Quarterly Report • Aug 7, 2013
Quarterly Report
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Half-year report HY1 2013
| 3 months – | 6 months – | |||||
|---|---|---|---|---|---|---|
| year-over-year comparison | year-over-year comparison | |||||
| in million Euro or percent unless otherwise indicated |
4/1 – 6/30/2013 |
4/1 – 6/30/20121 |
Change | 1/1 – 6/30/2013 |
1/1 – 6/30/20121 |
Change |
| Sales | 47.1 | 45.5 | 3.5% | 90.2 | 92.4 | −2.4% |
| Semiconductor | 43.3 | 40.6 | 6.6% | 82.4 | 82.5 | −0.2% |
| Micromechanics | 3.8 | 4.9 | −22.5% | 7.8 | 9.9 | −20.5% |
| Gross profit | 18.3 | 18.0 | 1.7% | 35.2 | 36.3 | −3.0% |
| in percent of sales | 39.0% | 39.6% | 39.0% | 39.2% | ||
| R&D expenses | 9.0 | 9.1 | −1.1% | 17.8 | 17.9 | −0.4% |
| in percent of sales | 19.2% | 20.1% | 19.7% | 19.4% | ||
| Operating income before other operating expenses/income | 0.5 | 0.4 | 33.8% | −0.1 | 1.1 | n/a |
| in percent of sales | 1.2% | 0.9% | −0.1% | 1.2% | ||
| Exchange rate gains (−)/losses | 0.1 | −0.1 | n/a | −0.1 | 0.0 | n/a |
| Other operating expenses/income (−) | −1.1 | −2.9 | −61.9% | −1.9 | −3.3 | −42.9% |
| EBIT | 1.6 | 3.4 | −53.1% | 1.8 | 4.4 | −57.9% |
| in percent of sales | 3.3% | 7.4% | 2.0% | 4.7% | ||
| Consolidated net income after non-controlling interests | 1.1 | 2.9 | −63.9% | 1.5 | 3.6 | −58.5% |
| in percent of sales | 2.2% | 6.4% | 1.6% | 3.9% | ||
| Basic earnings per share (in Euro) | 0.05 | 0.15 | −63.7% | 0.08 | 0.18 | −58.4% |
| Cash flow from operating activities | 0.0 | 4.5 | −99.5% | 5.2 | 5.0 | 3.1% |
| Capital expenditures for intangible assets and property, plant and equipment | 4.9 | 5.0 | −2.4% | 7.1 | 8.3 | −14.9% |
| in percent of sales | 10.4% | 11.0% | 7.8% | 9.0% | ||
| Free cash flow 2 | −13.7 | −3.4 | >100.0% | −27.0 | −6.2 | >100.0% |
| Adjusted free cash flow3 | −3.2 | −0.5 | >100.0% | −0.2 | −3.3 | 94.0% |
| in million Euro or percent unless otherwise indicated |
6/30/2013 | 12/31/2012 | Change | |||
| Equity | 184.5 | 189.64 | −2.7% | |||
| in percent of total assets | 69.0% | 69.6% | 70,1% | |||
| Employees (reporting date) | 1,047 | 1,032 | 1.5% |
1 Adjustment of prior-year amounts due to amendment to IAS 19; please refer to note 1 in the condensed notes to the consolidated financial statements
2 Cash flow from operating activities less cash flow from investing activities
3
Cash flow from operating activities less capital expenditures for intangible assets and property, plant and equipment, less payments for investments, plus disposal of investments
4 Adjustment due to amendment to IAS 19; please refer to note 1 in the condensed notes to the consolidated financial statements
Due to calculation processes, tables and references may produce rounding differences from the mathematically exact values (monetary units, percentage statements, etc.).
Sales of 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). This is accounted for by the uncertain European economy which negatively affected sales primarily over the first quarter of 2013.
However, a positive trend has come up in the course of the year 2013: In the second quarter of 2013, product ramp-ups and replacements of product generations contribute to the pleasing growth in sales. Compare to the previous quarter, sales were up by 9.1% to 47.1 million Euro (Q1 2013: 43.1 million Euro).
The trend that combines weak business with European automotive customers and a pleasant development in Asia is still determining sales figures of carmakers and their suppliers throughout the industry. However, the growth in Asia cannot fully compensate for the declining sales of Elmos in Europe. The Asia/Pacific share in sales rose from 20.4% in the first half-year 2012 to 23.4% in the half-year 2013 under review.
While the semiconductor segment almost reaches the level of the prior-year period in the first half-year 2013 with sales of 82.4 million Euro (HY1 2012: 82.5 million) based on a strong second quarter 2013, the sales performance in the micromechanics segment was in sharp decline. Segment sales dropped 20.5% from 9.9 million Euro in the first half-year 2012 to 7.8 million Euro in the first half-year 2013. The reason for this development in micromechanics is the fact that some products will phase out in fiscal year 2013 and successor product generations will only be ramped up at the end of 2013 or rather in 2014.
The order intake fulfills the expectations that form the basis of the forecast at present. The ratio of orders received to sales, the so-called book-to-bill, was above one at the end of the second quarter of 2013.
| Third-party sales | 1/1 – 6/30/2013 thousand Euro |
in percent of sales |
1/1 – 6/30/2012 thousand Euro |
in percent of sales |
Change |
|---|---|---|---|---|---|
| Germany | 30,689 | 34.0% | 27,846 | 30.1% | 10.2% |
| Other EU countries | 25,889 | 28.7% | 31,357 | 33.9% | −17.4% |
| U.S.A. | 6,172 | 6.9% | 7,630 | 8.3% | −19.1% |
| Asia/Pacific | 21,135 | 23.4% | 18,848 | 20.4% | 12.1% |
| Others | 6,328 | 7.0% | 6,733 | 7.3% | −6.0% |
| Consolidated sales | 90,213 | 100.0% | 92,414 | 100.0% | −2.4% |
The cost of sales was reduced by 2.0% to 55.0 million Euro in the first half-year 2013, roughly proportionate to sales. The gross margin remained stable, at the level of the prior-year period of comparison, at 39.0% (HY1 2012: 39.2%). The gross profit reached 35.2 million Euro in the first half-year 2013 (HY1 2012: 36.3 million Euro). The gross margin is affected by price effects becoming effective at the beginning of the year as well as by changes in the product mix.
In the course of the year 2013 so far, the gross margin could not be increased yet as the inventory development could not keep track with the sales increase in the second quarter of 2013 and as negative cost effects from the 6 to 8-inch production conversion still have an impact.
Research and development expenses remained stable yearover-year at 17.8 million Euro for the first half-year 2013 (HY1 2012: 17.9 million) despite the full consolidation of MAZ Mikroelektronik-Anwendungszentrum GmbH im Land Brandenburg, Berlin (MAZ), in effect since April 1, 2012. The R&D ratio of 19.7% of sales also stayed almost the same (HY1 2012: 19.4%).
Based on increased activity in the Asian region, distribution expenses went up slightly by 3.3% to 9.2 million Euro (HY1 2012: 9.0 million Euro). Administrative expenses decreased from 8.3 million Euro in the first half-year 2012 by 1.4% to 8.2 million Euro in the half-year under review.
