REG - IQE PLC - IQE plc: H1 2022 Results
06/09/2022 07:00
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RNS Number : 3336Y IQE PLC 06 September 2022
IQE plc
("IQE" or the "Group")
H1 2022 RESULTS
Cardiff, UK
6 September 2022
H1 Trading in line with management expectations
Strong progress against strategic priorities
IQE plc (AIM: IQE, "IQE" or the "Group"), the leading supplier of compound
semiconductor wafer products and advanced material solutions to the global
semiconductor industry, announces its interim results for the six months ended
30 June 2022.
Americo Lemos, Chief Executive Officer of IQE, said:
"Earlier in the year we set out our strategic priorities to transform IQE, and
in the first half of 2022 we made strong progress against these goals.
Simultaneously, the business has demonstrated resilience despite the ongoing
challenging global environment. The importance of compound semiconductors to a
series of fundamental mega trends which will shape the global economy is
gaining increasing recognition. I remain excited by the strength of IQE's
proposition coupled with the opportunities ahead to diversify and grow our
business to deliver value for all our stakeholders."
H1 2022 Financials
H1 2022 H1 2021 Change Change at constant currency (%)
£'m* £'m* (%)
Revenue 86.2 79.5 8.4 1.4
Adjusted EBITDA** 12.3 11.6 6.2 -
Operating loss (7.4) (1.9)
Adjusted operating loss (1.4) (0.9)
Reported loss after tax (8.3) (2.7)
Diluted EPS (1.03p) (0.34p)
Adjusted diluted EPS (0.36p) (0.21p)
Cash generated from operations 6.2 10.4
Adjusted cash from operations 8.3 9.1
Capital Investment (PP&E) 3.8 6.1
Net (debt***) / funds (6.7) 0.9
* All figures £'m excluding diluted and adjusted diluted EPS.
** Adjusted Measures: Alternative performance measures are disclosed
separately after a number of non-cash charges, non-operational items and
significant infrequent items that would distort period on period
comparability. Adjusted items are material items of income or expense that
have been shown separately due to the significance of their nature or amount
as detailed in note 8.
*** Net debt excludes IFRS16 lease liabilities and fair value gains/losses on
derivative instruments.
The following highlights of the first half results is based on these adjusted
profit measures, unless otherwise stated.
Financial Highlights
· Revenue of £86.2m (H1 2021: £79.5m) up 8.4% on a reported basis
(1.4% growth at constant currency due to a currency tailwind), in line with
previously issued guidance
· Wireless revenue of £46.6m (H1 2021: £41.6m) up 12.0% on a reported
basis and 4.3% at constant currency
‒ Driven by GaN sales to Aerospace and Security customers
‒ Resilient GaAs sales weighted towards 5G and WiFi 6 markets,
countering a slowdown and inventory build in the wider handset market
· Photonics revenue of £38.5m (H1 2021: £36.4m) up 5.7% on a reported
basis and down -0.6% on a constant currency basis
‒ Continued maintenance of high market share in 3D Sensing VCSELs for
consumer markets
‒ Resurgence in InP products for datacom
· CMOS++ revenue of £1.1m (H1 2021: £1.5m) a decrease of 27.2% on a
reported basis and 33.3% on a constant currency basis, due to the re-phasing
of a large customer order from H1 2022 to H2 2022
· Adjusted EBITDA of £12.3m (H1 2021: £11.6m) up 6.0% on a reported
basis and flat at constant currency, in line with previously issued guidance
· Reported operating loss of £7.4m (H1 2021: £1.9m loss)
‒ Impacted by impairment of intangible assets following investment
decisions disclosed at FY 2021 results and planned closure costs associated
with exit of Singapore facility as previously announced
· Adjusted cash inflow from operations of £8.3m (H1 2021: £9.1m)
· Total net cash capex and cash investment in intangibles of £3.5m (H1
2021: £8.1m)
‒ £3.8m investment in PP&E capex related to previously
disclosed tool investments in Taiwan
‒ Proceeds of £4.1m from the disposal of assets related to
Singapore site closure
‒ Purchase of intangibles of £2.3m primarily relates to ongoing
systems transformation programme
‒ Ongoing investment in R&D with £1.6m (H1 2021: £1.8m) of
development costs capitalised in the period
· Adjusted net debt of £6.7m as at 30 June 2022 (net debt of £5.8m as
at 31 Dec 2021, net funds of £0.9m as at 30 June 2021)
Operational Highlights
· As previously highlighted, the Group's refreshed strategy is focussed
on building a solid platform for growth in 2022 to deliver further progress in
2023 and beyond
‒ Additional detail on this strategy will be presented at IQE's
Capital Markets Day on Wednesday 9 November 2022
· Strong progress achieved to facilitate a future multi-year cycle of
growth, driven by the macro trends of 5G, IoT and the Metaverse
‒ Developing the Group's commercial engine orientated to IQE's
end markets, focussed on our customers, and aligned with our technology
innovation
‒ Expanding and strengthening engagement with new and existing
customers
‒ Implementing the Group's systems transformation programme to
ensure agile and efficient business operations
· Business development progress
‒ Strategic partnership with Porotech announced in May to
commercialise unique microLEDs for production at scale, with IQE as the
epitaxy foundry partner
‒ Multi-year, high-volume strategic supply agreement with Lumentum
announced in June for the development and production of a broad ranging of
sensing products, including IQE as epitaxy partner of choice for LiDAR for
autonomous vehicles
· Technology development
‒ Developed the world's first commercially available 200 mm (8") VCSEL
epiwafer, enabling a step-change in unit economics and resulting in market
expansion for IQE into a broader range of customers and end products
· Global site optimisation programme
‒ Closure of Singapore site in June 2022
‒ Project to close Pennsylvania site and consolidate US MBE operations
within North Carolina site is on track to be completed by 2024
· Environmental, Social and Governance ("ESG") progress
‒ Formation of an ESG Board Committee to develop and monitor the
execution of IQE's ESG strategy and oversee communication of relevant activity
‒ Formal commitment to Net Zero carbon neutrality across operations by
2050, in accordance with the Science Based Targets initiative
Outlook
IQE management reiterates its full year 2022 revenue guidance of low single
digit percentage growth (at constant currency), as strong Photonics sales
driven by 3D sensing VCSELs and emerging revenues in microLEDs offset a degree
of anticipated, macro-driven, softness in Wireless markets.
