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X-FAB announces financial results
Consolidated sales of the X-FAB Group in 2009 were USD 210.5 million (EUR 151.1 million), a yearonyear decline of approximately 43 percent. This decline reflects the impact of the global economic and financial crisis on the development of business in the semiconductor industry.
At USD -3.6 million (EUR -2.6 million), earnings before interest and taxes (EBIT) in the first quarter of 2010 improved substantially compared to the same quarter the previous year, when EBIT amounted to USD -19.9 million. X-FAB returned to the black in the first quarter, generating a net profit of USD 8.2 million (EUR 5.9 million).
Excluding X-FAB UK, which was sold as of December 31, 2009, the figures for fiscal 2009 as of December 31, 2009 included: EBIT at USD -64.9 million (EUR -46.6 million), compared to USD 11.2 million the previous year, and earnings before taxes (EBT) of USD -49.4 million (EUR -35.5 million), compared to USD 12.7 million in 2008. Despite the difficult economic environment, the X-FAB Group managed to generate positive earnings before interest, taxes, depreciation and amortization (EBITDA) of USD 5.7 million (EUR 4.1 million) in 2009 based on comprehensive costcutting measures and temporary capacity adjustments.
Hans-Jürgen Straub, CEO of the X-FAB Silicon Foundries Group, commented on expected business development: "Both demand and sales are picking up noticeably, and we have returned to the black. In fiscal 2010, we expect approximately 50 percent growth beyond that of 2009. Our execution of key investment projects according to plan in the past year enabled us to adjust and expand the X-FAB Group's capacities despite the difficult economic environment. As a result, we are now well prepared for the increase in demand. With an equity ratio of more than 60 percent and cash and cash equivalents of around USD 100 million, the X-FAB Group continues to be a reliable partner for its customers in financial terms as well."
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