SOITEC FY24 RESULTS
Paris | May 23rd, 2024
DISCLAIMER
This document is provided by Soitec (the "Company") for information purposes only.
The Company's business operations and financial position are described in the Company's Universal Registration Document (which notably includes the Annual Financial Report). The 2023-2024 Universal Registration Document will be filed with the French stock market authority (Autorité des Marchés Financiers, or AMF) on June 5, 2024. The French version of the 2023-2024 Universal Registration Document, together with English courtesy translation for information purposes, will be made available for consultation on the Company's website (www.soitec.com), in the section Company - Investors - Financial Reports.
Your attention is drawn to the risk factors described in Chapter 2.1 (Risk factors and controls mechanism)
of the Company's Universal Registration Document.
This document contains summary information and should be read in conjunction with the Universal Registration Document.
This document contains certain forward-looking statements. These forward-looking statements relate to the Company's future prospects, developments and strategy and are based on analyses of earnings forecasts and estimates of amounts not yet determinable. By their nature, forward-looking statements are subject to a variety of risks and uncertainties as they relate to future events and are dependent on circumstances that may or may not materialize in the future. Forward- looking statements are not a guarantee of the Company's future performance. The occurrence of any of the risks described in Chapter 2.1 (Risk factors and controls mechanism) of the Universal Registration Document may have an impact on these forward- looking statements. In particular, the future consequences of geopolitical conflicts, notably the Ukraine / Russia
situation, as well as rising inflation, may result in greater impacts than currently anticipated in these forward- looking statements.
Any market shares presented herein are based on internal estimates and relate to that share of the market segment served and addressed by Soitec which may exclude broader segments of the market and competing technologies.
The Company's actual financial position, results and cash flows, as well as the trends in the sector in which the Company operates may differ materially from those contained in this document. Furthermore, even if the Company's financial position, results, cash-flows and
the developments in the sector in which the Company operates were to conform to the forward- looking statements contained in this document, such elements cannot be construed as a reliable indication of the Company's future results
or developments.
The Company does not undertake any obligation to update or make any correction to any forward-looking statement in order to reflect an event or circumstance that may occur after the date of this document.
This document does not constitute or form part of an offer or a solicitation to purchase, subscribe for, or sell the Company's securities in any country whatsoever. This document, or any part thereof, shall not form the basis of, or be relied upon in connection with, any contract, commitment or investment decision.
Notably, this document does not constitute an offer or solicitation to purchase, subscribe for or to sell securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from the registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The Company's shares have not been and will not be registered under the Securities Act.
Neither the Company nor any other person intends to conduct a public offering of the Company's securities in the United States.
© Soitec 2024. No copying or distribution permitted. | PAGE 2 |
AGENDA
#01 | #02 | #03 |
CEO VISION | STRATEGY | INNOVATION |
Pierre Barnabé | Steve Babureck | Christophe Maleville |
#04 | #05 | #06 |
MOBILE | AUTOMOTIVE | SMART |
COMMUNICATIONS | & INDUSTRIAL | DEVICES |
Jean-Marc Le Meil | Emmanuel Sabonnadière | René Jonker |
#07 | #08 |
OPERATIONS | FINANCE |
Cyril Menon | Léa Alzingre |
Q&A
#09
CEO
WRAP-UP
Pierre Barnabé
© Soitec 2024. No copying or distribution permitted. | PAGE 3 |
01CEO VISION
Pierre Barnabé
1 C EO V I S I O N | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | © Soitec 2024. No copying or distribution permitted. | PAGE 4 |
FY24 results reflect ongoing inventory correction in the smartphone supply chain
CEO
KEY MESSAGES
Strengthening our sustainable value creation model
MID-TERM AMBITION
Clear vision toward
~$2B revenue
~40% EBITDA(1) margin
- The EBITDA represents operating income before depreciation, amortization, impairment of non-current assets, non-cash items relating to share-based payments, provisions for impairment of current assets and for contingencies and expenses, and disposals gains and losses. EBITDA is not a financial indicator defined by IFRS and may not be comparable to EBITDA as reported by other groups. It represents additional information and should not be considered as a substitute for operating income or net cash generated by operating activities.
EBITDA Margin = EBITDA from continuing operations / Revenue.
1 C EO V I S I O N | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | © Soitec 2024. No copying or distribution permitted. | PAGE 5 |
FY24 FINANCIAL HIGHLIGHTS
REVENUE GROWTH IMPACTED BY SMARTPHONE INVENTORY CORRECTION RESILIENT PROFITABILITY AND SUSTAINED LEVEL OF INVESTMENT
REVENUE
-10%
Y/Y organic
growth(1)
€1,089M
€978M
FY23 FY24
EBITDA(2) | OPERATING CASH FLOW |
36%
margin
34%
margin
€391M
€332M
€262M
€165M
FY23 | FY24 | FY23 | FY24 |
- At constant exchange rates and perimeter.
