Quarterly Report • Aug 8, 2012
Quarterly Report
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BRIDGE BETWEEN GERMANY AND CHINA SUCCESSFULLY REQUIRES A AND TO KEEP WORKING AT ELMOS ON THE SIDE. FOLLOWING MY DIR LLS IN MY JOB AS PROCESS ENGINEER. RECRUITMENT WILL INCREASIN ES IN SUCH A WAY THAT WE WILL CONTINUE OUR SUCCESS IN THE MA AVE MY SHARE OF RESPONSIBILITY FOR THE QUALITY OF OUR PRODUCT IS NOT AN EASY THING TO ACCOMPLISH. I LOVE TO SEE HOW INITIAL R SOUL HAS BEEN PUT INTO IT. WITH FLEXIBLE WORKING HOURS AND N PUSHING OUR RESEARCH ACTIVITIES. JOB TRAINING, EXTRA-OCCUP HAVE MY PART IN DEVELOPING THE ENERGY SAVING PRODUCTS OF TOM OCIETY. WE AT ELMOS ALWAYS WANT TO DEVELOP THE BEST SOLUTION ONALITY, AND RELIABILITY. THIS IS WHAT WE AIM FOR EVERY SINGLE ON TO MEETING THE TARGETS OF OUR CUSTOMERS AND GIVING T ELPED CREATE THE FUTURE OF OUR ELMOS MOTOR DRIVERS FOR M HOBBY. AND THE CASUAL WORKING ENVIRONMENT MAKES MY T RING NEW IDEAS TO LIFE: THAT DESCRIBES WHAT I DO IN PRODUC DUCTS AS AN OPERATOR. TEN YEARS AGO, I STARTED MY CAREER IN EVEN MEMBERS OF MY TEAM ORIGINALLY HAIL FROM THE U.S., I LTURES. HALF-YEAR REPORT HY1 2012 AFTER MY TRAINING AT ELMOS I
| Key fi gures | 3 months year-on-year | 6 months year-on-year | ||||
|---|---|---|---|---|---|---|
| in million Euro or percent unless otherwise indicated |
4/1– 6/30/2012 |
4/1 – 6/30/2011 |
Change | 1/1 – 6/30/2012 |
1/1 – 6/30/2011 |
Change |
| Sales | 45.5 | 49.2 | – 7.6% | 92.4 | 97.3 | – 5.1% |
| Semiconductor | 40.6 | 45.0 | – 9.8% | 82.5 | 89.0 | – 7.2% |
| Micromechanics | 4.9 | 4.2 | 15.6% | 9.9 | 8.3 | 18.3% |
| Gross profi t | 18.0 | 22.3 | – 19.2% | 36.3 | 43.1 | – 15.9% |
| in percent of sales | 39.6% | 45.3% | 39.2% | 44.3% | ||
| R&D expenses | 9.1 | 8.4 | 8.8% | 17.9 | 16.5 | 8.1% |
| in percent of sales | 20.1% | 17.0% | 19.4% | 17.0% | ||
| Operating income before other operating expenses/(income) |
0.4 | 5.9 | – 93.6% | 1.1 | 10.9 | – 90.3% |
| in percent of sales | 0.8% | 11.9% | 1.1% | 11.2% | ||
| Exchange rate losses/(gains) | – 0.1 | 0.0 | n/a | 0.0 | –0.1 | n/a |
| Other operating expenses/(income) | –2.9 | – 0.5 | >100.0% | –3.3 | –1.2 | >100.0% |
| EBIT | 3.3 | 6.3 | – 47.4% | 4.3 | 12.2 | – 64.6% |
| in percent of sales | 7.3% | 12.9% | 4.7% | 12.5% | ||
| Net income for the period after non-controlling interests |
2.9 | 4.4 | – 34.3% | 3.5 | 8.5 | –58.5% |
| in percent of sales | 6.4% | 9.0% | 3.3% | 8.7% | ||
| Basic earnings per share in Euro | 0.15 | 0.23 | – 34.4% | 0.18 | 0.44 | –58.5% |
| Operating cash fl ow | 4.5 | 5.91 | – 23.8% | 5.0 | 17.41 | – 71.1% |
| Capital expenditures for intangible assets and property, plant and equipment |
5.0 | 6.0 | – 15.9% | 8.3 | 11.3 | – 26.2% |
| in percent of sales | 11.0% | 12.1% | 9.0% | 11.6% | ||
| Free cash fl ow2 | – 3.4 | 1.3 | n/a | – 6.2 | 1.3 | n/a |
| Adjusted free cash fl ow3 | – 0.5 | 0.0 | n/a | – 3.3 | 6.1 | n/a |
| in million Euro or percent unless otherwise indicated |
6/30/2012 | 12/31/2011 | Change |
|---|---|---|---|
| Equity | 186.7 | 187.9 | – 6.7% |
| in percent of total assets | 69.3% | 69.6% | |
| Employees (reporting date) | 1,038 | 1,014 | 2.4% |
1 For adjustment of prior-year amounts, please refer to note 1 in the condensed notes to the consolidated fi nancial statements.
2 Cash fl ow from operating activities less cash fl ow from investing activities
3 Cash fl ow 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.).
Sales of ELMOS Semiconductor AG in the fi rst half-year 2012 are 5.1% below the prior-year level at 92.4 million Euro (HY1 2011: 97.3 million Euro). As expected, the business is still determined by the weakness of the automotive market especially regarding the non-premium carmakers. Moreover, sales of ELMOS are affected by customers' product generation changes.
Compared to the prior-year period, the sales performance was on a decline with respect to the 2nd quarter of 2012 as well, coming to 45.5 million Euro (Q2 2011: 49.2 million Euro). Sales were also slightly below the previous quarter's fi gures (Q1 2012: 46.9 million Euro).
The contrasting performances of the two segments (semiconductor and micromechanics) continued in the 2nd quarter of 2012 and thus also in year-on-year comparison of the fi rst six months. The weakness of the automotive customers is clearly felt in the semiconductor business. It reached sales of 82.5 million Euro in the 1st half-year 2012 (HY1 2011: 89.0 million Euro). Contrary to that, the micromechanics segment managed to record an increase in sales of 18.3% to 9.9 million Euro. This development is due to the partially different industries the customers operate in. While a majority of the semiconductor business relies on the automotive industry, customers of the micromechanics segment are more diversifi ed and also operate in the fi elds of medical technology, industrial applications, air conditioning technology, and consumer goods.
