Soitec reports first half results of FY'19

  • Growth in sales: up 36% at constant exchange rates and perimeter1 to €186.9m
  • Current operating income up 85% to €41.6m
  • Electronics EBITDA2 margin3 up to 32.8% of sales from 24.4% in H1’18
  • Net profit up 41% to €32.6m
  • Positive Electronics net operating cash flow of €8.1m
  • Electronics capex at €65.2m in line with expected FY’19 capex of approximately €120m
  • €150m convertible bonds (2023 OCEANEs) issued at zero coupon
  • FY’19 guidance unchanged: sales growth expected above 35% at constant exchange rates and perimeter1 and Electronics EBITDA2 margin3 expected around 30%

[1] At constant exchange rates and comparable scope of consolidation; scope effects relate to the acquisitions of Frec|n|sys in October 2017 and Dolphin Integration assets in August 2018, both included in the segment Royalties and other revenues.

[2] The EBITDA represents the current 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. The impact in equity of the first time application of IFRS 15 is included in EBITDA. 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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