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1 Basic information and description of the X-FAB
Silicon Foundries SE Group\u2019s business
X-FAB Silicon Foundries SE (hereafter referred to as
\u201cX-FAB\u00a0SE,\u201d \u201cthe Company,\u201d or \u201cthe parent company\u201d
and, together with its subsidiaries, as \u201cX-FAB SE
Group\u201d or \u201cthe Group\u201d) is a European limited company
(Societas Europaea/SE) registered under the number
BE0882.390.885 in Hasselt, Belgium. The parent
company\u2019s registered address is Transportstraat 1,
3980 Tessenderlo, Belgium.
The Group has no associates, joint ventures, joint
operations, or investments in unconsolidated
structured entities (entities designed so that voting or
similar rights are not the dominant factor in deciding
which party controls the entity).
The X-FAB SE Group is one of the world\u2019s leading
pure-play foundry providers specializing in analog/
mixed-signal technologies.
Analog/mixed-signal products are circuits capable of
processing digital as well as analog signals. As a pure-
play foundry, the Group develops its own technologies,
offering its customers a comprehensive range of
product development (design support) and
production services. The X-FAB SE Group
manufactures integrated circuits to customers\u2019
designs, supplying these in the form of silicon wafers.
For this purpose, X-FAB SE offers special technology
modules, cell libraries, and design kits, which allow the
Group\u2019s customers to develop specific circuits with
broad function spectrums and to accelerate their
development processes.
X-FAB SE Group\u2019s customers include companies that
concentrate on the development of integrated circuits
(ICs) and leave their manufacture to others (fabless
companies). The Group\u2019s customers are primarily in the
communication, automotive, consumer, and industrial
product sectors, and are located in Europe, the United
States, and Asia.
2 Group structure
The X-FAB SE Group structure as of December 31, 2022 is illustrated below.
X-FAB Dresden GmbH & Co. KG refers to X-FAB Dresden GmbH & Co. KG and X-FAB Dresden Verwaltungs-GmbH
The Group\u2019s primary operations are held by X-FAB
Semiconductor Foundries GmbH (X-FAB GmbH),
X-FAB Dresden GmbH & Co. KG (X-FAB Dresden),
X-FAB Texas Inc., Lubbock, Texas (X-FAB Texas),
X-FAB Sarawak Sdn. Bhd. (X-FAB Sarawak), and
X-FAB France SAS (X-FAB France), each of which
operate wafer factories at their respective locations.
X-FAB MEMS Foundry Itzehoe GmbH (MFI) and
X-FAB MEMS Foundry GmbH (XMF) offer process
technologies for the fabrication of micromechanical
sensors for the detection of pressure, acceleration,
rotation, and IR-radiation including integrated solutions
that combine MEMS and CMOS. The remaining entities
provide research and development, marketing and
sales, and administration services to other Group
entities or serve administrative purposes.
3 Basis of preparation
3.1 Statement of compliance
The consolidated financial statements have been
prepared in accordance with International Financial
Reporting Standards (IFRS) as endorsed by the
European Union. All IFRS and IAS standards and
associated interpretations were adopted to the extent
that they had been endorsed by the European Union
by the date of issue of these financial statements.
The consolidated financial statements of X-FAB SE
Group for the year ended December 31, 2022, were
authorized for issue in accordance with a resolution of
the directors on March 23, 2023.
3.2 Basis of measurement
The consolidated financial statements have been
prepared on a historical cost basis, except for
derivative financial assets and liabilities and certain
non-derivative financial investments which are
measured at fair value. The net defined benefit liability
is measured at the present value of the defined
obligation less the fair value of plan assets.
3.3 Functional and presentation currency
The consolidated financial statements are presented in
U.S. dollars (USD), which is the functional and
presentation currency of the parent company and the
Group\u2019s primary operating companies. Amounts are
rounded to the nearest thousand except when
otherwise indicated. Rounding differences may occur.
3.4 Use of judgments, assumptions, and estimation
uncertainties
In preparing these consolidated financial statements
management has made judgments, assumptions, and
estimates that affect the application of the Group\u2019s
accounting policies and the reported amounts of
assets, liabilities, income, and expenses. Actual
amounts may differ from these estimates.
Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates
are recognized in the period in which the estimates are
revised and in any future periods affected.
Judgments
Determination of functional currency
The functional currency of the holding company and
most of its subsidiaries has been assessed as the U.S.
dollar (USD) due to the fact that the currency that
mainly influences sales prices for goods and services is
the USD. Only two subsidiaries have different
functional currencies (the euro and the Russian ruble).
These subsidiaries are not significant to the Group\u2019s
consolidated financial statements.
With respect to the holding company the assessment is
based on the fact that the holding acts as an
investment holding entity (in operational subsidiaries
with USD as their functional currency) and its sole
activity consists of the re-allocation of Group costs
which are incurred and subsequently recharged in USD.
Hence the USD is deemed the most appropriate
functional currency of the holding for the preparation
of the consolidated financial statements.
Revenue recognition (note 4.3)
Judgment was applied in determining whether revenue
from the sale of process control wafers should be
recognized over time or at a point in time. Based on
management\u2019s assessment of its contracts with
customers, the Group has determined that only a
limited number of contracts provide for an enforceable
right to payment for performance completed in the
case that a customer would cancel a contract for
reasons other than any failure to perform as promised.
As a result, the potential recognition of contracts over
time has been considered to be not material.
Recognition of right-of-use assets and lease
liabilities (notes 4.17 and 11)
The Group recognizes right-of-use assets and lease
liabilities for certain assets held under leasing
arrangements. Some of the Group\u2019s lease contracts
include renewal or termination options. In order to
determine the lease term for these contracts the
Group took into account all relevant facts and
circumstances in order to assess whether it is
reasonably certain that these options will be exercised.
This assessment has an impact on the term of the
lease, which has a significant effect on the amount of
the lease liabilities and the measurement of the right-
of-use asset recognized. Should the Group make
changes to its assessment of whether the renewal or
termination options will be exercised, it may be
necessary to increase or decrease the right-of-use
assets and lease liabilities recognized.
Assumptions and estimation uncertainties
Information about assumptions and estimation
uncertainties that have a significant risk of resulting in a
material adjustment in the next financial year is
included in the following notes:
Recognition of deferred tax assets (note 6.13)
Deferred tax assets are recorded where it is
considered probable that tax savings will be made in
future periods from the use of losses carried forward
and from the reversal of taxable timing differences
arising on the difference between the accounting and
tax values of the Group\u2019s assets. Taxable profits and
the reversal of timing differences in the next financial
year may differ from the amounts assumed, and
assumptions made in the next financial year about
future taxable profits and reversals of subsequent
years may change. Such changes could result in a
material adjustment.
Measurement of expected credit losses (ECLs) on
trade receivables (note 7.4)
Allowances are made to reflect estimates of the
amount of ECLs on any receivables. The actual amount
of credit losses for receivables in the year ending
December 31, 2023, may differ from the amounts
recorded as impairments in the year ended
December\u00a031, 2022, which may result in a material
adjustment.
Measurement of fair values
A number of the Group\u2019s accounting policies and
disclosures require the measurement of fair values,
both for financial and non-financial assets and liabilities.
If third-party information is used to measure fair
values, the evidence obtained from third parties is
assessed to support the conclusion that such
valuations meet the requirements of IFRS 13, including
the level in the fair value hierarchy in which such
valuations should be classified.
When measuring the fair value of an asset or a liability,
the Group uses market observable data as far as
possible.
Fair values are classified into different levels in a fair
value hierarchy based on the inputs used in the
valuation techniques as follows:
Level 1:quoted (unadjusted) prices in active markets
for identical assets or liabilities.
Level 2:other techniques for which all inputs that have
a significant effect on the recorded fair value
are observable, either directly or indirectly.
Level 3:techniques that use inputs which have a
significant effect on the recorded fair value
that are not based on observable market data.
If the inputs used to measure the fair value of an asset
or a liability might be categorized in different levels of
the fair value hierarchy, then the fair value
measurement is categorized in its entirety in the same
level of the fair value hierarchy as the lowest level input
that is significant to the entire measurement.
The Group measures transfers between levels of the
fair value hierarchy at the end of the reporting period
during which the change has occurred.
Further information about the assumptions made in
measuring fair values is included in the following notes:
\u20227.1 Property, plant, equipment, and investment
properties
\u20227.4 Trade and other receivables
\u20227.10 Loans and borrowings
\u202210 Financial instruments \u2013 fair values and risk
management
4 Summary of accounting policies
4.1 Basis of consolidation
Entities included in the consolidation
The consolidated financial statements include the
financial statements of the parent company and its
subsidiaries, which are entities directly or indirectly
controlled by the parent company. The Group controls
an entity when it is exposed to, or has rights to, variable
returns from its involvement with the entity and has the
ability to affect those returns through its power over
the entity. Control is generally obtained by ownership
of a majority of shares.
The financial statements of subsidiaries are included in
the consolidated financial statements from the date on
which control commences until the date on which
control ceases.
The financial statements of the subsidiaries are
prepared for the same reporting year as the parent
company, using consistent accounting policies.
All intra-group balances, transactions, income, and
expenses, as well as profits and losses resulting from
intra-group transactions, are fully eliminated in these
consolidated financial statements.
Non-controlling interests
Non-controlling interests represent the portion of
profit or loss, component of other comprehensive
income and net assets of a subsidiary attributable to
equity interests that are not owned, directly or
indirectly, by the parent company. Non-controlling
interests\u2019 share of income and share of equity are
presented separately in the income statement and
within equity in the consolidated statement of financial
position respectively, separately from parent
shareholder\u2019s equity.
Non-controlling interests are measured at the date of
acquisition at their proportionate share of the acquired
company\u2019s identifiable net assets.
4.2 Foreign currency translation
Transactions in foreign currencies are initially recorded
at the functional currency rate ruling at the date of the
transaction. Monetary assets and liabilities
denominated in foreign currencies are translated at the
functional currency rate of exchange ruling at the
statement of financial position date. All differences are
taken to profit or loss. Non-monetary items that are
measured in terms of historical cost in a foreign
currency are translated using the exchange rate as at
the dates of the initial transactions. If the functional
currency of a consolidated entity differs from the
Group\u2019s presentation currency, assets and liabilities of
that entity are translated into the presentation
currency at the closing rate at the statement of
financial position date, whereas equity is translated
using the historic rates, and the income statement is
translated at the average rate of the reporting period.
All resulting differences are recognized in the
cumulative translation adjustment in equity.
4.3 Revenue from contracts with customers
Sales revenue is measured based on the consideration
specified in a contract with a customer. Sales revenues
are recognized net of discounts, customer bonuses,
and rebates granted.
There is no significant uncertainty concerning the
nature, amount, or timing of the revenue or the cash
flows of the revenues reported. The Group recognizes
revenue when it transfers control over a good or
service to a customer.
Sale of process control wafers (PCM wafers)
PCM wafers are goods that are generally customer
specific, i.e. when manufacturing goods for a customer,
X-FAB is creating an asset for the customer that has
no alternative use to X-FAB. However, for the majority
of contracts with its most important customers, X-FAB
has determined that it does not have an enforceable
right to obtain payment for work completed should a
customer cancel an incomplete contract for reasons
other than any failure by X-FAB to perform as
promised. Accordingly, revenue from the sale of
process control wafers (PCM wafers) is recognized
when shipment has been made. At this date, control
over the goods has passed to the customer. Invoices
for the sale are generated at that point in time. Invoices
are usually payable within 30 days. No discounts of the
invoiced amounts are offered to customers in
exchange for prompt payment of invoices. Sales prices
with customers do not include a significant financing
component.
Sales of non-recurring engineering (NRE) services
and technology services
When providing non-recurring engineering (NRE)
services and technology services X-FAB creates an
asset for a customer that has no alternative use to
X\u2011FAB as the prototype wafers created are generally
customer specific. Invoices are issued according to
contractual terms \u2013 based on milestones \u2013 and are
usually payable within 30 days. X-FAB has an
enforceable right to payment for the performance of
work completed up to the agreed milestones. Revenue
is therefore recognized over time, and X-FAB applies a
practical expedient for the measurement of progress.
Invoicing based on milestones is a reasonable
approximation of the progress made to completing the
performance obligation. No discounts of the invoiced
amounts are offered to customers in exchange for
prompt payment of invoices. Sales prices with
customers do not include a significant financing
component.
Rental and other income
Revenue in respect of rental and other income is
recognized over time when the relevant service is
provided (see 4.6 below).
Warranty obligations
The Group typically provides warranties for defects
that existed at the time of sale, as required by the
terms and conditions of sale. These are assurance-
type warranties which are accounted for as warranty
provisions based on past experience. No service-type
warranties are sold either separately or bundled
together with the sale of the Group\u2019s products.
Contract costs and contract fulfillment costs
Costs of obtaining contracts requiring capitalization
have been incurred by the Group; however, the
deferral of such costs is not material for the purposes
of these consolidated financial statements.
No costs of fulfilling contracts requiring capitalization
have been incurred which are not recorded as assets in
accordance with IAS 2 Inventories, IAS 16 Property,
Plant and Equipment, or IAS 38 Intangible Assets.
4.4 Research and development expenses
Research and development expenses comprise staff
expenses, depreciation, and other directly attributable
expenses and are allocated process based, i.e. relate to
research and development activities that are not
related to the improvement of the existing production
technologies. Costs incurred in connection with
improving existing production technologies used in
operational production lines are allocated to cost of
sales.
Research and development costs are expensed as
incurred. X-FAB SE Group considers that development
work performed does not qualify for capitalization
because the amount of future benefits to be derived
from use of work performed is characterized by a high
level of uncertainty until the projects are completed.
Government grants are awarded to the Group for its
research and development activities in the form of
cash tax payments or tax credits. IAS 20 Government
Grants is applied to all grants, including the research
and development grants received by X-FAB France,
which are paid out using the French corporation tax
system. The grants are recognized as income and as a
non-current or current asset, as appropriate, when
there is reasonable assurance that the entity will
comply with the relevant conditions set out in the
terms of the grant arrangement and that the grant will
be received. These income-related grants are
recognized in profit or loss on a systematic basis as the
entity recognizes as expenses the costs that the grants
are intended to compensate.
4.5 Finance income and finance costs
Interest income or expense is recognized using the
effective interest method. Dividend income is
recognized in profit or loss on the date on which the
Group\u2019s right to receive payment is established.
4.6 Rental income from investment properties
Rental income from operating leases on investment
property is accounted for on a straight-line basis over
the lease term. Lease incentives granted are
recognized as an integral part of the total rental
income and recognized over the term of the lease.
4.7 Employee benefits
Employee benefits consist of short-term employee
benefits, payments into defined contribution pension
schemes and a long-service retirement lump-sum
payment scheme at the Group\u2019s subsidiary X-FAB
France. The Group has no share-based payment
arrangements.
Short-term employee benefits are expensed as the
related service is provided. A liability is recognized for
the amount expected to be paid if the Group has a
present legal or constructive obligation to pay this
amount as a result of past service provided by the
employee and the obligation can be estimated reliably.
Obligations for contributions to defined contribution
plans are expensed as the related service is provided.
Prepaid contributions are recognized as an asset to the
extent that a cash refund or a reduction in future
payments is available.
The Group\u2019s net obligation in respect of the long-
service retirement lump-sum payment scheme is
calculated by estimating the amount of future benefit
that employees have earned in the current and prior
periods, discounting that amount, and deducting the
fair value of any plan assets. The calculation of the
obligation is performed annually by an independent
third-party expert actuary using the projected unit
credit method. When the calculation results in a
potential asset for the Group, the recognized asset is
limited to the present value of economic benefits
available in the form of any future refunds from the
plan or reductions in future contributions to the plan.
To calculate the present value of economic benefits,
consideration is given to any applicable minimum
funding requirements. Remeasurements of the net
defined benefit liability, which comprise actuarial gains
and losses, the return on plan assets (excluding
interest), and the effect of the asset ceiling (if any,
excluding interest), are recognized immediately in
other comprehensive income. The Group determines
the net interest expense (income) on the net defined
benefit liability (asset) for the period by applying the
discount rate used to measure the defined benefit
obligation at the beginning of the annual period to the
then-net defined benefit liability (asset), taking into
account any changes in the net defined benefit liability
(asset) during the period as a result of contributions
and benefit payments. Net interest expense and other
expenses related to defined benefit plans are
recognized in profit or loss. When the benefits of a plan
are changed or when a plan is curtailed, the resulting
change in benefit that relates to past service or the
gain or loss on curtailment is recognized immediately in
profit or loss. The Group recognizes gains and losses
on the settlement of a defined benefit plan when the
settlement occurs.
Termination benefits are recorded as an expense at
the earlier of when the Group can no longer withdraw
the offer of those benefits and when the Group
recognizes costs of a restructuring. The benefits are
discounted if it is not expected that they will be settled
wholly within 12 months of the reporting date.
4.8 Property, plant, equipment, and investment
properties
Property, plant, and equipment are measured at
purchase cost less accumulated depreciation and
accumulated impairment losses. Purchase cost
includes expenditure that is directly attributable to the
acquisition of the asset. These accounting policies
have also been applied to investment properties under
the cost model in accordance with IAS 40.
Depreciation is provided using the straight-line
method for property, plant, factory, and office
equipment and for investment properties.
Depreciation is calculated to write off the cost of items
of property, plant, and equipment less their estimated
residual values using the straight-line method over
their estimated useful lives. If significant parts of an
item of property, plant, and equipment have different
useful lives, then they are accounted for as separate
items (major components) of property, plant, and
equipment.
The following useful lives are used as a basis for
calculating depreciation:
\u2022Buildings, including investment properties: over
40\u201350 years
\u2022Factory and office equipment: straight-line over 3\u2013
10 years
Borrowing costs were not capitalized because no
assets qualifying for the capitalization of borrowing
costs were constructed or acquired in the period.
Costs incurred which extend the useful life of assets, or
which increase performance or capacity of assets, are
capitalized where appropriate. Maintenance and repair
costs are expensed as incurred.
Assets are recorded as disposals when they are sold or
scrapped. The resulting gain or loss is recorded in
income within \u201cother income\u201d or \u201cother expenses\u201d as
appropriate.
4.9 Intangible assets
Purchased intangible assets are capitalized at purchase
cost, including, where applicable, own work capitalized
in preparing the intangible assets for use, and
depreciated on a straight-line basis over their
expected useful lives. The useful life applied is five
years.
Internally generated intangible assets were not
capitalized because the criteria for capitalization were
not met (see note 4.4).
The Group has no intangible assets with indefinite
useful lives.
4.10 Impairment
The carrying amounts of the Group\u2019s non- financial
assets other than inventories and deferred tax assets
(for which separate reviews are performed) are
reviewed at each reporting date to determine whether
there is any indication of impairment. If any such
indication exists then the asset\u2019s recoverable amount is
estimated.
The recoverable amount of an asset or cash-
generating unit is the greater of its value in use and its
fair value less costs to sell. In assessing value in use, the
estimated future cash flows are discounted to their
present value using a pre-tax discount rate that
reflects current market assessments of the time value
of money and the risks specific to the asset. For the
purpose of impairment testing, assets are grouped
together into the smallest group of assets that
generates cash inflows from continuing use that are
largely independent of the cash inflows of other assets
or groups of assets (the \u201ccash-generating unit\u201d).
An impairment loss is recognized if the carrying
amount of an asset or its cash-generating unit exceeds
its estimated recoverable amount. Impairment losses
are recognized in profit or loss. Impairment losses
recognized in respect of cash-generating units are
allocated first to reduce the carrying amount of any
goodwill allocated to the units and then to reduce the
carrying amounts of the other assets in the unit (group
of units) on a pro rata basis.
An impairment loss is reversed if there has been a
change in the estimates used to determine the
recoverable amount. An impairment loss is reversed
only to the extent that the asset\u2019s carrying amount
does not exceed the carrying amount that would have
been determined, net of depreciation or amortization,
if no impairment loss had been recognized.
4.11 Financial instruments
Recognition and initial measurement
Trade receivables are initially recognized when they are
originated, i.e. when or as the goods and services are
provided and the revenue for those goods and
services is recognized. Regular way purchases and
sales of financial assets were accounted for at the
settlement date. All other financial assets and financial
liabilities are initially recognized when the Group
becomes a party to the contractual provisions of the
financial instrument. The Group\u2019s trade receivables do
not include a significant financing component and the
amounts recognized for trade receivables are initially
recognized at the transaction price. All other financial
assets and financial liabilities are initially recognized at
fair value plus, for items not recognized at fair value
through profit or loss (FVTPL), transaction costs that
are directly attributable to its acquisition or issue.
Classification and subsequent measurement
On initial recognition, a financial asset is classified as
measured at amortized cost; FVOCI \u2013 debt
investment; FVOCI \u2013 equity investment; or FVTPL.
(a) Financial assets at amortized cost
A financial asset is classified as measured at amortized
cost if it meets both of the following conditions and is
not designated as at FVTPL:
\u2022it is held within a business model whose objective is
to hold assets to collect contractual cash flows; and
\u2022its contractual terms give rise on specified dates to
cash flows that are solely payments of principal and
interest on the principal amount outstanding.
(b) Debt investments at fair value through other
comprehensive income (FVOCI)
A debt investment is classified as measured at fair
value through other comprehensive income if it meets
both of the following conditions and is not designated
as at FVTPL:
\u2022it is held within a business model whose objective is
achieved by both collecting contractual cash flows
and selling financial assets; and
\u2022its contractual terms give rise on specified dates to
cash flows that are solely payments of principal and
interest on the principal amount outstanding.
(c) Equity investments at fair value through other
comprehensive income (FVOCI)
An equity investment is classified as measured at fair
value through other comprehensive income if it is not
held for trading and the Group irrevocably elects to
present subsequent changes in the investment\u2019s fair
value in OCI. This election is made on an investment-
by-investment basis.
(d) Financial assets at fair value through profit or
loss (FVTPL)
All financial assets not classified as measured at
amortized cost or FVOCI as described above are
measured at FVTPL. This includes all derivative
financial assets, equity investments held for trading,
and equity instruments not held for trading, but for
which the Group did not elect to present fair value
changes in other comprehensive income.
On initial recognition, the Group may irrevocably
designate a financial asset that otherwise meets the
requirements to be measured at amortized cost or at
FVOCI as at FVTPL if doing so eliminates or
significantly reduces an accounting mismatch that
would otherwise arise. No such designations have been
made by the Group.
Financial assets \u2013 business model assessment
The Group makes an assessment of the objective of
the business model in which a financial asset is held at a
portfolio level because this best reflects the way the
business is managed and information is provided to
management. The information considered includes:
\u2022the stated policies and objectives for the portfolio
and the operation of those policies in practice.
These include whether management\u2019s strategy
focuses on earning contractual interest income,
maintaining a particular interest rate profile,
matching the duration of the financial assets to the
duration of any related liabilities or expected cash
outflows, or realizing cash flows through the sale of
the assets;
\u2022how the performance of the portfolio is evaluated
and reported to the Group\u2019s management;
\u2022the risks that affect the performance of the
business model (and the financial assets held within
that business model) and how those risks are
managed;
\u2022how managers of the business are compensated \u2013
e.g. whether compensation is based on the fair
value of the assets managed or the contractual
cash flows collected; and
\u2022the frequency, volume, and timing of sales of
financial assets in prior periods, the reasons for
such sales, and the expectations about future sales
activity.
Transfers of financial assets to third parties in
transactions that do not qualify for derecognition are
not considered sales for this purpose, consistent with
the Group\u2019s continuing recognition of the assets.
Financial assets that are held for trading or are
managed and whose performance is evaluated on a
fair value basis are measured at FVTPL.
Financial assets \u2013 Assessment of whether
contractual cash flows are solely payments of
principal and interest
For the purposes of this assessment, \u201cprincipal\u201d is
defined as the fair value of the financial asset on initial
recognition. \u201cInterest\u201d is defined as consideration for
the time value of money and for the credit risk
associated with the principal amount outstanding
during a particular period of time and for other basic
lending risks and costs (e.g. liquidity risk and
administrative costs), as well as a profit margin. In
assessing whether the contractual cash flows are solely
payments of principal and interest, the Group
considers the contractual terms of the instrument. This
includes assessing whether the financial asset contains
a contractual term that could change the timing or
amount of contractual cash flows such that it would not
meet this condition. In making this assessment, the
Group considers:
\u2022contingent events that would change the amount
or timing of cash flows;
\u2022terms that may adjust the contractual coupon rate,
including variable-rate features;
\u2022prepayment and extension features; and
\u2022terms that limit the Group\u2019s claim to cash flows
from specified assets (e.g. non-recourse features).
A prepayment feature is consistent with the solely
payments of principal and interest criterion if the
prepayment amount substantially represents unpaid
amounts of principal and interest on the principal
amount outstanding, which may include reasonable
additional compensation for early termination of the
contract. Additionally, for a financial asset acquired at a
discount or premium to its contractual par value, a
feature that permits or requires prepayment at an
amount that substantially represents the contractual
par amount plus accrued (but unpaid) contractual
interest (which may also include reasonable additional
compensation for early termination) is treated as
consistent with this criterion if the fair value of the
prepayment feature is insignificant at initial recognition.
Financial assets \u2013 Subsequent measurement and
gains and losses
Financial assets at FVTPL
These assets are subsequently measured at fair value.
Net gains and losses, including any interest or dividend
income, are recognized in profit or loss. The Group
does not apply hedge accounting and accordingly
does not apply alternative allowed accounting
treatment permitted for derivatives designated as
hedging instruments.
Financial assets at amortized cost
These assets are subsequently measured at amortized
cost using the effective interest method. The
amortized cost is reduced by impairment losses.
Interest income, foreign exchange gains and losses,
and impairment are recognized in profit or loss. Any
gain or loss on derecognition is recognized in profit or
loss.
Debt investments at FVOCI
These assets are subsequently measured at fair value.
Interest income calculated using the effective interest
method, foreign exchange gains and losses, and
impairment are recognized in profit or loss. Other net
gains and losses are recognized in OCI. On
derecognition, gains and losses accumulated in OCI are
reclassified to profit or loss.
Equity investments at FVOCI
These assets are subsequently measured at fair value.
Dividends are recognized as income in profit or loss
unless the dividend clearly represents a recovery of
part of the cost of the investment. Other net gains and
losses are recognized in OCI and are never reclassified
to profit or loss.
Financial liabilities
Financial liabilities are classified as measured at
amortized cost or FVTPL. A financial liability is
classified as at FVTPL if it is classified as held for
trading, it is a derivative, or it is designated as such on
initial recognition, whereby no liabilities as at FVTPL
have been made by the Group. Financial liabilities at
FVTPL are measured at fair value, and net gains and
losses, including any interest expense, are recognized
in profit or loss. Other financial liabilities are
subsequently measured at amortized cost using the
effective interest method. Interest expense and
foreign exchange gains and losses are recognized in
profit or loss. Any gain or loss on derecognition is also
recognized in profit or loss.
Derecognition
Financial assets
The Group derecognizes a financial asset when the
contractual rights to the cash flows from the financial
asset expire, or it transfers the rights to receive the
contractual cash flows in a transaction in which
substantially all of the risks and rewards of ownership
of the financial asset are transferred or in which the
Group neither transfers nor retains substantially all of
the risks and rewards of ownership and it does not
retain control of the financial asset.
The Group enters into transactions whereby it
transfers assets recognized in its statement of financial
position, but retains either all or substantially all of the
risks and rewards of the transferred assets. In these
cases, the transferred assets are not derecognized.
