in thousands of U.S. dollars | 2023 | 2022 |
Employee-related expenses | (8,069) | (7,447) |
Advertising costs and costs of selling goods | (627) | (633) |
External services | (198) | (139) |
Facility costs | (164) | (143) |
Depreciation and amortization | (106) | (103) |
Other | 701 | 286 |
Total | (8,463) | (8,179) |
in thousands of U.S. dollars | 2023 | 2022 |
Income from technical services provided | 11,391 | 7,223 |
Income from investment property rentals | 6,178 | 6,425 |
Total | 17,569 | 13,648 |
in thousands of U.S. dollars | 2023 | 2022 |
Expenses for technical services provided | (12,206) | (9,176) |
Expenses for connection with investment property rentals | (2,457) | (4,770) |
Total | (14,663) | (13,946) |
Standard/interpretation | Effective date |
IFRS 17 Insurance Contracts (issued on May\u00a018, 2017); including Amendments to IFRS\u00a017 (issued on June\u00a025, 2020) | January 1, 2023 |
Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (issued on February\u00a012, 2021) | January 1, 2023 |
Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies (issued on February\u00a012, 2021) | January 1, 2023 |
Amendments to IAS 12 Income Taxes: Deferred Tax Related to Assets and Liabilities arising from a Single Transaction (issued on May 7, 2021) | January 1, 2023 |
Amendments to IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (issued on December\u00a09, 2021) | January 1, 2023 |
Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar Two Model Rules (issued on May\u00a023, 2023) | January 1, 2023 |
Standard/interpretation | Effective date |
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on September\u00a022, 2022) | January 1, 2023 |
Amendments to IAS 1 Presentation of Financial Statements: \u2022 Classification of Liabilities as Current or Non-current (issued on January 23, 2020); \u2022 Classification of Liabilities as Current or Non-current - Deferral of Effective Date (issued on July\u00a015,\u00a0 2020); and \u2022 Non-current Liabilities with Covenants (issued on October\u00a031, 2022) | January 1, 2023 |
Standard/interpretation | Effective date |
IFRS 17 Insurance Contracts (issued on May\u00a018, 2017); including Amendments to IFRS\u00a017 (issued on June\u00a025, 2020) | January 1, 2023 |
Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (issued on February\u00a012, 2021) | January 1, 2023 |
Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies (issued on February\u00a012, 2021) | January 1, 2023 |
Amendments to IAS 12 Income Taxes: Deferred Tax Related to Assets and Liabilities arising from a Single Transaction (issued on May 7, 2021) | January 1, 2023 |
Amendments to IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information (issued on December\u00a09, 2021) | January 1, 2023 |
Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar Two Model Rules (issued on May\u00a023, 2023) | January 1, 2023 |
Standard/interpretation | Effective date |
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on September\u00a022, 2022) | January 1, 2023 |
Amendments to IAS 1 Presentation of Financial Statements: \u2022 Classification of Liabilities as Current or Non-current (issued on January 23, 2020); \u2022 Classification of Liabilities as Current or Non-current - Deferral of Effective Date (issued on July\u00a015,\u00a0 2020); and \u2022 Non-current Liabilities with Covenants (issued on October\u00a031, 2022) | January 1, 2023 |
in thousands of U.S. dollars | |
Property, plant, and equipment | 238 |
Deferred tax assets | 66 |
Inventories | 2,805 |
Accounts receivable | 4,483 |
Other assets | 4,532 |
Cash and cash equivalents | 23,229 |
Total assets | 35,353 |
Non-current loans and borrowings | 26 |
Trade payables | 2,691 |
Other current liabilities | 7,712 |
Deferred tax liabilities | 134 |
Total liabilities | 10,563 |
Total identifiable assets and liabilities acquired | 24,790 |
in thousands of U.S. dollars | 2023 | 2022 |
Gross revenue PCM wafer | 787,180 | 653,420 |
Gross revenue NRE and technology services | 109,246 | 92,217 |
Revenue recognized over time PCM wafer | 16,605 | \u2014 |
Other revenue | 24 | 16 |
Discounts and warranty credits | (6,269) | (6,184) |
Total | 906,786 | 739,469 |
in thousands of U.S. dollars | 2023 | 2022 |
Gross revenue PCM wafer | 787,180 | 653,420 |
Gross revenue NRE and technology services | 109,246 | 92,217 |
