Earnings Release • Aug 8, 2012
Earnings Release
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Corporate | 8 August 2012 19:20
ELMOS Semiconductor AG: Weak auto market determines sales level
ELMOS Semiconductor AG / Key word(s): Half Year Results/Interim Report
08.08.2012 / 19:20
Savings measures show first effects – Sales down by 5%
Dortmund, August 8, 2012: ELMOS Semiconductor AG (FSE: ELG) generated lower sales in the first half-year 2012 in comparison with the prior-year period. At 92.4 million Euro, sales are 5.1% below the prior-year mark (HY1 2011: 97.3 million Euro). As expected, the business continues to be determined by the pronounced weakness of the non-premium manufacturers.
Therefore the semiconductor business which focuses on the automotive industry posted a disproportionately large decline to 82.5 million Euro (HY1 2011: 89.0 million Euro). This part of the business is also affected by customers' product generation changes. Contrary to that, the satisfying development of the Asian business has been keeping up continuously. Consolidated sales in this region climbed 27.2% compared to the 1 st half-year 2011. The micromechanics segment, supplying different business sectors, also managed to continue the positive trend and recorded an increase in sales of 18.3% to 9.9 million Euro.
Due to the weak sales performance, a cost savings program was implemented in the second quarter of 2012. The measures have taken effect since the middle of the second quarter. With respect to the first half-year, the gross margin reached 39.2% (HY1 2011: 44.3%). The EBIT came to an amount of 4.3 million Euro (HY1 2011: 12.2 million Euro). The EBIT margin was 4.7% in the reporting period (HY1 2011: 12.5%). The consolidated net income 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 adjusted free cash flow was -3.3 million Euro (HY1 2011: 6.1 million Euro).
'We feel the effect of the continuing difficult situation of the EU auto market in sales and incoming orders. 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,' says Dr. Anton Mindl, CEO of ELMOS Semiconductor AG. '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.'
Because of the continuing market weakness, ELMOS expects sales for the full year 2012 to turn out slightly below the prior-year level. The savings program will be continued through the 2 nd half-year 2012 and will have a positive impact. An EBIT margin in the high single-digit percentage range remains the target. Capital expenditures are scheduled to be less than 15% of sales for the full year. The adjusted free cash flow will be positive.
The complete half-year report is available in German and English at www.elmos.com. On August 9, 2012 at 11.00 a.m. (CEST), ELMOS will hold a conference call (in English) for analysts and investors. The conference call will later be available from the company's website.
Overview of financial figures according to IFRS (in million Euro or percent unless otherwise indicated):
| Q2/12 | Q2/11 | Diff. | HY1/12 | HY1/11 | Diff. | |
| Sales | 45.5 | 49.2 | -7.6% | 92.4 | 97.3 | -5.1% |
| Gross profit | 18.0 | 22.3 | -19.2% | 36.3 | 43.1 | -15.9% |
| Operating income | 0.4 | 5.9 | -93.6% | 1.1 | 10.9 | -90.3% |
| EBIT | 3.3 | 6.3 | -47.4% | 4.3 | 12.2 | -64.6% |
| Consolidated net income after non-controlling interests | 2.9 | 4.4 | -34.3% | 3.5 | 8.5 | -58.5% |
| Basic earnings per share (Euro) | 0.15 | 0.23 | -34.4% | 0.18 | 0.44 | -58.5% |
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: 0231-7549-0, Extension: -287, Fax: 0231-7549-548, [email protected], www.elmos.com
End of Corporate News
08.08.2012 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory 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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| 180963 08.08.2012 |
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