X-FAB announces financial results for 2008Erfurt, Germany, March 25, 2009.
The X-FAB Silicon Foundries Group today reported sales revenue growth during the first half of 2008, followed by a decrease for the remainder of the year due to the global financial and economic crisis that caused a considerable decline in bookings throughout the semiconductor industry. In 2008, X-FAB posted sales revenue of USD 368.1 million (EUR 250.3 million), down approximately 10 percent from the previous year.
Earnings before interest and taxes (EBIT) as of December 31, 2008, were positive at USD 7.2 million (EUR 4.9 million). This compares to USD 46.7 million in the previous year. X-FAB recorded earnings before taxes of USD 4.8 million (EUR 3.3 million) for the year, compared to USD 38.7 million the previous year. The Group's equity ratio as of December 31, 2008, was 65.4 percent, and its cash flow from operating activities in the financial year just ended was USD 48.0 million (EUR 32.6 million). The X-FAB Group spent USD 24.0 million (EUR 16.3 million) on research and development in 2008. This compares to USD 24.9 million the previous year.
Hans-Jürgen Straub, CEO of the X-FAB Silicon Foundries Group, commented on expected business development for this year: "The outlook for 2009 is still clouded by a high degree of uncertainty. Market analysts forecast a double-digit decrease in sales revenue for the current year. However, with an equity ratio amounting to more than 65 percent, X-FAB offers the necessary financial stability to be a reliable partner for our customers in difficult times, and also to pursue opportunities this crisis offers.”