Quarterly Report • Nov 5, 2015
Quarterly Report
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Interim report Q3 2015
| 3rd quarter | 9 months | ||||||
|---|---|---|---|---|---|---|---|
| in million Euro or percent unless otherwise indicated |
07/01 – 09/30/2015 |
07/01 – 09/30/2014 |
Change | 01/01 – 09/30/2015 |
01/01 – 09/30/2014 |
Change | |
| Sales | 54.6 | 54.7 | –0.2% | 164.3 | 156.0 | 5.3% | |
| Semiconductor | 49.4 | 49.8 | –0.8% | 147.6 | 142.5 | 3.6% | |
| Micromechanics | 5.2 | 5.0 | 5.1% | 16.7 | 13.6 | 22.8% | |
| Gross profit | 22.5 | 25.0 | –10.0% | 68.3 | 67.1 | 1.8% | |
| in percent of sales | 41.3% | 45.7% | 41.6% | 43.0% | |||
| R&D expenses | 8.8 | 10.2 | –14.4% | 28.1 | 27.0 | 4.2% | |
| in percent of sales | 16.0% | 18.7% | 17.1% | 17.3% | |||
| Operating income before other operating expenses (–)/income | 4.7 | 5.8 | –18.4% | 12.5 | 13.0 | –3.7% | |
| in percent of sales | 8.7% | 10.6% | 7.6% | 8.3% | |||
| Exchange rate gains | 0.1 | 1.7 | –91.8% | 1.8 | 1.5 | 18.9% | |
| Other operating expenses (–)/income | 2.2 | –1.4 | n/a | 3.2 | –0.1 | n/a | |
| EBIT | 7.1 | 6.1 | 16.5% | 17.5 | 14.4 | 21.9% | |
| in percent of sales | 12.9% | 11.1% | 10.7% | 9.2% | |||
| Net income for the period after non-controlling interests | 4.7 | 3.9 | 19.3% | 11.8 | 12.0 | –1.9% | |
| in percent of sales | 8.6% | 7.2% | 7.2% | 7.7% | |||
| Basic earnings per share in Euro | 0.24 | 0.20 | 18.2% | 0.60 | 0.62 | –3.0% | |
| Cash flow from operating activities | 15.6 | 14.1 | 10.3% | 31.9 | 33.4 | –4.4% | |
| Capital expenditures for intangible assets and property, plant and equipment1 |
7.6 | 7.4 | 4.0% | 21.9 | 25.0 | –12.6% | |
| in percent of sales1 | 14.0% | 13.4% | 13.3% | 16.0% | |||
| Adjusted free cash flow 1, 2 | 7.9 | 6.8 | 17.2% | 10.1 | 8.4 | 20.0% | |
| in million Euro or percent unless otherwise indicated |
09/30/2015 | 12/31/2014 | Change | ||||
| Equity | 214.2 | 206.9 | 3.6% | ||||
| in percent of total assets | 71.5% | 70.0% | |||||
| Employees (reporting date) | 1,115 | 1,116 | –0.1% |
1 Adjusted for the repurchase of land and building from prematurely terminated lease agreements in the amount of approx. 14 million Euro
2 Cash flow from operating activities less capital expenditures for intangible assets and property, plant and equipment, less payments for investments, plus disposal of investments
Due to calculation processes, tables and references may produce rounding differences from the mathematically exact values (monetary units, percentage statements, etc.).
In the first nine months of 2015 sales of Elmos Semiconductor AG increased to 164.3 million Euro (9M 2014: 156.0 million Euro). This performance equals 5.3% growth in sales over the prior-year period. Elmos continues to benefit from the rising share of semiconductors per vehicle as well as new product ramp-ups.
In terms of regions, Asia/Pacific contributes disproportionately to the sales performance with a 27.5% growth in sales. With customers in this region, 50.7 million Euro or 30.9% of total sales were generated in the first nine months of 2015 (9M 2014: 39.8 million Euro or 25.5%). The U.S. performance also developed positive and recorded an increase in sales by 13.1% to 17.8 million Euro (9M 2014: 15.7 million Euro).
The Semiconductor segment grew by 3.6% in the first nine months of 2015 compared to the prior-year period, reaching 147.6 million Euro (9M 2014: 142.5 million Euro). At 16.7 million Euro, the Micromechanics segment recorded a sales gain of 22.8% for the reporting period (9M 2014: 13.6 million); however, this performance is significantly positively affected by the strong U.S. dollar.
The ratio of orders received to sales in the Semiconductor segment, the so-called book-to-bill, was around one at the end of the first nine months of 2015.
| Third-party sales | 01/01 – 09/30/2015 thousand Euro |
in percent of sales |
01/01 – 09/30/2014 thousand Euro |
in percent of sales |
Change |
|---|---|---|---|---|---|
| EU countries | 87,177 | 53.1% | 90,476 | 58.0% | –3.6% |
| U.S.A. | 17,786 | 10.8% | 15,729 | 10.1% | 13.1% |
| Asia/Pacific | 50,712 | 30.9% | 39,759 | 25.5% | 27.5% |
| Others | 8,610 | 5.2% | 10,063 | 6.4% | –14.4% |
| Consolidated sales | 164,285 | 100.0% | 156,027 | 100.0% | 5.3% |
Recording a slightly disproportionate increase relative to sales in the first nine months of 2015, the cost of sales amounted to 95.9 million Euro (9M 2014: 88.9 million Euro) so that the gross margin reached 41.6% (9M 2014: 43.0%). Cost of sales were affected particularly by the stronger U.S. dollar.
Research and development expenses remained almost constant at 17.1% of sales in the reporting period (9M 2014: 17.3%). Distribution expenses were down to 8.9% of sales in the first nine months of 2015 compared to 9.2% in the corresponding prior-year period. The development of administration expenses relative to sales was also disproportionately low, amounting to 8.0% of sales (9M 2014: 8.2%). Thus ultimately lower operating expenses for the first nine months of 2015 than incurred in the prior-year period (9M 2015: 34.0% vs. 9M 2014: 34.7%) partly compensated for the increase in cost of sales despite the strength of the U.S. dollar with its negative effect on costs.
Operating income before other operating expenses/income remained close to constant compared to the prior-year period both in absolute and relative terms, coming to 12.5 million Euro or 7.6% of sales in the first nine months of 2015 (9M 2014: 13.0 million Euro or 8.3%).
Earnings before interest and taxes (EBIT) rose to 17.5 million Euro in the first nine months of 2015, corresponding to an EBIT margin of 10.7% (9M 2014: 14.4 million Euro or 9.2%). Compared to operating income before other operating expenses/income, the EBIT benefited from exchange rate gains as well as other operating income in the reporting period. Exchange rate gains amounted to 1.8 million Euro in the first nine months of 2015 (9M 2014: 1.5 million Euro). This income is based on the one hand on exchange rate hedges realized in the reporting period and on the other hand the fair value measurement of hedges concluded in the past and going beyond the quarter closing date. Other operating income amounts to 3.2 million Euro in the reporting period (9M 2014: –0.1 million Euro) and particularly includes extraordinary effects due to the termination of lease agreements and income/expenses from post calculation of agreements with suppliers and partners relating to other reporting periods.