Analogous to the gross profit, the operating income went down by 1.2 million Euro to −0.1 million Euro (HY1 2012: 1.1 million Euro). Yet a positive trend can be identified in the development of the quarters: In the first quarter of 2013, the operating income was still negative at −0.6 million Euro and could be improved to 0.5 million Euro over the second quarter of 2013. This is accounted for by the higher gross profit and the lower operating costs in relation to sales.
Earnings before interest and taxes (EBIT) were reduced to 1.8 million Euro (HY1 2012: 4.4 million Euro), due on the one hand to a 1.1 million Euro lower gross profit in the reporting period compared to the first half-year 2012 and on the other hand to the income from the revaluation of the old shares in MAZ, included in the prior-year period's other operating income. First-time consolidation of MAZ in the second quarter of 2012 had resulted in income of 1.8 million Euro. The EBIT margin reached 2.0% in the first six months of 2013 (HY1 2012: 4.7%).
The consolidated net income attributable to owners of the parent amounted to 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).
The cash flow from operating activities was roughly stable in year-over-year comparison of the six-month period, reaching 5.2 million Euro in the first half-year 2013 (HY1 2012: 5.0 million Euro). Capital expenditures for intangible assets and property, plant and equipment were 7.1 million Euro in the first halfyear 2013, or 7.8% of sales (HY1 2012: 8.3 million Euro, or 9.0% of sales).
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 halfyear 2013 as opposed to −3.3 million Euro in the first half-year 2012.
In addition to cash and cash equivalents in the amount of 21.5 million Euro, the Company holds 52.4 million Euro in long-term and short-term securities (December 31, 2012: 55.6 million Euro and 26.6 million Euro respectively). Cash and cash equivalents plus fungible securities amounted to 73.9 million Euro as of June 30, 2013 altogether, lower by comparison to December 31, 2012 (82.2 million Euro). Net cash also went down from December 31, 2012 (39.3 million Euro), to 31.3 million Euro. The main reasons for this are the payment of the dividend, the share buyback scheme, and capital expenditures. The equity ratio of 69.0% as of June 30, 2013 remained stable (December 31, 2012: 69.6%).
The development of the global auto market continues to be inconsistent.
The Western European car market was determined by persisting weakness over the first half-year 2013. 6.1 million vehicles were newly registered in Western Europe altogether, equaling a 6.6% decline from the already weak prior-year period of comparison. All relevant European markets with the sole exception of Great Britain (+10.0%) recorded declining figures of varying significance. Germany dropped 8.1%, France lost 11.2%, Italy was down by 10.3%, and Spain added another loss of 4.9% to its weak prior-year level. These figures are reported by the European Automobile Manufacturers' Association (ACEA).
By contrast, the development in countries outside Europe is more pleasant in most cases. According to the German Association of the Automotive Industry (VDA), the Chinese auto market showed a very dynamic performance in the first six months of 2013, gaining 20.6% to 7.7 million passenger cars. The Indian market, however, fell by 9.7% to 1.3 million cars in the first half-year 2013. The decline in Japan by 8.5% to 2.3 million vehicles must be regarded against the backdrop of the high prior-year level.
Demand for passenger cars ("light vehicles") grew in the U.S. by 7.5% to 7.8 million units in the first half-year 2013.
Dr. Anton Mindl, CEO, and Nicolaus Graf von Luckner, CFO, explained the 2012 annual result within the framework of the annual press conference and the analysts' conference held on March 19, 2013. The Management Board also presented the general economic conditions and the outlook for 2013. The analysts' conference is available as a video file at www.elmos.com.
Furthermore, Elmos presented its product portfolio at the trade shows "embedded world 2013" in Nuremberg and "electronica China" in Shanghai and received positive customer response throughout.
In February Elmos spread the news that it had successfully implemented an energy management system which was certified in accordance with DIN EN ISO 50001. The goal is to save energy. Elements of the energy management system are a corporate energy policy, the definition of energy targets, the identification of energy savings potential, the determination of measures, and review cycles as well as monitoring.
Elmos presented several new products in the reporting period. The IC E931.08 is designed especially for the interface between thermopile sensor and microcontroller or processor. One of the potential applications is a compact-sized in-ear thermometer. The IC family 522.7x comprises highly efficient step-down converters designed consistently for low quiescent current draw and high efficiency. The achievable efficiency rate exceeds 90%. Potential fields of use for the E522.7x product range are industrial applications in voltage supply systems. With the application of an IC in a multifunction wall scanner, the HALIOS® technology managed to score another milestone for the product family. For the very first time, this IC is not merely used in an optical sensor system but in a capacitive application and thus helps the scanner to identify all relevant materials in walls, floors and ceilings (e.g. power lines, wooden beams). With the IC E527.16, which is also based on the HALIOS® principle, Elmos has introduced a semiconductor specially designed for the control of light and lighting fixtures. The new product recognizes simple gestures such as approach or wiping motions up to a distance of approx. 25 cm. Functions such as on/off, "search light" or dimming and many more can thus be realized very easily and touchless.
In April the partnership of Elmos and SMI with the distributor Mouser Electronics Inc. was announced. Mouser will distribute mixed-signal semiconductors, MEMS pressure sensors, HALIOS® sensors, and integrated microsystems.
Elmos held its 14th Annual General Meeting on May 24, 2013. All items on the agenda were adopted by a large majority. Among them was the resolution for the payment of an unchanged dividend in the amount of 0.25 Euro per share. The General Meeting is available as webcast (www.elmos.com/ english/investor-relations/annual-general-meeting).
On June 25, 2013 Elmos hosted a development workshop for customers dealing with the topic of industrial products. Its focus was on the efficient integration of IO-Link, DC/DC and KNX products into new or existing systems.
In June 2013 Elmos released the new product catalog 2013/14, providing a large number of application examples and detailed information. With application examples, Elmos gives proof of its system know-how. The complete design of a system, for instance an airbag safety system, a vehicle's headlights and an air-conditioning system, are vividly outlined with the help of Elmos components.
The Elmos Group's workforce came to 1,047 employees as of June 30, 2013. Compared with December 31, 2012 (1,032 employees), the staff is thus slightly increased (1.5%). This is accounted for essentially by the regular employment of formerly temporary staff.
Despite the persisting economic uncertainties in Europe, the stock markets generally showed positive developments in the first half-year 2013. DAX (4.6%), TecDAX (14.3%), DAX Sector Technology (6.4%) and Technology All Share (13.4%) all reported gains. The Elmos share had a very good performance and climbed by 20.4% over the first six months of 2013. Similar to most indices, the increase of the Elmos stock took place primarily in the first quarter of 2013, followed by a sideways movement in the following quarter.
The Elmos share closed on June 28, 2013 at 8.61 Euro. Market capitalization amounted to 169.0 million Euro at that date (based on 19.6 million shares outstanding). The stock price reached its high on March 20, 2013 at 9.00 Euro and its low on January 3, 2013 at 7.17 Euro (Xetra closing prices all). The average daily trading volume of the first six months of 2013 was 17.8 thousand shares (Xetra and Frankfurt floor) and was thus below the 2012 average (23.8 thousand shares).
At the end of March 2013, Elmos completed its share buyback plan launched in August 2012. Altogether 348,783 shares were repurchased at an average share price of 7.57 Euro. This equals a total purchase price of 2.6 million Euro. The portfolio of treasury shares was reduced by servicing stock options with treasury stock and through share-based remuneration. On June 30, 2013 Elmos Semiconductor AG held 327,697 treasury shares.