Revenue recognized over time PCM wafer | 16,605 | \u2014 |
Other revenue | 24 | 16 |
Discounts and warranty credits | (6,269) | (6,184) |
Total | 906,786 | 739,469 |
in thousands of U.S. dollars | 2023 | 2022 |
Employee-related expenses | (221,766) | (192,228) |
Cost of materials | (188,638) | (167,034) |
Costs of fixed assets (maintenance, spare parts, etc.) | (100,790) | (85,828) |
Depreciation and amortization | (77,925) | (67,854) |
Facility costs | (93,890) | (69,532) |
External services | (10,058) | (9,095) |
Changes in inventories | 19,505 | 12,427 |
Grants | 20,482 | 16,642 |
Other | 4,346 | (1,013) |
Total | (648,734) | (563,515) |
in thousands of U.S. dollars | 2023 | 2022 |
Employee-related expenses | (27,664) | (24,980) |
Cost of materials | (10,944) | (9,923) |
Costs of fixed assets (incl. maintenance software, etc.) | (3,920) | (4,019) |
Depreciation and amortization | (1,837) | (1,586) |
Facility costs | (1,111) | (869) |
External services | (684) | (884) |
Grants | 6,872 | 5,643 |
Other | (7,903) | (4,185) |
Total | (47,191) | (40,803) |
in thousands of U.S. dollars | 2023 | 2022 |
Employee-related expenses | (29,309) | (23,354) |
External services | (6,790) | (5,946) |
Depreciation and amortization | (3,450) | (3,033) |
Costs of fixed assets (maintenance software, etc.) | (5,871) | (3,989) |
Insurance, dues, and fees | (1,585) | (1,468) |
Facility costs | (1,416) | (1,103) |
Grants | 23 | 444 |
Other | 1,241 | 962 |
Total | (47,157) | (37,487) |
in thousands of U.S. dollars | 2023 | 2022 |
Included in cost of sales | (77,060) | (67,000) |
Included in research and development expenses | (1,284) | (1,218) |
Included in selling expenses | (106) | (103) |
Included in general and administrative expenses | (2,038) | (1,692) |
Included in expenses related to investment properties and other expenses | (1,649) | (1,612) |
Total | (82,137) | (71,625) |
in thousands of U.S. dollars | 2023 | 2022 |
Included in cost of sales | (865) | (854) |
Included in research and development expenses | (553) | (368) |
Included in general and administrative expenses | (1,412) | (1,341) |
Total | (2,830) | (2,563) |
in thousands of U.S. dollars | 2023 | 2022 |
Wages and salaries | (217,684) | (190,512) |
Social security costs | (44,417) | (38,069) |
Contributions to defined contribution plans | (13,028) | (11,445) |
Other employee-related costs | (11,679) | (7,983) |
Total | (286,808) | (248,009) |
in thousands of U.S. dollars | 2023 | 2022 |
Included in cost of sales | (77,060) | (67,000) |
Included in research and development expenses | (1,284) | (1,218) |
Included in selling expenses | (106) | (103) |
Included in general and administrative expenses | (2,038) | (1,692) |
Included in expenses related to investment properties and other expenses | (1,649) | (1,612) |
Total | (82,137) | (71,625) |
in thousands of U.S. dollars | 2023 | 2022 |
Included in cost of sales | (865) | (854) |
Included in research and development expenses | (553) | (368) |
Included in general and administrative expenses | (1,412) | (1,341) |
Total | (2,830) | (2,563) |
in thousands of U.S. dollars | 2023 | 2022 |
Wages and salaries | (217,684) | (190,512) |
Social security costs | (44,417) | (38,069) |
Contributions to defined contribution plans | (13,028) | (11,445) |
Other employee-related costs | (11,679) | (7,983) |
Total | (286,808) | (248,009) |
in thousands of U.S. dollars | 2023 | 2022 |
Gains on disposals of property, plant, and equipment | 3,595 | 3,899 |
Income from recharges | 3,078 | 3,015 |
Governmental refunds for energy | 942 | \u2014 |
Income from other admin services/cost sharing | 757 | 527 |
Income from sales of materials | 67 | 188 |
Other | 968 | 547 |
Total | 9,407 | 8,176 |
in thousands of U.S. dollars | 2023 | 2022 |
Settlement of a dispute | (5,095) | (36,811) |
Expenses from recharges | (3,078) | (3,015) |
Losses on disposal of property, plant, and equipment | (462) | (10) |
Other | (947) | (87) |
Total | (9,582) | (39,923) |
in thousands of U.S. dollars | 2023 | 2022 |
Interest on financial assets measured at amortized cost: | ||
Interest on cash and cash equivalents | 10,463 | 1,836 |
Other: | ||
Income from exchange rate differences | 24,195 | 34,695 |
Total | 34,658 | 36,531 |
in thousands of U.S. dollars | 2023 | 2022 |
