28.04.2016
Siltronic AG DE000WAF3001
DGAP-News: Siltronic AG: Siltronic reports slightly better sales than expected in the first quarter of 2016 (news with additional features)
DGAP-News: Siltronic AG / Key word(s): Quarterly / Interim Statement/Quarter
Results
Siltronic AG: Siltronic reports slightly better sales than expected in the
first quarter of 2016 (news with additional features)
28.04.2016 / 07:00
The issuer is solely responsible for the content of this announcement.
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Press release
Siltronic AG
Hanns-Seidel-Platz 4
81737 Munich, Germany
www.siltronic.com
Siltronic reports slightly better sales than expected in the first quarter
of 2016
- At EUR 220.6 million, sales were up by 2.5 percent on the fourth quarter
of 2015 (EUR 215.3 million) but down on the very strong first quarter of
2015 (EUR 238.7 million)
- EBITDA amounted to EUR 23.6 million (Q4 2015: EUR 23.2 million) and, as
expected, continued to be adversely affected by exchange rate effects from
currency hedges
- Sales forecast for 2016 as a whole: year-on-year decrease in the low to
medium single-digit percentage range
Munich, Germany, April 28, 2016 - Siltronic AG, the world's third-largest
manufacturer of hyperpure silicon wafers, showed a sound start into 2016
despite challenging market conditions.
"Sales in the first quarter of 2016 were slightly better than we had
anticipated at the start of the year. However, we do not see any growth
impetus for the second quarter. We believe that, overall, the first half of
this year will be in line with our expectations," said Dr. Christoph von
Plotho, CEO of Siltronic AG.
Sales amounted to EUR 220.6 million in the first three months of 2016 and
were thus slightly better than expected. The rise compared with the fourth
quarter of 2015 was 2.5 percent. However, sales fell by 7.6 percent
compared to what had been an especially successful first quarter last year
(Q1 2015: EUR 238.7 million). Siltronic's business performance had been
particularly strong in the first six months of 2015. It weakened in the
second half of the year because demand for silicon wafers declined and
customers scaled back their inventories. Reduced demand and unfavorable
changes to the product mix had already led to lower average selling prices
in 2015. These negative price effects have continued into 2016. However,
the slight appreciation of the US dollar against the euro had a small
positive effect on sales in the first quarter.
Cost of sales amounted to EUR 186.9 million in the period January to March
2016; their decrease was disproportionately large compared with the
quantity of silicon wafers sold.
The fall in average selling prices was reflected in gross profit, which
came to EUR 33.7 million and was thus higher than in the fourth quarter of
2015 (EUR 31.6 million) but lower than in the corresponding period of last
year (Q1 2015: EUR 39.6 million). The gross margin was 15.3 percent in the
quarter under review, compared with 14.7 percent in the fourth quarter of
2015 and 16.6 percent in the first quarter of 2015.
Other operating income and expense have continued to be influenced by
exchange rate gains and losses in 2016, particularly in connection with
foreign currency hedging. As expected, they amounted to a net expense of
EUR 9.7 million in the first quarter of 2016, compared with a net expense
of EUR 10.5 million in the fourth quarter of 2015 and of EUR 2.1 million in
the first quarter of 2015.
The reduction in gross profit and the exchange rate effects impacted both
on earnings before interest and tax (EBIT) and on earnings before interest,
taxes, and depreciation/amortization (EBITDA).
EBITDA amounted to EUR 23.6 million, which was on a par with the previous
quarter (Q4 2015: EUR 23.2 million). In the first three months of last
year, EBITDA had been EUR 40.1 million. The EBITDA margin reached 10.7
percent and was thus at the same level as in the fourth quarter of 2015.
Without the effects from currency hedging, EBITDA for the first quarter of
2016 would have been EUR 33.3 million with an EBITDA margin of 15.1
percent.
At EUR -5.6 million, EBIT was down by EUR 13.9 million on the first quarter
of 2015. However, it increased by 8.2 percent compared with the fourth
quarter of 2015 (Q4 2015: EUR -6.1 million).
The decrease in EBIT also had an impact on ROCE (return on capital
employed), which came to -3.0 percent in the first quarter of this year.
ROCE had been -3.3 percent in the fourth quarter of last year and +4.2
percent in the first quarter of 2015.
The financial result was adversely affected, in particular, by
interest-rate effects on currency hedges, and totaled EUR -3.8 million (Q1
2015: EUR -2.1 million). The change compared with the first quarter of 2015
was also attributable to the unwinding of the discount on pension
provisions. In the fourth quarter of 2015, the financial result was EUR
-3.8 million.
Income taxes amounted to EUR 2.1 million in the first quarter of 2016,
equating to a sharp year-on-year fall (Q1 2015: EUR 4.3 million).
The net result for the period came to a net loss of EUR 11.5 million in the
first quarter of 2016, compared with a net loss for the period of EUR 8.8
million in the fourth quarter of 2015 and a net profit for the period of
EUR 1.9 million in the first quarter of 2015.
Earnings per share came to a loss per share of EUR 0.34.
Lower discount rates on pension provisions impacted on the Company's equity
in the first quarter, which stood at EUR 418.2 million as of March 31,
2016. This gives an equity ratio of 40.6 percent, compared with 47.8
percent as of December 31, 2015.
In the first quarter of 2016, Siltronic invested EUR 20.4 million in
property, plant and equipment and in intangible assets. Capital expenditure
helps to meet the increasingly complex specifications of customers and to
boost efficiency in production. Projects in this area, which had already
begun in 2015, included the replacement of outdated with cutting-edge
crystal-pullers and the further automation of production.