After taxes, Elmos generated consolidated net income attributable to owners of the parent in the amount of 11.8 million Euro in the reporting period (9M 2014: 12.0 million Euro). It has to be taken into account here that the consolidated net income for the prior-year period was positively affected by one-off tax effects. The consolidated net income equals basic earnings per share (EPS) of 0.60 Euro for the first nine months of 2015 (9M 2014: 0.62 Euro).
The cash flow from operating activities showed a positive performance over the first nine months of 2015 and reached 31.9 million Euro, similar to the amount achieved for the prioryear period (9M 2014: 33.4 million Euro).
Capital expenditures for intangible assets and property, plant and equipment are affected in the reporting period by the premature repurchase of leased real property used by Elmos at the Dortmund location. Disregarding this one-off effect in the amount of approx. 14 million Euro, capital expenditures for intangible assets and property, plant and equipment came to 21.9 million Euro or 13.3% of sales (9M 2014: 25.0 million Euro or 16.0%). 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) was also clearly positive at 10.1 million Euro not including the one-off effect (9M 2014: 8.4 million Euro).
As of September 30, 2015 cash and cash equivalents and marketable securities came to 71.6 million Euro (12/31/2014: 84.4 million Euro). The decrease of the net cash position to 34.7 million Euro as of September 30, 2015 (12/31/2014: 47.0 million Euro) essentially reflects the dividend payment and the oneoff effect from the repurchase of land and building. The equity ratio of 71.5% was up slightly by the end of the quarter (12/31/2014: 70.0%).
The major car markets recorded a slight decrease in growth dynamics over the first nine months of 2015; only Western Europe showed a continued positive trend.
10.4 million new cars were registered in Western Europe in the reporting period according to the German Association of the Automotive Industry (VDA), equivalent to a 9% increase. Historically speaking, however, Europe's registration numbers are still at a low level. Back in 2007 for instance close to 12 million cars were registered in the first nine months, the European association ACEA recalls. In the reporting period Spain (+22%) and Italy (+15%) reported the largest gains. In contrast to that, the markets of Great Britain (+7%), France (+6%) and Germany (+5%) only registered below-average growth.
About 13 million automobiles were newly registered in the U.S. market for light vehicles (passenger cars and light trucks), equivalent to 5% growth.
Recording a 5% gain, growth in China has slowed down considerably after in part double-digit growth rates of past years. 13.7 million new cars were registered in China during the first nine months of 2015.
With an 11% decline, Japan keeps falling short significantly of prior-year numbers. Up to the end of September 3.3 million new cars were registered there.
Dr. Anton Mindl, CEO, and Dr. Arne Schneider, CFO, explained key financials within the framework of annual press conference and analysts' conference in March 2015 as well as at the Annual General Meeting in May 2015 where the shareholders also passed the proposal for a dividend increase to 0.33 Euro per share for the fiscal year 2014 – as well as the other resolutions on the agenda – with a large majority of the votes. For the past few years the dividend had been 0.25 Euro per share respectively.
Prestigious carmakers displayed gesture control advancements in concept cars at the Consumer Electronics Show (CES) in Las Vegas in January 2015. For the sensors used in these gesture control solutions, Elmos is currently no. 1 in the global market with its Halios® solutions based on an optical principle.
Elmos has also introduced its products at the world's leading trade shows (e.g. embedded world 2015, electronica China, and electronica India) and received highly positive customer feedback.
The Elmos subsidiary Silicon Microstructures, Inc. (SMI) presented a pressure sensor suited for use in sophisticated medical catheter applications owing to its extremely miniaturized sensor. SMI has also lined up additional distributors in Europe and now offers a network with almost complete coverage.
Furthermore, Elmos introduced a semiconductor developed especially for use in cost efficient, dynamic light elements for vehicle interiors or exteriors. Another newly presented component has been designed for use in industrial smoke detectors. In addition to that, Elmos has completed work on two chip families: One is constructed for use in building automation networks (KNX/EIB) while the other reliably analyzes sensor signals.
The Elmos Group's workforce came to 1,115 employees as of September 30, 2015 and was thus hardly changed compared with the number of employees as of December 31, 2014 (1,116 employees.
While the Elmos share managed to show a positive performance over the first half-year 2015 despite persisting difficult political and economic general conditions, it recorded considerable losses in the third quarter in line with the developments in the global stock markets, affected negatively by the economic slowdown in China in particular.
The performance of the DAX was accordingly disappointing in the third quarter so that the index registered a 1.5% loss for the first nine months of 2015. The TecDAX is up 27.4% for the nine-month period due to a very positive performance especially in the first quarter of 2015. The technology relevant industry specific indices DAXsector Technology and Technology All Share also came up with gains of 12.0% and 23.5% respectively based on nine months.
The Elmos share closed on September 30, 2015 at 13.54 Euro, equivalent to market capitalization of 269.7 million Euro (based on 19.9 million issued shares). The stock price reached its high on June 4, 2015 at 19.99 Euro and its low on September 29, 2015 at 13.20 Euro (Xetra closing prices).
The average daily trading volume of the first nine months of 2015 was 23.3 thousand shares (Xetra and Frankfurt floor) and was thus below the 2014 average (32.6 thousand shares). The treasury stock was reduced as of September 30, 2015 by partly servicing stock options with treasury shares and by issuing treasury shares for remuneration purposes, among other factors. Thus Elmos Semiconductor AG held 215,487 treasury shares as of the reporting date (December 31, 2014: 280,825).
Supervisory Board Prof. Dr. Günter Zimmer, chairman Graduate physicist | Duisburg
Dr. Burkhard Dreher, deputy chairman Graduate economist | Dortmund
Dr. Klaus Egger Graduate engineer | Steyr-Gleink, Austria
Thomas Lehner Graduate engineer | Dortmund
Sven-Olaf Schellenberg Graduate physicist | Dortmund
Dr. Klaus Weyer Graduate physicist | Penzberg
Dr. Arne Schneider Graduate economist | Munich
Reinhard Senf Graduate engineer | Iserlohn
Dr. Peter Geiselhart Graduate physicist | Ettlingen
Risk management and the individual corporate risks and opportunities are described in our Annual Report 2014. No material changes of the Company's risks and opportunities as detailed therein have occurred in the first nine months of 2015. No risks are visible at present that could either separately or collectively jeopardize the Company's continued existence.
The German economy is gradually slowing down, according to the fall survey presented by the Association of German Chambers of Commerce and Industry (DIHK), particularly so among upstream suppliers and in the auto industry. Businesses become increasingly concerned with respect to international demand for their products, the DIHK points out.
