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Positive trend in difficult market environment - forecast confirmed
Dortmund: ELMOS Semiconductor AG (FSE: ELG) achieved an increase in
sales by 9.6 percent to 176.1 million Euro in the past financial year
2007 (2006: 160.7 million Euro), according to preliminary figures.
Among other factors, the year under report was characterized by
restructuring two subsidiaries for making better use of market
opportunities provided for microsystems. This resulted - as has
already been reported - in one-off effects of 5.7 million Euro.
Without one-off restructuring expenses, the gross profit climbed to
76.9 million Euro (2006: 73.0 million Euro). The gross margin was
affected by increased expenditures for the ramp-up of the new
manufacturing location in Duisburg and came to 43.6 percent (2006:
45.5 percent). Including one-off effects, the gross profit amounted
to 73.1 million Euro, with a corresponding gross margin of 41.5
percent.
"Considering the difficult market environment, it is remarkable that
we have accomplished our goals to a large extent. With a balanced
product mix, high quality, and our competence for providing
solutions, we managed to satisfy our customers and thus help them
assert themselves in the market", says Dr. Anton Mindl, CEO of ELMOS
Semiconductor AG. "Based on the information currently available, we
have also made significant progress with our free cash flow."
Design win activity and order intake with regard to customer specific
semiconductors (ASICs) was positive in 2007. This trend confirms the
central importance of our core business. We continued to intensify
our effort for the development of standard products (ASSPs),
particularly towards the end of the financial year. We have also
accelerated the development of the next technology generation. For
this and other reasons, research and development expenses increased
to 30.7 million Euro. The increase in marketing and distribution
expenses to 11.6 million Euro was disproportionately high compared to
sales. This is due to the increased effort regarding ASSPs in
general, the increased acquisition regarding the sectors for
industrial and consumer goods, and the successful market entry in
Asia. Administrative expenses grew to 15.2 million Euro, roughly in
line with sales growth (all figures without one-off effects).
Not considering one-off effects, at 19.3 million Euro the operating
income roughly kept up the level recorded for the previous year
(2006: 19.6 million Euro). The EBIT rose to 20.9 million Euro (2006:
19.8 million Euro), amounting to 11.8 percent of sales (2006: 12.3
percent). One-off effects burdened the key figures with about three
percentage points as predicted: The operating income came to 14.5
million Euro or 8.2 percent of sales, the EBIT amounted to 15.2
million Euro or 8.6 percent of sales.
For the current year, ELMOS continues to expect growth above the
market average. Sales are expected to grow by between seven and nine
percent. The EBIT margin is anticipated to turn out between 12 and 14
percent. The company aims at a positive free cash flow. The forecast
for the year 2008 is thus confirmed.
The final figures for the financial year 2007 will be announced at
the annual press conference (Dortmund) and the analysts' conference
(Frankfurt) held on March 13, 2008.
Overview of the preliminary financial figures according to IFRS (in
million Euro or percent):
+-------------------------------------------------------------------+
| | Results (including | Results adjusted by |
| | one-off effects) | one-off effects |
|-----------------+------------------------+------------------------|
| in million Euro | | | | | | |
| or percent, | | | | | | |
| unless | 2007 | 2006 | Diff. | 2007 | 2006 | Diff. |
| otherwise | | | | | | |
| indicated | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Sales | 176.1 | 160.7 | +9.6% | 176.1 | 160.7 | +9.6% |
|-----------------+-------+-------+--------+-------+-------+--------|
| Gross profit | 73.1 | 73.0 | +0.1% | 76.9 | 73.0 | +5.2% |
|-----------------+-------+-------+--------+-------+-------+--------|
| R&D | 30.9 | 29.6 | +4.4% | 30.7 | 29.6 | +3.9% |
|-----------------+-------+-------+--------+-------+-------+--------|
| Sales & | 11.6 | 9.7 | +20.0% | 11.6 | 9.7 | +20.0% |
| distribution | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| General | 16.1 | 14.2 | +13.5% | 15.2 | 14.2 | +7.0% |
| administration | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| Operating | 14.5 | 19.6 | -26.0% | 19.3 | 19.6 | -1.3% |
| income | | | | | | |
|-----------------+-------+-------+--------+-------+-------+--------|
| EBIT | 15.2 | 19.8 | -23.3% | 20.9 | 19.8 | +5.3% |
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ELMOS Semiconductor AG is a producer and developer of system
solutions on semiconductor basis. For more than 20 years, roughly 90%
of sales have been generated with chips for automotive electronics.
ELMOS Semiconductor AG
Janina Rosenbaum
Heinrich-Hertz-Str. 1
44227 Dortmund
Germany
Phone +49 231-75 49-0
Extension -287
Fax +49 231-75 49-548
info@elmos.de
www.elmos.de
--- End of Message ---
ELMOS Semiconductor AG
Heinrich-Hertz-Strasse 1 Dortmund
Deutschland
WKN: 567710; ISIN: DE0005677108; Index: Prime All Share, CDAX, HDAX,
MIDCAP, TECH All Share, GEX;
Listed: Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in
Börse Düsseldorf,
Freiverkehr in Börse Berlin, Freiverkehr in Hanseatische
Wertpapierbörse zu Hamburg,
Freiverkehr in Niedersächsische Börse zu Hannover, Freiverkehr in
Börse Stuttgart,
Geregelter Markt in Frankfurter Wertpapierbörse, Freiverkehr in
Bayerische Börse München;
