Elmos Semiconductor SE

Earnings Release • Aug 5, 2015

News Details

Corporate | 5 August 2015 07:30

Elmos Semiconductor AG: Positive business performance in the 1st half-year 2015

Elmos Semiconductor AG / Key word(s): Half Year Results

2015-08-05 / 07:30

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Sales +8%, EBIT +26%

Dortmund, August 5, 2015: In the first half-year 2015 sales of Elmos Semiconductor AG (FSE: ELG) increased by 8.3% over the prior-year period to 109.7 million Euro (HY1 2014: 101.3 million Euro). The trend within the regional sales distribution continued in the reporting period. The growth in sales in Asia of 34.2% was disproportionately large.

The gross profit grew to 45.8 million Euro or 41.8% of sales in the first half-year 2015 (HY1 2014: 42.1 million Euro or 41.6%). Operating expenses are at the level of the prior-year period in relation to sales (HY1 2015: 34.7% vs. HY1 2014: 34.5%) and amount to 38.0 million Euro in absolute terms (HY1 2014: 34.9 million Euro). The operating income before other operating expenses/income thus rose from 7.2 million Euro in last year’s first half to 7.8 million Euro in the first half-year 2015. Operating margins of the first half-year 2015 were generally affected negatively by the exchange rate development of the U.S. dollar and its effect particularly on production cost.

Earnings before interest and taxes (EBIT) climbed by 25.9% to 10.5 million Euro (HY1 2014: 8.3 million Euro), influenced among other factors by exchange rate gains in the amount of 1.7 million Euro essentially from hedging transactions (HY1 2014: exchange rate loss of 0.1 million Euro). Consolidated net income, supported in the previous year by one-off tax effects, came to 7.1 million Euro (HY1 2014: 8.1 million Euro). This equals basic earnings per share of 0.36 Euro (HY1 2014: 0.42 Euro).

Compared with the last year’s second quarter, both sales (+4.6% to 54.3 million Euro) and gross profit (+8.6% to 23.4 million Euro) were up in the second quarter of 2015. The EBIT went down to 4.1 million Euro (Q2 2014: 5.1 million Euro), affected significantly by exchange rate losses in the amount of 1.2 million Euro (Q2 2014: exchange rate gains of 0.1 million Euro). This effect and the higher tax rate compared to the prior-year quarter are reflected in the consolidated net income for the second quarter of 2015 (Q2 2015: 2.8 million Euro vs. Q2 2014: 4.0 million Euro).

The operating cash flow (HY1 2015: 16.4 million Euro vs. HY1 2014: 19.3 million Euro) was on a slight decline in the first half-year 2015 due to the increase in trade receivables toward the realization of growth, among other factors. Capital expenditures for intangible assets and property, plant and equipment amounted to 14.2 million Euro or 13.0% of sales (HY1 2014: 17.7 million Euro or 17.4% of sales). The adjusted free cash flow* was positive at 2.1 million Euro (HY1 2014: 1.6 million Euro).

“The first six months of 2015 turned out on schedule. The customers’ order volume, also in respect of new ramp-ups, makes us feel confident that we will achieve our growth and goals for the full year,” says Dr. Anton Mindl, CEO of Elmos Semiconductor AG.

Management continues to expect a sales increase between 5% and 9% for the current fiscal year 2015. Elmos anticipates a slightly better EBIT margin for 2015 compared to 2014. In the third quarter of 2015 the repurchase of land and building from leasing contracts ahead of schedule will increase capital expenditures by roughly 14 million Euro and have a corresponding effect on the adjusted free cash flow. Disregarding this one-off effect, Elmos will spend less than 15% of sales on capital expenditures and achieve a positive adjusted free cash flow once again. The forecast is based on an exchange rate of 1.10 USD/EUR.

The complete half-year report is available in English and German at www.elmos.com. On August 5, 2015 at 11.30 a.m. (CEST), Elmos will hold a conference call in English for analysts and investors. The conference call will later be downloadable from the Company’s website.

Overview of key financials according to IFRS (in million Euro or percent unless otherwise indicated):

	Q2/15	Q2/14	Diff.	HY1/15	HY1/14	Diff.
Sales	54.3	51.9	4.6%	109.7	101.3	8.3%
Gross profit	23.4	21.5	8.6%	45.8	42.1	8.8%
EBIT	4.1	5.1	-18.9%	10.5	8.3	25.9%
EBIT margin	7.6%	9.8%		9.5%	8.2%
Consolidated net income after non-controlling interests	2.8	4.0	-31.5%	7.1	8.1	-12.3%
Basic earnings per share (Euro)	0.14	0.21	-32.3%	0.36	0.42	-13.4%

* Cash flow from operating activities less capital expenditures for intangible assets and property, plant and equipment, less payments for investments, plus disposal of investments

Elmos Semiconductor AG is a developer and manufacturer of system solutions on semiconductor basis. For about 30 years now, our chips have made vehicles as well as industrial and consumer goods more efficient in terms of energy consumption and performance.

Contact: Elmos Semiconductor AG, Janina Rosenbaum, Heinrich-Hertz-Str. 1, 44227 Dortmund, Germany; phone: +49 231-7549-0, extension: -287, fax: +49 231-7549-111, invest@elmos.com, www.elmos.com

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Language:	English
Company:	Elmos Semiconductor AG
	Heinrich-Hertz-Str. 1
	44227 Dortmund
	Germany
Phone:	+49 (0)231 7549-575
Fax:	+49 (0)231 7549-548
E-mail:	invest@elmos.com
Internet:	http://www.elmos.com
ISIN:	DE0005677108
WKN:	567710
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart

End of News	DGAP News-Service

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