Interest on financial assets measured at amortized cost: | ||
Interest on cash and cash equivalents | 10,463 | 1,836 |
Other: | ||
Income from exchange rate differences | 24,195 | 34,695 |
Total | 34,658 | 36,531 |
in thousands of U.S. dollars | 2023 | 2022 |
Interest on financial liabilities measured at amortized cost: | ||
Loans and borrowings | (12,173) | (6,619) |
Other interest | (889) | (12,624) |
Other: | ||
Expenses from exchange rate differences | (24,087) | (37,061) |
Other | \u2014 | (500) |
Total | (37,149) | (56,804) |
in thousands of U.S. dollars | 2023 | 2022 |
Interest on financial liabilities measured at amortized cost: | ||
Loans and borrowings | (12,173) | (6,619) |
Other interest | (889) | (12,624) |
Other: | ||
Expenses from exchange rate differences | (24,087) | (37,061) |
Other | \u2014 | (500) |
Total | (37,149) | (56,804) |
in thousands of U.S. dollars | 2023 | 2022 |
Current taxes: | ||
Actual income tax charge for the period | (8,243) | (6,420) |
Adjustment of prior years\u2019 tax charges | (841) | (483) |
(9,084) | (6,903) | |
Deferred taxes | 15,795 | 22,332 |
Total | 6,711 | 15,429 |
in thousands of U.S. dollars | 2023 | 2022 |
Result before taxes | 155,184 | 37,062 |
Theoretical tax at combined applicable Belgian tax rate | (38,796) | (9,266) |
Recognition of previously unrecognized deferred tax on timing differences and tax losses | 58,100 | 39,810 |
Current year losses for which no deferred tax asset is recognized | (16,971) | (13,463) |
Adjustment of prior period tax liabilities recorded in the current period | (841) | (483) |
Effect of tax-free income | 3,106 | 1,206 |
Currency effects | 4,498 | (93) |
Effect of permanent differences | 81 | (290) |
Effect of non-deductible expenditures | (236) | (169) |
Effect of changes in applicable tax rates enacted during the year | \u2014 | \u2014 |
Effect of different tax rates applying to foreign operations | (1,470) | (1,889) |
Differences which are only valid for special taxes | (760) | 66 |
Income/(expense) for income taxes recognized in the consolidated statement of profit or loss | 6,711 | 15,429 |
in thousands of U.S. dollars | 2023 | 2022 |
Deferred tax assets \u2013 unrecognized amounts | ||
On unused tax losses | 211,209 | 198,038 |
On temporary differences | ||
Property, plant, and equipment/capital allowances | 220,397 | 239,582 |
Other temporary differences | 5,807 | 6,107 |
Total unrecognized deferred tax assets | 437,413 | 443,727 |
Deferred tax assets \u2013 recognized amounts | ||
On unused tax losses | 34,976 | 39,313 |
On temporary differences | ||
Property, plant, and equipment/capital allowances | 51,505 | 33,709 |
Other temporary differences | (2,709) | (5,045) |
Total recognized deferred tax assets | 83,772 | 67,977 |
in thousands of U.S. dollars | 2023 | 2022 |
Belgian tax loss carry forward | 2,702 | \u2014 |
German corporation tax loss carry forward | 128,606 | 141,136 |
German trade tax loss carry forward | 163,885 | 180,007 |
U.S. federal tax loss carry forward | 151,883 | 169,241 |
U.S. state tax loss carry forward | 22,291 | 39,650 |
Malaysian tax loss carry forward | 327,678 | 341,789 |
French tax loss carry forward | 357,084 | 271,274 |
in thousands of U.S. dollars | Tax losses carried forward | Property, plant, and equipment | Other temporary differences | Total |
Balance at January 1, 2022 | 18,833 | 31,341 | (4,529) | 45,645 |
Recognized in profit and loss | 20,480 | 2,368 | (516) | 22,332 |
Recognized in other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 |
Balance at December 31, 2022 | 39,313 | 33,709 | (5,045) | 67,977 |
Set off of tax | \u2014 | 1,141 | (1,141) | \u2014 |
Net balance at December 31, 2022 | 39,313 | 34,850 | (6,186) | 67,977 |
Balance at January 1, 2023 | 39,313 | 33,709 | (5,045) | 67,977 |
Recognized in profit and loss | (4,337) | 17,796 | 2,336 | 15,795 |
Recognized in other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 |
Balance at December 31, 2023 | 34,976 | 51,505 | (2,709) | 83,772 |
Set off of tax | \u2014 | 1,215 | (1,215) | \u2014 |
Net balance at December 31, 2023 | 34,976 | 52,720 | (3,924) | 83,772 |
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, 2023 | 14,080 | 35,029 | 235,678 | 6,619 | 168,720 | 460,126 |
Accumulated historical cost January\u00a01, 2023 | 14,292 | 112,027 | 1,175,354 | 33,288 | 168,720 | 1,503,681 |
