 EBITDA
margin is now expected to be around 35% of revenue. The
Group will continue to implement cost control measures, while
further investing significantly in R&D.
FY’24 Capital expenditure is
expected to be around 290 million Euros in order to support growth
beyond FY’24.
Soitec’s growth outlook remain very strong:
while the SOI content within end devices continues to increase, the
ongoing penetration of the Group’s products across its three end
markets and the successful deployment of its expansion into
Compound Semiconductors with POI and SmartSiCTM becoming new
significant growth drivers in the future.
Key events of H1’24
Soitec inaugurates new production
facility in Bernin dedicated to SmartSiC™ substrates
On September 28th, 2023, Soitec inaugurated its
new plant in Bernin dedicated to SmartSiC™ substrates for future
generations of electric vehicles. The ceremony took place in the
presence of Thierry Breton, European Commissioner for the Internal
Market and Roland Lescure, French Minister Delegate for Industry.
Soitec aims at positioning SmartSiC™, a technology based on silicon
carbide (SiC), as a future electric-vehicle standard with improved
efficiency for energy conversion systems. Soitec’s patented
SmartCut™ technology allows each conventional monoSiC substrate to
be re-used more than 10 times, reducing CO2 emissions during wafer
manufacturing by 70%. The new plant, a key step in the execution of
Soitec’s growth ambitions, will be financed through a lease worth
90 million Euros, with a first tranche of 59 million Euros already
commissioned. The financing of the new plant is reflected by a
59-million-Euro increase in both tangible assets and financial
debt, and has no impact on the Group’s cash flows as of September
30, 2023.
# # #
H1’24 results will be commented during
an analyst and investor conference call to be held in English on
November 16th, 2023, at 8:00am
CET.
The live webcast and slide presentation will be
available on:
https://channel.royalcast.com/soitec/#!/soitec/20231116_1
# # #
Agenda
Q3’24 revenue is due to be published on February
7th, 2024, 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 2022-2023 Universal
Registration Document (which notably includes the 2022-2023 Annual
Financial Report) which was filed on June 14, 2023 with the French
stock market authority (Autorité des Marchés Financiers, or AMF)
under number D.23-0482. The French version of the 2022-2023
Universal Registration Document, together with English courtesy
translation for information purposes, are available for
consultation on the Company’s website (www.soitec.com), in the
section Company - Investors - Financial Reports.
Your attention is drawn to the risk factors
described in Chapter 2.1 (Risk factors and controls mechanism) of
the Company’s 2022-2023 Universal Registration Document.
This document contains summary information and
should be read in conjunction with the 2022-2023 Universal
Registration Document.
This document contains certain forward-looking
statements. These forward-looking statements relate to the
Company’s future prospects, developments and strategy and are based
on analyses of earnings forecasts and estimates of amounts not yet
determinable. By their nature, forward-looking statements are
subject to a variety of risks and uncertainties as they relate to
future events and are dependent on circumstances that may or may
not materialize in the future. Forward-looking statements are not a
guarantee of the Company’s future performance. The occurrence of
any of the risks described in Chapter 2.1 (Risk factors and
controls mechanism) of the 2022-2023 Universal Registration
Document may have an impact on these forward-looking statements. In
particular, the future consequences of geopolitical conflicts,
notably the Ukraine / Russia situation, as well as rising
inflation, may result in greater impacts than currently anticipated
in these forward-looking statements.
The Company’s actual financial position, results
and cash flows, as well as the trends in the sector in which the
Company operates may differ materially from those contained in this
document. Furthermore, even if the Company’s financial position,
results, cash-flows and the developments in the sector in which the
Company operates were to conform to the forward-looking statements
contained in this document, such elements cannot be construed as a
reliable indication of the Company’s future results or
developments.
The Company does not undertake any obligation to
update or make any correction to any forward-looking statement in
order to reflect an event or circumstance that may occur after the
date of this document. In addition, the occurrence of any of the
risks described in Chapter 2.1 (Risk factors and controls
mechanism) of the 2022-2023 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 Leaders), a world leader
in innovative semiconductor materials, has been developing
cutting-edge products delivering both technological performance and
energy efficiency for over 30 years. From its global headquarters
in France, Soitec is expanding internationally with its unique
solutions, and generated sales of 1.1 billion Euros in fiscal year
2022-2023. Soitec occupies a key position in the semiconductor
value chain, serving three main strategic markets: mobile
communications, automotive and industrial, and smart devices. The
company relies on the talent and diversity of its 2,100 employees,
representing 50 different nationalities, working at its sites in
Europe, the United States and Asia. Soitec has registered over
4,000 patents.
Soitec, SmartSiC™ and Smart Cut™ are registered
trademarks of Soitec.
For more information: https://www.soitec.com/en/
and follow us on X: @Soitec_Official
# # #
Investor
Relations: investors@soitec.com
|
Media contacts:
Isabelle Laurent+33 6 42 37 54
17
isabelle.laurent@oprgfinancial.fr Fabrice Baron+33 6 14 08
29
81 fabrice.baron@oprgfinancial.fr |
# # #
Soitec is a French joint-stock corporation with
a Board of Directors (Société Anonyme à Conseil d’administration)
with a share capital of €71,424,604 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.