Financial liabilities
The Group derecognizes a financial liability when its
contractual obligations are discharged or canceled, or
expire. The Group also derecognizes a financial liability
when its terms are modified and the cash flows of the
modified liability are substantially different, in which
case a new financial liability based on the modified
terms is recognized at fair value.
On derecognition of a financial liability, the difference
between the carrying amount extinguished and the
consideration paid (including any non-cash assets
transferred or liabilities assumed) is recognized in
profit or loss.
Offsetting
No financial assets or liabilities are presented on a net
basis in these consolidated financial statements.
Impairment
The Group recognizes loss allowances for the
expected credit losses (ECLs) that it expects to incur
over the lifetime of financial assets which it measures
at amortized cost.
Loss allowances for trade receivables are always
measured at an amount equal to lifetime ECLs. When
determining whether the credit risk of a financial asset
has increased significantly since initial recognition and
when estimating ECLs, the Group considers
reasonable and supportable information that is
relevant and available without undue cost or effort.
This includes both quantitative and qualitative
information and analysis, based on the Group\u2019s
historical experience and informed credit assessment
and including forward-looking information.
The maximum period considered when estimating
ECLs is the maximum contractual period over which
the Group is exposed to credit risk.
Measurement of ECLs for non-credit-impaired
receivables is assessed collectively based on a
probability-weighted estimate of credit losses
dependent on the number of days the balances are
overdue. Expected credit losses are measured based
on past experience of the recovery of similar portfolios
of receivables as the Group considers this to be a
reasonable approximation of the present value of the
shortfalls that can be expected in future. ECLs are
discounted at the effective interest rate of the
financial asset if the discounting effect is determined
to be material. Based on the contractual agreements,
receivables are in default when the balances are unpaid
by the due date. Dunning collection procedures
commence when a receivable is five days overdue.
Receivables are classified as credit impaired from the
date on which the receivable is 90 days overdue,
despite dunning procedures having being performed,
or from the date any other specific indications are
received that a significant deterioration in credit has
occurred. Credit-impaired receivables are assessed on
a case-by-case basis and assessments of collectability
are based on the information available concerning the
outstanding balance, including discussions with the
customer, assessments of the reliability of the
information provided, available counterclaims or
security, an understanding of the economic climate in
which the customer operates, and experience with that
customer, as well as experience of similar collection
procedures.
The relevant amounts are written off when the Group
considers that there is no realistic prospect of recovery
of the receivable and when no further enforcement
activity is taken. When a customer is in liquidation the
outstanding amounts are listed and monitored in an
ongoing liquidation register until the liquidation
process is complete.
No loss allowances are made for cash and cash
equivalents as it has been determined that, because of
the good standing of the Group\u2019s banking partners, the
credit risk at the reporting date is so low that the ECLs
are insignificant both at the date of their initial
recognition and since initial recognition.
Fair values of cash and cash equivalents and current
receivables and liabilities
The fair values of cash and cash equivalents, current
receivables, and current liabilities approximate their
book values due to their short-term nature.
4.12 Derivative financial instruments
The Group holds derivative financial instruments to
hedge certain foreign currency and interest risk
exposures. Embedded derivatives are separated from
the host contract and accounted for separately if the
host contract is not a financial asset and certain criteria
are met. Derivative financial instruments are not
designated as hedging instruments for hedge
accounting purposes and are accordingly classified as
fair value through profit or loss.
Gains and losses from changes in the fair values of the
derivative financial instruments are reported in the
income statement within finance income and finance
expenses. The fair values of the derivative financial
instruments are presented in the statement of financial
position as other current assets and/or other current
liabilities, as appropriate, unless their maturity exceeds
12 months in which case they will be presented as non-
current.
4.13 Inventories
Inventories of raw materials, consumables, and supplies
are measured at the lower of cost and net realizable
value. The cost of inventories comprises all costs of
purchase, cost of conversion, and other costs incurred
in bringing the inventories to their present location and
condition, determined by using the weighted average
acquisition cost method. Allowances are recognized if
the carrying amount exceeds the expected sales price
less the estimated cost to complete the inventories
and the cost of marketing, sales, and distribution
activities. Allowances are made in full for inventories
with no realizable value.
4.14 Cash and cash equivalents
Cash and cash equivalents represent cash in hand,
checks, and available balances on bank current
accounts with an original maturity of four weeks or less.
The use of cash and cash equivalents reported are in
general not subject to restrictions with the exception
of term deposits reported as cash in note 7.6.
4.15 Equity
Share capital
The nominal paid-in contribution amount on each
share is recorded in share capital.
Share premium
Incremental costs directly attributable to the issue of
share capital are recognized as a deduction from the
share premium account, less any related tax effects.
Treasury shares
The Group reports treasury shares as deductions from
the Group equity at the cost of purchase.
Equity instruments and financial liabilities
Equity instruments and financial liabilities (including
share capital, redeemable preference shares, and other
loans and borrowings) are classified according to the
substance of the contractual arrangements entered
into. An equity instrument is any contract that
evidences a residual interest in the assets of the Group
after deducting all of its liabilities. Dividends and
distributions relating to equity instruments are debited
directly to reserves. Equity instruments issued are
recorded at the proceeds received, net of direct issue
costs. A financial liability exists where there is a
contractual obligation to deliver cash or another
financial asset to another entity, or to exchange
financial assets or financial liabilities under potentially
unfavorable conditions. In addition, contracts that
result in the entity delivering a variable number of its
own equity instruments are financial liabilities. Shares
containing such obligations are classified as financial
liabilities. Finance costs and gains or losses relating to
financial liabilities are included in the income statement.
The carrying amount of the liability is increased by the
finance cost and reduced by payments made in
respect of that liability.
4.16 Provisions
Provisions are recognized when present obligations
(legal or constructive) exist which result from past
events and which are expected to result in an outflow
of resources of which the timing or amount is
uncertain. The provisions are measured at the
discounted amount of the expected future cash flows
arising under the respective obligation at a pre-tax rate
that reflects current market assessments of the time
value of money and the risks specific to the liability.
The unwinding of the discount is recognized as finance
cost. Where the Group expects some or all of a
provision to be reimbursed, for example under an
insurance contract, the reimbursement is recognized
as a separate asset but only when the reimbursement
is virtually certain. The expense relating to any
provision is presented in profit or loss. If the effect of
the time value of money is material, provisions are
discounted using a pre-tax rate that reflects current
market assessments of the time value of money and of
the risk specific to the liability.
A provision for restructuring is recognized when the
Group has approved a detailed and formal
restructuring plan, and the restructuring either has
commenced or has been announced publicly. A
provision for onerous contracts is recognized for each
specific contract in which the unavoidable costs of
meeting the obligations under the contract exceed the
economic benefits expected to be received under the
contract.
4.17 Leases
The Group assesses whether a contract is, or contains,
a lease arrangement. A contract is, or contains, a lease
if a contract conveys a right to control the use of an
identified asset for a period of time in exchange for
consideration.
The Group as lessee
The assets held under the Group\u2019s leasing
arrangements are primarily commercial properties,
production equipment, and infrastructure equipment.
The Group recognizes right-of-use assets and lease
liabilities for most assets, i.e. these are presented on-
balance sheet. However, it has elected to not to
recognize right-of-use assets and lease liabilities for
leases of low-value assets. The Group recognizes the
lease payments associated with these leases as an
expense on a straight-line basis over the lease term.
The Group has not applied a simplification election
available under IFRS 16 not to separate non-lease
components of a lease. At inception or on
reassessment of a contract that contains a lease
component the Group allocates the consideration in
the contract to each lease and non-lease component
of the respective contract on the basis of their relative
stand-alone prices.
The Group presents right-of-use assets within
\u201cproperty, plant, and equipment\u201d in the statement of
financial position, on the same line as it presents
underlying assets of the same nature that are owned
by the Group. The Group does not hold any properties
under leases which are classified as investment
properties.
The Group presents lease liabilities within \u201cloans and
borrowings\u201d, classified between current and non-
current liabilities as appropriate.
The Group recognizes a right-of-use asset and a lease
liability at the lease commencement date. The right-
of-use asset is initially measured at cost, which
comprises the initial amount of the lease liability
adjusted for any lease payments made at or before the
commencement date, plus any initial direct costs
incurred and an estimate of costs to dismantle and
remove the underlying asset or to restore the
underlying asset or the site on which it is located, less
any lease incentives received.
The right-of-use asset is subsequently depreciated
using the straight-line method from the
commencement date to the end of the lease term,
unless the lease transfers ownership of the underlying
asset to the Group by the end of the lease term or the
cost of the right-of-use asset reflects that the Group
will exercise a purchase option. In that case the right-
of-use asset will be depreciated over the useful life of
the underlying asset, which is determined on the same
basis as those of property and equipment. In addition,
the right-of-use asset is periodically reduced by
impairment losses, if any, and adjusted for certain
remeasurements of the lease liability.
The lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date, discounted using the interest
rate implicit in the lease or, if that rate cannot be readily
determined, the Group\u2019s incremental borrowing rate.
Generally, the Group uses an estimate of its
incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate
by obtaining interest rates from various external
financing sources and makes certain adjustments to
reflect the terms of the lease and type of the asset
leased.
Lease payments included in the measurement of the
lease liability comprise the following:
\u2022fixed payments, including in-substance fixed
payments;
\u2022variable lease payments that depend on an index or
a rate, initially measured using the index or rate as
at the commencement date;
\u2022amounts expected to be payable under a residual
value guarantee; and
\u2022the exercise price under a purchase option that the
Group is reasonably certain to exercise, lease
payments in an optional renewal period if the
Group is reasonably certain to exercise an
extension option, and penalties for early
termination of a lease unless the Group is
reasonably certain not to terminate early.
Some of the Group\u2019s lease contracts include renewal
or termination options. In order to determine the lease
term for these contracts the Group takes into account
all relevant facts and circumstances in order to assess
whether it is reasonably certain that these options will
be exercised. This assessment has an impact on the
term of the lease, which has a significant effect on the
amount of the lease liabilities and the measurement of
the right-of-use asset recognized.
Generally, the Group uses an estimate of its
incremental borrowing rate as the discount rate. The
lease liability is remeasured when there is a change in
future lease payments arising from a change in an
index or rate, if there is a change in the Group\u2019s
estimate of the amount expected to be payable under
a residual value guarantee, if the Group changes its
assessment of whether it will exercise a purchase,
extension or termination option, or if there is a revised
in-substance fixed lease payment. When the lease
liability is remeasured in this way, a corresponding
adjustment is made to the carrying amount of the
right-of-use asset, or is recorded in profit or loss if the
carrying amount of the right-of-use asset has been
reduced to zero.
Short-term leases and leases of low-value assets
The Group has elected not to recognize right of-use
assets and lease liabilities for leases of low-value assets
and short-term leases, including IT equipment. The
Group recognizes the lease payments associated with
these leases as an expense on a straight-line basis over
the lease term.
Sale and leaseback transactions
When the Group undertakes a sale and leaseback
transaction with a buyer-lessor, it determines whether
the transfer qualifies as a sale. This determination is
based on the requirements for satisfying a
performance obligation in IFRS 15 Revenue from
Contracts with Customers. If the transfer qualifies as a
sale and the transaction is on market terms the Group
splits the previous carrying amount of the underlying
asset into (a) a right-of-use asset arising from the
leaseback and (b) the rights in the underlying asset
retained by the buyer-lessor at the end of the
leaseback. The Group recognizes a portion of the total
gain or loss on the sale. The amount recognized is
calculated by splitting the total gain or loss into (a) an
unrecognized amount relating to the rights retained by
the seller-lessee and (b) an amount recognized
amount relating to the buyer-lessor\u2019s rights in the
underlying asset at the end of the leaseback. The
leaseback itself is then accounted for under the lessee
accounting model. Adjustments are required if
consideration for the sale is not at fair value and/or
payments for the lease are not at market rates. These
adjustments result in recognition of a prepayment to
reflect below-market terms and/or additional financing
provided by the buyer-lessor to the seller-lessee to
reflect above-market terms.
The Group as lessor
The Group is lessor at several locations where it leases
commercial property which is owned by the Group but
not used for its own commercial business purposes.
The Group has classified these leases as operating
leases, because they do not transfer substantially all of
the risks and rewards incidental to the ownership of the
assets.
At inception or on modification of a contract that
contains a lease component, the Group allocates the
consideration in the contract to each lease component
on the basis of their relative stand-alone prices.
When the Group acts as a lessor, it examines each
lease at lease inception to determine whether is a
finance lease or an operating lease. This consists of
making an overall assessment of whether the lease
transfers substantially all of the risks and rewards
incidental to ownership of the underlying asset. If this is
the case, then the lease is a finance lease; if not, then it
is an operating lease. As part of this assessment, the
Group considers certain indicators such as whether the
lease is for the major part of the economic life of the
asset.
When the Group is an intermediate lessor, it accounts
for its interests in the head lease and the sublease
separately. It assesses the lease classification of a
sublease with reference to the right-of-use asset
arising from the head lease, not with reference to the
underlying asset. If a head lease is a short-term lease to
which the Group applies the exemption described
above, then it classifies the sub-lease as an operating
lease. If an arrangement contains lease and non-lease
components, then the Group applies IFRS 15 to
allocate the consideration in the contract.
All leases entered into by the Group as lessor to date
have been classified as operating leases and relate to
investment properties rented to third parties. The
Group recognizes lease payments received under
operating leases as income on a straight-line basis over
the lease term as part of \u201cIncome from investment
property rentals.\u201d
4.18 Subsidies
The Group receives government assistance in the form
of government investment grants and investment
subsidies which are dependent on the acquisition of
certain assets qualifying under the respective grant
awards. Grants and subsidies related to assets are
recognized when there is reasonable assurance that
the entity will comply with the relevant conditions of
the grant, and that grant will be received. They are
recognized in profit or loss on a systematic basis as the
entity recognizes as expenses the costs that the grants
are intended to compensate. The investment grants
and subsidies received reduce the purchase cost for
the relevant subsidized assets recorded under
property, plant, and equipment.
The receipt of government assistance is governed by
terms set out in law and by specific terms and
conditions attached to the applicable grants and
subsidies.
4.19 Income taxes
The income tax charge includes current and deferred
taxation. Deferred income taxes reflect the tax effects
of temporary differences between the carrying
amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax
purposes and the deferred benefits expected from
unused tax losses, unused tax credits, and other credits
carried forward, whereby amounts are only recognized
when their realization is considered by management to
probable. Deferred tax assets and liabilities are
measured using the tax rates expected to apply to
taxable income in the years in which these temporary
differences are expected to be recovered or settled,
based on tax rates enacted or substantially enacted at
the statement of financial position date.
The measurement of deferred tax liabilities and
deferred tax assets reflects the tax consequences that
would follow from the manner in which the enterprise
expects, at the statement of financial position date, to
recover or settle the carrying amount of its assets and
liabilities.
Deferred tax assets are not discounted and are
classified as non-current assets in the statement of
financial position. Current and deferred tax assets and
liabilities are offset only if certain criteria are met. Such
criteria mean the entity has a legally enforceable right
to set off the recognized amounts and it intends either
to settle on a net basis or to realize the asset and settle
the liability simultaneously. Deferred tax assets are
recognized when it is probable that sufficient taxable
profits will be available against which the deferred tax
assets can be utilized.
At each statement of financial position date, the Group
reassesses unrecognized deferred tax assets and the
carrying amount of deferred tax assets. The Group
recognizes a previously unrecognized deferred tax
asset to the extent that it has become probable that
future taxable profit will allow the deferred tax asset to
be recovered. The probability of recognition is based
on the expected tax profits included in the Group\u2019s
current business planning. The Group conversely
reduces the carrying amount of a deferred tax asset to
the extent that it is no longer probable that sufficient
taxable profit will be available to allow the benefit of
part or that entire deferred tax asset to be utilized. A
deferred tax liability is recognized for all taxable
temporary differences, unless the deferred tax liability
arises from the initial recognition of goodwill or the
initial recognition of assets or liabilities in a transaction
that is not a business combination and that affects
neither accounting nor taxable profit or loss.
4.20 Changes to accounting policies
New accounting pronouncements
The following amendments to standards, which are
effective for annual periods beginning on or before
January\u00a01, 2022, have been applied by the Group for
the first time in preparing these consolidated financial
statements.
Standard/interpretation
Effective date
Amendments to IFRS 3 Business
Combinations; IAS 16 Property, Plant
and Equipment; IAS 37 Provisions,
Contingent Liabilities and Contingent
Assets; and Annual Improvements
2018\u20132020 (all issued May 14, 2020)
January 1, 2022
Revenues from production increased by 14%, driven by
a consistently strong demand across all end markets,
while revenue from prototyping increased by 3%.
No revenue is recognized in the current year from
performance obligations satisfied in prior years (e.g.
changes in transaction price).
6.2 Cost of sales
The cost of sales comprises the following:
in thousands of U.S. dollars
2022
2021
Employee-related expenses
(192,228)
(181,086)
Cost of materials
(167,034)
(156,937)
Costs of fixed assets
(maintenance, spare parts,
etc.)
(85,828)
(77,783)
Depreciation and
amortization
(67,854)
(66,194)
Facility costs
(69,532)
(60,332)
External services
(9,095)
(7,736)
Changes in inventories
12,427
22,303
Grants
16,642
20,240
Other
(1,013)
(248)
Total
(563,515)
(507,773)
6.6 Expenses by nature
In the income statement, expenditures are classified by
function. Expenses include depreciation charges
allocated to the following items:
in thousands of U.S. dollars
2022
2021
Included in cost of sales
(67,000)
(65,232)
Included in research and
development expenses
(1,218)
(1,196)
Included in selling expenses
(103)
(102)
Included in general and
administrative expenses
(1,692)
(1,625)
Included in expenses related
to investment properties and
other expenses
(1,612)
(1,623)
Total
(71,625)
(69,778)
Expenses include charges for amortization of
intangible assets allocated to the following items:
in thousands of U.S. dollars
2022
2021
Included in cost of sales
(854)
(962)
Included in research and
development expenses
(368)
(175)
Included in general and
administrative expenses
(1,341)
(1,648)
Total
(2,563)
(2,785)
Employee-related expenses allocated according to
function in the income statement consist of the
following:
in thousands of U.S. dollars
2022
2021
Wages and salaries
(190,512)
(184,334)
Social security costs
(38,069)
(35,580)
Contributions to defined
contribution plans
(11,445)
(10,077)
Other employee-related
costs
(7,983)
(4,592)
Total
(248,009)
(234,583)
The increase in staff costs compared to the previous
year is primarily due to the general increase in business
activity.
Defined contribution plans primarily consist of
contributions made under statutory schemes by
employers to state-based defined contribution plans.
6.7 Rental income from investment properties
Rental income from investment properties comprises
the following:
in thousands of U.S. dollars
2022
2021
Income from technical
services provided
7,223
7,075
Income from investment
property rentals
6,425
6,876
Total
13,648
13,951
Expenses incurred to settle a trade dispute represent
the costs of settling a dispute with a supplier consisting
of payments for materials not purchased by the Group
in breach of binding order commitments in the years
2019 and 2020 (USD 36,811 thousand), together with
associated interest penalties (USD 12,624 thousand,
refer to note 6.12) and legal costs (USD 1,271
thousand). The settlement was the result of a final and
binding decision received under trade settlement
arbitration proceedings.
The expenses from recharges primarily relate to costs
in connection with recharges for software maintenance
provided to related parties. Refer to note 12.
6.11 Finance income
Finance income comprises the following:
in thousands of U.S. dollars
2022
2021
Interest on financial assets
measured at amortized cost:
Interest on cash and cash
equivalents
1,836
1,767
Other:
Income from exchange rate
differences
34,695
14,347
Total
36,531
16,114
The increase in income from exchange rate
differences is primarily due to the higher level of
currency exchange rate gains on cash balances
denominated in Malaysian ringgit and euros and from
the translation effects of euro-denominated loans and
of euro-denominated cash. The net expense (income
less expense disclosed in note 6.12) from exchange
rate differences decreased to USD 2,366 thousand
(2021: USD 4,503 thousand).
6.12 Finance costs
Finance costs comprise the following:
in thousands of U.S. dollars
2022
2021
Interest on financial liabilities
measured at amortized cost:
Loans and borrowings
(6,619)
(1,592)
Other interest
(12,624)
\u2014
Other:
Expenses from exchange
rate differences
(37,061)
(18,850)
Other
(500)
\u2014
Total
(56,804)
(20,442)
Previously unrecognized deferred tax on timing
differences and tax losses results in deferred tax
income as the Group recognizes deferred tax on
timing differences and tax losses which are expected
to be realized in the near future. As described below,
the amount recognized in the statement of financial
position is based on the Group\u2019s current business
planning. The amount reported primarily consists of
deferred tax assets of USD 39,889 thousand
recognized in the Group\u2019s Malaysian subsidiary at
December 31, 2022 (December 31, 2021: USD 39,209
thousand) and of USD 16,041 thousand (December 31,
2021: USD 2,974 thousand) recognized in the US
subsidiary. The income statement includes recognition
of previously unrecognized deferred tax on timing
differences and tax losses carried forward of
USD\u00a042,966 thousand (previous year: USD 42,395
thousand) based on the carrying value at the reporting
date, less the amount recognized in the previous year,
after the amount recognized in the previous year had
been reduced by the assets utilized in the current year.
Current year losses for which no deferred tax asset is
recognized primarily arose in current and previous year
at the Group\u2019s subsidiary in France.
Effects from tax-free income primarily relate to
various tax exempted items of X-FAB Sarawak, for
example interest income, exchange rate gains, gains
from fixed asset sales, and the gain on the
derecognition of the liability described in note 7.10.
Currency effects mainly relate to the effect of changes
in exchange rates on tax carrying amounts
denominated in euros in 2022 and 2021.
The deferred tax assets and liabilities arise from
temporary differences and unused tax losses as
follows:
in thousands of U.S. dollars
2022
2021
Deferred tax assets \u2013
unrecognized amounts
On unused tax losses
198,038
215,947
On temporary differences
Property, plant, and
equipment/capital
allowances
239,582
278,996
Other temporary differences
6,107
1,613
Total unrecognized
deferred tax assets
443,727
496,556
Deferred tax assets \u2013
recognized amounts
On unused tax losses
39,313
18,833
On temporary differences
Property, plant, and
equipment/capital
allowances
33,709
31,341
Other temporary differences
(5,045)
(4,529)
Total recognized deferred
tax assets
67,977
45,645
X-FAB SE Group recognizes deferred tax assets
resulting from temporary differences and from unused
tax losses which exceed the deferred tax liabilities only
to the extent that, on the basis of the Group\u2019s business
planning, the realization of these assets is assessed as
probable. This assessment involves a review by
management of profits and losses expected in the
business plan and limiting recognition of the future tax
benefits to take account of potential variances against
the business plan. Accordingly, recognized and
unrecognized deferred tax assets are subject to
estimation uncertainty, and there is a significant risk
that the carrying amounts will require adjustment in
subsequent periods. The estimates are, in particular,
subject to the estimation uncertainties inherent in
business planning which affect the likely utilization of
unused tax losses and subject to potential changes in
exchange rates which affect the size of timing
differences.
Unrecognized temporary differences on property,
plant, and equipment and other timing differences
which can be used to offset future taxable income
mainly relate to the Group's Malaysian subsidiary.
More specifically for the assessment of future available
taxable profit a risk-adjusted profits approach was
applied to the forecasts included in the Group\u2019s
business planning. This method was applied to reflect
the risk that actual taxable profits will fall short of the
expectations. The Board has determined that adjusting
the expected future taxable profits for this component
by using a risk factor is appropriate considering the
inherent risk in the semiconductor market and the
specific exchange rate volatility risks which affect the
assessment. In addition, the Board has determined that
taxable income as from 2026 does not meet the
\u201cprobable\u201d threshold as required under IFRS standards
and is not taken into account for the determination of
the amount of deferred tax assets to be recognized.
In particular, tax legislation in the jurisdictions in which
the Group operates provides for the full or partial
cancellation of unused tax losses on the occurrence of
significant changes in the direct or indirect equity
ownership of the taxable entity. Accordingly, there is a
risk that recognized and unrecognized deferred tax
assets may not be realized should such transactions
occur in the future.
X-FAB SE and its subsidiaries have unused corporation
tax losses as follows:
in thousands of U.S. dollars
2022
2021
Belgian tax loss carry forward
\u2014
\u2014
German corporation tax loss
carry forward
141,136
172,876
German trade tax loss carry
forward
180,007
203,005
U.S. federal tax loss carry
forward
169,241
144,416
U.S. state tax loss carry
forward
39,650
14,825
Malaysian tax loss carry
forward
341,789
361,114
French tax loss carry forward
271,274
219,559
Changes in recognized deferred tax assets resulted in
a deferred tax income of USD 22,332 thousand (2021:
income of USD 15,252 thousand). The increase in
previously unrecognized deferred tax assets on
property, plant, and equipment and other timing
differences recognized in 2022 compared to 2021 is
due to a higher level of taxable income from achieved
and projected operating results at the Group\u2019s
subsidiaries against which timing differences can be
offset.
No tax income tax expenses or income have been
recorded on items recorded within other
comprehensive income (previous year: none).
6.14 Earnings per share
The earnings per share is calculated by dividing the
profit for the period attributable to the ordinary
shareholders (as reported in the statement of profit or
loss and other comprehensive income) by the
weighted average number of shares in issue during the
period.
The weighted average number of ordinary shares is
identical to the number of ordinary shares in issue
during the years ended December 31, 2022, and
December 31, 2021.
No instruments with a potential diluting effect on
shareholders\u2019 equity have been in issue during the
years ended December 31, 2022, and December 31,
2021. Accordingly, there is no potential dilution of the
profit attributable to equity shareholders and no
difference between basic and diluted earnings per
share.
7 Notes to the statement of financial position
7.1 Property, plant, equipment, and investment properties
in thousands of U.S.
dollars
Land
Buildings
Technical
machinery
and
equipment
Factory and
office
equipment
Assets under
construction
Total
Net book value
January\u00a01, 2022
14,110
37,843
209,401
5,816
73,500
340,670
Accumulated
historical cost
January 1, 2021
14,292
111,273
1,095,858
31,408
73,500
1,326,331
Additions
\u2014
88
28,738
2,266
159,463
190,555
Disposals
\u2014
\u2014
(11,275)
(1,943)
\u2014
(13,218)
Reclassifications
\u2014
666
62,033
1,530
(64,243)
(14)
Effect of changes in
exchange rates
\u2014
\u2014
\u2014
27
\u2014
27
Accumulated
historical cost
December 31, 2021
14,292
112,027
1,175,354
33,288
168,720
1,503,681
Accumulated
depreciation
January\u00a01,\u00a02022
(182)
(73,430)
(886,457)
(25,592)
\u2014
(985,661)
Additions
(30)
(3,568)
(64,419)
(2,973)
\u2014
(70,990)
Disposals
\u2014
\u2014
11,200
1,889
\u2014
13,089
Reclassifications
\u2014
\u2014
\u2014
23
\u2014
23
Effect of changes in
exchange rates
\u2014
\u2014
\u2014
(16)
\u2014
(16)
Accumulated
depreciation
December\u00a031,\u00a02022
(212)
(76,998)
(939,676)
(26,669)
\u2014
(1,043,555)
Net book value
December 31, 2022
14,080
35,029
235,678
6,619
168,720
460,126
Net book value
January\u00a01, 2021
14,139
40,554
232,686
4,855
44,614
336,848
Accumulated
historical cost
January 1, 2020
14,291
110,466
1,068,016
28,009
44,614
1,265,396
Additions
1
80
11,850
1,490
60,322
73,743
Disposals
\u2014
(5)
(12,106)
(322)
\u2014
(12,433)
Reclassifications
\u2014
732
28,098
2,220
(31,436)
(386)
Effect of changes in
exchange rates
\u2014
\u2014
\u2014
11
\u2014
11
Accumulated
historical cost
December 31, 2020
14,292
111,273
1,095,858
31,408
73,500
1,326,331
Accumulated
depreciation
January\u00a01,\u00a02021
(152)
(69,912)
(835,330)
(23,154)
\u2014
(928,548)
Additions
(30)
(3,523)
(62,853)
(2,740)
\u2014
(69,146)
Disposals
\u2014
5
11,726
308
\u2014
12,039
Effect of changes in
exchange rates
\u2014
\u2014
\u2014
(6)
\u2014
(6)
Accumulated
depreciation
December\u00a031, 2021
(182)
(73,430)
(886,457)
(25,592)
\u2014
(985,661)
Net book value\u00a0
December 31, 2021
14,110
37,843
209,401
5,816
73,500
340,670
Properties are reclassified between the land and
buildings and investment properties classifications
when there is a change in the use of the property (for
example, when a property previously used by the
Group is let to third parties or the Group uses a
property previously let to third parties).