Additions | 15 | 2,147 | 60,105 | 2,610 | 291,619 | 356,496 |
Disposals | \u2014 | (5,454) | (1,685) | \u2014 | (7,139) | |
Reclassifications | \u2014 | 15,431 | 95,982 | 1,903 | (113,416) | (100) |
Effect of changes in exchange rates | \u2014 | \u2014 | \u2014 | (182) | \u2014 | (182) |
Accumulated historical cost December 31, 2023 | 14,307 | 129,605 | 1,325,987 | 35,934 | 346,923 | 1,852,756 |
Accumulated depreciation January\u00a01,\u00a02023 | (212) | (76,998) | (939,676) | (26,669) | \u2014 | (1,043,555) |
Additions | (30) | (3,826) | (74,129) | (3,649) | \u2014 | (81,634) |
Disposals | \u2014 | \u2014 | 5,266 | 1,513 | \u2014 | 6,779 |
Reclassifications | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Effect of changes in exchange rates | \u2014 | \u2014 | \u2014 | 142 | \u2014 | 142 |
Accumulated depreciation December\u00a031,\u00a02023 | (242) | (80,824) | (1,008,539) | (28,663) | \u2014 | (1,118,268) |
Net book value December 31, 2023 | 14,065 | 48,781 | 317,448 | 7,271 | 346,923 | 734,488 |
Net book value January\u00a01, 2022 | 14,110 | 37,843 | 209,401 | 5,816 | 73,500 | 340,670 |
Accumulated historical cost January 1, 2022 | 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, 2022 | 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, 2022 | (212) | (76,998) | (939,676) | (26,669) | \u2014 | (1,043,555) |
Net book value\u00a0 December\u00a031, 2022 | 14,080 | 35,029 | 235,678 | 6,619 | 168,720 | 460,126 |
in thousands of U.S. dollars | 2023 | 2022 |
Net book value, beginning of period | 7,674 | 8,309 |
Additions | \u2014 | \u2014 |
Depreciation | (503) | (635) |
Disposals | \u2014 | \u2014 |
Reclassifications | \u2014 | \u2014 |
Net book value, end of period | 7,171 | 7,674 |
Accumulated cost | 33,647 | 33,647 |
Accumulated depreciation | (26,476) | (25,974) |
Fair value | 34,714 | 32,845 |
in thousands of U.S. dollars | 2023 | 2022 |
2023 | 5,017 | |
2024 | 5,835 | 5,630 |
2025 | 5,796 | 1,797 |
2026 | 2,513 | 1,797 |
2027 | 2,091 | 1,371 |
2028 | 1,125 | \u2014 |
Total | 17,360 | 15,612 |
in thousands of U.S. dollars | Licenses | Payments on account | Total |
Net book value January 1, 2023 | 4,381 | 1,818 | 6,199 |
Accumulated historical cost January 1, 2023 | 61,556 | 1,818 | 63,374 |
Additions | 760 | 1,398 | 2,158 |
Disposals | (73) | \u2014 | (73) |
Reclassifications | 1,694 | (1,594) | 100 |
Effect of changes in exchange rates | \u2014 | \u2014 | \u2014 |
Accumulated historical cost December 31, 2023 | 63,937 | 1,622 | 65,559 |
Accumulated amortization January 1, 2023 | (57,175) | \u2014 | (57,175) |
Additions | (2,830) | \u2014 | (2,830) |
Disposals | 73 | \u2014 | 73 |
Accumulated amortization December 31, 2023 | (59,932) | \u2014 | (59,932) |
Net book value December 31, 2023 | 4,005 | 1,622 | 5,627 |
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 |
in thousands of U.S. dollars | 2023 | 2022 |
Materials and supplies | 163,949 | 124,760 |
Work in progress | 105,765 | 95,383 |
Finished goods | 6,749 | 3,723 |
Merchandise | 6 | 6 |
Write-downs | (7,242) | (9,437) |
Total | 269,227 | 214,435 |
in thousands of U.S. dollars | 2023 | 2022 |
Trade accounts receivable | 121,646 | 43,989 |
Amounts due from related party entities | 2,774 | 30,214 |
Allowances | (1,319) | (1,087) |
Total | 123,101 | 73,116 |
in thousands of U.S. dollars | 2023 | 2022 |
Neither past due nor impaired | 83,269 | 31,463 |
Past due 1\u201330 days | 24,149 | 9,207 |
Past due 31\u201360 days | 941 | 1,592 |
Past due 61\u2013360 days | 11,968 | 640 |
Past due >360 days | \u2014 | \u2014 |
Total | 120,327 | 42,902 |
December 31, 2023 | |||
in thousands of U.S. dollars | Weighted average loss rate | Gross carrying amount | Loss allowance |
Neither past due nor impaired | 0.08% | 94,756 | (76) |
Past due 1\u201330 days | 0.08% | 24,149 | (19) |
Past due 31\u201360 days | 1.50% | 941 | (14) |
Past due 61\u201390 days | 3.75% | 869 | (33) |
More than 90 days past due (less credit impaired) | 9.75% | 2,386 | (233) |
Total | 123,101 | (375) |
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) |
in thousands of U.S. dollars | 2023 | 2022 |
Balance at January 1 | (1,087) | (1,028) |
Impairment loss recognized | (4) | (58) |
Use of allowance | (33) | 2 |
Reversal of allowance | \u2014 | 27 |
Net remeasurement of loss allowance | (195) | (30) |