Altogether 65,940 stock options were exercised in the first halfyear 2013, originating from the stock option plan of the 2009 tranche. As a part of these options were serviced with treasury shares (54,690 shares) and another part by the creation of conditional capital (11,250 shares), the share capital amounts to 19,626,955 shares or Euro as of June 30, 2013.
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. Anton Mindl, chairman Graduate physicist | Lüdenscheid
Nicolaus Graf von Luckner Graduate economist | Oberursel
Reinhard Senf Graduate engineer | Iserlohn
Dr. Peter Geiselhart Graduate physicist | Ettlingen
Risk management and individual corporate risks and opportunities are described in our Annual Report 2012. No material changes of the Company's risks and opportunities as detailed therein have occurred in the fi rst half-year 2013. No risks are visible at present that could either separately or collectively jeopardize the Company's continued existence.
The general economic conditions for 2013 continue to be dismal on account of the euro crisis. The resulting uncertainty makes many customers hesitate when it comes to buying a new car. While on the global scope, a slight growth by 2% to 70.5 million units is expected for the passenger car market, the European market remains the problem child. The German Association of the Automotive Industry (VDA) identifi es the ever increasing divide in the growth dynamics of relevant markets as a challenge. VDA President Matthias Wissmann calls the automotive year 2013 "a challenging year of hard work", yet he anticipates a modest stabilization to occur in the second half-year 2013.
The VDA expects the Western European market to shrink by about 5% to 11.1 million new cars in 2013 which would be the fourth year of decline in a row, recording almost 4 million units below the record year of 2007 (14.8 million units). In Western Europe, especially Italy, Spain and France show pronounced weakness in the market, particularly due to the sovereign debt crises. An approximate growth of 5% is expected for the U.S. in 2013; for China, even a double-digit growth rate of 10% is anticipated.
Elmos has pursued a solid economic policy over the past years. As a consequence of that, Elmos now stands on a secure fi nancial foundation. Moreover, Elmos is highly regarded by the customers; the deciding factors for this reputation were the power of innovation, the high quality level, and the Company's delivery reliability.
This current year's ramp-up of several new products refl ects in our sales performance of the fi rst half-year 2013 as well as in our order backlog and order intake. We are therefore expecting higher sales for the second half-year 2013 at – compared to the fi rst half-year 2013 – signifi cantly improved earnings.
Elmos has the right products in order to benefi t from a sound economy. Therefore we maintain a positive outlook on the current year despite the rather dim current prospects for the automotive market and thus confi rm our growth forecast for 2013.
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 fl ow is expected to be positive. Capital expenditures are budgeted to amount to no more than 15% of sales.
In the medium and long term, Elmos will benefi t from the global megatrends: increasing urbanization, more renewable energy sources (and generally dealing with energy in an effi cient way), and more as well as environmentally sound mobility. To all these dynamically growing market segments, Elmos will make important contributions.
| Assets | 6/30/2013 thousand Euro |
12/31/20121 thousand Euro |
|---|---|---|
| Non-current assets | ||
| Intangible assets2 | 28,377 | 30,236 |
| Property, plant and equipment2 | 70,884 | 71,755 |
| Investments in associates | 0 | 0 |
| Securities2, 3 | 48,596 | 18,741 |
| Investments2, 3 | 470 | 2,652 |
| Other fi nancial assets2 | 1,632 | 1,116 |
| Deferred tax assets | 3,195 | 3,624 |
| Total non-current assets | 153,154 | 128,124 |
| Current assets | ||
| Inventories2 | 44,771 | 42,968 |
| Trade receivables3 | 30,720 | 27,644 |
| Securities3 | 3,791 | 7,840 |
| Other fi nancial assets | 4,669 | 4,203 |
| Other receivables | 6,953 | 5,479 |
| Income tax assets | 870 | 411 |
| Cash and cash equivalents3 | 21,543 | 55,576 |
| 113,318 | 144,121 | |
| Non-current assets held for sale | 1,021 | 144 |
| Total current assets | 114,339 | 144,265 |
| Total assets | 267,493 | 272,389 |
| Equity and liabilities | 6/30/2013 thousand Euro |
12/31/20121 thousand Euro |
|---|---|---|
| Equity | ||
| Equity attributable to owners of the parent | ||
| Share capital2 | 19,627 | 19,616 |
| Treasury stock2 | −328 | −240 |
| Additional paid-in capital | 87,855 | 88,599 |
| Surplus reserve | 102 | 102 |
| Other equity components | −3,555 | −3,402 |
| Retained earnings | 78,905 | 82,327 |
| 182,607 | 187,002 | |
| Non-controlling interests | 1,931 | 2,587 |
| Total equity | 184,538 | 189,589 |
| Liabilities | ||
| Non-current liabilities | ||
| Provisions | 516 | 756 |
| Financial liabilities3 | 22,531 | 12,571 |
| Other liabilities | 4,660 | 5,277 |
| Deferred tax liabilities | 2,633 | 4,219 |
| Total non-current liabilities | 30,340 | 22,823 |
| Current liabilities | ||
| Provisions | 8,533 | 8,107 |
| Income tax liabilities | 2,210 | 1,409 |
| Financial liabilities3 | 20,149 | 30,290 |
| Trade payables3 | 17,868 | 17,755 |
| Other liabilities | 3,855 | 2,416 |
| Total current liabilities | 52,616 | 59,977 |
| Total liabilities | 82,956 | 82,800 |
| Total equity and liabilities | 267,493 | 272,389 |
1Adjustment of prior-year amounts due to amendment to IAS 19;
please refer to note 1 in the condensed notes to consolidated fi nancial statements
2 Cf. note 3
3 Cf. note 4
| For the period from April 1 to June 30 | 4/1 – 6/30/2013 thousand Euro |
in percent of sales |
4/1 – 6/30/2012 thousand Euro1 |
in percent of sales |
Change |
|---|---|---|---|---|---|
| Sales | 47,071 | 100.0% | 45,500 | 100.0% | 3.5% |
| Cost of sales | 28,727 | 61.0% | 27,463 | 60.4% | 4.6% |
| Gross profi t | 18,343 | 39.0% | 18,037 | 39.6% | 1.7% |
| Research and development expenses | 9,031 | 19.2% | 9,128 | 20.1% | −1.1% |
| Distribution expenses | 4,638 | 9.9% | 4,488 | 9.9% | 3.4% |
| Administrative expenses | 4,130 | 8.8% | 4,014 | 8.8% | 2.9% |