Additions to investment properties represents work
capitalized on the Group\u2019s existing investment
properties.
The fair values of the investment properties relate to
properties in Germany (December 31, 2022: USD
17,025 thousand; December 31, 2021: 9,374 thousand),
the USA (December 31, 2022: USD 1,698 thousand;
December 31, 2021: 2,039 thousand), and France
(December 31, 2022: USD 14,122 thousand; December
31, 2021: 14,845 thousand). The fair value
measurements of the investment properties have
been categorized as a Level 3 fair value based on the
inputs to the valuation techniques used. The valuations
disclosed of the Group\u2019s investment properties are
updated annually. In the U.S. and in France the
valuations were performed by independent third-party
experts with the appropriate professional qualifications
and the necessary expertise in the location and
category of property. In Germany they are performed
by the management of X-FAB SE Group, calculated on
the basis of discounted future cash flows, and
discounting future rents at a rate of 4.0% (December
31, 2021: 1.5%). The valuation model takes into account
the rent per square meter, expected rental growth
rates, other costs, and the maturity of the contracts.
No impairment charges were recorded against
investment properties in 2022 or 2021.
The following table sets out a maturity analysis of lease
payments which will be received in respect of
investment properties, showing the undiscounted
lease payments to be received after the reporting
date.
in thousands of U.S. dollars
2022
2021
2022
\u2014
5,034
2023
5,017
5,125
2024
5,630
1,063
2025
1,797
1,063
2026
1,797
1,063
2027
1,371
\u2014
Total
15,612
13,348
7.2 Intangible assets
The movements on intangible assets were as follows:
in thousands of U.S. dollars
Licenses
Payments on
account
Total
Net book value January 1, 2022
2,656
1,378
4,034
Accumulated historical cost January 1, 2022
71,374
1,378
72,752
Additions
2,314
2,335
4,649
Disposals
(14,106)
\u2014
(14,106)
Reclassifications
1,888
(1,895)
(7)
Effect of changes in exchange rates
86
\u2014
86
Accumulated historical cost December 31, 2022
61,556
1,818
63,374
Accumulated amortization January 1, 2022
(68,718)
\u2014
(68,718)
Additions
(2,563)
\u2014
(2,563)
Disposals
14,106
\u2014
14,106
Accumulated amortization December 31, 2022
(57,175)
\u2014
(57,175)
Net book value December 31, 2022
4,381
1,818
6,199
Net book value January 1, 2021
3,585
1,141
4,726
Accumulated historical cost January 1, 2021
69,533
1,141
70,674
Additions
768
1,325
2,093
Disposals
(15)
\u2014
(15)
Reclassifications
1,088
(1,088)
\u2014
Accumulated historical cost December 31, 2021
71,374
1,378
72,752
Accumulated amortization January 1, 2021
(65,948)
\u2014
(65,948)
Additions
(2,785)
\u2014
(2,785)
Disposals
15
\u2014
15
Accumulated amortization December 31, 2021
(68,718)
\u2014
(68,718)
Net book value December 31, 2021
2,656
1,378
4,034
Disposals refer to software licenses from which the
Group obtains no further benefit.
Intangible assets in the statement of financial position
do not include any capitalized costs of internally
generated assets. Payments on account refer to
advance and milestone payments made for the
acquisition of software licenses and the customization
of such software in a project not yet fully completed.
Refer to note 4.9.
No impairment against the carrying values of payments
on account was recorded in 2022 or 2021.
7.3 Inventories
Inventories comprise the following:
in thousands of U.S. dollars
2022
2021
Materials and supplies
124,760
106,020
Work in progress
95,383
78,495
Finished goods
3,723
2,050
Merchandise
6
6
Write-downs
(9,437)
(5,558)
Total
214,435
181,013
Changes in work in progress and finished goods
totaling USD 14,824 thousand were included in cost of
sales in 2022 (2021: USD 22,844 thousand). Write-
downs are recorded against inventories and
recognized as an expense in cost of sales in the period
of USD 2,397 thousand (2021: USD\u00a0541 thousand).
There have not been any reversals of write-downs.
Inventories wholly represent amounts which are
expected to be realized within 12 months.
7.4 Trade and other receivables
Trade receivables and other receivables comprise the
following:
in thousands of U.S. dollars
2022
2021
Trade accounts receivable
43,989
49,500
Amounts due from related
party entities
30,214
25,217
Allowances
(1,087)
(1,028)
Total
73,116
73,689
The Group measures the expected credit losses of
trade receivables by using an allowance matrix to
measure the expected losses on trade receivable
balances, including those with related parties. The
allowances are based on the number of days each
balance is overdue. The assessment of expected
losses on trade receivable balances that are not
impaired is based on past experience of credit losses,
which the Group considers to be a reasonable
approximation of the losses that can be expected in
future periods since there are no indications that there
will be significant changes in the industry going
forward. An analysis of receivables by geographic
region or by type of customer is not made since X-FAB
mainly deals with global customers and hence there is
no significant difference in risks between the
geographic regions where X-FAB is active or the type
of customers served by X-FAB. The amount of trade
receivables due from related parties is disclosed
separately from trade receivables in the table above
and in the related party disclosures in note 12 below.
In addition, X-FAB recorded several additional
allowances on individual case-by-case assessments for
credit-impaired balances.
A settlement arrangement was entered into in 2021
with a customer, a related party, concerning
outstanding receivables in excess of 360 days overdue
totaling USD\u00a01,277 thousand. Impairment allowances of
USD 848 thousand had been recorded in 2020 against
these balances. Under this arrangement, collateral
security in the form of certain intellectual property
rights was transferred by the customer to the Group as
final settlement of the outstanding balances due. The
Group valued the collateral security received at
USD\u00a0484 thousand, and accordingly the outstanding
amounts were derecognized and a gain on
derecognition of the receivables, net of allowances, of
USD\u00a055 thousand was recognized in 2021. The
intellectual property rights received have been
recognized as intangible assets on initial recognition at
their fair value. The fair value of the intellectual
property rights received was estimated by
management based on the discounted royalties which
can be earned on the expected future product sales
that will generated using the intellectual property,
discounted using a weighted average cost of capital
(WACC). The WACC was obtained by reference to a
risk-free interest rate and entity-specific risk premiums
obtained by reference to external third party reference
databases (a level 3 valuation).
The following tables provide information on the
exposure to credit risk and the loss allowances made
for balances which are not credit impaired as at
December 31, 2022, and December 31, 2021:
December 31, 2022
in thousands of
U.S. dollars
Weighted
average
loss rate
Gross
carrying
amount
Loss
allowance
Neither past due
nor impaired
0.08%
61,589
(49)
Past due 1\u201330
days
0.08%
8,917
(7)
Past due 31\u201360
days
1.50%
1,388
(21)
Past due 61\u201390
days
3.75%
264
(10)
More than 90
days past due
(less credit
impaired)
9.75 %
958
(93)
Total
73,116
(180)
December 31, 2021
in thousands of
U.S. dollars
Weighted
average
loss rate
Gross
carrying
amount
Loss
allowance
Neither past due
nor impaired
0.08%
56,462
(45)
Past due 1\u201330
days
0.08%
15,431
(12)
Past due 31\u201360
days
1.50%
742
(11)
Past due 61\u201390
days
3.75%
343
(13)
More than 90
days past due
(less credit
impaired)
9.75 %
711
(69)
Total
73,689
(150)
There are no balances which were written off during
the period and which continue to be the subject of
collection processes.
7.5 Other assets
Other assets comprise the following:
in thousands of U.S. dollars
2022
2021
Other assets
55,768
42,609
Other non-current assets
79
28
Total
55,847
42,637
Current other assets comprise the following:
in thousands of U.S. dollars
2022
2021
R&D grants receivable
22,537
18,596
Prepaid expenses
20,700
18,112
Receivables from energy
surcharges
4,872
3,116
Taxes (other)
5,676
1,512
Investment grants and
subsidies receivable
1,170
480
Deposits
535
341
Other
278
452
Total
55,234
42,268
Research and development grants receivable in 2022
include USD 20,194 thousand research and
development tax credits and competitiveness and
employment tax credits attributable to X-FAB France
(December 31, 2021: USD\u00a015,895 thousand).
Research and development tax credits and
competitiveness and employment tax credits
attributable to X-FAB France totaling USD\u00a08,227
thousand (2021: USD 9,217 thousand) were sold
without recourse to a bank in 2022. The carrying
amounts of the credits sold generated cash inflows of
USD\u00a07,245 thousand (2021: USD 8,928 thousand) net
of USD 982 thousand representing interest expenses
and fees (2021: USD\u00a0233 thousand). On initial
recognition, X-FAB France presents the grant
receivables as a reduction of cost of sales and research
and development expenses, consistent with the
Group\u2019s general presentation of subsidized expenses.
The sales accelerate the cash inflows from tax credits;
in the normal course of events where the credits are
not sold they can be offset against income tax payable
by X-FAB France or will be paid to X-FAB France at a
subsequent date if there is no income tax to be paid.
Due to the sale, these repayments will be received by
the bank directly. There are no remaining ongoing
obligations to be fulfilled by X-FAB France in respect
of the tax credits and the credits have been
derecognized and the amounts received by the bank
have been recognized as cash and cash equivalents.
Prepaid expenses refer to prepayments made for raw
materials.
The deposits mainly represent security deposits
provided as collateral security and are classified as
current assets as they are either in connection with
contractual arrangements which may be canceled at
short notice or are expected to be released within
12\u00a0months on other grounds.
7.6 Cash and cash equivalents
Cash and cash equivalents comprise the following:
in thousands of U.S. dollars
2022
2021
Cash and bank balances
367,221
287,907
Term deposits
2,204
2,280
Total
369,425
290,187
Term deposits and some cash at bank balances earn
interest at floating rates based on daily bank deposit
rates. The fair values of cash and short-term deposits
are identical to the carrying amounts.
7.7 Equity
Share capital
X-FAB Silicon Foundries SE had 130,781,669 fully paid-
in ordinary shares in issue at December 31, 2022, and
December 31, 2021. Each share carries one vote at the
Company\u2019s general meetings. There are no unissued
shares authorized for issue.
Share premium
The share premium of X-FAB Silicon Foundries SE
represents the excess of paid-in capital for shares at
the time of their issue over the fractional value of the
shares.
Retained earnings
Retained earnings represent the accumulated profits
and losses of the Group together with the
accumulated balance of the remeasurement of the
Group\u2018s defined benefit post employment benefit
plans.
Cumulative translation adjustment
The translation reserve comprises all foreign currency
differences arising from the translation of the financial
statements of foreign operations that have functional
currencies other than USD.
Treasury shares
At December 31, 2022 the Group held 149,748 treasury
shares of X-FAB Silicon Foundries SE held by its fully
owned subsidiary X-FAB GmbH. Based on the
purchase price of EUR 11.25 per share, the treasury
shares reduced the equity capital of the parent
company by USD 770 thousand (December 31, 2021:
USD 770 thousand).
Share-based payment arrangements
The Group had no share-based payment
arrangements and no share option programs during
the years ended December 31, 2022, or December 31,
2021.
Authorization to acquire treasury shares
In accordance with the Belgian Companies and
Associations Code, the Articles of Association permit
the Company to acquire, on or outside the stock
market, its own shares, profit-sharing certificates or
associated certificates by resolution approved by the
shareholders\u2019 meeting by a majority of at least 75% of
the votes cast where at least 50% of the share capital
and at least 50% of the profit certificates, if any, are
present or represented. Prior approval by the
shareholders is not required if the Company purchases
the shares in order to offer them to the Company\u2019s
employees.
The shares, profit-sharing certificates, or associated
certificates can only be acquired with funds that would
otherwise be available for distribution as dividend. The
total nominal value or fractional value of the shares,
profit-sharing certificates, or associated certificates
held by the Company can at no time be more than 20%
of the share capital. Voting rights attached to shares
held by the Company as treasury shares are
suspended.
On April 28, 2022, an extraordinary shareholders\u2019
meeting authorized the Board of Directors to purchase
up to 20% of the outstanding shares, for a price not
lower than 10% below the lowest closing price in the last
30 trading days preceding the transaction and not
more than 5% above the highest closing price during
the last 30 trading days preceding the transaction. This
authorization is valid for five years from April 28, 2022.
The above authorization is also valid if the acquisition
was made by one of the subsidiaries directly controlled
by the Company, as set out in Article 5 SE Regulation
juncto Article 7:221 of the Belgian Companies and
Associations Code.
The Board of Directors is authorized to divest all or
part of the shares, profit-sharing certificates, or
associated certificates at a price it determines, on or
outside the stock market or in the framework of its
remuneration policy to employees, directors, or
consultants of the Company, or to prevent any serious
and imminent harm to the Company. This authorization
is valid without any restriction in time, except when the
divestment is made to prevent serious and imminent
harm to the Company, in which case the authorization
is only valid for three years as from the date of the
publication of the authorization in the Annexes to the
Belgian State Gazette (Belgisch Staatsblad/Moniteur
belge) (i.e. May 2, 2022). The authorization covers the
divestment of the shares, profit-sharing certificates, or
associated certificates by a direct subsidiary of the
Company, as set out in Article 5 SE Regulation juncto
Article 7:221 of the Belgian Companies and
Associations Code.
7.8 Dividends
No dividends were resolved or paid in the years 2022
or 2021.
Under Belgian company law, the shareholders decide
on the distribution of profits at the annual
shareholders\u2019 meeting, based on the latest audited
statutory accounts of the Company. Dividends may be
paid either in cash or in kind. However, shareholders
may not declare a dividend if the Company has not first
reserved at least 5% of its profits for the financial year
until such reserve has reached an amount equal to 10%
of its share capital (the \u201cLegal Reserve\u201d) or if, following
any such dividend, the level of the net assets adjusted
for the unamortized balance of the incorporation costs
and capitalized research and development costs of the
Company falls below the amount of the Company\u2019s
paid-in-capital and of its non-distributable reserves.
The Board of Directors may pay an interim dividend,
provided certain conditions set forth in Belgian
company law are met.
7.9 Non-controlling interests
Non-controlling interests represented a 5.1% interest in
the subsidiary GVG which was held by external
shareholders until its acquisition by the X-FAB Group
on September 1, 2022. GVG, which has subsequently
been merged into a wholly owned Group subsidiary,
was a property management company responsible for
the administration of certain of the Group\u2019s properties
in Dresden, Germany. GVG\u2019s net profit for the financial
year 2022 until the date on which the non-controlling
interests were acquired amounted to USD 595
thousand (full year 2021: net profit of USD\u00a0807
thousand). At the date on which the non-controlling
interests were acquired GVG had total assets
amounting to USD 8,777 thousand (December\u00a031,
2021: USD 9,084 thousand), liabilities of USD\u00a03,996
thousand (December 31, 2021: USD 4,887 thousand),
and equity of USD 4,781 thousand (December\u00a031, 2021:
USD 4,197 thousand). The purchase price paid to
acquire the non-controlling interest amounted to
USD\u00a0204 thousand and was paid in cash. As GVG was
already controlled by the X-FAB Group, the purchase
of additional shares in the subsidiary (so reducing NCI)
did not result in the recognition goodwill or other
adjustments to the initial accounting for the
consolidation of the entity and the transaction was
wholly recognized within equity as a transaction with
owners of the entity. The currency translation effect of
the retranslation of non-controlling interests in GVG is
not material to the movements on other
comprehensive income or the statement of changes in
equity.
7.10 Loans and borrowings
The Group has unused credit lines available under bank
loan facilities as follows:
in thousands of U.S. dollars
2022
2021
Unused credit lines
Unused part of multicurrency
revolving credit facility
denominated in EUR or in
USD \u2013 variable rates
2,000
152,494
Interest rate USD: SOFR +
1.25%
Interest rate EUR: EURIBOR
+1.0%
Unused credit lines
denominated in EUR \u2013 fixed
rates
7,473
4,520
Interest rate: 3.75\u20134.01%
Other unused credit lines
denominated in EUR \u2013
variable rates
2,135
5,651
Interest rates: EURIBOR
+2.5%
The carrying amounts of the Group\u2019s loans and borrowings at December 31 are shown in the following table:
in thousands of U.S. dollars
2022
2021
Bank loans and overdrafts
Variable interest bank overdrafts in EUR
Maturity: 2023
2
\u2014
Interest rates: EURIBOR + 2.5%
Fixed interest bank loans denominated in EUR
67,380
23,247
Maturity: 2023\u20132029
Interest rates: 0.85\u20132.3%
Repayments in monthly or quarterly installments
Variable interest revolving credit facility denominated in USD
138,998
30,582
Maturity: 2023
Interest rates: SOFR + 1.67%
Repayment on maturity
Variable interest revolving credit facility denominated in EUR
64,056
42,944
Maturity: 2023
Interest rates: EURIBOR + 1.0%
Repayment on maturity
Leasing arrangements
Leasing liabilities denominated in EUR
13,467
15,256
Maturity: 2023\u20132034
Interest rates: 0.02\u20131.91%
Repayment in monthly installments
Leasing liabilities denominated in USD
7,018
6,903
\u00a0 \u00a0 Maturity: 2023\u20132034\u00a0
Interest rates: 3.32%
Repayment in monthly installments
Leasing liabilities denominated in MYR
6,024
8,098
Maturity: 2023\u20132025
Interest rates: 4.66%
Repayment in monthly installments
Total
296,945
127,030
Current loans and borrowings
233,513
87,114
Non-current loans and borrowings
63,432
39,916
The Group is exposed to a liquidity risk in that the
maturity of bank loan agreements, which are presented
based on the contractual payment obligations, could
be brought forward should the Group fail to comply
with its contractual obligations under the bank loan
agreements.
The following table provides a reconciliation of the movements in liabilities to the cash flows arising from financing
activities for the year 2022:
in thousands of U.S.
dollars
Liabilities
Equity
Loans and
borrowings
Lease
liability
Share
capital
Share
premium
Retained
earnings
NCI
Total
Balance at
December\u00a031, 2021
96,773
30,257
432,745
348,709
(36,155)
365
872,694
Changes from
financing cash flows
Proceeds from loans and
borrowings
184,272
\u2014
\u2014
\u2014
\u2014
\u2014
184,272
Repayment of loans and
borrowings
(11,420)
\u2014
\u2014
\u2014
\u2014
\u2014
(11,420)
Repayment of loans and
borrowings from related
parties
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Receipts from sale and
leaseback arrangements
\u2014
7,723
\u2014
\u2014
\u2014
\u2014
7,723
Payments of lease
liabilities
\u2014
(5,662)
\u2014
\u2014
\u2014
\u2014
(5,662)
Interest paid
(5,188)
\u2014
\u2014
\u2014
\u2014
(5,188)
Payment of preference
dividend
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Distribution to non-
controlling interests
\u2014
\u2014
\u2014
\u2014
\u2014
(11)
(11)
Receipt of investment
government grants and
subsidies
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total changes from
financing cash flows
167,664
2,061
\u2014
\u2014
\u2014
(11)
169,714
Other changes
Effect of changes in
foreign exchange rates
(622)
(543)
\u2014
\u2014
\u2014
\u2014
(1,165)
Liability related
New leases in prior year,
funds received in current
year
\u2014
(7,190)
\u2014
\u2014
\u2014
\u2014
(7,190)
Prolongation of existing
lease contracts
\u2014
1,924
\u2014
\u2014
\u2014
1,924
Interest expenses
6,619
\u2014
\u2014
\u2014
\u2014
6,619
Gain on derecognition of
financial liability
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Equity related
\u2014
\u2014
\u2014
\u2014
52,663
\u2014
52,663
Total liability-related
other changes
6,619
(5,266)
\u2014
\u2014
\u2014
\u2014
1,353
Total equity-related
other changes
\u2014
\u2014
\u2014
\u2014
\u2014
(354)
(354)
Balance at
December\u00a031, 2022
270,434
26,509
432,745
348,709
16,508
\u2014
1,094,905
The following table provides a reconciliation of the movements in liabilities to the cash flows arising from financing
activities for the year 2021:
in thousands of U.S.
dollars
Liabilities
Equity
Loans and
borrowings
Lease
liability
Share
capital
Share
premium
Retained
earnings
NCI
Total
Balance at
December\u00a031, 2020
51,573
24,636
432,745
348,709
(120,604)
344
748,440
Changes from
financing cash flows
Proceeds from loans and
borrowings
82,585
\u2014
\u2014
\u2014
\u2014
\u2014
82,585
Repayment of loans and
borrowings
(28,218)
\u2014
\u2014
\u2014
\u2014
\u2014
(28,218)
Repayment of loans and
borrowings from related
parties
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Payments of lease
liabilities
\u2014
(5,094)
\u2014
\u2014
\u2014
\u2014
(5,094)
Interest paid
(1,569)
\u2014
\u2014
\u2014
\u2014
\u2014
(1,569)
Payment of preference
dividend
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Distribution to non-
controlling interests
\u2014
\u2014
\u2014
\u2014
\u2014
(12)
(12)
Receipt of investment
government grants and
subsidies
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total changes from
financing cash flows
52,798
(5,094)
\u2014
\u2014
\u2014
(12)
47,692
Other changes
Effect of changes in
foreign exchange rates
(2,627)
(86)
\u2014
\u2014
\u2014
\u2014
(2,713)
Liability related
New leases
\u2014
8,488
\u2014
\u2014
\u2014
\u2014
8,488
Prolongation of existing
lease contracts
\u2014
2,313
\u2014
\u2014
\u2014
\u2014
2,313
Interest expenses
1,592
\u2014
\u2014
\u2014
\u2014
\u2014
1,592
Gain on derecognition of
financial liability
(6,563)
\u2014
\u2014
\u2014
\u2014
\u2014
(6,563)
Equity related
\u2014
\u2014
\u2014
\u2014
84,449
33
84,482
Total liability-related
other changes
(4,971)
10,801
\u2014
\u2014
\u2014
\u2014
5,830
Total equity-related
other changes
\u2014
\u2014
\u2014
\u2014
84,449
33
84,482
Balance at
December\u00a031, 2021
96,773
30,257
432,745
348,709
(36,155)
365
872,694
The primary assumptions made in calculating the defined benefit obligation were as follows:
in thousands of U.S. dollars
2022
2021
Discount rate
3.36%
0.79%
Employee turnover
5.00%
5.00%
Social security costs
47.00%
47.00%
The defined benefit obligation is not materially
sensitive to a reasonable potential change in the
assumed mortality rate.
7.12 Trade payables and other current liabilities
Trade payables are non-interest bearing and are
normally settled on 60-day terms. Trade payables
have been increased from USD 41,364 thousand at
December 31, 2021, to USD 53,654 thousand at
December 31, 2022. This increase was influenced by
the general increase of business and increases in
investments in property, plant, and equipment.
Other current liabilities comprise the following:
in thousands of U.S. dollars
2022
2021
Accrued liabilities
31,464
17,521
For invoices not yet
received
29,280
15,850
Royalties
419
376
Sales commissions
349
307
Staff association costs
691
602
Other
725
386
Advances received
31,127
19,193
Deferred income
298
293
Employee-related
liabilities
24,958
23,879
Wages
2,992
2,931
Earned holiday
entitlement, incentives
15,556
12,469
Payroll taxes
2,377
3,870
Social security costs
4,033
4,609
Other
(4)
\u2014
Total
87,843
60,886
Current provisions primarily relate to warranty costs.
Warranty provisions are estimated based on the
Group\u2019s experience of past claim rates and knowledge
of current claims together with an assessment of
rectification costs. Increased business resulted in an
increase in warranty provisions in the financial year..
Non-current provisions refer to anniversary bonuses
for employees accounted for in accordance with
IAS\u00a019, which include estimates of future staff turnover,
based on the Group\u2019s experience of staff turnover
rates in recent years.
The unused amounts of a restructuring provision
initially recognized in 2020 amounting to USD 3,312
thousand were offset against general and
administration expenses following implementation of
the plan in 2021.
The movements on provisions during the year were as
follows:
in
thousands
of U.S.
dollars
Warranty
provisions
Employee
provisions
Restruct-
uring
cost
Total
January 1,
2022
3,691
820
\u2014
4,511
Provided
for
5,471
23
\u2014
5,494
Utilized
(2,073)
(179)
\u2014
(2,252)
Released
(181)
(3)
\u2014
(184)
Effect of
changes in
exchange
rates
(54)
(45)
\u2014
(99)
December
31, 2022
6,854
616
\u2014
7,470
in
thousands
of U.S.
dollars
Warranty
provisions
Employee
provisions
Restruct-
uring
costs
Total
January 1,
2021
2,541
1,412
5,722
9,675
Provided
for
2,176
17
\u2014
2,193
Utilized
(979)
(571)
(2,023)
(3,573)
Released
\u2014
(69)
(3,312)
(3,381)
Effect of
changes in
exchange
rates
(47)
31
(387)
(403)
December
31, 2021
3,691
820
\u2014
4,511
8 Notes to the statement of cash flows
The change in trade payables in working capital
excludes changes in the amounts of outstanding
liabilities for additions to property, plant, and
equipment, as payments for additions to fixed assets
are recorded in the statement of cash flows when
payment is made.
Non-cash transactions primarily include the effects
from exchange rate differences, allowances on trade
receivables and increases in provisions.
The difference between the cash outflows for
investments and the additions to property, plant, and
equipment is primarily due to the level of outstanding
invoices for additions recorded at the end of the
financial year.
The Group entered into one sale and leaseback
transaction for property, plant, and equipment in 2021.
The cash inflow from that transaction was received in
2022 and amounted to USD\u00a07,723 thousand.
9 Segment reporting
Operating segment
The Group manages its CMOS and MEMS operations
as one single operating segment. Operating decisions
are taken on a product and technology level by the
President and Chief Executive Officer, who is assisted
by the parent company\u2019s management team.
Accordingly, X-FAB has identified its President and
CEO as its chief operating decision maker for the
purposes of defining segments in accordance with
IFRS\u00a08. No separate operating results for the CMOS
and MEMS operations are used by the chief operating
decision maker to manage X-FAB\u2019s operations, assess
performance, or make resource allocation decisions. As
a result, X-FAB has determined that its operations
constitute one single segment.
