Soitec SA

PAR:SOI

Earnings Call Transcript 2022-Q2

[Operator]

Hello, and welcome to the Soitec Second Quarter of Fiscal Year '22 Sales Conference Call. My name is Val, and I will be your coordinator for today's event. Please note, this conference is being recorded. [Operator Instructions] I will now hand you over to your host, Paul Boudre, Chief Executive Officer of Soitec to begin today's conference. Thank you.

[Paul Boudre, CEO & Director]

Thank you, operator, and welcome to Soitec conference call dedicated to the publications of the second quarter revenue of our fiscal year 2022. This is the quarter covering the period from the 1st of June to the end of September 2021. I am Paul Boudre, Soitec CEO. Together with me on this call are Léa Alzingre, our CFO; and Steve Babureck our Investor Relations Officer. As usual, we will briefly comment on our sales performance. And after that, we will open the floor to questions. So before getting into our Q2 figures, let me reinforce our key announcement of today. We have raised our revenue guidance from $950 million to $975 million, thanks to our capacity to capture a stronger demand. We also raised our EBITDA margin guidance from around 32% to around 34%, thanks to higher operating leverage and industrial performance.So let me give you an overview of our Q2 revenue performance. As you may remember, we had a very strong start of our fiscal year '22 with an organic growth of 69% in Q1. So today, I'm very pleased to report that we achieved another robust performance in Q2. Q2 revenue was up 37% on a reported basis over Q2 last year. This includes a 3% negative currency impact. At constant exchange rates, Q2 '22 revenue was up 40% over Q2 '21. On a sequential basis, it represents a 5% growth, excluding currency impact, over Q1 '22. 6% growth on 150/200-millimeter wafer sales and 4% growth in 300-millimeter. So this is our fifth consecutive quarter of sequential organic growth since the low point achieved in Q1 '21 in the midst of COVID-19 crisis. Q2 revenue reached EUR 193 million. This is our second highest quarter ever. It brings our H1 '22 revenue to EUR 373 million, which is a record semester in Soitec's history. H1 '22 revenue is up 53% on a like-for-like basis or up 47% on a reported basis compared to H1 '21. So this is for the key figures, and let's now take a look at the drivers of this strong performance.So we continue to enjoy a strong tractions on all our products and across our three end markets. Mobile communications is still by far our largest end market and a key driver of our performance. Our revenue growth continues to be boosted by the deployment of 5G and the increase in Soitec's products content in every 5G smartphone and of course, the introductions of new products. As you know, this is mainly benefiting our RF-SOI and POI products. We also continue to benefit from the recovery of the automotive industry, which is very positive for our Power-SOI and FD-SOI products. Finally, our revenues in smart devices also increased driven by stronger sales in FD-SOI and Photonics-SOI wafers.Our efforts in increasing capacity triggered by higher customer demand translated into increased production across the board. This is the case with a good ramp-up of our productions of 150-millimeter POI wafers at Bernin 3. We are accelerating the ramp up our productions of 150-millimeter POI wafers. The ongoing ramp-up in Singapore led to higher productions of 300-millimeter SOI wafers.And we also delivered a higher output of 200-millimeter SOI products. So let's now dive deeper in our Q2 figures and look at sales by revenue type. 150/200-millimeter wafers recorded sales of EUR 85 million, a 22% increase compared to Q2 last year, excluding currency effect. This reflects a strong volume growth, of course, but sales of RF-SOI in 200-millimeter were stable compared to Q2 last year. Sales of Power-SOI were much higher than in Q2 '21, highlighting the strong rebound in the automotive market.In addition, we benefited from another strong surge in 150-millimeter POI wafers for RF filters. Thanks to, obviously, the robust ramp-up in productions at our Bernin 3 facility, we have been able to respond to the increasing demand for POI. POI adoption is getting traction on 4G and 5G smartphones filters to cope with the increasing number of frequency bands and the requirements for enhanced performance.If we now look at our 300-millimeter business, we recorded sales of EUR 102 million in Q2 '22, a 63% increase, excluding currency effects, compared to Q2 '21. So this is a direct result of a sharp volume increase. The level of RF-SOI 300-millimeter sales has been booming, and thanks to our leadership and our anticipated capacity expansion plan. We also achieved another strong quarter in FD-SOI, confirming the rebound initiated in Q3 '21. FD-SOI technology is bringing significant value to applications dedicated to edge computing, automotive and 5G. As for Imager-SOI for 3D sensing applications, sales remained at the same level, high level as in Q2 '21.Finally, sales of Photonics-SOI for data centers were much higher than in Q2 '21, confirming the solid trend that we have seen since Q4 '21. In addition, royalties and other revenues were -- went up from EUR 5.8 million to -- in Q2 '21 to EUR 6 million in Q2 '22. This represents a 3% growth at the constant exchange rate. So on the back of this strong performance, we are revising upward our guidance for fiscal year '22. We are raising our fiscal year '22 revenue guidance. We now expect fiscal year '22 sales to reach around $975 million. This is an upgrade from our previous guidance from -- of $950 million, mostly due to very strong demand that we will be able to partially capture, and I will thank our very strong operational performance. It represents an annual growth of around 45% at constant exchange rate. As a direct consequence of this upgrade, we are also significantly raising our EBITDA margin target from around 32% to around 34%. And beyond the operating leverage, this upgrade is driven by both a very strong operational performance over H1 that will remain for the full year, a favorable phasing of our bulk silicon long-term agreements, SG&A savings due to strong cost control and savings on hirings. So before moving to the Q&A session, let me highlight a couple of key events which took place recently. The first one is the adoption of our corporate purpose. This was put to the vote of -- and approved by our shareholders at the AGM, which took place at the end of July. Our corporate purpose stands as follows: In our soul grows an amazing future; it is a way for us to materialize our ambitions to build innovative products that serve the transitions to a more connected energy-efficient and intelligent society. And this is perfectly in line with our ESG commitments to have ambitious climate and sustainability targets that notably include reductions of greenhouse gas emissions. Indeed, our goal is to foster the performance of our products while reducing both their energy consumptions and our own direct carbon footprint. The second event is the full conversion of our convertible bonds, OCEANE 2023, into new shares. At the end of March, it represented a total amount of EUR 140 million in debt. As a result, 1.3 million new shares were issued representing 3.9% of our share capital. So this ends our opening remarks, and we are now ready to take your questions.

