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Annual Report and Accounts 2020 Leading innovation from within 2020 Annual Report and Financial Statements IQE plc 2020 Annual Report and Financial Statements Leading innovation from within We exist in an age of rapid transformation. Technological innovation is changing our world and the way we live, and opportunities for advancement are endless. Innovation is at the heart of all that IQE does. We are uniquely placed to provide advanced technology solutions to shape the future and enable a new digital age. Discover more online at iqep.com 1. Strategic report 2 3 Contents 1. Strategic Report IQE at a glance 2 Record revenue Investment case performance 4 10 Over 27% revenue growth Market overview 6 2020 Highlights in 2020 Chairman’s Statement 8 2020 highlights 10 178m Chief Executive’s Statement 12 Business Model 14 155m 156m 140m Strategic update 16 Embedded innovation 18 Responsible business 20 Risk management 32 Viability Statement 38 Financial Review 39 2. Corporate Governance Chairman’s Governance Overview 42 Find out how IQE achieved record Board of Directors 44 revenues and a strong operational Board Activities 46 performance despite a challenging 17 18 19 20 Audit & Risk Committee Report 49 global environment. Nominations Committee Report 53 Remuneration Committee Report 55 Directors’ Remuneration Report 56 Statement of Directors’ responsibilities in respect of the Annual Report and the Financial Statements 70 18 Directors’ Report 71 Our technology is 3. Financial Statements industry-leading Auditor’s Report 73 Financial Statements 82 2020 has shown the Glossary 145 maturity of IQE’s Investor information 147 business and the ongoing strength of our customer and market opportunities.” Phil Smith Chairman, IQE plc Discover how IQE is enabling technology that will transform society. IQE plc 2020 Annual Report and Financial Statements 01 IQE at a glance Leading innovation from within Who are we What we do Our vision Our key products IQE’s vision is to be the best advanced Wireless semiconductor materials Our Wireless business offers the industry’s broadest range of RF epitaxial wafer products that enable wireless connectivity, including in consumer mobile solutions company in handsets, connected devices, 5G network infrastructure, WiFi 6, Bluetooth the world. Being the and satellite communications. Our wireless products include GaAs, GaN, and InP-based technologies, as well as Si and Ge-based epitaxial wafer structures. best means delivering IQE currently supplies the majority of worldwide demand for GaAs HBTs, outstanding quality, pHEMTs, and BiFETs/BiHEMTs. service, technology and Read our Wireless review on page 11 value such that we become the first choice supplier for all our customers. Photonics IQE’s Photonics epitaxial wafer products can be found in consumer, commercial and industrial applications. Our key Photonics products include Vertical Cavity Surface Emitting Lasers (VCSELs) which are a key 3D sensing technology enabling facial recognition, gesture control, LiDAR and other advanced sensing applications, InP laser and detector wafers which power today’s high speed, Our strategy 5G telecommunication and datacommunication fibre-optic networks, GaN To deliver the best advanced and GaAs for multicolour uLED displays, and an industry leading range of GaSb semiconductor materials solutions to and InP materials which enable high definition infrared imaging and sensing in our customers through technology security, health monitoring and environmental applications. leadership, value engineering and production excellence; to provide our Read our Photonics review on page 11 employees with a safe, stimulating and rewarding work environment; to partner with our suppliers to form mutually beneficial relationships; and to provide Substrates all our stakeholders with a highly Compound semiconductor substrates are the base material from which all rewarding investment. Photonics and Wireless devices are fabricated through epitaxy processes. We are industry pioneers in substrate technology and offer an unrivalled range of Read more on page 16 materials and product forms. Our GaAs, InP, GaSb, InSb and InAs product range allows us to serve a broad and diverse range of device types and end markets, and positions IQE at the forefront of new product technologies which are made Our delivery possible only by the substrate materials we provide. In order to rise to the challenges Read about our market applications on page 7 demanded by our customers and markets, IQE has established a strong leadership position through the creation Revenue by segmentation Wireless segmentation Photonics segmentation of the broadest portfolio of materials IP in the industry. We have developed a reputation for excellence and reliability through technology leadership and proven mass market delivery. Our close collaboration with our customers ensures that our processes are highly integrated and embedded within our supply chains. Wireless 53% Gallium Arsenide Vertical Cavity Surface For a terminology guide please see Photonics 46% (GaAs) 63% Emitting Laser (VCSELs) 56% our glossary on page 145 CMOS++ 1% Gallium