Geographic concentrations
The following table shows an analysis of revenue
(based on the customer\u2019s billing location) and non-
current assets by geographic area for the reporting
period.
Revenue by geographic area:
in thousands of U.S. dollars
2022
2021
Europe
454,197
403,201
Belgium
294,400
256,258
Germany
72,794
70,245
United Kingdom
42,117
37,028
Austria
11,007
10,837
France
8,022
7,240
Switzerland
7,918
7,380
Sweden
5,215
3,752
Denmark
3,090
2,990
Other
3,179
2,585
Finland
2,384
1,743
Netherlands
2,629
1,689
Ireland
1,442
1,454
Asia
174,947
149,736
China
55,084
44,916
Japan
28,582
24,815
Malaysia
20,055
17,893
Singapore
18,225
16,743
Thailand
14,556
10,123
Taiwan
12,232
10,067
Hong Kong
12,029
5,667
Korea
9,648
15,302
New Zealand
3,420
3,060
Other
1,116
1,150
United States of America
106,725
102,189
Rest of the world
3,600
2,625
Total
739,469
657,751
Significant customers
The Group has one (2021: one) customer whose
revenues exceeded 10% of the Group\u2019s consolidated
external revenues. The total revenue from this
customer, which is a related party (see note 12),
amounted to USD 293,014 thousand in 2022 (2021:
USD 254,362).
10 Financial instruments \u2013 fair values and risk management
Accounting classifications and fair values
The following tables show the carrying amounts and fair values of financial assets and financial liabilities measured
at fair value through profit or loss and measured at amortized cost, respectively, including their levels in the fair
value hierarchy.
December 31, 2022
in thousands of U.S. dollars
Carrying
amount
Fair value
Total
Level 1
Level 2
Level 3
Total
Financial assets measured at amortized cost
Trade and other receivables
73,116
Cash and cash equivalents
369,425
Financial liabilities measured at amortized
cost
Trade payables
(53,654)
Bank loans, overdrafts, and lease liabilities
(296,945)
(296,950)
(296,950)
December 31, 2021
Financial assets measured at amortized cost
Trade and other receivables
73,689
Cash and cash equivalents
290,187
Financial liabilities measured at amortized
cost
Trade payables
(41,364)
Bank loans, overdrafts, and lease liabilities
(127,030)
(127,223)
(127,223)
Financial instruments measured at amortized cost
The carrying amount of cash and cash equivalents,
bank overdrafts, trade and other receivables, and trade
payables approximates their fair value due to the
short-term maturity of these financial instruments.
The fair value of the Group\u2019s non-current liabilities is
based on their present values calculated by
discounting future cash flows at current rates of
interest available for debt with the same maturity
profile.
The Group\u2019s principal financial instruments not carried
at fair value are cash and cash equivalents, trade
receivables, other current assets, other non-current
assets, trade and other payables, bank overdrafts, and
long-term borrowings.
There have been no transfers of assets or liabilities
between levels of the fair value hierarchy in the current
or previous year.
Financial assets and liabilities accounted for at fair
value through profit or loss
The Group held no financial instruments measured at
fair value through profit or loss in the current or
previous financial year.
The Group held no forward foreign exchange
contracts or interest rate swaps in the current or
previous financial year.
Financial assets and liabilities accounted for at fair
value through other comprehensive income
The Group held no financial assets and liabilities
accounted for at fair value through other
comprehensive income in the current or previous
financial year.
Management of risks arising from financial
instruments
The X-FAB SE Group\u2019s principal financial liabilities
comprise bank loans and bank overdrafts, and trade
payables. The main purpose of these financial liabilities
is to finance the Group\u2019s operations. The Group has
various financial assets, such as trade receivables and
cash and short-term deposits, which arise directly from
its operations.
Financial assets in the form of free short-term cash
available are placed on deposit with banks with a high
credit rating.
Deliveries made by the Group are subject to the
reservation of proprietary rights until the customer has
paid for the goods. Generally, further security is not
obtained.
While the Group did not hold any derivative financial
instruments in the current or previous year, it does,
from time to time, enter into derivative financial
instruments to manage the foreign exchange risks and
interest rate arising from the Group\u2019s sources of
finance where the risks of financial loss or the liquidity
risk appears excessive. Such transactions are
exclusively entered into to reduce the risk of
contractually agreed or highly probable transactions.
These transactions are classified as FVTPL for
accounting purposes because the Group does not
formally account for them using hedge accounting
techniques.
The primary risks arising from the Group\u2019s financial
instruments are market risks (interest rate and foreign
currency risks), credit risk, and liquidity risk. The Board
of Directors reviews and agrees policies for managing
each of these risks. The primary objective in managing
these risks is to minimize the risk of financial loss and
the risk of any interference with the Group\u2019s ability to
pursue its commercial objectives. The policies followed
in respect of each risk are summarized below.
Interest rate risk
The X-FAB SE Group\u2019s exposure to the risk of changes
in market interest rates relates primarily to the Group\u2019s
long-term debt obligations with floating interest rates.
The Group\u2019s policy is to manage its interest cost using
a mix of fixed and variable rate debts. To manage this,
the Group might enter into interest rate swaps, in which
the Group agrees to exchange, at specified intervals,
the difference between fixed and variable rate interest
amounts calculated by reference to an agreed-upon
notional principal amount. At December 31, 2022
approximately 32% of the Group\u2019s borrowings
(excluding financial leases) are at a fixed rate of
interest (December 31, 2021: 42%). Accordingly, the
Group\u2019s exposure to interest rate risk is limited.
Foreign currency risk
The Group\u2019s statement of financial position can be
affected by changes in the dollar exchange rates, in
particular movements against the euro (EUR) and the
Malaysian ringgit (MYR). This risk mainly relates to
transactions in foreign currency.
The following tables provide an analysis of monetary
assets and liabilities by currency denomination,
expressed in thousands of USD:
Assets and liabilities denominated in EUR:
in thousands of U.S. dollars
2022
2021
Assets
Trade accounts receivable
15,342
25,603
Other assets
34,521
19,145
Cash
180,284
103,702
Liabilities
Trade payables
13,625
11,411
Loans and borrowings
144,903
75,399
Other liabilities and
provisions
39,479
33,521
The Group also has currency exposures arising from
sales or purchases made when operating units
undertake transactions in currencies other than their
functional currencies.
Approximately 42% (2021: 37%) of the Group\u2019s sales
and 40,2% (2021: 47%) of the Group\u2019s costs are
denominated in currencies other than the functional
currency of the operating unit making the sales.
The following table demonstrates the sensitivity to
changes in fair value of monetary assets and liabilities
on the Group\u2019s profit before tax to reasonably possible
changes in the USD/EUR and USD/MYR exchange
rates, with all other variables held constant and
excluding effects of foreign exchange related
derivatives held. We have also assessed that the
sensitivity to changes in fair value of monetary assets
and liabilities to profit before tax is a good
approximation of the effect on equity of the Group as
the associated tax effect would not be significant.
USD/EUR
Increase/
(decrease)
in EUR rate
Effect on
profit
before tax
2022
5%
1,607
-5%
(1,607)
2021
5%
1,404
-5%
(1,404)
USD/MYR
Increase/
(decrease)
in MYR rate
Effect on
profit
before tax
2022
20%
2,669
-20%
(2,669)
2021
20%
13,800
-20%
(13,800)
The Group believes that a reasonably possible change
of other exchange rates, with all other variables held
constant, will not have a significant effect on the
Group\u2019s profit before tax and on the Group\u2019s equity.
The currency risk from translating foreign entities with
a functional currency that is different from the
presentation currency can be considered to be
immaterial as it relates to non-significant entities.
Credit risk
The Group\u2019s primary risk credit risk concentrations
affecting financial assets are in respect of trade
receivables (described in note 7.4), balances with
related parties (note 12), and balances and short-term
deposits at banks (note 7.6).
The Group only trades with recognized, creditworthy
third parties. It is the Group\u2019s policy that all customers
who wish to trade on credit terms are subject to credit
verification procedures. In addition, receivables
balances are monitored on an ongoing basis to ensure
that the Group is not exposed to significant risk of
credit loss. The maximum exposure is represented by
the carrying amounts disclosed in notes 7.4 and 7.5.
With respect to credit risk arising from financial assets,
including cash and cash equivalents, the Group\u2019s
maximum exposure to credit risk arising from default
of the counterparty is equal to their carrying amounts
in the statement of financial position.
The Group has not recorded any expected credit
losses for cash and cash equivalents as it considers that
any measurement of the 12-month expected loss
would be an insignificant amount given the good credit
rating of the respective banks.
Liquidity risk
The Group monitors its risk of a shortage of funds and
of difficulties in meeting obligations associated with
financial liabilities. The Group\u2019s objective is to maintain
a balance between continuity of funding and flexibility
through the use of bank loans, bank overdrafts, and
other financial instruments. Based on the positive cash
flow projections and the excess of current assets over
current liabilities, there was no significant liquidity risk
at December 31, 2022, or December 31, 2021. The
expected cash inflows from trade and other
receivables maturing within two months total
USD\u00a073,116 thousand (December 31, 2021: USD\u00a073,689
thousand). Trade accounts payables are due within the
next 12 months. An analysis of the maturity of financial
liabilities and available credit lines is presented in note
7.10.
Capital management
The primary objective of the Group\u2019s capital
management is to ensure that it maintains a strong
credit rating and healthy capital ratios in order to
support its business and maximize shareholder value.
Further, management aims to maintain a stable level of
cash balances available for ready use at all times and to
at least maintain, or increase, the available cash at the
current level and to ensure that it meets financial
covenants attached to the interest-bearing loans and
borrowings. These goals can be achieved by a
combination of cash inflows and the use of new
external new financing arrangements. The Group
manages its capital structure (consisting of equity and
borrowings) and makes adjustments to it in light of
changes in economic conditions. To adjust its capital
structure, the Group may choose to take measures
such as making payments to or adjusting dividend
payments made to shareholders, returning capital to
shareholders, or raising new capital by issuing new
shares or adjusting its borrowing levels. No change was
made to the Group\u2019s capital management objectives,
policies, or processes during the years ended
December 31, 2022, and December 31, 2021.
The EUR 200,000,000 multicurrency revolving credit
facility is available to the parent company and its
primary subsidiaries for use for euro and U.S. dollar
capital expenditures, general working capital
requirements and general corporate purposes
(including acquisitions). The facility contains a
covenant stating that the borrower shall ensure that
the ratio of total net indebtedness (the sum of all
borrowing and guarantee obligations of a financial
nature, defined more closely in the facility agreement)
cannot exceed 3.5 times its EBITDA, otherwise the loan
will be repayable on demand. The Group was in
compliance with this covenant at December 31, 2022.
The X-FAB SE Group\u2019s other bank loan agreements do
not include requirements to comply with externally
imposed capital requirements, for example
requirements to meet specific equity and free cash
flow ratios.
The EUR\u00a0200,000,000 multicurrency revolving credit
facility and other bank loan agreements contain certain
other covenants typical for such borrowing
arrangements which impose a number of requirements
on the borrower, including, among other things, early
termination and set-off of asset balances against
matured obligations balances in case of a material
event of default, negative pledge clauses, obligations
to provide certain information relating to the financial
condition of the borrower, and change of control
provisions. Early repayments of amounts borrowed
may be demanded or offset against asset balances
and renewals or drawdowns of additional tranches
under credit arrangements may not be available if
there is an event of default or should the Group fail to
meet its other obligations under such terms and
conditions. Further, the Company has entered into
undertakings under the terms of certain credit
agreements to maintain its existing equity percentage
in the share capital and related percentage of voting
rights of its respective subsidiaries.
11 Leases
The Group has various lease arrangements for the use
of commercial properties, infrastructure, and technical
equipment and machinery. The arrangements run for
various periods until 2034 and carry interest rates
between 0.02% and 4.66% (December 31, 2021: 0.02%
and 4.46%). The contractual arrangements vary from
lease to lease. Some of these arrangements include
purchase options at a price that is lower than the
expected fair value of the assets at the end of the
lease period, so that the Group expects that these will
be acquired at a later date. Other leases are for a fixed
period of time and are renewed unless canceled by
either party, or include lease period extension options
exercisable by the Group.
In 2021 the Group entered into a sale and leaseback
transaction under which machinery was sold at book
value and leased back. The contractual arrangements
include a purchase option at a price that is lower than
the fair value and the lease term is for the major part of
the economic life. The Group continues to be able to
direct the use of the assets and obtain substantially all
of the remaining benefits from their use. Accordingly,
the transaction is wholly recognized as a financing
arrangement, and no sale or gain or loss is recognized
on the transaction. The assets were not derecognized.
The lease period runs until 2028 and carries an interest
rate of 1.26%.
The carrying values of right-of-use assets presented
as property, plant, and equipment were as follows:
in thousands of U.S. dollars
2022
2021
Net book value January 1
24,415
25,278
Additions
1,923
2,316
Depreciation
(4,373)
(4,339)
Disposals
\u2014
\u2014
Reclassifications
(527)
1,160
Net book value December 31
21,438
24,415
For lease arrangements which include extension
options exercisable by the Group, the Group assesses,
at the commencement of the lease, whether it is
reasonably certain to exercise the extension options.
The Group makes subsequent reassessments of
whether it is reasonably certain to exercise such
options if there is a significant event or significant
changes in circumstances which are within its control.
Should the Group exercise the extension options, the
future cash outflows under leasing arrangements, the
right-of-use assets recognized, and the commitments
under the lease liabilities would be increased. The
Group does not make estimates of such potential
increases as the most significant extension options are
at future dates and the amounts and available
operational alternatives may change. The overall level
of right-of-use assets and leasing obligations are,
however, unlikely to change by material amounts.
The future minimum lease payments due in respect of lease liabilities are as follows:
in thousands of U.S. dollars
2022
2021
Minimum
leasing
payment
Present value
Minimum
leasing
payment
Present value
2023
6,050
5,506
2024\u20132026
22,865
21,003
2022
6,015
5,380
2023\u20132025
27,062
24,877
Total
28,915
26,509
33,077
30,257
Interest
(2,407)
(2,407)
(2,821)
(2,821)
Liability
26,508
24,102
30,256
27,436
in thousands of U.S. dollars
2022
2021
Advances received from
Melexis group companies
3,833
9,101
Advances received from M-
MOS group companies
3,827
\u2014
Trade accounts payable due
to Melexis group companies
132
178
Trade accounts payable due
to M-MOS group companies
22
59
Trade accounts payable due
to XTRION
26
21
Trade accounts payable due
to Sensinnovat
118
96
Other
18
22
Total
7,976
9,477
Receivables from related parties relate to trade
receivables, do not carry interest, and are payable on
normal credit terms. As described in detail in note 7.4, a
settlement arrangement was entered into in 2021 with
a related party customer, concerning outstanding
receivables in excess of 360 days overdue totaling
USD 1,277 thousand. Impairment allowances of
USD\u00a0848 thousand had been recorded in 2020 against
these balances. Under this arrangement the Group
received intellectual property, which had been
provided by the customer as collateral security, which
the Group valued at USD 484 in settlement of the
outstanding liability.
Sales made to XTRION group companies primarily
include the supply of PCM-tested wafers and NRE on
the basis of wafer supply agreements made between
the parties.
Other income results from the provision of technical
facilities, supplies, utilities, property rentals, and
services provided. Services provided include
information technology, personnel, and legal support
services. For services provided, charges are made in
relation to the costs incurred based on an agreed
formula which considers the use of facilities, employee
time spent, and specific transaction details. Interest
income and expenses arose in connection with loan
arrangements.
Sales and other income comprise the following:
in thousands of U.S. dollars
2022
2021
Sales to Melexis group
companies
293,014
254,362
Sales to M-MOS group
companies
18,940
16,386
Sales to Anvo-Systems
\u2014
50
Sales to X-Celeprint
\u2014
\u2014
Sales to X Display Company
Technology
359
297
Property rental and other
income from Melexis group
companies
2,080
2,211
Other income from M-MOS
39
122
Total
314,432
273,428
Property rental and other income from Melexis group
companies includes rentals and charges for technical
services included in the amounts described in note 6.7
as well as other items classified in other positions in the
consolidated statement of income.
Purchases, expenses, and other transactions recorded
with shareholders and their subsidiaries were as follows:
in thousands of U.S. dollars
2022
2021
Services provided by Melexis
group companies
413
533
Services/purchases provided
by M-MOS group companies
18
400
Services provided by\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
X-Celeprint
\u2014
8
Services purchased from
Sensinnovat
477
302
Services purchased from
ESA
202
159
Warranty cost Melexis group
2,724
2,036
Services provided from
XTRION
87
\u2014
Services provided by
XTRION
3,921
3,438
Services purchased from member companies of the
XTRION group primarily included wafer test and final
test services. Outstanding balances from sales and
purchases of goods and from receiving and rendering
of services at the reporting date are unsecured,
interest free, and settled in cash. There have been no
guarantees provided or received for any related party
receivables or payables.
Remuneration of persons with key management
positions
in thousands of U.S. dollars
2022
2021
Short-term employee
benefits
1,297
1,302
Short-term employee
benefits for members of
management that are not on
the payroll of the Company
(CEO and CFO)
679
655
Directors\u2019 compensation
231
205
Total
2,207
2,162
The persons with key management positions as
referred above as of December 31, 2022, include the
Group\u2019s CEO, CTO, CFO, the CEO of X-FAB Dresden,
the CEO of X-FAB Sarawak, the CEO of X\u2011FAB Texas,
the CEO of X-FAB Erfurt and the CEO of X-FAB
France.
The Group has made contributions to defined
contribution pension plans for the benefit of persons
with key management positions totaling USD 101
thousand (2021: USD 79 thousand). Contributions to
defined contribution plans primarily comprise statutory
contributions to be made by employers to state-based
defined contribution plans. In connection with these
plans there are no minimum guarantees by the
employer. The defined contribution is based on a fixed
percentage of the (capped) gross salary determined
by state laws.
13 Other disclosures
13.1 Purchase commitments and contingencies
Purchase commitments comprise the following at
December 31:
in thousands of U.S. dollars
2022
2021
Purchase commitments
for:
Property, plant, and
equipment
334,217
67,621
Intangible assets
2,400
383
Material and services
39,865
9,512
Total
376,482
77,516
Purchase commitments mainly refer to purchase
orders placed for investments in technical machinery
Commitments concerning investment grants and
subsidies received
Various Group entities receive grants and subsidies in
connection with the acquisition of certain qualifying
assets (asset-related grants and subsidies) and
subsidies to offset research and development costs
(income-related grants). No material amounts of other
government assistance are received.
Specifically, XMF and X-FAB Dresden receive grants
and subsidies in connection with the acquisition of
certain qualifying assets (asset-related grants and
subsidies). The grant rules require that the assets on
which investment grants have been received are
retained for a period of five years (the subsidy rules,
which largely apply to the same assets, have a similar
three-year retention requirement) and that specified
employee levels are maintained at specific locations. If
it is not possible to fulfill these conditions, the grants
and subsidies may be partially repayable. The total
amount of grants and subsidies received in the past
(and thus deducted from the carrying amounts of the
assets) on property, plant, and equipment amounted
to USD 137.5 million (December\u00a031, 2021: USD\u00a0136.1
million); the retention requirements have not yet been
fulfilled in full for grants and subsidies received totaling
USD\u00a012.2 million included in that total.
13.2 Unresolved legal disputes and claims
The Group is not aware of any unresolved legal
disputes, claims or proceedings which could have a
significant financial impact on the Group.
13.3 Employees
The average number of employees employed by the
Group during the year was as follows:
2022
2021
Production
3,568
3,318
Research and development
310
305
Sales, marketing, and
administration
290
264
Trainees
117
102
Total
4,285
3,989
The total number of employees employed by the
Group at December 31 was as follows:
2022
2021
Production
3,662
3,430
Research and development
319
305
Sales, marketing, and
administration
299
270
Trainees
131
118
Total
4,411
4,123
Note: Number of employees excludes contract workers
(borrowed)
13.4 List of shareholdings
Entity
Place of incorporation
Principal activities
Shareholding in %
X-FAB Silicon Foundries SE
Tessenderlo, Belgium
Holding company
X-FAB Semiconductor Foundries GmbH
Erfurt, Germany
Wafer manufacturing
100.00%
X-FAB Dresden GmbH & Co. KG
Dresden, Germany
Wafer manufacturing
100.00%
X-FAB Dresden Verwaltungs-GmbH
Dresden, Germany
No activity
100.00%
X-FAB Texas Inc.
Texas, USA
Wafer manufacturing
100.00%
X-FAB Sarawak Sdn. Bhd.
Kuching, Malaysia
Wafer manufacturing
100.00%
X-FAB France SAS
Corbeil-Essonnes, France
Wafer manufacturing
100.00%
X-FAB Japan KK
Yokohama, Japan
Trading company
100.00%
X-FAB MEMS Foundry GmbH
Erfurt, Germany
Wafer manufacturing
100.00%
OOO Microdesign
Voronesh, Russia
R&D, design
100.00%
X-FAB MEMS Foundry Itzehoe GmbH
Itzehoe, Germany
Wafer manufacturing
100.00%
X-FAB Global Services GmbH
Erfurt, Germany
R&D, administration
services
100.00%
14 Events after the reporting period
There have been no reportable events subsequent to
the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-267": { "value": "X-FAB Silicon Foundries SE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-268": { "value": "European limited company (Societas Europaea/SE)", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-269": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-270": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-271": { "value": "Transportstraat 1, 3980 Tessenderlo, Belgium", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-272": { "value": "The X-FAB SE Group is one of the world\u2019s leading pure-play foundry providers specializing in analog/mixed-signal technologies.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-273": { "value": "
2 Group structure
The X-FAB SE Group structure as of December 31, 2022 is illustrated below.
X-FAB Dresden GmbH & Co. KG refers to X-FAB Dresden GmbH & Co. KG and X-FAB Dresden Verwaltungs-GmbH
The Group\u2019s primary operations are held by X-FAB
Semiconductor Foundries GmbH (X-FAB GmbH),
X-FAB Dresden GmbH & Co. KG (X-FAB Dresden),
X-FAB Texas Inc., Lubbock, Texas (X-FAB Texas),
X-FAB Sarawak Sdn. Bhd. (X-FAB Sarawak), and
X-FAB France SAS (X-FAB France), each of which
operate wafer factories at their respective locations.
X-FAB MEMS Foundry Itzehoe GmbH (MFI) and
X-FAB MEMS Foundry GmbH (XMF) offer process
technologies for the fabrication of micromechanical
sensors for the detection of pressure, acceleration,
rotation, and IR-radiation including integrated solutions
that combine MEMS and CMOS. The remaining entities
provide research and development, marketing and
sales, and administration services to other Group
entities or serve administrative purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-274": { "value": "3 Basis of preparation
3.1 Statement of compliance
The consolidated financial statements have been
prepared in accordance with International Financial
Reporting Standards (IFRS) as endorsed by the
European Union. All IFRS and IAS standards and
associated interpretations were adopted to the extent
that they had been endorsed by the European Union
by the date of issue of these financial statements.
The consolidated financial statements of X-FAB SE
Group for the year ended December 31, 2022, were
authorized for issue in accordance with a resolution of
the directors on March 23, 2023.
3.2 Basis of measurement
The consolidated financial statements have been
prepared on a historical cost basis, except for
derivative financial assets and liabilities and certain
non-derivative financial investments which are
measured at fair value. The net defined benefit liability
is measured at the present value of the defined
obligation less the fair value of plan assets.
3.3 Functional and presentation currency
The consolidated financial statements are presented in
U.S. dollars (USD), which is the functional and
presentation currency of the parent company and the
Group\u2019s primary operating companies. Amounts are
rounded to the nearest thousand except when
otherwise indicated. Rounding differences may occur.
3.4 Use of judgments, assumptions, and estimation
uncertainties
In preparing these consolidated financial statements
management has made judgments, assumptions, and
estimates that affect the application of the Group\u2019s
accounting policies and the reported amounts of
assets, liabilities, income, and expenses. Actual
amounts may differ from these estimates.
Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates
are recognized in the period in which the estimates are
revised and in any future periods affected.
Judgments
Determination of functional currency
The functional currency of the holding company and
most of its subsidiaries has been assessed as the U.S.
dollar (USD) due to the fact that the currency that
mainly influences sales prices for goods and services is
the USD. Only two subsidiaries have different
functional currencies (the euro and the Russian ruble).
These subsidiaries are not significant to the Group\u2019s
consolidated financial statements.
With respect to the holding company the assessment is
based on the fact that the holding acts as an
investment holding entity (in operational subsidiaries
with USD as their functional currency) and its sole
activity consists of the re-allocation of Group costs
which are incurred and subsequently recharged in USD.
Hence the USD is deemed the most appropriate
functional currency of the holding for the preparation
of the consolidated financial statements.
Revenue recognition (note 4.3)
Judgment was applied in determining whether revenue
from the sale of process control wafers should be
recognized over time or at a point in time. Based on
management\u2019s assessment of its contracts with
customers, the Group has determined that only a
limited number of contracts provide for an enforceable
right to payment for performance completed in the
case that a customer would cancel a contract for
reasons other than any failure to perform as promised.
As a result, the potential recognition of contracts over
time has been considered to be not material.
Recognition of right-of-use assets and lease
liabilities (notes 4.17 and 11)
The Group recognizes right-of-use assets and lease
liabilities for certain assets held under leasing
arrangements. Some of the Group\u2019s lease contracts
include renewal or termination options. In order to
determine the lease term for these contracts the
Group took into account all relevant facts and
circumstances in order to assess whether it is
reasonably certain that these options will be exercised.
This assessment has an impact on the term of the
lease, which has a significant effect on the amount of
the lease liabilities and the measurement of the right-
of-use asset recognized. Should the Group make
changes to its assessment of whether the renewal or
termination options will be exercised, it may be
necessary to increase or decrease the right-of-use
assets and lease liabilities recognized.
Assumptions and estimation uncertainties
Information about assumptions and estimation
uncertainties that have a significant risk of resulting in a
material adjustment in the next financial year is
included in the following notes:
Recognition of deferred tax assets (note 6.13)
Deferred tax assets are recorded where it is
considered probable that tax savings will be made in
future periods from the use of losses carried forward
and from the reversal of taxable timing differences
arising on the difference between the accounting and
tax values of the Group\u2019s assets. Taxable profits and
the reversal of timing differences in the next financial
year may differ from the amounts assumed, and
assumptions made in the next financial year about
future taxable profits and reversals of subsequent
years may change. Such changes could result in a
material adjustment.
Measurement of expected credit losses (ECLs) on
trade receivables (note 7.4)
Allowances are made to reflect estimates of the
amount of ECLs on any receivables. The actual amount
of credit losses for receivables in the year ending
December 31, 2023, may differ from the amounts
recorded as impairments in the year ended
December\u00a031, 2022, which may result in a material
adjustment.
Measurement of fair values
A number of the Group\u2019s accounting policies and
disclosures require the measurement of fair values,
both for financial and non-financial assets and liabilities.
If third-party information is used to measure fair
values, the evidence obtained from third parties is
assessed to support the conclusion that such
valuations meet the requirements of IFRS 13, including
the level in the fair value hierarchy in which such
valuations should be classified.
When measuring the fair value of an asset or a liability,
the Group uses market observable data as far as
possible.