[Operator]

[Operator Instructions] And we do have a few questions in the queue. The first question comes from the line of Aleksander Peterc from Societe Generale.

[Aleksander Peterc, Equity Analyst]

Just a quick one on your EBITDA margin outlook and the upside you provided today in the guidance upgrade. So the first part would be regarding the forward pricing of wafers. I'd expect that at some point, this will wash out of your cost base, so you'll be -- your prices will start reflecting something that is closer to current spot prices, which are higher. So does this mean that we'll have some EBITDA margin pressure ahead as much as you don't have it today? That's one part. And then the second part is how much of this upgrade is structural because you have better yields, you have better utilization rates. And does this mean that we should think about your longer-term margin outlook that you provided at CMD to also be proportionately improved, given the progress you highlight here?

[Paul Boudre, CEO & Director]

So regarding the long term, what is clear is that we are just starting our new strategy plan, and we will basically end this plan by March next year. So obviously, everything new that could influence what we have presented in this year on the long term will be revisited with you guys in June timeframe next year. And back to maybe your questions, I don't know, Léa, if you want to comment first and I'll take some after?

[Léa Alzingre, Senior Director & Acting CFO]

Yes, hello, everybody. So regarding the bulk, we have long-term agreements with our suppliers. And what we can see is we have favorable phasing in our bulk silicon long-term agreement. So they are based by calendar year, and the negotiation we had regarding this next month were quite favorable for sure. The price will evolve in the future. I don't know if you want to complete, Paul?

[Paul Boudre, CEO & Director]

Yes, Peterc, this will be in phase with also our new pricing strategy, our new LTA strategy. We take into account basically the bulk increase that we will see coming within the next year. So for that, I mean, we -- I think that, back to your point, the EBITDA margin level today, it's clearly based on truly structural impact that we have in our manufacturing in terms of performance.Clearly, we have achieved a yield level that showed the maturity of not only our mature site, which is Bernin 2 and Bernin 1, but what we see on Bernin 3 and what we see in Pasir Ris have clearly outperformed some of the, I would say, forecast that we had on the performance itself. So we are extremely confident on the operating leverage that we have now built into our manufacturing. And to maybe close on the long-term CMD that we share with you. I mean, 35% was the EBITDA margin on the horizon and still is. And we consider this as a floor for the long term.