Operations remain resilient to macro-economic and supply chain risks. IQE is
in a unique position to work with customers to ensure supply chain resilience
and build strategic capacity across its global footprint.
At this level of revenue, the Group anticipates a similar adjusted EBITDA
margin % to 2021 (at constant currency).
It is expected that full year PP&E capital expenditure will be in the
range of £10-15m and we anticipate c.£8m of capitalised intangibles relating
to development costs and systems transformation, both in line with previous
guidance.
Results Presentation
IQE will present its H1 2022 Results via webcast at 9:00am BST today, Tuesday
6 September 2022. If you would like to view this webcast, please register by
using the below link and follow the instructions:
https://stream.brrmedia.co.uk/broadcast/62ed08185a5e221df3779da4
(https://stream.brrmedia.co.uk/broadcast/62ed08185a5e221df3779da4)
Capital Markets Day
IQE will host a Capital Markets Day on Wednesday 9 November 2022, further
details of which will be announced in due course.
Contacts:
IQE plc
+44 (0) 29 2083 9400
Americo Lemos
Tim Pullen
Amy Barlow
Peel Hunt LLP (Nomad and Joint Broker)
+44 (0) 20 7418 8900
Paul Gillam
James Smith
Numis (Joint Broker)
+44 (0) 20 7260 1000
Simon Willis
Hugo Rubinstein
Iqra Amin
Headland Consultancy (Financial PR)
+ 44 (0) 20 38054822
Andy Rivett-Carnac: +44 (0) 7968 997 365
Antonia Pollock: +44 (0) 7789 954 356
Marta Parry-Jones: +44 (0) 7884742400
ABOUT IQE
http://iqep.com
(https://www.globenewswire.com/Tracker?data=yZf7NKp1JKLALUCxlBuC8wkLnLAqoe5-kjjIlkMIDci9q9W0x_02bwZV-eorSbpLXZxy4zi3xHh-O4FM8nWjeg==)
IQE is the leading global supplier of advanced compound semiconductor wafers
and materials solutions that enable a diverse range of applications across:
· handset devices
· global telecoms infrastructure
· connected devices
· 3D sensing
As a scaled global epitaxy wafer manufacturer, IQE is uniquely positioned in
this market which has high barriers to entry. IQE supplies the whole market
and is agnostic to the winners and losers at chip and OEM level. By leveraging
the Group's intellectual property portfolio including know-how and patents, it
produces epitaxy wafers of superior quality, yield and unit economics.
IQE is headquartered in Cardiff UK, with c. 685 employees across eight
manufacturing locations in the UK, US and Taiwan, and is listed on the AIM
Stock Exchange in London.
Financial Review
Consolidated Income Statement
6 months to 6 months to 12 months to
30 Jun 2022 30 Jun 2021 31 Dec 2021
(All figures £'000s) Note Unaudited Unaudited Audited
Revenue 7 86,198 79,544 154,096
Cost of sales (71,845) (67,336) (136,452)
Gross profit 14,353 12,208 17,644
Selling, general and administrative expenses (19,877) (14,006) (37,699)
(Loss) / profit on disposal of intangible assets and property, plant and (590) - 77
equipment
Other losses 4 (1,317) (136) -
Operating loss 7 (7,431) (1,934) (19,978)
Finance costs (1,100) (1,067) (2,213)
Adjusted loss before income tax (2,540) (1,933) (8,667)
Adjustments 8 (5,991) (1,068) (13,524)
Loss before income tax 7 (8,531) (3,001) (22,191)
Taxation 279 272 (8,811)
Loss for the period (8,252) (2,729) (31,002)
Loss attributable to:
Equity shareholders (8,252) (2,729) (31,002)
(8,252) (2,729) (31,002)
Loss per share attributable to owners of the parent during the period
Basic loss per share (1.03p) (0.34p) (3.87p)
10
Diluted loss per share (1.03p) (0.34p) (3.87p)
10
Adjusted basic and diluted earnings per share are presented in Note 10.
All items included in the loss for the period relate to continuing operations.
Consolidated statement of comprehensive income
6 months to 6 months to 12 months to
30 Jun 2022 30 Jun 2021 31 Dec 2021
(All figures £'000s) Unaudited Unaudited Audited
Loss for the period (8,252) (2,729) (31,002)
Exchange differences on translation of foreign operations* 16,776 (1,057) 4,744
Total comprehensive expense for the period 8,524 (3,786) (26,258)
Total comprehensive expense attributable to:
Equity shareholders 8,524 (3,786) (26,258)
8,524 (3,786) (26,258)
* Balance might subsequently be reclassified to the income statement when
it becomes realised.
Consolidated Balance Sheet Restated
As At As At As At
30 Jun 2022 30 Jun 2021 31 Dec 2021
(All figures £'000s) Note Unaudited Unaudited Audited
Non-current assets
Intangible assets 99,616 102,461 95,866
Property, plant and equipment 126,971 125,088 129,730
Right of use assets 43,350 42,539 44,267
Deferred tax assets - 8,526 -
Total non-current assets 269,937 278,614 269,863
Current assets
Inventories 34,706 29,247 31,710
Trade and other receivables 53,246 39,459 38,860
Cash and cash equivalents 12 15,390 20,556 10,791
Total current assets 103,342 89,262 81,361
Total assets 373,279 367,876 351,224
Current liabilities
Trade and other payables (44,016) (32,628) (37,083)
Current tax liabilities (1,230) (1,221) (1,342)
Bank borrowings 12 (14,912) (6,201) (6,230)
Derivative financial instruments 12 (1,327) (136) -
Lease liabilities 12 (5,287) (4,394) (4,694)
Provisions for other liabilities and charges (3,803) (2,430) (3,686)
Total current liabilities (70,575) (47,010) (53,035)
Non-current liabilities
Bank borrowings 12 (7,205) (13,466) (10,365)
Lease liabilities 12 (48,372) (48,245) (49,693)
Provisions for other liabilities and charges (1,464) (1,303) (2,060)
Deferred tax liabilities (1,317) (1,981) (1,450)
Total non-current liabilities (58,358) (64,995) (63,568)
Total liabilities (128,933) (112,005) (116,603)
Net assets 244,346 255,871 234,621
Equity attributable to shareholders of the parent
Share capital 14 8,046 8,013 8,036
Share premium 154,675 154,375 154,632
Retained earnings 21,043 57,731 29,295
Exchange rate reserve 42,811 20,234 26,035
Other reserves 17,771 15,518 16,623
Total equity 244,346 255,871 234,621
The comparative financial information at 30 June 2021 has been restated to
separately disclose derivative financial instrument liabilities. The
restatement has had no impact on net assets, loss after tax or total cash flow
for the 6 months to 30 June 2021.