The regional breakdown of sales gives evidence of the continuing uncertainty of the markets in Germany and Europe as well as a positively developing Asian market. Thus the satisfying development of the Asian business has been keeping up continuously. Sales in this region climbed 27.2% compared to the fi rst half-year 2011 and amounted to 18.8 million Euro in the reporting period. Contrary to that, sales generated with customers based in Germany and the other EU countries went down.
The order situation continues to be determined by the uncertain general economic conditions. The relation of order backlog to sales, the so-called book-to-bill, was below one at the end of the second quarter of 2012.
| 1/1 – 6/30/2012 | in percent | 1/1 – 6/30/2011 | in percent | ||
|---|---|---|---|---|---|
| Third-party sales | thousand Euro | of sales | thousand Euro | of sales | Change |
| Germany | 27,846 | 30.1% | 34,142 | 35.1% | –18.4% |
| Other EU countries | 31,357 | 33.9% | 34,427 | 35.4% | –8.9% |
| U.S.A. | 7,630 | 8.3% | 7,334 | 7.5% | 4.0% |
| Asia/Pacifi c | 18,848 | 20.4% | 14,816 | 15.2% | 27.2% |
| Other countries | 6,733 | 7.3% | 6,618 | 6.8% | 1.7% |
| Group sales | 92,414 | 100.0% | 97,337 | 100.0% | –5.1% |
The cost of sales, amounting to 56.1 million Euro in the fi rst half-year 2012, is 3.6% above the value recorded for the prior-year period (HY1 2011: 54.2 million Euro). This increase is accounted for by higher costs for the assembly of products, higher expenses than scheduled for the 8-inch conversion in production, and higher energy costs. The gross margin of 39.2% in the reporting period, compared to 44.3% in the fi rst half-year 2011, is on the one hand the result of the higher cost of sales, on the other hand it shows the effects of under-utilization in production. The gross profi t came to 36.3 million Euro in the fi rst half-year 2012 (HY1 2011: 43.1 million Euro).
On account of low sales fi gures, cost-cutting measures were launched in the second quarter of 2012. Savings include short-time work in production and production-related areas as well as cuts regarding travel costs, etc. The measures are beginning to take effect, especially regarding the cost of sales. Despite a considerably lower overall performance and lower sales than achieved in the fi rst quarter of 2012, the gross margin for the second quarter of 2012 was even marginally increased from 38.9% to 39.6%.
Research and development efforts were increased as scheduled and amounted to 17.9 million Euro for the fi rst half-year 2012 compared to 16.5 million Euro in the prior-year period. The R&D expense ratio climbed from 17.0% in the fi rst halfyear 2011 to 19.4% in the reporting period, particularly due to lower sales. The increase is also due to additional staff in design and the full consolidation of the interest in MAZ Mikroelektronik-Anwendungszentrum GmbH im Land Brandenburg, Berlin (MAZ), acquired in 2011, which has been effective since April 1, 2012.
Sales expenses also picked up in the fi rst half-year 2012, essentially due to the establishment and development of the new Asian locations, climbing by 22.7% to 9.0 million Euro (HY1 2011: 7.3 million Euro). General administrative expenses of 8.4 million Euro remained stable compared to the previous year's fi rst six months (HY1 2011: 8.4 million Euro).
Due to the increase in functional costs, the operating income recorded a disproportionately high decrease compared to the gross margin, from 10.9 million Euro in the fi rst half-year 2011 to 1.1 million Euro in the reporting period.
Earnings before interest and taxes (EBIT) fell from 12.2 million Euro in the fi rst half-year 2011 to 4.3 million Euro in the fi rst half-year 2012. Compared with the decrease in operating income, the EBIT did not go down quite as much, primarily due to the fact that other operating income includes income from the revaluation of the former interest in MAZ due to fi rst-time consolidation effective from the beginning of the second quarter of 2012. The EBIT margin was 4.7% in the reporting period (HY1 2011: 12.5%).
With respect to the segments, a considerably better profitability in micromechanics than in the segment semiconductor must be assessed on account of its better sales performance and therefore a higher utilization of capacity. The profi t margin of the micromechanics segment thus reached a value of 10.6% for the reporting period, compared to 3.9% in the semiconductor segment.
The consolidated net income attributable to owners of the parent amounted to 3.5 million Euro, equivalent to earnings per share of 0.18 Euro (HY1 2011: 8.5 million Euro or 0.44 Euro). The low tax rate of 10.7% is amongst others accounted for by the non-taxable profi t from the revaluation of the former interest in MAZ due to fi rst-time consolidation.
The operating cash fl ow of the fi rst half-year 2012 came to 5.0 million Euro (HY1 2011: 17.4 million Euro). The decline compared to the prior-year period is accounted for primarily by the lower results (lower consolidated net income by 5.1 million Euro and non-cash income of 2.3 million Euro in HY1 2012 vs. non-cash expense of 1.8 million Euro in HY1 2011) as well as the decrease in trade payables (HY1 2012: decrease by 2.7 million Euro vs. increase by 0.8 million Euro in HY1 2011).
Capital expenditures for intangible assets and property, plant and equipment amounted to 8.3 million Euro in the fi rst halfyear 2012 (HY1 2011: 11.3 million Euro), equivalent to 9.0% of sales (HY1 2011: 11.6% of sales). The adjusted free cash fl ow (cash fl ow from operating activities less capital expenditures for intangible assets and property, plant and equipment less payments for investments plus disposal of investments) comes to –3.3 million Euro (HY1 2011: 6.1 million Euro).
Despite higher investing activity in the second quarter 2012 (Q2 2012: 5.0 million Euro) in comparison to the fi rst quarter 2012 (Q1 2012: 3.3 million Euro) the adjusted free cashfl ow has been increased sequentially (Q1 2012: –2.8 million Euro vs. Q2 2012: –0.5 million Euro). This is due to a better operating cashfl ow in the second quarter 2012 in comparison to the fi rst quarter 2012 (Q1 2012: 0.5 million Euro, Q2 2012: 4.5 million Euro), primarily driven by better working capital management.