| Operating income before other | |||||
| operating expenses/income | 544 | 1.2% | 407 | 0.9% | 33.8% |
| Finance income | −582 | −1.2% | −449 | −1.0% | 29.6% |
| Finance costs | 567 | 1.2% | 601 | 1.3% | −5.7% |
| Exchange rate gains (−)/losses | 58 | 0.1% | −95 | −0.2% | n/a |
| Other operating income | −1,425 | −3.0% | −3,304 | −7.3% | −56.9% |
| Other operating expenses | 335 | 0.7% | 444 | 1.0% | −24.5% |
| Earnings before taxes | 1,590 | 3.4% | 3,210 | 7.1% | −50.5% |
| Taxes on income | |||||
| Current income tax expense | 514 | 1.1% | 758 | 1.7% | −32.2% |
| Deferred taxes | −153 | −0.3% | −529 | −1.2% | 71.1% |
| 361 | 0.8% | 229 | 0.5% | 57.5% | |
| Consolidated net income | 1,229 | 2.6% | 2,981 | 6.6% | −58.8% |
| Consolidated net income attributable to | |||||
| Owners of the parent | 1,056 | 2.2% | 2,922 | 6.4% | −63.9% |
| Non-controlling interests | 173 | 0.4% | 59 | 0.1% | >100.0% |
| Earnings per share | |||||
| Basic earnings per share (in Euro) | 0.05 | 0.15 | −63.7% | ||
| Fully diluted earnings per share (in Euro) | 0.05 | 0.15 | −63.7% |
| For the period from April 1 to June 30 | 4/1 – 6/30/2013 thousand Euro |
4/1 – 6/30/2012 thousand Euro1 |
|---|---|---|
| Consolidated net income | 1,229 | 2,981 |
| Other comprehensive income | ||
| Items that may be reclassifi ed to the income statement in future periods, including respective tax effects |
||
| Foreign currency adjustments not affecting deferred taxes | −61 | 59 |
| Foreign currency adjustments affecting deferred taxes | −289 | 859 |
| Deferred tax (on foreign currency adjustments affecting deferred taxes) | 73 | −215 |
| Value differences relating to hedges | 178 | −303 |
| Deferred tax (on value differences relating to hedges) | −58 | 98 |
| Available-for-sale fi nancial assets | −677 | −31 |
| Deferred tax (on available-for-sale fi nancial assets) | 280 | 2 |
| Items that will not be reclassifi ed to the income statement in future periods, including respective tax effects |
||
| Actuarial gains/losses (−) from pension plans | 42 | −29 |
| Deferred tax on actuarial gains/losses (−) from pension plans | −13 | 10 |
| Other comprehensive income after taxes | −525 | 450 |
| Total comprehensive income after taxes | 704 | 3,431 |
| Total comprehensive income attributable to | ||
| Owners of the parent | 543 | 3,369 |
| Non-controlling interests | 161 | 62 |
1Adjustment due to the amendment to IAS 19
1Adjustment of prior-year amounts due to amendment to IAS 19; please refer to note 1 in the condensed notes to consolidated fi nancial statements
| For the period from January 1 to June 30 | 1/1 – 6/30/2013 thousand Euro |
in percent of sales |
1/1 – 6/30/2012 thousand Euro1 |
in percent of sales |
Change |
|---|---|---|---|---|---|
| Sales | 90,213 | 100.0% | 92,414 | 100.0% | −2.4% |
| Cost of sales | 55,030 | 61.0% | 56,142 | 60.8% | −2.0% |
| Gross profi t | 35,182 | 39.0% | 36,272 | 39.2% | −3.0% |
| Research and development expenses | 17,814 | 19.7% | 17,883 | 19.4% | −0.4% |
| Distribution expenses | 9,249 | 10.3% | 8,952 | 9.7% | 3.3% |
| Administrative expenses | 8,213 | 9.1% | 8,329 | 9.0% | −1.4% |
| Operating income before other operating expenses/income |
−94 | −0.1% | 1,108 | 1.2% | n/a |
| Finance income | −1,044 | −1.2% | −907 | −1.0% | 15.0% |
| Finance costs | 1,132 | 1.3% | 1,196 | 1.3% | −5.3% |
| Exchange rate gains (−)/losses | −66 | −0.1% | 7 | 0.0% | n/a |
| Other operating income | −2,455 | −2.7% | −4,002 | −4.3% | −38.7% |
| Other operating expenses | 592 | 0.7% | 740 | 0.8% | −20.0% |
| Earnings before taxes | 1,748 | 1.9% | 4,075 | 4.4% | −57.1% |
| Taxes on income | |||||
| Current income tax expense | 1,018 | 1.1% | 782 | 0.8% | 30.2% |
| Deferred taxes | −1,007 | −1.1% | −333 | −0.4% | >100.0% |
| 11 | 0.0% | 449 | 0.5% | −97.6 | |
| Consolidated net income | 1,737 | 1.9% | 3,626 | 3.9% | −52.1% |
| Consolidated net income attributable to | |||||
| Owners of the parent | 1,478 | 1.6% | 3,560 | 3.8% | −58.5% |
| Non-controlling interests | 259 | 0.3% | 66 | 0.1% | >100.0% |
| Earnings per share | |||||
| Basic earnings per share (in Euro) | 0.08 | 0.18 | −58.4% | ||
| Fully diluted earnings per share (in Euro) | 0.08 | 0.18 | −58.2% |
| For the period from January 1 to June 30 | 1/1 – 6/30/2013 thousand Euro |
1/1 – 6/30/2012 thousand Euro1 |
|---|---|---|
| Consolidated net income | 1,737 | 3,626 |
| Other comprehensive income | ||
| Items that may be reclassifi ed to the income statement in future periods, including respective tax effects |
||
| Foreign currency adjustments not affecting deferred taxes | −65 | 44 |
| Foreign currency adjustments affecting deferred taxes | 104 | 404 |
| Deferred tax (on foreign currency adjustments affecting deferred taxes) | −26 | −101 |
| Value differences relating to hedges | 252 | −510 |
| Deferred tax (on value differences relating to hedges) | −71 | 164 |
| Available-for-sale fi nancial assets | −639 | 34 |
| Deferred tax (on available-for-sale fi nancial assets) | 233 | −7 |
| Items that will not be reclassifi ed to the income statement in future periods, including respective tax effects |
||
| Actuarial gains/losses (−) from pension plans | 42 | −58 |
| Deferred tax on actuarial gains/losses (−) from pension plans | −13 | 19 |
| Other comprehensive income after taxes | −183 | −11 |
| Total comprehensive income after taxes | 1,554 | 3,615 |
| Total comprehensive income attributable to | ||
| Owners of the parent | 1,325 | 3,546 |
| Non-controlling interests | 229 | 69 |
1Adjustment due to the amendment to IAS 19
1Adjustment of prior-year amounts due to amendment to IAS 19; please refer to note 1 in the condensed notes to consolidated fi nancial statements
| For the period from January 1 to June 30 | 1/1 – 6/30/2013 thousand Euro |
1/1 – 6/30/2012 thousand Euro1 |
4/1 – 6/30/2013 thousand Euro |
4/1 – 6/30/2012 thousand Euro1 |
|---|---|---|---|---|
| Cash fl ow from operating activities | ||||
| Consolidated net income | 1,737 | 3,626 | 1,229 | 2,981 |
| Depreciation and amortization | 9,309 | 8,595 | 4,657 | 4,348 |
| Financial result | 88 | 289 | −15 | 153 |
| Other non-cash income (–)/expenses | −1,109 | −2,315 | −185 | −2,542 |
| Current income tax expense | 1,018 | 782 | 513 | 758 |
