Coronavirus expected to affect the rest of the year

Elmos Semiconductor AG (FSE: ELG) increased sales by 3.3% year on year, to 64.2 million Euro, in the first quarter of 2020 (Q1 2019 sales of continuing operations of 62.2 million Euro). EBIT amounted to 7.1 million Euro. That corresponds to an EBIT margin of 11.0% and reflects the expansion of development resources, among other things. Capital expenditures amounted to 5.8 million Euro, or 9.1% of sales. High operating cash flow also had a positive effect on the adjusted free cash flow of 13.5 million Euro in the reporting quarter.

“We assume that the numerous plant closures among automotive manufacturers will have a significant negative impact on business performance over the rest of the year,” says Dr. Anton Mindl, CEO of Elmos Semiconductor AG. “Elmos started protecting its employees with comprehensive preventive measures at an early stage. At the same time, we have implemented operational measures including short-time work, and will expand those measures to manage the economic effects of the crisis caused by the pandemic. Since, among other things, customer acquisition continues at the same high level, we believe that Elmos remains in a very strong position in the medium term. That is particularly the case thanks to our strong financial position.”

Elmos expects sales of between 55 and 60 million Euro in Q2 2020. An EBIT margin of between 1% and 6% of sales is expected. The guidance is based on an exchange rate of 1.10 EUR/USD. Due to the current situation, no full year guidance is being issued for 2020.

 

Overview of financials

Figures according to IFRS (in million Euro or percent unless otherwise indicated):

 Q1/20Q1/19*Diff.
Sales64.262.23.3%
Gross profit28.127.71.4%
Gross profit in %43.7%44.5% 
Research and development12.19.724.0%
EBIT7.18.6-17.7%
EBIT margin in %11.0%13.8% 
Consolidated net income after non-controlling interests4.65.6-18.1%
Basic earnings per share (Euro)0.230.28-17.8%
Capital expenditure5.816.1-63.8%
Capital expenditure in %9.1%23.3% 
Adjusted free cash flow13.5-10.4n/a

* For purposes of comparison, information on the consolidated income statement relates exclusively to continuing operations. 

Definitions of selected financial indicators
- Adjusted free cash flow: Cash flow from operating activities, less investments in/plus disposals of intangible assets and property, plant and equipment (including proceeds from disposals of consolidated companies)
- Capital expenditures: Capital expenditures in intangible assets and property, plant and equipment less capitalized development costs
- Further information on the key figures used can be found in the 2019 Annual Report of Elmos Semiconductor AG at www.elmos.com

Quarterly statement report Q1 2020
Further information on the first quarter 2020 of Elmos Semiconductor AG can be found in the quarterly statement Q1 2020, which will be available on May 6, 2020 at www.elmos.com. Elmos will also hold a conference call (in English) for analysts and investors on May 6, 2020 at 11.00 a.m. (CEST). The conference call will be available later on the website.

Contact
Elmos Semiconductor AG
Janina Rosenbaum, Head of Investor Relations, Phone: +49-231‐7549‐287
Mathias Kukla, Press Relations, Phone: +49-231-7549-199
E-mail: invest@elmos.com

About Elmos Semiconductor AG
Elmos develops, produces and markets semiconductors and sensors, primarily for use in the automotive industry. Our components communicate, measure, regulate and control safety, comfort, powertrain and network functions. For over 30 years, Elmos innovations have been bringing new functions to life and making mobility worldwide safer, more comfortable and more energy efficient.

Notice
This release contains forward-looking statements that are based on assumptions and estimates made by the Elmos management. Even though we assume the underlying expectations of the forward-looking statements to be realistic, we cannot guarantee the expectations will prove right. The assumptions may carry risks and uncertainties, and as a result actual events may differ materially from the forward-looking statements. Among the factors that could cause such differences are changes in general economic and business conditions, fluctuations of exchange rates and interest rates, the introduction of competing products, lack of acceptance of new products, and changes in business strategy. Elmos neither intends nor assumes any obligation to update its statements with respect to future events.

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