Consolidated Statement of Changes in Equity
Unaudited Share capital Share premium Retained earnings Exchange rate reserve Other reserves Total equity
(All figures £'000s)
At 1 January 2022 8,036 154,632 29,295 26,035 16,623 234,621
Loss for the period - - (8,252) - - (8,252)
Other comprehensive income for the period - - - 16,776 - 16,776
Total comprehensive (expense) / income - - (8,252) 16,776 - 8,524
Share based payments - - - - 1,148 1,148
Proceeds from shares issued 10 43 - - - 53
Total transactions with owners 10 43 - - 1,148 1,201
At 30 June 2022 8,046 154,675 21,043 42,811 17,771 244,346
Unaudited Share capital Share premium Retained earnings Exchange rate reserve Other reserves Total equity
(All figures £'000s)
At 1 January 2021 8,004 154,185 62,089 21,291 14,866 260,435
Loss for the period - - (2,729) - - (2,729)
Other comprehensive expense for the period - - - (1,057) - (1,057)
Total comprehensive expense - - (2,729) (1,057) - (3,786)
Share based payments - - - - 754 754
Tax relating to share options - - - - (102) (102)
Proceeds from shares issued 9 190 - - - 199
Acquisition of non-controlling interest - - (1,629) - - (1,629)
Total transactions with owners 9 190 (1,629) - 652 (778)
At 30 June 2021 8,013 154,375 57,731 20,234 15,518 255,871
Audited Share capital Share premium Retained earnings Exchange rate reserve Other reserves Total equity
(All figures £'000s)
At 1 January 2021 8,004 154,185 62,089 21,291 14,866 260,435
Loss for the year - - (31,002) - - (31,002)
Other comprehensive income for the year - - - 4,744 - 4,744
Total comprehensive (expense) / income - - (31,002) 4,744 - (26,258)
Share based payments - - - - 1,850 1,850
Tax relating to share options - - - - (93) (93)
Proceeds from shares issued 32 447 - - - 479
Acquisition of non-controlling interest - - (1,792) - - (1,792)
Total transactions with owners 32 447 (1,792) - 1,757 444
At 31 December 2021 8,036 154,632 29,295 26,035 16,623 234,621
Restated
Consolidated Cash Flow Statement 6 months to 6 months to 12 months to
30 Jun 2022 30 Jun 2021 31 Dec 2021
(All figures £'000s) Note Unaudited Unaudited Audited
Cash flows from operating activities
Adjusted cash inflow from operations 8,349 9,077 17,940
Cash impact of adjustments 8 (2,173) 1,277 943
Cash generated from operations 11 6,176 10,354 18,883
Net interest paid (1,100) (594) (2,213)
Income tax paid (628) (842) (1,275)
Net cash generated from operating activities 4,448 8,918 15,395
Cash flows from investing activities
Purchase of property, plant and equipment (3,751) (6,138) (15,051)
Purchase of intangible assets (2,254) (147) (345)
Capitalised development expenditure (1,567) (1,846) (2,994)
Proceeds from disposal of property, plant and equipment 4,091 - 85
Net cash used in investing activities (3,481) (8,131) (18,305)
Cash flows from financing activities
Acquisition of minority interest - - (1,792)
Proceeds from issuance of ordinary shares 53 208 472
Proceeds from borrowings 7,856 - -
Repayment of borrowings (3,156) (3,073) (6,145)
Payment of lease liabilities (1,923) (1,838) (3,705)
Net cash generated / (used) from financing activities 2,830 (4,703) (11,170)
Net increase / (decrease) in cash and cash equivalents 3,797 (3,916) (14,080)
Cash and cash equivalents at the beginning of the period 10,791 24,663 24,663
Exchange gains / (losses) on cash and cash equivalents 802 (191) 208
Cash and cash equivalents at the end of the period 12 15,390 20,556 10,791
The comparative financial information for the 6 months to 30 June 2021 has
been restated to reclassify interest lease cash flows from financing
activities to net interest paid in cash generated from operating activities.
The reclassifications have had no impact on net assets, loss after tax or
total cash flow for the 6 months to 30 June 2021.
1. REPORTING ENTITY
IQE plc is a public limited company incorporated in the United Kingdom under
the Companies Act 2006. The Company is domiciled in the United Kingdom and is
quoted on the Alternative Investment Market (AIM).
These condensed consolidated interim financial statements ('interim financial
statements') as at and for the six months ended 30 June 2022 comprise the
Company and its Subsidiaries (together referred to as 'the Group'). The
principal activities of the Group are the development, manufacture and sale of
advanced semiconductor materials.
2. BASIS OF PREPARATION
These interim financial statements have been prepared in accordance with IAS
34 'Interim Financial Reporting', and should be read in conjunction with the
Group's last annual consolidated financial statements as at and for the year
ended 31 December 2021 which were approved by the Board of Directors on 29
March 2022 and have been delivered to the Registrar of Companies. The report
of the auditors on those financial statements was unqualified, did not contain
an emphasis of matter paragraph and did not contain any statement under
section 498 of the Companies Act 2006.
The interim financial statements do not include all of the information
required for a complete set of IFRS financial statements and do not constitute
statutory accounts within the meaning of section 434 of the Companies Act
2006. However, selected explanatory notes are included to explain events and
transactions that are significant to an understanding of the changes in the
Group's financial position and performance since the last annual financial
statements.
Comparative information in the interim financial statements as at and for the
year ended 31 December 2021 has been taken from the published audited
financial statements as at and for the year ended 31 December 2021. All other
periods presented are unaudited.