Fair values are classified into different levels in a fair
value hierarchy based on the inputs used in the
valuation techniques as follows:
Level 1:quoted (unadjusted) prices in active markets
for identical assets or liabilities.
Level 2:other techniques for which all inputs that have
a significant effect on the recorded fair value
are observable, either directly or indirectly.
Level 3:techniques that use inputs which have a
significant effect on the recorded fair value
that are not based on observable market data.
If the inputs used to measure the fair value of an asset
or a liability might be categorized in different levels of
the fair value hierarchy, then the fair value
measurement is categorized in its entirety in the same
level of the fair value hierarchy as the lowest level input
that is significant to the entire measurement.
The Group measures transfers between levels of the
fair value hierarchy at the end of the reporting period
during which the change has occurred.
Further information about the assumptions made in
measuring fair values is included in the following notes:
\u20227.1 Property, plant, equipment, and investment
properties
\u20227.4 Trade and other receivables
\u20227.10 Loans and borrowings
\u202210 Financial instruments \u2013 fair values and risk
management
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-275": { "value": "
3.1 Statement of compliance
The consolidated financial statements have been
prepared in accordance with International Financial
Reporting Standards (IFRS) as endorsed by the
European Union. All IFRS and IAS standards and
associated interpretations were adopted to the extent
that they had been endorsed by the European Union
by the date of issue of these financial statements.
The consolidated financial statements of X-FAB SE
Group for the year ended December 31, 2022, were
authorized for issue in accordance with a resolution of
the directors on March 23, 2023.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-276": { "value": "
3.3 Functional and presentation currency
The consolidated financial statements are presented in
U.S. dollars (USD), which is the functional and
presentation currency of the parent company and the
Group\u2019s primary operating companies. Amounts are
rounded to the nearest thousand except when
otherwise indicated. Rounding differences may occur.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-277": { "value": "
3.4 Use of judgments, assumptions, and estimation
uncertainties
In preparing these consolidated financial statements
management has made judgments, assumptions, and
estimates that affect the application of the Group\u2019s
accounting policies and the reported amounts of
assets, liabilities, income, and expenses. Actual
amounts may differ from these estimates.
Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates
are recognized in the period in which the estimates are
revised and in any future periods affected.
Judgments
Determination of functional currency
The functional currency of the holding company and
most of its subsidiaries has been assessed as the U.S.
dollar (USD) due to the fact that the currency that
mainly influences sales prices for goods and services is
the USD. Only two subsidiaries have different
functional currencies (the euro and the Russian ruble).
These subsidiaries are not significant to the Group\u2019s
consolidated financial statements.
With respect to the holding company the assessment is
based on the fact that the holding acts as an
investment holding entity (in operational subsidiaries
with USD as their functional currency) and its sole
activity consists of the re-allocation of Group costs
which are incurred and subsequently recharged in USD.
Hence the USD is deemed the most appropriate
functional currency of the holding for the preparation
of the consolidated financial statements.
Revenue recognition (note 4.3)
Judgment was applied in determining whether revenue
from the sale of process control wafers should be
recognized over time or at a point in time. Based on
management\u2019s assessment of its contracts with
customers, the Group has determined that only a
limited number of contracts provide for an enforceable
right to payment for performance completed in the
case that a customer would cancel a contract for
reasons other than any failure to perform as promised.
As a result, the potential recognition of contracts over
time has been considered to be not material.
Recognition of right-of-use assets and lease
liabilities (notes 4.17 and 11)
The Group recognizes right-of-use assets and lease
liabilities for certain assets held under leasing
arrangements. Some of the Group\u2019s lease contracts
include renewal or termination options. In order to
determine the lease term for these contracts the
Group took into account all relevant facts and
circumstances in order to assess whether it is
reasonably certain that these options will be exercised.
This assessment has an impact on the term of the
lease, which has a significant effect on the amount of
the lease liabilities and the measurement of the right-
of-use asset recognized. Should the Group make
changes to its assessment of whether the renewal or
termination options will be exercised, it may be
necessary to increase or decrease the right-of-use
assets and lease liabilities recognized.
Assumptions and estimation uncertainties
Information about assumptions and estimation
uncertainties that have a significant risk of resulting in a
material adjustment in the next financial year is
included in the following notes:
Recognition of deferred tax assets (note 6.13)
Deferred tax assets are recorded where it is
considered probable that tax savings will be made in
future periods from the use of losses carried forward
and from the reversal of taxable timing differences
arising on the difference between the accounting and
tax values of the Group\u2019s assets. Taxable profits and
the reversal of timing differences in the next financial
year may differ from the amounts assumed, and
assumptions made in the next financial year about
future taxable profits and reversals of subsequent
years may change. Such changes could result in a
material adjustment.
Measurement of expected credit losses (ECLs) on
trade receivables (note 7.4)
Allowances are made to reflect estimates of the
amount of ECLs on any receivables. The actual amount
of credit losses for receivables in the year ending
December 31, 2023, may differ from the amounts
recorded as impairments in the year ended
December\u00a031, 2022, which may result in a material
adjustment.
Measurement of fair values
A number of the Group\u2019s accounting policies and
disclosures require the measurement of fair values,
both for financial and non-financial assets and liabilities.
If third-party information is used to measure fair
values, the evidence obtained from third parties is
assessed to support the conclusion that such
valuations meet the requirements of IFRS 13, including
the level in the fair value hierarchy in which such
valuations should be classified.
When measuring the fair value of an asset or a liability,
the Group uses market observable data as far as
possible.
Fair values are classified into different levels in a fair
value hierarchy based on the inputs used in the
valuation techniques as follows:
Level 1:quoted (unadjusted) prices in active markets
for identical assets or liabilities.
Level 2:other techniques for which all inputs that have
a significant effect on the recorded fair value
are observable, either directly or indirectly.
Level 3:techniques that use inputs which have a
significant effect on the recorded fair value
that are not based on observable market data.
If the inputs used to measure the fair value of an asset
or a liability might be categorized in different levels of
the fair value hierarchy, then the fair value
measurement is categorized in its entirety in the same
level of the fair value hierarchy as the lowest level input
that is significant to the entire measurement.
The Group measures transfers between levels of the
fair value hierarchy at the end of the reporting period
during which the change has occurred.
Further information about the assumptions made in
measuring fair values is included in the following notes:
\u20227.1 Property, plant, equipment, and investment
properties
\u20227.4 Trade and other receivables
\u20227.10 Loans and borrowings
\u202210 Financial instruments \u2013 fair values and risk
management
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-278": { "value": "4 Summary of accounting policies
4.1 Basis of consolidation
Entities included in the consolidation
The consolidated financial statements include the
financial statements of the parent company and its
subsidiaries, which are entities directly or indirectly
controlled by the parent company. The Group controls
an entity when it is exposed to, or has rights to, variable
returns from its involvement with the entity and has the
ability to affect those returns through its power over
the entity. Control is generally obtained by ownership
of a majority of shares.
The financial statements of subsidiaries are included in
the consolidated financial statements from the date on
which control commences until the date on which
control ceases.
The financial statements of the subsidiaries are
prepared for the same reporting year as the parent
company, using consistent accounting policies.
All intra-group balances, transactions, income, and
expenses, as well as profits and losses resulting from
intra-group transactions, are fully eliminated in these
consolidated financial statements.
Non-controlling interests
Non-controlling interests represent the portion of
profit or loss, component of other comprehensive
income and net assets of a subsidiary attributable to
equity interests that are not owned, directly or
indirectly, by the parent company. Non-controlling
interests\u2019 share of income and share of equity are
presented separately in the income statement and
within equity in the consolidated statement of financial
position respectively, separately from parent
shareholder\u2019s equity.
Non-controlling interests are measured at the date of
acquisition at their proportionate share of the acquired
company\u2019s identifiable net assets.
4.2 Foreign currency translation
Transactions in foreign currencies are initially recorded
at the functional currency rate ruling at the date of the
transaction. Monetary assets and liabilities
denominated in foreign currencies are translated at the
functional currency rate of exchange ruling at the
statement of financial position date. All differences are
taken to profit or loss. Non-monetary items that are
measured in terms of historical cost in a foreign
currency are translated using the exchange rate as at
the dates of the initial transactions. If the functional
currency of a consolidated entity differs from the
Group\u2019s presentation currency, assets and liabilities of
that entity are translated into the presentation
currency at the closing rate at the statement of
financial position date, whereas equity is translated
using the historic rates, and the income statement is
translated at the average rate of the reporting period.
All resulting differences are recognized in the
cumulative translation adjustment in equity.
4.3 Revenue from contracts with customers
Sales revenue is measured based on the consideration
specified in a contract with a customer. Sales revenues
are recognized net of discounts, customer bonuses,
and rebates granted.
There is no significant uncertainty concerning the
nature, amount, or timing of the revenue or the cash
flows of the revenues reported. The Group recognizes
revenue when it transfers control over a good or
service to a customer.
Sale of process control wafers (PCM wafers)
PCM wafers are goods that are generally customer
specific, i.e. when manufacturing goods for a customer,
X-FAB is creating an asset for the customer that has
no alternative use to X-FAB. However, for the majority
of contracts with its most important customers, X-FAB
has determined that it does not have an enforceable
right to obtain payment for work completed should a
customer cancel an incomplete contract for reasons
other than any failure by X-FAB to perform as
promised. Accordingly, revenue from the sale of
process control wafers (PCM wafers) is recognized
when shipment has been made. At this date, control
over the goods has passed to the customer. Invoices
for the sale are generated at that point in time. Invoices
are usually payable within 30 days. No discounts of the
invoiced amounts are offered to customers in
exchange for prompt payment of invoices. Sales prices
with customers do not include a significant financing
component.
Sales of non-recurring engineering (NRE) services
and technology services
When providing non-recurring engineering (NRE)
services and technology services X-FAB creates an
asset for a customer that has no alternative use to
X\u2011FAB as the prototype wafers created are generally
customer specific. Invoices are issued according to
contractual terms \u2013 based on milestones \u2013 and are
usually payable within 30 days. X-FAB has an
enforceable right to payment for the performance of
work completed up to the agreed milestones. Revenue
is therefore recognized over time, and X-FAB applies a
practical expedient for the measurement of progress.
Invoicing based on milestones is a reasonable
approximation of the progress made to completing the
performance obligation. No discounts of the invoiced
amounts are offered to customers in exchange for
prompt payment of invoices. Sales prices with
customers do not include a significant financing
component.
Rental and other income
Revenue in respect of rental and other income is
recognized over time when the relevant service is
provided (see 4.6 below).
Warranty obligations
The Group typically provides warranties for defects
that existed at the time of sale, as required by the
terms and conditions of sale. These are assurance-
type warranties which are accounted for as warranty
provisions based on past experience. No service-type
warranties are sold either separately or bundled
together with the sale of the Group\u2019s products.
Contract costs and contract fulfillment costs
Costs of obtaining contracts requiring capitalization
have been incurred by the Group; however, the
deferral of such costs is not material for the purposes
of these consolidated financial statements.
No costs of fulfilling contracts requiring capitalization
have been incurred which are not recorded as assets in
accordance with IAS 2 Inventories, IAS 16 Property,
Plant and Equipment, or IAS 38 Intangible Assets.
4.4 Research and development expenses
Research and development expenses comprise staff
expenses, depreciation, and other directly attributable
expenses and are allocated process based, i.e. relate to
research and development activities that are not
related to the improvement of the existing production
technologies. Costs incurred in connection with
improving existing production technologies used in
operational production lines are allocated to cost of
sales.
Research and development costs are expensed as
incurred. X-FAB SE Group considers that development
work performed does not qualify for capitalization
because the amount of future benefits to be derived
from use of work performed is characterized by a high
level of uncertainty until the projects are completed.
Government grants are awarded to the Group for its
research and development activities in the form of
cash tax payments or tax credits. IAS 20 Government
Grants is applied to all grants, including the research
and development grants received by X-FAB France,
which are paid out using the French corporation tax
system. The grants are recognized as income and as a
non-current or current asset, as appropriate, when
there is reasonable assurance that the entity will
comply with the relevant conditions set out in the
terms of the grant arrangement and that the grant will
be received. These income-related grants are
recognized in profit or loss on a systematic basis as the
entity recognizes as expenses the costs that the grants
are intended to compensate.
4.5 Finance income and finance costs
Interest income or expense is recognized using the
effective interest method. Dividend income is
recognized in profit or loss on the date on which the
Group\u2019s right to receive payment is established.
4.6 Rental income from investment properties
Rental income from operating leases on investment
property is accounted for on a straight-line basis over
the lease term. Lease incentives granted are
recognized as an integral part of the total rental
income and recognized over the term of the lease.
4.7 Employee benefits
Employee benefits consist of short-term employee
benefits, payments into defined contribution pension
schemes and a long-service retirement lump-sum
payment scheme at the Group\u2019s subsidiary X-FAB
France. The Group has no share-based payment
arrangements.
Short-term employee benefits are expensed as the
related service is provided. A liability is recognized for
the amount expected to be paid if the Group has a
present legal or constructive obligation to pay this
amount as a result of past service provided by the
employee and the obligation can be estimated reliably.
Obligations for contributions to defined contribution
plans are expensed as the related service is provided.
Prepaid contributions are recognized as an asset to the
extent that a cash refund or a reduction in future
payments is available.
The Group\u2019s net obligation in respect of the long-
service retirement lump-sum payment scheme is
calculated by estimating the amount of future benefit
that employees have earned in the current and prior
periods, discounting that amount, and deducting the
fair value of any plan assets. The calculation of the
obligation is performed annually by an independent
third-party expert actuary using the projected unit
credit method. When the calculation results in a
potential asset for the Group, the recognized asset is
limited to the present value of economic benefits
available in the form of any future refunds from the
plan or reductions in future contributions to the plan.
To calculate the present value of economic benefits,
consideration is given to any applicable minimum
funding requirements. Remeasurements of the net
defined benefit liability, which comprise actuarial gains
and losses, the return on plan assets (excluding
interest), and the effect of the asset ceiling (if any,
excluding interest), are recognized immediately in
other comprehensive income. The Group determines
the net interest expense (income) on the net defined
benefit liability (asset) for the period by applying the
discount rate used to measure the defined benefit
obligation at the beginning of the annual period to the
then-net defined benefit liability (asset), taking into
account any changes in the net defined benefit liability
(asset) during the period as a result of contributions
and benefit payments. Net interest expense and other
expenses related to defined benefit plans are
recognized in profit or loss. When the benefits of a plan
are changed or when a plan is curtailed, the resulting
change in benefit that relates to past service or the
gain or loss on curtailment is recognized immediately in
profit or loss. The Group recognizes gains and losses
on the settlement of a defined benefit plan when the
settlement occurs.
Termination benefits are recorded as an expense at
the earlier of when the Group can no longer withdraw
the offer of those benefits and when the Group
recognizes costs of a restructuring. The benefits are
discounted if it is not expected that they will be settled
wholly within 12 months of the reporting date.
4.8 Property, plant, equipment, and investment
properties
Property, plant, and equipment are measured at
purchase cost less accumulated depreciation and
accumulated impairment losses. Purchase cost
includes expenditure that is directly attributable to the
acquisition of the asset. These accounting policies
have also been applied to investment properties under
the cost model in accordance with IAS 40.
Depreciation is provided using the straight-line
method for property, plant, factory, and office
equipment and for investment properties.
Depreciation is calculated to write off the cost of items
of property, plant, and equipment less their estimated
residual values using the straight-line method over
their estimated useful lives. If significant parts of an
item of property, plant, and equipment have different
useful lives, then they are accounted for as separate
items (major components) of property, plant, and
equipment.
The following useful lives are used as a basis for
calculating depreciation:
\u2022Buildings, including investment properties: over
40\u201350 years
\u2022Factory and office equipment: straight-line over 3\u2013
10 years
Borrowing costs were not capitalized because no
assets qualifying for the capitalization of borrowing
costs were constructed or acquired in the period.
Costs incurred which extend the useful life of assets, or
which increase performance or capacity of assets, are
capitalized where appropriate. Maintenance and repair
costs are expensed as incurred.
Assets are recorded as disposals when they are sold or
scrapped. The resulting gain or loss is recorded in
income within \u201cother income\u201d or \u201cother expenses\u201d as
appropriate.
4.9 Intangible assets
Purchased intangible assets are capitalized at purchase
cost, including, where applicable, own work capitalized
in preparing the intangible assets for use, and
depreciated on a straight-line basis over their
expected useful lives. The useful life applied is five
years.
Internally generated intangible assets were not
capitalized because the criteria for capitalization were
not met (see note 4.4).
The Group has no intangible assets with indefinite
useful lives.
4.10 Impairment
The carrying amounts of the Group\u2019s non- financial
assets other than inventories and deferred tax assets
(for which separate reviews are performed) are
reviewed at each reporting date to determine whether
there is any indication of impairment. If any such
indication exists then the asset\u2019s recoverable amount is
estimated.
The recoverable amount of an asset or cash-
generating unit is the greater of its value in use and its
fair value less costs to sell. In assessing value in use, the
estimated future cash flows are discounted to their
present value using a pre-tax discount rate that
reflects current market assessments of the time value
of money and the risks specific to the asset. For the
purpose of impairment testing, assets are grouped
together into the smallest group of assets that
generates cash inflows from continuing use that are
largely independent of the cash inflows of other assets
or groups of assets (the \u201ccash-generating unit\u201d).
An impairment loss is recognized if the carrying
amount of an asset or its cash-generating unit exceeds
its estimated recoverable amount. Impairment losses
are recognized in profit or loss. Impairment losses
recognized in respect of cash-generating units are
allocated first to reduce the carrying amount of any
goodwill allocated to the units and then to reduce the
carrying amounts of the other assets in the unit (group
of units) on a pro rata basis.
An impairment loss is reversed if there has been a
change in the estimates used to determine the
recoverable amount. An impairment loss is reversed
only to the extent that the asset\u2019s carrying amount
does not exceed the carrying amount that would have
been determined, net of depreciation or amortization,
if no impairment loss had been recognized.
4.11 Financial instruments
Recognition and initial measurement
Trade receivables are initially recognized when they are
originated, i.e. when or as the goods and services are
provided and the revenue for those goods and
services is recognized. Regular way purchases and
sales of financial assets were accounted for at the
settlement date. All other financial assets and financial
liabilities are initially recognized when the Group
becomes a party to the contractual provisions of the
financial instrument. The Group\u2019s trade receivables do
not include a significant financing component and the
amounts recognized for trade receivables are initially
recognized at the transaction price. All other financial
assets and financial liabilities are initially recognized at
fair value plus, for items not recognized at fair value
through profit or loss (FVTPL), transaction costs that
are directly attributable to its acquisition or issue.
Classification and subsequent measurement
On initial recognition, a financial asset is classified as
measured at amortized cost; FVOCI \u2013 debt
investment; FVOCI \u2013 equity investment; or FVTPL.
(a) Financial assets at amortized cost
A financial asset is classified as measured at amortized
cost if it meets both of the following conditions and is
not designated as at FVTPL:
\u2022it is held within a business model whose objective is
to hold assets to collect contractual cash flows; and
\u2022its contractual terms give rise on specified dates to
cash flows that are solely payments of principal and
interest on the principal amount outstanding.
(b) Debt investments at fair value through other
comprehensive income (FVOCI)
A debt investment is classified as measured at fair
value through other comprehensive income if it meets
both of the following conditions and is not designated
as at FVTPL:
\u2022it is held within a business model whose objective is
achieved by both collecting contractual cash flows
and selling financial assets; and
\u2022its contractual terms give rise on specified dates to
cash flows that are solely payments of principal and
interest on the principal amount outstanding.
(c) Equity investments at fair value through other
comprehensive income (FVOCI)
An equity investment is classified as measured at fair
value through other comprehensive income if it is not
held for trading and the Group irrevocably elects to
present subsequent changes in the investment\u2019s fair
value in OCI. This election is made on an investment-
by-investment basis.
(d) Financial assets at fair value through profit or
loss (FVTPL)
All financial assets not classified as measured at
amortized cost or FVOCI as described above are
measured at FVTPL. This includes all derivative
financial assets, equity investments held for trading,
and equity instruments not held for trading, but for
which the Group did not elect to present fair value
changes in other comprehensive income.
On initial recognition, the Group may irrevocably
designate a financial asset that otherwise meets the
requirements to be measured at amortized cost or at
FVOCI as at FVTPL if doing so eliminates or
significantly reduces an accounting mismatch that
would otherwise arise. No such designations have been
made by the Group.
Financial assets \u2013 business model assessment
The Group makes an assessment of the objective of
the business model in which a financial asset is held at a
portfolio level because this best reflects the way the
business is managed and information is provided to
management. The information considered includes:
\u2022the stated policies and objectives for the portfolio
and the operation of those policies in practice.
These include whether management\u2019s strategy
focuses on earning contractual interest income,
maintaining a particular interest rate profile,
matching the duration of the financial assets to the
duration of any related liabilities or expected cash
outflows, or realizing cash flows through the sale of
the assets;
\u2022how the performance of the portfolio is evaluated
and reported to the Group\u2019s management;
\u2022the risks that affect the performance of the
business model (and the financial assets held within
that business model) and how those risks are
managed;
\u2022how managers of the business are compensated \u2013
e.g. whether compensation is based on the fair
value of the assets managed or the contractual
cash flows collected; and
\u2022the frequency, volume, and timing of sales of
financial assets in prior periods, the reasons for
such sales, and the expectations about future sales
activity.
Transfers of financial assets to third parties in
transactions that do not qualify for derecognition are
not considered sales for this purpose, consistent with
the Group\u2019s continuing recognition of the assets.
Financial assets that are held for trading or are
managed and whose performance is evaluated on a
fair value basis are measured at FVTPL.
Financial assets \u2013 Assessment of whether
contractual cash flows are solely payments of
principal and interest
For the purposes of this assessment, \u201cprincipal\u201d is
defined as the fair value of the financial asset on initial
recognition. \u201cInterest\u201d is defined as consideration for
the time value of money and for the credit risk
associated with the principal amount outstanding
during a particular period of time and for other basic
lending risks and costs (e.g. liquidity risk and
administrative costs), as well as a profit margin. In
assessing whether the contractual cash flows are solely
payments of principal and interest, the Group
considers the contractual terms of the instrument. This
includes assessing whether the financial asset contains
a contractual term that could change the timing or
amount of contractual cash flows such that it would not
meet this condition. In making this assessment, the
Group considers:
\u2022contingent events that would change the amount
or timing of cash flows;
\u2022terms that may adjust the contractual coupon rate,
including variable-rate features;
\u2022prepayment and extension features; and
\u2022terms that limit the Group\u2019s claim to cash flows
from specified assets (e.g. non-recourse features).
A prepayment feature is consistent with the solely
payments of principal and interest criterion if the
prepayment amount substantially represents unpaid
amounts of principal and interest on the principal
amount outstanding, which may include reasonable
additional compensation for early termination of the
contract. Additionally, for a financial asset acquired at a
discount or premium to its contractual par value, a
feature that permits or requires prepayment at an
amount that substantially represents the contractual
par amount plus accrued (but unpaid) contractual
interest (which may also include reasonable additional
compensation for early termination) is treated as
consistent with this criterion if the fair value of the
prepayment feature is insignificant at initial recognition.
Financial assets \u2013 Subsequent measurement and
gains and losses
Financial assets at FVTPL
These assets are subsequently measured at fair value.
Net gains and losses, including any interest or dividend
income, are recognized in profit or loss. The Group
does not apply hedge accounting and accordingly
does not apply alternative allowed accounting
treatment permitted for derivatives designated as
hedging instruments.
Financial assets at amortized cost
These assets are subsequently measured at amortized
cost using the effective interest method. The
amortized cost is reduced by impairment losses.
Interest income, foreign exchange gains and losses,
and impairment are recognized in profit or loss. Any
gain or loss on derecognition is recognized in profit or
loss.
Debt investments at FVOCI
These assets are subsequently measured at fair value.
Interest income calculated using the effective interest
method, foreign exchange gains and losses, and
impairment are recognized in profit or loss. Other net
gains and losses are recognized in OCI. On
derecognition, gains and losses accumulated in OCI are
reclassified to profit or loss.
Equity investments at FVOCI
These assets are subsequently measured at fair value.
Dividends are recognized as income in profit or loss
unless the dividend clearly represents a recovery of
part of the cost of the investment. Other net gains and
losses are recognized in OCI and are never reclassified
to profit or loss.
Financial liabilities
Financial liabilities are classified as measured at
amortized cost or FVTPL. A financial liability is
classified as at FVTPL if it is classified as held for
trading, it is a derivative, or it is designated as such on
initial recognition, whereby no liabilities as at FVTPL
have been made by the Group. Financial liabilities at
FVTPL are measured at fair value, and net gains and
losses, including any interest expense, are recognized
in profit or loss. Other financial liabilities are
subsequently measured at amortized cost using the
effective interest method. Interest expense and
foreign exchange gains and losses are recognized in
profit or loss. Any gain or loss on derecognition is also
recognized in profit or loss.
Derecognition
Financial assets
The Group derecognizes a financial asset when the
contractual rights to the cash flows from the financial
asset expire, or it transfers the rights to receive the
contractual cash flows in a transaction in which
substantially all of the risks and rewards of ownership
of the financial asset are transferred or in which the
Group neither transfers nor retains substantially all of
the risks and rewards of ownership and it does not
retain control of the financial asset.
The Group enters into transactions whereby it
transfers assets recognized in its statement of financial
position, but retains either all or substantially all of the
risks and rewards of the transferred assets. In these
cases, the transferred assets are not derecognized.
Financial liabilities
The Group derecognizes a financial liability when its
contractual obligations are discharged or canceled, or
expire. The Group also derecognizes a financial liability
when its terms are modified and the cash flows of the
modified liability are substantially different, in which
case a new financial liability based on the modified
terms is recognized at fair value.
On derecognition of a financial liability, the difference
between the carrying amount extinguished and the
consideration paid (including any non-cash assets
transferred or liabilities assumed) is recognized in
profit or loss.
Offsetting
No financial assets or liabilities are presented on a net
basis in these consolidated financial statements.
Impairment
The Group recognizes loss allowances for the
expected credit losses (ECLs) that it expects to incur
over the lifetime of financial assets which it measures
at amortized cost.
Loss allowances for trade receivables are always
measured at an amount equal to lifetime ECLs. When
determining whether the credit risk of a financial asset
has increased significantly since initial recognition and
when estimating ECLs, the Group considers
reasonable and supportable information that is
relevant and available without undue cost or effort.
This includes both quantitative and qualitative
information and analysis, based on the Group\u2019s
historical experience and informed credit assessment
and including forward-looking information.
The maximum period considered when estimating
ECLs is the maximum contractual period over which
the Group is exposed to credit risk.
Measurement of ECLs for non-credit-impaired
receivables is assessed collectively based on a
probability-weighted estimate of credit losses
dependent on the number of days the balances are
overdue. Expected credit losses are measured based
on past experience of the recovery of similar portfolios
of receivables as the Group considers this to be a
reasonable approximation of the present value of the
shortfalls that can be expected in future. ECLs are
discounted at the effective interest rate of the
financial asset if the discounting effect is determined
to be material. Based on the contractual agreements,
receivables are in default when the balances are unpaid
by the due date. Dunning collection procedures
commence when a receivable is five days overdue.