[Aleksander Peterc, Equity Analyst]

And just very briefly, can you say on Pasir Ris, what rate is occupied now and where you will be in terms of the ramp-up of that capacity by the end of the year?

[Paul Boudre, CEO & Director]

In fact, in terms of capacity, we said that we will cash out EUR 240 million CapEx this year. 50% of this EUR 240 million was dedicated to Singapore, 25% for Bernin 3 as a reminder, and the rest for the existing factories. But clearly, that's where we are. I mean we are ramping Pasir Ris as quickly as we can and -- but also in line with our demand, right? So that's where we stand.

[Operator]

The next question comes from the line of Sébastien Sztabowicz from Kepler Cheuvreux.

[Sébastien Sztabowicz, Head of Tech]

Could you please make an update on your technology road map on silicon carbide. So have you made any progress there? And if yes, could you please share with us any data points that you have with you? And the second one could be on POI and notably Bernin 3, the ramp with Qualcomm. What kind of fab loading do you expect for fiscal year 2022 there and how the ramp with Qualcomm is progressing? And also regarding POI, have you made any progress with the other RF players that you are working with?

[Paul Boudre, CEO & Director]

Thanks for the question. So I'll start with silicon carbide, yes. So you understand the value that we bring with this technology. So it is clearly, as we go into more and more work with internally, but also with our partners, we realized the value that we could bring in terms of obviously, quality, performance, cost of ownership. So clearly, this is potentially a game changer if we succeed. Now what is true is that we are continuing to work with our partners to -- as I said, to make sure that we can build a very complex device on our wafers. We have made continuous progress over the last few months in the quality and the performance of the wafers that we are able to ship right now to our partners. We -- but I have no major news in terms of these business milestones that I was talking about before because it's still on progress. I will say that our level of confidence continues to go up. And I continue to confirm that we are going -- we will have to make decisions before the end of our fiscal year '22. Sorry, on the POI -- sorry, I skipped the POI question. So on the business side for POI. Beyond Qualcomm, several customers are -- and their qualifications. I confirmed that already. We developed several products to address mid and high band right now, and we have several products running into production as we speak. And we are clearly working on addressing all segments, I mean, the low to mid and high band. In terms of the capacity where we stand today, we have basically increased 4x our capacity versus last year. And you know the competitive advantage that are really pushing us. So it's clear that we continue to confirm that temperature stability, the integrations for multiplexers, larger bandwidths are still the driver for the new products to come.

[Sébastien Sztabowicz, Head of Tech]

And how many wafers do you believe you will have in capacity at the end of this year at B3?

[Paul Boudre, CEO & Director]

This is not really a number that we share. I'm trying to give you a little bit of a trend, 4x more capacity than last year.

[Operator]

The next question comes from the line of Didier Scemama from Bank of America.

[Didier Scemama]

I apologize, I didn't quite understand the answer related to your input cost. Can you just clarify a little bit what you meant with your LTAs in terms of raw wafer prices? How much of that is already captured? And how comfortable you are, if you want, for calendar year 2022. I just didn't quite get the answer.

[Paul Boudre, CEO & Director]

So to maybe start with the answer, we are very comfortable, okay? It's well under control. We have bulk wafer prices that are part of our new LTA that will show some bulk increase in the range of single-digit versus fiscal year '21. In parallel to that, we have also signed new LTAs with our customers, and these LTAs take into account bulk increases. And as we go into this year, but also next year, we are very in sync, I will say, with the overall price increase, and we do pass through our bulk increase to our customers.

[Didier Scemama]

Understood. That's very clear. And of the EBITDA margin upgrades, how much of that is due to you sort of more than passing on, if you want, your raising input cost?

[Paul Boudre, CEO & Director]

You will get more details on the H1 results, that's for sure, you will get all the details, but it's very structural what I can say.

[Operator]

The next question comes from the line of David O'Connor from Exane BNP Paribas.

[David O'Connor, Analyst of IT Hardware and Semiconductors]

Maybe 1 or 2, Paul, from my side. Firstly, on the raising the guidance to the $975 million versus the $950 million previously, how much of that is RF-SOI? And if you could split it out units versus price, how would you define that kind of incremental there if you had to split it up? And I have 1 or 2 follow-ups.

[Paul Boudre, CEO & Director]

So clearly, on the revenue side, I mean, the higher market demand is coming from Specialty-SOI, FD-SOI and some from RF-SOI. But clearly, you can see that I started with Specialty-SOI and FD-SOI because that was -- that came as a very good trend and very strong trend for the second part of this year.

