28.10.2022 Siltronic AG  DE000WAF3001

EQS-News: Siltronic AG posts strong results for third quarter of 2022


 

EQS-News: Siltronic AG / Key word(s): Quarterly / Interim Statement
Siltronic AG posts strong results for third quarter of 2022

28.10.2022 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.


Press release

Siltronic AG

Einsteinstrasse 172

81677 Munich

www.siltronic.com

 

 

 

Siltronic posts strong results for third quarter of 2022

 

- Continued high demand for wafers leads to full utilisation of production capacities

- Sales of EUR 474 million, 7 percent above Q2 2022 driven by strong US dollar

- EBITDA of EUR 170.5 million, 16 percent above Q2 2022 (EBITDA margin 36.0 percent)

- Net cash flow of EUR -63.6 million

- Expansion of factories in Singapore and Freiberg proceeding according to plan

- Sales guidance for 2022 raised to 26 to 30 percent due to continued positive currency effects

- EBITDA margin for 2022 between 36 and 38 percent expected

- Risks from geopolitical and economic developments remain high

Munich, Germany, October 28, 2022 - Siltronic AG's (MDAX/TecDAX: WAF) business performance continued to improve in the third quarter. Driven by a persistently strong US dollar, sales rose by 7.2 percent to EUR 474.0 million compared to the previous quarter. Compared to the previous year, sales in the 9-month period from January to September 2022 increased significantly by 29.6 percent and compared to the previous year a EUR 180.8 million higher EBITDA was generated.

"In the third quarter of 2022 a new sales record was achieved. Although external risks and uncertainties persist, we were able to increase sales and earnings significantly and achieved an EBITDA margin of 36 percent," said Dr. Christoph von Plotho, CEO of Siltronic AG.

Business Development in Q3 2022

              Change       Change
      Q3 2022 Q2 2022 Q3 2021   Q3 to Q2 Q3 to Q3   Q1-Q3 2022 Q1-Q3 2021
Sales In EUR million   474.0 442.2 371.6   31.9 102.4   1,333.2 1,028.8 304.4
in %           7.2 27.6       29.6
Cost of sales In EUR million   –309.8 –297.1 –252.6   –12.7 –57.2   –888.3 –716.0 –172.3
in %           4.3 22.6       24.1
Gross profit In EUR million   164.2 145.1 119.0   19.1 45.2   444.9 312.8 132.1
in %           13.2 38.0       42.2
Gross margin in %   34.6 32.8 32.0         33.4 30.4  
EBITDA In EUR million   170.5 147.0 122.9   23.5 47.6   503.5 322.6 180.8
in %           16.0 38.7       56.1
EBITDA margin in %   36.0 33.2 33.1         37.8 31.4  
Depreciation,
amortization and
impairment less
reversals thereof
In EUR million   –46.2 –44.2 –39.0   –2.0 –7.2   –132.7 –115.0 –17.6
EBIT In EUR million   124.3 102.8 83.9   21.5 40.4   370.8 207.6 163.2
in %           20.9 48.2       78.6
EBIT margin in %   26.2 23.2 22.6         27.8 20.2  
Financial result In EUR million   0.2 –3.1 0.0   3.3 0.2   –7.3 2.1 –9.4
Result before income taxes In EUR million   124.5 99.7 83.9   24.8 40.6   363.5 209.7 153.8
in %           24.8 48.4       73.3
Income taxes In EUR million   –14.6 –8.6 –10.3   –6.0 –4.3   –47.7 –13.8 –33.9
Tax rate in %   12 9 12         13 7  
Result for the
period
In EUR million   109.9 91.1 73.6   18.8 36.3   315.8 195.9 119.9
in %           20.6 49.3       61.2
Earnings per share in EUR   3.32 2.66 2.15   0.66 1.17   9.46 5.65 3.81

 

Sales

Siltronic generated sales of EUR 474.0 million in Q3 2022, an improvement of 7.2 percent compared to Q2. The growth was driven by the strong US dollar and from price increases in invoicing currency.

In the first nine months of 2022, the company generated sales of EUR 1,333.2 million. This represents a significant year-on-year increase of 29.6 percent or EUR 304.4 million. The main drivers were both price increases in invoicing currency and the development of the US dollar. The higher wafer area sold supported the growth in sales.

