Earnings Release • Nov 6, 2013
Earnings Release
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Corporate | 6 November 2013 20:20
Elmos Semiconductor AG: Significant improvement of earnings over the year 2013
Elmos Semiconductor AG / Key word(s): Quarter Results
06.11.2013 / 20:20
Forecast confirmed – Strong fourth quarter 2013 expected
Dortmund, November 6, 2013: Elmos Semiconductor AG (FSE: ELG) increased sales in the third quarter of 2013 by 6.8% over the prior-year quarter to 46.2 million Euro (Q3 2012: 43.3 million Euro). Cut-off-date related, sales turned out slightly below the prior-quarter amount contrary to expectations (Q2 2013: 47.1 million Euro).
The gross profit went up disproportionately to sales by 8.9% to 19.9 million Euro (Q3 2012: 18.3 million Euro) so that the gross margin climbed from 42.2% to 43.1%. In addition to that, the decrease of operating expenses contributed to another improvement of the EBIT margin, considerably surpassing the prior-year amount with 8.0% (Q3 2012: 3.4%). The consolidated net income came to 3.1 million Euro in the third quarter of 2013 (Q3 2012: 1.0 million Euro), equivalent to basic earnings per share of 0.16 Euro (Q3 2012: 0.05 Euro).
The increase of the earnings margins is apparent both in comparison with the prior-year quarter and in the course of the year 2013. This improvement is mainly due to the efficiency increase brought about by the continued conversion of production from 6 to 8-inch wafers.
In the first nine months of 2013, Elmos achieved sales of 136.4 million Euro. Sales have thus remained stable in comparison with the previous year (9M 2012: 135.7 million Euro). The consolidated net income reached 4.5 million Euro (9M 2012: 4.6 million Euro). This equals basic earnings per share of 0.23 Euro (9M 2012: 0.24 Euro).
The adjusted free cash flow came to 2.9 million Euro in the third quarter 2013 (Q3 2012: 3.2 million Euro), also reflecting an improvement in the course of the year. With 2.7 million Euro, the adjusted free cash flow of the first nine months of 2013 exceeded the corresponding prior-year amount (9M 2012: -0.1 million Euro). The adjusted free cash flow defines as cash flow from operating activities less capital expenditures for intangible assets and property, plant and equipment, less payments for investments, plus disposal of investments.
‘Following three quarters with increasing earnings, the margins will keep improving in the fourth quarter,’ says Dr. Anton Mindl, CEO of Elmos Semiconductor AG. ‘Sales of the third quarter 2013 were slightly lower than expected primarily on account of cut-off-date related effects. Therefore and because of the order intake, we are expecting a strong fourth quarter of 2013.’
For 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 flow is expected to be positive. Capital expenditures are budgeted to amount to no more than 15% of sales.
The complete nine-month report is available in English and German at www.elmos.com. On November 7, 2013 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):
| Q3/13 | Q3/12 | Diff. | 9M/13 | 9M/12 | Diff. | |
| Sales | 46.2 | 43.3 | 6.8% | 136.4 | 135.7 | 0.5% |
| Gross profit | 19.9 | 18.3 | 8.9% | 55.1 | 54.5 | 1.0% |
| Operating income | 3.7 | 1.4 | >100% | 3.6 | 2.5 | 46.1% |
| EBIT | 3.7 | 1.5 | >100% | 5.5 | 5.8 | -5.0% |
| Consolidated net income after non-controlling interests | 3.1 | 1.0 | >100% | 4.5 | 4.6 | -1.1% |
| Basic earnings per share (Euro) | 0.16 | 0.05 | 0.23 | 0.24 |
Elmos Semiconductor AG is a developer and manufacturer of system solutions on semiconductor basis. For more than 25 years, 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, Phone: +49 231-7549-0, Extension: -287, Fax: +49 231-7549-548, [email protected], www.elmos.com
End of Corporate News
06.11.2013 Dissemination of a Corporate News, transmitted by DGAP – a company 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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| 238396 06.11.2013 |
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