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2019 Annual Report Us Well Placed to Adapt to These Changing Market and Financial Statements

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2019 Annual Report Us Well Placed to Adapt to These Changing Market and Financial Statements Annual Report and Financial Statements 2019 Contents 2019 Performance Review Governance Report Chairman’s overview ................................................................4 Viability statement ...................................................................42 Chief Executive’s overview ................................................6 Directors’ Report .......................................................................51 Audit & Risk Committee Report ...............................53 Nominations Committee Report.............................55 Strategic Report Directors’ Remuneration Report .............................56 Directors’ biographies .........................................................72 Business model .............................................................................8 Competitive advantage .........................................................9 Financial Report Business units and processes ...................................11 Ethics and conduct .................................................................16 Independent Auditors Report ....................................74 Our people ......................................................................................18 Financial Statements ............................................................82 Communities and social review ...............................21 Notes to the Financial Statements .......................92 Environment, health and safety ...............................22 Risk management ....................................................................27 Additional Information Financial review ..........................................................................38 Officers and advisors .......................................................144 Glossary ..........................................................................................145 Chairman’s overview I am pleased to present footprint and wide range of leading technologies leave our 2019 annual report us well placed to adapt to these changing market and financial statements. conditions. I am delighted and IQE has established and has continued to maintain a honoured, after two and significant technological and process advantage in the a half years on the Board, high-volume manufacture of large diameter (150mm) to have taken over the wafers for vertical cavity surface emitting laser (VCSEL) 2019 Performance Review chairmanship of IQE products that form the heart of a rapidly-growing in April 2019. IQE is an trend for optical sensing applications, such as facial exciting and innovative recognition and authentication, where we command a company and I am significant global market share. committed to supporting and championing a In 2019, we completed the infrastructure phase of culture of innovation, our substantial capacity expansion. Our new ‘Mega growth and inclusion. Foundry’ in Newport is a state-of-the-art facility capitalising on 30 years of compound semiconductor I am particularly proud of the response of all of the experience. The first batch of tools are now in staff and leadership of IQE in the extremely difficult production, with space for a ten-fold expansion to circumstances resulting from the COVID-19 pandemic. address the 3D sensing market which is forecast for The implementation of measures to keep our teams exceptional growth. We also increased our capacity working safely whilst keeping vital operations active, in Taiwan for advanced wireless products based on to support our customers and partners, has been GaAs (Gallium Arsenide) by 40% and consolidated achieved through the dedication of our teams and the our Wireless GaN (Gallium Nitride) capacity in support of their families. Massachusetts. These Wireless expansions are key enablers to grow market share as 5G networks, IQE is the world’s leading supplier of advanced infrastructures and solutions roll out globally. semiconductor material solutions that underpin and will enable the 21st century economy. We innovate, IQE has a unique opportunity as a leading technology develop and manufacture compound semiconductor manufacturer to ensure that our culture, practices and wafers and complementary material technologies that procedures support minimal environmental impact. are at the heart of the digital revolution. We continue to strive for the highest standards in our environmental practices. I am proud to say that our Our compound semiconductor technologies play new Newport facility is built to the highest technical an increasingly important role in shaping the way standards with energy saving features built in by we live, work and spend our leisure time. Our design. innovative materials will play a key role in enabling next generation solutions in communications technology, Furthermore, we recognise the technologies we security, privacy and artificial intelligence. This includes develop and manufacture can have a huge positive powering connected devices, healthcare solutions, impact towards a sustainable world. The advanced smart energy, autonomous vehicles, big data and ultra- properties of materials like GaN are capable of high-speed connectivity including 5G, and the latest providing highly-efficient power switching for a wide evolution of cloud and hyper-scale data centres. range of industrial and consumer uses. The use of GaN in 5G networks has the potential to revolutionise IQE is a global technology leader operating in a connectivity in rural areas, as well as the sustainable dynamic and competitive market. Our compound use of power resources in urban areas. Our VCSEL- semiconductor materials offer significant performance based photonics provide greater security and advantages and functionality over silicon-based are likely to play a key role in the safety of future semiconductors in terms of higher speed, lower power autonomous vehicles. Our research and development consumption, and more efficient RF capabilities; but into lasers for environmental and health monitoring perhaps most importantly, compound semiconductors has the potential to transform the way we all live. lie at the heart of the expanding photonics industry. As energy infrastructure transitions to renewables and smart grids and as ultra high-speed, low latency During 2019 the global market for compound communication networks roll out, IQE has a real and semiconductors experienced significant disruption as exciting opportunity to make a genuinely positive a result of the global geo-political situation, including difference to society and the environment. trade tensions between the US and China. However, in the medium and long term, IQE’s broad geographic 4 IQE PLC | Report and Annual Accounts 2019 | Company No: 3745726 Board and management changes Summary Godfrey Ainsworth stepped down as Chairman and 2019 was a year in which IQE’s financial performance Interim CFO in April 2019. I would like to take this was adversely affected to a material extent by the opportunity to thank Godfrey for his long service to global geo-political environment. In 2020, the world IQE. I am delighted to be taking over as Non-Executive is dealing with the significant uncertainty created by Chairman, having served on the Board since late 2016 the spread of Coronavirus. However, I believe IQE is as a Senior Independent Director. well placed to adapt to rapidly changing global market conditions and to withstand near term uncertainty. A key milestone for IQE over the last year was the IQE has a unique breadth and depth in compound appointment of Tim Pullen who joined IQE as Chief semiconductor material solutions, unrivalled Financial Officer in February 2019. Tim, whose intellectual property and strength in a diverse global appointment was announced in October 2018, was manufacturing footprint. With the investments we have most recently Chief Financial Officer of ARM Limited, a made in new technologies and manufacturing capacity, global semiconductor and software design company combined with recent evolutions in our Board and owned by Softbank Group. His appointment as CFO Executive Management personnel, the company is well 2019 Performance Review is strongly aligned with the aim of having a Board with placed to grow in the coming years. the appropriate balance of skills and expertise to steer the Company through the next exciting phase in our I would like to thank my fellow Directors and all the evolution. management and staff of IQE for their hard work in the challenging circumstances of the past year as well In May 2019, Carol Chesney joined IQE as a Non- as their ongoing professionalism and dedication in Executive Director and Chair of the Audit Committee. current uncertain times. I would also like to thank our A Chartered Accountant, Carol is an experienced shareholders for their continued support and belief Non-Executive Director, currently serving as a Non- that the IQE team will capitalise on the significant Executive Director and Chair of the Audit Committee market opportunities that will emerge following these of Renishaw plc since October 2012, in addition to challenging years. serving as a Non-Executive Director and Chair of the Audit Committees of Hunting PLC since April 2018 and Biffa PLC since July 2018. During the year, we also announced the formation of the Executive Management Board. This evolution of the senior management structure ensures we are extremely well positioned and resourced to execute Phil Smith our strategy and to make the changes necessary to Chairman, IQE Plc. scale and adapt the business as we
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