Non-current liabilities had risen to EUR 473.9 million as of March 31, 2016
(December 31, 2015: EUR 396.0 million). The main reason was the
discount-rate-related rise in pension provisions following a decrease in
discount rates in both Germany and the United States.
Free cash flow was negative at EUR -6.7 million in the first quarter of
2016. It had been negative at EUR -10.5 million in the fourth quarter of
2015 and positive at EUR 39.6 million in the first quarter of 2015. The
free cash flow in the first quarter of 2016 was impacted by cash payments
of EUR 33.5 million for capital expenditure on property, plant and
equipment, which were significantly higher than the cash payments of EUR
8.1 million made in the first quarter of 2015. The cash payments in the
fourth quarter of last year had totaled EUR 18.5 million.
Because free cash flow was in negative territory, net financial assets
declined from EUR 155.9 million as of December 31, 2015 to EUR 149.2
million as of March 31, 2016.
Refinement of sales forecast for 2016
Based on publications from market research institutions in the
semiconductor industry and on statements from customers about their
expectations for business in the rest of 2016, Siltronic currently predicts
unit sales of wafers to be at the same level as in 2015. In its March
forecast, the Company had anticipated growth in unit sales in the low
single-digit percentage range.
Prices for some product lines with low utilization rates had already come
under pressure in the fourth quarter of 2015. This trend could also be
observed in the first quarter of 2016.
In the first three months of 2016, the Company reported sales that were
slightly higher than it had anticipated and Siltronic currently does not
see any signs of demand picking up in the second quarter of 2016. However,
Siltronic believes that, overall, the first half of 2016 will be in line
with expectations.
Based on the current assumptions about the volume of unit sales and the
average selling prices, the Company has refined its sales forecast for 2016
as a whole, predicting a decrease in sales compared with 2015 that is
likely to be in the low to medium single-digit percentage range.
The company still expects EBITDA margin for the full year 2016 to slightly
improve compared to 2015.
"We expect market conditions and the competitive situation to remain
challenging in 2016. Siltronic is very well positioned. By investing in the
renewal of crystal-pullers and in further automation, we are ensuring that
we will continue to be competitive going forward. We have a very solid
financial base. Ongoing efforts to reduce our costs and increase our
profitability are helping to boost our profitability," added von Plotho.
Siltronic AG - Overview of financial figures
2016 2015 2015 Q1 Q4 Q1 Sales 220.6 215.3 238.7 EBITDA 23.6 23.2 40.1 EBITDA margin 10.7% 10.8% 16.8% EBIT -5.6 -6.1 8.3 EBIT margin -2.5% -2.8% 3.5% Financial result -3.8 -3.8 -2.1 Net result for the period -11.5 -8.8 1.9 Earnings/loss(-) per share -0.34 -0.25 0.13 Capital expenditure in property, plant and equipment and intangible assets 20.4 34.4 4.3 Free cash flow -6.7 -10.5 39.6 Equity 418.2 497.3 197.5 Equity ratio 40.6% 47.8% 17.9% Net financial assets 149.2 155.9 16.1 Total assets 1,030.7 1,040.8 1,103.5 Employees 3,882 3,894 4,101Conference call for analysts and investors Siltronic AG's Executive Mangement will conduct a conference call with analysts and investors (in English only) on April 28, 2016 at 3pm (CET). This call will be streamed via the internet. The audio webcast call will be available live and on-demand on Siltronic's homepage at http://www.siltronic.com/int/en/investor_relations/reports/2016/quarterly_ 2016_1/quarterly_report_2016_1.jsp The investor presentation (in English only), the Interim Statement, the press release and an Excel-file with the most important key figures are also published on the Siltronic homepage. Upcoming events May 12, 2016 Ordinary Annual Shareholder Meeting July 28, 2016 Interim Report Q2 2016 October 27, 2016 Interim Statement Q3 2016 Contact: Petra Müller Director of Investor Relations & Communications Tel: +49 (0)89 8564 3133 Email: [email protected] Company profile: Siltronic is the third largest manufacturer of hyperpure silicon wafers worldwide and partner of many leading semiconductor companies. The company has a network of state-of-the-art production sites in Europe, Asia and the USA. Siltronic develops and manufactures silicon wafers in diameters of up to 300mm. Silicon wafers are the basis for modern microelectronics and nanoelectronics. They are key components of e.g. computers, flat-screens, navigation systems, control systems for the automotive industry and many other applications. Important notice This press release contains forward-looking statements based on assumptions and estimates of Siltronic's Executive Board. Although we assume the expectations in these forwardlooking statements are realistic, we cannot guarantee they will prove to be correct. The assumptions may harbor risks and uncertainties that may cause the actual figures to differ considerably from the forward-looking statements. Factors that may cause such discrepancies include, among other things, changes in the economic and business environment, variations in exchange and interest rates, the introduction of competing products, lack of acceptance for new products or services, and changes in corporate strategy. Siltronic does not plan to update the forwardlooking statements, nor does it assume the obligation to do so. This press release is also available in German. If there are differences between the two, the German version takes priority. Please note that slight differences may arise as a result of the use of rounded amounts and percentages. +++++ Additional features: Document: http://n.eqs.com/c/fncls.ssp?u=VIEAPWBDTU Document title: Press Release 'Siltronic reports slightly better sales than expected in the first quarter of 2016' --------------------------------------------------------------------------- 28.04.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Siltronic AG Hanns-Seidel-Platz 4 81737 Munich Germany Phone: +49 89 8564 3133 Fax: +49 89 8564-3904 E-mail: [email protected] Internet: www.siltronic.com ISIN: DE000WAF3001 WKN: WAF300 Indices: TecDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------------- 458245 28.04.2016
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