The Board of Directors and the Audit Committee approved the interim financial
statements on 5 September 2022.
3. GOING CONCERN
The Group made a loss of £8.3m (H1 2021: £2.7m, FY21: £31.0m) and used
£4.1m of cash and cash equivalents (H1 2021: £3.9m, FY21: £14.1m) excluding
proceeds from bank borrowings of £7.9m (H1 2021: £nil, FY21: £nil) which
has resulted in an increase in the net debt position (excluding lease
liabilities and fair value gains/losses on derivative instruments) to £6.7m
(H1 2021: £0.9m net funds, FY21: £5.8m net debt) as at 30 June 2022.
The following matters have been considered by the directors in determining the
appropriateness of the going concern basis of preparation in the financial
statements:
· The Group's operations are geographically diversified.
Manufacturing operations are located at ten different sites across three
continents, significantly lessening the impact of potential disruption at any
single site as a result of the ongoing Coronavirus pandemic. All manufacturing
sites continue to remain operational and production has not been affected by
any disruption at any of the Group's global sites.
· The Group dual or multi-sources key raw materials (substrates,
gases, spares and consumables) wherever possible, from a broad range of global
suppliers, reducing the likelihood of potential disruption to production from
any single supplier. The Group continues to work closely with suppliers and
customers to manage inventory levels in order to create supply chain
resilience against potential disruption. All manufacturing sites continue to
remain operational and production has not been affected by any supply chain
disruption.
· The Group's trading has remained resilient throughout the half year
ended 30 June 2022 despite softness in smartphone related demand and continued
weakness in 5G infrastructure demand with revenue of £86.2m (H1 2021:
£79.5m, FY21: £154.1m) and an adjusted loss before tax of £2.5m (H1 2021:
£1.9m, FY21: £8.7m) which is broadly consistent with performance for the
half year ended 30 June 2021 on a constant currency basis.
· The Group's net debt (excluding lease liabilities and fair value
gains/losses on derivative instruments) position of £6.7m (H1 2021: £0.9m
net funds, FY21: £5.8m net debt) remains low in the context of total
available facilities of £58.7m (H1 2021: £55.2m, FY21: £55.9m) with the
increase in the net debt position principally reflecting the Group's
investment activities where investment in IT systems and processes, technology
development and capacity expansion has exceeded cash generated from
operations. Net debt (excluding lease liabilities and fair value gains/losses
on derivative instruments) consists of £15.4m (H1 2021: £20.6m, FY21:
£10.8m) of cash net of bank loans of £22.1m (H1 2021: £19.7m, FY21:
£16.6m) which are repayable over a period up to 29 August 2024.
On 24 January 2019, the Group agreed a new £28.7m ($35.0m) three-year
multi-currency revolving credit facility from HSBC Bank plc. On 30 December
2021 the multi-currency revolving credit facility was extended for an
additional 15-month period to 30 April 2023 and includes an unexercised option
that requires HSBC Bank plc consent to extend the facility for a further
12-month period to 30 April 2024. The Group has complied with all covenants
associated with the facility.
· On 29 August 2019, the Group agreed a new £30.0m five-year Asset
Finance Loan facility from HSBC Bank plc of which £25.0m was drawn and
£13.5m remains outstanding at the period end. The Group has complied with all
covenants associated with the facility.
· The Group generated cash from operating activities of £4.4m (H1
2021: £8.9m, FY21: £15.4m) and its financial forecasts and projections for
the period up to and including 31 December 2023 show that the Group is
forecast to continue to comply with its banking covenants and has adequate
cash resources to continue operating for the foreseeable future.
· The Group's severe but plausible downside financial forecasts have
been prepared with significant reductions to future forecast revenues,
designed to reflect severe downside scenarios associated with demand risks for
the period to 31 December 2023. The severe but plausible downside scenario,
applied to the Group's financial forecasts, which take account of current
trading and customer demand, assumes a 25% reduction in H2 2022 revenue and a
40% reduction in 2023 revenue partially offset by mitigations within the
control of the company, including deferred investment in employee related
costs and certain capital projects across the forecast period. The severe but
plausible downside scenario illustrates that the Group is forecast to continue
to comply with its banking covenants but would require either the exercise of
the extension option contained in the revolving credit facility from HSBC Bank
plc, or refinancing of the revolving credit facility at the extension option
date in April 2023. The severe but plausible downside scenario illustrates
that a facility of £22.1m, below the Group's current committed revolving
credit facility of £28.7m could be required in 2023. The Group has a
long-standing and trusted relationship with its bankers, HSBC Bank plc, who
remain supportive following the recent refinancing of the revolving credit
facility which contains an option, that requires HSBC Bank plc consent, to
extend the facility for a further 12-month period from 30 April 2023 to 30
April 2024. On this basis, the directors believe that the group has, or will
have access, to adequate cash resources to continue operating for the
foreseeable future even in a severe but plausible downside scenario.
The Group meets its day-to-day working capital and other cash requirements
through its bank facilities and available cash. The Group's cash flow
forecasts and projections, in conjunction with the extension option contained
in the Group's revolving credit facility and the level of assessed covenant
headroom on the Group's bank facilities show that the Group and the Company
have adequate cash resources to continue operating and to meet its liabilities
as they fall due for a period of at least 12 months from the date of approval
of the financial statements, such that the directors consider it appropriate
to adopt the going concern basis of accounting in preparing the interim
financial statements.
4. USE OF JUDGEMENTS AND ESTIMATES
In preparing these interim financial statements, management has made
judgements and estimates that affect the application of accounting policies
and the reported amounts of assets, liabilities, income and expense. Actual
results may differ from these estimates. The impact of Coronavirus in the
six-month period ended 30 June 2022 has not resulted in any indicators of
impairment or had a meaningful impact on significant judgements or the level
of estimation uncertainty associated with the application of the Group's
accounting policies. Coronavirus has had no material adverse impact on the
Group's business operations with production continuing uninterrupted at all
global sites.
The significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty were the
same as those described in the last annual financial statements except as
follows:
· Intangible assets - Technology development costs and patents
· Measurement of fair values associated with outstanding derivative
forward currency contracts
Intangible assets - Technology development costs (distributed feedback laser
technology assets)
The Group has product development costs totalling £3.4m linked to its
distributed feedback laser technology where the Group has taken the decision
to discontinue the development and commercialisation of the technology.
Although distributed feedback laser technology has a number of potential
applications the level of customer and partner engagement that is required to
develop the technology has remained low, a position that has led to the
decision to discontinue the development and commercialisation of the
technology given the lack of a clear near-term route to the delivery of
commercial volumes and cash flows.
The current lack of visibility on the timeline to commercialise the product
development technology assets and the decision to discontinue development of
the assets has resulted in a non-cash intangible asset charge of £3.4m that
has been charged to 'selling, general and administrative expenses' in the
consolidated income statement following the write-down of all distributed
feedback laser product development cost assets to £nil.
Derivative Forward Currency Contracts
At 30 June 2022 the Group had outstanding derivative forward currency
contracts with a nominal value of $20.7m (H1 2021: $13.1m, FY21: $21.0m) for
the sale of US$ in exchange for GBP£.
The Group's accounting policies require that derivative forward currency
contracts are measured at fair value. When measuring the fair value of an
asset or a liability, the Group uses market observable data as far as
possible. Fair values are categorised into different levels in a fair value
hierarchy based on the inputs used in the valuation techniques as follows:
- Level 1: Quoted prices (unadjusted) in active markets for identical
assets or liabilities
- Level 2: Inputs other than quoted prices included in Level 1 that
are observable for the asset or liability, either directly (i.e as prices) or
indirectly (i.e derived from prices)
- Level 3: Inputs for the asset or liability that are not based on
observable market data (unobservable inputs)
Derivative forward currency contracts have been categorised as Level 1 in the
fair value hierarchy. The fair value of the derivative instrument has been
assessed using quoted prices in active markets for identical assets or
liabilities using independent mark to market valuations provided by an
appropriately regulated financial institution.
The fair value liability of £1.3m (H1 2021: £0.1m liability, FY21: £nil)
has been included in the balance sheet in 'derivative financial instruments'
with the fair value loss on the derivative instruments included in 'Other
losses' in the consolidated income statement.
5. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies applied in these interim financial statements are the
same as those applied in the Group's consolidated financial statements as at
and for the year ended 31 December 2021. A number of new standards are
effective from 1 January 2022 but they do not have a material effect on the
Group's financial statements.
Recent accounting developments and the policy for recognising and measuring
income taxes in the interim period are described below.
5.1 Recent accounting developments
In preparing the interim financial statements, the Group has adopted the
following Standards, amendments and interpretations, which are effective for
2022 and will be adopted in the financial statements for the year ended 31
December 2022:
· Amendments to IAS 16 'Property, plant and equipment' to prohibit
the deduction from cost of property, plant and equipment amounts received from
selling items produced while preparing the asset for its intended use with any
such sales and related cost recognised in profit or loss.
· Amendments to IAS 37 'Provisions, contingent liabilities and
contingent assets' to specify which costs a company includes when assessing
whether a contract will be loss making.
· Annual improvements to IFRSs 2018-2020 cycle to make minor
amendments to IFRS 1 'First-time adoption of IFRS', IFRS 9 'Financial
Instruments', IAS 41 'Agriculture' and amendments to the illustrative examples
accompanying IFRS 16 'Leases'.
The adoption of these standards and amendments has not had a material impact
on the interim financial statements.
5.2 Income tax expense
Income tax expense is recognised at an amount determined by multiplying the
profit / (loss) before tax for the interim reporting period by management's
best estimate of the weighted-average annual income tax rate expected for the
full financial year, adjusted for the tax effect of certain items recognised
in full in the interim period. As such, the effective tax rate in the interim
financial statements may differ from management's estimate of the effective
tax rate for the annual financial statements.
6. PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties affecting the Group are set out in the
Strategic Report in the 2021 Annual report and financial statements and remain
unchanged at 30 June 2022.
The principal risks and uncertainties include health, safety and environment,
loss of key personnel, cybersecurity, infringement or loss of intellectual
property, legal and regulatory compliance, changes in international export
control laws, competition and/or erosion of market opportunity, customer
concentration, insufficient cash or funding to underpin investment
opportunities, the failure of new products or technology to deliver expected
levels of revenue and profitability, disruption or inflation in global supply
chains, transformation of IT systems causing business disruption and
insufficient liquidity or cash funding to meet financial obligations as they
fall due.
7. SEGMENTAL INFORMATION
6 Months to 30 June 2022 6 Months to 30 June 2021 12 Months to 31 Dec 2021
Unaudited Unaudited Audited
£'000 £'000 £'000
Revenue
Wireless 46,629 41,631 83,217
Photonics 38,475 36,409 68,067
CMOS++ 1,094 1,504 2,812
Revenue 86,198 79,544 154,096
Adjusted operating loss
Wireless 5,533 3,731 7,305
Photonics 1,899 3,514 1,737
CMOS++ (704) (401) (586)
Central corporate costs (8,168) (7,710) (14,910)
Adjusted operating loss (1,440) (866) (6,454)
Adjusted items (5,991) (1,068) (13,524)
Operating loss (7,431) (1,934) (19,978)
Finance costs (1,100) (1,067) (2,213)
Loss before tax (8,531) (3,001) (22,191)
8. ADJUSTED PROFIT MEASURES
The Group's results report certain financial measures after a number of
adjusted items that are not defined or recognised under IFRS including
adjusted operating profit, adjusted profit before income tax and adjusted
earnings per share. The Directors believe that the adjusted profit measures
provide a useful comparison of business trends and performance and allow
management and other stakeholders to better compare the performance of the
Group between the current and prior year, excluding the effects of certain
non-cash charges, non-operational items and significant infrequent items that
would distort period on period comparability. The Group uses these adjusted
profit measures for internal planning, budgeting, reporting and assessment of
the performance of the business. The tables below show the adjustments made to
arrive at the adjusted profit measures and the impact on the Group's reported
financial performance.