# # #
Financial information and consolidated financial statements in
appendix include:
- Consolidated revenue per
quarter
- H1’24 consolidated income
statement
- Balance sheet at September 30th, 2023
- H1’24 consolidated cash-flows
Appendix 1 – Consolidated revenue per
quarter
Quarterly
revenue |
Q1’23 |
Q2’23 |
Q3’23 |
Q4’23 |
Q1’24 |
Q2’24 |
|
H1’23 |
H1’24 |
(Euros million) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mobile communications |
152 |
189 |
170 |
220 |
89 |
169 |
|
341 |
258 |
Automotive & Industrial |
23 |
34 |
37 |
47 |
37 |
38 |
|
57 |
75 |
Smart devices |
28 |
45 |
67 |
77 |
31 |
37 |
|
73 |
68 |
|
|
|
|
|
|
|
|
|
|
Total revenue |
203 |
268 |
274 |
344 |
157 |
245 |
|
471 |
401 |
Change in quarterly
revenue |
Q1’24/Q1 23 |
Q2’24/Q2’23 |
|
H1’24/H1’23 |
|
Reportedchange |
Organic change1 |
Reportedchange |
Organic change1 |
|
Reportedchange |
Organic change1 |
(vs. previous year) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mobile communications |
-42% |
-43% |
-10% |
-9% |
|
-24% |
-24% |
Automotive & Industrial |
+60% |
+57% |
+12% |
+13% |
|
+31% |
+31% |
Smart devices |
+12% |
+10% |
-18% |
-17% |
|
-6% |
-6% |
|
|
|
|
|
|
|
|
Total revenue |
-23% |
-24% |
-9% |
-7% |
|
-15% |
-15% |
- At constant exchange rates and comparable scope of
consolidation (there was no scope effect in Q1’24, nor in
Q2’24)
Appendix 2 - Consolidated financial
statements for H1’24
As previously reported, Soitec’s refocus on
Electronics operations decided in January 2015 was nearly completed
on March 31st, 2016. Consequently, the H1’24 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 consolidated income statement
fully and exclusively reflects the Electronics activity as well as
the Group’s corporate functions expenses. This was already the case
in H1’23 financial statements.
Consolidated income statement
|
H1’24 |
H1’23 |
(Euro millions) |
(ended Sept. 30, 2023) |
(ended Sept. 30, 2022) |
|
|
|
|
|
|
Revenue |
401 |
471 |
|
|
|
Cost of sales |
(257) |
(303) |
|
|
|
|
|
|
Gross profit |
144 |
168 |
|
|
|
Research and development
expenses |
(34) |
(29) |
SG&A expenses |
(25) |
(28) |
|
|
|
|
|
|
Current operating income |
85 |
110 |
|
|
|
Other operating income /
(expenses) |
1 |
0 |
|
|
|
|
|
|
Operating income |
86 |
110 |
|
|
|
Financial income |
12 |
4 |
Financial expenses |
(11) |
(7) |
|
|
|
|
|
|
Financial income /
(expense) |
2 |
(2) |
|
|
|
|
|
|
Profit before tax |
88 |
108 |
|
|
|
Income tax |
(8) |
(13) |
|
|
|
|
|
|
Net profit from continuing
operations |
80 |
95 |
|
|
|
Net loss from discontinued
operations |
(0) |
0 |
|
|
|
|
|
|
Consolidated net profit |
80 |
95 |
|
|
|
Non-controlling interests |
- |
- |
|
|
|
|
|
|
Net profit, Group share |
80 |
95 |
Basic earnings per share (in
€) |
2.24 |
2.72 |
|
|
|
Diluted earnings per share (in
€) |
2.19 |
2.65 |
|
|
|
Weighted average number of
ordinary shares |
35,620,925 |
35,001,682 |
|
|
|
Weighted average number of
diluted ordinary shares |
37,623,199 |
36,951,749 |
Appendix 3 - Balance sheet at September
30th, 2023
Assets |
Sept. 30, 2023 |
March 31, 2023 |
(Euro millions) |
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
Intangible assets |
143 |
128 |
Property, plant and
equipment |
843 |
705 |
Non-current financial
assets |
25 |
25 |
Other non-current assets |
82 |
59 |
Deferred tax assets |
64 |
67 |
|
|
|
|
|
|
Total non-current assets |
1,158 |
985 |
|
|
|
Current assets: |
|
|
|
|
|
Inventories |
263 |
175 |
Trade receivables |
260 |
363 |
Other current assets |
89 |
105 |
Current financial assets |
9 |
3 |
Cash and cash equivalents |
661 |
788 |
|
|
|
|
|
|
Total current assets |
1,281 |
1,435 |
|
|
|
Total assets |
2,439 |
2,420 |
Equity and liabilities |
Sept. 30, 2023 |
March 31, 2023 |
(Euro millions) |
|
|
|
|
|
Equity: |
|
|
|
|
|
Share capital |
71 |
71 |
Share premium |
228 |
229 |
Reserves and retained
earnings |
1,077 |
994 |
Other reserves |
26 |
12 |
|
|
|
|
|
|
Equity, Group
Share |
1,403 |
1,306 |
|
|
|
|
|
|
Total equity |
1,403 |
1,306 |
|
|
|
Non-current liabilities: |
|
|
|
|
|
Long-term financial debt |
612 |
578 |
Provisions and other
non-current liabilities |
72 |
80 |
|
