Elmos reports sales and earnings increase for 2Q/2011

Earnings increased in comparison with the 2nd quarter of 2010, significantly in part. The gross margin grew from 43.4% to 45.3%, the EBIT margin climbed to 12.9% (Q2 2010: 10.2%), and the net income improved to 4.4 million Euro (Q2 2010: 2.6 million Euro), equivalent to basic earnings per share of 0.23 Euro (Q2 2010: 0.14 Euro). Compared to the 1st half-year 2010, sales grew by 8.4% to 97.3 million Euro (HY1 2010: 89.8 million Euro). Adjusted by sales of the special packaging business sold as of December 31, 2010, the 1st half-year 2011 increased even by 12.0% compared to the prior-year period. The gross profit grew by 12.9% over the same period to 43.1 million Euro (HY1 2010: 38.2 million Euro). The EBIT soared 48.1% to 12.2 million Euro (HY1 2010: 8.2 million Euro) and the net income also grew considerably by 61.3% to 8.5 million Euro (HY1 2010: 5.3 million Euro). The disproportionate growth in earnings in relation to sales is due essentially to the higher capacity utilization. The EBIT margin went up despite increased efforts in development and distribution. “ELMOS has reached important milestones over the past months. Our South Korean cooperation partner MagnaChip started series deliveries for the automotive industry, the conversion and expansion of our Dortmund manufacturing site has made substantial progress, and last not least, the investment in TetraSun opens up new options for the future,” says Dr. Anton Mindl, CEO of ELMOS Semiconductor AG. “We have also made considerable headway with our stated goal to advance the expansion of our business in Asia by establishing own branches in these markets as well as by contracting additional distributors.” The forecast of March 2011 is confirmed. Based on a stable economy, ELMOS continues to expect sales between 190 and 200 million Euro for 2011 in spite of a recent slowdown in the dynamics of customers’ order behavior. The EBIT margin of 2011 will reach or slightly exceed the 2010 level (12.5%).