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Share Name | Share Symbol | Market | Type |
---|---|---|---|
X-FAB Silicon Foundries SE | EU:XFAB | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.32 | -5.32% | 5.70 | 5.685 | 5.92 | 6.035 | 5.615 | 5.99 | 371,284 | 16:40:00 |
Intermediate declaration by the Board of Directors
Regulatory News:
X-FAB (BOURSE:XFAB):
Highlights Q1 2024:
Outlook:
Revenue breakdown per quarter:
in millions of USD
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q1 y-o-y growth
Automotive
98.3
96.9
104.4
120.9
131.1
135.3
151.8
135.6
12%
Industrial
42.5
46.7
42.3
46.9
51.3
53.7
54.3
52.6
12%
Medical
13.9
13.5
14.6
17.6
16.2
17.0
16.4
14.5
-18%
Subtotal core business
154.7
157.0
161.3
185.4
198.7
206.1
222.5
202.6
9%
81.9%
83.4%
87.9%
89.1%
90.8%
92.2%
92.8%
92.6%
CCC1
33.6
30.7
21.6
22.5
20.0
17.2
17.2
16.0
-29%
Others
0.6
0.6
0.7
0.2
0.2
0.2
0.1
0.1
Revenue*
188.8
188.3
183.6
208.1
218.9
223.5
239.8
218.7
5%
Impact from revenue recognized over time
0
0
0
0
8.3
10.4
-2.0
-2.6
Total revenue
188.8
188.3
183.6
208.1
227.1
233.8
237.7
216.2
4%
1Consumer, Communications & Computer
in millions of USD
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q1 y-o-y growth
CMOS
156.3
152.6
151.9
172.8
180.7
180.5
188.4
168.3
-3%
Microsystems
19.8
18.4
19.5
22.2
20.8
24.4
27.9
24.1
9%
Silicon carbide
12.8
17.4
12.2
13.2
17.3
18.6
23.5
26.3
100%
Revenue*
188.8
188.3
183.6
208.1
218.9
223.5
239.8
218.7
5%
Impact from revenue recognized over time
0
0
0
0
8.3
10.4
-2.0
-2.6
Total revenue
188.8
188.3
183.6
208.1
227.1
233.8
237.7
216.2
4%
Business development
In the first quarter of 2024, X‑FAB recorded revenues of USD 216.2 million, up 4% year-on-year and down 9% quarter-on-quarter. Excluding the impact from revenue recognized over time of USD -2.6 million, first quarter revenue totaled USD 218.7 million. This is in line with the guidance of USD 215-225 million.
Revenues in X‑FAB’s core markets – automotive, industrial, and medical – amounted to USD 202.6 million*, up 9% year-on-year and representing a 93% share of total revenues*.
The first quarter was characterized by continued strong demand for X-FAB's 200mm CMOS technologies, in particular the 180nm process, and microsystems technologies, resulting in record quarterly bookings of USD 271.5 million, up 20% year-on-year. This is also reflected in the backlog, which amounted to USD 520.9 million, up from USD 475.8 million at the end of the previous quarter.
In the first quarter, automotive revenue came in at USD 135.6 million*, up 12% year-on-year and down 11% compared to a strong previous quarter. Industrial revenues were USD 52.6 million*, which is an increase of 12% year-on-year. The industrial end market benefited from record silicon carbide (SiC) revenues in the first quarter. SiC revenues totaled USD 26.3 million*, up 100% year-on-year. On the other side, customer actions to reduce high inventory levels resulted in low quarterly SiC bookings with a book-to-bill of 0.38 in the first quarter. Despite this temporary weakness in silicon carbide, the outlook remains positive. X-FAB's SiC customers continue to be upbeat about the long-term prospects and X-FAB signed another long-term agreement with one of its silicon carbide customers.
The long-term fundamentals for the automotive and industrial end markets remain strong. The megatrend of "electrification of everything" to mitigate climate change drives the structural demand for X-FAB's specialty technologies that enable energy-efficient and climate-friendly solutions for a wide range of applications. Apart from silicon carbide, X‑FAB's 180nm HV CMOS technology is in high demand and one of the key technologies used. Its growth will be supported by the ongoing capacity conversion and debottlenecking at X-FAB France. In the first quarter, the French site’s revenues based on X-FAB technologies recorded a year-on-year growth of 42% and accounted for 93% of the site’s total revenue.
In the first quarter of 2024, medical revenues were USD 14.5 million*, down 18% year-on-year, mainly due to normal fluctuations. A key driver for innovative medical solutions is X-FAB’s microsystems expertise to combine MEMS and CMOS and to enable the integration of different systems at wafer level. Microsystems revenue in the first quarter amounted to USD 24.1 million*, up 9% year-on-year. The main contributors to X-FAB's medical business in the first quarter were a next-generation DNA sequencing application and an ultrasound probe head IC.