End of October the Ifo Institute announced a slight drop in its business climate index for Germany; especially in manufacturing the mood has deteriorated. Stock exchange turbulence in China has given rise to fears of a blow to the export business dependent German economy. According to the Institute, however, no effects on the index are noticeable in connection with the developments concerning VW diesel engines.
The ECB judges the economy in the Euro area to be modest. For the full year 2015 the central bank assumes a 1.4% increase in gross domestic product in its September forecast (full year 2014: 1.3%).
According to the National Bureau of Statistics in Beijing (China), the domestic economy gained 6.9% in the third quarter of 2015 compared to the prior-year period. Growth dropped below the 7% mark for the very first time since the global financial crisis of 2009. Analysts assume that the economic growth of the final quarter of 2015 might turn out higher again as government has passed economic stimulus packages to promote purchases of compact-sized cars, among other measures. In 2014 the output of the second largest economy of the world still recorded growth of 7.4%.
According to statement of the International Monetary Fund (IMF) as of October 2015, the world economy is "far from robust and synchronized global growth". The Fund anticipates global economic growth of 3.1% for 2015 instead of 3.3% predicted in the July forecast. "The balance of risks is still tilted to the downside," the IMF continues.
For the auto industry, the President of Germany's Association of the Automotive Industry (VDA), Matthias Wissmann, sees the dynamics in the global market slowing down. The global passenger car market will probably grow only by close to 1% to 76.6 million vehicles in 2015. While the VDA anticipates better business than originally expected for Europe and the U.S.A. with an annual gain of 4% and 3% respectively, the performance in China is considered as modest. For the full year the association now anticipates a maximum gain of 4% for the Chinese market. At the beginning of the year, the VDA had still expected growth of 6% for China in 2015.
We keep expecting to benefit from our position in the automotive semiconductor market and to grow on the basis of our existing business and new ramp-ups. Electrification will continue further. At the same time it holds true that these expectations may be affected by market turbulence. The consequences of the political and economic developments in the international markets, particularly the current situation in China or potential changes in the structure of the automotive market, cannot be foreseen with respect to their effects on the global economy and our market. Based on the currently available information and the performance of the first nine months of 2015, the Management Board presents the following outlook for the full year 2015.
As the market environment has become more difficult and as the year-end seems to turn out weaker than originally expected, Elmos adjusted its forecast for the year 2015 at the end of October 2015 and now anticipates an increase in sales of roughly 4% for 2015 compared to the previous year (formerly: 5 to 9% sales growth). This is a result of a more cautious order behavior of several customers, mainly due to the development in China. Elmos expects an EBIT margin at around prior-year level for 2015 (2014: 10.8% / former forecast: slightly better than 10.8%).
Elmos continues to expect a positive adjusted free cash flow and capital expenditures of less than 15% of sales (both disregarding the one-off effect from the prematurely terminated lease agreements). This forecast is based on an exchange rate of 1.10 USD/EUR.
| Assets | 09/30/2015 thousand Euro |
12/31/2014 thousand Euro |
|---|---|---|
| Non-current assets | ||
| Intangible assets1 | 21,285 | 21,439 |
| Property, plant and equipment1 | 94,630 | 82,429 |
| Securities1, 2 | 29,355 | 41,632 |
| Investments1, 2 | 20 | 20 |
| Other financial assets1 | 3,542 | 4,147 |
| Deferred tax assets | 2,084 | 2,468 |
| Total non-current assets | 150,917 | 152,136 |
| Current assets | ||
| Inventories1 | 57,545 | 53,217 |
| Trade receivables2 | 38,987 | 35,022 |
| Securities2 | 12,029 | 10,226 |
| Other financial assets | 3,188 | 3,640 |
| Other receivables | 6,694 | 8,078 |
| Income tax assets | 98 | 562 |
| Cash and cash equivalents2 | 30,238 | 32,520 |
| Total current assets | 148,779 | 143,265 |
| Total assets | 299,696 | 295,400 |
1 Cf. note 3
2 Cf. note 4
| Equity and liabilities | 09/30/2015 thousand Euro |
12/31/2014 thousand Euro |
|---|---|---|
| Equity | ||
| Equity attributable to owners of the parent | ||
| Share capital1 | 19,919 | 19,860 |
| Treasury stock1 | –215 | –281 |
| Additional paid-in capital | 90,764 | 89,657 |
| Surplus reserve | 102 | 102 |
| Other equity components | –1,556 | –2,366 |
| Retained earnings | 104,366 | 99,083 |
| 213,379 | 206,055 | |
| Non-controlling interests | 865 | 844 |
| Total equity | 214,244 | 206,898 |
| Liabilities | ||
| Non-current liabilities | ||
| Provisions for pensions | 512 | 599 |
| Financial liabilities2 | 36,748 | 37,076 |
| Other liabilities | 2,585 | 3,878 |
| Deferred tax liabilities | 1,931 | 2,874 |
| Total non-current liabilities | 41,777 | 44,427 |
| Current liabilities | ||
| Provisions | 17,086 | 12,811 |
| Income tax liabilities | 5,184 | 2,565 |
| Financial liabilities2 | 126 | 333 |
| Trade payables2 | 19,158 | 21,856 |
| Other liabilities | 2,121 | 6,509 |
| Total current liabilities | 43,675 | 44,075 |
| Total liabilities | 85,452 | 88,502 |
| Total equity and liabilities | 299,696 | 295,400 |
| 1 Cf. note 3 |
2 Cf. note 4
| for the period July 1 to September 30 | 07/01 – 09/30/2015 thousand Euro |
in percent of sales |
07/01 – 09/30/2014 thousand Euro |
in percent of sales |
Change |
|---|---|---|---|---|---|
| Sales | 54,604 | 100.0% | 54,731 | 100.0% | –0.2% |
| Cost of sales | –32,071 | –58.7% | –29,699 | –54.3% | 8.0% |
| Gross profit | 22,533 | 41.3% | 25,032 | 45.7% | –10.0% |
