Elettronica
SOITEC : 2014-2015 FULL YEAR RESULTS
- Soitec (Euronext Paris), a world leader in generating and manufacturing revolutionary semiconductor materials for the electronics and energy industries, announced today its audited consolidated results for the 2014-2015 financial year.
As previously announced on April 20 2015, Soitec reported total consolidated sales of 222.9 million Euros for the fiscal year 2014-15 (compared to 247.1 million Euros for the fiscal year FY13-14). The company is committed to refocus on its core business, which can be defined as semiconductor materials.
Soitec reported a current operating loss of 125.9 million Euros (compared to a current operating income loss of 137.3 million Euros for the fiscal year FY13-14). For the second semester of the fiscal year 2014-15, the Group reported revenues of 116.9 million Euros (compared to 106.0 million Euros in H115) and a current operating loss of 51.5 million Euros (compared to a 74.4 million Euros current operating loss in H115).
Soitec reported 151.5 million Euros net non-current operating expenses for the fiscal year 2014-15 (compared to 82.4 million Euros in the fiscal year 2013-14), which are due for the most part to the restructuring costs of the Solar division (138.9 million Euros related to asset write-offs and various provisions for ongoing contracts, layoffs and power plants dismantlement).
After net financial expenses and taxes, Soitec reported a net loss (group share) of 259.2 million Euros for the fiscal year 2014-15 (compared to a net loss of 236.7 million Euros in fiscal year 2013-14).
Cash available at the end of March 2015 totaled 22.9 million Euros while gross debt totaled 173.0 million Euros, leading to a net debt of 150.1 million Euros.
As announced in its press release of January 19 2015, the Board of Directors unanimously decided to implement and support a strategic plan which aims to refocus Soitec's activities on its core electronics business.
Management has immediately taken important actions in the solar division in order to implement this strategic refocus:
Cash available at the end of March 2015 totaled 22.9 million Euros while gross debt totaled 173.0 million Euros, leading to a net debt of 150.1 million Euros. As announced on April 20 2015, Soitec confirms that it has secured a financing package in May 2015 which includes:
The loan financing of 54 million Euros has been successfully closed on May 27, 2015.
Soitec will continue to explore further opportunities to strengthen its balance sheet.
While the Group reported important operating and net losses for the fiscal year 2014-15, mostly due to the burden of its solar activities, management wishes to highlight that its refocusing execution plan on core business is progressing well.
Electronics activities currently driven by RF-SOI and power applications remain strong. Additionally, Soitec wafer business showed a strong margin improvement in fiscal year 2014-15, despite the low utilization rate of its 300mm wafers manufacturing lines. In order to take benefit of this significant potential leverage, demand must increase for 300mm wafer products. Soitec welcomes increased traction from FD-SOI ecosystem (foundries, fabless, design, etc.), and is well positioned to capture this growth.
For its first quarter of its fiscal year 2015-16 (ending June 30th 2015), Soitec management reiterates that its short term guidance with wafer sales for the Electronic division of around 60 million USD.
Sales results for the first quarter of financial year
2014-2015 will be published on July 21 2015 after the closing of the Paris Stock Exchange.
Soitec (Euronext, Paris) is a world leader in designing and manufacturing high performance semiconductor materials. The company uses its unique technologies and semiconductors expertise to serve the electronics and energy markets. With 3,600 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, US and Asia. For more information, please visit www.soitec.com .
Copyright GlobeNewswire
Attachment(s)
http://hugin.info/143589/R/1924453/690312.pdf
Regulatory News
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: %s via Globenewswire