Dortmund, February 17, 2021: Elmos Semiconductor SE (FSE: ELG) generated sales of 232.6 million Euro in 2020 according to preliminary, unaudited figures (guidance: 227 to 233 million Euro). Semiconductor sales were down 14.9% year on year due to the pandemic. Measures to adjust to the situation, such as short-time work, voluntary salary concessions of the Management Board, senior executives, and employees, personnel reductions, and further cost cuts, partly compensated for the decline in demand and allowed a positive EBIT of 8.7 million Euro in 2020 (guidance: 6 to 9 million Euro).
Capital expenditures were reduced to 18.8 million Euro (8.1% of sales) following the lower order volume. Elmos succeeded in generating a positive adjusted free cash flow of 3.6 million Euro in the fiscal year 2020.
In Q4 2020, Elmos generated sales of 68.7 million Euro, a sequential growth of 68.0%. EBIT was 8.9 million Euro, with the EBIT margin in Q4 2020 of 13.0% approaching pre-crisis levels.
“In spite of the adverse conditions, we invested a record amount in developing attractive new products in 2020 and closed the year positively with an EBIT of almost 9 million Euro,” explains Dr. Arne Schneider, CEO of Elmos Semiconductor SE. “The strong fourth quarter underlines the considerable momentum in the automotive semiconductor industry. Elmos started the new year well and we expect substantial growth in the first quarter.”
In the first quarter of 2021, Elmos expects to generate sales of 76 million Euro (± 3 million Euro). The EBIT margin is expected at 14.5% (± 1.5 percentage points). The guidance is based on an exchange rate of 1.20 EUR/USD.
In fiscal year 2021, Elmos anticipates a significant increase in sales and EBIT compared to the previous year. Capital expenditures are expected to be significantly higher year on year. The company expects to generate a positive adjusted free cash flow above the previous year for fiscal year 2021.
Overview of selected, preliminary and unaudited financial figures
Figures according to IFRS (in million Euro or percent unless otherwise indicated):
| 2020 | 20191 | Diff. | Q4/20 | Q4/191 | Diff. |
|---|---|---|---|---|---|---|
Sales | 232.6 | 273.4 | -14.9% | 68.7 | 75.7 | -9.3% |
Gross profit | 92.6 | 125.6 | -26.3% | 27.9 | 34.5 | -19.1% |
Gross margin in % | 39.8% | 45.9% |
| 40.6% | 45.6% |
|
Research and development | 47.7 | 40.7 | 17.3% | 11.8 | 11.1 | 5.9% |
Operating income | 8.5 | 41.4 | -79.3% | 7.4 | 12.8 | -42.4% |
EBIT (reported) | 8.7 | 29.8 | -70.8% | 8.9 | -0.1 | n/a |
EBIT (before restructuring)2 | 8.7 | 40.9 | -78.7% | 8.9 | 11.0 | -19.1% |
EBIT margin (before restructuring)2 in % | 3.7% | 15.0% |
| 13.0% | 14.6% |
|
Consolidated net income after non-controlling interests | 6.4 | 18.5 | -65.4% | 5.8 | 1.1 | >100% |
Basic earnings per share (Euro) | 0.35 | 0.94 | -63.2% | 0.32 | 0.06 | >100% |
Capital expenditures | 18.8 | 43.6 | -57.0% | 5.9 | 10.9 | -46.0% |
Capital expenditures in % | 8.1% | 14.8%3 |
| 8.6% | 14.4%4 |
|
Adjusted free cash flow | 3.6 | 76.9 | -95.3% | 1.1 | 0.7 | 48.5% |
1Prior-year figures were adjusted; for purposes of comparison, information regarding the consolidated income statement relates exclusively to continuing operations.
2Without consideration of the restructuring expenses for the termination of the cooperation with the Fraunhofer Institute IMS.
3Percentage shown relates to sales from continuing and discontinued operations of 294,835 thousand Euro.
4Percentage shown relates to sales from continuing and discontinued operations of 75,689 thousand Euro.
Detailed overviews of the financial figures will be published with the presentation of the final figures in the 2020 Annual Report on March 17, 2021. The dividend proposal to the Annual General Meeting in May 2021 is also expected to be announced on this date.
Definitions of selected financial indicators
- Adjusted free cash flow: Cash flow from operating activities less capital expenditures for/plus disposal of intangible assets and property, plant and equipment (including payments from disposals of consolidated companies and payments for shares)
- Capital expenditures: Capital expenditures for intangible assets and property, plant and equipment less capitalized development expenses
- Further information on the key figures used can be found in the Annual Report at www.elmos.com
Analysts’ conference call
Elmos will host a conference call (in English) for analysts and investors on February 17, 2021 at 10.00 a.m. (CET). The conference call will be available later on the website.
Contact
Elmos Semiconductor SE
Ralf Hoppe, Head of Investor Relations & Public Relations,
Phone: +49-231‐7549‐7000
Email: invest[at]elmos.com
About Elmos
Elmos develops, produces and markets semiconductors, 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. With our solutions we are already the worldwide #1 in applications with great future potential, such as ultrasonic distance measurement, ambient light and intuitive HMI.
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.