Elmos Semiconductor AG (FSE: ELG) increased its sales by 8.6% year on year to 75.0 million Euro in the second quarter of 2019. EBIT rose to 13.0 million Euro, corresponding to an EBIT margin of 17.4%. Capital expenditures in the reporting quarter stood at 9.1 million Euro, or 12.2% of sales. The adjusted free cash flow amounted to -1.7 million Euro.
“The first half of 2019 developed as expected. Steadily increasing sales in the current market environment show the potential of our products. We convince with our solutions and expand our market share with innovative, differentiating semiconductors,” says Dr. Anton Mindl, CEO of Elmos Semiconductor AG.
Elmos confirms the guidance for fiscal year 2019 and expects year-on-year sales growth of 6% to 10%, with an EBIT margin of between 13% and 17%. Capital expenditures are expected to amount to less than 15% of sales. Elmos expects to achieve positive adjusted free cash flow in 2019. The guidance is based on an exchange rate of 1.15 USD/EUR.
Overview of financials
Figures according to IFRS (in million Euro or percent unless otherwise indicated):
| Q2/19 | Q2/18 | Diff. | H1/19 | H1/18 | Diff. | |
|---|---|---|---|---|---|---|
| Sales | 75.0 | 69.1 | 8.6% | 144.1 | 132.6 | 8.7% |
| Gross profit | 34.6 | 29.9 | 15.9% | 66.0 | 55.6 | 18.8% |
| Gross margin in % | 46.2% | 43.3% | 45.8% | 41.9% | ||
| Research and development | 10.6 | 8.6 | 23.0% | 21.5 | 16.4 | 31.1% |
| Operating income | 13.1 | 11.1 | 18.7% | 22.6 | 18.7 | 20.7% |
| EBIT | 13.0 | 12.2 | 6.7% | 23.3 | 20.1 | 16.0% |
| EBIT margin in % | 17.4% | 17.7% | 16.2% | 15.1% | ||
| Consolidated net income after non-controlling interests | 9.1 | 8.0 | 13.5% | 16.1 | 13.4 | 19.7% |
| Basic earnings per share (Euro) | 0.46 | 0.40 | 14.2% | 0.82 | 0.68 | 20.1% |
| Capital expenditures | 9.1 | 11.4 | -19.5% | 25.2 | 20.4 | 23.7% |
| Capital expenditures in % | 12.2% | 16.4% | 17.5% | 15.4% | ||
| Adjusted free cash flow | -1.7 | -1.1 | 61.2% | -12.1 | -8.2 | 48.2% |
Definitions of selected financial indicators
- Adjusted free cash flow: Cash flow from operating activities less capital expenditures for/plus disposals of intangible assets and property, plant and equipment
- Capital expenditures: Capital expenditures for intangible assets and property, plant and equipment less capitalized development expenses
- You will find further explanations of the indicators used in the 2018 Annual Report for Elmos Semiconductor AG at www.elmos.com
Interim report 2019
You will find more information on the second quarter of 2019 and the first half of 2019 for Elmos Semiconductor AG in the interim report for the first half of the year 2019. This report is available at www.elmos.com. Elmos will hold a conference call (in English) for analysts and investors at 11:00 (CEST) on August 1, 2019. The conference call will be uploaded to the website later, where it can be accessed.
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.