| Research and development expenses | –8,753 | –16.0% | –10,223 | –18.7% | –14.4% |
| Distribution expenses | –4,765 | –8.7% | –5,011 | –9.2% | –4.9% |
| Administrative expenses | –4,290 | –7.9% | –4,008 | –7.3% | 7.0% |
| Operating income before other operating expenses (–)/income |
4,726 | 8.7% | 5,790 | 10.6% | –18.4% |
| Exchange rate gains | 137 | 0.3% | 1,679 | 3.1% | –91.8% |
| Other operating income | 5,169 | 9.5% | 342 | 0.6% | >100.0% |
| Other operating expenses | –2,968 | –5.4% | –1,746 | –3.2% | 70.0% |
| Earnings before interest and taxes (EBIT) | 7,065 | 12.9% | 6,065 | 11.1% | 16.5% |
| Finance income | 569 | 1.0% | 520 | 1.0% | 9.3% |
| Finance cost | –776 | –1.4% | –445 | –0.8% | 74.3% |
| Earnings before taxes | 6,857 | 12.6% | 6,141 | 11.2% | 11.7% |
| Taxes on income | |||||
| Current income tax | –2,033 | –3.7% | –744 | –1.4% | >100.0% |
| Deferred tax | 66 | 0.1% | –1,186 | –2.2% | n/a |
| –1,967 | –3.6% | –1,930 | –3.5% | 1.9% | |
| Consolidated net income | 4,890 | 9.0% | 4,210 | 7.7% | 16.1% |
| Consolidated net income attributable to | |||||
| Owners of the parent | 4,691 | 8.6% | 3,933 | 7.2% | 19.3% |
| Non-controlling interests | 199 | 0.4% | 277 | 0.5% | –28.3% |
| Earnings per share | Euro | Euro | |||
| Basic earnings per share | 0.24 | 0.20 | |||
| Fully diluted earnings per share | 0.23 | 0.20 |
| for the period July 1 to September 30 | 07/01 – 09/30/2015 thousand Euro |
07/01 – 09/30/2014 thousand Euro |
|---|---|---|
| Consolidated net income | 4,890 | 4,210 |
| Other comprehensive income | ||
| Items that may be reclassified to the income statement in future periods including respective tax effects |
||
| Foreign currency adjustments not affecting deferred taxes | –121 | 227 |
| Foreign currency adjustments affecting deferred taxes | –17 | 1,104 |
| Deferred tax (on foreign currency adjustments affecting deferred taxes) | 4 | –278 |
| Value differences relating to hedges | 104 | 36 |
| Deferred tax (on value differences relating to hedges) | –34 | –12 |
| Changes in fair value of available-for-sale financial assets | –620 | –4 |
| Deferred tax (on changes in fair value of available-for-sale financial assets) | 203 | 1 |
| Items that will not be reclassified to the income statement in future periods including respective tax effects |
||
| Actuarial gains from pension plans | 19 | 9 |
| Deferred tax on actuarial gains from pension plans | –3 | –3 |
| Other comprehensive income after taxes | –464 | 1,080 |
| Total comprehensive income after taxes | 4,426 | 5,290 |
| Total comprehensive income attributable to | ||
| Owners of the parent | 4,267 | 5,009 |
| Non-controlling interests | 159 | 281 |
| for the period January 1 to September 30 | 01/01. – 09/30/2015 thousand Euro |
in percent of sales |
01/01 – 09/30/2014 thousand Euro |
in percent of sales |
Change |
|---|---|---|---|---|---|
| Sales | 164,285 | 100.0% | 156,027 | 100.0% | 5.3% |
| Cost of sales | –95,942 | –58.4% | –88,904 | –57.0% | 7.9% |
| Gross profit | 68,343 | 41.6% | 67,123 | 43.0% | 1.8% |
| Research and development expenses | –28,105 | –17.1% | –26,979 | –17.3% | 4.2% |
| Distribution expenses | –14,541 | –8.9% | –14,298 | –9.2% | 1.7% |
| Administrative expenses | –13,199 | –8.0% | –12,864 | –8.2% | 2.6% |
| Operating income before other | |||||
| operating expenses (–)/income | 12,498 | 7.6% | 12,982 | 8.3% | –3.7% |
| Exchange rate gains | 1,820 | 1.1% | 1,531 | 1.0% | 18.9% |
| Other operating income | 7,034 | 4.3% | 2,573 | 1.6% | >100.0% |
| Other operating expenses | –3,813 | –2.3% | –2,698 | –1.7% | 41.3% |
| Earnings before interest and taxes (EBIT) | 17,539 | 10.7% | 14,388 | 9.2% | 21.9% |
| Finance income | 1,773 | 1.1% | 1,745 | 1.1% | 1.6% |
| Finance cost | –1,810 | –1.1% | –1,337 | –0.9% | 35.4% |
| Earnings before taxes | 17,502 | 10.7% | 14,796 | 9.5% | 18.3% |
| Taxes on income | |||||
| Current income tax | –5,772 | –3.5% | –1,692 | –1.1% | >100.0% |
| Deferred tax | 482 | 0.3% | –727 | –0.5% | n/a |
| –5,290 | –3.2% | –2,419 | –1.6% | >100.0% | |
| Consolidated net income | 12,212 | 7.4% | 12,377 | 7.9% | –1.3% |
| Consolidated net income attributable to | |||||
| Owners of the parent | 11,767 | 7.2% | 12,001 | 7.7% | –1.9% |
| Non-controlling interests | 445 | 0.3% | 376 | 0.2% | 18.3% |
| Earnings per share | Euro | Euro | |||
| Basic earnings per share | 0.60 | 0.62 | |||
| Fully diluted earnings per share | 0.59 | 0.61 |
| for the period January 1 to September 30 | 01/01 – 09/30/2015 thousand Euro |
01/01 – 09/30/2014 thousand Euro |
|---|---|---|
| Consolidated net income | 12,212 | 12,377 |
| Other comprehensive income | ||
| Items that may be reclassified to the income statement in future periods including respective tax effects |
||
| Foreign currency adjustments not affecting deferred taxes | 267 | 233 |
| Foreign currency adjustments affecting deferred taxes | 1,220 | 1,239 |
| Deferred tax (on foreign currency adjustments affecting deferred taxes) | –311 | –312 |
| Value differences relating to hedges | 358 | –36 |
| Deferred tax (on value differences relating to hedges) | –118 | 12 |
| Changes in fair value of available-for-sale financial assets | –968 | 561 |
| Deferred tax (on changes in fair value of available-for-sale financial assets) | 318 | –184 |
| Items that will not be reclassified to the income statement in future periods including respective tax effects |
||
| Actuarial gains from pension plans | 34 | 28 |
| Deferred tax on actuarial gains from pension plans | –7 | –9 |
| Other comprehensive income after taxes | 793 | 1,532 |
| Total comprehensive income after taxes | 13,005 | 13,909 |
| Total comprehensive income attributable to | ||
| Owners of the parent | 12,576 | 13,539 |
| Non-controlling interests | 429 | 370 |
| 01/01 – 09/30/2015 |
01/01 – 09/30/2014 |
07/01 – 09/30/2015 |
07/01 – 09/30/2014 |
|
|---|---|---|---|---|
| thousand Euro | thousand Euro | thousand Euro | thousand Euro | |
| Cash flow from operating activities | ||||
| Consolidated net income | 12,212 | 12,377 | 4,890 | 4,210 |