| Expenses for stock option and stock award plans | 210 | 161 | 101 | 65 |
| Changes in pension provisions | −199 | −107 | −154 | −69 |
| Changes in net working capital: | ||||
| Trade receivables | −3,076 | −522 | −826 | 697 |
| Inventories | −1,803 | 1,012 | −369 | 1,092 |
| Other assets | −1,941 | −1,623 | −1,721 | −64 |
| Trade payables | 113 | −2,706 | −2,364 | 665 |
| Other provisions and other liabilities | 1,601 | −34 | −625 | −2,024 |
| Income tax payments | −676 | −1,853 | −222 | −1,392 |
| Interest paid | −1,132 | −1,196 | −567 | −602 |
| Interest received | 1,034 | 907 | 572 | 449 |
| Cash fl ow from operating activities | 5,174 | 5,016 | 24 | 4,515 |
1Adjustment due to the amendment to IAS 19
| 1/1 – | 1/1 – | 4/1 – | 4/1 – | |
|---|---|---|---|---|
| 6/30/2013 thousand |
6/30/2012 thousand |
6/30/2013 thousand |
6/30/2012 thousand |
|
| For the period from January 1 to June 30 | Euro | Euro1 | Euro | Euro1 |
| Cash fl ow from investing activities | ||||
| Capital expenditures for intangible assets | −794 | −1,279 | −418 | −498 |
| Capital expenditures for property, plant and equipment | −6,286 | −7,037 | −4,476 | −4,516 |
| Payments for (−)/Disposal of non-current assets held for sale | −878 | 57 | −753 | −80 |
| Payments from acquisition of shares in subsidiaries | 0 | 302 | 0 | 302 |
| Disposal of property, plant and equipment | 530 | 63 | 56 | 61 |
| Payments for (−)/Disposal of securities | −26,446 | −3,318 | −9,878 | −3,099 |
| Disposal of investments | 1,709 | 0 | 1,709 | 0 |
| Payments for other non-current fi nancial assets | −17 | −4 | −9 | −54 |
| Cash fl ow from investing activities | −32,181 | −11,216 | −13,768 | −7,884 |
| Cash fl ow from fi nancing activities | ||||
| Repayment (−) /Borrowing of non-current liabilities | −40 | 190 | −40 | 254 |
| Repayment of current liabilities to banks | −141 | −147 | −37 | −9 |
| Newly created non-controlling interests | 0 | 48 | 0 | 0 |
| Issue of treasury shares/Share-based remuneration | 457 | 207 | 274 | 207 |
| Purchase of treasury shares | −1,525 | 0 | 0 | 0 |
| Capital increase from conditional capital | 41 | 271 | 41 | 271 |
| Dividend payment | −4,814 | −4,827 | −4,814 | −4,827 |
| Dividend payment to non-controlling shareholders | −400 | 0 | −316 | 0 |
| Increase of majority stake | −570 | 0 | 0 | 0 |
| Other changes | −4 | −32 | 0 | −26 |
| Cash fl ow from fi nancing activities | −6,996 | −4,290 | −4,892 | −4,130 |
| Decrease in cash and cash equivalents | −34,003 | −10,490 | −18,636 | −7,499 |
| Effect of exchange rate changes on cash and cash equivalents | −30 | 166 | −154 | 361 |
| Cash and cash equivalents at beginning of reporting period | 55,576 | 59,002 | 40,333 | 55,816 |
| Cash and cash equivalents at end of reporting period | 21,543 | 48,678 | 21,543 | 48,678 |
| Non controlling |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity attributable to owners of the parent | Other equity components | interests | Group | ||||||||||
| Shares thousand |
Share capital thousand Euro |
Treasury stock thousand Euro |
Additional paid-in capital thousand Euro |
Surplus reserve thousand Euro |
Reserve for available-for-sale fi nancial assets thousand Euro |
Hedges thousand Euro |
Foreign currency translation thousand Euro |
Unrealized actuarial gains/ losses thousand Euro |
Retained earnings thousand Euro |
Total thousand Euro |
Total thousand Euro |
Total thousand Euro |
|
| January 1, 2012 prior to adjustments | 19,414 | 19,414 | −106 | 88,516 | 102 | −37 | −627 | −1,400 | 0 | 81,450 | 187,312 | 633 | 187,945 |
| Effects of fi rst-time application of IAS 19R1 | 43 | −6 | 37 | 37 | |||||||||
| January 1, 2012 after adjustments | 19,414 | 19,414 | −106 | 88,516 | 102 | −37 | −627 | −1,400 | 43 | 81,444 | 187,349 | 633 | 187,982 |
| Consolidated net income | 3,560 | 3,560 | 66 | 3,626 | |||||||||
| Other comprehensive income for the period | 27 | −346 | 344 | −39 | −14 | 3 | −11 | ||||||
| Total comprehensive income | 27 | −346 | 344 | −39 | 3,560 | 3,546 | 69 | 3,615 | |||||
| Share-based remuneration | 26 | 181 | 207 | 207 | |||||||||
| Capital increase from conditional capital | 74 | 74 | 197 | 271 | 271 | ||||||||
| Changes in basis of consolidation | 1,659 | 1,659 | |||||||||||
| Put option non-controlling shareholder | −2,214 | −2,214 | −2,214 | ||||||||||
| Dividend payment | −4,827 | −4,827 | −4,827 | ||||||||||
| Stock option and stock award expenses | 161 | 161 | 161 | ||||||||||
| Newly created non-controlling interests | 17 | 17 | 31 | 48 | |||||||||
| Other changes | −181 | −181 | −181 | ||||||||||
| June 30, 2012 | 19,488 | 19,488 | −80 | 89,055 | 102 | −10 | −973 | −1,056 | 4 | 77,799 | 184,329 | 2,392 | 186,721 |
| January 1, 2013 prior to adjustments | 19,616 | 19,616 | −240 | 88,599 | 102 | 71 | −1,306 | −1,634 | 0 | 82,255 | 187,463 | 2,587 | 190,050 |
| Effects of fi rst-time application of IAS 19R1 | −533 | 72 | −461 | −461 | |||||||||
| January 1, 2013 after adjustments | 19,616 | 19,616 | −240 | 88,599 | 102 | 71 | −1,306 | −1,634 | −533 | 82,327 | 187,002 | 2,587 | 189,589 |
| Consolidated net income | 1,478 | 1,478 | 259 | 1,737 | |||||||||
| Other comprehensive income for the period | −406 | 181 | 43 | 29 | −153 | −30 | −183 | ||||||
| Total comprehensive income | −406 | 181 | 43 | 29 | 1,478 | 1,325 | 229 | 1,554 | |||||
| Share-based remuneration | 46 | 209 | 255 | 255 | |||||||||
| Capital increase from conditional capital | 11 | 11 | 30 | 41 | 41 | ||||||||
| Issue of treasury shares | 55 | 147 | 202 | 202 | |||||||||
| Transaction costs | −4 | −4 | −4 | ||||||||||
| Purchase of treasury shares | −189 | −1,336 | −1,525 | −1,525 | |||||||||
| Dividend payment | −4,814 | −4,814 | −4,814 | ||||||||||
| Dividend payment to non-controlling shareholders | 0 | −400 | −400 | ||||||||||
| Stock option and stock award expenses | 210 | 210 | 210 | ||||||||||
| Increase of majority stake | −85 | −85 | −485 | −570 | |||||||||
| June 30, 2013 | 19,627 | 19,627 | −328 | 87,855 | 102 | −335 | −1,125 | −1,591 | −504 | 78,905 | 182,607 | 1,931 | 184,538 |
1 Please refer to note 1 in the condensed notes to consolidated fi nancial statements
The condensed interim consolidated fi nancial statements for the 1st half-year 2013 were released for publication in August 2013 pursuant to Management Board resolution.
