Soitec reports full year results of fiscal year 2021
- Revenue of €584m, up 1% at constant exchange rates and perimeter[1] (down 2% on a reported basis)
- 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)
[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.
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.
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.