Balance at December 31 | (1,319) | (1,087) |
in thousands of U.S. dollars | 2023 | 2022 |
Other assets | 50,064 | 55,768 |
Other non-current assets | 58 | 79 |
Total | 50,122 | 55,847 |
in thousands of U.S. dollars | 2023 | 2022 |
R&D grants receivable | 25,188 | 22,537 |
Prepaid expenses | 13,072 | 20,700 |
Receivables from energy surcharges | 5,116 | 4,872 |
Taxes (other) | 5,658 | 5,676 |
Investment grants and subsidies receivable | \u2014 | 1,170 |
Deposits | 543 | 535 |
Other | 487 | 278 |
Total | 50,064 | 55,768 |
in thousands of U.S. dollars | 2023 | 2022 |
Other assets | 50,064 | 55,768 |
Other non-current assets | 58 | 79 |
Total | 50,122 | 55,847 |
in thousands of U.S. dollars | 2023 | 2022 |
R&D grants receivable | 25,188 | 22,537 |
Prepaid expenses | 13,072 | 20,700 |
Receivables from energy surcharges | 5,116 | 4,872 |
Taxes (other) | 5,658 | 5,676 |
Investment grants and subsidies receivable | \u2014 | 1,170 |
Deposits | 543 | 535 |
Other | 487 | 278 |
Total | 50,064 | 55,768 |
in thousands of U.S. dollars | 2023 | 2022 | |
Cash and bank balances | 157,545 | 367,221 | |
Restricted cash | 4,018 | \u2014 | |
Term deposits | 244,138 | 2,204 | |
Total | 405,701 | 369,425 |
in thousands of U.S. dollars | 2023 | 2022 |
Unused credit lines | ||
Unused part of multicurrency revolving credit facility denominated in EUR or in USD \u2013 variable rates | 19,000 | 2,000 |
Interest rate USD: SOFR +1.25% | ||
Interest rate EUR: EURIBOR +1.0% | ||
Unused credit lines denominated in EUR \u2013 fixed rates | 7,735 | 7,473 |
Interest rate: 6.47\u20136.51% | ||
Other unused credit lines denominated in EUR \u2013 variable rates | 2,210 | 2,135 |
Interest rates: EURIBOR +2.5% |
in thousands of U.S. dollars | 2023 | 2022 |
Bank loans and overdrafts | ||
Variable interest bank overdrafts in EUR | ||
Maturity: 2023 | \u2014 | 2 |
Interest rates: EURIBOR + 2.5% | ||
Fixed interest bank loans denominated in EUR | 47,373 | 67,380 |
Maturity: 2024\u20132029 | ||
Interest rates: 0.85\u20132.3% | ||
Repayments in monthly or quarterly installments | ||
Fixed interest bank loans denominated in USD | 405 | \u2014 |
Maturity: 2028 | ||
Interest rates:.8.25\u20138.5% | ||
Repayments in monthly installments/on maturity | ||
Variable interest revolving credit facility denominated in USD | 99,876 | 138,998 |
Maturity: 2024 | ||
Interest rates: SOFR + 1.67% | ||
Repayment on maturity | ||
Variable interest revolving credit facility denominated in EUR | 91,715 | 64,056 |
Maturity: 2024 | ||
Interest rates: EURIBOR + 1.0% | ||
Repayment on maturity | ||
Leasing arrangements | ||
Leasing liabilities denominated in EUR | 11,230 | 13,467 |
Maturity: 2024\u20132034 | ||
Interest rates: 0.15\u20133.57% | ||
Repayment in monthly installments | ||
Leasing liabilities denominated in USD | 6,526 | 7,018 |
\u00a0 \u00a0 Maturity: 2024\u20132034 | ||
Interest rates: 3.32% | ||
Repayment in monthly installments | ||
Leasing liabilities denominated in MYR | 3,852 | 6,024 |
Maturity: 2024\u20132025 | ||
Interest rates: 4.66% | ||
Repayment in monthly installments | ||
Total | 260,977 | 296,945 |
Current loans and borrowings | 218,316 | 233,513 |
Non-current loans and borrowings | 42,661 | 63,432 |
in thousands of U.S. dollars | 2023 | 2022 |
2023 | 230,414 | |
2024 | 215,469 | 22,440 |
2025 | 19,484 | 18,965 |
2026 | 13,853 | 13,472 |
2027 | 2,860 | 2,860 |
2028-2034 | 9,311 | 8,794 |
Total | 260,977 | 296,945 |
in thousands of U.S. dollars | 2023 | 2022 |
Unused credit lines | ||
Unused part of multicurrency revolving credit facility denominated in EUR or in USD \u2013 variable rates | 19,000 | 2,000 |
Interest rate USD: SOFR +1.25% | ||
Interest rate EUR: EURIBOR +1.0% | ||
Unused credit lines denominated in EUR \u2013 fixed rates | 7,735 | 7,473 |
Interest rate: 6.47\u20136.51% | ||
Other unused credit lines denominated in EUR \u2013 variable rates | 2,210 | 2,135 |
Interest rates: EURIBOR +2.5% |
in thousands of U.S. dollars | 2023 | 2022 |
Bank loans and overdrafts | ||
Variable interest bank overdrafts in EUR | ||
Maturity: 2023 | \u2014 | 2 |
Interest rates: EURIBOR + 2.5% | ||
Fixed interest bank loans denominated in EUR | 47,373 | 67,380 |
Maturity: 2024\u20132029 | ||
Interest rates: 0.85\u20132.3% | ||
Repayments in monthly or quarterly installments | ||