Receivables are classified as credit impaired from the
date on which the receivable is 90 days overdue,
despite dunning procedures having being performed,
or from the date any other specific indications are
received that a significant deterioration in credit has
occurred. Credit-impaired receivables are assessed on
a case-by-case basis and assessments of collectability
are based on the information available concerning the
outstanding balance, including discussions with the
customer, assessments of the reliability of the
information provided, available counterclaims or
security, an understanding of the economic climate in
which the customer operates, and experience with that
customer, as well as experience of similar collection
procedures.
The relevant amounts are written off when the Group
considers that there is no realistic prospect of recovery
of the receivable and when no further enforcement
activity is taken. When a customer is in liquidation the
outstanding amounts are listed and monitored in an
ongoing liquidation register until the liquidation
process is complete.
No loss allowances are made for cash and cash
equivalents as it has been determined that, because of
the good standing of the Group\u2019s banking partners, the
credit risk at the reporting date is so low that the ECLs
are insignificant both at the date of their initial
recognition and since initial recognition.
Fair values of cash and cash equivalents and current
receivables and liabilities
The fair values of cash and cash equivalents, current
receivables, and current liabilities approximate their
book values due to their short-term nature.
4.12 Derivative financial instruments
The Group holds derivative financial instruments to
hedge certain foreign currency and interest risk
exposures. Embedded derivatives are separated from
the host contract and accounted for separately if the
host contract is not a financial asset and certain criteria
are met. Derivative financial instruments are not
designated as hedging instruments for hedge
accounting purposes and are accordingly classified as
fair value through profit or loss.
Gains and losses from changes in the fair values of the
derivative financial instruments are reported in the
income statement within finance income and finance
expenses. The fair values of the derivative financial
instruments are presented in the statement of financial
position as other current assets and/or other current
liabilities, as appropriate, unless their maturity exceeds
12 months in which case they will be presented as non-
current.
4.13 Inventories
Inventories of raw materials, consumables, and supplies
are measured at the lower of cost and net realizable
value. The cost of inventories comprises all costs of
purchase, cost of conversion, and other costs incurred
in bringing the inventories to their present location and
condition, determined by using the weighted average
acquisition cost method. Allowances are recognized if
the carrying amount exceeds the expected sales price
less the estimated cost to complete the inventories
and the cost of marketing, sales, and distribution
activities. Allowances are made in full for inventories
with no realizable value.
4.14 Cash and cash equivalents
Cash and cash equivalents represent cash in hand,
checks, and available balances on bank current
accounts with an original maturity of four weeks or less.
The use of cash and cash equivalents reported are in
general not subject to restrictions with the exception
of term deposits reported as cash in note 7.6.
4.15 Equity
Share capital
The nominal paid-in contribution amount on each
share is recorded in share capital.
Share premium
Incremental costs directly attributable to the issue of
share capital are recognized as a deduction from the
share premium account, less any related tax effects.
Treasury shares
The Group reports treasury shares as deductions from
the Group equity at the cost of purchase.
Equity instruments and financial liabilities
Equity instruments and financial liabilities (including
share capital, redeemable preference shares, and other
loans and borrowings) are classified according to the
substance of the contractual arrangements entered
into. An equity instrument is any contract that
evidences a residual interest in the assets of the Group
after deducting all of its liabilities. Dividends and
distributions relating to equity instruments are debited
directly to reserves. Equity instruments issued are
recorded at the proceeds received, net of direct issue
costs. A financial liability exists where there is a
contractual obligation to deliver cash or another
financial asset to another entity, or to exchange
financial assets or financial liabilities under potentially
unfavorable conditions. In addition, contracts that
result in the entity delivering a variable number of its
own equity instruments are financial liabilities. Shares
containing such obligations are classified as financial
liabilities. Finance costs and gains or losses relating to
financial liabilities are included in the income statement.
The carrying amount of the liability is increased by the
finance cost and reduced by payments made in
respect of that liability.
4.16 Provisions
Provisions are recognized when present obligations
(legal or constructive) exist which result from past
events and which are expected to result in an outflow
of resources of which the timing or amount is
uncertain. The provisions are measured at the
discounted amount of the expected future cash flows
arising under the respective obligation at a pre-tax rate
that reflects current market assessments of the time
value of money and the risks specific to the liability.
The unwinding of the discount is recognized as finance
cost. Where the Group expects some or all of a
provision to be reimbursed, for example under an
insurance contract, the reimbursement is recognized
as a separate asset but only when the reimbursement
is virtually certain. The expense relating to any
provision is presented in profit or loss. If the effect of
the time value of money is material, provisions are
discounted using a pre-tax rate that reflects current
market assessments of the time value of money and of
the risk specific to the liability.
A provision for restructuring is recognized when the
Group has approved a detailed and formal
restructuring plan, and the restructuring either has
commenced or has been announced publicly. A
provision for onerous contracts is recognized for each
specific contract in which the unavoidable costs of
meeting the obligations under the contract exceed the
economic benefits expected to be received under the
contract.
4.17 Leases
The Group assesses whether a contract is, or contains,
a lease arrangement. A contract is, or contains, a lease
if a contract conveys a right to control the use of an
identified asset for a period of time in exchange for
consideration.
The Group as lessee
The assets held under the Group\u2019s leasing
arrangements are primarily commercial properties,
production equipment, and infrastructure equipment.
The Group recognizes right-of-use assets and lease
liabilities for most assets, i.e. these are presented on-
balance sheet. However, it has elected to not to
recognize right-of-use assets and lease liabilities for
leases of low-value assets. The Group recognizes the
lease payments associated with these leases as an
expense on a straight-line basis over the lease term.
The Group has not applied a simplification election
available under IFRS 16 not to separate non-lease
components of a lease. At inception or on
reassessment of a contract that contains a lease
component the Group allocates the consideration in
the contract to each lease and non-lease component
of the respective contract on the basis of their relative
stand-alone prices.
The Group presents right-of-use assets within
\u201cproperty, plant, and equipment\u201d in the statement of
financial position, on the same line as it presents
underlying assets of the same nature that are owned
by the Group. The Group does not hold any properties
under leases which are classified as investment
properties.
The Group presents lease liabilities within \u201cloans and
borrowings\u201d, classified between current and non-
current liabilities as appropriate.
The Group recognizes a right-of-use asset and a lease
liability at the lease commencement date. The right-
of-use asset is initially measured at cost, which
comprises the initial amount of the lease liability
adjusted for any lease payments made at or before the
commencement date, plus any initial direct costs
incurred and an estimate of costs to dismantle and
remove the underlying asset or to restore the
underlying asset or the site on which it is located, less
any lease incentives received.
The right-of-use asset is subsequently depreciated
using the straight-line method from the
commencement date to the end of the lease term,
unless the lease transfers ownership of the underlying
asset to the Group by the end of the lease term or the
cost of the right-of-use asset reflects that the Group
will exercise a purchase option. In that case the right-
of-use asset will be depreciated over the useful life of
the underlying asset, which is determined on the same
basis as those of property and equipment. In addition,
the right-of-use asset is periodically reduced by
impairment losses, if any, and adjusted for certain
remeasurements of the lease liability.
The lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date, discounted using the interest
rate implicit in the lease or, if that rate cannot be readily
determined, the Group\u2019s incremental borrowing rate.
Generally, the Group uses an estimate of its
incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate
by obtaining interest rates from various external
financing sources and makes certain adjustments to
reflect the terms of the lease and type of the asset
leased.
Lease payments included in the measurement of the
lease liability comprise the following:
\u2022fixed payments, including in-substance fixed
payments;
\u2022variable lease payments that depend on an index or
a rate, initially measured using the index or rate as
at the commencement date;
\u2022amounts expected to be payable under a residual
value guarantee; and
\u2022the exercise price under a purchase option that the
Group is reasonably certain to exercise, lease
payments in an optional renewal period if the
Group is reasonably certain to exercise an
extension option, and penalties for early
termination of a lease unless the Group is
reasonably certain not to terminate early.
Some of the Group\u2019s lease contracts include renewal
or termination options. In order to determine the lease
term for these contracts the Group takes into account
all relevant facts and circumstances in order to assess
whether it is reasonably certain that these options will
be exercised. This assessment has an impact on the
term of the lease, which has a significant effect on the
amount of the lease liabilities and the measurement of
the right-of-use asset recognized.
Generally, the Group uses an estimate of its
incremental borrowing rate as the discount rate. The
lease liability is remeasured when there is a change in
future lease payments arising from a change in an
index or rate, if there is a change in the Group\u2019s
estimate of the amount expected to be payable under
a residual value guarantee, if the Group changes its
assessment of whether it will exercise a purchase,
extension or termination option, or if there is a revised
in-substance fixed lease payment. When the lease
liability is remeasured in this way, a corresponding
adjustment is made to the carrying amount of the
right-of-use asset, or is recorded in profit or loss if the
carrying amount of the right-of-use asset has been
reduced to zero.
Short-term leases and leases of low-value assets
The Group has elected not to recognize right of-use
assets and lease liabilities for leases of low-value assets
and short-term leases, including IT equipment. The
Group recognizes the lease payments associated with
these leases as an expense on a straight-line basis over
the lease term.
Sale and leaseback transactions
When the Group undertakes a sale and leaseback
transaction with a buyer-lessor, it determines whether
the transfer qualifies as a sale. This determination is
based on the requirements for satisfying a
performance obligation in IFRS 15 Revenue from
Contracts with Customers. If the transfer qualifies as a
sale and the transaction is on market terms the Group
splits the previous carrying amount of the underlying
asset into (a) a right-of-use asset arising from the
leaseback and (b) the rights in the underlying asset
retained by the buyer-lessor at the end of the
leaseback. The Group recognizes a portion of the total
gain or loss on the sale. The amount recognized is
calculated by splitting the total gain or loss into (a) an
unrecognized amount relating to the rights retained by
the seller-lessee and (b) an amount recognized
amount relating to the buyer-lessor\u2019s rights in the
underlying asset at the end of the leaseback. The
leaseback itself is then accounted for under the lessee
accounting model. Adjustments are required if
consideration for the sale is not at fair value and/or
payments for the lease are not at market rates. These
adjustments result in recognition of a prepayment to
reflect below-market terms and/or additional financing
provided by the buyer-lessor to the seller-lessee to
reflect above-market terms.
The Group as lessor
The Group is lessor at several locations where it leases
commercial property which is owned by the Group but
not used for its own commercial business purposes.
The Group has classified these leases as operating
leases, because they do not transfer substantially all of
the risks and rewards incidental to the ownership of the
assets.
At inception or on modification of a contract that
contains a lease component, the Group allocates the
consideration in the contract to each lease component
on the basis of their relative stand-alone prices.
When the Group acts as a lessor, it examines each
lease at lease inception to determine whether is a
finance lease or an operating lease. This consists of
making an overall assessment of whether the lease
transfers substantially all of the risks and rewards
incidental to ownership of the underlying asset. If this is
the case, then the lease is a finance lease; if not, then it
is an operating lease. As part of this assessment, the
Group considers certain indicators such as whether the
lease is for the major part of the economic life of the
asset.
When the Group is an intermediate lessor, it accounts
for its interests in the head lease and the sublease
separately. It assesses the lease classification of a
sublease with reference to the right-of-use asset
arising from the head lease, not with reference to the
underlying asset. If a head lease is a short-term lease to
which the Group applies the exemption described
above, then it classifies the sub-lease as an operating
lease. If an arrangement contains lease and non-lease
components, then the Group applies IFRS 15 to
allocate the consideration in the contract.
All leases entered into by the Group as lessor to date
have been classified as operating leases and relate to
investment properties rented to third parties. The
Group recognizes lease payments received under
operating leases as income on a straight-line basis over
the lease term as part of \u201cIncome from investment
property rentals.\u201d
4.18 Subsidies
The Group receives government assistance in the form
of government investment grants and investment
subsidies which are dependent on the acquisition of
certain assets qualifying under the respective grant
awards. Grants and subsidies related to assets are
recognized when there is reasonable assurance that
the entity will comply with the relevant conditions of
the grant, and that grant will be received. They are
recognized in profit or loss on a systematic basis as the
entity recognizes as expenses the costs that the grants
are intended to compensate. The investment grants
and subsidies received reduce the purchase cost for
the relevant subsidized assets recorded under
property, plant, and equipment.
The receipt of government assistance is governed by
terms set out in law and by specific terms and
conditions attached to the applicable grants and
subsidies.
4.19 Income taxes
The income tax charge includes current and deferred
taxation. Deferred income taxes reflect the tax effects
of temporary differences between the carrying
amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax
purposes and the deferred benefits expected from
unused tax losses, unused tax credits, and other credits
carried forward, whereby amounts are only recognized
when their realization is considered by management to
probable. Deferred tax assets and liabilities are
measured using the tax rates expected to apply to
taxable income in the years in which these temporary
differences are expected to be recovered or settled,
based on tax rates enacted or substantially enacted at
the statement of financial position date.
The measurement of deferred tax liabilities and
deferred tax assets reflects the tax consequences that
would follow from the manner in which the enterprise
expects, at the statement of financial position date, to
recover or settle the carrying amount of its assets and
liabilities.
Deferred tax assets are not discounted and are
classified as non-current assets in the statement of
financial position. Current and deferred tax assets and
liabilities are offset only if certain criteria are met. Such
criteria mean the entity has a legally enforceable right
to set off the recognized amounts and it intends either
to settle on a net basis or to realize the asset and settle
the liability simultaneously. Deferred tax assets are
recognized when it is probable that sufficient taxable
profits will be available against which the deferred tax
assets can be utilized.
At each statement of financial position date, the Group
reassesses unrecognized deferred tax assets and the
carrying amount of deferred tax assets. The Group
recognizes a previously unrecognized deferred tax
asset to the extent that it has become probable that
future taxable profit will allow the deferred tax asset to
be recovered. The probability of recognition is based
on the expected tax profits included in the Group\u2019s
current business planning. The Group conversely
reduces the carrying amount of a deferred tax asset to
the extent that it is no longer probable that sufficient
taxable profit will be available to allow the benefit of
part or that entire deferred tax asset to be utilized. A
deferred tax liability is recognized for all taxable
temporary differences, unless the deferred tax liability
arises from the initial recognition of goodwill or the
initial recognition of assets or liabilities in a transaction
that is not a business combination and that affects
neither accounting nor taxable profit or loss.
4.20 Changes to accounting policies
New accounting pronouncements
The following amendments to standards, which are
effective for annual periods beginning on or before
January\u00a01, 2022, have been applied by the Group for
the first time in preparing these consolidated financial
statements.
Standard/interpretation
Effective date
Amendments to IFRS 3 Business
Combinations; IAS 16 Property, Plant
and Equipment; IAS 37 Provisions,
Contingent Liabilities and Contingent
Assets; and Annual Improvements
2018\u20132020 (all issued May 14, 2020)
January 1, 2022
Revenues from production increased by 14%, driven by
a consistently strong demand across all end markets,
while revenue from prototyping increased by 3%.
No revenue is recognized in the current year from
performance obligations satisfied in prior years (e.g.
changes in transaction price).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-306": { "value": "
Revenue, which wholly and exclusively represents
revenue from contracts with customers, comprises the
following (refer to note 9 for revenue by geographic
concentration):
in thousands of U.S. dollars
2022
2021
Gross revenue PCM wafer
653,420
572,986
Gross revenue NRE and
technology services
92,217
89,290
Other revenue
16
19
Discounts and warranty
credits
(6,184)
(4,544)
Total
739,469
657,751
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-307": { "value": "
6.2 Cost of sales
The cost of sales comprises the following:
in thousands of U.S. dollars
2022
2021
Employee-related expenses
(192,228)
(181,086)
Cost of materials
(167,034)
(156,937)
Costs of fixed assets
(maintenance, spare parts,
etc.)
(85,828)
(77,783)
Depreciation and
amortization
(67,854)
(66,194)
Facility costs
(69,532)
(60,332)
External services
(9,095)
(7,736)
Changes in inventories
12,427
22,303
Grants
16,642
20,240
Other
(1,013)
(248)
Total
(563,515)
(507,773)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-310": { "value": "
6.6 Expenses by nature
In the income statement, expenditures are classified by
function. Expenses include depreciation charges
allocated to the following items:
in thousands of U.S. dollars
2022
2021
Included in cost of sales
(67,000)
(65,232)
Included in research and
development expenses
(1,218)
(1,196)
Included in selling expenses
(103)
(102)
Included in general and
administrative expenses
(1,692)
(1,625)
Included in expenses related
to investment properties and
other expenses
(1,612)
(1,623)
Total
(71,625)
(69,778)
Expenses include charges for amortization of
intangible assets allocated to the following items:
in thousands of U.S. dollars
2022
2021
Included in cost of sales
(854)
(962)
Included in research and
development expenses
(368)
(175)
Included in general and
administrative expenses
(1,341)
(1,648)
Total
(2,563)
(2,785)
Employee-related expenses allocated according to
function in the income statement consist of the
following:
in thousands of U.S. dollars
2022
2021
Wages and salaries
(190,512)
(184,334)
Social security costs
(38,069)
(35,580)
Contributions to defined
contribution plans
(11,445)
(10,077)
Other employee-related
costs
(7,983)
(4,592)
Total
(248,009)
(234,583)
The increase in staff costs compared to the previous
year is primarily due to the general increase in business
activity.
Defined contribution plans primarily consist of
contributions made under statutory schemes by
employers to state-based defined contribution plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-311": { "value": "
6.9 Other income
Other income comprises the following:
in thousands of U.S. dollars
2022
2021
Gains on disposals of
property, plant, and
equipment
3,899
600
Income from recharges
3,015
2,817
Income from other admin
services/cost sharing
527
693
Income from sales of
materials
188
199
Other
547
657
Total
8,176
4,966
Expenses incurred to settle a trade dispute represent
the costs of settling a dispute with a supplier consisting
of payments for materials not purchased by the Group
in breach of binding order commitments in the years
2019 and 2020 (USD 36,811 thousand), together with
associated interest penalties (USD 12,624 thousand,
refer to note 6.12) and legal costs (USD 1,271
thousand). The settlement was the result of a final and
binding decision received under trade settlement
arbitration proceedings.
The expenses from recharges primarily relate to costs
in connection with recharges for software maintenance
provided to related parties. Refer to note 12.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-313": { "value": "
6.11 Finance income
Finance income comprises the following:
in thousands of U.S. dollars
2022
2021
Interest on financial assets
measured at amortized cost:
Interest on cash and cash
equivalents
1,836
1,767
Other:
Income from exchange rate
differences
34,695
14,347
Total
36,531
16,114
The increase in income from exchange rate
differences is primarily due to the higher level of
currency exchange rate gains on cash balances
denominated in Malaysian ringgit and euros and from
the translation effects of euro-denominated loans and
of euro-denominated cash. The net expense (income
less expense disclosed in note 6.12) from exchange
rate differences decreased to USD 2,366 thousand
(2021: USD 4,503 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-314": { "value": "
6.12 Finance costs
Finance costs comprise the following:
in thousands of U.S. dollars
2022
2021
Interest on financial liabilities
measured at amortized cost:
Loans and borrowings
(6,619)
(1,592)
Other interest
(12,624)
\u2014
Other:
Expenses from exchange
rate differences
(37,061)
(18,850)
Other
(500)
\u2014
Total
(56,804)
(20,442)
Previously unrecognized deferred tax on timing
differences and tax losses results in deferred tax
income as the Group recognizes deferred tax on
timing differences and tax losses which are expected
to be realized in the near future. As described below,
the amount recognized in the statement of financial
position is based on the Group\u2019s current business
planning. The amount reported primarily consists of
deferred tax assets of USD 39,889 thousand
recognized in the Group\u2019s Malaysian subsidiary at
December 31, 2022 (December 31, 2021: USD 39,209
thousand) and of USD 16,041 thousand (December 31,
2021: USD 2,974 thousand) recognized in the US
subsidiary. The income statement includes recognition
of previously unrecognized deferred tax on timing
differences and tax losses carried forward of
USD\u00a042,966 thousand (previous year: USD 42,395
thousand) based on the carrying value at the reporting
date, less the amount recognized in the previous year,
after the amount recognized in the previous year had
been reduced by the assets utilized in the current year.
Current year losses for which no deferred tax asset is
recognized primarily arose in current and previous year
at the Group\u2019s subsidiary in France.
Effects from tax-free income primarily relate to
various tax exempted items of X-FAB Sarawak, for
example interest income, exchange rate gains, gains
from fixed asset sales, and the gain on the
derecognition of the liability described in note 7.10.
Currency effects mainly relate to the effect of changes
in exchange rates on tax carrying amounts
denominated in euros in 2022 and 2021.
The deferred tax assets and liabilities arise from
temporary differences and unused tax losses as
follows:
in thousands of U.S. dollars
2022
2021
Deferred tax assets \u2013
unrecognized amounts
On unused tax losses
198,038
215,947
On temporary differences
Property, plant, and
equipment/capital
allowances
239,582
278,996
Other temporary differences
6,107
1,613
Total unrecognized
deferred tax assets
443,727
496,556
Deferred tax assets \u2013
recognized amounts
On unused tax losses
39,313
18,833
On temporary differences
Property, plant, and
equipment/capital
allowances
33,709
31,341
Other temporary differences
(5,045)
(4,529)
Total recognized deferred
tax assets
67,977
45,645
X-FAB SE Group recognizes deferred tax assets
resulting from temporary differences and from unused
tax losses which exceed the deferred tax liabilities only
to the extent that, on the basis of the Group\u2019s business
planning, the realization of these assets is assessed as
probable. This assessment involves a review by
management of profits and losses expected in the
business plan and limiting recognition of the future tax
benefits to take account of potential variances against
the business plan. Accordingly, recognized and
unrecognized deferred tax assets are subject to
estimation uncertainty, and there is a significant risk
that the carrying amounts will require adjustment in
subsequent periods. The estimates are, in particular,
subject to the estimation uncertainties inherent in
business planning which affect the likely utilization of
unused tax losses and subject to potential changes in
exchange rates which affect the size of timing
differences.
Unrecognized temporary differences on property,
plant, and equipment and other timing differences
which can be used to offset future taxable income
mainly relate to the Group's Malaysian subsidiary.
More specifically for the assessment of future available
taxable profit a risk-adjusted profits approach was
applied to the forecasts included in the Group\u2019s
business planning. This method was applied to reflect
the risk that actual taxable profits will fall short of the
expectations. The Board has determined that adjusting
the expected future taxable profits for this component
by using a risk factor is appropriate considering the
inherent risk in the semiconductor market and the
specific exchange rate volatility risks which affect the
assessment. In addition, the Board has determined that
taxable income as from 2026 does not meet the
\u201cprobable\u201d threshold as required under IFRS standards
and is not taken into account for the determination of
the amount of deferred tax assets to be recognized.
In particular, tax legislation in the jurisdictions in which
the Group operates provides for the full or partial
cancellation of unused tax losses on the occurrence of
significant changes in the direct or indirect equity
ownership of the taxable entity. Accordingly, there is a
risk that recognized and unrecognized deferred tax
assets may not be realized should such transactions
occur in the future.
X-FAB SE and its subsidiaries have unused corporation
tax losses as follows:
in thousands of U.S. dollars
2022
2021
Belgian tax loss carry forward
\u2014
\u2014
German corporation tax loss
carry forward
141,136
172,876
German trade tax loss carry
forward
180,007
203,005
U.S. federal tax loss carry
forward
169,241
144,416
U.S. state tax loss carry
forward
39,650
14,825
Malaysian tax loss carry
forward
341,789
361,114
French tax loss carry forward
271,274
219,559
Changes in recognized deferred tax assets resulted in
a deferred tax income of USD 22,332 thousand (2021:
income of USD 15,252 thousand). The increase in
previously unrecognized deferred tax assets on
property, plant, and equipment and other timing
differences recognized in 2022 compared to 2021 is
due to a higher level of taxable income from achieved
and projected operating results at the Group\u2019s
subsidiaries against which timing differences can be
offset.
No tax income tax expenses or income have been
recorded on items recorded within other
comprehensive income (previous year: none).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-316": { "value": "
6.14 Earnings per share
The earnings per share is calculated by dividing the
profit for the period attributable to the ordinary
shareholders (as reported in the statement of profit or
loss and other comprehensive income) by the
weighted average number of shares in issue during the
period.
The weighted average number of ordinary shares is
identical to the number of ordinary shares in issue
during the years ended December 31, 2022, and
December 31, 2021.
No instruments with a potential diluting effect on
shareholders\u2019 equity have been in issue during the
years ended December 31, 2022, and December 31,
2021. Accordingly, there is no potential dilution of the
profit attributable to equity shareholders and no
difference between basic and diluted earnings per
share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-317": { "value": "
in thousands of U.S.
dollars
Land
Buildings
Technical
machinery
and
equipment
Factory and
office
equipment
Assets under
construction
Total
Net book value
January\u00a01, 2022
14,110
37,843
209,401
5,816
73,500
340,670
Accumulated
historical cost
January 1, 2021
14,292
111,273
1,095,858
31,408
73,500
1,326,331
Additions
\u2014
88
28,738
2,266
159,463
190,555
Disposals
\u2014
\u2014
(11,275)
(1,943)
\u2014
(13,218)
Reclassifications
\u2014
666
62,033
1,530
(64,243)
(14)
Effect of changes in
exchange rates
\u2014
\u2014
\u2014
27
\u2014
27
Accumulated
historical cost
December 31, 2021
14,292
112,027
1,175,354
33,288
168,720
1,503,681
Accumulated
depreciation
January\u00a01,\u00a02022
(182)
(73,430)
(886,457)
(25,592)
\u2014
(985,661)
Additions
(30)
(3,568)
(64,419)
(2,973)
\u2014
(70,990)
Disposals
\u2014
\u2014
11,200
1,889
\u2014
13,089
Reclassifications
\u2014
\u2014
\u2014
23
\u2014
23
Effect of changes in
exchange rates
\u2014
\u2014
\u2014
(16)
\u2014
(16)
Accumulated
depreciation
December\u00a031,\u00a02022
(212)
(76,998)
(939,676)
(26,669)
\u2014
(1,043,555)
Net book value
December 31, 2022
14,080
35,029
235,678
6,619
168,720
460,126
Net book value
January\u00a01, 2021
14,139
40,554
232,686
4,855
44,614
336,848
Accumulated
historical cost
January 1, 2020
14,291
110,466
1,068,016
28,009
44,614
1,265,396
Additions
1
80
11,850
1,490
60,322
73,743
Disposals
\u2014
(5)
(12,106)
(322)
\u2014
(12,433)
Reclassifications
\u2014
732
28,098
2,220
(31,436)
(386)
Effect of changes in
exchange rates
\u2014
\u2014
\u2014
11
\u2014
11
Accumulated
historical cost
December 31, 2020
14,292
111,273
1,095,858
31,408
73,500
1,326,331
Accumulated
depreciation
January\u00a01,\u00a02021
(152)
(69,912)
(835,330)
(23,154)
\u2014
(928,548)
Additions
(30)
(3,523)
(62,853)
(2,740)
\u2014
(69,146)
Disposals
\u2014
5
11,726
308
\u2014
12,039
Effect of changes in
exchange rates
\u2014
\u2014
\u2014
(6)
\u2014
(6)
Accumulated
depreciation
December\u00a031, 2021
(182)
(73,430)
(886,457)
(25,592)
\u2014
(985,661)
Net book value\u00a0
December 31, 2021
14,110
37,843
209,401
5,816
73,500
340,670
Property, plant, and equipment
Additions in technical machinery and equipment and
additions in assets under construction mainly refer to
capital investments in technical machinery in, X-FAB
France (USD 58 million), X-FAB Sarawak (USD 58
million), X-FAB Texas (USD 41 million), X-FAB Erfurt
(USD 6 million), X-FAB Dresden (USD 18 million),
X\u2011FAB MEMS Foundry Itzehoe (USD 1 million), and
X\u2011FAB MEMS Foundry (USD 7 million). Assets under
construction primarily include investments in technical
machinery. Additions in property, plant, and equipment
resulted in cash outflows in 2022 of USD\u00a0180,580
thousand (2021: USD 66,972 thousand). Refer to the
statement of cash flows.
