Elmos Interim Report Q3 2013

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Elmos Interim Report Q3 2013

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  • 1.360 Elmos Interim Report Q3 2013Elmos Interim Report July 1 September 30, 2013 | 1

2. Overview In focus3rd quarter-> Signicant sales growth in Q3 2013 comparedto Q3 2012 (+6.8%) -> Quality of earnings signicantly improved inin million Euro or percent unless otherwise indicated7/1 9/30/20121Change1/1 9/30/20131/1 9/30/20121Change46.243.36.8%136.4135.70.5%Semiconductor42.538.710.0%124.9121.23.0%Micromechanics3.64.620.3%11.514.420.5%19.918.38.9%55.154.51.0%43.1%42.2%40.4%40.2%Gross prot-> Strong fourth quarter 2013 expected -> Forecast for full year 2013 conrmed7/1 9/30/2013SalesQ3 2013 vs. prior-year quarter and in the course of 20139 monthsin percent of sales R&D expenses in percent of sales Operating income before other operating expenses/income in percent of sales Exchange rate losses7.88.916.8%20.7%3.71.48.0%13.2%3.2%>100.0%25.626.818.7%19.8%3.62.52.7%4.7%1.8%46.1%EBIT in percent of sales Consolidated net income after non-controlling interests in percent of sales Basic earnings per share (in Euro)0.20.246.8%0.20.22.6%0.20.39.6%2.13.540.4%3.7Other operating expenses/income1.5>100.0%5.55.85.0%8.0%3.4%4.1%4.3%3.11.06.6%2.4%0.160.05>100.0%4.54.63.3%3.4%>100.0%0.230.241.1% 0.7%Cash ow from operating activities6.67.815.4%11.812.88.1%Capital expenditures for intangible assets and property, plant and equipment3.74.721.1%10.813.017.1%7.9%9.6%in percent of sales8.0%10.8%Free cash ow22.87.662.5%24.21.4n/aAdjusted free cash ow32.93.27.0%2.70.1n/a9/30/201312/31/2012Change187.6189.6 41.1%70.4%69.6%70,1%1,0631,0323.0%in million Euro or percent unless otherwise indicated Equity in percent of total assets Employees (reporting date) Due to calculation processes, tables and references may produce rounding differences from the mathematically exact values (monetary units, percentage statements, etc.).Adjustment of prior-year amounts due to amendment to IAS 19; please refer to note 1 in the condensed notes to the consolidated nancial statements Cash ow from operating activities less cash ow from investing activities 3 Cash ow from operating activities less capital expenditures for intangible assets and property, plant and equipment, less payments for investments, plus disposal of investments 4 Adjustment due to amendment to IAS 19; please refer to note 1 in the condensed notes to the consolidated nancial statements 122 3. Interim group management report Course of businessthroughout the industry. The Asia/Pacic share in sales roseSales development and order situationfrom 19.9% in the rst nine months of 2012 to 22.7% in theElmos Semiconductor AG generated sales of 136.4 million in2013 reporting period.Sales by region Other EU countries 27.7%the rst nine months of 2013. Sales have thus remained stableU.S.A. 7.5%in comparison with the previous year (9M 2012: 135.7 millionThe distribution of sales between the semiconductor segmentEuro). Business continues to be determined strongly by theand the micromechanics segment was as expected. Whileprecarious European economy.the semiconductor segment slightly gained on the prior-year period in the 2013 reporting period (+3.0% to 124.9 millionAsia/Pacic 22.7%Sales of the third quarter 2013 were increased by 6.8% toEuro), sales generated with micromechanical products went46.2 million Euro (Q3 2012: 43.3 million Euro). Contrary todown to 11.5 million Euro in the rst nine months of 2013 (9Mexpectations, sales turned out slightly below the preceding2012: 14.4 million Euro). The reason for this development inOther countries 6.9%quarters level related to the cut-off date (Q2 2013: 47.1 millionmicromechanics is that some products phase out in scal yearGermany 35.2%Euro).2013 and the next product generations will be launched only in late 2013 or 2014. so-called book-to-bill, was considerably above one at the endThe trend that combines weak business with European automotive customers and a pleasant development in Asia isThe order backlog fullls the expectations that form the basis ofof the third quarter of 2013. In addition, negative cut-off datestill determining sales gures of carmakers and their suppliersthe forecast at present. The ratio of order backlog to sales, theeffects at the end of the third quarter 2013 will positively affect the fourth quarter 2013.1/1 9/30/2013 thousand Euroin percent of sales1/1 9/30/2012 thousand Euroin percent of salesGermany47,96035.2%40,21129.6%19.3%Other EU countries37,84827.7%45,41233.5%16.7%Third-party salesChangeU.S.A.10,1777.5%12,8089.4%20.5%Asia/Pacic31,01322.7%26,96119.9%15.0%9,3906.9%10,2757.6%8.6%136,388100.0%135,667100.0%0.5%Others Consolidated salesElmos Interim Report July 1 September 30, 2013 | 3 4. Prot situation, nances and asset situationmillion Euro). Accordingly, the margin climbed from 1.8% in theAt 4.5 million Euro for the rst nine months 2013, the consoli-The cost of sales remained more or less stable year-over-yearrst nine months