Compared to the end of 2011, liquid assets and securities dropped to 69.5 million Euro (December 31, 2011: 76.5 million Euro). Net cash thus went down to 28.7 million Euro (December 31, 2011: 35.7 million Euro). The equity ratio remained stable at 69.3% as of June 30, 2012 (December 31, 2011: 69.6%).
In the fi rst half year 2012, the global automotive market especially showed the impact of the slack market in Western Europe. Close to 6.5 million new cars were registered in Western Europe over the fi rst half-year, equivalent to a 7% decline. While the markets of Germany (+0.7%) and Great Britain (+2.7%) still showed solid performances, new registration numbers collapsed in other major European countries. New registrations dropped 8.2% in Spain, 14.4% in France, and 19.7% in Italy. These numbers are reported by the European Automobile Manufacturers' Association (ACEA).
Contrary to that, the global markets outside of Europe were in good shape. The U.S. market gained roughly 15% to record 7.2 million new registrations. Sales of passenger cars grew by about 9% to more than 6.4 million units in China over the fi rst half-year 2012. Compared to the prior-year period, the market in Japan is still determined by catch-up effects as a consequence of the natural disaster of the past year. Domestic sales of passenger cars increased by close to 57% and came to more than 2.5 million vehicles, according to the German Association of the Automotive Industry (VDA).
Dr. Anton Mindl, CEO, and Nicolaus Graf von Luckner, CFO, explained the 2011 annual result within the framework of the annual press conference and the analysts' conference held on March 15, 2012.
In March 2012, ELMOS released an updated edition of its standard product catalog, featuring 16 new entries and some 100 products altogether.
On May 8, 2012 the 13th Annual General Meeting decided a dividend increase by 25% to 0.25 Euro per share. In his speech to the Annual General Meeting, Dr. Mindl presented the progress made in Asia, among other topics. Dr. Mindl also introduced product innovations for the automobile as well as for industrial and consumer goods.
Moreover, among the news announced were the following:
You can fi nd the detailed press releases at www.elmos.com.
As of June 30, 2012, the staff of the ELMOS Group came to 1,038 employees. Compared to December 31, 2011 (1,014 employees) this number is slightly higher (2.4%).
The strong uncertainty caused by economic crises, in particular affecting the countries of Europe, led to high volatility in the stock markets. Comparable to most other semiconductor stocks, the ELMOS share lost value over the fi rst half-year 2012, going down by 18.5%. While most stocks still developed positively in the fi rst quarter, most competitors and indices rather recorded price losses over the remainder of the fi rst half-year. On the whole, the general stock markets still managed to come up with positive performances for the fi rst half-year 2012; the DAX gained 8.8%, the TecDAX climbed by 8.6%. The Technology All Share was up 7.5% ; the DAX Sector Technology, however, closed mid-year at –1.3%.
The ELMOS share closed at 6.49 Euro on June 30, 2012. Market capitalization at that time amounted to 126.5 million Euro (based on 19.5 million shares outstanding). The share reached its high on February 9, 2012 at 9.54 Euro and its low on June 26, 2012 at 6.48 Euro (Xetra closing prices all). The average daily trading volume was 22.8 thousand shares over the fi rst half-year 2012 (Xetra and Frankfurt fl oor), thus falling short of the 2011 average (46.5 thousand shares).
Altogether 73,740 stock options were exercised in the fi rst half-year 2012, originating from the stock option plan of the 2009 tranche. Thus the number of ELMOS shares outstanding is now 19,487,945.
As of June 30, 2012, ELMOS Semiconductor AG holds 79,444 treasury shares.
Company boards 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. Anton Mindl, chairman Graduate physicist | Lüdenscheid
Nicolaus Graf von Luckner Graduate economist | Oberursel
Reinhard Senf Graduate engineer | Iserlohn
Dr. Peter Geiselhart, since January 1, 2012 Graduate physicist, Ettlingen
Jürgen Höllisch, until February 29, 2012 Engineer | Purbach, Austria
Risk management and the individual corporate risks and opportunities are described in our Annual Report 2011. Over the fi rst six months of 2012, no material changes of the company's risks and opportunities as detailed therein have occurred. No risks are visible at present that could either separately or collectively jeopardize the company's continued existence.
The general economic conditions for the second half-year 2012 continue to be determined by imponderables and have even gotten worse in comparison with the situation of a few months ago. The further development of the global and regional crises, e.g. the crises in the euro member states or the political situation in the Middle East, is so far impossible to predict, and the same applies for the further market development in China. The corresponding effects on the fi nancial and raw materials markets as well as the own sales markets are equally hard to assess.
The President of the German Association of the Automotive Industry (VDA), Matthias Wissmann, is expecting "a stronger headwind" for Europe's carmakers and prepares for "even more turbulent times". For the full year, the VDA anticipates a drop in exports by roughly two percent and a decrease in domestic production by roughly one percent. The President of the Association of Motor Vehicle Importers (VDIK), Volker Lange, gives a similar assessment. He sees no growth trend for the second half-year. "The current order receipts and order backlogs are below the prior-year levels," Lange remarks. It is anticipated that the European auto market might contract for the fi fth consecutive year. At present layoffs and the closing of plants are being discussed at large volume manufacturers.
Even though ELMOS has managed to assume a good starting position on account of the solid fi nancial foundation and the large customer base, the company remains dependent on the global economic framework. For some months now we have been observing a defensive order behavior among our customers as a result of the economic uncertainty. Most strongly affected by the uncertainty of the markets are currently those products installed in non-premium cars for the European market. This clearly shows in the weak sales of the semiconductor segment and in the regional distribution of sales.
However, we see positive prospects from the fourth quarter of 2012. A number of project ramp-ups, e.g. sensor signal processor and motor drive semiconductors for the industrial as well as the automotive market will support the level of sales. Apart from these pleasant developments soon to take place, we feel optimistic for the medium term on account of the so far successful acquisition of projects involving all product lines in 2012. The development process of those new products has already begun in part so that they will contribute to sales over the next years. We are convinced that ELMOS has the right products in its portfolio and in development to raise sales and thus earnings as well to a higher level.
Because of the continuing market weakness ELMOS expects sales for the full year 2012 to turn out slightly below the prioryear level. The savings program will be continued through the 2nd half-year and will show positive effects. An EBIT margin in the high single-digit percentage range remains the target. Capital expenditures are budgeted to come to less than 15% of sales. The adjusted free cash fl ow will be positive.