In the reporting quarter, the Euro traded 5.4 percent weaker against the US dollar than in the previous quarter (1.01 in Q3 2022 versus 1.07 in Q2 2022). In the first nine months of 2022, the euro was around 11 percent weaker against the US dollar than in the same period of the previous year (1.07 in the reporting year versus 1.20 in the previous year).

 

Cost of sales and gross profit

In Q3 2022 cost of sales increased by 4.3 percent compared to the previous quarter and by 24.1 percent compared to the period January to September 2021. The higher cost of sales were more than offset by the sales increase (sales growth of 7.2 percent and 29.6 percent, respectively).

The main drivers behind the higher year-on-year cost of sales are (not in order of amount) the larger wafer area sold, exchange rate effects, price increases for energy as well as raw materials and supplies, and higher scheduled depreciation. The cost of sales per wafer area increased accordingly.

Gross profit improved by EUR 19.1 million compared to Q2 and by EUR 132.1 million compared to the previous year.

EBIT, EBITDA and earnings per share

As a result of the improved gross profit, EBITDA for the reporting quarter exceeded the previous quarter by EUR 23.5 million. EBITDA of EUR 170.5 million was achieved in the third quarter, which represents an EBITDA margin of 36.0 percent (Q2: 33.2 percent).

When comparing EBITDA in the reporting year with the previous year, it should be noted that Siltronic received a ‘termination fee’ of EUR 50.0 million in the first quarter of 2022 as a result of the unsuccessful tender offer by GlobalWafers. The EBITDA of EUR 503.5 million reported for the current year includes the termination fee. The EBITDA margin including the termination fee was 37.8 percent in the reporting period and 34.1 percent excluding the former. In the period January to September 2021, the EBITDA margin amounted to 31.4 percent.

EBIT in Q3 2022 increased by 20.9 percent or EUR 21.5 million to EUR 124.3 million compared to Q2. In the first nine months of 2022, EBIT reached EUR 370.8 million (Q1-Q3 2021: EUR 207.6 million) and thus improved by EUR 163.2 million (including termination fee).

 

Siltronic generated a net income of EUR 109.9 million in Q3 2022 (up EUR 18.8 million compared to Q2 2022). Earnings per share were EUR 3.32 compared to EUR 2.66 in Q2 2022.

Net income for the nine months period totalled EUR 315.8 million, of which EUR 283.8 million were attributable to Siltronic AG shareholders. Earnings per share after the first nine months of 2022 amounted to EUR 9.46 compared to EUR 5.65 in the previous year.

 

Development of equity, capital expenditure, net cash flow and net financial assets

In EUR million   Sept. 30, 2022 Dec. 31, 2021 Change
Equity   1,962.9 1,318.8 644.1
Provisions for pensions   115.5 404.8 –289.3
Customer prepayments   424.6 254.2 170.4
Loan liabilties   366.4 366.4
Lease liabilities   108.6 99.5 9.1
Other provisions and liabillities   67.2 70.7 –3.5
Non-current liabilities   1,082.3 829.2 253.1

 

With equity of EUR 1,962.9 million on September 30, 2022, Siltronic AG's equity ratio was 56.8 percent compared to 53.7 percent on December 31, 2021. The EUR 644.1 million increase in equity is based on the net income of EUR 315.8 million for the current year less the dividend payment of EUR 90 million and an interest-related decrease in pension obligations of EUR 307.7 million The change in exchange rates resulted in an improvement in equity of EUR 109.0 million.

The reason for the decrease in pension obligations was the interest rate development in Germany and the USA. As of September 30, 2022, provisions for pensions in Germany were discounted at 3.69 percent (December 31, 2021: 1.23 percent). In the USA, the interest rate rose from 2.51 percent to 4.85 percent.

To finance investments in production plants, Siltronic received further customer prepayments and two loans in the first nine months of the financial year.