| Depreciation and amortization | 21,179 | 20,103 | 7,113 | 8,287 |
| Financial result | 37 | –408 | 207 | –75 |
| Other non-cash income (–)/expenses | –1,382 | 182 | –864 | 1,135 |
| Current income tax expense | 5,772 | 1,692 | 2,033 | 744 |
| Expenses for stock options/stock awards/ share matching |
210 | 262 | 58 | 67 |
| Changes in pension provisions | –64 | –111 | –21 | –37 |
| Changes in net working capital: | ||||
| Trade receivables | –2,016 | 2,864 | 1,737 | 242 |
| Inventories | –4,328 | 7,695 | –1,371 | –3,727 |
| Other assets | 1,515 | –629 | 2,066 | –415 |
| Trade payables | –1,432 | 1,582 | –1,779 | 1,114 |
| Other provisions and other liabilities | 2,941 | 4,602 | 2,387 | 2,338 |
| Income tax payments | –2,689 | –1,776 | –679 | 156 |
| Interest paid | –1,810 | –1,337 | –776 | –445 |
| Interest received | 1,784 | 1,707 | 573 | 525 |
| Cash flow from operating activities | 31,929 | 33,415 | 15,575 | 14,119 |
| Cash flow from investing activities | ||||
| Capital expenditures for intangible assets | –3,813 | –1,354 | –2,349 | –372 |
| Capital expenditures for property, plant and equipment |
–32,023 | –23,676 | –19,270 | –6,985 |
| Disposal of non-current assets held for sale | 0 | 2 | 0 | 0 |
| Disposal of fixed assets | 952 | 997 | 73 | 33 |
| Payments for the purchase of shares in subsidiaries plus acquired cash and cash |
||||
| equivalents | 0 | 546 | 0 | 0 |
| Payments for (–)/Disposal of securities | 9,506 | –2,850 | 5,837 | 0 |
| Payments for (–)/Payments from other non-current financial assets |
–273 | –402 | 30 | –147 |
| Cash flow from investing activities | –25,651 | –26,737 | –15,679 | –7,471 |
| 01/01 – 09/30/2015 thousand Euro |
01/01 – 09/30/2014 thousand Euro |
07/01 – 09/30/2015 thousand Euro |
07/01 – 09/30/2014 thousand Euro |
|
|---|---|---|---|---|
| Cash flow from financing activities | ||||
| Repayment of non-current liabilities | –328 | –306 | –109 | –266 |
| Borrowing of/Repayment (–) of current liabilities to banks |
–207 | 355 | –1,009 | 505 |
| Share-based remuneration/Issue of treasury shares |
587 | 336 | 0 | 0 |
| Capital increase from conditional capital | 444 | 865 | 228 | 330 |
| Dividend payment | –6,475 | –4,844 | 0 | 0 |
| Distribution/Other payments to non-controlling shareholders |
–3,408 | –367 | 0 | 0 |
| Other changes | –10 | 41 | 0 | –2 |
| Cash flow from financing activities | –9,397 | –3,920 | –890 | 567 |
| Decrease (–)/Increase in cash and cash equivalents |
–3,119 | 2,758 | –994 | 7,215 |
| Effect of exchange rate changes on cash and cash equivalents |
837 | 869 | –143 | 790 |
| Cash and cash equivalents at beginning of reporting period |
32,520 | 27,949 | 31,375 | 23,571 |
| Cash and cash equivalents at end of reporting period |
30,238 | 31,576 | 30,238 | 31,576 |
| Equity attributable to owners of the parent | Non controlling interests |
Group | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Other equity components | |||||||||||||
| Shares | Share capital |
Treasury stock |
Additional paid-in capital |
Surplus reserve |
Reserve for available-for-sale financial assets |
Hedges | Foreign currency translation |
Unrealized actuarial gains |
Retained earnings |
Total | Total | Total | |
| thousand | thousand Euro |
thousand Euro |
thousand Euro |
thousand Euro |
thousand Euro |
thousand Euro |
thousand Euro |
thousand Euro |
thousand Euro |
thousand Euro |
thousand Euro |
thousand Euro |
|
| January 1, 2014 | 19,675 | 19,675 | –328 | 88,161 | 102 | 78 | –1,119 | –2,191 | –688 | 86,868 | 190,559 | 2,127 | 192,686 |
| Consolidated net income | 12,001 | 12,001 | 376 | 12,377 | |||||||||
| Other comprehensive income for the period | 377 | –24 | 1,167 | 19 | 1,538 | –6 | 1,532 | ||||||
| Total comprehensive income | 377 | –24 | 1,167 | 19 | 12,001 | 13,539 | 370 | 13,909 | |||||
| Share-based remuneration/Issue of treasury shares | 47 | 289 | 336 | 336 | |||||||||
| Capital increase from conditional capital | 154 | 154 | 711 | 865 | 865 | ||||||||
| Transaction costs | –12 | –12 | –12 | ||||||||||
| Changes in basis of consolidation | 0 | 483 | 483 | ||||||||||
| Dividend distribution | –4,844 | –4,844 | –4,844 | ||||||||||
| Distribution to non-controlling shareholders | 0 | –367 | –367 | ||||||||||
| Expenses for stock options/stock awards/share matching | 262 | 262 | 262 | ||||||||||
| Other changes | 41 | 41 | 13 | 54 | |||||||||
| September 30, 2014 | 19,828 | 19,828 | –281 | 89,411 | 102 | 455 | –1,143 | –1,024 | –669 | 94,066 | 200,746 | 2,626 | 203,372 |
| January 1, 2015 | 19,860 | 19,860 | –281 | 89,657 | 102 | 89 | –1,063 | –547 | –845 | 99,083 | 206,055 | 844 206,898 | |
| Consolidated net income | 11,767 | 11,767 | 445 | 12,212 | |||||||||
| Other comprehensive income for the period | –650 | 240 | 1,192 | 27 | 809 | –16 | 793 | ||||||
| Total comprehensive income | –650 | 240 | 1,192 | 27 | 11,767 | 12,576 | 429 | 13,005 | |||||
| Share-based remuneration/Issue of treasury shares | 65 | 522 | 587 | 587 | |||||||||
| Capital increase from conditional capital | 59 | 59 | 385 | 444 | 444 | ||||||||
| Transaction costs | –8 | –8 | –8 | ||||||||||
| Dividend distribution | –6,475 | –6,475 | –6,475 | ||||||||||
| Distribution to non-controlling shareholders | 0 | –408 | –408 | ||||||||||
| Expenses for stock options/stock awards/share matching | 210 | 210 | 210 | ||||||||||
| Other changes | –9 | –9 | –9 | ||||||||||
| September 30, 2015 | 19,919 | 19,919 | –215 | 90,764 | 102 | –561 | –823 | 645 | –818 | 104,366 | 213,379 | 865 214,244 |
The condensed interim consolidated financial statements for the 3rd quarter of 2015 were released for publication in November 2015 pursuant to Management Board resolution.
Elmos Semiconductor Aktiengesellschaft ("the Company" or "Elmos") has its registered office in Dortmund (Germany) and is entered in the register of companies maintained at Dortmund District Court (Amtsgericht), section B, no. 13698. The Articles of Incorporation are in effect in the version of March 26, 1999, last amended by resolution of the Annual General Meeting of May 8, 2015.