In the medium and long term, ELMOS will benefi t from the global megatrends: increasing urbanization, more renewable energy sources (and dealing with them 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.
Condensed consolidated statement of fi nancial position
| Assets | 6/30/2012 thousand Euro |
12/31/2011 thousand Euro |
|---|---|---|
| Non-current assets | ||
| Intangible assets* | 32,050 | 29,240 |
| Property, plant and equipment* | 72,671 | 71,770 |
| Investments in associates | 0 | 0 |
| Securities* | 8,271 | 8,346 |
| Investments* | 4,014 | 3,917 |
| Other fi nancial assets* | 1,634 | 1,630 |
| Deferred tax assets | 3,399 | 3,579 |
| Total non-current assets | 122,039 | 118,482 |
| Current assets | ||
| Inventories* | 39,122 | 39,951 |
| Trade receivables | 29,427 | 28,714 |
| Securities | 12,530 | 9,102 |
| Other fi nancial assets | 5,669 | 4,837 |
| Other receivables | 7,373 | 6,499 |
| Income tax assets | 4,382 | 2,989 |
| Cash and cash equivalents | 48,678 | 59,002 |
| 147,181 | 151,094 | |
| Non-current assets held for sale | 268 | 338 |
| Total current assets | 147,449 | 151,432 |
| Total assets | 269,488 | 269,914 |
* Cf. note 3
| Equity and liabilities | 6/30/2012 thousand Euro |
12/31/2011 thousand Euro |
|---|---|---|
| Equity | ||
| Equity attributable to owners of the parent | ||
| Share capital* | 19,488 | 19,414 |
| Treasury stock* | –80 | –106 |
| Additional paid-in capital | 89,055 | 88,516 |
| Surplus reserve | 102 | 102 |
| Other equity components | –2,039 | –2,064 |
| Retained earnings | 77,766 | 81,450 |
| 184,292 | 187,312 | |
| Non-controlling interests | 2,392 | 633 |
| Total equity | 186,684 | 187,945 |
| Liabilities | ||
| Non-current liabilities | ||
| Provisions | 137 | 243 |
| Financial liabilities | 20,426 | 30,235 |
| Other liabilities | 3,632 | 1,540 |
| Deferred tax liabilities | 4,283 | 3,994 |
| Total non-current liabilities | 28,478 | 36,012 |
| Current liabilities | ||
| Provisions | 9,591 | 9,376 |
| Income tax liabilities | 2,382 | 2,006 |
| Financial liabilities | 20,350 | 10,496 |
| Trade payables | 18,651 | 21,325 |
| Other liabilities | 3,352 | 2,754 |
| Total current liabilities | 54,326 | 45,957 |
| Total liabilities | 82,804 | 81,969 |
| Total equity and liabilities | 269,488 | 269,914 |
* Cf. note 3
| For the period from April 1 to June 30 | 4/1 – 6/30/2012 thousand Euro |
in percent of sales |
4/1 – 6/30/2011 thousand Euro |
in percent of sales |
Change |
|---|---|---|---|---|---|
| Sales | 45,500 | 100.0% | 49,228 | 100.0% | –7.6% |
| Cost of sales | 27,463 | 60.4% | 26,911 | 54.7% | 2.1% |
| Gross profi t | 18,037 | 39.6% | 22,317 | 45.3% | –19.2% |
| Research and development expenses | 9,128 | 20.1% | 8,389 | 17.0% | 8.8% |
| Distribution expenses | 4,488 | 9.9% | 3,758 | 7.6% | 19.4% |
| Administrative expenses | 4,043 | 8.9% | 4,290 | 8.7% | –5.8% |
| Operating income before other operating expenses/income (–) | 378 | 0.8% | 5,880 | 11.9% | –93.6% |
| Finance income | –449 | –1.0% | –442 | –0.9% | 1.5% |
| Finance costs | 601 | 1.3% | 607 | 1.2% | –0.9% |
| Exchange rate losses/gains (–) | –95 | –0.2% | 27 | 0.1% | n/a |
| Other operating income | –3,304 | –7.3% | –1,115 | –2.3% | >100.0% |
| Other operating expenses | 444 | 1.0% | 633 | 1.3% | –29.8% |
| Earnings before taxes | 3,181 | 7.0% | 6,170 | 12.5% | –48.4% |
| Taxes on income | |||||
| Current income tax expense | 758 | 1.7% | 507 | 1.0% | 49.7% |
| Deferred taxes | –538 | –1.2% | 1,150 | 2.3% | n/a |
| 220 | 0.5% | 1,657 | 3.4% | –86.7% | |
| Net income | 2,961 | 6.5% | 4,513 | 9.2% | –34.4% |
| Net income attributable to | |||||
| Owners of the parent | 2,902 | 6.4% | 4,416 | 9.0% | –34.3% |
| Non-controlling interests | 59 | 0.1% | 97 | 0.2% | –39.5% |
| Earnings per share in Euro | |||||
| Basic earnings per share | 0.15 | 0.23 | –34.4% | ||
| Fully diluted earnings per share | 0.15 | 0.22 | –33.8% |
| For the period from April 1 to June 30 | 4/1 – 6/30/2012 thousand Euro |
4/1 – 6/30/2011 thousand Euro |
|---|---|---|
| Net income | 2,961 | 4,513 |
| Other comprehensive income | ||
| Foreign currency adjustments not affecting deferred taxes | 59 | –2 |
| Foreign currency adjustments affecting deferred taxes | 859 | –212 |
| Deferred tax (on foreign currency adjustments affecting deferred taxes) | –215 | 60 |
| Value differences relating to hedges | –303 | –232 |
| Deferred tax (on value differences relating to hedges) | 98 | 75 |
| Available-for-sale fi nancial assets | –31 | –24 |
| Deferred tax (on available-for-sale fi nancial assets) | 2 | 8 |
| Other comprehensive income after taxes | 469 | –327 |
| Total comprehensive income after taxes | 3,430 | 4,186 |
| Total comprehensive income attributable to | ||
| Owners of the parent | 3,368 | 4,089 |
| Non-controlling interests | 62 | 97 |
| For the period from January 1 to June 30 | 1/1 – 6/30/2012 thousand Euro |
in percent of sales |
1/1 – 6/30/2011 thousand Euro |
in percent of sales |
Change |
|---|---|---|---|---|---|
| Sales | 92,414 | 100.0% | 97,337 | 100.0% | –5.1% |
| Cost of sales | 56,142 | 60.8% | 54,206 | 55.7% | 3.6% |
| Gross profi t | 36,272 | 39.2% | 43,131 | 44.3% | –15.9% |
| Research and development expenses | 17,883 | 19.4% | 16,547 | 17.0% | 8.1% |
| Distribution expenses | 8,952 | 9.7% | 7,297 | 7.5% | 22.7% |
| Administrative expenses | 8,386 | 9.1% | 8,394 | 8.6% | –0.1% |