[David O'Connor, Analyst of IT Hardware and Semiconductors]

Understood. And maybe if you can run through the loading of the fabs, especially Singapore, that would be helpful.

[Paul Boudre, CEO & Director]

In fact, you know that our loading is -- in Bernin 1 is full. Our Bernin 2 is full. We are ramping as we enter towards -- clearly in Bernin 3 and in Pasir Ris, we are rushing into tools qualifications and really put these tools at work. So I want to mention also that Simgui is raising capacity as well towards the 450,000. This is happening as we speak. So clearly, we do not split really the capacity per se, but just for you what I can say is that 1/3 of the 1 million wafer per year will be reached by the end of fiscal year '22 in Pasir Ris.

[David O'Connor, Analyst of IT Hardware and Semiconductors]

That's helpful. And the last one from my side. The recent TSMC announcement of the new fab in Japan on more legacy mature nodes. What does that mean for FD-SOI and FD-SOI demand when you look at that announcement?

[Paul Boudre, CEO & Director]

Nothing related and no comment on TSMC strategy, but nothing related to us. I mean, clearly, our product are bringing true differentiations on the market we described during the CMD -- our last CMD. We continue to be extremely pleased because the demand that we see and -- that we continue to foresee for the years to come are completely in line with our explanations that we gave you during the CMD. So no link to -- I mean, the industry needs more capacity, that's for sure. So that's clearly another example.

[Operator]

The next question comes from the line of Emmanuel Matot from ODDO.

[Emmanuel Matot, Analyst]

First question, have you changed your main assumptions regarding volume growth of smartphones sold this year and the mix of 5G.? It seems that the component shortage in the semiconductor industry start to impact this end market a little bit.

[Paul Boudre, CEO & Director]

So thanks, Emmanuel, for the question. In fact, not at all. I mean we stick with the same number. I mean, I recall everyone here that for smartphones, we are planning in our models in fiscal year -- for calendar year '21 -- sorry, high single-digit growth, which means for us also in terms of 5G smartphone, we stick with 520 million. And for millimeter wave phones, we still have between 60 million to 80 million millimeter wave phones. So we stick with it, and we are very comfortable with this. We don't change it.

[Emmanuel Matot, Analyst]

Okay. And do you expect some positive news flow related to SOI for this 5G millimeter wave in the coming months. How many fablets are currently working on that technology? Is that growth driver a key part of your own map for the next 5 years? Or have you taken very conservative assumptions?

[Paul Boudre, CEO & Director]

Clearly, in terms of the assumptions, we are -- I don't think that we are conservative, but we try to be as close as reality. But clearly, the commercial deployment, as I said from the beginning, right, is always targeted for 2022. It could be a little bit sooner, okay? We need to check on before now and the end of the year, the possible news that we will get from [indiscernible] on FD-SOI millimeter wave. But clearly, 2022 is the key date. We have several -- not one, several -- major companies that are not only -- it's not evaluating, but under qualifications on this technology. So we are extremely confident on the transitions that we see. And to be clear, I mean, I didn't change what I told you 2 years ago, the first millimeter wave adoption has been driven by simplicity and the fact that IP on bulk was available. The second wave that is happening that was -- is based on optimizations on what the industry has today. The third wave, the one that I'm talking about, okay, the one that we will get in the share maybe before the end of this year, but in any case next year. The third wave, it's about energy efficiency. And it's -- see this is why FD-SOI and RF-SOI comes to play.

[Emmanuel Matot, Analyst]

Okay. And my last question is about licenses on other revenues. Why are they not growing faster in the current booming environment for semiconductors? It looks quite surprising for me.

[Paul Boudre, CEO & Director]

I mean,, you know that it is based on wafer out. And clearly, the one we are really increasing capacity today in this world is Soitec. We are clearly driving in terms of technology leadership. And we are supporting our customers' advanced product, which is clearly a true benefit for us. But also we have expanded our capacity in 300-millimeter and 200-millimeter and bringing new products. So -- and the mixed product that we are getting is clearly to our advantage today.

[Emmanuel Matot, Analyst]

I was surprised to learn that. So you take only supply 52% of GLOBALFOUNDRIES SOI wafers last year. So it seems that your licenses are becoming, let's say, key players also in this SOI world.