|
|
|
|
|
Total non-current
liabilities |
684 |
659 |
|
|
|
Current liabilities: |
|
|
|
|
|
Short-term financial debt |
69 |
69 |
Trade payables |
117 |
171 |
Provisions and other current
liabilities |
165 |
216 |
|
|
|
|
|
|
Total current liabilities |
352 |
456 |
|
|
|
|
|
|
Total equity and
liabilities |
2,439 |
2,420 |
Appendix 4 - Consolidated
cash-flows
|
H1’24 |
H1’23 |
(Euro millions) |
(ended Sept. 30, 2023) |
(ended Sept. 30, 2022) |
|
|
|
|
|
|
Consolidated net profit |
80 |
95 |
of which continuing operations |
80 |
95 |
|
|
|
Depreciation and amortization
expense |
60 |
50 |
Provisions / (reversals of
provisions), net |
(4) |
5 |
Provisions / (reversal of
provisions) for retirement benefit obligations, net |
0 |
1 |
Income tax |
8 |
13 |
Financial expense /
(income) |
(2) |
2 |
Share-based payments |
7 |
9 |
Other non-cash items |
(17) |
(8) |
|
|
|
|
|
|
EBITDA2 |
132 |
167 |
of which continuing operations |
132 |
167 |
|
|
|
|
|
|
Increase / (decrease) in cash
relating to: |
|
|
|
|
|
Inventories |
(65) |
(39) |
Trade receivables |
106 |
28 |
Other receivables and
liabilities |
(5) |
(18) |
Trade payables |
(105) |
4 |
Income tax paid |
(19) |
(15) |
|
|
|
|
|
|
Change in working capital and
income tax paid |
(88) |
(41) |
of which continuing operations |
(88) |
(41) |
|
|
|
|
|
|
Net cash generated by
operating activities |
44 |
126 |
of which continuing operations |
45 |
126 |
|
H1’24 |
H1’23 |
(Euro millions) |
(ended Sept. 30, 2023) |
(ended Sept. 30, 2022) |
|
|
|
|
|
|
Net cash generated by
operating activities |
44 |
126 |
of which continuing operations |
45 |
126 |
|
|
|
Purchases of intangible
assets |
(23) |
(20) |
Purchases of property, plant
and equipment |
(114) |
(97) |
(Acquisitions) and disposals of non-current assets, net of
financial income from cash investments |
8 |
(2) |
|
|
|
|
|
|
Net cash used in investing
activities (1) |
(129) |
(120) |
of which continuing operations (1) |
(129) |
(120) |
|
|
|
Loans and drawdowns on credit
lines |
3 |
10 |
Repayment of borrowings
(including leases) |
(35) |
(26) |
Interest paid |
(6) |
(3) |
Liquidity contract |
(8) |
- |
Other financing flows |
1 |
- |
Financing flows related to
discontinued operations |
(0) |
(0) |
|
|
|
|
|
|
Net cash used in financing
activities |
(45) |
(17) |
of which continuing operations |
(45) |
(17) |
|
|
|
Effects of exchange rate
fluctuations |
2 |
26 |
|
|
|
|
|
|
Change in net cash |
(127) |
15 |
of which continuing operations |
(127) |
15 |
|
|
|
Cash at beginning of
the period |
788 |
728 |
Cash at end of the
period |
661 |
743 |
(1) According to IFRS, the cash used in investing activities is
calculated net of investments financed through leasing, which
accounted for 1 million Euros in the first half of FY’24 and 6
million Euros in the first half of FY’23. Total cash out related to
investing activities therefore amounted to 130 million Euros in the
first half of FY’24 and 126 million Euros in the first half of
FY’23.
1 The EBITDA represents operating income before depreciation,
amortization, impairment of non-current assets, non-cash items
relating to share-based payments, provisions for impairment of
current assets and for contingencies and expenses, and disposals
gains and losses. EBITDA is not a financial indicator defined by
IFRS and may not be comparable to EBITDA as reported by other
groups. It represents additional information and should not be
considered as a substitute for operating income or net cash
generated by operating activities.
2 EBITDA margin = EBITDA from continuing operations /
Revenue.
3 Review procedures were completed and the review report is in
the process of being issued.
4 There was no scope
effect in Q2’245 There was no scope effect in H1’246 The net cash
position represents cash and cash equivalents less financial debt.
A positive net cash position reflects cash and cash equivalents
higher than financial debt. A net debt position reflects cash and
cash equivalents lower than financial debt.
- Soitec_PR_H1_24 results_VA
Grafico Azioni SOITEC (EU:SOI)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni SOITEC (EU:SOI)
Storico
Da Apr 2023 a Apr 2024