In the first quarter, X-FAB’s CCC (Consumer, Communication & Computer) business came in at USD 16.0 million*, down 29% year-on-year.
Quarterly prototyping revenues totaled at USD 23.2 million*, down 12% year-on-year. Apart from normal fluctuations, the decline is mainly related to industrial customers and the current temporary weakness in silicon carbide.
Prototyping and production revenue* per quarter and end market:
in millions
of USD
Revenue
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Automotive
Prototyping
3.5
3.9
6.2
10.0
6.7
Production
117.3
127.2
129.1
141.8
128.9
Industrial
Prototyping
14.2
16.6
14.3
10.5
10.7
Production
32.7
34.8
39.4
43.8
41.9
Medical
Prototyping
2.9
2.5
3.3
3.3
2.7
Production
14.7
13.7
13.7
13.1
11.8
CCC
Prototyping
5.7
4.5
3.3
3.5
3.1
Production
16.8
15.4
13.9
13.7
12.9
The lower revenue guidance for the second quarter reflects the anticipated decline in demand for X-FAB's 150mm CMOS technologies, primarily from industrial customers, as well as a decline in SiC revenues following the reduction of SiC bookings in the first quarter. The second quarter is considered to mark the bottom of the current slowdown with X-FAB’s SiC business expected to gradually recover in the second half of the year. The positive long-term outlook for X-FAB’s business remains unchanged due to the Group’s positioning in high-growth end markets and its future-oriented technology portfolio, which enables sustainable solutions for today's key societal challenges.
Operations update
In the first quarter, X-FAB’s 200mm CMOS lines and the MEMS/microsystems fabs were running at full load and capacity still had to be allocated.
The sites that produce the 150mm CMOS technologies, i.e. in Erfurt, Germany, and Lubbock, Texas, recorded lower utilization rates in line with the lower demand for these technologies. Both sites are focused on the transition to their respective new areas of business, i.e. MEMS/microsystems in Erfurt and silicon carbide in Lubbock.
In the first quarter, X-FAB's capacity expansion program continued as planned. Key projects include the expansion of capacity for X-FAB's popular 200mm CMOS technology at X-FAB France and X-FAB Sarawak, Malaysia, as well as X-FAB's SiC business at X-FAB Texas. The building construction at the Malaysian site to create additional clean room space is on schedule, and it is planned to start moving in equipment in the fourth quarter of 2024.
Total capital expenditures in the first quarter came in at USD 105.0 million, up 5% against the previous quarter.
Financial update
First quarter EBITDA was USD 51.0 million with an EBITDA margin of 23.6%. Excluding the impact from revenues recognized over time, the EBITDA margin of the first quarter would have been 24.0%, at the lower end of the guided 24-27%. The quarterly guidance does not take the impact related to IFRS 15 into account, as this cannot be reliably predicted.
First quarter profitability was negatively impacted by a combination of lower 150mm CMOS production and lower SiC wafer starts. A reversal is expected in the second half of 2024, driven by the recovery of the SiC business and the positive effects of increased economies of scale as additional 200mm CMOS capacity becomes available. In addition, X-FAB has initiated a number of measures to adjust the cost structure of the sites producing 150mm CMOS wafers while accelerating the transition to silicon carbide in Lubbock and microsystems in Erfurt to replace the 150mm CMOS business.
Thanks to the natural hedging of X-FAB's business in terms of currency exposure, profitability is not affected by exchange rate fluctuations. At a constant USD/Euro exchange rate of 1,07 as experienced in the previous year’s quarter, the EBITDA margin would have been 0,1 percentage points lower.
Cash and cash equivalents at the end of the first quarter amounted to USD 351.5 million.
Management comments
Rudi De Winter, CEO of X-FAB Group, said: “In the first quarter, we continued to see very strong demand for our popular 200mm CMOS and microsystems technologies, resulting in an all-time high quarterly order intake. On the other hand, our silicon carbide business was impacted by the general weakness in the SiC market, reflected by a decline in SiC order intake. Supported by our SiC customers' confidence in their future business development, we see this is as a temporary dip. We are confident in X-FAB's positioning in the semiconductor market, and the overall high level of bookings underscores the importance of our ongoing capacity expansion program to ensure reliable supply to our customers in line with their business needs. With more capacity coming online and the recovery of the SiC business, we expect strong growth in the second half of the year versus the first half.”
