Elettronica
SOITEC : FY15 consolidated sales
- Soitec (Euronext Paris), a world leader in generating and manufacturing revolutionary semiconductor materials for the electronics and energy industries, today announced total consolidated sales of 68.9 million Euros for the fourth quarter of FY14-15, down 44% year-on-year compared to 123.1 million Euros last year and up 43% sequentially compared to 48.0 million Euros in the third quarter of FY15.
For fiscal year 2014-15, the Group posted consolidated audited sales of 222.9 million Euros, down 10% compared to 247.1 million Euros in fiscal year 2013-14.
Unaudited current EBIT loss is estimated at 52.4 million Euros in fiscal H215 compared to 74.4m Euros EBIT loss in fiscal H115. The sequential increase in current EBIT in H215 was mostly driven by the profitability improvement in the Electronics division.
As announced in its press release of January 19 , 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.
Consequently, Soitec has initiated efforts to make significant cuts in the cash costs of its Solar business which are anticipated at 26.9 million Euros in H215 compared to 30.5 million Euros in H115 (-12% sequentially); Q415 business cash costs were estimated at 11.3 million Euros (down 28% sequentially). The Solar division headcount had been reduced to 272 people at the end of March 2015 (down from 385 at the end of December 2014).
In parallel, Soitec has hired an investment bank to dispose of its Solar business assets (industrial operations, power plants and intellectual property excluding Smart Cell related assets). Given its significant investment in the solar business since 2009, Soitec does not expect the disposal of the Solar business assets to cover its initial investment. The total consolidated non-current charge is likely to be close to 145 million Euros for fiscal year ended March 2015, mostly related to the depreciation of the solar assets.
At the end of March 2015, unaudited cash resources reached 23 million Euros and net debt is anticipated at 167 million Euros.
Additionally, during the month of April 2015, Soitec successfully reached a binding agreement (under conditions precedent), with many of its stakeholders, including its banks, to secure loan financing up to 54 million Euros with a maturity of April 2016. Shin Etsu Handotai (major bulk wafers supplier to Soitec SA and historical shareholder) has committed to loan up to 30 million Euros. Bpifrance Participations, shareholder of Soitec has committed to loan up to 15 million Euros.
The CEA, Soitec's technology partner, has committed to loan up to 9 million Euros through its CEA Investissement subsidiary's "strategic fund", specialized in the financing of innovative companies developed by its European research centers. In addition, its microelectronics research center CEA-Leti, which has developed SOI and continues to support its technology roadmap, has accepted postponement of payment under its license agreements and for its work realized for Soitec in 2014, for a total of 8 million Euros. Total CEA support amounts to 17 million Euros.
Current banks credit lines for a total of 37.2 million Euros have been restructured with a single bullet reimbursement to be repaid in November 2019.
Closing of this agreement and drawdown of these loans are expected by the end of May 2015.
The Group is confident that current cash resources and the new financing package should enable the group to run successfully its restructuring plan and Electronic activities for the current fiscal year. Additionally, anticipated proceeds from solar business assets disposal and Touwsrivier transaction should reinforce its cash position.
For fiscal Q116, Soitec expects wafer sales for the Electronic division of around 60 million USD.
Audited results for the financial year
2014-2015 will be published on May 28 before the opening 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 .
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