The Company's business is the development, manufacture and distribution of microelectronic components and system parts (application specific integrated circuits, or in short: ASICs) as well as technological devices with similar functions. The Company may conduct all transactions suitable for serving the object of business directly or indirectly. The Company may establish branches, acquire or lease businesses of the same or a similar kind or invest in them, and conduct all business transactions that are beneficial to the Articles of Association. The Company is authorized to conduct business in Germany as well as abroad.
In addition to its domestic branches, the Company has sales companies and business locations in Europe, Asia, South Africa and the United States and cooperates with other German and international companies in the development and production of ASIC chips.
The Company is a listed stock corporation and its shares are traded in the Prime Standard segment in Frankfurt/Main.
The address of the Company's registered office is: 44227 Dortmund, Germany, Heinrich-Hertz-Straße 1
The condensed interim consolidated financial statements for the period January 1 through September 30, 2015 have been prepared in accordance with IAS 34 "Interim Financial Reporting". These financial statements do therefore not contain all the information and disclosures required for consolidated financial statements and should therefore be read in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2014.
For the preparation of the condensed interim consolidated financial statements, the same accounting policies and valuation methods have been adopted as were applied for the preparation of the consolidated financial statements for the fiscal year ended December 31, 2014, with the exception of the following new or amended IFRS standards and interpretations listed below
First-time application of these standards or interpretations had no effects on the Group's profit and financial position and assets and liabilities.
The Company recognizes provisions for pension and partial retirement obligations pursuant to IAS 19. For 2015 an actuarial interest rate of 1.9% has been applied, unchanged from December 31, 2014.
There were no exceptional business transactions in the first nine months of 2015.
The Company sold bonds in the second and the third quarter. For these bonds adjustments were made in equity up to the date of sale outside profit or loss. In accordance with IAS 1.92, these amounts recognized outside profit or loss must be stated as reclassification adjustments ("recycling"). The following table shows the effects of the sale transactions on the consolidated income statement and the consolidated statement of comprehensive income:
| Before "recycling" |
"Recycling" | After "recycling" |
|
|---|---|---|---|
| (thousand Euro) | (thousand Euro) | (thousand Euro) | |
| Consolidated net income based on bonds sold in the consolidated income statement for the nine-month period 01/01 – 09/30/2015 (or rather the period 07/01 – 09/30/2015) |
24 (–9) | –107 (–50) | –83 (–59) |
| Other comprehensive income based on bonds sold in the consolidated statement of comprehensive income for the nine-month period 01/01 – 09/30/2015 (or rather the period 07/01 – 09/30/2015) |
2 (–24) | 107 (50) | 109 (26) |
| Total comprehensive income based on bonds sold in the nine-month period 01/01-09/30/2015 (or rather in the period 07/01-09/30/2015) |
26 (–33) | 26 (–33) |
In the first nine months of 2015 or rather the third quarter of 2015, respectively 107 thousand Euro and 50 thousand Euro were ultimately reclassified through profit or loss from "Other comprehensive income" to the consolidated income statement.
The companies Elmos Central IT Services GmbH and Elmos Facility Management GmbH were merged into Elmos Semiconductor AG in the reporting period. The goal was to simplify structures and processes and to realize synergy effects.
There were no other changes to the basis of consolidation in the first nine months of 2015.
According to a statement of the International Monetary Fund (IMF) as of October 2015, the world economy is "far from robust and synchronized global growth". The Fund anticipates global economic growth of 3.1% in 2015 instead of 3.3% predicted in the July forecast. "The balance of risks is still tilted to the downside," the IMF continues. The business of Elmos Semiconductor AG shows rather insignificant seasonal fluctuations.
The business segments correspond to the Elmos Group's internal organizational and reporting structure. The definition of segments considers the different products and services supplied by the Group. The accounting principles of the individual segments correspond to those applied by the Group.
The Company divides its business activities into two segments:
The Semiconductor business is operated through the various national subsidiaries and branches in Germany, the Netherlands, South Africa, Asia, and the U.S.A. Sales in this segment are generated predominantly with electronics for the automotive industry. In addition to that, Elmos operates in the markets for industrial and consumer goods and provides semiconductors e.g. for applications in household appliances, installation and building technology, and machine control.
Sales in the Micromechanics segment are generated by the subsidiary SMI in the U.S.A. Its product portfolio includes micro-electro-mechanical systems (MEMS) which are primarily silicon-based high-precision pressure sensors.
Business operations are organized and managed separately from each other with respect to the type of products, with each segment representing one strategic business unit that provides different products and supplies different markets. Inter-segment sales are based on cost-plus pricing or on settlement prices that correspond to prices paid in transactions with third parties.
The following tables provide information on sales and earnings (for the period January 1 through September 30, 2015 and 2014, respectively) as well as on assets of the Group's business segments (as of September 30, 2015 and December 31, 2014).
| 9 months as of September 30, 2015 | Semiconductor | Micromechanics | Consolidation | Group |
|---|---|---|---|---|
| thousand Euro | thousand Euro | thousand Euro | thousand Euro | |
| Sales | ||||
| Third-party sales | 147,611 | 16,674 | 0 | 164,285 |
| Inter-segment sales | 307 | 1,166 | –1,4731 | 0 |
| Total sales | 147,918 | 17,840 | –1,473 | 164,285 |
| Earnings | ||||
| Segment earnings | 15,120 | 2,419 | 0 | 17,539 |
| Finance income | 1,773 | |||
| Finance cost | –1,810 | |||
| Earnings before taxes | 17,502 | |||
| Taxes on income | –5,290 | |||
| Consolidated net income including | ||||
| non-controlling interests | 12,212 | |||
| Assets | ||||
| Segment assets | 246,899 | 20,357 | 32,4202 | 299,676 |
| Investments | 20 | 0 | 0 | 20 |
| Total assets | 299,696 | |||
| Other segment information | ||||
| Capital expenditures for intangible assets | ||||
| and property, plant and equipment | 33,164 | 584 | 0 | 33,748 |
| Depreciation and amortization | 20,264 | 915 | 0 | 21,179 |
| 9 months as of September 30, 2014 | Semiconductor thousand Euro |
Micromechanics thousand Euro |
Consolidation thousand Euro |
Group thousand Euro |
|---|---|---|---|---|
| Sales | ||||
| Third-party sales | 142,450 | 13,577 | 0 | 156,027 |
| Inter-segment sales | 393 | 1,183 | –1,5761 | 0 |
| Total sales | 142,843 | 14,760 | 1,576 | 156,027 |
| Earnings | ||||
| Segment earnings | 12,196 | 2,192 | 0 | 14,388 |
| Finance income | 1,745 | |||
| Finance cost | –1,337 | |||
| Earnings before taxes | 14,796 | |||
| Taxes on income | –2,419 | |||
| Consolidated net income including | ||||
| non-controlling interests | 12,377 | |||
| Assets (as of 12/31/2014) | ||||
| Segment assets | 241,553 | 18,277 | 35,5502 | 295,380 |
| Investments | 20 | 0 | 0 | 20 |
| Total assets | 295,400 | |||
| Sonstige Segmentinformationen | ||||
| Capital expenditures for intangible assets | ||||
| and property, plant and equipment | 28,099 | 679 | 0 | 28,778 |
| Depreciation and amortization | 21,724 | 603 | 0 | 22,327 |
Sales from inter-segment transactions have been eliminated for consolidation purposes.