Fixed interest bank loans denominated in USD | 405 | \u2014 |
Maturity: 2028 | ||
Interest rates:.8.25\u20138.5% | ||
Repayments in monthly installments/on maturity | ||
Variable interest revolving credit facility denominated in USD | 99,876 | 138,998 |
Maturity: 2024 | ||
Interest rates: SOFR + 1.67% | ||
Repayment on maturity | ||
Variable interest revolving credit facility denominated in EUR | 91,715 | 64,056 |
Maturity: 2024 | ||
Interest rates: EURIBOR + 1.0% | ||
Repayment on maturity | ||
Leasing arrangements | ||
Leasing liabilities denominated in EUR | 11,230 | 13,467 |
Maturity: 2024\u20132034 | ||
Interest rates: 0.15\u20133.57% | ||
Repayment in monthly installments | ||
Leasing liabilities denominated in USD | 6,526 | 7,018 |
\u00a0 \u00a0 Maturity: 2024\u20132034 | ||
Interest rates: 3.32% | ||
Repayment in monthly installments | ||
Leasing liabilities denominated in MYR | 3,852 | 6,024 |
Maturity: 2024\u20132025 | ||
Interest rates: 4.66% | ||
Repayment in monthly installments | ||
Total | 260,977 | 296,945 |
Current loans and borrowings | 218,316 | 233,513 |
Non-current loans and borrowings | 42,661 | 63,432 |
in thousands of U.S. dollars | 2023 | 2022 |
2023 | 230,414 | |
2024 | 215,469 | 22,440 |
2025 | 19,484 | 18,965 |
2026 | 13,853 | 13,472 |
2027 | 2,860 | 2,860 |
2028-2034 | 9,311 | 8,794 |
Total | 260,977 | 296,945 |
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, 2022 | 270,434 | 26,509 | 432,745 | 348,709 | 16,508 | \u2014 | 1,094,905 |
Changes from financing cash flows | |||||||
Proceeds from loans and borrowings | 205,784 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 205,784 |
Repayment of loans and borrowings | (241,806) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (241,806) |
Repayment of loans and borrowings from related parties | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Receipts from sale and leaseback arrangements | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Payments of lease liabilities | \u2014 | (5,512) | \u2014 | \u2014 | \u2014 | \u2014 | (5,512) |
Interest paid | (11,630) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (11,630) |
Payment of preference dividend | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Distribution to non- controlling interests | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Receipt of investment government grants and subsidies | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Total changes from financing cash flows | (47,652) | (5,512) | \u2014 | \u2014 | \u2014 | \u2014 | (53,164) |
Other changes | |||||||
Effect of changes in foreign exchange rates | 4,414 | 23 | \u2014 | \u2014 | \u2014 | \u2014 | 4,437 |
Liability related | |||||||
New leases in prior year, funds received in current year | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Prolongation of existing lease contracts | \u2014 | 588 | \u2014 | \u2014 | \u2014 | 588 | |
Interest expenses | 12,173 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 12,173 |
Gain on derecognition of financial liability | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Equity related | \u2014 | \u2014 | \u2014 | \u2014 | 163,650 | \u2014 | 163,650 |
Total liability-related other changes | 12,173 | 588 | \u2014 | \u2014 | \u2014 | \u2014 | 12,761 |
Total equity-related other changes | \u2014 | \u2014 | \u2014 | \u2014 | 163,650 | \u2014 | 163,650 |
Balance at December\u00a031, 2023 | 239,369 | 21,608 | 432,745 | 348,709 | 180,158 | \u2014 | 1,222,589 |
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 | 7,723 | ||||
Payments of lease liabilities | \u2014 | (5,662) | \u2014 | \u2014 | \u2014 | \u2014 | (5,662) |
Interest paid | (5,188) | \u2014 | \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 | \u2014 | 1,924 |
Interest expenses | 6,619 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 6,619 |
Gain on derecognition of financial liability | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (6,563) |
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 | 52,663 | (354) | 52,309 |
Balance at December\u00a031, 2022 | 270,434 | 26,509 | 432,745 | 348,709 | 16,508 | \u2014 | 1,094,905 |
in thousands of U.S. dollars | DBO | Fair value of plan assets | Net defined benefit liability |
January 1, 2023 | 8,547 | (4,034) | 4,513 |
Included in profit or loss: | |||
Current service cost | 674 | \u2014 | 674 |
Past service cost/curtailment | \u2014 | \u2014 | \u2014 |
Currency effects from conversion into USD | 304 | (282) | 22 |
Included in OCI: | |||
Return on plan assets | \u2014 | (44) | (44) |
Actuarial losses | 577 | \u2014 | 577 |
Other: | |||
Contributions paid by the employer | (1,045) | \u2014 | (1,045) |
Benefits paid | \u2014 | \u2014 | |
December 31, 2023 | 9,057 | (4,360) | 4,697 |
\u2014 | |||
January 1, 2022 | 9,974 | (4,354) | 5,620 |
Included in profit or loss: | |||
Current service cost | 484 | \u2014 | 484 |
Past service cost | \u2014 | \u2014 | \u2014 |
Currency effects from conversion into USD | (563) | 431 | (132) |
Included in OCI: | |||
Return on plan assets | \u2014 | (111) | (111) |
Actuarial losses | (295) | \u2014 | (295) |
Other: | |||
Contributions paid by the employer | \u2014 | \u2014 | \u2014 |
Benefits paid | (1,053) | \u2014 | (1,053) |
December 31, 2022 | 8,547 | (4,034) | 4,513 |
in thousands of U.S. dollars | 2023 | 2022 |
Discount rate | 3.18% | 3.36% |
Employee turnover | 5.00% | 5.00% |
Social security costs | 47.00% | 47.00% |
in thousands of U.S. dollars | Increase at Dec.\u00a031, 2023 | Decrease at Dec.\u00a031, 2023 | Increase at Dec.\u00a031, 2022 | Decrease at Dec.\u00a031, 2022 |
Discount rate (+0.25% movement) | 153 | \u2014 | 124 | |
Future salary growth (+0.25% movement) | 163 | 132 | \u2014 |
in thousands of U.S. dollars | 2023 | 2022 |
Accrued liabilities | 39,606 | 31,464 |
For invoices not yet received | 37,385 | 29,280 |
Royalties | 682 | 419 |
Sales commissions | 415 | 349 |
Staff association costs | 632 | 691 |
Other | 492 | 725 |
Advances received | 301,287 | 31,127 |
Deferred income | (29) | 298 |
Employee-related liabilities | 26,722 | 24,958 |
Wages | 3,165 | 2,992 |
Earned holiday entitlement, incentives | 17,419 | 15,556 |
Payroll taxes | 1,358 | 2,377 |
Social security costs | 4,780 | 4,033 |
Other | (4) | (4) |
Total | 367,582 | 87,843 |
in thousands of U.S. dollars | 2023 | 2022 |
Current provisions | 9,775 | 7,413 |
Non-current provisions | 56 | 56 |
Total | 9,831 | 7,469 |
in thousands of U.S. dollars | Warranty provisions | Employee provisions | Other | Total |
January 1, 2023 | 6,854 | 616 | \u2014 | 7,470 |
Provided for | 3,687 | 10 | 1,000 | 4,697 |
Utilized | (1,500) | (50) | \u2014 | (1,550) |
Released | (535) | (287) | (822) | |
Effect of changes in exchange rates | 17 | 17 | 3 | 37 |
December 31, 2023 | 8,523 | 593 | 716 | 9,832 |
in thousands of U.S. dollars | Warranty provisions | Employee provisions | Other | 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 | 2023 | 2022 |
Europe | 595,583 | 454,197 |
Belgium | 402,545 | 294,400 |
Germany | 87,558 | 72,794 |
United Kingdom | 58,871 | 42,117 |
Austria | 8,351 | 11,007 |
France | 7,098 | 8,022 |
Switzerland | 8,434 | 7,918 |
Sweden | 6,116 | 5,215 |
Denmark | 3,475 | 3,090 |
Other | 3,288 | 3,179 |
Finland | 2,369 | 2,384 |
Netherlands | 4,872 | 2,629 |
Ireland | 2,606 | 1,442 |
Asia | 213,476 | 176,128 |
China | 78,855 | 55,084 |
Japan | 40,947 | 28,582 |
Malaysia | 18,237 | 20,055 |
Singapore | 14,021 | 18,225 |
Thailand | 18,230 | 14,556 |
Macau (China) | 10,523 | 1,181 |
Taiwan | 5,388 | 12,232 |
Hong Kong | 15,477 | 12,029 |
Korea | 9,532 | 9,648 |
New Zealand | 1,001 | 3,420 |
Other | 1,265 | 1,116 |
United States of America | 96,154 | 106,725 |
Rest of the world | 1,573 | 2,419 |
Total | 906,786 | 739,469 |
in thousands of U.S. dollars | 2023 | 2022 |
Malaysia | 318,794 | 187,265 |
France | 197,106 | 114,289 |
Germany | 174,167 | 151,114 |
United States of America | 141,050 | 89,388 |
Total | 831,117 | 542,056 |
December 31, 2023 | |||||
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 | 123,101 | ||||
Cash and cash equivalents | 405,701 | ||||
Financial liabilities measured at amortized cost | |||||
Trade payables | (90,681) | ||||
Bank loans, overdrafts, and lease liabilities | (260,977) | (261,273) | (261,273) | ||
December 31, 2022 | |||||
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) |
in thousands of U.S. dollars | 2023 | 2022 |
Assets | ||
Trade accounts receivable | 33,813 | 15,342 |
Other assets | 36,616 | 34,521 |
Cash | 110,763 | 180,284 |
Liabilities | ||
Trade payables | 34,095 | 13,625 |
Loans and borrowings | 150,318 | 144,903 |
Other liabilities and provisions | 133,012 | 39,479 |
in thousands of U.S. dollars | 2023 | 2022 |
Assets | ||
Trade accounts receivable | 38 | 44 |
Other assets | 5,461 | 5,813 |
Cash | 43,419 | 14,839 |
Liabilities | ||
Trade payables | 89 | 269 |
Loans and borrowings | 3,852 | 6,203 |
Other liabilities and provisions | 2,000 | 882 |
2023 | 2022 | |
USD/EUR | ||
Closing rate | 0.905 | 0.937 |
Average rate | 0.925 | 0.948 |
USD/MYR | ||
Closing rate | 4.595 | 4.405 |
Average rate | 4.559 | 4.398 |
USD/EUR | Increase/ (decrease) in EUR rate | Effect on profit before tax |
2023 | 5% | (6,875) |
-5% | 6,875 | |
2022 | 5% | 1,607 |
-5% | (1,607) | |
USD/MYR | Increase/ (decrease) in MYR rate | Effect on profit before tax |
2023 | 20% | 7,643 |
-20% | (7,643) | |
2022 | 20% | 2,669 |
-20% | (2,669) |
in thousands of U.S. dollars | 2023 | 2022 |
Net book value January 1 | 21,438 | 24,415 |
Additions | 588 | 1,923 |
Depreciation | (4,438) | (4,373) |
Disposals | \u2014 | \u2014 |
Reclassifications | \u2014 | (527) |
Net book value December 31 | 17,588 | 21,438 |
in thousands of U.S. dollars | 2023 | 2022 | ||
Minimum leasing payment | Present value | Minimum leasing payment | Present value | |
2024 | 5,916 | 5,503 | ||
2025\u20132027 | 17,554 | 16,104 | ||
2023 | 6,050 | 5,506 | ||
2024\u20132026 | 22,865 | 21,003 | ||
Total | 23,470 | 21,607 | 28,915 | 26,509 |
Interest | (1,863) | (1,863) | (2,407) | (2,407) |
Liability | 21,607 | 19,744 | 26,508 | 24,102 |
in thousands of U.S. dollars | 2023 | 2022 |
Trade accounts receivable due from Melexis group companies | \u2014 | 27,241 |
Trade accounts receivable due from M-MOS group companies | 2,408 | 2,905 |
Trade accounts receivable due from X-Celeprint | 32 | 34 |
Trade accounts receivable due from X Display Company Technology | 334 | 34 |
Total | 2,774 | 30,214 |
in thousands of U.S. dollars | 2023 | 2022 |
Advances received from Melexis group companies | \u2014 | 3,833 |
Advances received from M- MOS group companies | 3,827 | 3,827 |
Trade accounts payable due to Melexis group companies | \u2014 | 132 |
Trade accounts payable due to M-MOS group companies | 23 | 22 |
Trade accounts payable due to XTRION | 33 | 26 |
Trade accounts payable due to Sensinnovat | \u2014 | 118 |
Other | \u2014 | 18 |
Total | 3,883 | 7,976 |
in thousands of U.S. dollars | 2023 | 2022 |
Sales to Melexis group companies | 339,229 | 293,014 |
Sales to M-MOS group companies | 13,300 | 18,940 |
Sales to X Display Company Technology | 255 | 359 |
Property rental and other income from Melexis group companies | 3,484 | 2,080 |
Other income from M-MOS | 48 | 39 |
Other income from X Display Company | 11 | \u2014 |
Total | 356,327 | 314,432 |
in thousands of U.S. dollars | 2023 | 2022 |
Services provided by Melexis group companies | 618 | 413 |
Services/purchases provided by M-MOS group companies | 21 | 18 |
Services provided by XTRION | 105 | 87 |
Services provided from Elex | 76 | \u2014 |
Warranty cost Melexis group | 1,288 | 2,724 |
Total | 2,108 | 3,242 |
in thousands of U.S. dollars | 2023 | 2022 |
Short-term employee benefits | 1,334 | 1,297 |
Short-term employee benefits for members of management that are not on the payroll of the Company (CEO,\u00a0 CFO, and COO) | 1,305 | 679 |
Directors\u2019 compensation | 187 | 231 |
Total | 2,826 | 2,207 |
in thousands of U.S. dollars | 2023 | 2022 |
Purchase commitments for: | ||
Property, plant, and equipment | 600,040 | 334,217 |
Intangible assets | 1,465 | 2,400 |
Material and services | 10,869 | 39,865 |
Total | 612,374 | 376,482 |
in thousands of U.S. dollars | 2023 | 2022 |
Purchase commitments for: | ||
Property, plant, and equipment | 600,040 | 334,217 |
Intangible assets | 1,465 | 2,400 |
Material and services | 10,869 | 39,865 |
Total | 612,374 | 376,482 |
2023 | 2022 | |
Production | 3,845 | 3,568 |
Research and development | 309 | 310 |
Sales, marketing, and administration | 307 | 290 |
Trainees | 128 | 117 |
Total | 4,589 | 4,285 |
2023 | 2022 | |
Production | 4,000 | 3,662 |
Research and development | 318 | 319 |
Sales, marketing, and administration | 317 | 299 |
Trainees | 137 | 131 |
Total | 4,772 | 4,411 |
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% |
in thousands of U.S. dollars | 2023 | 2022 |
Audit cost | ||
KPMG | 583 | 345 |
Other audit firms | 107 | 105 |
Other services | ||
KPMG | 95 | 27 |
Total | 785 | 477 |