29.10.2015 Siltronic AG  DE000WAF3001

Siltronic AG: Siltronic increases third quarter sales year on year; currency-related decline in EBITDA


 
(DGAP-Media / 29.10.2015 / 07:13) Ladies and gentlemen, please find attached the press release of Siltronic AG in course of todays Q3 number. Additional Information are on our website http://www.siltronic.com/int/de/investor_relations/reports/reports.jsp. Best regards, Judith Distelrath Senior Manager Investor Relations Siltronic AG Siltronic AG, Hanns-Seidel-Platz 4, 81737 München, Germany Sitz: München, Amtsgericht München HRB 150884 Vorstand: Christoph von Plotho (Vorsitzender), Rainer Irle Vorsitzender des Aufsichtsrats: Joachim Rauhut ------------------------------------------------------------------------- - Third-quarter sales up 7 percent year on year to approximately EUR231 million - EBITDA drops by just under 12 percent in the third quarter to EUR29 million; EBITDA margin is slightly below 13 percent - Adjusted for exchange rate losses (reported under other operating income and expense), EBITDA margin is 19 percent - Equity ratio at 48 percent - Free cash flow over the nine-month period came to EUR48 million Munich, October 29, 2015 - Thanks to the favorable effects of a strong dollar more than offsetting the declining price of semiconductor wafers Siltronic AG increased its sales in the third quarter of 2015 compared to the corresponding prior-year period. The Munich-based semiconductor wafer manufacturer generated sales of EUR230.6 million, a year-on-year increase of almost 7 percent (Q3 2014: EUR216.0 million). In the first nine months of the current financial year, sales totaled to EUR716.0 million which is a year-on-year increase of 15 percent (Q1-Q3 2014: EUR622.7 million). Sales fell by 6 percent (Q2 2015: EUR246.7 million) compared to the preceding quarter. This was primarily due to a market-driven drop in unit sales as Siltronic customers reduced inventories. The main reason for inventory correction from customers was the notably lower than originally expected number of smartphone, tablet, and PC sales. Siltronic's EBITDA for the third quarter of 2015 was EUR29.3 million, almost 12 percent down on the corresponding prior-year period (Q3 2014: EUR33.2 million). Compared with the preceding quarter, EBITDA fell by just under 7 percent (Q2 2015: EUR31.4 million). The EBITDA margin for the quarter under review was 12.7 percent compared to 15.4 percent in the third quarter of 2014 and 12.7 percent in the second quarter of 2015. For the first three quarters of 2015, EBITDA amounted to EUR100.8 million, more than 8 percent up on the same period of the previous year (Q1-Q3 2014: EUR93.0 million). The EBITDA margin for the first nine months was 14.1 percent (Q1-Q3 2014: 14.9 percent). Besides lower wafer prices (in US dollar), the main reason for the year-on-year decline in EBITDA in the third quarter of 2015 were losses arising in connection with currency hedging. These losses reduced Siltronic's EBITDA in the third quarter of 2015 by EUR15.5 million. In the third quarter of 2014, corresponding gains had increased EBITDA by EUR5.3 million. The adjusted EBITDA margin for the third quarter of 2015 was 19.4 percent (Q3 2014: 12.9 percent). Earnings before interest and tax (EBIT) were EUR0.3 million in the third quarter of 2015, an improvement of EUR8 million on the same period of the previous year (Q3 2014: loss of EUR7.7 million). The EBIT margin was 0.1 percent (Q3 2014: -3.6 percent). For the first nine months, EBIT was EUR8.8 million (Q1-Q3 2014: loss of 18.1 million) with EBIT margin reaching 1.2 percent (Q1-Q3 2014: -2.9 percent). In the third quarter of 2015 Siltronic generated a loss of EUR6.2 million (Q3 2015: net loss of 12.2 million), representing a loss per share of EUR0.15 (Q3 2014: loss per share of EUR0.31). For the first nine months of the year, the loss for the period amounted to EUR11.2 million (Q1-Q3 2014: net loss of EUR29.3 million), which represents a loss per share of EUR0.21 (Q1-Q3 2014: loss per share of EUR0.69). "Despite the current market weakness, we managed to increase our sales in the third quarter and drive forward with our core operational and strategic objectives," noted Chief Executive Officer Christoph von Plotho in Munich on Thursday. "That applies in particular to our cost performance. For example, our variable manufacturing costs for 300mm wafers reached an all-time low in August. At the same time, several production lines set output records. That played a significant role in maintaining our EBITDA margin at the same level as the previous quarter." Cash flow, capital expenditure, net financial assets, equity ratio, and ROCE Cash flow from operating activities for the period January to September of 2015 amounted to EUR88.1 million, a decline of just over 24 percent on the first nine months of 2014 (Q1-Q3 2014: EUR116.3 million). The main reason for this was the reduction in the amount of prepayments received. Whereas Siltronic had received prepayments of EUR53.2 million in the first nine months of 2014, there was no inflow of funds from prepayments in the first three quarters of 2015. At the same time, cash payments for capital investments in property, plant and equipment and intangible assets increased significantly, totaling EUR40.2 million in the period from January to September of 2015 (Q1-Q3 2014: EUR20.9 million). In addition to the capital expenditure on the development of products and processes, funds were also channeled into targeted measures for the further automation of production and the selective replacement of crystal growing capacities. Overall, free cash flow for the first nine months of 2015 (net cash provided by operating activities after capital expenditure on property, plant and equipment and on intangible assets) amounted to EUR47.9 million (Q1-Q3 2014: EUR95.4 million). Although this is a decline of almost 50 percent, free cash flow actually grew year on year by almost 14 percent after adjusting for prepayments received. As a result of the IPO and the positive free cash flow generated in the first three quarters of 2015, Siltronic had net financial assets of EUR166.2 million as of September 30, 2015 (December 31, 2014: -EUR24.5 million). The equity ratio improved considerably over the first nine months of 2015. Siltronic's equity amounted to EUR501.7 million as of September 30, 2015 (December 31, 2014: EUR311.8 million). This reflects, above all, the inflow of funds from the IPO, which, after transaction costs, increased equity by EUR143.2 million. In addition, higher discount rates used in the calculation of provisions for pensions and other post-employment benefits also had a positive