DGAP-News: ELMOS Semiconductor AG: Market uncertainty determines first quarter 2012
(firmenpresse) - DGAP-News: ELMOS Semiconductor AG / Key word(s): Interim Report
ELMOS Semiconductor AG: Market uncertainty determines first quarter
2012
03.05.2012 / 20:20
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Sales down by 2.5% - growth expected for 2nd half-year
Dortmund, May 3, 2012: ELMOS Semiconductor AG (FSE: ELG) generated slightly
weaker sales in the first quarter of 2012 compared to the prior-year
period. Sales for the first three months of 2012 amounted to 46.9 million
Euro (Q1 2011: 48.1 million Euro). The semiconductor segment is affected in
particular by the high level of uncertainty in the industry, especially
among the non-premium carmakers. Furthermore, some high-volume projects
undergo a generation change at present. Influenced by these factors,
semiconductor sales went down to 41.9 million Euro (Q1 2011: 44.0 million
Euro). In contrast to that, the micromechanics business recorded a positive
performance with a sales growth of 21.0% to 5.0 million Euro.
Essentially as a consequence of higher cost for the assembly of the
products, expenses incurred for the 8-inch conversion that were higher than
scheduled, and increased energy costs, the gross profit went down 12.4% to
18.2 million Euro (Q1 2011: 20.8 million Euro). This equals a gross margin
of 38.9% (Q1 2011: 43.3%). Research and development efforts were increased
as scheduled and amounted to 8.8 million Euro compared to 8.2 million Euro
in the prior-year period. Also on schedule were the higher sales expenses
(Q1 2012: 4.5 million Euro vs. Q1 2011: 3.5 million Euro), principally on
account of the new Asian locations. Earnings before interest and taxes
(EBIT) dropped accordingly to 1.0 million Euro (Q1 2011: 5.8 million Euro).
The net income came to 0.6 million Euro, equivalent to earnings per share
of 0.03 Euro (Q1 2011: 4.1 million Euro and 0.21 Euro, respectively). The
adjusted free cash flow was -2.8 million Euro (Q1 2011: 6.2 million Euro).
'We had expected the slow start of 2012 in respect of sales. In order to
reduce cost of sales, a bundle of measures was launched in April. Together
with the expected higher sales, this will lead to a significantly improved
earnings situation in the second half-year 2012,' says Dr. Anton Mindl, CEO
of ELMOS Semiconductor AG.
Positive developments in the first quarter 2012 worth pointing out are the
successful project acquisition and the response to ELMOS products, also in
Asia. Orders of motor driver, sensor readout, microsystem and communication
solutions in particular indicate the competitiveness of the ELMOS product
portfolio.
Based on an unchanged economic framework, ELMOS continues to expect 2012
sales at the level of 2011. The EBIT margin is scheduled to be in the high
single-digit percentage range. Capital expenditures are budgeted to come to
less than 15% of sales. The free cash flow will be positive.
The complete 3-month report is available in German and English at
www.elmos.com. On May 4, 2012 at 11.00 a.m. (CEST), ELMOS will hold a
conference call (in English) for analysts and investors. The conference
call will later be downloadable from the company's website.
Overview of financial figures according to IFRS (in million Euro or percent
unless otherwise indicated):
Q1/12 Q1/11 Diff.
Sales 46.9 48.1 -2.5%
Gross profit 18.2 20.8 -12.4%
Operating income 0.7 5.0 -86.6%
EBIT 1.0 5.8 -83.3%
Net income after non-controlling interests 0.6 4.1 -84.8%
Earnings per share in Euro (basic) 0.03 0.21 -84.8%
ELMOS Semiconductor AG is a developer and manufacturer of system solutions
on semiconductor basis. For more than 25 years, our chips have made
vehicles as well as industrial and consumer goods more performance and
power efficient.
Contact: ELMOS Semiconductor AG, Janina Rosenbaum, Heinrich-Hertz-Str. 1,
44227 Dortmund, Phone: 0231-7549-0, Extension: -287, Fax: 0231-7549-548,
info(at)elmos.com, www.elmos.com
End of Corporate News
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Language: English
Company: ELMOS Semiconductor AG
Heinrich-Hertz-Str. 1
44227 Dortmund
Germany
Phone: +49 (0)231 7549-575
Fax: +49 (0)231 7549-548
E-mail: invest(at)elmos.de
Internet: http://www.elmos.de
ISIN: DE0005677108
WKN: 567710
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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