Elmos Semiconductor Aktiengesellschaft ("the Company" or "Elmos") has its registered offi ce 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 24, 2013.
The Company's business is the development, manufacture and distribution of microelectronic components and system parts (application specifi c 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 benefi cial 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 in Asia and the United States and cooperates with other German and international companies in the development and production of ASIC chips.
The condensed interim consolidated fi nancial statements for the period from January 1 to June 30, 2013 have been prepared in accordance with IAS 34: Interim Financial Reporting. These fi nancial statements do therefore not contain all the information and disclosures required for consolidated fi nancial statements and should therefore be read in conjunction with the consolidated fi nancial statements for the fi scal year ended December 31, 2012.
For the preparation of the condensed interim consolidated fi nancial statements, the same accounting policies and valuation methods have been adopted as were applied for the preparation of the consolidated fi nancial statements for the fi scal year ended December 31, 2012, with the exception of the following new or amended IFRS standards and interpretations listed below.
In June 2011 the IASB released amendments to IAS 19: Employee Benefi ts, adopted by the EU in June 2012. The amendments to IAS 19 must generally be applied with retrospective effect for fi nancial statements prepared for fi scal years beginning on or after January 1, 2013. So far the Group has applied the so-called corridor method. Upon the elimination of the corridor method by the revised IAS 19, actuarial gains and losses have immediate effect on the consolidated statement of fi nancial position and result in an increase of pension provisions as well as a decrease in equity. From now on the consolidated income statement remains free of effects from actuarial gains and losses as those are now to be recorded in other comprehensive income. Elmos has adjusted the reported prior-year amounts for effects from the amendment to IAS 19. For Elmos, the amendment to IAS 19 results in the following effects:
| thousand Euro | January 1, 2012 prior to adjustments |
Effects from fi rst time application of IAS 19R |
January 1, 2012 after adjustments |
|---|---|---|---|
| Consolidated statement of fi nancial position | |||
| Other equity components | −2,064 | 43 | −2,021 |
| Retained earnings | 81,450 | −6 | 81,444 |
| Non-current provisions | 243 | −55 | 188 |
| Deferred tax liabilities | 3,994 | 18 | 4,012 |
| thousand Euro | January 1, 2013 prior to adjustments |
Effects from fi rst time application of IAS 19R |
January 1, 2013 after adjustments |
|---|---|---|---|
| Consolidated statement of fi nancial position | |||
| Deferred tax assets | 3,421 | 203 | 3,624 |
| Other equity components | −2,869 | −533 | −3,402 |
| Retained earnings | 82,255 | 72 | 82,327 |
| Non-current provisions | 92 | 664 | 756 |
Retrospective presentation of the consolidated income statement for the second quarter 2012
| 4/1 – 6/30/2012 prior to adjustments |
Effects from fi rst time application of IAS 19R |
4/1 – 6/30/2012 after adjustments |
|---|---|---|
| 4,043 | −29 | 4,014 |
| 378 | 29 | 407 |
| 3,181 | 29 | 3,210 |
| −538 | 9 | −529 |
| 2,961 | 20 | 2,981 |
| thousand Euro | 1/1 – 6/30/2012 prior to adjustments |
Effects from fi rst time application of IAS 19R |
1/1 – 6/30/2012 after adjustments |
|---|---|---|---|
| Consolidated income statement | |||
| Administrative expenses | 8,386 | −57 | 8,329 |
| Operating income before other operating expenses/income | 1,051 | 57 | 1,108 |
| Earnings before taxes | 4,018 | 57 | 4,075 |
| Deferred taxes | −351 | 18 | −333 |
| Consolidated net income | 3,587 | 39 | 3,626 |
The above adjustments to the consolidated income statement did not have material effects on the basic earnings and diluted earnings per share.
In May 2011 the IASB released IFRS 13: Fair Value Measurement, merging regulations on the measurement of fair value, previously scattered over several IFRS, in a single standard and replacing them by a uniform regulation. IFRS 13 is subject to prospective application for fi scal years beginning on or after January 1, 2013. First-time application does not result in material effects on the measurement of assets and liabilities. Changes do particularly address the notes to consolidated fi nancial statements. Accordingly, information about market values of fi nancial instruments and the categorization of fi nancial instruments, so far reportable only as of the reporting date of annual fi nancial statements, must now also be provided during the fi scal year in the interim consolidated fi nancial statements.
The regulation includes clarifi cations of several existing standards and is subject to application for fi scal years beginning on or after January 1, 2013. It did not have any material effects on the Group's fi nancial, profi t and economic situation.
The Company recognizes provisions for pension and partial retirement obligations pursuant to IAS 19. An actuarial interest rate of 3.5% has been applied for pension obligations in 2013 (12/31/2012: 3.5%) and of 1.4% for partial retirement obligations (12/31/2012: 3.5%).
There were no exceptional business transactions in the fi rst half-year 2013.
There were neither additions to nor disposals from the basis of consolidation in the fi rst half-year 2013.
As of acquisition date January 1, 2013, 26.1% of the shares in GED Gärtner-Electronic-Design GmbH, Frankfurt/Oder were acquired. After this increase of the already existing majority stake, Elmos Semiconductor AG holds 100% of the shares in this affi liate.
The general economic conditions for 2013 continue to be affected negatively by the euro crisis. The resulting uncertainty makes many customers hesitate when it comes to buying a new car. The German Association of the Automotive Industry (VDA) identifi es the ever increasing divide in the growth dynamics of relevant markets as a challenge. The business of Elmos Semiconductor AG is not subject to material seasonal fl uctuations.
The business segments correspond to the Elmos Group's internal organizational and reporting structure. The defi nition 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, Elmos operates in the markets for industrial and consumer goods and provides semiconductors e.g. for applications in household appliances, photo cameras, 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 microelectro-mechanical systems (MEMS) which are primarily silicon-based high-precision pressure sensors. The following tables provide information on sales and earnings (for the period from January 1 to June 30, 2013 and 2012, respectively) as well as on assets of the Group's business segments (as of June 30, 2013 and December 31, 2012).
