X-FAB sales up 22 percent to USD 247 million in 2006Erfurt, Germany, March 22, 2007.
X-FAB Silicon Foundries, the world's leading foundry group for analog/mixed-signal semiconductor applications, today announced results for its successful 2006 fiscal year. Sales in the past year were USD 246.7 million (EUR 196.6 million), up approximately 22 percent compared to 2005 sales of USD 202.7 million (EUR 162.7 million). X-FAB Sarawak in Kuching, Malaysia, has been consolidated in the X-FAB Group's financial statements since September 1, 2006, with sales of USD 18.9 million (EUR 15.1 million). All figures for the fiscal year 2006 are still preliminary.
The operating results showed a 45 percent increase to USD 27.1 million (EUR 21.6 million) compared to the 2005 figure of USD 18.7 million (EUR 15.0 million). The net income for the year was USD 21.0 million (EUR 16.7 million) compared with USD 20.0 million (EUR 16.0 million) the previous year. This corresponds to an increase of 5 percent.
The relatively small growth in net income compared to the operating result is primarily due to the re-valuation of intra-Group loans based on USD exchange rates applicable on the respective closing dates. This resulted in exchange rate losses of USD 6.3 million in 2006, compared to gains of USD 2.7 million the previous year, for a total difference of USD 9.0 million.
Even after the inclusion of X-FAB Sarawak, the Group's equity rate remains high at 69.0 percent. This compares to an equity rate of 74.5 percent for the previous year. The cash flow from operating activities in 2006 was about USD 32.3 million (EUR 25.7 million) after USD 51.2 million (EUR 41.1 million) in the previous year. Research and development expenses in the past year totaled USD 19.3 million (EUR 15.4 million) compared to USD 16.9 million (EUR 13.6 million) in 2005.
With the integration of X-FAB Sarawak, the X-FAB Group is poised for further growth. Maintaining production facilities in Europe, America and Asia, the Group is represented in all relevant markets with its own manufacturing operations. The Group's presence in Malaysia has considerably expanded its technological range and capacities.
Hans-Jürgen Straub, CEO of X-FAB, commented on the development of X-FAB’s business: "Fiscal year 2006 was a highly successful one for the X-FAB Group. In addition to achieving very good results, we advanced our growth strategy, achieving an important milestone in terms of capacity, technology and regional presence with the integration of X-FAB Sarawak."