Mediaboss Marketing

PRESS RELEASE: Elmos Semiconductor AG: Strong final quarter 2013 sets sales record

DGAP-News: Elmos Semiconductor AG / Key word(s): Preliminary Results/Forecast Elmos Semiconductor AG: Strong final quarter 2013 sets sales record

19.02.2014 / 20:10

=--------------------------------------------------------------------

Sales increase in the upper single-digit percentage range expected for 2014 - Proposed dividend of 0.25 Euro per share

Dortmund, February 19, 2014: Elmos Semiconductor AG (FSE: ELG) has met its targets for sales and earnings in the past financial year 2013, according to preliminary unaudited financial figures. As expected, sales were increased considerably in the final quarter of 2013 once more, setting a new record beyond the mark of 50 million Euro for the first time in the Company's history. Compared to the prior-year quarter, sales went up 18.5% to 52.7 million Euro (Q4 2012: 44.4 million Euro). Recording disproportionate growth compared to sales, the EBIT increased by 26.5% to 7.1 million Euro (Q4 2012: 5.7 million Euro). This result was equivalent to an EBIT margin of 13.6% (Q4 2012: 12.7%), significantly above the result of the first nine months of 2013 (4.1%).

Sales for the full year 2013 were up 5.0% to 189.1 million Euro (2012: 180.1 million Euro). Particularly good news was the strong sales increase achieved in Asia/Pacific (+20.0%). The gross profit climbed to 79.2 million Euro (2012: 76.1 million Euro). This equals a gross margin of 41.9% (2012: 42.2%). The conversion to up-to-date manufacturing standards (6-inch to 8-inch wafers) had a negative effect on the efficiency of chip production especially in the first half of the year. However, the gross margin increased steadily in the course of the year, reaching 45.8% in the fourth quarter 2013. The EBIT for the full year was 12.7 million Euro and thus equaled an EBIT margin of 6.7% (2012: 11.5 million Euro or 6.4%). The performance of the consolidated net income was positive as well, amounting to 9.4 million Euro in 2013 (2012: 8.1 million Euro). Basic earnings per share (EPS) rose accordingly to 0.49 Euro as compared to 0.42 Euro in the previous year.

Because of the sustained positive development in earnings and cash flows, Management Board and Supervisory Board will propose to the Annual General Meeting on May 13, 2014 to pay a dividend of 0.25 Euro per share again.

'Thanks to the strong fourth quarter, we are ultimately satisfied with the year 2013. The upgrade in production has made good progress despite all difficulties. We managed to gradually increase our output over the entire year,' says Dr. Anton Mindl, CEO of Elmos Semiconductor AG. 'Profitability was negatively affected in 2013 by the conversion of our production. These adverse effects will continue to influence the year 2014, yet not to the same extent as in 2013.'

For 2014 Elmos expects both sales increase and EBIT margin to reach upper single-digit percentage values. Capital expenditures for intangible assets and property, plant and equipment are scheduled not to exceed 15% of sales in 2014. Management also assumes that Elmos will generate a positive adjusted free cash flow once again.

Read more:
PRESS RELEASE: Elmos Semiconductor AG: Strong final quarter 2013 sets sales record