6 months to 30 Jun 2022 6 months to 30 Jun 2021
Reported Reported 2021
Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Reported
£'000s Results Items Results Results Items Results Results Items Results
Revenue 86,198 - 86,198 79,544 - 79,544 154,096 - 154,096
Cost of sales (71,475) (370) (71,845) (67,083) (253) (67,336) (135,325) (1,127) (136,452)
Gross profit 14,723 (370) 14,353 12,461 (253) 12,208 18,771 (1,127) 17,644
Other losses (1,317) - (1,317) (136) - (136) - - -
SG&A (14,252) (5,625) (19,877) (13,191) (815) (14,006) (25,302) (12,397) (37,699)
(Loss) / profit on disposal of PPE (594) 4 (590) - - - 77 - 77
Operating loss (1,440) (5,991) (7,431) (866) (1,068) (1,934) (6,454) (13,524) (19,978)
Finance costs (1,100) - (1,100) (1,067) - (1,067) (2,213) - (2,213)
Loss before tax (2,540) (5,991) (8,531) (1,933) (1,068) (3,001) (8,667) (13,524) (22,191)
Taxation (395) 674 279 243 29 272 (10,614) 1,803 (8,811)
Loss for the period (2,935) (5,317) (8,252) (1,690) (1,039) (2,729) (19,281) (11,721) (31,002)
6 months to 30 Jun 2022 6 months to 30 Jun 2021
Reported Reported 2021
Pre-tax Tax Pre-tax Tax Pre-tax Tax Reported
£'000s Adjustment Impact Results Adjustment Impact Results Adjustment Impact Results
Share based payments (1,110) - (1,110) (758) (45) (803) (1,691) (13) (1,704)
Share based payments - Chief executive officer recruitment (38) - (38) - - - - - -
Chief executive officer recruitment (154) - (154) - - - (741) - (741)
Impairment - intangibles (3,363) 410 (2,953) - - - (7,411) 1,816 (5,595)
Restructuring (1,330) - (1,330) (310) 74 (236) (3,681) - (3,681)
Restructuring - profit on disposal of PPE 4 264 268 - - - - - -
Total (5,991) 674 (5,317) (1,068) 29 (1,039) (13,524) 1,803 (11,721)
The nature of the adjusted items is as follows:
· Share based payments - The charge recorded in accordance with IFRS
2 'share based payment' of which £0.4m (H1 2021: £0.3m, FY21: £1.1m) has
been classified within cost of sales in gross profit and £0.7m (H1 2021:
£0.5m, FY21: £0.6m) in selling, general and administrative expenses within
operating loss.
· Chief Executive Officer recruitment - The Chief Executive Officer's
starting bonus of £1.0m, of which £0.2m relates to a share-based payment
award and £0.8m relates to a cash award is payable over the first three years
of employment. The charge of £0.2m (H1 2021: £nil, FY21: £0.7m) includes
share award and cash costs associated with the new Chief Executive Officer's
starting bonus of £0.2m (H1 2021: £nil, FY21: £nil), settlement costs and
legal fees of £nil (H1 2021: £nil, FY21: £0.3m) associated with the
transition of the former Chief Executive Officer to a non-executive role and
external recruitment fees of £nil (H1 2021: £nil, FY21: £0.4m). Cash costs
defrayed in the period total £0.6m (H1 2021: £nil, FY21: £0.2m).
· Restructuring - The charge of £1.3m (H1 2021: £0.3m, FY21:
£3.7m) relates to restructuring costs relating to the announced closure of
the Group's manufacturing facility in Pennsylvania, USA and the closure of the
Group's manufacturing facility in Singapore.
- Restructuring charges of £0.3m (H1 2021: £0.3m, FY21: £0.7m)
relate to employee related costs relating to the announced closure of the
Group's manufacturing facility in Pennsylvania, USA. The charge was classified
as selling, general and administrative expenses within operating loss. Cash
costs defrayed in the period total £0.1m (H1 2021: £nil, FY21: £0.3m).
- Restructuring charges of £1.0m (H1 2021: £nil, FY21: £3.0m)
consist of employee related costs of £0.1m (H1 2021: £nil, FY21: £1.5m) and
site decommissioning costs of £0.9m (H1 2021: £nil, FY21: £1.5m) relating
to the closure of the Group's manufacturing facility in Singapore. The charge
was classified as selling, general and administrative expenses within
operating loss. Cash costs defrayed in the period total £1.1m (H1 2021:
£nil, FY21: £nil).
· Impairment of intangibles - The non-cash charge of £3.4m (H1 2021:
£nil, FY21: £7.4m) relates to the impairment of certain technology
development cost assets.
- The non-cash impairment charge of £3.4m relates to the impairment
of distributed feedback laser technology development costs where the Group has
taken the decision to discontinue the development and commercialisation of the
technology.
- The prior year non-cash impairment charge of £7.4m related to the
impairment of cREO™ filter technology development costs and patent assets
totalling £4.7m and the impairment of Photonic quasi crystal technology
related development cost assets totalling £2.7m where the Group had taken the
decision to pause development related activities which have not recommenced in
the current period given the lack of visibility over the timeline to
commercialisation of each of the technologies.
· Profit on disposal of PPE - The profit on disposal of PPE of £nil
(H1 2021: £nil, FY21: £nil) relates to the sale of certain items of plant
and equipment as part of the closure of the Group's manufacturing facility in
Singapore. Cash proceeds received in the period for the sale of plant and
equipment total £4.1m (H1 2021: £nil, FY21: £nil)
The cash impact of adjusted items in the consolidated cash flow statement
represent costs associated with the recruitment of the group's new Chief
Executive Officer (£0.6m), onerous contract royalty payments related to the
Group's cREO™ technology (£0.4m), payment of employee related costs
associated with the announced closure of the Group's site in Pennsylvania
(£0.1m) and payment of employee and site related decommissioning costs
associated with the closure of the Group's manufacturing facility in Singapore
(£1.1m) net of the sale proceeds associated with certain items of plant and
equipment sold as part of the closure of the Group's manufacturing facility in
Singapore (£4.1m).