| Operating income before other operating expenses/income (–) | 1,051 | 1.1% | 10,893 | 11.2% | –90.3% |
| Finance income | –907 | –1.0% | –782 | –0.8% | 16.0% |
| Finance costs | 1,196 | 1.3% | 1,207 | 1.2% | –1.0% |
| Exchange rate losses/gains (–) | 7 | 0.0% | –97 | –0.1% | n/a |
| Other operating income | –4,002 | –4.3% | –2,272 | –2.3% | 76.2% |
| Other operating expenses | 740 | 0.8% | 1,098 | 1.1% | –32.6% |
| Earnings before taxes | 4,018 | 4.3% | 11,739 | 12.1% | –65.8% |
| Taxes on income | |||||
| Current income tax expense | 782 | 0.8% | 1,261 | 1.3% | –38.0% |
| Deferred taxes | –351 | –0.4% | 1,836 | 1.9% | n/a |
| 431 | 0.4% | 3,097 | 3.2% | –86.1% | |
| Net income | 3,587 | 3.9% | 8,642 | 8.9% | –58.5% |
| Net income attributable to | |||||
| Owners of the parent | 3,521 | 3.8% | 8,482 | 8.7% | –58.5% |
| Non-controlling interests | 66 | 0.1% | 160 | 0.2% | –58.4% |
| Earnings per share in Euro | |||||
| Basic earnings per share | 0.18 | 0.44 | –58.5% | ||
| Fully diluted earnings per share | 0.18 | 0.43 | –58.2% |
| 1/1 – | 1/1 – | |
|---|---|---|
| 6/30/2012 thousand |
6/30/2011 thousand |
|
| For the period from January 1 to June 30 | Euro | Euro |
| Net income | 3,587 | 8,642 |
| Other comprehensive income | ||
| Foreign currency adjustments not affecting deferred taxes | 44 | 9 |
| Foreign currency adjustments affecting deferred taxes | 404 | –1,125 |
| Deferred tax (on foreign currency adjustments affecting deferred taxes) | –101 | 285 |
| Value differences relating to hedges | –510 | –68 |
| Deferred tax (on value differences relating to hedges) | 164 | 22 |
| Available-for-sale fi nancial assets | 34 | –24 |
| Deferred tax (on available-for-sale fi nancial assets) | –7 | 8 |
| Other comprehensive income after taxes | 28 | –893 |
| Total comprehensive income after taxes | 3,615 | 7,749 |
| Total comprehensive income attributable to | ||
| Owners of the parent | 3,546 | 7,589 |
| Non-controlling interests | 69 | 160 |
| Shares thousand shares |
Share capital thousand Euro |
Treasury shares thousand Euro |
Additional paid in capital thousand Euro |
Surplus reserve thousand Euro |
||
|---|---|---|---|---|---|---|
| January 1, 2011 | 19,414 | 19,414 | –119 | 88,486 | 102 | |
| Net income | ||||||
| Other comprehensive income for the period | ||||||
| Total comprehensive income | ||||||
| Share-based payment | 13 | 88 | ||||
| Changes in basis of consolidation | ||||||
| Dividend payout | ||||||
| Stock option expense | 142 | |||||
| Acquisition of non-controlling interests | –610 | |||||
| Newly created non-controlling interests | 103 | |||||
| Other changes | 134 | |||||
| June 30, 2011 | 19,414 | 19,414 | –106 | 88,343 | 102 | |
| January 1, 2012 | 19,414 | 19,414 | –106 | 88,516 | 102 | |
| Net income | ||||||
| Other comprehensive income for the period | ||||||
| Total comprehensive income | ||||||
| Share-based payment | 26 | 181 | ||||
| Capital increase from conditional capital | 74 | 74 | 197 | |||
| Changes in basis of consolidation | ||||||
| Put option of non-controlling shareholders | ||||||
| Dividend payout | ||||||
| Stock option expense | 161 | |||||
| Newly created non-controlling interests | ||||||
| Other changes |
June 30, 2012 19,488 19,488 –80 89,055 102
| Group | Non-controlling interests |
Equity attributable to owners of the parent | ||||
|---|---|---|---|---|---|---|
| Total thousand Euro |
Total thousand Euro |
Total thousand Euro |
Retained earnings thousand Euro |
Other equity components Foreign currency translation thousand Euro |
Other equity components Hedges thousand Euro |
Other equity components Reserve for available-for-sale fi nancial assets thousand Euro |
| 172,296 | –227 | 172,523 | 66,380 | –1,801 | 61 | 0 |
| 8,642 | 160 | 8,482 | 8,482 | |||
| –893 | –893 | –831 | –46 | –16 | ||
| 7,749 | 160 | 7,589 | 8,482 | –831 | –46 | –16 |
| 101 | 101 | |||||
| –80 | –80 | –80 | ||||
| –3,876 | –3,876 | –3,876 | ||||
| 142 | 142 | |||||
| 0 | 610 | –610 | ||||
| 103 | 103 | |||||
| 124 | –10 | 134 | ||||
| 176,559 | 533 | 176,026 | 70,906 | –2,632 | 15 | –16 |
| 187,945 | 633 | 187,312 | 81,450 | –1,400 | –627 | –37 |
| 3,587 | 66 | 3,521 | 3,521 | |||
| 28 | 3 | 25 | 344 | –346 | 27 | |
| 3,615 | 69 | 3,546 | 3,521 | 344 | –346 | 27 |
| 207 | 207 | |||||
| 271 | 271 | |||||
| 1,659 | 1,659 | |||||
| – 2,214 | –2,214 | –2,214 | ||||
| –4,827 | –4,827 | –4,827 | ||||
| 161 | 161 | |||||
| 48 | 31 | 17 | 17 | |||
| –181 | –181 | –181 | ||||
| 186,684 | 2,392 | 184,292 | 77,766 | –1,056 | –973 | –10 |
| For the period from January 1 to June 30 | 1/1 – 6/30/2012 thousand Euro |
1/1 – 6/30/2011 thousand Euro |
4/1 – 6/30/2012 thousand Euro |
4/1 – 6/30/2011 thousand Euro |
|---|---|---|---|---|
| Cash fl ow from operating activities | ||||
| Net income | 3,587 | 8,642 | 2,960 | 4,513 |
| Depreciation and amortization | 8,595 | 8,710 | 4,348 | 4,230 |
| Write-down on investments | 0 | 34 | 0 | 0 |
| Financial result | 289 | 425 | 153 | 164 |
| Other non-cash income (–)/expenses | –2,276 | 1,836 | –2,521 | 1,188 |
| Current income tax expense | 782 | 1,261 | 758 | 507 |
| Expenses for stock option plans and stock awards | 161 | 141 | 65 | 70 |
| Changes in pension provisions | –107 | – 81 | –69 | –26 |
| Changes in net working capital: | ||||
| Trade receivables | –522 | –1,881 | 697 | –736 |
| Inventories | 1,012 | –572 | 1,092 | –735 |