The Group received investment grants related to the
acquisition of qualifying assets totaling USD 945
thousand (2021: USD 535 thousand).
No impairment tests were performed in the financial
year ended December 31, 2022 as there were no
triggering events that would have required impairment
tests to be performed.
Accumulated historical costs have been reduced by
investment grants received of USD 137,517 thousand
(December 31, 2021: USD 136,121 thousand) and
accumulated depreciation has been reduced by
USD\u00a0126,159 thousand (December 31, 2021:
USD\u00a0122,880 thousand).
At December 31, 2022 property, plant, and equipment
with a book value of USD 23 million (December 31,
2021: USD\u00a031 million) had been provided as collateral
security to third-party lenders. The carrying values of
technical machinery and equipment include USD 21.4
million (December 31, 2021: USD 22.0 million) which are
not owned by the Group but which are held under
leasing arrangements as disclosed in note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-318": { "value": "
Investment properties
Investment properties consist of properties let to third
parties by X-FAB GmbH, X-FAB Dresden, X-FAB
Texas, and X-FAB France. The lease arrangements, the
majority of which expire at various dates until 2024,
continue after expiry unless canceled by either party
within notice periods of between one month and six
months.
Investment properties are accounted for at purchase
cost less straight-line depreciation. The book and fair
values of these properties at the reporting date were
as follows:
in thousands of U.S. dollars
2022
2021
Net book value, beginning
of period
8,309
8,556
Additions
\u2014
\u2014
Depreciation
(635)
(632)
Disposals
\u2014
\u2014
Reclassifications
\u2014
385
Net book value, end of
period
7,674
8,309
Accumulated cost
33,647
33,647
Accumulated depreciation
(25,974)
(25,339)
Fair value
32,845
26,258
Properties are reclassified between the land and
buildings and investment properties classifications
when there is a change in the use of the property (for
example, when a property previously used by the
Group is let to third parties or the Group uses a
property previously let to third parties).
Additions to investment properties represents work
capitalized on the Group\u2019s existing investment
properties.
The fair values of the investment properties relate to
properties in Germany (December 31, 2022: USD
17,025 thousand; December 31, 2021: 9,374 thousand),
the USA (December 31, 2022: USD 1,698 thousand;
December 31, 2021: 2,039 thousand), and France
(December 31, 2022: USD 14,122 thousand; December
31, 2021: 14,845 thousand). The fair value
measurements of the investment properties have
been categorized as a Level 3 fair value based on the
inputs to the valuation techniques used. The valuations
disclosed of the Group\u2019s investment properties are
updated annually. In the U.S. and in France the
valuations were performed by independent third-party
experts with the appropriate professional qualifications
and the necessary expertise in the location and
category of property. In Germany they are performed
by the management of X-FAB SE Group, calculated on
the basis of discounted future cash flows, and
discounting future rents at a rate of 4.0% (December
31, 2021: 1.5%). The valuation model takes into account
the rent per square meter, expected rental growth
rates, other costs, and the maturity of the contracts.
No impairment charges were recorded against
investment properties in 2022 or 2021.
The following table sets out a maturity analysis of lease
payments which will be received in respect of
investment properties, showing the undiscounted
lease payments to be received after the reporting
date.
in thousands of U.S. dollars
2022
2021
2022
\u2014
5,034
2023
5,017
5,125
2024
5,630
1,063
2025
1,797
1,063
2026
1,797
1,063
2027
1,371
\u2014
Total
15,612
13,348
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-319": { "value": "
7.2 Intangible assets
The movements on intangible assets were as follows:
in thousands of U.S. dollars
Licenses
Payments on
account
Total
Net book value January 1, 2022
2,656
1,378
4,034
Accumulated historical cost January 1, 2022
71,374
1,378
72,752
Additions
2,314
2,335
4,649
Disposals
(14,106)
\u2014
(14,106)
Reclassifications
1,888
(1,895)
(7)
Effect of changes in exchange rates
86
\u2014
86
Accumulated historical cost December 31, 2022
61,556
1,818
63,374
Accumulated amortization January 1, 2022
(68,718)
\u2014
(68,718)
Additions
(2,563)
\u2014
(2,563)
Disposals
14,106
\u2014
14,106
Accumulated amortization December 31, 2022
(57,175)
\u2014
(57,175)
Net book value December 31, 2022
4,381
1,818
6,199
Net book value January 1, 2021
3,585
1,141
4,726
Accumulated historical cost January 1, 2021
69,533
1,141
70,674
Additions
768
1,325
2,093
Disposals
(15)
\u2014
(15)
Reclassifications
1,088
(1,088)
\u2014
Accumulated historical cost December 31, 2021
71,374
1,378
72,752
Accumulated amortization January 1, 2021
(65,948)
\u2014
(65,948)
Additions
(2,785)
\u2014
(2,785)
Disposals
15
\u2014
15
Accumulated amortization December 31, 2021
(68,718)
\u2014
(68,718)
Net book value December 31, 2021
2,656
1,378
4,034
Disposals refer to software licenses from which the
Group obtains no further benefit.
Intangible assets in the statement of financial position
do not include any capitalized costs of internally
generated assets. Payments on account refer to
advance and milestone payments made for the
acquisition of software licenses and the customization
of such software in a project not yet fully completed.
Refer to note 4.9.
No impairment against the carrying values of payments
on account was recorded in 2022 or 2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-320": { "value": "
7.3 Inventories
Inventories comprise the following:
in thousands of U.S. dollars
2022
2021
Materials and supplies
124,760
106,020
Work in progress
95,383
78,495
Finished goods
3,723
2,050
Merchandise
6
6
Write-downs
(9,437)
(5,558)
Total
214,435
181,013
Changes in work in progress and finished goods
totaling USD 14,824 thousand were included in cost of
sales in 2022 (2021: USD 22,844 thousand). Write-
downs are recorded against inventories and
recognized as an expense in cost of sales in the period
of USD 2,397 thousand (2021: USD\u00a0541 thousand).
There have not been any reversals of write-downs.
Inventories wholly represent amounts which are
expected to be realized within 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-321": { "value": "
7.4 Trade and other receivables
Trade receivables and other receivables comprise the
following:
in thousands of U.S. dollars
2022
2021
Trade accounts receivable
43,989
49,500
Amounts due from related
party entities
30,214
25,217
Allowances
(1,087)
(1,028)
Total
73,116
73,689
The Group measures the expected credit losses of
trade receivables by using an allowance matrix to
measure the expected losses on trade receivable
balances, including those with related parties. The
allowances are based on the number of days each
balance is overdue. The assessment of expected
losses on trade receivable balances that are not
impaired is based on past experience of credit losses,
which the Group considers to be a reasonable
approximation of the losses that can be expected in
future periods since there are no indications that there
will be significant changes in the industry going
forward. An analysis of receivables by geographic
region or by type of customer is not made since X-FAB
mainly deals with global customers and hence there is
no significant difference in risks between the
geographic regions where X-FAB is active or the type
of customers served by X-FAB. The amount of trade
receivables due from related parties is disclosed
separately from trade receivables in the table above
and in the related party disclosures in note 12 below.
In addition, X-FAB recorded several additional
allowances on individual case-by-case assessments for
credit-impaired balances.
A settlement arrangement was entered into in 2021
with a customer, a related party, concerning
outstanding receivables in excess of 360 days overdue
totaling USD\u00a01,277 thousand. Impairment allowances of
USD 848 thousand had been recorded in 2020 against
these balances. Under this arrangement, collateral
security in the form of certain intellectual property
rights was transferred by the customer to the Group as
final settlement of the outstanding balances due. The
Group valued the collateral security received at
USD\u00a0484 thousand, and accordingly the outstanding
amounts were derecognized and a gain on
derecognition of the receivables, net of allowances, of
USD\u00a055 thousand was recognized in 2021. The
intellectual property rights received have been
recognized as intangible assets on initial recognition at
their fair value. The fair value of the intellectual
property rights received was estimated by
management based on the discounted royalties which
can be earned on the expected future product sales
that will generated using the intellectual property,
discounted using a weighted average cost of capital
(WACC). The WACC was obtained by reference to a
risk-free interest rate and entity-specific risk premiums
obtained by reference to external third party reference
databases (a level 3 valuation).
The following tables provide information on the
exposure to credit risk and the loss allowances made
for balances which are not credit impaired as at
December 31, 2022, and December 31, 2021:
December 31, 2022
in thousands of
U.S. dollars
Weighted
average
loss rate
Gross
carrying
amount
Loss
allowance
Neither past due
nor impaired
0.08%
61,589
(49)
Past due 1\u201330
days
0.08%
8,917
(7)
Past due 31\u201360
days
1.50%
1,388
(21)
Past due 61\u201390
days
3.75%
264
(10)
More than 90
days past due
(less credit
impaired)
9.75 %
958
(93)
Total
73,116
(180)
December 31, 2021
in thousands of
U.S. dollars
Weighted
average
loss rate
Gross
carrying
amount
Loss
allowance
Neither past due
nor impaired
0.08%
56,462
(45)
Past due 1\u201330
days
0.08%
15,431
(12)
Past due 31\u201360
days
1.50%
742
(11)
Past due 61\u201390
days
3.75%
343
(13)
More than 90
days past due
(less credit
impaired)
9.75 %
711
(69)
Total
73,689
(150)
There are no balances which were written off during
the period and which continue to be the subject of
collection processes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-322": { "value": "
7.5 Other assets
Other assets comprise the following:
in thousands of U.S. dollars
2022
2021
Other assets
55,768
42,609
Other non-current assets
79
28
Total
55,847
42,637
Current other assets comprise the following:
in thousands of U.S. dollars
2022
2021
R&D grants receivable
22,537
18,596
Prepaid expenses
20,700
18,112
Receivables from energy
surcharges
4,872
3,116
Taxes (other)
5,676
1,512
Investment grants and
subsidies receivable
1,170
480
Deposits
535
341
Other
278
452
Total
55,234
42,268
Research and development grants receivable in 2022
include USD 20,194 thousand research and
development tax credits and competitiveness and
employment tax credits attributable to X-FAB France
(December 31, 2021: USD\u00a015,895 thousand).
Research and development tax credits and
competitiveness and employment tax credits
attributable to X-FAB France totaling USD\u00a08,227
thousand (2021: USD 9,217 thousand) were sold
without recourse to a bank in 2022. The carrying
amounts of the credits sold generated cash inflows of
USD\u00a07,245 thousand (2021: USD 8,928 thousand) net
of USD 982 thousand representing interest expenses
and fees (2021: USD\u00a0233 thousand). On initial
recognition, X-FAB France presents the grant
receivables as a reduction of cost of sales and research
and development expenses, consistent with the
Group\u2019s general presentation of subsidized expenses.
The sales accelerate the cash inflows from tax credits;
in the normal course of events where the credits are
not sold they can be offset against income tax payable
by X-FAB France or will be paid to X-FAB France at a
subsequent date if there is no income tax to be paid.
Due to the sale, these repayments will be received by
the bank directly. There are no remaining ongoing
obligations to be fulfilled by X-FAB France in respect
of the tax credits and the credits have been
derecognized and the amounts received by the bank
have been recognized as cash and cash equivalents.
Prepaid expenses refer to prepayments made for raw
materials.
The deposits mainly represent security deposits
provided as collateral security and are classified as
current assets as they are either in connection with
contractual arrangements which may be canceled at
short notice or are expected to be released within
12\u00a0months on other grounds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-323": { "value": "
7.6 Cash and cash equivalents
Cash and cash equivalents comprise the following:
in thousands of U.S. dollars
2022
2021
Cash and bank balances
367,221
287,907
Term deposits
2,204
2,280
Total
369,425
290,187
Term deposits and some cash at bank balances earn
interest at floating rates based on daily bank deposit
rates. The fair values of cash and short-term deposits
are identical to the carrying amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-324": { "value": "
7.7 Equity
Share capital
X-FAB Silicon Foundries SE had 130,781,669 fully paid-
in ordinary shares in issue at December 31, 2022, and
December 31, 2021. Each share carries one vote at the
Company\u2019s general meetings. There are no unissued
shares authorized for issue.
Share premium
The share premium of X-FAB Silicon Foundries SE
represents the excess of paid-in capital for shares at
the time of their issue over the fractional value of the
shares.
Retained earnings
Retained earnings represent the accumulated profits
and losses of the Group together with the
accumulated balance of the remeasurement of the
Group\u2018s defined benefit post employment benefit
plans.
Cumulative translation adjustment
The translation reserve comprises all foreign currency
differences arising from the translation of the financial
statements of foreign operations that have functional
currencies other than USD.
Treasury shares
At December 31, 2022 the Group held 149,748 treasury
shares of X-FAB Silicon Foundries SE held by its fully
owned subsidiary X-FAB GmbH. Based on the
purchase price of EUR 11.25 per share, the treasury
shares reduced the equity capital of the parent
company by USD 770 thousand (December 31, 2021:
USD 770 thousand).
Share-based payment arrangements
The Group had no share-based payment
arrangements and no share option programs during
the years ended December 31, 2022, or December 31,
2021.
Authorization to acquire treasury shares
In accordance with the Belgian Companies and
Associations Code, the Articles of Association permit
the Company to acquire, on or outside the stock
market, its own shares, profit-sharing certificates or
associated certificates by resolution approved by the
shareholders\u2019 meeting by a majority of at least 75% of
the votes cast where at least 50% of the share capital
and at least 50% of the profit certificates, if any, are
present or represented. Prior approval by the
shareholders is not required if the Company purchases
the shares in order to offer them to the Company\u2019s
employees.
The shares, profit-sharing certificates, or associated
certificates can only be acquired with funds that would
otherwise be available for distribution as dividend. The
total nominal value or fractional value of the shares,
profit-sharing certificates, or associated certificates
held by the Company can at no time be more than 20%
of the share capital. Voting rights attached to shares
held by the Company as treasury shares are
suspended.
On April 28, 2022, an extraordinary shareholders\u2019
meeting authorized the Board of Directors to purchase
up to 20% of the outstanding shares, for a price not
lower than 10% below the lowest closing price in the last
30 trading days preceding the transaction and not
more than 5% above the highest closing price during
the last 30 trading days preceding the transaction. This
authorization is valid for five years from April 28, 2022.
The above authorization is also valid if the acquisition
was made by one of the subsidiaries directly controlled
by the Company, as set out in Article 5 SE Regulation
juncto Article 7:221 of the Belgian Companies and
Associations Code.
The Board of Directors is authorized to divest all or
part of the shares, profit-sharing certificates, or
associated certificates at a price it determines, on or
outside the stock market or in the framework of its
remuneration policy to employees, directors, or
consultants of the Company, or to prevent any serious
and imminent harm to the Company. This authorization
is valid without any restriction in time, except when the
divestment is made to prevent serious and imminent
harm to the Company, in which case the authorization
is only valid for three years as from the date of the
publication of the authorization in the Annexes to the
Belgian State Gazette (Belgisch Staatsblad/Moniteur
belge) (i.e. May 2, 2022). The authorization covers the
divestment of the shares, profit-sharing certificates, or
associated certificates by a direct subsidiary of the
Company, as set out in Article 5 SE Regulation juncto
Article 7:221 of the Belgian Companies and
Associations Code.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-325": { "value": "
Treasury shares
At December 31, 2022 the Group held 149,748 treasury
shares of X-FAB Silicon Foundries SE held by its fully
owned subsidiary X-FAB GmbH. Based on the
purchase price of EUR 11.25 per share, the treasury
shares reduced the equity capital of the parent
company by USD 770 thousand (December 31, 2021:
USD 770 thousand).
Authorization to acquire treasury shares
In accordance with the Belgian Companies and
Associations Code, the Articles of Association permit
the Company to acquire, on or outside the stock
market, its own shares, profit-sharing certificates or
associated certificates by resolution approved by the
shareholders\u2019 meeting by a majority of at least 75% of
the votes cast where at least 50% of the share capital
and at least 50% of the profit certificates, if any, are
present or represented. Prior approval by the
shareholders is not required if the Company purchases
the shares in order to offer them to the Company\u2019s
employees.
The shares, profit-sharing certificates, or associated
certificates can only be acquired with funds that would
otherwise be available for distribution as dividend. The
total nominal value or fractional value of the shares,
profit-sharing certificates, or associated certificates
held by the Company can at no time be more than 20%
of the share capital. Voting rights attached to shares
held by the Company as treasury shares are
suspended.
On April 28, 2022, an extraordinary shareholders\u2019
meeting authorized the Board of Directors to purchase
up to 20% of the outstanding shares, for a price not
lower than 10% below the lowest closing price in the last
30 trading days preceding the transaction and not
more than 5% above the highest closing price during
the last 30 trading days preceding the transaction. This
authorization is valid for five years from April 28, 2022.
The above authorization is also valid if the acquisition
was made by one of the subsidiaries directly controlled
by the Company, as set out in Article 5 SE Regulation
juncto Article 7:221 of the Belgian Companies and
Associations Code.
The Board of Directors is authorized to divest all or
part of the shares, profit-sharing certificates, or
associated certificates at a price it determines, on or
outside the stock market or in the framework of its
remuneration policy to employees, directors, or
consultants of the Company, or to prevent any serious
and imminent harm to the Company. This authorization
is valid without any restriction in time, except when the
divestment is made to prevent serious and imminent
harm to the Company, in which case the authorization
is only valid for three years as from the date of the
publication of the authorization in the Annexes to the
Belgian State Gazette (Belgisch Staatsblad/Moniteur
belge) (i.e. May 2, 2022). The authorization covers the
divestment of the shares, profit-sharing certificates, or
associated certificates by a direct subsidiary of the
Company, as set out in Article 5 SE Regulation juncto
Article 7:221 of the Belgian Companies and
Associations Code.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-326": { "value": "
Share-based payment arrangements
The Group had no share-based payment
arrangements and no share option programs during
the years ended December 31, 2022, or December 31,
2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-327": { "value": "
7.8 Dividends
No dividends were resolved or paid in the years 2022
or 2021.
Under Belgian company law, the shareholders decide
on the distribution of profits at the annual
shareholders\u2019 meeting, based on the latest audited
statutory accounts of the Company. Dividends may be
paid either in cash or in kind. However, shareholders
may not declare a dividend if the Company has not first
reserved at least 5% of its profits for the financial year
until such reserve has reached an amount equal to 10%
of its share capital (the \u201cLegal Reserve\u201d) or if, following
any such dividend, the level of the net assets adjusted
for the unamortized balance of the incorporation costs
and capitalized research and development costs of the
Company falls below the amount of the Company\u2019s
paid-in-capital and of its non-distributable reserves.
The Board of Directors may pay an interim dividend,
provided certain conditions set forth in Belgian
company law are met.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-328": { "value": "
7.9 Non-controlling interests
Non-controlling interests represented a 5.1% interest in
the subsidiary GVG which was held by external
shareholders until its acquisition by the X-FAB Group
on September 1, 2022. GVG, which has subsequently
been merged into a wholly owned Group subsidiary,
was a property management company responsible for
the administration of certain of the Group\u2019s properties
in Dresden, Germany. GVG\u2019s net profit for the financial
year 2022 until the date on which the non-controlling
interests were acquired amounted to USD 595
thousand (full year 2021: net profit of USD\u00a0807
thousand). At the date on which the non-controlling
interests were acquired GVG had total assets
amounting to USD 8,777 thousand (December\u00a031,
2021: USD 9,084 thousand), liabilities of USD\u00a03,996
thousand (December 31, 2021: USD 4,887 thousand),
and equity of USD 4,781 thousand (December\u00a031, 2021:
USD 4,197 thousand). The purchase price paid to
acquire the non-controlling interest amounted to
USD\u00a0204 thousand and was paid in cash. As GVG was
already controlled by the X-FAB Group, the purchase
of additional shares in the subsidiary (so reducing NCI)
did not result in the recognition goodwill or other
adjustments to the initial accounting for the
consolidation of the entity and the transaction was
wholly recognized within equity as a transaction with
owners of the entity. The currency translation effect of
the retranslation of non-controlling interests in GVG is
not material to the movements on other
comprehensive income or the statement of changes in
equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-329": { "value": "
7.10 Loans and borrowings
The Group has unused credit lines available under bank
loan facilities as follows:
in thousands of U.S. dollars
2022
2021
Unused credit lines
Unused part of multicurrency
revolving credit facility
denominated in EUR or in
USD \u2013 variable rates
2,000
152,494
Interest rate USD: SOFR +
1.25%
Interest rate EUR: EURIBOR
+1.0%
Unused credit lines
denominated in EUR \u2013 fixed
rates
7,473
4,520
Interest rate: 3.75\u20134.01%
Other unused credit lines
denominated in EUR \u2013
variable rates
2,135
5,651
Interest rates: EURIBOR
+2.5%
The carrying amounts of the Group\u2019s loans and borrowings at December 31 are shown in the following table:
in thousands of U.S. dollars
2022
2021
Bank loans and overdrafts
Variable interest bank overdrafts in EUR
Maturity: 2023
2
\u2014
Interest rates: EURIBOR + 2.5%
Fixed interest bank loans denominated in EUR
67,380
23,247
Maturity: 2023\u20132029
Interest rates: 0.85\u20132.3%
Repayments in monthly or quarterly installments
Variable interest revolving credit facility denominated in USD
138,998
30,582
Maturity: 2023
Interest rates: SOFR + 1.67%
Repayment on maturity
Variable interest revolving credit facility denominated in EUR
64,056
42,944
Maturity: 2023
Interest rates: EURIBOR + 1.0%
Repayment on maturity
Leasing arrangements
Leasing liabilities denominated in EUR
13,467
15,256
Maturity: 2023\u20132034
Interest rates: 0.02\u20131.91%
Repayment in monthly installments
Leasing liabilities denominated in USD
7,018
6,903
\u00a0 \u00a0 Maturity: 2023\u20132034\u00a0
Interest rates: 3.32%
Repayment in monthly installments
Leasing liabilities denominated in MYR
6,024
8,098
Maturity: 2023\u20132025
Interest rates: 4.66%
Repayment in monthly installments
Total
296,945
127,030
Current loans and borrowings
233,513
87,114
Non-current loans and borrowings
63,432
39,916
The Group is exposed to a liquidity risk in that the
maturity of bank loan agreements, which are presented
based on the contractual payment obligations, could
be brought forward should the Group fail to comply
with its contractual obligations under the bank loan
agreements.
The following table provides a reconciliation of the movements in liabilities to the cash flows arising from financing
activities for the year 2022:
in thousands of U.S.
dollars
Liabilities
Equity
Loans and
borrowings
Lease
liability
Share
capital
Share
premium
Retained
earnings
NCI
Total
Balance at
December\u00a031, 2021
96,773
30,257
432,745
348,709
(36,155)
365
872,694
Changes from
financing cash flows
Proceeds from loans and
borrowings
184,272
\u2014
\u2014
\u2014
\u2014
\u2014
184,272
Repayment of loans and
borrowings
(11,420)
\u2014
\u2014
\u2014
\u2014
\u2014
(11,420)
Repayment of loans and
borrowings from related
parties
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Receipts from sale and
leaseback arrangements
\u2014
7,723
\u2014
\u2014
\u2014
\u2014
7,723
Payments of lease
liabilities
\u2014
(5,662)
\u2014
\u2014
\u2014
\u2014
(5,662)
Interest paid
(5,188)
\u2014
\u2014
\u2014
\u2014
(5,188)
Payment of preference
dividend
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Distribution to non-
controlling interests
\u2014
\u2014
\u2014
\u2014
\u2014
(11)
(11)
Receipt of investment
government grants and
subsidies
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total changes from
financing cash flows
167,664
2,061
\u2014
\u2014
\u2014
(11)
169,714
Other changes
Effect of changes in
foreign exchange rates
(622)
(543)
\u2014
\u2014
\u2014
\u2014
(1,165)
Liability related
New leases in prior year,
funds received in current
year
\u2014
(7,190)
\u2014
\u2014
\u2014
\u2014
(7,190)
Prolongation of existing
lease contracts
\u2014
1,924
\u2014
\u2014
\u2014
1,924
Interest expenses
6,619
\u2014
\u2014
\u2014
\u2014
6,619
Gain on derecognition of
financial liability
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Equity related
\u2014
\u2014
\u2014
\u2014
52,663
\u2014
52,663
Total liability-related
other changes
6,619
(5,266)
\u2014
\u2014
\u2014
\u2014
1,353
Total equity-related
other changes
\u2014
\u2014
\u2014
\u2014
\u2014
(354)
(354)
Balance at
December\u00a031, 2022
270,434
26,509
432,745
348,709
16,508
\u2014
1,094,905
The following table provides a reconciliation of the movements in liabilities to the cash flows arising from financing
activities for the year 2021:
in thousands of U.S.
dollars
Liabilities
Equity
Loans and
borrowings
Lease
liability
Share
capital
Share
premium
Retained
earnings
NCI
Total
Balance at
December\u00a031, 2020
51,573
24,636
432,745
348,709
(120,604)
344
748,440
Changes from
financing cash flows
Proceeds from loans and
borrowings
82,585
\u2014
\u2014
\u2014
\u2014
\u2014
82,585
Repayment of loans and
borrowings
(28,218)
\u2014
\u2014
\u2014
\u2014
\u2014
(28,218)
Repayment of loans and
borrowings from related
parties
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Payments of lease
liabilities
\u2014
(5,094)
\u2014
\u2014
\u2014
\u2014
(5,094)
Interest paid
(1,569)
\u2014
\u2014
\u2014
\u2014
\u2014
(1,569)
Payment of preference
dividend
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Distribution to non-
controlling interests
\u2014
\u2014
\u2014
\u2014
\u2014
(12)
(12)
Receipt of investment
government grants and
subsidies
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total changes from
financing cash flows
52,798
(5,094)
\u2014
\u2014
\u2014
(12)
47,692
Other changes
Effect of changes in
foreign exchange rates
(2,627)
(86)
\u2014
\u2014
\u2014
\u2014
(2,713)
Liability related
New leases
\u2014
8,488
\u2014
\u2014
\u2014
\u2014
8,488
Prolongation of existing
lease contracts
\u2014
2,313
\u2014
\u2014
\u2014
\u2014
2,313
Interest expenses
1,592
\u2014
\u2014
\u2014
\u2014
\u2014
1,592
Gain on derecognition of
financial liability
(6,563)
\u2014
\u2014
\u2014
\u2014
\u2014
(6,563)
Equity related
\u2014
\u2014
\u2014
\u2014
84,449
33
84,482
Total liability-related
other changes
(4,971)
10,801
\u2014
\u2014
\u2014
\u2014
5,830
Total equity-related
other changes
\u2014
\u2014
\u2014
\u2014
84,449
33
84,482
Balance at
December\u00a031, 2021
96,773
30,257
432,745
348,709
(36,155)
365
872,694
The primary assumptions made in calculating the defined benefit obligation were as follows:
in thousands of U.S. dollars
2022
2021
Discount rate
3.36%
0.79%
Employee turnover
5.00%
5.00%
Social security costs
47.00%
47.00%
The defined benefit obligation is not materially
sensitive to a reasonable potential change in the
assumed mortality rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-331": { "value": "
7.12 Trade payables and other current liabilities
Trade payables are non-interest bearing and are
normally settled on 60-day terms. Trade payables
have been increased from USD 41,364 thousand at
December 31, 2021, to USD 53,654 thousand at
December 31, 2022. This increase was influenced by
the general increase of business and increases in
investments in property, plant, and equipment.
