Earnings Release • Nov 5, 2014
Earnings Release
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Corporate | 5 November 2014 20:40
Elmos Semiconductor AG: Sales +18.5% in the third quarter
Elmos Semiconductor AG / Key word(s): 9-month figures
05.11.2014 / 20:40
Positive development of earnings – Forecast confirmed
Dortmund, November 5, 2014: Elmos Semiconductor AG (FSE: ELG) has managed to increase sales continuously over the year so far. With respect to the three-month period, sales gained 18.5% in the third quarter of 2014 to reach 54.7 million Euro (Q3 2013: 46.2 million Euro). The Company generated higher sales in comparison with the previous quarter as well (Q2 2014: 51.9 million Euro). The sales performance in Asia continues to be highly disproportionate with a 51.5% gain to 15.0 million Euro in the third quarter of 2014 (Q3 2013: 9.9 million Euro).
The gross profit climbed disproportionately by 25.9% to 25.0 million Euro (Q3 2013: 19.9 million Euro). This equals a gross margin of 45.7% (Q3 2013: 43.1%). Operating expenses in relation to sales remained constant at 35.2% (Q3 2013: 35.0%). The EBIT also showed disproportionate growth of 63.7% to 6.1 million Euro (Q3 2013: 3.7 million Euro). Thus the EBIT margin gained more than three percentage points from 8.0% in the third quarter of 2013 to 11.1% in the quarter under review. The consolidated net income reached 3.9 million Euro (Q3 2013: 3.1 million Euro).
Based on a high operating cash flow and slightly lower capital expenditures than in the previous quarters, the adjusted free cash flow rose to 6.8 million Euro in the third quarter of 2014. This means an increase in comparison with the previous quarters (Q1 2014: 3.6 million Euro, Q2 2014: -1.9 million Euro) and with the third quarter of 2013 as well (2.9 million Euro). The positive adjusted free cash flow also contributed to the improvement of the net cash position, coming to 46.3 million Euro (12/31/2013: 39.3 million Euro).
Over the first nine months of 2014, Elmos recorded a growth of 14.4% or sales in the amount of 156.0 million Euro (9M 2013: 136.4 million Euro). The consolidated net income came to 12.0 million Euro (9M 2013: 4.5 million Euro). This equals basic earnings per share of 0.62 Euro (9M 2013: 0.23 Euro).
“The mood of the customers is predominantly positive in contrast to some economic indicators. We manage to convince an increasing number of customers of our solutions primarily in Asia’s growth market,” says Dr. Anton Mindl, CEO of Elmos Semiconductor AG. “Our production is making progress as scheduled for the modernization of manufacturing.”
Elmos raised its forecast for the full year in August 2014 and now confirms it. Management expects sales growth and EBIT margin to range between 9 and 12% respectively. Capital expenditures for intangible assets and property, plant and equipment are budgeted to amount to no more than 15% of sales in 2014. Management further assumes that Elmos will generate a positive adjusted free cash flow once again.
The complete nine-month report is available in German and English at www.elmos.com. On November 6, 2014 at 11:30 a.m. (CET), Elmos will hold a conference call in English for analysts and investors. The conference call will later be downloadable from the Company’s website.
Overview of financial figures according to IFRS (in million Euro or percent unless otherwise indicated):
| Q3/14 | Q3/13 | Diff. | 9M/14 | 9M/13 | Diff. | |
| Sales | 54.7 | 46.2 | 18.5% | 156.0 | 136.4 | 14.4% |
| Gross profit | 25.0 | 19.9 | 25.9% | 67.1 | 55.1 | 21.9% |
| EBIT | 6.1 | 3.7 | 63.7% | 14.4 | 5.5 | >100% |
| EBIT margin | 11.1% | 8.0% | 9.2% | 4.1% | ||
| Consolidated net income after non-controlling interests | 3.9 | 3.1 | 28.8% | 12.0 | 4.5 | >100% |
| Basic earnings per share (Euro) | 0.20 | 0.16 | 0.62 | 0.23 |
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: +49 231-7549-548, [email protected], www.elmos.com
05.11.2014 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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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: | [email protected] |
| Internet: | http://www.elmos.com |
| ISIN: | DE0005677108 |
| WKN: | 567710 |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart |
| End of News | DGAP News-Service |
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| 295306 05.11.2014 |
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