Adjusted EBITDA (adjusted earnings before interest, tax, depreciation and
amortisation) has been calculated as follows:
(All figures £'000s) 6 months to 6 months to 12 months to
30 June 2022 30 June 2021 31 Dec 2021
Unaudited Unaudited Audited
Loss attributable to equity shareholders (8,252) (2,729) (31,002)
Finance costs 1,100 1,067 2,213
Tax (279) (272) 8,811
Depreciation of property, plant and equipment 7,359 6,583 13,309
Depreciation of right of use assets 1,989 1,888 3,854
Amortisation of intangible fixed assets 3,831 4,006 8,047
Loss / (profit) on disposal of PPE 590 - (77)
Adjusted Items 5,995 1,068 13,524
Share based payments 1,110 758 1,691
Share based payments - CEO recruitment 38 - -
CEO recruitment 154 - 741
Restructuring 1,330 310 3,681
Impairment of intangibles 3,363 - 7,411
Adjusted EBITDA 12,333 11,611 18,679
Share based payments (1,110) (310) (1,691)
Share based payments - CEO recruitment (38) - -
CEO recruitment (154) - (741)
Restructuring (1,330) (758) (3,681)
EBITDA 9,701 10,543 12,566
9. TAXATION
The Group's consolidated effective tax rate for the six months ended 30 June
2022 was 3.3% (H1 2021: 9.1%, 2021: 39.7%). The effective tax rate differs
from the theoretical amount that would arise from applying the standard
corporation tax in the UK of 19.0% (H1 2021: 19.0%, FY21: 19.0%) principally
due to the following factors:
· The Group's results report certain financial measures after a
number of adjusted items with a net tax impact of £0.7m as detailed in note
8.
- The tax impact on the Group's impairment of intangible development
cost assets reflects the Group's effective rate of tax in Taiwan for Taiwanese
impaired assets and the non-recognition of current year tax losses for the
element of UK and USA impaired assets.
- The deferred tax impact associated with the disposal of certain
plant and equipment following closure of the Group's manufacturing facility in
Singapore.
· Differences in overseas tax rates, principally Taiwan.
· Non-recognition of current year tax losses, principally in the UK,
USA and Singapore.
10. LOSS PER SHARE
(All figures £'000s) 6 months to 6 months to 12 months to
30 June 2022 30 June 2021 31 Dec 2021
Unaudited Unaudited Audited
Loss attributable to ordinary shareholders (8,252) (2,729) (31,002)
Adjustments to loss after tax (note 8) 5,317 1,039 11,721
Adjusted loss attributable to ordinary shareholders (2,935) (1,690) (19,281)
Number of shares:
Weighted average number of ordinary shares 804,236,241 801,020,442 801,653,662
Dilutive share options 7,369,508 14,931,713 4,097,303
811,605,749 815,952,155 805,750,965
Adjusted loss per share (0.36p) (0.21p) (2.41p)
Basic loss per share (1.03p) (0.34p) (3.87p)
Adjusted diluted loss per share (0.36p) (0.21p) (2.41p)
Diluted loss per share (1.03p) (0.34p) (3.87p)
Basic loss per share is calculated by dividing the loss attributable to
ordinary shareholders by the weighted average number of ordinary shares during
the period.
Diluted loss per share is calculated by dividing the loss attributable to
ordinary shareholders by the weighted average number of shares and 'in the
money' share options in issue. Share options are classified as 'in the money'
if their exercise price is lower than the average share price for the period.
As required by IAS 33, this calculation assumes that the proceeds receivable
from the exercise of 'in the money' options would be used to purchase shares
in the open market in order to reduce the number of new shares that would need
to be issued.
11. CASH GENERATED FROM OPERATIONS
(All figures £'000s) 6 months to 6 months to 12 months to
30 June 2022 30 June 2021 31 Dec 2021
Unaudited Unaudited Audited
Loss before tax (8,531) (3,001) (22,191)
Finance costs 1,100 1,067 2,213
Depreciation of property, plant and equipment 7,359 6,583 13,309
Depreciation of right of use assets 1,989 1,888 3,854
Amortisation of intangible assets 3,831 4,006 8,047
Impairment of intangible assets 3,363 - 7,411
Impairment of property, plant and equipment - - 74
Inventory write downs 499 623 866
Loss / (profit) on disposal of property, plant and equipment 590 - (77)
Provision movements (208) 104 3,137
Fair value loss on derivative financial instruments 1,317 - -
Share based payments 1,148 758 1,691
Cash inflow from operations before changes in working capital 12,457 12,028 18,334
(Increase) / decrease in inventories (1,376) 769 (1,368)
(Increase) / decrease in trade and other receivables (6,092) (878) 2,930
(Decrease) / increase in trade and other payables 1,187 (1,565) (1,013)
Cash inflow from operations 6,176 10,354 18,883
12. ANALYSIS OF NET DEBT
(All figures £'000s) Restated
6 months to 6 months to 12 months to
30 June 2022 30 June 2021 31 Dec 2021
Unaudited Unaudited Audited
Bank borrowings due after one year (7,205) (13,466) (10,365)
Bank borrowings due within one year (14,912) (6,201) (6,230)
Lease liabilities due after one year (48,372) (48,245) (49,693)
Lease liabilities due within one year (5,287) (4,394) (4,694)
Total borrowings (75,776) (72,306) (70,982)
Fair value of derivative financial instruments (1,327) (136) -
Cash and cash equivalents 15,390 20,556 10,791
Net debt (61,713) (51,886) (60,191)
The comparative financial information for the 6 months to 30 June 2021 has
been restated to include the fair value of derivative financial instruments in
net debt.
On 24 January 2019, the Company agreed a new £28,700,000 ($35,000,000)
multi-currency revolving credit facility, provided by HSBC Bank plc that is
secured over the assets of IQE plc and certain subsidiary companies. On 30
December 2021 the multi-currency revolving credit facility was extended for an
additional 15-month period to 30 April 2023 with an option that requires HSBC
Bank plc consent to extend the facility for a further 12-month period to 30
April 2024. The facility has an interest rate margin of between 2.00 and 2.80
per cent per annum over SONIA on any drawn balances.
On 29 August 2019, the Company agreed a new £30,000,000 asset finance
facility, provided by HSBC Bank plc that is secured over various plant and
machinery assets. The facility has a five-year term and an interest rate
margin of 1.65% per annum over base rate on any drawn balances.
