X-FAB Announces Half-Year ResultsErfurt, Germany, September 10, 2008.
The X-FAB Silicon Foundries Group today announced sales of USD 226.3 million (EUR 147.9 million) in the first six months of 2008, up 21.5 percent from the same period the previous year. Sales in the second quarter were USD 107.2 million (EUR 68.6 million), a year-over-year increase of 6.4 percent.
The Group's Dresden site was included in the previous year's comparative figures as of April 1, 2007. M-MOS Semiconductor Sdn. Bhd., a subsidiary of X-FAB Sarawak that operated in the area of discrete components, was sold effective April 1, 2008 and, therefore, no longer is included in the X-FAB Group's basis of consolidation. A like comparison – i.e., not including X-FAB Dresden and M-MOS Semiconductor – shows half-year sales for the X-FAB Group increased 16.2 percent year over year.
Operating earnings (EBIT) as of June 30, 2008, totaled USD 23.4 million (EUR 15.3 million), up 12.5 percent compared to the same period the previous year (USD 20.8 million). EBIT decreased in the second quarter, from USD 11.9 million in 2007 to USD 6.6 million (EUR 4.2 million) in 2008. This was primarily due to the U.S. dollar exchange rate, changes in the Group's product portfolio and lower capacity utilization.
Hans-Jürgen Straub, CEO of the X-FAB Silicon Foundries Group, said: "As expected, sales in the second quarter were lower than in the first quarter of this year. Booking levels improved only slightly. Given the current world economic situation and resulting softening of our book-to-bill ratio of 0.90 in the second quarter, we expect further business slowdown in the third quarter."