In the first nine months of 2022, Siltronic paid EUR 585.6 million for capital expenditure including intangible assets. The focus was investments in the construction of a new 300mm plant in Singapore and the expansion of the crystal pulling hall in Freiberg.                                                                                                               

 
In EUR million   Q1-Q3 2022 Q1-Q3 2021 Change
Cash flow from operating activities   614.9 303.9 311.0
Proceeds/payments for capital expenditure
including intangible assets
  –585.6 –148.5 –437.1
Free cash flow   29.3 155.4 –126.1
         
Cash-effective change in prepayments   –179.3 –14.2 –165.1
Net cash flow   –150.0 141.2 –291.2
         
Proceeds/payments for capital expenditure
including intangible assets
  –585.6 –148.5 –437.1
Proceeds/payments for securities and fixed-term deposits   –446.3 –39.4 –406.9
Cash flow from investing activities   –1,031.9 –187.9 –844.0
 

In Q3 2022, net cash flow amounted to EUR -63.6 million (Q1 2022 EUR 36.9 million, Q2 2022 EUR -123.4 million). Given the high payments for capital expenditures including intangible assets of EUR 585.6 million, the net cash flow of EUR -150.0 million in the period from January to September 2022 was pleasing (Q1-Q3 2021: EUR 141.2 million). Customer prepayments generated an inflow of EUR 205.3 million in the first nine months of 2022.

In EUR million   Sept. 30, 2022 Dec. 31, 2021 Change
Cash and cash equivalents   306.2 424.3 –118.1
Financial investments   615.1 148.5 466.6
Loan liabilities   –368.0 –368.0
Net financial assets   553.3 572.8 –19.5
 

Despite the dividend payment of EUR 90 million and the payments for capital expenditure and intangible assets amounted to EUR 585.6 million, net financial assets decreased by only EUR 19.5 million. This is attributable to the strong cash flow from operating activities, which also includes the increase in customer prepayments.

Net financial assets amounted to EUR 553.3 million at the end of September; cash and cash equivalents and financial investments totaled EUR 921.3 million. The increase in cash and cash equivalents and financial investments is attributable to the proceeds of two loans.

Ongoing geopolitical and economic risks

The main risks are presented in the risk report in Siltronic's 2021 Annual Report. Changes in the risk assessment due to further developments can be found in the half-year report 2022. In the third quarter of 2022, the risk assessment has not changed.

Forecast for the full year 2022 raised

Demand for 200 and 300 mm diameter wafers remains strong. Demand for wafers with diameters of 150 mm and smaller has weakened slightly. Siltronic continues to enjoy high-capacity utilisation at all sites. Overall, the wafer area sold in the second half of the year will be roughly at the same level as in the first half, as already forecast.

Due to the persistently strong exchange rate of the US dollar against the euro, Siltronic has raised its sales guidance for the full year 2022 and specified the EBITDA margin guidance. Previously, the company assumed an increase in sales of 21 to 27 percent and an EBITDA margin of 34 to 37 percent compared to 2021. Sales are now expected to increase by 26 to 30 per cent and the EBITDA margin is at the upper end of the previous guidance at 36 to 38 per cent.

Unit cost increases for the current financial year are further expected to be around EUR 140 million. It is assumed that high inflation will also lead to significant cost increases in the coming year.

"We expect demand for 200 and 300 mm diameter wafers to remain strong in the fourth quarter, and we also see the growth drivers of the semiconductor industry continuing in force in the long term. Therefore, our focus remains on smooth operational performance," says Dr Christoph von Plotho.

"We are also continuing to work at full speed on the implementation of the expansion projects, as the new cost-effective facilities form the basis for a successful future for Siltronic," says von Plotho.

 

 

Overview of forecast changes

    Forecast
March 9, 2022
(Annual Report)
Forecast
July 29, 2022
(Q2 2022)
Forecast
October 28, 2022
(Q3 2022)
Group sales   increase from 15 to 22 percent increase from 21 to 27 percent increase from 26 to 30 percent
EBITDA margin   34 to 37 percent 34 to 37 percent 36 to 38 percent
Depreciation and amortization   around EUR 185 million around EUR 185 million around EUR 185 million
EBIT   significant increase significant increase significant increase
Tax rate   10 to 15 percent 10 to 15 percent 10 to 15 percent
Capital expenditure   around EUR 250 million, mainly in epi reactors, capabilities and expansion of crystal pulling hall to replace older equipment around EUR 1,100 million (2/3 for new factory in Singapore) around EUR 1,100 million (2/3 for new factory in Singapore)
Net cash flow   significantly negative significantly negative
slightly positive, but
significantly below prior year
significantly negative
slightly positive, but
significantly below prior year
Earnings per share   significant increase significant increase significant increase

