Earnings Release • May 6, 2014
Earnings Release
Open in ViewerOpens in native device viewer
News Details
Corporate | 6 May 2014 20:20
Elmos Semiconductor AG: A record start to the year 2014
Elmos Semiconductor AG / Key word(s): Quarter Results
06.05.2014 / 20:20
Sales up 14.4% in the 1 st quarter – High operating cash flow
Dortmund, May 6, 2014: Elmos Semiconductor AG (FSE: ELG) starts the year 2014 with the highest first-quarter sales in company history. Compared to the previous year, sales went up 14.4% to 49.4 million Euro (Q1 2013: 43.1 million Euro). The disproportionate growth of the Asian market (+2.0 million Euro or 20.4%), again, and the growing European market (+2.4 million Euro or 8.6%) both contributed to this result.
In comparison with the fourth quarter of 2013 (52.7 million Euro), sales were slightly down. However, it must be taken into consideration that the fourth quarter of 2013 was positively affected by catch-up effects and that price reductions particularly take effect at the beginning of the year.
The gross margin increased to 41.6% in the first quarter of 2014 as compared to 39.0% in the prior-year period. Operating expenses declined considerably in relation to sales (Q1 2014: 35.9% vs. Q1 2013: 40.6%). The EBIT climbed to 3.2 million Euro (Q1 2013: 0.2 million Euro). The EBIT margin comes to 6.5% (Q1 2013: 0.6%). Due to positive one-off effects, the consolidated net income amounted to 4.0 million Euro (Q1 2013: 0.4 million Euro) or 8.2% of sales (Q1 2013: 0.9%). This corresponds to basic earnings per share (EPS) of 0.21 Euro (Q1 2013: 0.02 Euro).
Owing to the high operating cash flow of 11.6 million Euro in the first quarter of 2014 (Q1 2013: 5.9 million Euro), a positive adjusted free cash flow in the amount of 3.6 million Euro was generated (Q1 2013: 3.0 million Euro) in spite of considerable capital expenditures for property, plant and equipment.
“The year 2014 has started as expected. The receipt of orders and the progress in the modernization of production make me feel optimistic that we will reach our targets for 2014,” says Dr. Anton Mindl, CEO of Elmos Semiconductor AG. “The upbeat mood throughout the industry even seems to continue with a positive trend, unaffected by political and economic risks.”
Elmos anticipates sales growth and EBIT margin to turn out in the upper single-digit percentage range respectively in 2014. Capital expenditures for intangible assets and property, plant and equipment are budgeted to amount to no more than 15% of sales in 2014. Management also assumes that Elmos will generate a positive adjusted free cash flow once again.
The complete three-month report is available in English and German at www.elmos.com. On May 7, 2014 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 selected financial figures according to IFRS (in million Euro or percent unless otherwise indicated):
| Q1/14 | Q1/13* | Diff. | |
| Sales | 49.4 | 43.1 | 14.4% |
| Gross profit | 20.5 | 16.8 | 22.0% |
| Operating income | 2.8 | -0.7 | n/a |
| EBIT | 3.2 | 0.2 | >100% |
| Consolidated net income after non-controlling interests | 4.0 | 0.4 | >100% |
| Earnings per share in Euro (basic earnings) | 0.21 | 0.02 | >100% |
* Adjustment of prior-year amounts due to amendment to IAS 19
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 performance and power efficient.
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
End of Corporate News
06.05.2014 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
| 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 |
| - - - |
| 266710 06.05.2014 |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.