Other current liabilities comprise the following:
in thousands of U.S. dollars
2022
2021
Accrued liabilities
31,464
17,521
For invoices not yet
received
29,280
15,850
Royalties
419
376
Sales commissions
349
307
Staff association costs
691
602
Other
725
386
Advances received
31,127
19,193
Deferred income
298
293
Employee-related
liabilities
24,958
23,879
Wages
2,992
2,931
Earned holiday
entitlement, incentives
15,556
12,469
Payroll taxes
2,377
3,870
Social security costs
4,033
4,609
Other
(4)
\u2014
Total
87,843
60,886
Current provisions primarily relate to warranty costs.
Warranty provisions are estimated based on the
Group\u2019s experience of past claim rates and knowledge
of current claims together with an assessment of
rectification costs. Increased business resulted in an
increase in warranty provisions in the financial year..
Non-current provisions refer to anniversary bonuses
for employees accounted for in accordance with
IAS\u00a019, which include estimates of future staff turnover,
based on the Group\u2019s experience of staff turnover
rates in recent years.
The unused amounts of a restructuring provision
initially recognized in 2020 amounting to USD 3,312
thousand were offset against general and
administration expenses following implementation of
the plan in 2021.
The movements on provisions during the year were as
follows:
in
thousands
of U.S.
dollars
Warranty
provisions
Employee
provisions
Restruct-
uring
cost
Total
January 1,
2022
3,691
820
\u2014
4,511
Provided
for
5,471
23
\u2014
5,494
Utilized
(2,073)
(179)
\u2014
(2,252)
Released
(181)
(3)
\u2014
(184)
Effect of
changes in
exchange
rates
(54)
(45)
\u2014
(99)
December
31, 2022
6,854
616
\u2014
7,470
in
thousands
of U.S.
dollars
Warranty
provisions
Employee
provisions
Restruct-
uring
costs
Total
January 1,
2021
2,541
1,412
5,722
9,675
Provided
for
2,176
17
\u2014
2,193
Utilized
(979)
(571)
(2,023)
(3,573)
Released
\u2014
(69)
(3,312)
(3,381)
Effect of
changes in
exchange
rates
(47)
31
(387)
(403)
December
31, 2021
3,691
820
\u2014
4,511
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-333": { "value": "
8 Notes to the statement of cash flows
The change in trade payables in working capital
excludes changes in the amounts of outstanding
liabilities for additions to property, plant, and
equipment, as payments for additions to fixed assets
are recorded in the statement of cash flows when
payment is made.
Non-cash transactions primarily include the effects
from exchange rate differences, allowances on trade
receivables and increases in provisions.
The difference between the cash outflows for
investments and the additions to property, plant, and
equipment is primarily due to the level of outstanding
invoices for additions recorded at the end of the
financial year.
The Group entered into one sale and leaseback
transaction for property, plant, and equipment in 2021.
The cash inflow from that transaction was received in
2022 and amounted to USD\u00a07,723 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-334": { "value": "
9 Segment reporting
Operating segment
The Group manages its CMOS and MEMS operations
as one single operating segment. Operating decisions
are taken on a product and technology level by the
President and Chief Executive Officer, who is assisted
by the parent company\u2019s management team.
Accordingly, X-FAB has identified its President and
CEO as its chief operating decision maker for the
purposes of defining segments in accordance with
IFRS\u00a08. No separate operating results for the CMOS
and MEMS operations are used by the chief operating
decision maker to manage X-FAB\u2019s operations, assess
performance, or make resource allocation decisions. As
a result, X-FAB has determined that its operations
constitute one single segment.
Geographic concentrations
The following table shows an analysis of revenue
(based on the customer\u2019s billing location) and non-
current assets by geographic area for the reporting
period.
Revenue by geographic area:
in thousands of U.S. dollars
2022
2021
Europe
454,197
403,201
Belgium
294,400
256,258
Germany
72,794
70,245
United Kingdom
42,117
37,028
Austria
11,007
10,837
France
8,022
7,240
Switzerland
7,918
7,380
Sweden
5,215
3,752
Denmark
3,090
2,990
Other
3,179
2,585
Finland
2,384
1,743
Netherlands
2,629
1,689
Ireland
1,442
1,454
Asia
174,947
149,736
China
55,084
44,916
Japan
28,582
24,815
Malaysia
20,055
17,893
Singapore
18,225
16,743
Thailand
14,556
10,123
Taiwan
12,232
10,067
Hong Kong
12,029
5,667
Korea
9,648
15,302
New Zealand
3,420
3,060
Other
1,116
1,150
United States of America
106,725
102,189
Rest of the world
3,600
2,625
Total
739,469
657,751
Significant customers
The Group has one (2021: one) customer whose
revenues exceeded 10% of the Group\u2019s consolidated
external revenues. The total revenue from this
customer, which is a related party (see note 12),
amounted to USD 293,014 thousand in 2022 (2021:
USD 254,362).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-335": { "value": "
Accounting classifications and fair values
The following tables show the carrying amounts and fair values of financial assets and financial liabilities measured
at fair value through profit or loss and measured at amortized cost, respectively, including their levels in the fair
value hierarchy.
December 31, 2022
in thousands of U.S. dollars
Carrying
amount
Fair value
Total
Level 1
Level 2
Level 3
Total
Financial assets measured at amortized cost
Trade and other receivables
73,116
Cash and cash equivalents
369,425
Financial liabilities measured at amortized
cost
Trade payables
(53,654)
Bank loans, overdrafts, and lease liabilities
(296,945)
(296,950)
(296,950)
December 31, 2021
Financial assets measured at amortized cost
Trade and other receivables
73,689
Cash and cash equivalents
290,187
Financial liabilities measured at amortized
cost
Trade payables
(41,364)
Bank loans, overdrafts, and lease liabilities
(127,030)
(127,223)
(127,223)
Financial instruments measured at amortized cost
The carrying amount of cash and cash equivalents,
bank overdrafts, trade and other receivables, and trade
payables approximates their fair value due to the
short-term maturity of these financial instruments.
The fair value of the Group\u2019s non-current liabilities is
based on their present values calculated by
discounting future cash flows at current rates of
interest available for debt with the same maturity
profile.
The Group\u2019s principal financial instruments not carried
at fair value are cash and cash equivalents, trade
receivables, other current assets, other non-current
assets, trade and other payables, bank overdrafts, and
long-term borrowings.
There have been no transfers of assets or liabilities
between levels of the fair value hierarchy in the current
or previous year.
Financial assets and liabilities accounted for at fair
value through profit or loss
The Group held no financial instruments measured at
fair value through profit or loss in the current or
previous financial year.
The Group held no forward foreign exchange
contracts or interest rate swaps in the current or
previous financial year.
Financial assets and liabilities accounted for at fair
value through other comprehensive income
The Group held no financial assets and liabilities
accounted for at fair value through other
comprehensive income in the current or previous
financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-336": { "value": "
Financial assets and liabilities accounted for at fair
value through profit or loss
The Group held no financial instruments measured at
fair value through profit or loss in the current or
previous financial year.
The Group held no forward foreign exchange
contracts or interest rate swaps in the current or
previous financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-337": { "value": "
Management of risks arising from financial
instruments
The X-FAB SE Group\u2019s principal financial liabilities
comprise bank loans and bank overdrafts, and trade
payables. The main purpose of these financial liabilities
is to finance the Group\u2019s operations. The Group has
various financial assets, such as trade receivables and
cash and short-term deposits, which arise directly from
its operations.
Financial assets in the form of free short-term cash
available are placed on deposit with banks with a high
credit rating.
Deliveries made by the Group are subject to the
reservation of proprietary rights until the customer has
paid for the goods. Generally, further security is not
obtained.
While the Group did not hold any derivative financial
instruments in the current or previous year, it does,
from time to time, enter into derivative financial
instruments to manage the foreign exchange risks and
interest rate arising from the Group\u2019s sources of
finance where the risks of financial loss or the liquidity
risk appears excessive. Such transactions are
exclusively entered into to reduce the risk of
contractually agreed or highly probable transactions.
These transactions are classified as FVTPL for
accounting purposes because the Group does not
formally account for them using hedge accounting
techniques.
The primary risks arising from the Group\u2019s financial
instruments are market risks (interest rate and foreign
currency risks), credit risk, and liquidity risk. The Board
of Directors reviews and agrees policies for managing
each of these risks. The primary objective in managing
these risks is to minimize the risk of financial loss and
the risk of any interference with the Group\u2019s ability to
pursue its commercial objectives. The policies followed
in respect of each risk are summarized below.
Interest rate risk
The X-FAB SE Group\u2019s exposure to the risk of changes
in market interest rates relates primarily to the Group\u2019s
long-term debt obligations with floating interest rates.
The Group\u2019s policy is to manage its interest cost using
a mix of fixed and variable rate debts. To manage this,
the Group might enter into interest rate swaps, in which
the Group agrees to exchange, at specified intervals,
the difference between fixed and variable rate interest
amounts calculated by reference to an agreed-upon
notional principal amount. At December 31, 2022
approximately 32% of the Group\u2019s borrowings
(excluding financial leases) are at a fixed rate of
interest (December 31, 2021: 42%). Accordingly, the
Group\u2019s exposure to interest rate risk is limited.
Foreign currency risk
The Group\u2019s statement of financial position can be
affected by changes in the dollar exchange rates, in
particular movements against the euro (EUR) and the
Malaysian ringgit (MYR). This risk mainly relates to
transactions in foreign currency.
The following tables provide an analysis of monetary
assets and liabilities by currency denomination,
expressed in thousands of USD:
Assets and liabilities denominated in EUR:
in thousands of U.S. dollars
2022
2021
Assets
Trade accounts receivable
15,342
25,603
Other assets
34,521
19,145
Cash
180,284
103,702
Liabilities
Trade payables
13,625
11,411
Loans and borrowings
144,903
75,399
Other liabilities and
provisions
39,479
33,521
The Group also has currency exposures arising from
sales or purchases made when operating units
undertake transactions in currencies other than their
functional currencies.
Approximately 42% (2021: 37%) of the Group\u2019s sales
and 40,2% (2021: 47%) of the Group\u2019s costs are
denominated in currencies other than the functional
currency of the operating unit making the sales.
The following table demonstrates the sensitivity to
changes in fair value of monetary assets and liabilities
on the Group\u2019s profit before tax to reasonably possible
changes in the USD/EUR and USD/MYR exchange
rates, with all other variables held constant and
excluding effects of foreign exchange related
derivatives held. We have also assessed that the
sensitivity to changes in fair value of monetary assets
and liabilities to profit before tax is a good
approximation of the effect on equity of the Group as
the associated tax effect would not be significant.
USD/EUR
Increase/
(decrease)
in EUR rate
Effect on
profit
before tax
2022
5%
1,607
-5%
(1,607)
2021
5%
1,404
-5%
(1,404)
USD/MYR
Increase/
(decrease)
in MYR rate
Effect on
profit
before tax
2022
20%
2,669
-20%
(2,669)
2021
20%
13,800
-20%
(13,800)
The Group believes that a reasonably possible change
of other exchange rates, with all other variables held
constant, will not have a significant effect on the
Group\u2019s profit before tax and on the Group\u2019s equity.
The currency risk from translating foreign entities with
a functional currency that is different from the
presentation currency can be considered to be
immaterial as it relates to non-significant entities.
Credit risk
The Group\u2019s primary risk credit risk concentrations
affecting financial assets are in respect of trade
receivables (described in note 7.4), balances with
related parties (note 12), and balances and short-term
deposits at banks (note 7.6).
The Group only trades with recognized, creditworthy
third parties. It is the Group\u2019s policy that all customers
who wish to trade on credit terms are subject to credit
verification procedures. In addition, receivables
balances are monitored on an ongoing basis to ensure
that the Group is not exposed to significant risk of
credit loss. The maximum exposure is represented by
the carrying amounts disclosed in notes 7.4 and 7.5.
With respect to credit risk arising from financial assets,
including cash and cash equivalents, the Group\u2019s
maximum exposure to credit risk arising from default
of the counterparty is equal to their carrying amounts
in the statement of financial position.
The Group has not recorded any expected credit
losses for cash and cash equivalents as it considers that
any measurement of the 12-month expected loss
would be an insignificant amount given the good credit
rating of the respective banks.
Liquidity risk
The Group monitors its risk of a shortage of funds and
of difficulties in meeting obligations associated with
financial liabilities. The Group\u2019s objective is to maintain
a balance between continuity of funding and flexibility
through the use of bank loans, bank overdrafts, and
other financial instruments. Based on the positive cash
flow projections and the excess of current assets over
current liabilities, there was no significant liquidity risk
at December 31, 2022, or December 31, 2021. The
expected cash inflows from trade and other
receivables maturing within two months total
USD\u00a073,116 thousand (December 31, 2021: USD\u00a073,689
thousand). Trade accounts payables are due within the
next 12 months. An analysis of the maturity of financial
liabilities and available credit lines is presented in note
7.10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-338": { "value": "
Credit risk
The Group\u2019s primary risk credit risk concentrations
affecting financial assets are in respect of trade
receivables (described in note 7.4), balances with
related parties (note 12), and balances and short-term
deposits at banks (note 7.6).
The Group only trades with recognized, creditworthy
third parties. It is the Group\u2019s policy that all customers
who wish to trade on credit terms are subject to credit
verification procedures. In addition, receivables
balances are monitored on an ongoing basis to ensure
that the Group is not exposed to significant risk of
credit loss. The maximum exposure is represented by
the carrying amounts disclosed in notes 7.4 and 7.5.
With respect to credit risk arising from financial assets,
including cash and cash equivalents, the Group\u2019s
maximum exposure to credit risk arising from default
of the counterparty is equal to their carrying amounts
in the statement of financial position.
The Group has not recorded any expected credit
losses for cash and cash equivalents as it considers that
any measurement of the 12-month expected loss
would be an insignificant amount given the good credit
rating of the respective banks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-339": { "value": "
Liquidity risk
The Group monitors its risk of a shortage of funds and
of difficulties in meeting obligations associated with
financial liabilities. The Group\u2019s objective is to maintain
a balance between continuity of funding and flexibility
through the use of bank loans, bank overdrafts, and
other financial instruments. Based on the positive cash
flow projections and the excess of current assets over
current liabilities, there was no significant liquidity risk
at December 31, 2022, or December 31, 2021. The
expected cash inflows from trade and other
receivables maturing within two months total
USD\u00a073,116 thousand (December 31, 2021: USD\u00a073,689
thousand). Trade accounts payables are due within the
next 12 months. An analysis of the maturity of financial
liabilities and available credit lines is presented in note
7.10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-340": { "value": "
Capital management
The primary objective of the Group\u2019s capital
management is to ensure that it maintains a strong
credit rating and healthy capital ratios in order to
support its business and maximize shareholder value.
Further, management aims to maintain a stable level of
cash balances available for ready use at all times and to
at least maintain, or increase, the available cash at the
current level and to ensure that it meets financial
covenants attached to the interest-bearing loans and
borrowings. These goals can be achieved by a
combination of cash inflows and the use of new
external new financing arrangements. The Group
manages its capital structure (consisting of equity and
borrowings) and makes adjustments to it in light of
changes in economic conditions. To adjust its capital
structure, the Group may choose to take measures
such as making payments to or adjusting dividend
payments made to shareholders, returning capital to
shareholders, or raising new capital by issuing new
shares or adjusting its borrowing levels. No change was
made to the Group\u2019s capital management objectives,
policies, or processes during the years ended
December 31, 2022, and December 31, 2021.
The EUR 200,000,000 multicurrency revolving credit
facility is available to the parent company and its
primary subsidiaries for use for euro and U.S. dollar
capital expenditures, general working capital
requirements and general corporate purposes
(including acquisitions). The facility contains a
covenant stating that the borrower shall ensure that
the ratio of total net indebtedness (the sum of all
borrowing and guarantee obligations of a financial
nature, defined more closely in the facility agreement)
cannot exceed 3.5 times its EBITDA, otherwise the loan
will be repayable on demand. The Group was in
compliance with this covenant at December 31, 2022.
The X-FAB SE Group\u2019s other bank loan agreements do
not include requirements to comply with externally
imposed capital requirements, for example
requirements to meet specific equity and free cash
flow ratios.
The EUR\u00a0200,000,000 multicurrency revolving credit
facility and other bank loan agreements contain certain
other covenants typical for such borrowing
arrangements which impose a number of requirements
on the borrower, including, among other things, early
termination and set-off of asset balances against
matured obligations balances in case of a material
event of default, negative pledge clauses, obligations
to provide certain information relating to the financial
condition of the borrower, and change of control
provisions. Early repayments of amounts borrowed
may be demanded or offset against asset balances
and renewals or drawdowns of additional tranches
under credit arrangements may not be available if
there is an event of default or should the Group fail to
meet its other obligations under such terms and
conditions. Further, the Company has entered into
undertakings under the terms of certain credit
agreements to maintain its existing equity percentage
in the share capital and related percentage of voting
rights of its respective subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-341": { "value": "
11 Leases
The Group has various lease arrangements for the use
of commercial properties, infrastructure, and technical
equipment and machinery. The arrangements run for
various periods until 2034 and carry interest rates
between 0.02% and 4.66% (December 31, 2021: 0.02%
and 4.46%). The contractual arrangements vary from
lease to lease. Some of these arrangements include
purchase options at a price that is lower than the
expected fair value of the assets at the end of the
lease period, so that the Group expects that these will
be acquired at a later date. Other leases are for a fixed
period of time and are renewed unless canceled by
either party, or include lease period extension options
exercisable by the Group.
In 2021 the Group entered into a sale and leaseback
transaction under which machinery was sold at book
value and leased back. The contractual arrangements
include a purchase option at a price that is lower than
the fair value and the lease term is for the major part of
the economic life. The Group continues to be able to
direct the use of the assets and obtain substantially all
of the remaining benefits from their use. Accordingly,
the transaction is wholly recognized as a financing
arrangement, and no sale or gain or loss is recognized
on the transaction. The assets were not derecognized.
The lease period runs until 2028 and carries an interest
rate of 1.26%.
The carrying values of right-of-use assets presented
as property, plant, and equipment were as follows:
in thousands of U.S. dollars
2022
2021
Net book value January 1
24,415
25,278
Additions
1,923
2,316
Depreciation
(4,373)
(4,339)
Disposals
\u2014
\u2014
Reclassifications
(527)
1,160
Net book value December 31
21,438
24,415
For lease arrangements which include extension
options exercisable by the Group, the Group assesses,
at the commencement of the lease, whether it is
reasonably certain to exercise the extension options.
The Group makes subsequent reassessments of
whether it is reasonably certain to exercise such
options if there is a significant event or significant
changes in circumstances which are within its control.
Should the Group exercise the extension options, the
future cash outflows under leasing arrangements, the
right-of-use assets recognized, and the commitments
under the lease liabilities would be increased. The
Group does not make estimates of such potential
increases as the most significant extension options are
at future dates and the amounts and available
operational alternatives may change. The overall level
of right-of-use assets and leasing obligations are,
however, unlikely to change by material amounts.
The future minimum lease payments due in respect of lease liabilities are as follows:
in thousands of U.S. dollars
2022
2021
Minimum
leasing
payment
Present value
Minimum
leasing
payment
Present value
2023
6,050
5,506
2024\u20132026
22,865
21,003
2022
6,015
5,380
2023\u20132025
27,062
24,877
Total
28,915
26,509
33,077
30,257
Interest
(2,407)
(2,407)
(2,821)
(2,821)
Liability
26,508
24,102
30,256
27,436
in thousands of U.S. dollars
2022
2021
Advances received from
Melexis group companies
3,833
9,101
Advances received from M-
MOS group companies
3,827
\u2014
Trade accounts payable due
to Melexis group companies
132
178
Trade accounts payable due
to M-MOS group companies
22
59
Trade accounts payable due
to XTRION
26
21
Trade accounts payable due
to Sensinnovat
118
96
Other
18
22
Total
7,976
9,477
Receivables from related parties relate to trade
receivables, do not carry interest, and are payable on
normal credit terms. As described in detail in note 7.4, a
settlement arrangement was entered into in 2021 with
a related party customer, concerning outstanding
receivables in excess of 360 days overdue totaling
USD 1,277 thousand. Impairment allowances of
USD\u00a0848 thousand had been recorded in 2020 against
these balances. Under this arrangement the Group
received intellectual property, which had been
provided by the customer as collateral security, which
the Group valued at USD 484 in settlement of the
outstanding liability.
Sales made to XTRION group companies primarily
include the supply of PCM-tested wafers and NRE on
the basis of wafer supply agreements made between
the parties.
Other income results from the provision of technical
facilities, supplies, utilities, property rentals, and
services provided. Services provided include
information technology, personnel, and legal support
services. For services provided, charges are made in
relation to the costs incurred based on an agreed
formula which considers the use of facilities, employee
time spent, and specific transaction details. Interest
income and expenses arose in connection with loan
arrangements.
Sales and other income comprise the following:
in thousands of U.S. dollars
2022
2021
Sales to Melexis group
companies
293,014
254,362
Sales to M-MOS group
companies
18,940
16,386
Sales to Anvo-Systems
\u2014
50
Sales to X-Celeprint
\u2014
\u2014
Sales to X Display Company
Technology
359
297
Property rental and other
income from Melexis group
companies
2,080
2,211
Other income from M-MOS
39
122
Total
314,432
273,428
Property rental and other income from Melexis group
companies includes rentals and charges for technical
services included in the amounts described in note 6.7
as well as other items classified in other positions in the
consolidated statement of income.
Purchases, expenses, and other transactions recorded
with shareholders and their subsidiaries were as follows:
in thousands of U.S. dollars
2022
2021
Services provided by Melexis
group companies
413
533
Services/purchases provided
by M-MOS group companies
18
400
Services provided by\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
X-Celeprint
\u2014
8
Services purchased from
Sensinnovat
477
302
Services purchased from
ESA
202
159
Warranty cost Melexis group
2,724
2,036
Services provided from
XTRION
87
\u2014
Services provided by
XTRION
3,921
3,438
Services purchased from member companies of the
XTRION group primarily included wafer test and final
test services. Outstanding balances from sales and
purchases of goods and from receiving and rendering
of services at the reporting date are unsecured,
interest free, and settled in cash. There have been no
guarantees provided or received for any related party
receivables or payables.
Remuneration of persons with key management
positions
in thousands of U.S. dollars
2022
2021
Short-term employee
benefits
1,297
1,302
Short-term employee
benefits for members of
management that are not on
the payroll of the Company
(CEO and CFO)
679
655
Directors\u2019 compensation
231
205
Total
2,207
2,162
The persons with key management positions as
referred above as of December 31, 2022, include the
Group\u2019s CEO, CTO, CFO, the CEO of X-FAB Dresden,
the CEO of X-FAB Sarawak, the CEO of X\u2011FAB Texas,
the CEO of X-FAB Erfurt and the CEO of X-FAB
France.
The Group has made contributions to defined
contribution pension plans for the benefit of persons
with key management positions totaling USD 101
thousand (2021: USD 79 thousand). Contributions to
defined contribution plans primarily comprise statutory
contributions to be made by employers to state-based
defined contribution plans. In connection with these
plans there are no minimum guarantees by the
employer. The defined contribution is based on a fixed
percentage of the (capped) gross salary determined
by state laws.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-343": { "value": "
13.1 Purchase commitments and contingencies
Purchase commitments comprise the following at
December 31:
in thousands of U.S. dollars
2022
2021
Purchase commitments
for:
Property, plant, and
equipment
334,217
67,621
Intangible assets
2,400
383
Material and services
39,865
9,512
Total
376,482
77,516
Purchase commitments mainly refer to purchase
orders placed for investments in technical machinery
Commitments concerning investment grants and
subsidies received
Various Group entities receive grants and subsidies in
connection with the acquisition of certain qualifying
assets (asset-related grants and subsidies) and
subsidies to offset research and development costs
(income-related grants). No material amounts of other
government assistance are received.
Specifically, XMF and X-FAB Dresden receive grants
and subsidies in connection with the acquisition of
certain qualifying assets (asset-related grants and
subsidies). The grant rules require that the assets on
which investment grants have been received are
retained for a period of five years (the subsidy rules,
which largely apply to the same assets, have a similar
three-year retention requirement) and that specified
employee levels are maintained at specific locations. If
it is not possible to fulfill these conditions, the grants
and subsidies may be partially repayable. The total
amount of grants and subsidies received in the past
(and thus deducted from the carrying amounts of the
assets) on property, plant, and equipment amounted
to USD 137.5 million (December\u00a031, 2021: USD\u00a0136.1
million); the retention requirements have not yet been
fulfilled in full for grants and subsidies received totaling
USD\u00a012.2 million included in that total.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-344": { "value": "
13.2 Unresolved legal disputes and claims
The Group is not aware of any unresolved legal
disputes, claims or proceedings which could have a
significant financial impact on the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-345": { "value": "
13.3 Employees
The average number of employees employed by the
Group during the year was as follows:
2022
2021
Production
3,568
3,318
Research and development
310
305
Sales, marketing, and
administration
290
264
Trainees
117
102
Total
4,285
3,989
The total number of employees employed by the
Group at December 31 was as follows:
2022
2021
Production
3,662
3,430
Research and development
319
305
Sales, marketing, and
administration
299
270
Trainees
131
118
Total
4,411
4,123
Note: Number of employees excludes contract workers
(borrowed)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-346": { "value": "
13.4 List of shareholdings
Entity
Place of incorporation
Principal activities
Shareholding in %
X-FAB Silicon Foundries SE
Tessenderlo, Belgium
Holding company
X-FAB Semiconductor Foundries GmbH
Erfurt, Germany
Wafer manufacturing
100.00%
X-FAB Dresden GmbH & Co. KG
Dresden, Germany
Wafer manufacturing
100.00%
X-FAB Dresden Verwaltungs-GmbH
Dresden, Germany
No activity
100.00%
X-FAB Texas Inc.
Texas, USA
Wafer manufacturing
100.00%
X-FAB Sarawak Sdn. Bhd.
Kuching, Malaysia
Wafer manufacturing
100.00%
X-FAB France SAS
Corbeil-Essonnes, France
Wafer manufacturing
100.00%
X-FAB Japan KK
Yokohama, Japan
Trading company
100.00%
X-FAB MEMS Foundry GmbH
Erfurt, Germany
Wafer manufacturing
100.00%
OOO Microdesign
Voronesh, Russia
R&D, design
100.00%
X-FAB MEMS Foundry Itzehoe GmbH
Itzehoe, Germany
Wafer manufacturing
100.00%
X-FAB Global Services GmbH
Erfurt, Germany
R&D, administration
services
100.00%
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-351": { "value": "
14 Events after the reporting period
There have been no reportable events subsequent to
the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-352": { "value": "
Tessenderlo, March 23, 2023
Managing Director, CEO
Sensinnovat BV
Represented by Rudi De Winter
CEO
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }