in thousands of U.S. dollars | 2024 | 2023 |
Employee-related expenses | (8,095) | (7,920) |
Advertising costs and costs of selling goods | (985) | (627) |
External services | (258) | (198) |
Facility costs | (156) | (164) |
Depreciation and amortization | (123) | (106) |
Other | 548 | 552 |
Total | (9,069) | (8,463) |
in thousands of U.S. dollars | 2024 | 2023 |
Income from technical services provided | 8,446 | 11,391 |
Income from investment property rentals | 6,293 | 6,178 |
Total | 14,739 | 17,569 |
in thousands of U.S. dollars | 2024 | 2023 |
Expenses for technical services provided | (9,746) | (12,206) |
Expenses in connection with investment property rentals | (2,222) | (2,457) |
Total | (11,968) | (14,663) |
Standard/interpretation | Effective date |
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosures: Supplier Finance Arrangements (issued on May\u00a025, 2023) | January 1, 2024 |
Amendments to IAS 1 Presentation of Financial Statements: \u2013 Classification of Liabilities as Current or Non\u2011current (issued on January\u00a023, 2020); \u2013 Classification of Liabilities as Current or Non\u2011current - Deferral of Effective Date (issued on July\u00a015, 2020); and \u2013 Non-current Liabilities with Covenants (issued on October\u00a031, 2022) | January 1, 2024 |
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on September\u00a022, 2022) | January 1, 2024 |
Standard/interpretation | Effective date |
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosures: Supplier Finance Arrangements (issued on May\u00a025, 2023) | January 1, 2024 |
Amendments to IAS 1 Presentation of Financial Statements: \u2013 Classification of Liabilities as Current or Non\u2011current (issued on January\u00a023, 2020); \u2013 Classification of Liabilities as Current or Non\u2011current - Deferral of Effective Date (issued on July\u00a015, 2020); and \u2013 Non-current Liabilities with Covenants (issued on October\u00a031, 2022) | January 1, 2024 |
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (issued on September\u00a022, 2022) | January 1, 2024 |
in thousands of U.S. dollars | |
Property, plant, and equipment | 238 |
Deferred tax assets | 66 |
Inventories | 2,878 |
Accounts receivable | 4,483 |
Other assets | 4,532 |
Cash and cash equivalents | 23,229 |
Total assets | 35,426 |
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 | 24,863 |
in thousands of U.S. dollars | 2024 | 2023 |
Gross revenue PCM wafer | 734,783 | 787,180 |
Gross revenue NRE and technology services | 96,884 | 109,246 |
Revenue recognized over time PCM wafer | (5,919) | 16,605 |
Other revenue | 14 | 24 |
Discounts and warranty credits | (9,379) | (6,269) |
Total | 816,383 | 906,786 |
in thousands of U.S. dollars | 2024 | 2023 |
Gross revenue PCM wafer | 734,783 | 787,180 |
Gross revenue NRE and technology services | 96,884 | 109,246 |
Revenue recognized over time PCM wafer | (5,919) | 16,605 |
Other revenue | 14 | 24 |
Discounts and warranty credits | (9,379) | (6,269) |
Total | 816,383 | 906,786 |
in thousands of U.S. dollars | 2024 | 2023 |
Employee-related expenses | (216,109) | (214,348) |
Cost of materials | (174,451) | (188,638) |
Costs of fixed assets (maintenance, spare parts, etc.) | (102,265) | (100,790) |
Depreciation and amortization | (92,319) | (77,925) |
Facility costs | (75,759) | (93,890) |
External services | (5,807) | (10,058) |
Changes in inventories | 16,947 | 19,505 |
Grants | 19,943 | 20,482 |
Other | (3,614) | (3,072) |
Total | (633,434) | (648,734) |
in thousands of U.S. dollars | 2024 | 2023 |
Employee-related expenses | (39,878) | (36,042) |
Cost of materials | (8,075) | (10,944) |
Costs of fixed assets (incl. maintenance software, etc.) | (3,800) | (3,920) |
Depreciation and amortization | (1,718) | (1,837) |
Facility costs | (984) | (1,111) |
External services | (606) | (684) |
Grants | 4,908 | 6,872 |
Other | 368 | 475 |
Total | (49,785) | (47,191) |
in thousands of U.S. dollars | 2024 | 2023 |
Employee-related expenses | (27,594) | (28,498) |
External services | (7,051) | (6,790) |
Costs of fixed assets (maintenance software, etc.) | (6,177) | (5,871) |
Depreciation and amortization | (3,366) | (3,450) |
Insurance, dues, and fees | (1,600) | (1,585) |
Facility costs | (1,249) | (1,416) |
Other | (314) | 1,264 |
Total | (47,351) | (46,346) |
in thousands of U.S. dollars | 2024 | 2023 |
Included in cost of sales | (91,462) | (77,060) |
Included in research and development expenses | (1,172) | (1,284) |
Included in selling expenses | (123) | (106) |
Included in general and administrative expenses | (2,328) | (2,038) |
Included in expenses related to investment properties and other expenses | (1,918) | (1,649) |
Total | (97,003) | (82,137) |
in thousands of U.S. dollars | 2024 | 2023 |
Included in cost of sales | (857) | (865) |
Included in research and development expenses | (546) | (553) |
Included in general and administrative expenses | (1,038) | (1,412) |
Total | (2,441) | (2,830) |
in thousands of U.S. dollars | 2024 | 2023 |
Wages and salaries | (222,972) | (217,684) |
Social security costs | (46,433) | (44,417) |
Contributions to defined contribution plans | (13,132) | (13,028) |
Other employee-related costs | (9,140) | (11,679) |
Total | (291,677) | (286,808) |
in thousands of U.S. dollars | 2024 | 2023 |
Included in cost of sales | (91,462) | (77,060) |
Included in research and development expenses | (1,172) | (1,284) |
Included in selling expenses | (123) | (106) |
Included in general and administrative expenses | (2,328) | (2,038) |
Included in expenses related to investment properties and other expenses | (1,918) | (1,649) |
Total | (97,003) | (82,137) |
in thousands of U.S. dollars | 2024 | 2023 |
Included in cost of sales | (857) | (865) |
Included in research and development expenses | (546) | (553) |
Included in general and administrative expenses | (1,038) | (1,412) |
Total | (2,441) | (2,830) |
in thousands of U.S. dollars | 2024 | 2023 |
Wages and salaries | (222,972) | (217,684) |
Social security costs | (46,433) | (44,417) |
Contributions to defined contribution plans | (13,132) | (13,028) |
Other employee-related costs | (9,140) | (11,679) |
Total | (291,677) | (286,808) |
in thousands of U.S. dollars | 2024 | 2023 |
Gains on disposals of property, plant, and equipment | 3,985 | 3,595 |
Income from recharges | 3,462 | 3,078 |
Settlement of a dispute | 950 | \u2014 |
Governmental refunds for energy | \u2014 | 942 |
Income from other admin services/cost sharing | 839 | 757 |
Income from sales of materials | 287 | 67 |
Other | 1,513 | 968 |
Total | 11,036 | 9,407 |
in thousands of U.S. dollars | 2024 | 2023 |
Settlement of a dispute | \u2014 | (5,095) |
Expenses from recharges | (3,462) | (3,078) |
Loss on disposal of subsidiary | (1,030) | \u2014 |
Losses on disposal of property, plant, and equipment | (3) | (462) |
Other | (509) | (947) |
Total | (5,004) | (9,582) |
in thousands of U.S. dollars | 2024 | 2023 |
Interest on financial assets measured at amortized cost: | ||
Interest on cash and cash equivalents | 11,137 | 10,463 |
Other: | ||
Income from exchange rate differences | 24,869 | 24,195 |
Total | 36,006 | 34,658 |
in thousands of U.S. dollars | 2024 | 2023 |
Interest on financial liabilities measured at amortized cost: | ||
Loans and borrowings | (16,117) | (12,173) |
Other interest | (545) | (889) |
Other: | ||
Expenses from exchange rate differences | (21,532) | (24,087) |
Other | (66) | \u2014 |
Total | (38,260) | (37,149) |
in thousands of U.S. dollars | 2024 | 2023 |
Interest on financial assets measured at amortized cost: | ||
Interest on cash and cash equivalents | 11,137 | 10,463 |
Other: | ||
Income from exchange rate differences | 24,869 | 24,195 |
Total | 36,006 | 34,658 |
in thousands of U.S. dollars | 2024 | 2023 |
Interest on financial liabilities measured at amortized cost: | ||
Loans and borrowings | (16,117) | (12,173) |
Other interest | (545) | (889) |
Other: | ||
Expenses from exchange rate differences | (21,532) | (24,087) |
Other | (66) | \u2014 |
Total | (38,260) | (37,149) |
in thousands of U.S. dollars | 2024 | 2023 |
Current taxes: | ||
Actual income tax charge for the period | (5,574) | (8,243) |
Adjustment of prior years\u2019 tax charges | 914 | (841) |
(4,660) | (9,084) | |
Deferred taxes | (17,104) | 15,795 |
Total | (21,764) | 6,711 |
in thousands of U.S. dollars | 2024 | 2023 |
Result before taxes | 83,289 | 155,184 |
Theoretical tax at combined applicable Belgian tax rate | (20,822) | (38,796) |
Recognition of previously unrecognized deferred tax on timing differences and tax losses | 12,080 | 58,100 |
Current year losses for which no deferred tax asset is recognized | (13,161) | (16,971) |
Adjustment of prior period tax liabilities recorded in the current period | 914 | (841) |
Effect of tax-free income | 4,383 | 3,106 |
Currency effects | (3,948) | 4,498 |
Effect of permanent differences | (193) | 81 |
Effect of non-deductible expenditures | 13 | (236) |
Effect of changes in applicable tax rates enacted during the year | \u2014 | \u2014 |
Effect of different tax rates applying to foreign operations | (1,062) | (1,470) |
Differences which are only valid for special taxes | 32 | (760) |
Income/(expense) for income taxes recognized in the consolidated statement of profit or loss | (21,764) | 6,711 |
in thousands of U.S. dollars | 2024 | 2023 |
Deferred tax assets \u2013 unrecognized amounts | ||
On unused tax losses | 226,375 | 211,209 |
On temporary differences | ||
Property, plant, and equipment/capital allowances | 254,201 | 220,397 |
Other temporary differences | 9,009 | 5,807 |
Total unrecognized deferred tax assets | 489,585 | 437,413 |
Deferred tax assets \u2013 recognized amounts | ||
On unused tax losses | 24,515 | 34,976 |
On temporary differences | ||
Property, plant, and equipment/capital allowances | 44,789 | 51,505 |
Other temporary differences | (2,579) | (2,709) |
Total recognized deferred tax assets | 66,725 | 83,772 |
in thousands of U.S. dollars | 2024 | 2023 |
Belgian tax loss carry forward | \u2014 | 2,702 |
German corporation tax loss carry forward | 105,650 | 128,606 |
German trade tax loss carry forward | 144,484 | 163,885 |
U.S. federal tax loss carry forward | 155,610 | 151,883 |
U.S. state tax loss carry forward | 26,087 | 22,291 |
Malaysian tax loss carry forward | 336,061 | 327,678 |
French tax loss carry forward | 392,414 | 357,084 |
in thousands of U.S. dollars | Tax losses carried forward | Property, plant, and equipment | Other temporary differences | Total |
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 |
Balance at January 1, 2024 | 34,976 | 51,505 | (2,709) | 83,772 |
Recognized in profit and loss | (10,461) | (6,716) | 73 | (17,104) |
Recognized in other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 |
Acquired in business combinations | \u2014 | \u2014 | 57 | 57 |
Balance at December 31, 2024 | 24,515 | 44,789 | (2,579) | 66,725 |
Set off of tax | \u2014 | 1,322 | (1,322) | \u2014 |
Net balance at December 31, 2024 | 24,515 | 46,111 | (3,901) | 66,725 |
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, 2024 | 14,065 | 48,781 | 317,448 | 7,271 | 346,923 | 734,488 |
Accumulated historical cost January\u00a01, 2024 | 14,307 | 129,605 | 1,325,987 | 35,934 | 346,923 | 1,852,756 |
Additions | \u2014 | 185 | 86,509 | 903 | 421,065 | 508,662 |
Disposals | \u2014 | (34,182) | (182) | (1,365) | (35,729) | |
Reclassifications | 53 | 4,941 | 124,921 | 2,235 | (132,927) | (777) |
Change in consolidation | \u2014 | \u2014 | 198 | 40 | \u2014 | 238 |
Accumulated historical cost December 31, 2024 | 14,360 | 134,731 | 1,503,433 | 38,930 | 633,696 | 2,325,150 |
Accumulated depreciation January\u00a01,\u00a02024 | (242) | (80,824) | (1,008,539) | (28,663) | \u2014 | (1,118,268) |
Additions | (40) | (4,326) | (88,631) | (3,638) | \u2014 | (96,635) |
Disposals | \u2014 | \u2014 | 33,895 | 476 | \u2014 | 34,371 |
Accumulated depreciation December\u00a031,\u00a02024 | (282) | (85,150) | (1,063,275) | (31,825) | \u2014 | (1,180,532) |
Net book value\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 December 31, 2024 | 14,078 | 49,581 | 440,158 | 7,105 | 633,696 | 1,144,618 |
Net book value\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 January\u00a01, 2023 | 14,080 | 35,029 | 235,678 | 6,619 | 168,720 | 460,126 |
Accumulated historical cost January 1, 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 | \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, 2023 | (242) | (80,824) | (1,008,539) | (28,663) | \u2014 | (1,118,268) |
Net book value\u00a0 December\u00a031, 2023 | 14,065 | 48,781 | 317,448 | 7,271 | 346,923 | 734,488 |
in thousands of U.S. dollars | 2024 | 2023 |
Net book value, beginning of period | 7,171 | 7,674 |
Additions | 84 | \u2014 |
Depreciation | (575) | (503) |
Disposals | \u2014 | |
Reclassifications | 732 | \u2014 |
Net book value, end of period | 7,412 | 7,171 |
Accumulated cost | 34,463 | 33,647 |
Accumulated depreciation | (27,049) | (26,476) |
Fair value | 34,693 | 34,714 |
in thousands of U.S. dollars | 2024 | 2023 |
2024 | 5,835 | |
2025 | 5,689 | 5,796 |
2026 | 5,350 | 2,513 |
2027 | 1,901 | 2,091 |
2028 | 1,397 | 1,125 |
2029 | 1,144 | \u2014 |
Total | 15,481 | 17,360 |
in thousands of U.S. dollars | Licenses | Payments on account | Total |
Net book value January 1, 2024 | 4,005 | 1,622 | 5,627 |
Accumulated historical cost January 1, 2024 | 63,937 | 1,622 | 65,559 |
Additions | 234 | 2,927 | 3,161 |
Disposals | \u2014 | \u2014 | \u2014 |
Reclassifications | 2,811 | (464) | 2,347 |
Accumulated historical cost December 31, 2024 | 66,982 | 4,085 | 71,067 |
Accumulated amortization January 1, 2024 | (59,932) | \u2014 | (59,932) |
Additions | (2,441) | \u2014 | (2,441) |
Disposals | \u2014 | \u2014 | \u2014 |
Reclassifications | (2,375) | \u2014 | (2,375) |
Accumulated amortization December 31, 2024 | (64,748) | \u2014 | (64,748) |
Net book value December 31, 2024 | 2,234 | 4,085 | 6,319 |
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 |
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 |
in thousands of U.S. dollars | 2024 | 2023 |
Materials and supplies | 160,618 | 163,949 |
Work in progress | 118,354 | 105,765 |
Finished goods | 9,941 | 6,749 |
Merchandise | 6 | 6 |
Write-downs | (7,154) | (7,242) |
Total | 281,765 | 269,227 |
in thousands of U.S. dollars | 2024 | 2023 |
Trade accounts receivable | 97,806 | 121,646 |
Amounts due from related party entities | 172 | 2,774 |
Allowances | (1,331) | (1,319) |
Total | 96,647 | 123,101 |
in thousands of U.S. dollars | 2024 | 2023 |
Neither past due nor impaired | 74,547 | 83,269 |
Past due 1\u201330 days | 7,910 | 24,149 |
Past due 31\u201360 days | 1,188 | 941 |
Past due 61\u2013360 days | 3,662 | 11,968 |
Past due >360 days | 9,169 | \u2014 |
Total | 96,476 | 120,327 |
December 31, 2024 | |||
in thousands of U.S. dollars | Weighted average loss rate | Gross carrying amount | Loss allowance |
Neither past due nor impaired | 0.08% | 74,803 | (60) |
Past due 1\u201330 days | 0.08% | 7,910 | (6) |
Past due 31\u201360 days | 1.50% | 1,188 | (18) |
Past due 61\u201390 days | 3.75% | 123 | (5) |
More than 90 days past due (less credit impaired) | 9.75% | 2,124 | (207) |
Total | 86,148 | (296) |
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) |
in thousands of U.S. dollars | 2024 | 2023 |
Balance at January 1 | (1,319) | (1,087) |
Impairment loss recognized | (103) | (4) |
Use of allowance | 8 | (33) |
Reversal of allowance | 2 | \u2014 |
Net remeasurement of loss allowance | 81 | (195) |
Balance at December 31 | (1,331) | (1,319) |
in thousands of U.S. dollars | 2024 | 2023 |
Other assets | 67,423 | 50,064 |
Other non-current assets | 42 | 58 |
Total | 67,465 | 50,122 |
in thousands of U.S. dollars | 2024 | 2023 |
R&D grants receivable | 26,795 | 25,188 |
Prepaid expenses | 17,538 | 13,072 |
Receivables from energy surcharges | 5,706 | 5,116 |
Taxes (other) | 6,337 | 5,658 |
Investment grants and subsidies receivable | 9,890 | \u2014 |
Deposits | 483 | 543 |
Other | 674 | 487 |
Total | 67,423 | 50,064 |
in thousands of U.S. dollars | 2024 | 2023 |
Other assets | 67,423 | 50,064 |
Other non-current assets | 42 | 58 |
Total | 67,465 | 50,122 |
in thousands of U.S. dollars | 2024 | 2023 |
R&D grants receivable | 26,795 | 25,188 |
Prepaid expenses | 17,538 | 13,072 |
Receivables from energy surcharges | 5,706 | 5,116 |
Taxes (other) | 6,337 | 5,658 |
Investment grants and subsidies receivable | 9,890 | \u2014 |
Deposits | 483 | 543 |
Other | 674 | 487 |
Total | 67,423 | 50,064 |
in thousands of U.S. dollars | 2024 | 2023 | |
Cash and bank balances | 153,164 | 157,545 | |
Restricted cash | 4,189 | 4,018 | |
Term deposits | 58,484 | 244,138 | |
Total | 215,837 | 405,701 |
in thousands of U.S. dollars | 2024 | 2023 |
Unused credit lines | ||
Unused part of multicurrency revolving credit facility denominated in EUR or in USD \u2013 variable rates | 133,197 | 19,000 |
Interest rate USD: SOFR +1.25% | ||
Interest rate EUR: EURIBOR +1.0% | ||
Unused part of multicurrency revolving credit facility denominated in EUR or in USD \u2013 variable rates | 193,175 | \u2014 |
Interest rate USD: SOFR +1.7% | ||
Interest rate EUR: EURIBOR +1.35% | ||
Unused credit lines denominated in EUR \u2013 fixed rates | 7,311 | 7,735 |
Interest rate: 5.47\u20135.75% | ||
Other unused credit lines denominated in EUR \u2013 variable rates | 2,089 | 2,210 |
Interest rates: EURIBOR +2.5% |
in thousands of U.S. dollars | 2024 | 2023 *restated |
Bank loans and overdrafts | ||
Fixed interest bank loans denominated in EUR | 64,142 | 47,373 |
Maturity: 2025\u20132029 | ||
Interest rates: 0.9\u20134.27% | ||
Repayments in monthly or quarterly installments | ||
Fixed interest bank loans denominated in USD | 530 | 405 |
Maturity: 2025-2028 | ||
Interest rates:.8.25\u20138.5% | ||
Repayments in monthly installments/on maturity | ||
Variable interest bank loans denominated in EUR | 26,110 | \u2014 |
Maturity: 2029 | ||
Interest rates:\u00a0 EURIBOR + 0.95% | ||
Repayments in monthly or quarterly installments | ||
Variable interest revolving credit facility denominated in USD | 143,231 | 99,876 |
Maturity: 2026 | ||
Interest rates: SOFR + 1.67% | ||
Repayment on maturity | ||
Variable interest revolving credit facility denominated in EUR | 75,197 | 91,715 |
Maturity: 2026 | ||
Interest rates: EURIBOR + 1.0% | ||
Repayment on maturity | ||
Variable interest revolving credit facility denominated in EUR | 6,825 | \u2014 |
Maturity: 2029 | ||
Interest rates: EURIBOR + 1.35% | ||
Repayment on maturity | ||
Leasing arrangements | ||
Leasing liabilities denominated in EUR | 62,360 | 11,230 |
Maturity: 2025\u20132034 | ||
Interest rates: 0.15\u20133.57% | ||
Repayment in monthly installments | ||
Leasing liabilities denominated in USD | 8,376 | 6,526 |
\u00a0 \u00a0 Maturity: 2025\u20132038 | ||
Interest rates: 3.32% | ||
Repayment in monthly installments | ||
Leasing liabilities denominated in MYR | 27,362 | 3,852 |
Maturity: 2025\u20132034 | ||
Interest rates: 4.66% | ||
Repayment in monthly installments | ||
Total | 414,133 | 260,977 |
Current loans and borrowings | 44,517 | 25,659 |
Non-current loans and borrowings | 369,616 | 235,318 |
in thousands of U.S. dollars | 2024 | 2023 |
2024 | 215,469 | |
2025 | 40,667 | 19,484 |
2026 | 259,718 | 13,853 |
2027 | 32,261 | 2,860 |
2028 | 32,544 | 3,256 |
2029-2035 | 48,942 | 6,055 |
Total | 414,132 | 260,977 |
in thousands of U.S. dollars | 2024 | 2023 |
Unused credit lines | ||
Unused part of multicurrency revolving credit facility denominated in EUR or in USD \u2013 variable rates | 133,197 | 19,000 |
Interest rate USD: SOFR +1.25% | ||
Interest rate EUR: EURIBOR +1.0% | ||
Unused part of multicurrency revolving credit facility denominated in EUR or in USD \u2013 variable rates | 193,175 | \u2014 |
Interest rate USD: SOFR +1.7% | ||
Interest rate EUR: EURIBOR +1.35% | ||
Unused credit lines denominated in EUR \u2013 fixed rates | 7,311 | 7,735 |
Interest rate: 5.47\u20135.75% | ||
Other unused credit lines denominated in EUR \u2013 variable rates | 2,089 | 2,210 |
Interest rates: EURIBOR +2.5% |
in thousands of U.S. dollars | 2024 | 2023 *restated |
Bank loans and overdrafts | ||
Fixed interest bank loans denominated in EUR | 64,142 | 47,373 |
Maturity: 2025\u20132029 | ||
Interest rates: 0.9\u20134.27% | ||
Repayments in monthly or quarterly installments | ||
Fixed interest bank loans denominated in USD | 530 | 405 |
Maturity: 2025-2028 | ||
Interest rates:.8.25\u20138.5% | ||
Repayments in monthly installments/on maturity | ||
Variable interest bank loans denominated in EUR | 26,110 | \u2014 |
Maturity: 2029 | ||
Interest rates:\u00a0 EURIBOR + 0.95% | ||
Repayments in monthly or quarterly installments | ||
Variable interest revolving credit facility denominated in USD | 143,231 | 99,876 |
Maturity: 2026 | ||
Interest rates: SOFR + 1.67% | ||
Repayment on maturity | ||
Variable interest revolving credit facility denominated in EUR | 75,197 | 91,715 |
Maturity: 2026 | ||
Interest rates: EURIBOR + 1.0% | ||
Repayment on maturity | ||
Variable interest revolving credit facility denominated in EUR | 6,825 | \u2014 |
Maturity: 2029 | ||
Interest rates: EURIBOR + 1.35% | ||
Repayment on maturity | ||
Leasing arrangements | ||
Leasing liabilities denominated in EUR | 62,360 | 11,230 |
Maturity: 2025\u20132034 | ||
Interest rates: 0.15\u20133.57% | ||
Repayment in monthly installments | ||
Leasing liabilities denominated in USD | 8,376 | 6,526 |
\u00a0 \u00a0 Maturity: 2025\u20132038 | ||
Interest rates: 3.32% | ||
Repayment in monthly installments | ||
Leasing liabilities denominated in MYR | 27,362 | 3,852 |
Maturity: 2025\u20132034 | ||
Interest rates: 4.66% | ||
Repayment in monthly installments | ||
Total | 414,133 | 260,977 |
Current loans and borrowings | 44,517 | 25,659 |
Non-current loans and borrowings | 369,616 | 235,318 |
in thousands of U.S. dollars | 2024 | 2023 |
2024 | 215,469 | |
2025 | 40,667 | 19,484 |
2026 | 259,718 | 13,853 |
2027 | 32,261 | 2,860 |
2028 | 32,544 | 3,256 |
2029-2035 | 48,942 | 6,055 |
Total | 414,132 | 260,977 |
in thousands of U.S. dollars | Liabilities | Equity | ||||
Loans and borrowings | Lease liability | Share capital | Share premium | Retained earnings | Total | |
Balance at December\u00a031, 2023 | 239,369 | 21,608 | 432,745 | 348,709 | 180,158 | 1,222,589 |
Changes from financing cash flows | ||||||
Proceeds from loans and borrowings | 209,669 | \u2014 | \u2014 | \u2014 | \u2014 | 209,669 |
Repayment of loans and borrowings | (124,237) | \u2014 | \u2014 | \u2014 | \u2014 | (124,237) |
Receipts from sale and leaseback arrangements | \u2014 | 60,584 | \u2014 | \u2014 | \u2014 | 60,584 |
Payments of lease liabilities | \u2014 | (12,502) | \u2014 | \u2014 | \u2014 | (12,502) |
Interest paid | (17,214) | \u2014 | \u2014 | \u2014 | \u2014 | (17,214) |
Total changes from financing cash flows | 68,218 | 48,082 | \u2014 | \u2014 | \u2014 | 116,300 |
Other changes | ||||||
Effect of changes in foreign exchange rates | (8,214) | (2,904) | \u2014 | \u2014 | \u2014 | (11,118) |
Liability related | ||||||
New leases | \u2014 | 27,903 | \u2014 | \u2014 | \u2014 | 27,903 |
Prolongation of existing lease contracts | \u2014 | 3,409 | \u2014 | \u2014 | \u2014 | 3,409 |
Interest expenses | 16,662 | \u2014 | \u2014 | \u2014 | \u2014 | 16,662 |
Equity related | \u2014 | \u2014 | \u2014 | \u2014 | 61,489 | 61,489 |
Total liability-related other changes | 16,662 | 31,312 | \u2014 | \u2014 | \u2014 | 47,974 |
Total equity-related other changes | \u2014 | \u2014 | \u2014 | \u2014 | 61,489 | 61,489 |
Balance at December\u00a031, 2024 | 316,035 | 98,098 | 432,745 | 348,709 | 241,647 | 1,437,234 |
in thousands of U.S. dollars | Liabilities | Equity | ||||
Loans and borrowings | Lease liability | Share capital | Share premium | Retained earnings | Total | |
Balance at December\u00a031, 2022 | 270,434 | 26,509 | 432,745 | 348,709 | 16,508 | 1,094,905 |
Changes from financing cash flows | ||||||
Proceeds from loans and borrowings | 205,784 | \u2014 | \u2014 | \u2014 | \u2014 | 205,784 |
Repayment of loans and borrowings | (241,806) | \u2014 | \u2014 | \u2014 | \u2014 | (241,806) |
Payments of lease liabilities | \u2014 | (5,512) | \u2014 | \u2014 | \u2014 | (5,512) |
Interest paid | (11,630) | \u2014 | \u2014 | \u2014 | \u2014 | (11,630) |
Total changes from financing cash flows | (47,652) | (5,512) | \u2014 | \u2014 | \u2014 | (53,164) |
Other changes | ||||||
Effect of changes in foreign exchange rates | 4,414 | 23 | \u2014 | \u2014 | \u2014 | 4,437 |
Liability related | ||||||
Prolongation of existing lease contracts | \u2014 | 588 | \u2014 | \u2014 | \u2014 | 588 |
Interest expenses | 12,173 | \u2014 | \u2014 | \u2014 | \u2014 | 12,173 |
Equity related | \u2014 | \u2014 | \u2014 | \u2014 | 163,650 | 163,650 |
Total liability-related other changes | 12,173 | 588 | \u2014 | \u2014 | \u2014 | 12,761 |
Total equity-related other changes | \u2014 | \u2014 | \u2014 | \u2014 | 163,650 | 163,650 |
Balance at December\u00a031, 2023 | 239,369 | 21,608 | 432,745 | 348,709 | 180,158 | 1,222,589 |
in thousands of U.S. dollars | DBO | Fair value of plan assets | Net defined benefit liability |
January 1, 2024 | 9,057 | (4,360) | 4,697 |
Included in profit or loss: | |||
Current service cost | 782 | \u2014 | 782 |
Currency effects from conversion into USD | (493) | 110 | (383) |
Included in OCI: | |||
Return on plan assets | \u2014 | (68) | (68) |
Actuarial losses | 104 | \u2014 | 104 |
Other: | |||
Benefits paid | (975) | \u2014 | (975) |
December 31, 2024 | 8,475 | (4,318) | 4,157 |
\u2014 | |||
January 1, 2023 | 8,547 | (4,034) | 4,513 |
Included in profit or loss: | |||
Current service cost | 674 | \u2014 | 674 |
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) |
December 31, 2023 | 9,057 | (4,360) | 4,697 |
in thousands of U.S. dollars | 2024 | 2023 |
Discount rate | 3.32% | 3.18% |
Employee turnover | 5.00% | 5.00% |
Social security costs | 47.00% | 47.00% |
in thousands of U.S. dollars | Increase at Dec.\u00a031, 2024 | Decrease at Dec.\u00a031, 2024 | Increase at Dec.\u00a031, 2023 | Decrease at Dec.\u00a031, 2023 |
Discount rate (+0.25% movement) | \u2014 | 138 | \u2014 | 153 |
Future salary growth (+0.25% movement) | 146 | \u2014 | 163 | \u2014 |
in thousands of U.S. dollars | 2024 | 2023 |
Accrued liabilities | 29,968 | 39,606 |
For invoices not yet received | 28,048 | 37,385 |
Royalties | 622 | 682 |
Sales commissions | 481 | 415 |
Staff association costs | 588 | 632 |
Other | 229 | 492 |
Advances received | 323,915 | 301,287 |
Deferred income | 814 | (29) |
Employee-related liabilities | 23,458 | 26,722 |
Wages | 2,078 | 3,165 |
Earned holiday entitlement, incentives | 15,758 | 17,419 |
Payroll taxes | 1,310 | 1,358 |
Social security costs | 4,312 | 4,780 |
Other | 2 | (4) |
Total | 378,157 | 367,582 |
in thousands of U.S. dollars | 2024 | 2023 |
Current provisions | 11,978 | 9,775 |
Non-current provisions | 54 | 56 |
Total | 12,032 | 9,831 |
in thousands of U.S. dollars | Warranty provisions | Employee provisions | Other | Total |
January 1, 2024 | 8,523 | 593 | 716 | 9,832 |
Provided for | 6,696 | 29 | 237 | 6,962 |
Utilized | (3,563) | (212) | (791) | (4,566) |
Released | (125) | (1) | \u2014 | (126) |
Effect of changes in exchange rates | (47) | 7 | (30) | (70) |
December 31, 2024 | 11,484 | 416 | 132 | 12,032 |
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) | \u2014 | (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 | 2024 | 2023 |
Europe | 550,500 | 595,583 |
Belgium | 365,731 | 402,545 |
Germany | 94,849 | 87,558 |
United Kingdom | 50,646 | 58,871 |
Austria | 13,756 | 8,351 |
France | 7,688 | 7,098 |
Switzerland | 5,864 | 8,434 |
Sweden | 1,646 | 6,116 |
Denmark | 2,090 | 3,475 |
Other | 2,566 | 3,288 |
Finland | 1,429 | 2,369 |
Netherlands | 1,947 | 4,872 |
Ireland | 2,288 | 2,606 |
Asia | 186,368 | 213,476 |
China | 102,537 | 104,855 |
Japan | 31,297 | 40,947 |
Malaysia | 898 | 18,237 |
Singapore | 13,548 | 14,021 |
Thailand | 23,224 | 18,230 |
Taiwan | 5,571 | 5,388 |
South Korea | 8,137 | 9,532 |
New Zealand | 425 | 1,001 |
Other | 731 | 1,265 |
United States of America | 77,244 | 96,154 |
Rest of the world | 2,271 | 1,573 |
Total | 816,383 | 906,786 |
in thousands of U.S. dollars | 2024 | 2023 |
Malaysia | 658,101 | 318,794 |
France | 248,627 | 197,106 |
Germany | 200,916 | 174,167 |
United States of America | 117,463 | 141,050 |
Total | 1,225,107 | 831,117 |
December 31, 2024 | |||||
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 | 96,648 | ||||
Cash and cash equivalents | 215,837 | ||||
Financial liabilities measured at amortized cost | |||||
Trade payables | (67,658) | ||||
Bank loans, overdrafts, and lease liabilities | (414,133) | (418,212) | (418,212) | ||
December 31, 2023 | |||||
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) |
in thousands of U.S. dollars | 2024 | 2023 |
Assets | ||
Trade accounts receivable | 24,777 | 33,813 |
Other assets | 39,461 | 36,616 |
Cash | 66,238 | 110,763 |
Liabilities | ||
Trade payables | 13,226 | 34,095 |
Loans and borrowings | 234,634 | 150,318 |
Other liabilities and provisions | 119,606 | 133,012 |
in thousands of U.S. dollars | 2024 | 2023 |
Assets | ||
Trade accounts receivable | 8 | 38 |
Other assets | 517 | 5,461 |
Cash | 25,551 | 43,419 |
Liabilities | ||
Trade payables | 555 | 89 |
Loans and borrowings | 27,362 | 3,852 |
Other liabilities and provisions | 1,767 | 2,000 |
2024 | 2023 | |
USD/EUR | ||
Closing rate | 0.957 | 0.905 |
Average rate | 0.924 | 0.925 |
USD/MYR | ||
Closing rate | 4.465 | 4.595 |
Average rate | 4.575 | 4.559 |
USD/EUR | Increase/ (decrease) in EUR rate | Effect on profit before tax |
2024 | 5% | (11,293) |
-5% | 11,293 | |
2023 | 5% | (6,875) |
-5% | 6,875 | |
USD/MYR | Increase/ (decrease) in MYR rate | Effect on profit before tax |
2024 | 20% | (722) |
-20% | 722 | |
2023 | 20% | 7,643 |
-20% | (7,643) |
in thousands of U.S. dollars | 2024 | 2023 |
Net book value January 1 | 17,588 | 21,438 |
Additions | 44,074 | 588 |
Depreciation | (4,536) | (4,438) |
Disposals | 1 | \u2014 |
Reclassifications | 26 | \u2014 |
Net book value December 31 | 57,153 | 17,588 |
in thousands of U.S. dollars | 2024 | 2023 | ||
Minimum leasing payment | Present value | Minimum leasing payment | Present value | |
2025 | 21,566 | 17,439 | ||
2026\u20132028 | 93,362 | 80,698 | ||
2024 | 5,916 | 5,503 | ||
2025\u20132027 | 17,554 | 16,104 | ||
Total | 114,928 | 98,137 | 23,470 | 21,607 |
Interest | (16,791) | (16,791) | (1,863) | (1,863) |
Liability | 98,137 | 81,346 | 21,607 | 19,744 |
in thousands of U.S. dollars | 2024 | 2023 |
Trade accounts receivable due from M-MOS group companies | \u2014 | 2,408 |
Trade accounts receivable due from X-Celeprint | 32 | 32 |
Trade accounts receivable due from X Display Company Technology | 140 | 334 |
Total | 172 | 2,774 |
in thousands of U.S. dollars | 2024 | 2023 |
Advances received from\u00a0 \u00a0 M-MOS group companies | \u2014 | 3,827 |
Trade accounts payable due to M-MOS group companies | \u2014 | 23 |
Trade accounts payable due to XTRION | \u2014 | 33 |
Other | 18 | \u2014 |
Total | 18 | 3,883 |
in thousands of U.S. dollars | 2024 | 2023 |
Sales to Melexis group companies | \u2014 | 339,229 |
Sales to M-MOS group companies | \u2014 | 13,300 |
Sales to X Display Company Technology | 515 | 255 |
Property rental and other income from Melexis group companies | \u2014 | 3,484 |
Other income from M-MOS | \u2014 | 48 |
Other income from X Display Company | \u2014 | 11 |
Total | 515 | 356,327 |
in thousands of U.S. dollars | 2024 | 2023 |
Services provided by Melexis group companies | \u2014 | 618 |
Services/purchases provided by M-MOS group companies | \u2014 | 21 |
Services provided by XTRION | \u2014 | 105 |
Services provided by Elex | 17 | 76 |
Services provided by\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 X-Celeprint | 32 | \u2014 |
Warranty cost Melexis group | \u2014 | 1,288 |
Total | 49 | 2,108 |
in thousands of U.S. dollars | 2024 | 2023 |
Short-term employee benefits | 1,300 | 1,334 |
Short-term employee benefits for members of management that are not on the payroll of the Company (CEO, CFO, and COO) | 1,097 | 1,305 |
Directors\u2019 compensation | 188 | 187 |
Total | 2,585 | 2,826 |
2024 | 2023 | |
Purchase commitments for: | ||
Property, plant, and equipment | 167,821 | 600,040 |
Intangible assets | 34 | 1,465 |
Material and services | 4,503 | 10,869 |
Total | 172,358 | 612,374 |
2024 | 2023 | |
Purchase commitments for: | ||
Property, plant, and equipment | 167,821 | 600,040 |
Intangible assets | 34 | 1,465 |
Material and services | 4,503 | 10,869 |
Total | 172,358 | 612,374 |
2024 | 2023 | |
Production | 3,926 | 3,845 |
Research and development | 316 | 309 |
Sales, marketing, and administration | 319 | 307 |
Trainees | 135 | 128 |
Total | 4,696 | 4,589 |
2024 | 2023 | |
Production | 3,879 | 4,000 |
Research and development | 306 | 318 |
Sales, marketing, and administration | 318 | 317 |
Trainees | 149 | 137 |
Total | 4,652 | 4,772 |
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% |
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% |
M-MOS Semiconductor Sdn. Bhd. | Kuching, Malaysia | Wafer front-end process | 100.00% |
M-MOS Semiconductor Hong Kong Ltd. | Hong Kong | R&D | 100.00% |
in thousands of U.S. dollars | 2024 | 2023 |
Audit cost | ||
KPMG | 603 | 583 |
Other audit firms | 118 | 107 |
Other services | ||
KPMG | 167 | 95 |
Total | 888 | 785 |