| Other assets | –1,623 | –998 | –64 | –971 |
| Trade payables | –2,706 | 818 | 665 | –325 |
| Other provisions and other liabilities | –34 | 24 | –2,024 | –1,607 |
| Income tax payments | –1,853 | –566 | –1,392 | –181 |
| Interest paid | –1,196 | –1,207 | –602 | –606 |
| Interest received | 907 | 782 | 449 | 442 |
| Cash fl ow from operating activities | 5,016 | 17,368 | 4,515 | 5,927 |
| Cash fl ow from investing activities | ||||
| Capital expenditures for intangible assets | –1,279 | – 1,600 | –498 | –695 |
| Capital expenditures for property, plant and equipment | –7,037 | –9,669 | –4,516 | –5,267 |
| Disposal of non-current assets held for sale | 57 | 619 | –80 | –357 |
| Payments from/for (–) acquisition of interests in joint ventures less acquired | ||||
| cash and cash equivalents | 302 | –558 | 302 | 0 |
| Disposal of property, plant and equipment | 63 | 1,093 | 61 | 673 |
| Payments for securities | –3,318 | –5,9761 | –3,099 | 1,0501 |
| Disposal of investments | 0 | 33 | 0 | 0 |
| Payments from other non-current fi nancial assets | –4 | 0 | –54 | 0 |
| Cash fl ow from investing activities | –11,216 | –16,058 | –7,884 | – 4,596 |
| Cash fl ow from fi nancing activities | ||||
| Borrowing of non-current liabilities | 190 | 375 | 254 | 177 |
| Repayment of current liabilities to banks | –147 | –239 | –9 | –2,908 |
| Newly created non-controlling interests | 48 | 103 | 0 | 103 |
| Issue of own shares | 207 | 102 | 207 | 102 |
| Capital increase from conditional capital | 271 | 0 | 271 | 0 |
| Dividend payout | –4,827 | –3,876 | –4,827 | –3,876 |
| Other changes | –32 | 69 | –26 | 69 |
| Cash fl ow from fi nancing activities | – 4,290 | –3,466 | –4,130 | –6,333 |
| Decrease/Increase in cash and cash equivalents | –10,490 | –2,156 | –7,499 | –5,001 |
| Effect of exchange rate changes on cash and cash equivalents | 166 | –223 | 361 | –105 |
| Cash and cash equivalents at beginning of reporting period | 59,002 | 58,010 | 55,816 | 60,737 |
| Cash and cash equivalents at end of reporting period | 48,678 | 55,631 | 48,678 | 55,631 |
1 The prior-year statement has been adjusted; please refer to the information provided in the condensed notes to the consolidated fi nancial statements under 1.
The condensed interim consolidated fi nancial statements for the 1st half-year 2012 were released for publication in August 2012 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 the District Court (Amtsgericht) Dortmund, section B, under 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, 2012.
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) and 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, 2012 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 nancial year ended December 31, 2011.
Deviating from the half-year fi nancial statements as of June 30, 2011, the comprehensive income is presented in two separate statements for the sake of higher clarity, namely a consolidated income statement and a consolidated statement of comprehensive income. In the half-year fi nancial statements of the previous year, the presentation was made in a single consolidated statement of comprehensive income, comprising the two elements. In the statement of cash fl ows, changes in securities are solely presented in cash fl ow from investing activities. The prior-year presentation, including an amount of 2,486 thousand Euro in cash fl ow from operating activities as decrease in securities, has been adjusted accordingly, and that amount has been reclassifi ed to cash fl ow from investing activities under the item "Payments for securities".
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 nancial year ended December 31, 2011, with the exception of the new or amended IFRS Standards and Interpretations listed below. The application of these Standards and Interpretations had no effect on the group's asset situation, fi nances and profi t situation.
-> Amendment Disclosures – Transfers
to IFRS 7 of Financial Assets
The company recognizes provisions for pension and partial retirement obligations pursuant to IAS 19. An actuarial interest rate of 5.5% has been applied for 2012, the same rate as applied as of December 31, 2011.
There were no exceptional business transactions in the fi rst half-year 2012.
Subsidiary ELMOS France S.A.S., Levallois Perret/France, was excluded from the ELMOS Group's basis of consolidation effective March 30, 2012. In terms of corporate law, this transaction represents an entity's dissolution without liquidation. ELMOS Semiconductor AG, Dortmund, is full legal successor in respect of the subsidiary's assets and liabilities accounted for.
Since April 1, 2012, the joint venture MAZ Mikroelektronik-Anwendungszentrum GmbH im Land Brandenburg, Berlin, formerly proportionately consolidated at 50%, has been included in the consolidated fi nancial statements by way of full consolidation due to obtaining control over the entity as a result of the conclusion of a voting trust agreement. The company operates in the semiconductor industry as a provider of development and advisory services in the fi eld of system integration and as a provider of application specifi c integrated circuits (ASIC). The services and software solutions offered by the company fi nd use particularly in the realm of industrial applications so that the group's customer base and product portfolio are expanded.
