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Soitec Reports Significant Improvement to Results

Pressemitteilung

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First Half-Year 2006-2007

Soitec Reports Significant Improvement to Results
Increased Visibility and Positive Outlook

• Strong sales growth of 53.0% with improved gross margin up to 29.0%
• Operating income doubles as margin improves to 13.6%
• Net income of 21.3 million Euros equals 12.2% of sales
• Firm order for a minimum of $350 million reinforces visibility
• Full year guidance confirmed


Bernin, France, October 30, 2006 - Soitec (Euronext Paris), the world’s leading supplier of silicon-on- insulator (SOI) wafers and other engineered substrates, today announced consolidated results for the first half of its financial year. Strong demand for the Group’s products, particularly 300mm SOI wafers, provided total sales for the period of 175.3 million Euros—an increase of 53% on a year-on-year basis. These record revenues with volume leverage, solid manufacturing execution and lower interest costs resulted in improved margins and a significant increase in both operating and net income over the same period last year. Operating income rose to 23.8 million Euros compared to 11.5 million Euros and net income to 21.3 million Euros against 3.7 million Euros. Operating cash flow of 27.6 million Euros covered both financing and net capital investment requirements in the period. The Group’s cash balances remained a very healthy 305 million Euros at September 30, 2006.

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Substantial growth in 300-mm SOI wafer sales drives record-breaking revenues

300mm sales for the half-year were 86% above the same period last year at constant exchange rates (84% in absolute terms) and represented 67% of total wafer sales versus 58% last year. Other high volume wafer diameters, in particular 200mm, also recorded good growth of 14% on a year-on-year basis. Total wafer sales were 168.0 million Euros with annual growth equal to 54% in very similar exchange rate conditions of 1.26 vs. 1.25 last year. Sequentially, however, the exchange rate was unfavourable (1.26 vs. 1.20) resulting in performance growth of 23.9% being reduced to 18.5% in absolute terms. In addition to wafer sales the Group reported royalties of 1.7 million Euros and very strong year-on-year growth of 57% for the Picogiga division where sales totalled 5.3 million Euros.


Group realizes significant improvement in financial results

Record revenues, combined with continuing improvements in manufacturing efficiency, drove a significant gain in operating profitability. Increased volumes produced the expected favourable leverage on manufacturing costs with the result that the gross margin increased to 29.0% of sales versus 23.9% one year ago. Sequentially the gross margin was slightly higher (29.0% vs. 28.7%) despite the unfavourable movement in the Euro/Dollar exchange rate (1.26 vs. 1.20). Net Research & Development expenses of 8.6% of sales for the period reflect the early momentum of major long-term programmes launched under the auspices of Government aided funds. As guided the operating margin rose to 13.6% producing operating income of 23.8 million Euros, which is double the same period last year. Net financial cost for the period is considerably lower than last year with the result that the Group provided net income of 21.3 million Euros for the period compared to 3.7 million one year ago. In terms of cash during the period, net capital investment of 23 million and other financing requirements were covered by operating cash generated of 27.6 million Euros thereby contributing to the maintenance of a healthy cash position of 305 million Euros at the end of the period. Taken together with 12 million Euros allocated to short term financial assets underlying cash is unchanged from 6 months ago.


Continued Visibility

Medium term visibility has been significantly reinforced with a renewed firm volume commitment from Advanced Micro Devices (AMD: NYSE) for the supply of SOI wafers. Following on from the 2006 calendar year order for a minimum of $150 million, AMD have committed to 15 months from January 2007 for a minimum of $350 million total. This order comes under the terms of the multi-year agreement for the long-term supply of 300mm UNIBOND™ SOI wafers manufactured using Soitec’s proprietary Smart Cut™ process. The wafers will be delivered both to AMD and their foundry partner.


Positive Sales and Results Outlook

The Group confirms its full year sales guidance of 400 million Euros (at April 2006 exchange rate: about 1.25). The Group also remains committed to pursuing cost-efficiencies and strengthening its competitive position through strategic and focused R&D. Increasing revenues combined with continuing management focus on manufacturing efficiency is expected to help drive a further improvement in operating income in the second half of the year with the objective of producing a full year operating margin above 15%. The Group will continue to ramp its 300-mm production in Bernin II to ensure adequate timely capacity in line with customer demand as illustrated by the recently received firm order from AMD.

“As the world’s leading supplier of SOI wafers and engineered substrates, Soitec continues to benefit from strong demand for SOI wafers,” said André-Jacques Auberton-Hervé, chief executive officer and president of Soitec. “Our recent strategic initiatives in terms of innovation, additional capacity and access to potential new markets bode well for further development of the Group. Strong demand and solidly improved financial results, validates our business strategy to invest in and develop SOI production capacity. Going forward we remain committed to meeting the industry’s rising SOI wafer needs, while also developing the even more advanced engineered substrate technology semiconductor manufacturers will need in the future.”


Recent development

On October 26, Soitec announced a joint development agreement with ARM [(LSE: ARM); (Nasdaq: ARMHY)] to support the future development of silicon-on-insulator (SOI) libraries for fabless and foundry companies. ARM® will leverage its existing microprocessor intellectual property portfolio, Physical IP and the partnership with Soitec to provide designers with the tools, resources and standards needed further to enable and accelerate SOI adoption.


Reporting Calendar

Third quarter sales of the financial year 2006-2007 will be published on 15th January 2007 after the Paris Stock Exchange closes.



About The Soitec Group

The Soitec Group is the world’s leading innovator and provider of the engineered substrates that serve as the foundation for today’s most advanced electronic products and nanotechnologies. Headquartered in Bernin, France, the company manufactures its comprehensive portfolio of engineered substrates, including silicon-on-insulator (SOI) and strained SOI (sSOI), using Soitec’s proprietary Smart Cut™ technology—the de facto industry standard. With its strong global presence, patented technology and industry-leading production capacity, Soitec is helping to drive the performance and power advantages that are key to the smaller, more power efficient, and increasingly mobile electronic products favoured by consumers worldwide. Both shares and convertible bonds are listed on Euronext Paris.

Soitec, Smart Cut and UNIBOND are trademarks of S.O.I.TEC Silicon On Insulator Technologies
 
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