of 2012 to 2.7% in the period under review. Adated net income attributable to owners of the parent almostat 81.3 million Euro for the rst nine months of 2013 (9M 2012:signicant increase of the margin is notable in the course of thereached the prior-year level (9M 2012: 4.6 Mio. Euro) due to the81.1 million Euro). Because of essentially unchanged sales, grossyear 2013. While it was still negative in the rst quarter 2013 atreporting periods better net nancial result (9M 2013: even; 9Mprot and gross margin also changed only insignicantly. The1.5%, it reached a value of 1.2% in the second quarter 2013 and2012: net nancial expenses of 0.4 million Euro). This equals ba-gross prot reached an amount of 55.1 million Euro in the re-rose to 8.0% in the third quarter of 2013.sic earnings per share of 0.23 Euro (9M 2012: 0.24 Euro).Contrary to the operating income, earnings before interestThe consolidated net income for the third quarter 2013 amount-and taxes (EBIT) went slightly down in comparison with theed to 3.1 million Euro (Q3 2012: 1.0 million Euro), equivalent toThe gross prot for the third quarter of 2013 went up dispropor-prior-year period. The EBIT came to 5.8 million Euro in the rstbasic earnings per share of 0.16 Euro (Q3 2012: 0.05 Euro).tionately to sales by 8.9% to 19.9 million Euro (Q3 2012: 18.3 mil-nine months of 2012 and to 5.5 million Euro in the reportinglion Euro) so that the gross margin climbed from 42.2% to 43.1%.period, equivalent to margins of 4.3% and 4.1% respectively. AThe cash ow from operating activities was roughly stable inpositive development is notable in the course of the year 2013year-over-year comparison, reaching 11.8 million Euro in the rstResearch and development expenses went down 4.7% to 25.6as well. The lower value as compared with the prior-year periodnine months of 2013 (9M 2012: 12.8 million Euro). Capital expen-million Euro in the rst nine months of 2013 (9M 2012: 26.8 mil-is essentially accounted for by income from the revaluation ofditures for intangible assets and property, plant and equipmentlion Euro). The main reason for this is a higher amount of R&Dthe old shares in MAZ, included in other operating income of thewere 10.8 million Euro in the rst nine months of 2013, or 7.9%subsidies in the third quarter of 2013. The R&D ratio was thusprior-year period. The subsidiarys rst-time consolidation in theof sales (9M 2012: 13.0 million Euro, or 9.6% of sales). The adjust-reduced from 19.8% for the rst nine months of 2012 to 18.7%second quarter of 2012 resulted in income of 1.8 million Euro.ed free cash ow (cash ow from operating activities less cap-porting period, compared with 54.5 million Euro recorded for the rst nine months of 2012.for the reporting period. Distribution expenses of the rst nineital expenditures for intangible assets and property, plant andmonths went up slightly year-over-year from 13.1 million EuroIn addition to the increase of the gross prot, the decrease of op-equipment, less payments for investments, plus disposal of in-or 9.7% of sales to 13.6 million Euro or 10.0% of sales. Adminis-erating expenses contributed to another improvement of thevestments) came to 2.7 million Euro (9M 2012: 0.1 million Euro).trative expenses of 12.2 million Euro in the rst nine months ofEBIT margin of the third quarter 2013, considerably exceeding2013 remained stable in comparison with the prior-year periodthe prior-year amount with 8.0% (Q3 2012: 3.4%). The increaseIn the third quarter 2013, the adjusted free cash ow was 2.9(9M 2012: 12.1 million Euro ).of the earnings margins is apparent both in comparison withmillion Euro (Q3 2012: 3.2 million Euro), also reecting an im-the prior-year quarter and in the course of the year 2013. Thisprovement in the course of the year.The slightly higher gross prot and the lower functional costs re-improvement is mainly due to the efciency increase broughtsulted in an increase of the operating income by 1.1 million Euroabout by the continued conversion of production from 6 toto 3.6 million Euro in the rst nine months of 2013 (9M 2012: 2.58-inch wafers.4 5. In addition to cash and cash equivalents in the amount of 19.2China continues to be the auto industrys growth driver. In theThe Supervisory Board of Elmos has appointed Dr. Arnemillion Euro, the Company holds 52.6 million Euro in long-termrst nine months of 2013, 11.6 million cars were registered.Schneider (36) as new member of the Management Boardand short-term securities (December 31, 2012: 55.6 million EuroThis is a 20.8% gain compared with the prior-year period.effective July 1, 2014. He will be responsible for Finances andand 26.6 million Euro, respectively). Cash and cash equivalentsThe German carmakers have a share of close to 22% in theAdministration. The acting CFO, Nicolaus Graf von Lucknerplus fungible securities altogether amounted to 71.8 millionChinese market, as reported by the German Association of the(64), will go into retirement as of June 30, 2014 and thus leaveEuro as of September 30, 2013, lower by comparison to