[Paul Boudre, CEO & Director]

Absolutely. I mean, we need more than one player. But Emmanuel, I told you from the very beginning as well that we have this leadership positions that we continue to have in this industry. So the 52% with GLOBALFOUNDRIES is clearly a very, very strong number, a very good number. But when it comes to dollars, when it comes to the mixed product of what we are gaining and getting, it is clear that we have the value product, and this is what we are concentrated on. We cannot manufacture everything, and we need to make sure that our licensee get a share. And -- but you know that the positions on our market share is really driven by innovative and value products.

[Operator]

The next question comes from the line of Ken Rumph from Jefferies.

[Kenneth Charles Rumph, Equity Analyst]

Actually, most of my questions are answered. I'm left with just to ask about GaN related to millimeter wave and so on.

[Paul Boudre, CEO & Director]

So GaN for millimeter wave, today, I think it's still a long shot, okay? We are, obviously, getting into qualifications, including for smartphones, but clearly, first, we will start with applications like 5G infrastructures at the beginning, right? That's where we see most of the volumes going right now.

[Operator]

The next question comes from the line of Dominik Olszewski from Morgan Stanley.

[Dominik P. Olszewski, Research Analyst]

Yes. So first question, just to circle back on an earlier question. Could we just think about, at least conceptually, bridging from the 34% EBITDA margin this year to the 35% that you have midterm in the capital markets planning. So what elements of that are declining and then improving over time? I know you talked about bulk pricing, but then also yields as you ramp up capacity. And then the second question is just -- you're one of the few companies that isn't flagging supply chain and logistics issues, but could you maybe just talk about what you're seeing as well?

[Paul Boudre, CEO & Director]

Yes. On the first question on your EBITDA, trying to understand the dynamic moving forward. I mean, it's too early for us to share anything else. But what is clear is that it is clearly a very good news because, as I said, it's based on structural and clear accelerations that we have made in our operations and overall manufacturing, including all sites. So this is something that we consider as a strong achievement. When it comes to global supply chain -- and clearly, what we see shortages maintained for us a high level of demand in -- we continue to see a high level of silicon demand in smartphones and auto. We never -- we didn't get any signals or weak signals from any of our customers. The inventory levels are very healthy across the board.And we checked that at our key foundries and IDMs, so we are in extremely healthy shape here. And the good news -- and I continue to say that because this is part of the strengthening of our industry. The good news is that we are clearly getting into much higher visibility. Our customer contracts now are covering 3 to 5 years. And this is really giving us also a strong visibility on our investments and the speed of our investments.

[Operator]

The next question comes from the line of Robert Sanders from Deutsche Bank.

[Robert Duncan Cobban Sanders, Director]

Paul, just to come back to the millimeter wave FD-SOI opportunity. I think you've said in the past that it's relatively small in fiscal '23 before becoming very substantial in fiscal '24. So how should we think about the deployment time line? Is it just going to be a couple of models in the second half of calendar '22 and one region before becoming all models and all regions? And how should we think about the deployment of millimeter wave? There has been some disappointment out there on the last iPhone, for example, not supporting a lot of different regions. So I was just interested to sort of -- if you could just provide a bit of color on how you think this ramps up. And does it mean fiscal '24 becomes like a substantial growth year versus fiscal '23, for example?

[Paul Boudre, CEO & Director]

Yes. And clearly, I mean, if you think about millimeter wave applications, these are really the drivers. And, the good news about this, I mean -- and I believe you are seeing the same. We see more true applications coming to us like indoor enterprises. We see transportation apps. We see wireless -- fixed wireless access. So clearly, Industry 4.0 is also part of it. So we are now seeing real business tractions on this millimeter wave, and that's really also coming into play with this -- what I said, which is the energy efficiency that the industry has to bring to this millimeter wave applications. So to your point, I always say, yes, second part of fiscal year '23 for the beginning. We could be a bit earlier, but we need to check. But clearly, it will start with a few smartphones, obviously, and a few different regions, I believe that. But I do not have the dynamic clearly in mind for the rest of the year, but let's make sure that we start, as we said. And then the market will like the performance and the overall efficiency -- power efficiency that we will bring to this application.

[Robert Duncan Cobban Sanders, Director]

Got it. And the 80-millimeter squared opportunity you laid out, that's on day 1, basically, the 80-millimeter squared opportunity incremental for you guys versus the 60-millimeters, I think they're doing in the whole mobile today?