2 Non-attributable assets as of September 30, 2015 include cash and cash equivalents (30,238 thousand Euro),
income tax assets (98 thousand Euro), and deferred tax (2,084 thousand Euro), as these assets are controlled at group level.
Sales from inter-segment transactions have been eliminated for consolidation purposes.
2 Non-attributable assets as of December 31, 2014 include cash and cash equivalents (32,520 thousand Euro),
income tax assets (562 thousand Euro), and deferred tax (2,468 thousand Euro), as these assets are controlled at group level.
| Third-party sales | 9 months as of 09/30/2015 thousand Euro |
9 months as of 09/30/2014 thousand Euro |
|---|---|---|
| EU countries | 87,177 | 90,476 |
| U.S.A. | 17,786 | 15,729 |
| Asia/Pacific | 50,712 | 39,759 |
| Others | 8,610 | 10,063 |
| 164,285 | 156,027 |
| Geographical distribution of non-current assets | 09/30/2015 thousand Euro |
12/31/2014 thousand Euro |
|---|---|---|
| Germany | 136,505 | 136,444 |
| Other EU countries | 3,504 | 3,846 |
| U.S.A. | 5,193 | 5,113 |
| Others | 89 | 118 |
| 145,291 | 145,521 |
| Development of selected non-current assets from January 1 through September 30 |
Net book value 01/01/2015 thousand Euro |
Reclassification thousand Euro |
Additions thousand Euro |
Disposals/ Other movements thousand Euro |
Depreciation/ Amortization thousand Euro |
Net book value 09/30/2015 thousand Euro |
|---|---|---|---|---|---|---|
| Intangible assets | 21,439 | 0 | 3,868 | 47 | 4,069 | 21,285 |
| Property, plant and equipment |
82,429 | 0 | 29,880 | –569 | 17,110 | 94,630 |
| Securities | 41,632 | 0 | 644 | –12,921 | 0 | 29,355 |
| Investments | 20 | 0 | 0 | 0 | 0 | 20 |
| Other financial assets | 4,147 | 0 | 333 | –938 | 0 | 3,542 |
| 149,668 | 0 | 34,725 | –14,381 | 21,179 | 148,832 |
The increase in property, plant and equipment relates to the repurchase of real property used by Elmos at the Dortmund location. In this regard approx. 14 million Euro (not including land purchase tax) have been recognized under additions to property, plant and equipment in the third quarter of 2015.
The item Disposals/Other movements includes positive currency adjustments in the amount of 452 thousand Euro.
| 09/30/2015 thousand Euro |
12/31/2014 thousand Euro |
|
|---|---|---|
| Raw materials | 5,562 | 4,069 |
| Work in process | 40,555 | 38,463 |
| Finished goods and merchandise | 11,404 | 10,685 |
| Advance payments | 24 | 0 |
| 57,545 | 53,217 |
The share capital of 19,919 thousand Euro entered in the statement of financial position as of September 30, 2015 (December 31, 2014: 19,860 thousand Euro) and consisting of 19,918,688 (December 31, 2014: 19,859,749) no-par value bearer shares is fully paid up. As of September 30, 2015 the Company holds 215,487 (December 31, 2014: 280,825) of the Company's no-par shares, adding up to a theoretical share in the share capital of 215 thousand Euro (December 31, 2014: 281 thousand Euro).
As of September 30, 2015 altogether 647,869 options from stock option plans are outstanding. The options are attributable to the separate tranches as follows:
| Tranche | 2009 | 2010 | 2011 | 2012 | Total |
|---|---|---|---|---|---|
| Year of resolution and issue | 2009 | 2010 | 2011 | 2012 | |
| Exercise price in Euro | 3.68 | 7.49 | 8.027 | 7.42 | |
| Blocking period ex issue (years) | 3 | 4 | 4 | 4 | |
| Exercise period after blocking period (years) | 3 | 3 | 3 | 3 | |
| Options outstanding as of 12/31/2014 (number) | 38,940 | 123,744 | 233,505 | 384,844 | 781,033 |
| Exercised 01/01 – 09/30/2015 (number) | 26,790 | 48,672 | 27,032 | 0 | 102,494 |
| Forfeited 01/01 – 09/30/2015 (number) | 12,150 | 2,520 | 6,980 | 9,020 | 30,670 |
| Options outstanding as of 09/30/2015 (number) | 0 | 72,552 | 199,493 | 375,824 | 647,869 |
| Options exercisable as of 09/30/2015 (number) | 0 | 72,552 | 199,493 | 0 | 272,045 |
Other operating income/expenses particularly includes extraordinary effects due to the termination of lease agreements and income/expenses from post calculation of agreements with suppliers and partners not relating to the reporting period.
The following table lists the book values and fair values of the Group's financial instruments. The fair value of a financial instrument is the price that would be received for the sale of an asset or paid for the transfer of a liability between market participants in a regular business transaction as of the measurement date. In view of varying factors of influence, the presented fair values can only be regarded as indicators of the amounts actually recoverable in the market. Detailed information on the methods and assumptions underlying the determination of the value of financial instruments can be found under note 29 to the 2014 consolidated financial statements. Its relevance to these quarterly financial statements is undiminished.
| 09/30/2015 | 12/31/2014 | ||
|---|---|---|---|
| Book value | Fair value | Book value | Fair value |
| 20 | 20 | 20 | 20 |
| 29,355 | 29,355 | 41,632 | 41,632 |
| 12,029 | 12,029 | 10,226 | 10,226 |
| 38,987 | 38,987 | 35,022 | 35,022 |
| 30,238 | 30,238 | 32,520 | 32,520 |
| 2,447 | 2,447 | 1,709 | 1,709 |
| 3,243 | 3,243 | 3,865 | 3,865 |
| 2,190 | |||
| 0 | |||
| 3 | 3 | 23 | 23 |
| 19,158 | 19,158 | 21,856 | 21,856 |
| 36,874 | 37,998 | 37,409 | 38,737 |
| 146 | 146 | 3,705 | 3,705 |
| 2,000 | 2,000 | 2,000 | 2,000 |
| 639 | 639 | 616 | 616 |
| 585 | 585 | 967 | 967 |
| 1,035 2 |
1,035 2 |
2,190 0 |
At the end of the reporting period a review is conducted to find out whether reclassifications between valuation hierarchies must be made. The following presentation shows which valuation hierarchy levels (according to IFRS 13) financial assets and liabilities measured at fair value are classified to.