Decem-Automotive Industry (VDA).the Management Board of Elmos Semiconductor AG. Thisber 31, 2012 (82.2 million Euro). Net cash also went down fromannouncement was released in September.December 31, 2012 (39.3 million Euro), to 34.2 million Euro. TheIn other Asian countries, however, the market developmentmain reasons for this are the payment of the dividend, the shareis negative: Car sales in India have gone down by almost 8%Productsbuyback scheme and capital expenditures. The equity ratio ofto 1.9 million units so far this year. On the Japanese passengerIn the reporting period Elmos introduced the following new70.4% as of September 30, 2013 remained stable (December 31,car market, roughly 5% fewer cars, altogether 3.5 million, wereproducts, among others:2012: 69.6%).registered in comparison with the year before.-The IC 931.08 is designed especially for the interface between thermopile sensor and microcontroller orEconomic environmentThe U.S. market continues its positive trend, recordingprocessor. One of the potential applications is a compact-The worldwide car market continues to show major regionalaltogether 11.7 million light vehicles and thus about 8% moresized in-ear thermometer.differences. Compared with the previous year, however, inregistered cars in the reporting period.-September 2013 there are rst signs of a slight recovery inThe IC family 522.7x comprises highly efcient stepdown converters designed consistently for low quiescentSignicant eventscurrent draw and high efciency. The achievable efciencyGrouprate exceeds 90%. Potential elds of use are industrialThe Western European car market was still 4% below the prior-Dr. Anton Mindl, CEO, and Nicolaus Graf von Luckner, CFO,applications in voltage supply systems.year level with close to 8.8 million new registrations in theexplained the 2012 annual result within the framework of therst nine months. The relevant Western European markets,annual press conference and the analysts conference heldhas presented a semiconductor specially designed for thewith the exception of Great Britain (+10.8%), showed negativeon March 19, 2013.control of light and lighting xtures. The new productsome countries of Western Europe.or very negative performances. According to the European-With the IC E527.16 based on the HALIOS principle, Elmosrecognizes simple gestures such as approach or wipingAutomobile Manufacturers Association (ACEA), new passengerElmos held its 14 Annual General Meeting on May 24, 2013.car registrations went down from the prior-year period in SpainAll items on the agenda were adopted by a large majority.thmotions up to a distance of approx. 25 cm.(1.6%), Germany (6.0%), Italy (8.3%), and France (8.5%).Elmos Interim Report July 1 September 30, 2013 | 5 6. Elmos and SMI have announced a partnership with theMiscellaneousOther disclosuresdistributor Mouser Electronics Inc. Since April, MouserElmos has successfully implemented an energy managementStaff developmenthassemiconductors,system. It has been certied according to DIN EN ISOThe Elmos Groups workforce came to 1,063 employees as ofMEMS pressure sensors, HALIOS sensors, and integrated50001. Its goal is to save energy. Components of the energySeptember 30, 2013. Compared with December 31, 2012 (1,032microsystems.management system are energy policy, the denition ofemployees), the staff is thus slightly increased (3.0%). This is ac-energy targets, the identication of energy savings potential,counted for essentially by the regular employment of formerlythe determination of measures, and reviews and monitoring.temporary staff.and electronica China in Shanghai and received positiveElmos has also reported that is has aligned its IC developmentStaff development Elmos Groupcustomer response throughout.process with the requirements of ISO 26262. ISO 26262 is abeendistributingmixed-signalFurthermore, Elmos displayed its product portfolio at the trade shows embedded world 2013 in Nurembergcomprehensive international standard that focuses on the On June 25, 2013 Elmos held a development workshop forfunctional safety of electric/electronic automotive systems.customers about industrial products. Its main focus was the1,032 Employees1,063 EmployeesElmos participates in the ZVEI ad hoc workgroup ISO 26262.efcient integration of IO-Link, DC/DC and KNX products into new as well as existing systems.In mid-September Elmos launched its new website. Clearly Other subsidiarieslaid out product pages, easy sample ordering, and all the facts In June 2013 Elmos released the new product catalogat a single glance: These were the priorities Elmos had dened2013/14 containing many application examples and detailedfor redesigning its website. Moreover, the website is nowinformation.ready and optimized for mobile devices such as smartphones826850 Silicon Microstructuresand tablets. 12/31/201269/30/2013Elmos Dortmund & Duisburg 7. Elmos shareAltogether 97,460 stock options were exercised in the rst nineManagement BoardDespite the persisting economic uncertainties in Europe, themonths of...