© elmos Business | August 05, 2016

Elmos: Big in Asia

Elmos Semiconductor generated sales in the amount of EUR 55.0 million in 2Q/2016 (Q2 2015: EUR 54.3 million). At 16.2 percent, the sales increase achieved in Asia was disproportionately high.
Earnings were increased over the previous quarter as expected, turning out slightly above the prior-year quarter’s results. The gross profit grew from EUR 19.7 million for 1Q/2016 to EUR 23.3 million in 2Q/2016 (2Q/2015: EUR 23.4 million). The EBIT climbed from EUR 0.8 million in the previous quarter to EUR 4.8 million in 2Q/2016 (2Q/2015: EUR 4.1 million). At EUR 3.3 million in 2Q/2016, the consolidated net income was also higher than the results of both the previous quarter (1Q/2016: EUR 0.3 million) and the prior-year quarter (2Q/2015: EUR 2.8 million).

Sales in the first half-year 2016 remained solid at EUR 108.7 million (1H/2015: EUR 109.7 million). The gross profit dropped by 6.2 percent to EUR 43.0 million in the first half-year 2016 (1H/2015: EUR 45.8 million). The EBIT came to EUR 5.6 million in the first half-year 2016, equivalent to an EBIT margin of 5.1 percent (1H/2015: EUR 10.5 million or 9.5 percent). Consolidated net income for the reporting period reached EUR 3.7 million or earnings per share of EUR 0.19 (1H/2015: EUR 7.1 million or EUR 0.36).

In the first six months of 2016 the operating cash flow went down from EUR 16.4 million for the prior-year period to EUR 8.1 million. This development is essentially attributable to a concentration of tax payments from different periods. Capital expenditures for intangible assets and property, plant and equipment amounted to EUR 17.2 million or 15.8 percent of sales (1H/2015: EUR 14.2 million or 13.0 percent of sales). The adjusted free cash flow was EUR minus 9.1 million (1H/2015: EUR 3.0 million).

“More satisfying than the sales performance of the first half-year 2016 was the acquisition of new projects. This shows that we develop the right products for a dynamic market,” says Dr. Anton Mindl, CEO of Elmos Semiconductor AG. “Elmos is expecting an improvement of sales and earnings for the remainder of the year 2016, based on portfolio business as well as on new products.”

Elmos confirms its 2016 guidance and continues to expect an increase in sales from 2 to 6 percent compared to the previous year. The EBIT margin is expected to come to about 10 percent. The capex ratio is scheduled to be less than 12 percentof sales. Furthermore, Elmos will generate a positive adjusted free cash flow once more.

The forecast is based on an exchange rate of 1.10 USD/EUR.
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