-
The EBITDA represents operating income before depreciation, amortization, impairment of non-current assets, non-cash items relating to share-based payments, provisions for impairment of current assets and for contingencies and expenses, and disposals gains and losses. EBITDA is not a financial indicator defined by IFRS and may not be comparable to EBITDA as reported by other groups. It represents additional information and should not be considered as a substitute for operating income or net cash generated by operating activities.
EBITDA Margin = EBITDA from continuing operations / Revenue.
1 C EO V I S I O N | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | © Soitec 2024. No copying or distribution permitted. | PAGE 6 |
FY24 REVENUE BY DIVISION
MOBILE COMMUNICATIONS | AUTOMOTIVE & INDUSTRIAL | |||||||||||||
POI acceleration and FD-SOI penetration | Strong growth in Automotive & Industrial | |||||||||||||
partially offset weakness in RF-SOI driven by | supported by Power-SOI,FD-SOI and | |||||||||||||
market inventory correction | SmartSiCTM deployment | |||||||||||||
-16% | ||||||||||||||
€731M | Y/Y organic | |||||||||||||
growth(1) | ||||||||||||||
€611M | +16% | |||||||||||||
Y/Y organic | ||||||||||||||
growth(1) | ||||||||||||||
€163M | ||||||||||||||
€141M | ||||||||||||||
FY23 | FY24 | FY23 | FY24 | |||
(1) At constant exchange rates and perimeter
SMART DEVICES
FD-SOI growing penetration offset by
Photonics-SOI (temporary softness in data centers)
and Imager-SOI (lower smartphone volumes)
-6%
Y/Y organic
€217M growth(1) €204M
FY23 FY24
1 C EO V I S I O N | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | © Soitec 2024. No copying or distribution permitted. | PAGE 7 |
Stable revenue expected on an organic basis
FY25 OUTLOOK
EBITDA margin(1) expected at ~35%
Capital expenditure expected at ~€250M
- The EBITDA represents operating income before depreciation, amortization, impairment of non-current assets, non-cash items relating to share-based payments, provisions for impairment of current assets and for contingencies and expenses, and disposals gains and losses. EBITDA is not a financial indicator defined by IFRS and may not be comparable to EBITDA as reported by other groups. It represents additional information and should not be considered as a substitute for operating income or net cash generated by operating activities. EBITDA Margin = EBITDA from continuing operations / Revenue.
1 C EO V I S I O N | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | © Soitec 2024. No copying or distribution permitted. | PAGE 8 |
FY25 AND BEYOND
SUSTAINABLE BUSINESS MODEL TO ADAPT TO A CHALLENGING ENVIRONMENT
MACRO TRENDS
MACROECONOMIC VOLATILITY
GEOPOLITICAL UNCERTAINTY
CLIMATE CHANGE
MARKET TRENDS
FLATTISH SMARTPHONE SHIPMENTS MORE DEVICE INNOVATION (5G, EDGE AI)
STEADY RISE IN EV PENETRATION
ACCELERATING AI COMPUTING POWER CAPABILITIES FOR CLOUD AND EDGE AI
ELECTRIFICATION AND ENERGY EFFICIENCY
#01
STEADY INVESTMENT IN INNOVATION AND AGILE CAPACITY DEPLOYMENT
#02
DIVERSIFICATION
OF CUSTOMER
PORTFOLIO, SUPPLIER AND REGIONAL BASE
#03
STRENGTHENING
CUSTOMER INTIMACY
AND INCREASING
PENETRATION
1 C EO V I S I O N | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | © Soitec 2024. No copying or distribution permitted. | PAGE 9 |
BUILDING A DIVERSE PRODUCT PORTFOLIO | New materials | ||||||||||
InP | |||||||||||
TO FUEL OUR DIVISIONS VALUE CREATION | PREPARING | ||||||||||
ACROSS 3 STRATEGIC END MARKETS | SmartGaN | EXPANSION | |||||||||
BEYOND | |||||||||||
Power-GaN | |||||||||||
RF-GaN | |||||||||||
SmartSiCTM | EXPANDING INTO | ||||||||||
COMPOUND | |||||||||||
SEMICONDUCTORS | |||||||||||
POI | |||||||||||
Photonics-SOI | |||||||||||
Imager-SOI | STRENGTHENING | ||||||||||
Power-SOI | SOI LEADERSHIP | ||||||||||
FD-SOI
RF-SOI
+ LICENSING / PATENT MONETIZATION
1 C EO V I S I O N | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | © Soitec 2024. No copying or distribution permitted. | PAGE 10 |
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Soitec SA published this content on 23 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2024 12:09:03 UTC.
