Elmos Semiconductor AG (FSE: ELG) increased its sales by 8.8% year on year to 69.1 million Euro in the first quarter of 2019. The EBIT margin rose to 14.8%, corresponding to EBIT of 10.2 million Euro. Among other factors, the positive development is attributable to a good operating performance in the first quarter of 2019. Capital expenditures stood at 16.1 million Euro, or 23.3% of sales, as reflected in a variety of performance indicators such as adjusted free cash flow, which amounted to -10.4 million Euro.
“Elmos got off to a good start this year, as expected. Through our products, we serve the market trends. To further expand our activities, we strengthened our development resources at the start of the year as planned,” says Dr. Anton Mindl, CEO of Elmos Semiconductor AG.
In line with the current conditions, Elmos 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):
| Q1/19 | Q1/18 | Diff. | |
|---|---|---|---|
| Sales | 69.1 | 63.5 | 8.8% |
| Gross profit on sales | 31.4 | 25.7 | 22.1% |
| Gross margin in % | 45.5% | 40.5% | |
| Research and development | 10.9 | 7.8 | 39.9% |
| EBIT | 10.2 | 7.9 | 30.4% |
| EBIT margin in % | 14.8% | 12.4% | |
| Consolidated net income after non-controlling interests | 7.0 | 5.4 | 28.7% |
| Basic earnings per share (Euro) | 0.36 | 0.28 | 28.8% |
| Capital expenditure | 16.1 | 9.0 | 78.0% |
| Capital expenditure in % | 23.3% | 14.2% | |
| Adjusted free cash flow | -10.4 | -7.1 | 46.2% |
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 expenditure: 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
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.