The provisional fair values (50%, as previously proportionately consolidated) of the identifi able assets and liabilities of MAZ are as follows as of the time of obtaining control over the entity:
| Fair value at the time of obtaining control (thousand Euro) |
|
|---|---|
| Assets | |
| Intangible assets | 3,218 (thereof 3,206 thousand Euro release of hidden reserves) |
| Cash and cash equivalents | 488 |
| Trade receivables | 192 |
| Inventories | 183 |
| Other assets | 320 |
| 4,401 | |
| Liabilities | |
| Provisions and other liabilities | –390 |
| Deferred tax liabilities | –967 |
| Others | –37 |
| –1,394 | |
| = total identifiable net assets at fair value |
3,007 |
| Additional goodwill from business acquisition |
716 |
| Contribution to earnings from revaluation of former interest (50%) |
–1,824 |
| Non-controlling interests at the time of acquisition |
–1,659 |
| = total difference | 240 |
| due to obtaining control | |
|---|---|
| Cash and cash equivalents acquired with the transition from joint venture to the status of subsidiary (included in cash |
|
| fl ow from investing activities) | 488 |
| Call option | 54 |
| Cash outfl ow | –240 |
| Actual cash infl ow | 302 |
The fair value of trade receivables equals the gross amount of trade receivables and comes to 192 thousand Euro. These receivables were not impaired and the whole contractually defi ned amount is probably recoverable.
Since the time of acquisition, MAZ has contributed 988 thousand Euro to the group's sales and 140 thousand Euro to its net income for the period. If the successive business combination had taken place at the beginning of the year, sales of the fi rst half-year 2012 would have been higher by 330 thousand Euro and the net income for the half-year would have been higher by 51 thousand Euro.
The recognized goodwill results from the expected synergy effects and other advantages from the combination of the assets and activities of MAZ with the group's assets and activities. It is expected that the recognized goodwill is not deductible for tax purposes.
Transaction costs in the amount of 30 thousand Euro have been recognized as expense and are reported in the consolidated income statement under administrative expenses.
Due to the revaluation of the previously held 50% interest at fair value, a positive contribution to earnings resulted in the amount of 1,824 thousand Euro, recognized under other operating income in the consolidated income statement.
The general economic conditions for the second half-year 2012 continue to be determined by imponderables and have even gotten worse, compared with the situation of a few months ago. The further development of the global and regional crises, e.g. the crises in the euro member states or the political situation in the Middle East, is so far impossible to predict, and the same applies for the further market development in China. The corresponding effects on the fi nancial and raw materials markets are equally hard to assess. 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 micro-electro-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, 2012 and 2011, respectively) as well as on assets of the group's business segments (as of June 30, 2012 and December 31, 2011).
| 1st half-year ended 6/30/2012 | Semiconductor thousand Euro |
Micromechanics thousand Euro |
Consolidation thousand Euro |
Total thousand Euro |
|---|---|---|---|---|
| Sales | ||||
| Third-party sales | 82,546 | 9,868 | 0 | 92,414 |
| Intersegment sales | 133 | 401 | –5341 | 0 |
| Total sales | 82,679 | 10,269 | –534 | 92,414 |
| Earnings | ||||
| Segment earnings | 3,259 | 1,048 | 0 | 4,307 |
| Finance income | 907 | |||
| Finance costs | –1,196 | |||
| Earnings before taxes | 4,018 | |||
| Taxes on income | –431 | |||
| Net income including non-controlling interests | 3,587 | |||
| Assets | ||||
| Segment assets | 194,159 | 14,856 | 56,4592 | 265,474 |
| Investments | 470 | 3,544 | 0 | 4,014 |
| Total assets | 269,488 | |||
| 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 |
Sales from intersegment transactions are eliminated for consolidation purposes.
2 Non-attributable assets as of June 30, 2012 include cash and cash equivalents (48,678 thousand Euro), income tax assets (4,382 thousand Euro), and deferred taxes
(3,399 thousand Euro), as these assets are controlled at group level.
| 1st half-year ended 6/30/2011 | Semiconductor thousand Euro |
Micromechanics thousand Euro |
Consolidation thousand Euro |
Total thousand Euro |
|---|---|---|---|---|
| Sales | ||||
| Third-party sales | 88,992 | 8,345 | 0 | 97,337 |
| Intersegment sales | 118 | 343 | –4611 | 0 |
| Total sales | 89,110 | 8,688 | –461 | 97,337 |
| Earnings | ||||
| Segment earnings | 10,987 | 1,177 | 0 | 12,164 |
| Finance income | 782 | |||
| Finance costs | –1,207 | |||
| Earnings before taxes | 11,739 | |||
| Taxes on income | –3,097 | |||
| Net income including non-controlling interests | 8,642 | |||
| Assets (as of 12/31/2011) | ||||
| Segment assets | 186,404 | 14,024 | 65,5692 | 265,997 |
| Investments | 470 | 3,447 | 0 | 3,917 |
| Total assets | 269,914 | |||
| Other segment information | ||||
| Capital expenditures for intangible assets and property, plant and equipment |
11,101 | 168 | 11,269 | |
| Depreciation and amortization | 8,069 | 641 | 8,710 |
Sales from intersegment transactions are eliminated for consolidation purposes.
Non-attributable assets as of December 31, 2011 include cash and cash equivalents (59,002 thousand Euro), income tax assets (2,989 thousand Euro),
and deferred taxes (3,579 thousand Euro), as these assets are controlled at group level.
2
| Sales generated with third-party customers |
Half-year ended 6/30/2012 thousand Euro |
Half-year ended 6/30/2011 thousand Euro |
|---|---|---|
| Germany | 27,846 | 34,142 |
| Other EU countries | 31,357 | 34,427 |
| U.S.A. | 7,630 | 7,334 |
| Asia/Pacifi c | 18,848 | 14,816 |
| Others | 6,733 | 6,618 |
| 92,414 | 97,337 |
| Geographical distribution of non current assets |
6/30/2012 thousand Euro |
12/31/2011 thousand Euro |
|---|---|---|
| Germany | 104,387 | 99,060 |
| Other EU countries | 6,616 | 8,462 |
| U.S.A. | 8,084 | 7,360 |
| Others | 53 | 21 |
| 119,140 | 114,903 |
| Development of selected non-current assets from January 1 to June 30, 2012 |
Net book value 1/1/2012 thousand Euro |
Reclassifi cation thousand Euro |
Additions thousand Euro |
Disposals/Other movements thousand Euro |
Deprecation and amortization thousand Euro |
Net book value 6/30/2012 thousand Euro |
|---|---|---|---|---|---|---|
| Intangible assets | 29,240 | 62 | 5,213 | 17 | 2,482 | 32,050 |
| Property, plant and equipment | 71,770 | –62 | 7,064 | 12 | 6,113 | 72,671 |
| Securities | 8,346 | 0 | 1,004 | –1,079 | 0 | 8,271 |
| Investments | 3,917 | 0 | 0 | 97 | 0 | 4,014 |
| Other fi nancial assets | 1,630 | 0 | 54 | –50 | 0 | 1,634 |
| 114,903 | 0 | 13,335 | –503 | 8,595 | 119,140 |
The item "Disposals/Other movements" includes positive currency adjustments in the amount of 189 thousand Euro.
