ELMOS SEMICONDUCTOR SE Quarterly statement Q1 2024
January 1 to March 31, 2024
Positive start into the new fiscal year - guidance for 2024 confirmed
Sales up by 4.5% to 136.8 million Euro in the first quarter of 2024 - EBIT margin reaches 24.7%
"The successful start into 2024 forms a solid foundation for the further course of business. Despite ongoing geopolitical and economic uncertainties and temporary inventory adjustments following the end of the allocation, Elmos' business performance is robust, as expected. We are in an excellent position to participate sustainably in the structural growth of the automotive semiconductor market."
Dr. Arne Schneider, CEO of Elmos Semiconductor SE
Key figures
in million Euro unless otherwise indicated | Q1 2024 | Q1 2023 | Change |
Sales | 136.8 | 130.9 | 4.5% |
Gross profit | 62.6 | 59.3 | 5.6% |
in % of sales | 45.8% | 45.3% | |
Research & development expenses | 16.2 | 16.0 | 0.9% |
in % vom Umsatz | 11.8% | 12.2% | |
Operating income before other operating expenses (-)/ income | 31.1 | 30.7 | 1.5% |
in % of sales | 22.8% | 23.4% | |
EBIT | 33.8 | 31.8 | 6.4% |
in % of sales | 24.7% | 24.3% | |
Consolidated net income after non-controlling interests | 24.6 | 20.5 | 19.6% |
in % of sales | 18.0% | 15.7% | |
Earnings per share (basic) in Euro | 1.44 | 1.20 | 19.6% |
03/31/2024 12/31/2023 | Change | ||
Total assets | 799.9 | 812.4 | -1.6% |
Shareholders' equity | 472.9 | 447.9 | 5.6% |
in % of total assets | 59.1% | 55.1% | |
Financial liabilities | 118.4 | 118.7 | -0.3% |
Liquid assets and securities | 58.4 | 108.3 | -46.1% |
Net debt | -60.0 | -10.4 | >100.0% |
Q1 2024 | Q1 2023 | Change | |
Operating cash flow | -23.1 | -1.7 | >100.0% |
Capital expenditures | 20.3 | 15.2 | 32.9% |
Capital expenditures | 14.8% | 11.6% | |
Adjusted free cash flow | -48.9 | -18.7 | >100.0% |
Definitions of selected financial indicators
- Capital expenditures: Capital expenditures for intangible assets and property, plant and equipment less capitalized development expenses.
- 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 changes in the scope of consolidation).
Profit, financial position, as well as assets and liabilities
-> Sales and earnings developed positively in the first quarter of 2024 despite ongoing geopolitical and economic uncertainties.
-> EBIT and EBIT margin increased slightly compared to the same quarter of the previous year.
-> Capital expenditures were at a higher level at the start of the year, as expected.
-> Adjusted free cash flow was primarily influenced by year-end effects on working capital and was therefore negative.
-> The ratio of orders received for the next three months to sales over the past three months, known as the book-to-bill ratio, stood at one at the end of the reporting period.
2
Sales by region
Guidance Fiscal Year 2024 (unchanged as of February 15, 2024)
575.0
34.3%
5.1%
6.9%
53.7%
FY 2023
136.8 | Total sales | |
34.0% | (inmillion Euro) | |
4.1%
7,0%
54.9%
E.U. Countries
Other
America
Asia/Pacific
Q1 2024
Sales | 605 million Euro ±25 million Euro |
Operating EBIT margin1 | 25% ± 2 percentage points |
Capital expenditures (in % of sales)2 | 12% ± 2 percentage points |
Operating adjusted free cash flow3 | positive and significantly above the previous year's level (-24.3 million Euro) |
Assumed average exchange rate | 1.10 EUR/USD |
- EBIT margin excluding effects from the closing of the sale of the Elmos wafer fab to Littelfuse Inc., USA.
- Capital expenditures for intangible assets and property, plant and equipment, less capitalized development expenses.
- Cash flow from operating activities less capital expenditures for/plus disposal of intangible assets and property, plant and equipment, excluding effects from the closing of the sale of the Elmos wafer fab to Littelfuse Inc., USA.
Explanation of the guidance for fiscal year 2024:
The current outlook is unchanged from the guidance of February 15, 2024.
-> For the 2024 financial year, Elmos expects to generate sales of 605 million Euro ± 25 million Euro and an operating EBIT margin of 25% ± 2 percentage points of sales. The anticipated operating EBIT margin does not include any effects from the closing of the sale of the Elmos wafer fab to Littelfuse Inc., USA, which is expected for the end of December 2024.
-> Following the significant expansion of testing capacities, Elmos expects capital expenditures to decline year on year in 2024. The company therefore anticipates that capital expenditures for property, plant and equipment and intangible assets, less capitalized development costs, will amount to approximately 12% of sales ± 2 percentage points.
-> For fiscal year 2024, Elmos expects positive operating adjusted free cash flow (excluding effects from the closing of the sale of the Elmos wafer fab to Littelfuse Inc., USA) to be significantly higher than in the previous year (-24.3 million Euro).
Current expectations may be affected in particular by geopolitical events such as the war in Ukraine, the conflict in the Middle East, by tighter sanctions and trade restrictions, market turbulence, rising prices, and potential shortages for energy, materials, services, and personnel.