impact on equity, increasing it by EUR49.9 million. The equity ratio was 48.3 percent as of September 30, 2015 (December 31, 2014: 29.1 percent). The return on capital employed (ROCE) for the first nine months of 2015 was 1.5 percent (Q1-Q3 2014: -2.9 percent). Employees The average number of employees declined further compared to December 31, 2014. The reduction was primarily due to pre-retirement part-time employment arrangements, voluntary severance agreements, natural fluctuation, and transfers to Wacker Chemie AG. As of September 30, 2015, the Group employed 3,978 people worldwide (December 31, 2014: 4,163). Outlook Following a strong start to the year with unit sales in the first half of the year up by more than 10 percent, unit sales in the second half of the year have been falling sharply. Some customers purchased fewer wafers in the third quarter in order to run down their surplus inventories. In fact, the same inventory correction actions appear to have been carried over into the final quarter of 2015. Furthermore, unit sales of wafers tend to be weaker in the fourth quarter, this usual seasonal effect being more pronounced this year. The persistently weak sales of PCs, tablets, and smartphones in China are having a particularly negative impact on wafer demand for logic components. However for 2015, Siltronic still expects to see a slight year-on-year increase in unit sales. Prices in invoicing currency (US dollars) were significantly lower in the first nine months of the year than in the corresponding prior-year period, but in Euro, average sales price per wafer was significantly up on the prior-year level. Wafers for logic applications command higher prices, but as this is the area that has been hardest hit by the current weakness in the market, average sales price per wafer for 2015 as a whole will fall slightly compared to the figure for the first nine months of the year, but will remain well above the level of 2014. There was a 15 percent year-on-year increase in sales in the first nine months of 2015. For 2015, Siltronic expects currency-related sales growth in the high single-digit percentage range. Exchange rate effects, which are recognized under other operating income and expense, will lower the EBITDA margin for 2015. The EBITDA margin for the first nine months of the year was 14 percent. This included net exchange rate losses of EUR35 million, primarily relating to foreign currency derivatives that were entered into in 2014 for currency hedging purposes. For 2015, Siltronic expects exchange rate losses to lower earnings by a total of EUR50 million. The EBITDA margin for the year as a whole will be slightly lower than for the first three quarters. Siltronic's medium-term EBITDA margin goal is 20 percent. Siltronic generated a positive ROCE in the first nine months of 2015. Contrary to the forecast provided in the second quarter of 2015, Siltronic now expects ROCE to be slightly negative for the year. Siltronic's medium-term ROCE goal is 11 percent. Capital expenditure is now rising in accordance with plans. In the first nine months of 2015, Siltronic invested EUR41 million in additions to property, plant and equipment and to non-current intangible assets. For the year, the Company expects capital expenditure to total around EUR70 million. Free cash flow is expected to remain positive over 2015. In the first nine months of 2015, Siltronic generated free cash flow of EUR48 million. For the year as a whole, the Company anticipates that free cash flow will be close to the level of the first nine months. Note for editors: The Q3 report for 2015 is available to download on Siltronic's website (www.siltronic.com) under Investor Relations. For more information please contact: Judith Distelrath Tel: +49 (0)89 8564 3133 Email: [email protected] Company profile: Siltronic is the world's third-largest manufacturer of hyperpure silicon wafers, and is a partner to many leading chip manufacturers. The Company has production sites in Europe, Asia, and the USA. Siltronic develops and manufactures wafers with a diameter of up to 300mm. Silicon wafers form the basis for advanced microelectronics and nanoelectronics. They are used, for example, in computers, smartphones, flat screens, navigation systems, management and control systems for the automotive sector, and for many other purposes. This press release contains statements relating to our future business and financial performance and to future events and developments affecting Siltronic that may constitute forward-looking statements. Such statements can be recognized by formulations such as 'expect', 'intend', 'anticipate', 'plan', 'believe', 'strive', 'estimate', 'will be' and similar terms. Such statements are based on current expectations and certain assumptions of Siltronic's management, many of which lie outside the influence of Siltronic. They are therefore subject to a variety of risks and uncertainties. Should one or more of these risks or uncertainties materialize or should it prove to be the case that the underlying expectations are not fulfilled or the underlying assumptions are incorrect, the actual results and performance of Siltronic may differ significantly (either negatively or positively) from the results that were explicit or implicit in the forward-looking statements. Siltronic does not undertake, nor does it intend, to update these forward-looking statements or to correct them in the event of unexpected developments. End of Media Release --------------------------------------------------------------------- Issuer: Siltronic AG Key word(s): Information technology 29.10.2015 Dissemination of a Press Release, 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 8564-3902 E-mail: [email protected] Internet: www.siltronic.com ISIN: DE000WAF3001 WKN: WAF300 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Stuttgart, Tradegate Exchange End of News DGAP Media --------------------------------------------------------------------- 406537 29.10.2015


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
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

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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
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Siltronic
WKN Kurs in € Einschätzung Börsenwert in Mio. €
WAF300 84,600 Halten 2.538,00
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
15,81 14,46 1,10 13,28
KBV KCV KUV EV/EBITDA
1,36 5,20 1,68 7,11
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
3,00 1,20 1,42 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
-3,48% 3,96% -4,35% 31,37%
    
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