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© ingrid prats dreamstime.com Business | August 09, 2013

Elmos: Positive sales performance over the course of 2013

Elmos Semiconductor AG had a positive development over the course of the year 2013. Product ramp-ups and the succession of product generations have contributed to a pleasing growth in sales in the second quarter of 2013.

Sales were up by 3.5% compared to the prior-year quarter (Q2 2012: 45.5 million Euro) and by even 9.1% compared to the previous quarter (Q1 2013: 43.1 million Euro), reaching 47.1 million Euro in the quarter under review.

Sales generated in the first half-year 2013 were slightly below those of the first half-year 2012 as expected, going down by 2.4% to 90.2 million Euro (HY1 2012: 92.4 million Euro). The uncertain European economy negatively affected sales primarily in the first quarter of 2013. The Asia/Pacific share in sales, on the other hand, rose from 20.4% in the first half-year 2012 to 23.4% in the half-year 2013 under review.

The gross profit reached 35.2 million Euro in the first half-year 2013, or 39.0% of sales (HY1 2012: 36.3 million Euro, or 39.2%). At 35.3 million Euro, operating expenses remained almost unchanged (HY1 2012: 35.2 million Euro). Earnings before interest and taxes (EBIT) for the first half-year fell to 1.8 million Euro (HY1 2012: 4.4 million Euro), primarily on account of the income from the revaluation of the old shares in MAZ in the amount of 1.8 million Euro, included in the prior-year period’s other operating income. The consolidated net income reached 1.5 million Euro (HY1 2012: 3.6 million Euro). This equals basic earnings per share of 0.08 Euro (HY1 2012: 0.18 Euro).

At 5.2 million Euro, the cash flow from operating activities remained roughly stable in the first half-year 2013 (HY1 2012: 5.0 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) came to -0.2 million Euro in the first half-year 2013 as opposed to -3.3 million Euro in the first half-year 2012.

“Europe’s economic situation continues to be difficult. However, our sales performance is determined by product ramp-ups and the succession of product generations,” says Dr. Anton Mindl, CEO of Elmos Semiconductor AG. “Over the course of this year, our success in the market will show not only in sales but in significantly improved earnings as well.”

Elmos confirms the forecast for the full year 2013. At essentially unchanged general economic conditions, a sales increase in the mid single-digit percentage range is anticipated. The EBIT margin will be above the level of 2012 (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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