Q1 2011-2012 Consolidated Sales of 82.8 million Euros
• Total Q1 sales recorded year on year growth of 20.7%
• H1 wafer sales guidance confirmed - higher than 20% sequential growth
Bernin, France, 28th July 2011 – Soitec (Euronext Paris), world leader in generating and manufacturing revolutionary semiconductor materials for the electronics and energy industries, today announced consolidated total first quarter sales of 82.8 million Euros representing growth of 20.7% year on year. As anticipated by the Group, total wafer sales benefited from robust demand with a year on year increase of 40.9% at constant exchange or 21.8% in Euros. The Dollar/Euro exchange rate had an unfavourably effect of 11.6% between the two periods. On a sequential basis, consolidated sales increased by 5.3% in Euros, whilstthe Dollar/Euro exchange rate moved unfavourably by 4.7%.
| Sales (Euros millions) | 2011-2012 | 2010-2011 | Change |
| First Quarter | 82.8 | 68.6 | +20.7% |
Soitec’s fiscal year runs from April 1 to March 31
Robust demand confirmed for 300 mm wafer sales
The Microelectronics division recorded total wafer sales of 77.3 million Euros for the quarter equal to sequential growth of 15.5% at constant exchange or 10.1% in Euros. 300mm wafers, representing 79% of total wafer sales provided sequential growth at 20.4% (14.7% in Euros). All other diameter sales were stable sequentially at constant exchange (-4.5% in Euros).
Specialty Electronics sales (Picogiga) of 2.2 million Euros were down by 19.5% sequentially but on a year on year basis this slow down was limited to 6.4%. Layer Transfer Solutions sales (Tracit) grew by 11.9% sequentially and 28.1% year on year to 2.5 million Euros. Royalties were 0.8 million Euros for the quarter. No Solar Energy division sales were booked in the quarter.
Outlook
New products in the pipeline based on 32nm SOI, which enables even more performance and further power reduction underline the favourable trend in the demand for 300 mm wafers within the timeframe of their introduction. The Company reiterates the expectation for the first half of the financial year to outperform latest industry forecasts for the high performance market segment. Previously announced guidance is maintained by management, who confirm that sequential H1 wafer sales growth will exceed 20% at constant exchange.
The Solar energy division is confident that a number of current initiatives should be confirmed during the second half of the financial year. For example The Republic of France recently announced that 40-50MW of RE has been reserved for CPV technology and an RFP is anticipated shortly (the Company has just commissioned a 500KW demonstration plant in Rians near Aix en Provence) and in Morocco the first half (5MW) of the demonstration plant has been announced. In South Africa the Company’s project is well placed for inclusion in the first phase of the Integrated Resource Plan to allocate 1025MW to RE. In the USA plans for the 200MW San Diego CPV manufacturing plant are well advanced to support existing contracts which have already been publicised. An announcement of the final location is expected in September.
Recent development
The recent 150 million Euros rights issue was successfully completed with demand equal to 150% of the offer. As a result the available cash resources ensure that the Company can carry out its ambitious investment plans over the coming years in both electronics and energy markets, is ready to seize any external growth opportunities and maintain net cash at the satisfactory level of 100 million Euros as shown at the year end in March 2011.
The FSI has become a strategic investor after participating in the rights issue up to 9.79% of the shares. As a result The Group Caisse des Dépôts holds, directly or indirectly, 13.20% of the company’s capital as of July 28th, 2011.
Agenda
Q2 sales for 2011-2012 will be published on 17th October 2011 after the close of the Paris Stock Exchange.
About Soitec
Soitec (Euronext Paris) is an international manufacturing company, a world leader in generating and manufacturing revolutionary semiconductor materials, at the frontier of the most exciting energy and electronic challenges. Soitec’s products encompass substrates for micro and nanoelectronics (most notably SOI : Silicon-On-Insulator) and concentrated photovoltaic systems (CPV). The company's core technologies are Smart Cut™, Smart Stacking™ and Concentrix™, as well as expertise in epitaxy. Soitec delivers enhanced performance and energy efficiency to a broad range of applications including consumer and mobile electronics, microelectronics-driven IT, telecommunications, automotive electronics, lighting products and solar power plants for large scale utilities. Soitec has manufacturing plants and R&D centers in France, Singapore, Germany, and the United States.
For more information, visit www.soitec.com.
For all information, please contact:
Investor Relations Contact
Olivier Brice
+33 (0)4 76 92 93 80
olivier.brice@soitec.com
International Media Contact
Camille Darnaud-Dufour
+33 (0)6 79 49 51 43
camille.darnaud-dufour@soitec.com
French Media Contact
Marie-Caroline Saro
H&B Communication
+33 (0)1 58 18 32 44
mc.saro@hbcommunication.fr