Bank borrowings relate to amounts drawn down on the Group's asset finance
facility and revolving credit facility.
Cash and cash equivalents comprise balances held in instant access bank
accounts and other short-term deposits
with a maturity of less than 3 months.
13. SHARE BASED PAYMENT ARRANGEMENTS
Long term incentive awards
On 26 May 2000, as amended by shareholders at the Annual General Meeting on 17
May 2002, The Group established a share option plan that entitles the Group's
Remuneration Committee to grant long term incentive awards over shares in the
company to directors and employees of the Group.
On 25 February 2022 and 14 March 2022, long term incentive awards that become
exercisable between three and ten years from 31 March 2022, subject to
continued employment and achievement of performance conditions over a
three-year vesting period were awarded to directors and employees of the
Group. Performance conditions associated with the awards include a combination
of earnings per share targets, total shareholder return targets, revenue
targets and the achievement of strategic objectives. Under the terms of these
awards, holders of vested options are entitled to purchase shares at the
nominal value of the shares at the date of grant. All options are to be
settled by physical delivery of shares. The terms and conditions of the share
options granted during the six months ended 30 June 2022 are as follows:
Contractual life of options
Number of instruments
Grant date/employees entitled Vesting conditions
Share award granted to new CEO as part of starting bonus on 10 January 2022 583,709 N/A Share award is subject to clawback if the CEO resigns or his employment is
terminated within a three-year period from 10 January 2022
Option grant to executive directors on 25 February 2022 4,543,897 10 years 3 years-service from grant date, diluted adjusted earnings per share targets
between 0.60p - 1.00p, relative shareholder return targets of between 100% -
130% versus the FTSE All Share Index, absolute shareholder return targets of
between 8% - 16%, revenue growth targets between 10%p.a - 20%p.a and the
achievement of strategic objectives
Option grant to employees on 14 March 2022 9,551,689 10 years 3 years-service from grant date and achievement of strategic objectives
Measurement of grant date fair values
The fair value of the long-term incentive awards, calculated as £5.0m (H1
2021: £3.3m, FY21: £4.5m) at the grant date has been determined using the
Monte Carlo and Black Scholes models. The following inputs were used in the
measurement of the fair values at grant date.
Principal assumptions 2022 2021
Weighted average share price at grant date 41.71 44.00
Weighted average exercise price 4.60 8.20
Weighted average vesting period (years) 3 3
Option life (years) 10 10
Weighted average expected life (years) 3 3
Weighted average expected volatility factor 73% 68%
Weighted average risk-free rate 0.9% 0.4%
Dividend yield 0% 0%
The expected volatility factor is based on historical share price volatility
over the three years immediately preceding the grant of the option. The
expected life is the average expected period to exercise. The risk-free rate
of return is the yield of zero-coupon UK government bonds of a term consistent
with the assumed option life.
Non-market performance conditions are incorporated into the calculation of
fair value by estimating the proportion of share options that will vest and be
exercised based on a combination of historical trends and future expected
trading performance. These are reassessed at the end of each period for each
tranche of unvested options.
14. SHARE CAPITAL
6 months to 6 months to 12 months to
Number of shares 30 June 2022 30 June 2021 31 Dec 2021
Unaudited Unaudited Audited
As at 1 January 803,555,756 800,364,569 800,364,569
Employee share schemes 1,002,961 954,910 3,191,187
As at 30 June / 31 December 804,558,717 801,319,479 803,555,756
6 months to 6 months to 12 months to
(All figures £'000s) 30 June 2022 30 June 2021 31 Dec 2021
Unaudited Unaudited Audited
As at 1 January 8,036 8,004 8,004
Employee share schemes 10 9 32
As at 30 June / 31 December 8,046 8,013 8,036
15. RELATED PARTY TRANSACTIONS
Transactions with Joint Ventures
Compound Semiconductor Centre Limited ('CSC')
The Group established CSC with its joint venture partner as a centre of
excellence for the development and commercialisation of advanced compound
semiconductor wafer products in Europe and on its formation, the Group
contributed assets to the joint venture valued at £12,000,000 as part of its
initial investment.
The activities of CSC include research and development into advanced compound
semiconductor wafer products, the provision of contract manufacturing services
for compound semiconductor wafers to certain subsidiaries within the IQE plc
Group and the provision of compound semiconductor manufacturing services to
other third parties.
CSC operates from its manufacturing facilities in Cardiff, United Kingdom and
leases certain additional administrative building space from the Group. During
the period the CSC leased this space from the Group for £57,500 (H1 2021
£57,500, FY21: £115,000) and procured certain administrative support
services from the Group for £117,500 (H1 2021: £117,500, FY21: £235,000).
As part of the administrative support services provided to CSC the Group
procured goods and services, recharged to CSC at cost, totalling £2,069,000
(H1 2021: £1,661,584, FY21: £3,881,648).
CSC granted the Group the right to use its assets following its formation for
a minimum five-year period. Costs associated with the right to use the CSC's
assets are treated by the Group as operating lease costs. Costs are charged by
the CSC at a price which reflects the CSC's cash cost of production (including
direct labour, materials and site costs) but excludes any related depreciation
or amortisation of the CSC's property, plant and equipment and intangible
assets respectively under the terms of the joint venture agreement between the
parties. Costs associated with the right to use the CSC's assets totalled
£3,288,400 (H1 2021: £3,012,300, FY20: £6,234,000) in the period.
At 30 June 2022 an amount of £439,000 (H1 2021: £349,000, FY21: £1,030,000)
was owed from the CSC.
In the Groups balance sheet 'A' Preference Shares with a nominal value of
£8,800,000 (H1 2021: £8,800,000, FY21: £8,800,000) are included in
financial assets at an amortised cost of £nil (H1 2021: £nil, FY21: £nil)
and the Group has a shareholder loan of £245,500 (H1 2021: £243,000, FY21:
£244,000) due from CSC.
RESPONSIBILITY STATEMENT
We confirm that to the best of our knowledge:
· the condensed set of financial statements has been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted for use in the
UK;
· the interim management report includes a fair review of the
information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
Americo Lemos Tim Pullen
Chief Executive Officer, IQE plc. Chief Financial Officer, IQE plc.
5 September 2022 5 September 2022
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