Nitride Infrared 29% (GaN) 37% Indium Phosphide (InP) 15% 02 1. Strategic report 2 3 Where we do it Our international reach United Kingdom Cardiff IQE Head Office Our Mega Foundry in Newport is currently meeting demand for Newport IQE Newport products used for 3D Sensing Milton applications. Wafer Technology Keynes North America Taunton IQE MA Greensboro IQE NC Bethlehem IQE PA Galaxy Compound Asia Spokane Semiconductors Taiwan IQE Taiwan Infrastructure investment in our Taiwan site increaseed Wireless MBE activities in the USA will be Singapore IQE Singapore capacity (GaAs) by 40% in 2019, consolidated at our North Carolina addressing changes in supply chain site by 2024, as we continue to dynamics. focus on productivity and yield improvements globally. Revenue by geography Employees by location Number of Countries employees of operation Europe 9% Europe 42% Americas 66% Americas 35% Asia 25% Asia 22% 660 4 We have a diverse Our unique global workforce across footprint means IQE three continents. is in close proximity to international customers. Read more on page 10 Read more on page 20 IQE plc 2020 Annual Report and Financial Statements 03 Investment case IQE is the scaled global epitaxy leader IQE is targeting multi-year growth as the leader in a market set to expand due to new large-scale technology trends. 5G and connected devices are self-reinforcing macro trends that will transform the way we live over the coming years.” TIm Pullen Chief Financial Officer We operate at the forefront Macro trends are driving We have a global manufacturing of technology demand for our products footprint with a diverse customer base With over thirty years’ of experience and The proliferation of 5G will revolutionise IQE innovates and manufactures on three a deep commitment to research and communications and connectivity in the continents and our state-of-the-art facilities development, our technologies are world- coming years and IQE’s technology is at the utilise the broadest range of technology class. We are constantly innovating and heart of this transformation. Connected platforms in our markets. Our extensive supplementing our core capabilities with devices are becoming ever more present in customer qualifications mean we are deeply new products and systems. As a materials our lives and as 5G connectivity evolves into embedded within our customers’ supply solutions provider, IQE is embedded within true high-speed, high-capacity and low- chains and we offer resilience in supply supply chains for a broad range of technology latency networks, the possibilities for device security and production flexibility through products. We work closely with our connection, automation and machine these multi-site qualifications. Our unique immediate customers, the chip-makers, learning increase. This is the much heralded international reach also means we are and their customers, the original equipment world of the Internet of Things, and the well-positioned to serve a broad customer manufacturers, to develop solutions with unique properties of compound base and adapt to changes in global their required performance and quality semiconductors enable IQE’s material technology markets, as well as enabling us characteristics. solutions to power a multitude of to access global talent pools. advanced applications. Read our Technology Roadmap Read our market overview on Read about our international reach on page 18 page 6 on page 3 04 1. Strategic report 2 3 Compound semiconduc tors are everywhere 9 10 16 Connectivity Smart Grids 15 11 17 18 8 14 Sensing 7 6 19 12 20 13 Big Data 5 2 4 1 21 3 LiDAR Healthcare 1. Robotics and 5. Electrification 9. Satellite 12. WiFi 16. Energy 19. High-Speed Automation 6. 3D Sensing Communications 13. Security Generation Data Centres 2. Machine Vision 7. Personal Devices 10. 5G Small Cell 14. LEDS 17. Solar Energy 20. Diagnostics 3. Automous Driving 8. Augmentated Networks 15. Industrial Heating 18. Fibre Optic 21. Medical Imaging 4. Connected Vehicles Reality 11. 5G Base Stations Communications We have an unrivalled IP Our people IQE is uniquely placed product portfolio are experts in a growing market Our Intellectual Property (IP) portfolio From our highly-experienced Board and Our process specialisation and host of encompasses a wide range of products executive management team, to our technical competitive advantages are the reason we born out of three decades of experience. and operational staff, the skill and experience are the world’s leading scaled epitaxy provider. We generate IP in each of our manufacturing of our people sets us apart. IQE is a home for Our significant market differentiators enable facilities around the world, contributing to the best and brightest talent in the world of us to deliver world-leading quality, service, our broad market access. Our IP portfolio advanced materials and the breadth and products and value. This combination enables covers patented technologies, material depth of the expertise of our workforce is IQE to produce the best quality and highest yielding wafers which in-turn generates systems and processes, as well as know-how unmatched.
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