 

Siltronic AG – Key financial figures Q3 2021

Profit and Loss statement                  
In EUR million     Q1-Q3 2022 Q1-Q3 2021   Q3 2022 Q2 2022 Q1 2021 Q3 2021
Sales     1,333.2 1,028.8   474.0 442.2 417.0 371.6
EBITDA     503.5 322.6   170.5 147.0 186.0 122.9
EBITDA margin %   37.8 31.4   36.0 33.2 44.6 33.1
EBIT     370.8 207.6   124.3 102.8 143.7 83.9
EBIT margin %   27.8 20.2   26.2 23.2 34.5 22.6
Result for the period     315.8 195.9   109.9 91.1 114.8 73.6
Earnings per share EUR   9.46 5.65   3.32 2.66 3.47 2.15
                   
Capital expenditure and net cash flow                
Capital expenditure including intangible assets     596.7 143.8   226.0 165.0 205.7 54.1
Net cash flow     –150.0 141.2   –63.6 –123.4 36.9 70.1

    

Statement of financial position        
In EUR million     Sept. 30, 2022 Dec. 31, 2021
Total assets     3,454.5 2,455.4
Equity     1,962.9 1,318.8
Equity ratio %   56.8 53.7
Net financial assets     553.3 572.8

 

 

Conference call for analysts and investors

The Executive Board of Siltronic AG will hold a conference call with analysts and investors (in English only) on October 28, 2022 at 10:00 am (CEST). This call will be streamed via the Internet. The audio webcast will be available live as well as on demand on Siltronic’s website.

The Q3 interim statement and the latest investor presentation are also published on the Siltronic website.

 

Contact:

Dr. Rupert Krautbauer
Head of Investor Relations & Communications
Tel.:+49 (0)89 8564 3133
Email: [email protected]
 

Company profile:

Siltronic AG is one of the world's leading producers of hyperpure silicon wafers and has been a partner to many major semiconductor manufacturers for decades. Siltronic is globally oriented and operates production facilities in Asia, Europe and the USA. Silicon wafers are the foundation of the modern semiconductor industry and the basis for chips in all electronic applications - from computers and smartphones to electric cars and wind turbines. The international company is highly customer-oriented and focused on quality, precision, innovation and growth. Siltronic AG employs around 4,300 people worldwide and has been listed in the Prime Standard of the German Stock Exchange since 2015. Siltronic AG shares are included in both the MDAX and TecDAX stock market indices.

 

 

Financial information – pursuant to IFRS, unaudited

Siltronic AG – Consolidated Statement of Profit or Loss

In EUR million   Q3 2022 Q3 2021   Q1-Q3 2022 Q1-Q3 2021
Sales   474.0 371.6   1,333.2 1,028.8
Cost of sales   –309.8 –252.6   –888.3 –716.0
Gross profit   164.2 119.0   444.9 312.8
             
Selling expenses   –8.9 –8.8   –25.1 –26.0
Research and development expenses   –22.2 –19.7   –66.5 –59.2
General administration expenses   –8.4 –8.3   –25.9 –27.8
Other operating income   55.3 14.1   170.7 53.2
Other operating expenses   –55.7 –12.4   –127.3 –45.4
Operating result   124.3 83.9   370.8 207.6
             
Interest income   3.9 1.0   5.9 2.9
Interest expenses   –2.2 –0.7   –3.6 –1.8
Other financial result   –1.5 –0.3   –9.6 1.0
Financial result   0.2 0.0   –7.3 2.1
             
Result before income tax   124.5 83.9   363.5 209.7
Income taxes   –14.6 –10.3   –47.7 –13.8
Result for the period   109.9 73.6   315.8 195.9
of which            
attributable to Siltronic AG shareholders   99.7 64.5   283.8 169.5
attributable to non-controlling interests   10.2 9.1   32.0 26.4
Profit per share in EUR (basic/diluted)   3.32 2.15   9.46 5.65

 

 