X-FAB Quarterly Conference Call
X-FAB’s first quarter results will be discussed in a live conference call/webcast on Thursday, April 25, 2024, at 6.30 p.m. CEST. The conference call will be in English.
Please register here for the webcast (listen only).
Please register here for the conference call (listen and ask questions).
The second quarter 2024 results will be communicated on July 25, 2024.
About X-FAB
X-FAB is the leading analog/mixed-signal and MEMS foundry group manufacturing silicon wafers for automotive, industrial, consumer, medical and other applications. Its customers worldwide benefit from the highest quality standards, manufacturing excellence and innovative solutions by using X-FAB’s modular CMOS processes in geometries ranging from 1.0 µm to 110 nm, and its special silicon carbide and MEMS long-lifetime processes. X-FAB’s analog-digital integrated circuits (mixed-signal ICs), sensors and micro-electro-mechanical systems (MEMS) are manufactured at six production facilities in Germany, France, Malaysia and the U.S. X-FAB employs approx. 4,500 people worldwide. For more information, please visit www.xfab.com.
Forward-looking information
This press release may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management’s current intentions, beliefs or expectations relating to, among other things, X-FAB’s future results of operations, financial condition, liquidity, prospects, growth, strategies or developments in the industry in which we operate. By their nature, forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results or future events to differ materially from those expressed or implied thereby. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein.
Forward-looking statements contained in this press release regarding trends or current activities should not be taken as a report that such trends or activities will continue in the future. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless legally required. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this press release.
The information contained in this press release is subject to change without notice. No re-report or warranty, express or implied, is made as to the fairness, accuracy, reasonableness, or completeness of the information contained herein and no reliance should be placed on it.
Condensed Consolidated Statement of Profit and Loss
in thousands of USD
Quarter
ended
31 Mar 2024
unaudited
Quarter
ended
31 Mar 2023
unaudited
Quarter
ended
31 Dec 2023
unaudited
Year
ended
31 Dec 2023
audited
Revenue*
218,712
208,109
239,750
890,181
Impact from revenue recognized over time
-2,559
0
-2,017
16,605
Total revenue
216,152
208,109
237,733
906,786
Revenues in USD in %
62
55
57
56
Revenues in EUR in %
38
45
43
44
Cost of sales
-165,786
-150,912
-174,183
-648,734
Gross Profit
50,367
57,197
63,551
258,052
Gross Profit margin in %
23.3
27.5
26.7
28.5
Research and development expenses
-11,106
-10,922
-12,581
-47,191
Selling expenses
-2,537
-2,196
-2,157
-8,463
General and administrative expenses
-12,811
-10,501
-13,113
-47,157
Rental income and expenses from investment properties
1,434
2,071
-532
2,906
Other income and other expenses
1,847
1,743
392
-472
Operating profit
27,193
37,393
35,559
157,675
Finance income
5,778
8,538
10,451
34,658
Finance costs
-7,653
-10,255
-10,172
-37,149
Net financial result
-1,875
-1,717
280
-2,491
Profit before tax
25,318
35,676
35,839
155,184
Income tax
-2,260
7,042
2,964
6,711
Profit for the period
23,059
42,717
38,803
161,895
Operating profit (EBIT)
27,193
37,393
35,559
157,674
Depreciation
23,765
20,618
24,048
87,939
EBITDA
50,958
58,011
59,607
245,614
EBITDA margin in %
23.6
27.9
25.1
27.1
Earnings per share at the end of period
0.18
0.33
0.30
1.24
Weighted average number of shares
130,631,921
130,631,921
130,631,921
130,631,921
EUR/USD average exchange rate
1.08605
1.07165
1.07570
1.08138
Amounts in the financial tables provided in this press release are rounded to the nearest thousand except when otherwise indicated, rounding differences may occur.