| 1st half-year ended June 30, 2013 | Semiconductor thousand Euro |
Micromechanics thousand Euro |
Consolidation thousand Euro |
Total thousand Euro |
|---|---|---|---|---|
| Sales | ||||
| Third-party sales | 82,371 | 7,842 | 0 | 90,213 |
| Inter-segment sales | 220 | 409 | −6291 | 0 |
| Total sales | 82,591 | 8,251 | −629 | 90,213 |
| Earnings | ||||
| Segment earnings | 1,122 | 714 | 0 | 1,836 |
| Finance income | 1,044 | |||
| Finance costs | −1,132 | |||
| Earnings before taxes | 1,748 | |||
| Taxes on income | −11 | |||
| Consolidated net income including non-controlling interests | 1,737 | |||
| Assets | ||||
| Segment assets | 226,226 | 15,189 | 25,6082 | 267,023 |
| Investments | 470 | 0 | 0 | 470 |
| Total assets | 267,493 | |||
| Other segment information | ||||
| Capital expenditures for intangible assets and property, plant and equipment |
6,990 | 90 | 0 | 7,080 |
| Depreciation and amortization | 8,973 | 336 | 0 | 9,309 |
| 1st half-year ended June 30, 2012 | Semiconductor thousand Euro3 |
Micromechanics thousand Euro |
Consolidation thousand Euro3 |
Group thousand Euro3 |
|---|---|---|---|---|
| Sales | ||||
| Third-party sales | 82,546 | 9,868 | 0 | 92,414 |
| Inter-segment sales | 133 | 401 | −5341 | 0 |
| Total sales | 82,679 | 10,269 | −534 | 92,414 |
| Earnings | ||||
| Segment earnings | 3,316 | 1,048 | 0 | 4,364 |
| Finance income | 907 | |||
| Finance costs | −1,196 | |||
| Earnings before taxes | 4,075 | |||
| Taxes on income | −449 | |||
| Consolidated net income including non-controlling interests | 3,626 | |||
| Assets (as of 12/31/2012) | ||||
| Segment assets | 196,462 | 13,664 | 59,6112 | 269,737 |
| Investments | 470 | 2,182 | 0 | 2,652 |
| Total assets | 272,389 | |||
| Other segment information | ||||
| Capital expenditures for intangible assets and property, plant and equipment |
11,412 | 865 | 0 | 12,277 |
| Depreciation and amortization | 8,278 | 317 | 0 | 8,595 |
1 Sales from intersegment transactions are eliminated for consolidation purposes.
Non-attributable assets as of June 30, 2013 include cash and cash equivalents (25,543 thousand Euro), income tax assets (870 thousand Euro), and deferred taxes (3,195 thousand Euro), as these assets are controlled at group level.
1 Sales from intersegment transactions are eliminated for consolidation purposes.
Non-attributable assets as of December 31, 2012 include cash and cash equivalents (55,576 thousand Euro), income tax assets (411 thousand Euro), and deferred taxes (3,624 thousand Euro), as these assets are controlled at group level.
3 Adjustment of prior-year amounts due to amendment to IAS 19; please also refer to note 1 in the notes to consolidated fi nancial statements
| Sales generated with third-party customers | Half-year ended 6/30/2013 thousand Euro |
Half-year ended 6/30/2012 thousand Euro |
|---|---|---|
| Germany | 30,689 | 27,846 |
| Other EU countries | 25,889 | 31,357 |
| U.S.A. | 6,172 | 7,630 |
| Asia/Pacifi c | 21,135 | 18,848 |
| Others | 6,328 | 6,733 |
| Consolidated sales | 90,213 | 92,414 |
| Geographical distribution of non-current assets | 6/30/2013 thousand Euro |
12/31/2012 thousand Euro |
|---|---|---|
| Germany | 139,605 | 112,054 |
| Other EU countries | 4,546 | 4,796 |
| U.S.A. | 4,059 | 6,458 |
| Others | 117 | 76 |
| Non-current assets | 148,327 | 123,384 |
| Development of selected non-current assets from January 1 to June 30, 2013 |
Net book value 1/1/2013 thousand Euro |
Reclassifi cation thousand Euro |
Additions thousand Euro |
Disposals/Other movements thousand Euro |
Depreciation and amortization thousand Euro |
Net book value 6/30/2013 thousand Euro |
|---|---|---|---|---|---|---|
| Intangible assets | 30,236 | 0 | 794 | −51 | 2,602 | 28,377 |
| Property, plant and equipment |
71,755 | 0 | 6,286 | −450 | 6,707 | 70,884 |
| Securities | 18,741 | 0 | 31,781 | −1,926 | 0 | 48,596 |
| Investments | 2,652 | 0 | 0 | −2,182 | 0 | 470 |
| Other fi nancial assets | 1,116 | 0 | 516 | 0 | 0 | 1,632 |
| 124,500 | 0 | 39,377 | −4,609 | 9,309 | 149,959 |
The item "Disposals/Other movements" includes positive currency adjustments in the amount of 30 thousand Euro.
| 6/30/2013 thousand Euro |
12/31/2012 thousand Euro |
|
|---|---|---|
| Raw materials | 7,234 | 7,432 |
| Work in process | 31,223 | 27,464 |
| Finished goods | 6,314 | 8,072 |
| 44,771 | 42,968 |
As of June 30, 2013, the share capital of Elmos Semiconductor AG consists of 19,626,955 shares. At present, the Company holds 327,697 treasury shares.
As of June 30, 2013, altogether 1,065,451 options from stock option plans are outstanding. The options are attributable to the separate tranches as follows:
| 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 12/31/2012 (number) | 255,580 | 238,088 | 246,410 | 400,000 | 1,140,078 |
| Exercised 1/1-6/30/2013 (number) | 65,940 | 0 | 0 | 0 | 65,940 |
| Forfeited 1/1-6/30/2013 (number) | 700 | 1,660 | 1,875 | 4,452 | 8,687 |
| Options outstanding as of 6/30/2013 (number) | 188,940 | 236,428 | 244,535 | 395,548 | 1,065,451 |
| Options exercisable as of 6/30/2013 (number) | 188,940 | 0 | 0 | 0 | 188,940 |
The following table lists the book values and fair values of the Group's fi nancial instruments. The fair value of a fi nancial 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 infl uence, 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 fi nancial instruments can be found under note 29 to the 2012 consolidated fi nancial statements. Their relevance to these half-year fi nancial statements is undiminished.
| June 30, 2013 | December 31, 2012 | |||
|---|---|---|---|---|
| thousand Euro | Book value | Fair value | Book value | Fair value |
| Financial assets | ||||
| Investments | 470 | 470 | 2,652 | 2,652 |
| Long-term securities | 48,596 | 48,596 | 18,741 | 18,741 |
| Short-term securities | 3,791 | 3,791 | 7,840 | 7,840 |
| Trade receivables | 30,720 | 30,720 | 27,644 | 27,644 |
| Cash and cash equivalents | 21,543 | 21,543 | 55,576 | 55,576 |
| Other fi nancial assets | ||||
| Other receivables and assets | 3,406 | 3,406 | 2,398 | 2,398 |
| Other loans | 2,207 | 2,207 | 2,305 | 2,305 |
| Call option | 54 | 54 | 54 | 54 |
| Earn-out | 579 | 579 | 562 | 562 |
| Forward exchange contracts | 55 | 55 | 0 | 0 |
| Financial liabilities | ||||
| Trade payables | 17,868 | 17,868 | 17,755 | 17,755 |
| Liabilities to banks | 42,680 | 44,567 | 42,861 | 44,027 |
| Other fi nancial liabilities | ||||
| Miscellaneous fi nancial liabilities | 177 | 177 | 342 | 342 |
| Put option | 2,242 | 2,242 | 2,242 | 2,242 |
| Hedged derivatives (short-term) | 471 | 471 | 207 | 207 |
| Hedged derivatives (long-term) | 1,203 | 1,203 | 1,719 | 1,719 |
| Fixed-interest forward loans | 0 | 0 | 0 | 6751 |
| FX derivatives | −13 | −13 | 0 | 0 |
1 Prior-year amount adjusted; the disclosure of fi xed-interest forward loans has been included in liabilities to banks as of the beginning of the respective terms.