Siltronic AG - Consolidated Statement of Financial Position

In EUR million   Sept. 30, 2022 Dec. 31, 2021
Intangible assets   21.8 23.0
Property, plant and equipment   1,824.1 1,275.8
Right-of-use assets   110.0 103.5
Securities and fixed-term deposits   13.7 22.2
Other financial assets   0.1 0.2
Other non-financial assets   21.3 21.9
Deferred tax assets   17.1 14.2
Non-current assets   2,008.1 1,460.8
Inventories   259.1 211.8
Trade receivables   199.3 170.0
Contract assets   18.8 12.7
Securities and fixed-term deposits   603.3 128.5
Other financial assets   19.8 6.8
Other non-financial assets   39.0 40.5
Income tax receivables   0.9
Cash and cash equivalents   306.2 424.3
Current assets   1,446.4 994.6
Total assets   3,454.5 2,455.4
       
Subscribed capital   120.0 120.0
Capital reserves   974.6 974.6
Retained earnings and net Group result   566.9 373.1
Other equity items   128.1 –277.8
Equity attributable to Siltronic AG shareholders   1,789.6 1,189.9
Equity attributable to non-controlling interests   173.3 128.9
Equity   1,962.9 1,318.8
Provisions for pensions   115.5 404.8
Other provisions   55.8 60.2
Liabilities for income taxes   4.2 8.4
Deferred tax liabilities   1.0 2.0
Customer prepayments   424.6 254.2
Lease liabilities   108.6 99.5
Loan liabilities   366.4
Other financial liabilities   2.3 0.1
Other non-financial liabilities   3.9
Non-current liabilities   1,082.3 829.2
Other provisions   11.3 6.4
Liabilities for income tax   36.5 28.8
Trade liabilities   187.1 164.3
Customer prepayments   50.3 33.1
Lease liabilities   6.2 6.3
Loan liabilities   1.6
Other financial liabilites   50.2 14.6
Other non-financial liabilities   66.1 53.9
Current liabilites   409.3 307.4
Total liabilities   1,491.6 1,136.6
Total equity and liabilities   3,454.5 2,455.4

 

Siltronic AG - Consolidated Statement of Cash Flows

In EUR million   Q3 2022 Q3 2021 Q1-Q3 2022 Q1-Q3 2021
Result for the period   109.9 73.6 315.8 195.9
Depreciation / amortization of nun-current assets,
including impairment losses and reversals thereof
  46.2 39.1 132.7 115.0
Other non-cash expenses and income   –14.2 1.3 6.0 –1.9
Result from disposal of non-current assets   0.8 0.6 1.9 2.2
Interest income   –1.7 –0.3 –2.3 –1.1
Interest paid   –0.5 –0.6 –1.4 –1.4
Interest received   3.9 1.4 10.6 3.5
Tax expense   14.6 10.3 47.7 13.8


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023
Umsatzerlöse1 1.177,30 1.456,70 1.270,40 1.207,00 1.405,40 1.805,30 1.513,80
EBITDA1,2 353,10 589,30 408,70 332,00 466,40 671,60 433,90
EBITDA-Marge3 29,99 40,45 32,17 27,51 33,19 37,20
EBIT1,4 235,70 497,70 298,30 192,20 316,90 495,60 231,10
EBIT-Marge5 20,02 34,17 23,48 15,92 22,55 27,45 15,27
Jahresüberschuss1 192,20 400,60 261,00 186,80 289,60 434,40 201,30
Netto-Marge6 16,33 27,50 20,54 15,48 20,61 24,06 13,30
Cashflow1,7 298,90 651,90 385,30 236,70 501,10 804,50 -487,90
Ergebnis je Aktie8 6,18 12,44 7,52 5,36 8,44 13,02 6,15
Dividende8 2,50 5,00 3,00 2,00 3,00 3,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: KPMG

INVESTOR-INFORMATIONEN
©boersengefluester.de
Siltronic
WKN Kurs in € Einschätzung Börsenwert in Mio. €
WAF300 73,000 Halten 2.190,00
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
13,64 13,95 0,97 11,46
KBV KCV KUV EV/EBITDA
1,17 4,49 1,45 6,31
Dividende '22 in € Dividende '23 in € Div.-Rendite '23
in %
Hauptversammlung
3,00 1,20 1,64 13.05.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
02.05.2024 25.07.2024 24.10.2024 12.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-2,01% -10,85% -17,47% -2,73%
    
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