Condensed Consolidated Statement of Financial Position
in thousands of USD
Quarter ended
31 Mar 2024
unaudited
Quarter ended
31 Mar 2023
unaudited
Year ended
31 Dec 2023
audited
ASSETS
Non-current assets
Property, plant, and equipment
800,843
486,499
734,488
Investment properties
7,108
7,539
7,171
Intangible assets
5,985
6,184
5,627
Other non-current assets
54
73
58
Deferred tax assets
83,692
77,577
83,772
Total non-current assets
897,682
577,872
831,116
Current assets
Inventories
276,983
233,322
269,227
Contract assets
21,451
0
24,010
Trade and other receivables
119,271
93,896
123,101
Other assets
48,786
53,231
50,659
Cash and cash equivalents
351,468
350,276
405,701
Total current assets
817,959
730,725
872,698
TOTAL ASSETS
1,715,640
1,308,597
1,703,814
EQUITY AND LIABILITIES
Equity
Share capital
432,745
432,745
432,745
Share premium
348,709
348,709
348,709
Retained earnings
203,218
59,227
180,159
Cumulative translation adjustment
-1,052
-297
-301
Treasury shares
-770
-770
-770
Total equity attributable to equity holders of the parent
982,850
839,614
960,542
Non-controlling interests
0
0
0
Total equity
982,850
839,614
960,542
Non-current liabilities
Non-current loans and borrowings
58,778
59,143
42,661
Other non-current liabilities and provisions
4,696
4,023
4,024
Total non-current liabilities
63,474
63,165
46,685
Current liabilities
Trade payables
102,660
78,119
90,681
Current loans and borrowings
185,400
211,542
218,316
Other current liabilities and provisions
381,258
116,157
387,590
Total current liabilities
669,317
405,818
696,587
TOTAL EQUITY AND LIABILITIES
1,715,640
1,308,597
1,703,814
Condensed Consolidated Statement of Cash Flow
in thousands of USD
Quarter
ended
31 Mar 2024
unaudited
Quarter
ended
31 Mar 2023
unaudited
Quarter
ended
31 Dec 2023
unaudited
Year
ended
31 Dec 2023
audited
Income before taxes
25,318
35,676
35,839
155,184
Reconciliation of net income to cash flow arising from operating activities:
23,732
22,981
16,227
88,948
Depreciation and amortization, before effect of grants and subsidies
23,765
20,618
24,048
87,939
Recognized investment grants and subsidies netted with depreciation and amortization
-673
-737
-730
-2,972
Interest income and expenses (net)
-306
1,445
607
2,600
Loss/(gain) on the sale of plant, property, and equipment (net)
-1,751
-1,483
-199
-3,373
Other non-cash transactions (net)
2,698
3,138
-7,498
4,754
Changes in working capital:
-799
-1,210
70,615
172,490
Decrease/(increase) of trade receivables
8,252
-21,001
-496
-39,774
Decrease/(increase) of other receivables & prepaid expenses
6,587
3,073
5,371
4,855
Decrease/(increase) of inventories
-4,951
-18,886
-8,266
-52,504
Decrease/(increase) of contract assets
2,559
0
2,017
-24,010
(Decrease)/increase of trade payables
-206
27,240
16,823
16,634
(Decrease)/increase of other liabilities
-13,040
8,364
55,166
267,289
Income taxes (paid)/received
-1,441
-109
-3,275
-6,658
Cash Flow from operating activities
46,810
57,339
119,405
409,964
Cash Flow from investing activities:
Payments for property, plant, equipment & intangible assets
-104,980
-48,895
-100,432
-337,789
Acquisition of subsidiary, net of cash acquired
23,229
0
0
0
Payments for loan investments to related parties
0
-135
-39
-276
Proceeds from loan investments related parties
0
120
47
252
Proceeds from sale of property, plant, and equipment
1,791
1,486
235
3,733
Interest received
3,433
1,014
3,748
10,457
Cash Flow used in investing activities
-76,527
-46,411
-96,442
-323,623
Condensed Consolidated Statement of Cash Flow – con’t
in thousands of USD
Quarter
ended
31 Mar 2024
unaudited
Quarter
ended
31 Mar 2023
unaudited
Quarter
ended
31 Dec 2023
unaudited
Year
ended
31 Dec 2023
audited
Cash Flow from (used in) financing activities:
Proceeds from loans and borrowings
50,300
9,213
105,640
205,784
Repayment of loans and borrowings
-94,113
-35,931
-112,939
-241,806
Receipts of sale & leaseback arrangements
31,616
0
0
0
Payments of lease installments
-1,169
-1,513
-1,197
-5,512
Interest paid
-4,058
-3,258
-7,170
-11,630
Cash Flow from (used in) financing activities
-17,423
-31,488
-15,666
-53,164
Effect of changes in foreign currency exchange rates on cash
-7,093
1,411
7,129
3,099
Increase/(decrease) of cash and cash equivalents
-47,140
-20,560
7,298
33,177
Cash and cash equivalents at the beginning of the period
405,701
369,425
391,274
369,425
Cash and cash equivalents at the end of
the period
351,468
350,276
405,701
405,701
*excluding impact from revenue recognized over time according to IFRS 15
View source version on businesswire.com: https://www.businesswire.com/news/home/20240424965508/en/
X-FAB Press Contact Uta Steinbrecher Investor Relations X-FAB Silicon Foundries +49-361-427-6489 uta.steinbrecher@xfab.com
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