As of June 30, 2012, altogether 871,103 options from stock option plans are outstanding. The options are attributable to the separate tranches as follows:
| 6/30/2012 thousand Euro |
6/30/2011 thousand Euro |
|
|---|---|---|
| Raw materials | 8,080 | 7,900 |
| Work in process | 23,661 | 22,879 |
| Finished goods | 7,381 | 9,172 |
| 39,122 | 39,951 |
As of June 30, 2012, the share capital of ELMOS Semiconductor AG consists of 19,487,945 shares. At present, the company holds 79,444 treasury shares.
Pursuant to shareholders' resolution of May 8, 2012, a dividend in the amount of 0.25 Euro per share has been paid to the shareholders. Due to this dividend payout, the retained earnings were reduced by 4,827 thousand Euro.
| 2009 | 2010 | 2011 | Total | |
|---|---|---|---|---|
| Year of resolution and issue |
2009 | 2010 | 2011 | |
| Exercise price in Euro | 3.68 | 7.49 | 8.027 | |
| Blocking period ex issue (years) |
3 | 4 | 4 | |
| Exercise period after blocking period (years) |
3 | 3 | 3 | |
| Options outstanding as of 12/31/2011 (number) |
458,230 | 239,863 | 248,900 | 946,993 |
| 1/1-6/30/2012 exercised (number) |
73,740 | 0 | 0 | 73,740 |
| 1/1-6/30/2012 forfeited (number) |
900 | 725 | 525 | 2,150 |
| Options outstanding as of 6/30/2012 (number) |
383,590 | 239,138 | 248,375 | 871,103 |
| Options exercisable as of 6/30/2012 (number) |
383,590 | 0 | 0 | 383,590 |
As reported in the consolidated fi nancial statements for the fi nancial year ended December 31, 2011, 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, 2012:
| Date Place |
Name | Function | Transaction | Number of shares |
Price/Basic price (Euro) |
Total volume (Euro) |
|---|---|---|---|---|---|---|
| 5/22/2012 | Purchase of | |||||
| off-market | Dr. Klaus Weyer | Supervisory Board member | ELMOS stock | 24,000 | 7.373 | 176,952 |
| 5/24/2012 | Purchase of | |||||
| off-market | Dr. Klaus Weyer | Supervisory Board member | ELMOS stock | 30,139 | 7.391 | 222,757 |
| 6/18/2012 | Purchase of | |||||
| off-market | Dr. Klaus Weyer | Supervisory Board member | ELMOS stock | 26,656 | 6.62 | 176,462 |
There have been no reportable events of special signifi cance after the end of the fi rst half-year.
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 profit 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 2012
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 changes in equity, condensed statement of cash fl ows, and selected explanatory notes – and the interim group management report of ELMOS Semiconductor AG for the period from January 1 to June 30, 2012 that are required components of a half-year fi nancial report pursuant to Section 37w WpHG (German 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 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.
Dortmund, August 8, 2012
Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft
Muzzu Schlüter
Wirtschaftsprüfer Wirtschaftsprüfer
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 8, 2012 in German and English. 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.
| Financial calendar 2012 | |
|---|---|
| Quarterly results Q2/2012 (after trading hours) |
August 8, 2012 |
| Quarterly results Q3/2012 (after trading hours) |
November 6, 2012 |
| Analysts' conference at the Equity Forum in Frankfurt/Main |
November 13, 2012 |
Results are usually released after trading hours. Conference calls are usually conducted the day after the quarterly results are released.
ELMOS half-year report January June 30, 2012 Forward-looking statements This report contains statements directed to the future based on assumptions and estimates made by the management of ELMOS. 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 material differences are changes in general economic and business conditions, changes in exchange 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.
ASIA IS AN IMPORTANT GROWTH MARKET FOR ELMOS. TO CROSS THE JOB. AFTER MY TRAINING AT ELMOS I DECIDED TO GO TO UNIVERSITY NOW ABLE TO SHARE THE FULL RANGE OF MY KNOWLEDGE AND SKI THE ADVANCED TRAINING OF OUR CURRENT AND FUTURE EMPLOYE A PROFESSIONAL. AS MANAGER OF MODULE PROCESS ANALYSIS, I HA DOUSLY EXCITING. EVEN TODAY, BALANCING FAMILY AND A CAREER THE CUSTOMER WITH A PRODUCT, I KNOW HOW MUCH HEART AND CITING WORKING ENVIRONMENT, ENABLING ME TO JOIN MY TEAM I WITH ELMOS. NOW, AFTER EARNING MY GRADUATE DEGREE, I WILL H TO CREATING A PROMISING FUTURE, BOTH FOR MYSELF AND FOR SO OURSELVES APART FROM THE MARKET THROUGH CHIP SIZE, FUNCTI HIGH QUALITY AWARENESS. AS PROJECT MANAGER, I PAY ATTENTIO FEEDBACK PROVES THAT ELMOS IS DOING A GOOD JOB. I HAVE HE THEM ON THE JOB. THIS ALLOWS ME TO MAKE A CAREER OF MY ASSIGNMENTS, NICE COLLEAGUES, AND THE OPPORTUNITY TO B RESPONSIBLE FOR THE RELIABLE MANUFACTURING OF OUR PROD CESS ENGINEERING AT OUR SUBSIDIARY IN CALIFORNIA. THE EL I ENJOY MANAGING SUCH A DIVERSITY OF PRODUCTS AND CUL
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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