[Paul Boudre, CEO & Director]

Most likely, yes, Rob. I mean this is clearly something that depending on the architecture and depending on the chips, that the architecture that our customers are looking at, we are very, very confident with this 80 millimeters square.

[Operator]

The next question is a follow-up question from Didier Scemama from Bank of America.

[Didier Scemama]

I just wanted to get your thoughts on the Imager business. It looks like you said it was flat year-over-year. Can you just give us a sense of the sort of sequential performance? And whether you were disappointed by that flat year-over-year performance, at least relative to what we can see in the press regarding the build plan of a particular customer? It sounds a bit underwhelming. So just wanted to understand what was the reason for the flat performance year-over-year.

[Paul Boudre, CEO & Director]

It's more of kind of seasonality here, but we continue to see a variance here, and we continue to see that also for the years to come. So we do not foresee any negatives on this product. Yes, I mean -- and I was just checking on my numbers. This -- what we see today, we see specialty-SOI and Imager is part of it getting stronger and stronger across the year. So no issue on this.

[Didier Scemama]

Can you say what the business did, sort of calendar Q3 over calendar Q2?

[Paul Boudre, CEO & Director]

No, I don't have the data, but it was a single digit. I mean in percentage on top of my mind, it's a single-digit percentage.

[Didier Scemama]

And do you expect that to increase in Q4?

[Paul Boudre, CEO & Director]

No comments on this. I am...

[Operator]

And the next question is a follow-up question coming from the line of David O'Connor from Exane BNP Paribas.

[David O'Connor, Analyst of IT Hardware and Semiconductors]

Paul, I think there was a question on freight and logistics and concerns in the industry and what you guys are seeing. I didn't quite catch the answer. Maybe you could kind of go into a bit more detail on that, if there's any concerns you have there around freight logistics? And then lastly, can you give us an update on the silicon photonics?

[Paul Boudre, CEO & Director]

Yes. So far, I mean, we have not -- we have not seen any issues on the logistics itself. We are clearly getting what we want and no issues on that. On the silicon photonics itself -- so basically, the silicon photonics, it's clearly an opportunity that we are measuring every year, but this is clearly now with the pandemic, we are seeing also an acceleration of silicon photonics in towards businesses that I will say, health business. So we have seen several companies getting into and some of them having strong tractions on PO sensors, for example. And there is 1 that I can probably mention that you have on your radar. It's Rockley Photonics. So we see that coming to a stage right now where there is traction on the photonics itself. And we see growth -- continuous growth over the year. And obviously, I'm not going to comment for next year, but very, very good. And -- what I will say is that we are still trying to learn more also on this photonics. So we see that the watch business, and we'll embark a lot of these new devices, and we foresee some new release towards -- I mean, some of them happened in September this year, but some of them will continue to show up on the share for Christmas.

[Operator]

There is another follow-up question coming from the line of Sébastien Sztabowicz from Kepler Cheuvreux.

[Sébastien Sztabowicz, Head of Tech]

One on RF-SOI, do you see any potential threat to your leading position on RF front-end module with any kind of production new substrates Qorvo has acquired Cavendish Kinetics back in 2019 on RF MEMS. Do you believe this technology can be a threat to RF SOI or do you see any potential other substrates that could compete with RF-SOI going forward?

[Paul Boudre, CEO & Director]

Thanks for the questions. And you know that we are paranoic with our competitions because this technology leadership is fundamentally, I mean, one of the strengths that we are building, and we are building it with our customers. So because we share a very advanced customer road map, we understand with them the problem they are trying to fix and then we put our organizations in place to really deliver the next generations of products.So that's the model. So back to the -- to this remark on this competitive technology. We don't see it -- I mean, we don't see it coming. It's clearly a small, very small niche applications problem that we are -- the problem that we are looking at is clearly integrations, high abilities. So they are far, far from to be an industry of technology.

[Operator]

Thank you. There are currently no further questions in the queue. [Operator Instructions] There are no further questions coming via the audio line. So I'll hand the call back to the speakers for any concluding remarks.

[Paul Boudre, CEO & Director]

So thank you, operator, and thank you for your interest and your questions to all of you. So the next date in our agenda will be our fiscal year '22 interim results on the 30th of November after market close. So again, thank you all. This ends our call for today, and thank you for your attention.

[Operator]

Thank you for joining today's call. You may now disconnect.