The Group applies the following hierarchy for the determination and reporting of the fair values of financial instruments according to the respective valuation methods:
Level 1: quoted (unadjusted) prices in active markets for similar assets or liabilities
Level 2: methods where all input parameters with a material effect on the determined fair value are observable either directly or indirectly
Level 3: methods using input parameters that have a material effect on the determined fair values and are not based on observable market data
| Level 1 thousand Euro |
Level 2 thousand Euro |
Level 3 thousand Euro |
|
|---|---|---|---|
| Securities | |||
| January 1, 2015 | 47,858 | ||
| Addition of securities (long-term) | 644 | ||
| Disposal of securities (long-term) | –4,787 | ||
| Reclassification of securities (long-term) | –7,358 | ||
| Market valuation of securities (long-term) | –777 | ||
| Addition of securities (short-term) | 255 | ||
| Disposal of securities (short-term) | –2,619 | ||
| Reclassification of securities (short-term) | 7,358 | ||
| Market valuation of securities (short-term) | –191 | ||
| September 30, 2015 | 40,383 | ||
| Investments | |||
| January 1, 2015 | 20 | ||
| September 30, 2015 | 20 | ||
| Hedged derivatives | |||
| January 1, 2015 | –1,583 | ||
| Correction of measurement of hedged derivatives outside profit or loss (short-term and long-term) |
359 | ||
| September 30, 2015 | –1,224 | ||
| Call options | |||
| January 1, 2015 | 0 | ||
| Addition of call options | 2 | ||
| September 30, 2015 | 2 | ||
| Put option | |||
| January 1, 2015 | –2,000 | ||
| September 30, 2015 | –2,000 | ||
| Forward exchange contracts/Currency option transactions | |||
| January 1, 2015 | 2,190 | ||
| Market valuation of forward exchange contracts/currency option transactions |
–1,155 | ||
| September 30, 2015 | 1,035 | ||
| Embedded derivatives | |||
| January 1, 2015 | 23 | ||
| Market valuation of embedded derivatives | –21 | ||
| September 30, 2015 | 2 |
The securities reported under hierarchy level 1 are bonds classified by Elmos as available for sale.
The hedged derivatives allocated to hierarchy level 2 comprise the Company's interest rate swaps. In addition to that, foreign currency transactions (USD) and credit linked notes (embedded derivatives) of various issuers are also reported under this hierarchy level.
The available-for-sale financial assets reported under hierarchy level 3 are investments in various companies, among other assets. In this regard, the book value essentially corresponds to the market value. The call and put options agreed on with a non-controlling shareholder are measured annually at fair value, most recently as of December 31, 2014, in application of the DCF method and in consideration of the terms and conditions of the respective contract. In the course of the measurement process, the required publicly available market data are collected and the input parameters that cannot be observed are reviewed on the basis of internally available current information and updated if necessary. Material changes of the input parameters and their respective effects on book values are subject to routine reporting to management. In the second quarter of 2015 Elmos Semiconductor AG signed a cooperation agreement with a foreign development company. Part of this agreement is an option on the purchase of shares in that company. Payments in the amount of 1 thousand Euro each were made in the second and the third quarter in this matter. The purchase price for this call option equals the fair value as of the quarter closing date.
As reported in the consolidated financial statements for the fiscal year ended December 31, 2014, the Elmos Group maintains business relationships with related companies and individuals in the context of the ordinary course of business.
These supply and performance relationships continue to be transacted at market prices.
The following reportable securities transactions (directors' dealings) were made in the reporting period January 1 through September 30, 2015:
| Date Place |
Name | Function | Transaction | Number Price/Basic price |
Total volume (Euro) |
|
|---|---|---|---|---|---|---|
| 03/26/2015 off-market |
Sven-Olaf Schellenberg |
Supervisory Board member |
Sale of Elmos shares from exercise of stock options |
400 | 17.22 | 6,887 |
| 05/22/2015 off-market |
Dr. Anton Mindl |
CEO | Sale of Elmos shares from exercise of stock options |
5,000 | 19.43 | 97,146 |
| 06/01/2015 off-market |
Dr. Anton Mindl |
CEO | Sale of Elmos shares from exercise of stock options |
6,667 | 19.83 | 132,184 |
| 06/01/2015 off-market |
Reinhard Senf |
Management Board member |
Sale of Elmos shares from exercise of stock options |
2,500 | 19.83 | 49,567 |
| 06/02/2015 off-market |
Reinhard Senf |
Management Board member |
Sale of Elmos shares from exercise of stock options |
2,500 | 19.66 | 49,153 |
| 08/11/2015 Xetra |
Sven-Olaf Schellenberg |
Supervisory Board member |
Sale of Elmos shares | 500 | 16.17 | 8,085 |
| 09/21/2015 Xetra |
Sven-Olaf Schellenberg |
Supervisory Board member |
Sale of Elmos shares | 488 | 14.01 | 6,837 |
Apart from the adjustment of the guidance for the fiscal year 2015 which is being commented on in the interim group management report, there have been no reportable significant events or transactions after the end of the first nine months of 2015.
Dortmund, November 2015
Dr. Anton Mindl Dr. Arne Schneider Reinhard Senf Dr. Peter Geiselhart
| 9-month results Q3/20151 | November 4, 2015 |
|---|---|
| Equity Forum in Frankfurt | November 24-25, 2015 |
| Preliminary results 20151 | February 18, 2016 |
| Results 20151 , annual press conference and analysts' conference |
March 16, 2016 |
| 3-month results Q1/20161 | May 3, 2016 |
| Annual General Meeting in Dortmund | May 11, 2016 |
| 6-month results Q2/20161 | August 3, 2016 |
| 9-month results Q3/20161 | November 8, 2016 |
1 The German Securities Trading Act (Wertpapierhandelsgesetz) obliges issuers to immediately announce any information that may have a substantial price impact, irrespective of the communicated schedules. Therefore we cannot exclude that we have to announce key figures of quarterly and annual results ahead of the dates mentioned above. As we can never rule out changes of dates, we recommend checking them on the Company's website (www.elmos.com).
Janina Rosenbaum | Investor Relations Phone: + 49 (0) 231-75 49-287 Fax: + 49 (0) 231-75 49-111 [email protected]
Heinrich-Hertz-Straße 1 44227 Dortmund | Germany Phone: + 49 (0) 231-75 49-0 Fax: + 49 (0) 231-75 49-149 [email protected] | www.elmos.com
This report contains statements directed to the future that are based on assumptions and estimates made by the Elmos management. Even though we assume the underlying expectations of our statements to be realistic, we cannot guarantee these expectations will prove right. The assumptions may carry risks and uncertainties, and as a result actual events may differ materially from the forward-looking statements. Among the factors that could cause such differences are changes in general economic and business conditions, fluctuations of exchange rates and interest rates, the introduction of competing products, lack of acceptance of new products, and changes in business strategy. Elmos neither intends nor assumes any obligation to update its statements with respect to future events.
This English translation is for convenience purposes only.
Heinrich-Hertz-Straße 1 44227 Dortmund | Germany Phone +49(0)231-75 49-0 Fax +49(0)231-75 49 -149 [email protected] | www.elmos.com
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