At the end of the reporting period a review is conducted to fi nd out whether reclassifi cations between valuation hierarchies must be made. The following presentation shows which valuation hierarchies (according to IFRS 13) fi nancial assets and liabilities measured at fair value are classifi ed to.
The Group applies the following hierarchy for the determination and statement of the fair values of fi nancial instruments according to the respective valuation methods:
Stage 1: quoted (unadjusted) prices in active markets for similar assets or liabilities
Stage 2: methods where all input parameters with material effect on the determined fair value can be monitored either directly or indirectly
Stage 3: methods using input parameters that have material effect on the determined fair value and are not based on market data that can be monitored
As of June 30, 2013, the Group held the following fi nancial instruments measured at fair value:
| Available-for-sale financial assets | Stage 1 thousand Euro |
Stage 2 thousand Euro |
Stage 3 thousand Euro |
|---|---|---|---|
| January 1, 2013 | 23,081 | 2,652 | |
| Disposal investments TetraSun Inc. | −2,182 | ||
| Addition securities (long-term) | 27,781 | ||
| Disposal securities (long-term) | −1,926 | ||
| Disposal securities (short-term) | −4,049 | ||
| June 30, 2013 | 44,887 | 470 | |
| Hedged derivatives | |||
| January 1, 2013 | −1,926 | ||
| Correction of measurement of hedged derivatives outside profi t or loss (short-term and long-term) |
252 | ||
| June 30, 2013 | −1,674 | ||
| Call option | |||
| January 1, 2013 | 54 | ||
| June 30, 2013 | 54 | ||
| Put option | |||
| January 1, 2013 | −2,242 | ||
| June 30, 2013 | −2,242 | ||
| Forward exchange contracts | |||
| January 1, 2013 | 0 | ||
| Addition forward exchange contracts | 55 | ||
| June 30, 2013 | 55 | ||
| FX derivatives | |||
| January 1, 2013 | 0 | ||
| Addition FX derivatives | −13 | ||
| June 30, 2013 | −13 |
The securities reported under hierarchy stage 1 are bonds classifi ed by Elmos as available for sale.
The hedged derivatives allocated to hierarchy stage 2 comprise the Company's interest rate swaps. In addition to that, foreign currency transactions (USD) are reported under this hierarchy stage.
The available-for-sale fi nancial assets reported under hierarchy stage 3 are investments in various companies, among other assets. With this respect, the book value essentially corresponds with the market value. The shares in TetraSun Inc., acquired in previous years, were sold in the fi rst halfyear 2013. The call and put options agreed on with a non-controlling shareholder are measured annually at fair value, most recently as of December 31, 2012, in application of the DCF method and in consideration of the terms and conditions of the contract. In the course of the measurement process, the required publicly available market data are collected and the input parameters that cannot be monitored 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.
As reported in the consolidated fi nancial statements for the fi scal year ended December 31, 2012, 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 from January 1 to June 30, 2013:
| Date Place |
Name | Function | Transaction | Number | Price/Basic price (Euro) |
Total volume (Euro) |
|---|---|---|---|---|---|---|
| 3/19/2013 XETRA |
Dr. Klaus Weyer | Supervisory Board member |
Purchase of Elmos shares |
19,000 | 8.63 | 163,938 |
| 3/21/2013 XETRA |
Dr. Klaus Weyer | Supervisory Board member |
Purchase of Elmos shares |
18,400 | 8.71 | 160,272 |
| 3/22/2013 Off-market |
Reinhard Senf | Management Board member |
Sale of Elmos shares from exercise of stock options |
6,000 | 8.76 | 52,584 |
| 3/22/2013 Off-market |
Ute-Karin Senf | Spouse of a Management Board member |
Sale of Elmos shares from exercise of stock options |
400 | 8.76 | 3,506 |
| 3/22/2013 XETRA |
Dr. Klaus Weyer | Supervisory Board member |
Purchase of Elmos shares |
4,500 | 8.74 | 39,318 |
There have been no reportable signifi cant events or transactions after the end of the fi rst half-year 2013.
To the best of our knowledge, and in accordance with the applicable reporting principles for interim fi nancial reporting, the interim consolidated fi nancial statements give a true and fair view of the assets, liabilities, fi nancial position and profi t or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the fi nancial year.
Dortmund, August 7, 2013
Dr. Anton Mindl Nicolaus Graf von Luckner Reinhard Senf Dr. Peter Geiselhart
We have reviewed the condensed interim consolidated fi nancial statements – comprising condensed statement of fi nancial position, condensed statement of comprehensive income, condensed statement of cash fl ows, condensed statement of changes in equity, and selected explanatory notes – and the interim group management report of Elmos Semiconductor AG for the period from January 1 to June 30, 2013 that are required components of a half-year fi nancial report pursuant to Section 37w WpHG (Securities Trading Act).
The preparation of the condensed interim consolidated fi nancial statements in accordance with the IFRS applicable to interim fi nancial reporting as adopted by the European Union and of the interim group management report in accordance with the regulations of the WpHG applicable to interim group management reports is the responsibility of the company's management. It is our responsibility to issue a report on the condensed interim consolidated fi nancial statements and the interim group management report based on our review.
We have performed our review of the condensed interim consolidated fi nancial statements and the interim group management report in accordance with the German generally accepted standards for the review of fi nancial statements as defi ned by the Institut der Wirtschaftsprüfer (IDW). Those standards require the review to be planned and conducted in such a way that allows us to rule out the possibility with reasonable assurance that the condensed interim consolidated fi nancial statements have not been prepared in material respects in accordance with the IFRS applicable to interim fi nancial reporting as adopted by the European Union and that the interim group management report has not been prepared in material respects in accordance with the regulations of the WpHG applicable to interim group management reports. A review is limited primarily to inquiries of company employees and analytical assessments and therefore does not provide the degree of assurance attainable in a fi nancial statement audit. As we have not performed a fi nancial statement audit in accordance with our engagement, we cannot issue an audit opinion.
No matters have come to our attention on the basis of our review that lead us to presume that the condensed interim consolidated fi nancial statements have not been prepared in all material respects in accordance with the IFRS applicable to interim fi nancial reporting as adopted by the European Union or that the interim group management report has not been prepared in all material respects in accordance with the regulations of the WpHG applicable to interim group management reports.
Düsseldorf, August 7, 2013
Warth & Klein Grant Thornton AG Wirtschaftsprüfungsgesellschaft
Dr. Thomas Senger Ulrich Diersch Wirtschaftsprüfer Wirtschaftsprüfer
| 6-months results Q2/20131 | August 7, 2013 |
|---|---|
| 9-months results Q3/20131 | November 6, 2013 |
| Equity Forum in Frankfurt | November 11-13, 2013 |
1 Results are usually released after trading hours. Conference calls are usually conducted the day after the quarterly results are released. Janina Rosenbaum | Investor Relations Phone + 49 (0) 231 - 75 49 - 287 Fax + 49 (0) 231 - 75 49 - 548 [email protected]
This interim report was released on August 7, 2013 in English and German. Both versions are available for download on the Internet at www.elmos.com.
We are happy to send you additional informative material free of charge on your request.
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 current statements made with respect to the future. Among the factors that could cause such differences are changes in economic and business conditions, fl uctuations 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.
Elmos Semiconductor AG 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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