© morgenstjerne Components | May 08, 2013

Elmos: growth forecast confirmed for 2nd quarter 2013 onwards

The effects of the uncertain economic situation in Europe had their impact on sales of Elmos Semiconductor AG in 1Q/2013 as expected, a short fiscal report states.
The trend that combines weak business with European automotive customers and a pleasant development in Asia is currently determining sales figures of carmakers and their suppliers throughout the industry. However, the growth in Asia does not compensate for the decline of the business of Elmos in Europe.

Total sales went down 8.0% to 43.1 million Euro (Q1 2012: 46.9 million Euro). While sales generated with European customers dropped by 12.1% to 27.9 million Euro, sales with Asian customers went up 12.2% to 9.8 million Euro.

The gross margin remained stable at 39.0% compared to the previous year (Q1 2012: 38.9%). The increase in research and development expenses in relation to sales to 20.4% (Q1 2012: 18.7%) is accounted for by lower sales of the reporting quarter for the most part. Distribution expenses were slightly up by 3.3% to 4.6 million Euro due to increased activity in the Asian region (Q1 2012: 4.5 million Euro).

As a consequence of weaker sales, the EBIT dropped to 0.3 million Euro (Q1 2012: 1.0 million Euro). The consolidated net income amounted to 0.4 million Euro (Q1 2012: 0.6 million Euro). This equals basic earnings per share (EPS) of 0.02 Euro (Q1 2012: 0.03 Euro).

The operating cash flow climbed from 0.5 million Euro in the prior-year period to 5.2 million Euro. The adjusted free cash flow (cash flow from operating activities less capital expenditures for intangible assets and property, plant and equipment, less payments for investments, plus disposal of investments) also showed a positive performance, reaching 3.0 million Euro in the first quarter of 2013 as compared to -2.8 million Euro in Q1 2012.

“The first quarter of 2013 turned out weak as expected. The ramp-up of various products is presently reflected in the current year´s order intake. Therefore we confirm our growth forecast for the 2nd quarter 2013 onwards,” says Dr. Anton Mindl, CEO of Elmos Semiconductor AG.

In 2013 Elmos anticipates a sales increase in the mid single-digit percentage range based on essentially unchanged general economic conditions. The EBIT margin will be above the 2012 level (6.3%). The adjusted free cash flow is expected to be positive. Capital expenditures are budgeted to amount to no more than 15% of sales.
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