3
Condensed consolidated statement of financial position
Assets | in thousand Euro | 03/31/2024 | 12/31/2023 | Equity and liabilities | in thousand Euro | 03/31/2024 | 12/31/2023 | ||
Intangible assets | 46,862 | 40,757 | Share capital | 17,700 | 17,700 | ||
Property, plant and equipment | 297,357 | 292,132 | Treasury shares | -579 | -579 | ||
Securities | 4,108 | 13,422 | Additional paid-in capital | 19,780 | 19,613 | ||
Investments | 1 | 1 | Surplus reserve | 102 | 102 | ||
Other financial assets | 7,124 | 8,927 | Other equity components | -122 | -254 | ||
Deferred tax assets | 765 | 656 | Retained earnings | 435,428 | 410,857 | ||
Non-current assets | 356,216 | 355,895 | Equity attributable to owners of the parent | 472,308 | 447,439 | ||
Non-controlling interests | 578 | 504 | |||||
Inventories | 224,046 | 191,526 | Equity | 472,887 | 447,943 | ||
Trade receivables | 85,044 | 91,018 | |||||
Securities | 14,052 | 6,748 | Financial liabilities | 98,905 | 99,879 | ||
Other financial assets | 3,242 | 5,524 | Deferred tax liabilities | 12,251 | 9,814 | ||
Other receivables | 23,845 | 21,110 | Non-current liabilities | 111,156 | 109,693 | ||
Income tax assets | 254 | 212 | Provisions | 27,550 | 22,735 | ||
Cash and cash equivalents | 35,849 | 85,629 | Income tax liabilities | 75,026 | 71,839 | ||
Assets held for sale | 57,311 | 54,736 | Financial liabilities | 19,469 | 18,807 | ||
Current assets | 443,643 | 456,503 | Trade payables | 48,224 | 97,598 | ||
Other liabilities | 41,945 | 40,304 | |||||
Total assets | 799,859 | 812,398 | Liabilities in connection with assets held for sale | 3,603 | 3,480 | ||
Current liabilities | 215,817 | 254,763 | |||||
Liabilities | 326,973 | 364,455 | |||||
Total equity and liabilities | 799,859 | 812,398 |
4
Condensed consolidated income statement | Condensed consolidated statement of cash flows | |||
in thousand Euro | Q1 2024 | Q1 2023 | in thousand Euro | |
Sales | 136,803 | 130,914 | Consolidated net income | |
Cost of sales | -74,192 | -71,626 | Depreciation and amortization | |
Gross profit | 62,610 | 59,288 | Losses from disposal of assets | |
Research and development expenses | -16,164 | -16,023 | Financial result | |
Distribution expenses | -7,047 | -5,304 | Other non-cash income (-)/expenses | |
Administrative expenses | -8,270 | -7,277 | Current income tax | |
Operating income before other operating expenses (-)/ income | 31,130 | 30,684 | Expense for stock awards/share matching | |
Foreign exchange gains | 554 | 443 | Changes in net working capital: | |
Other operating income | 2,878 | 875 | Trade receivables | |
Other operating expenses | -771 | -241 | Inventories | |
Earnings before interest and taxes (EBIT) | 33,792 | 31,760 | Other assets | |
Finance income | 379 | 88 | Trade payables | |
Finance expenses | -768 | -920 | Other provisions and other liabilities | |
Earnings before taxes | 33,403 | 30,928 | Income tax payments (-)/ refunds | |
Income tax | -8,758 | -10,408 | Interest paid | |
thereof current income tax | -7,193 | -10,111 | Interest received | |
thereof deferred tax | -1,565 | -297 | Cash flow from operating activities | |
Consolidated net income | 24,645 | 20,520 | ||
thereof attributable to owners of the parent | 24,571 | 20,543 | Capital expenditures for intangible assets | |
thereof attributable to non-controlling interests | 74 | -23 | Capital expenditures for property, plant and equipment | |
Payments from disposal of non-current assets | ||||
Earnings per share | Euro | Euro | Proceeds from additions to the scope of consolidation | |
Basic earnings per share | 1.44 | 1.20 | Disposal of/ investment in (-) securities | |
Fully diluted earnings per share | 1.44 | 1.20 | Payments for other financial assets | |
Cash flow from investing activities |
Payments from the repayment of financial liabilities to banks
Repayment of liabilities from installment purchase
Repayment of leasing liabilities
Repayment of other financial liabilities
Other changes
Cash flow from financing activities
Decrease in cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at beginning of reporting period
Cash and cash equivalents at end of reporting period
of which cash and cash equivalents of the disposal group
Q1 2024
24,645
9,915
552
389
-499
7,193
167
5,950
-32,439
-2,452
-39,813
7,089
-4,049
-82
379
-23,056
-8,062
-17,780
20
3
2,123
0
-23,696
-513
0
-388
-280
-1
-1,182
-47,934
34
88,175
40,275
4,426
Q1 2023
20,520
7,916
5
832
297
10,111
176
-7,381
-23,807
-5,906
-3,538
3,964
-4,251
-682
88
-1,656
-1,899
-15,287
143
0
13,131
-26
-3,938
-513
-160
-338
-280
-16
-1,307
-6,901
-99
36,641
29,640
n/a
5
Financial calendar 2024
Quarterly results Q1/20241 | May 7, 2024 | |
Annual General Meeting | May 15, 2024 | |
Quarterly results Q2/20241 | August 1, | 2024 |
Quarterly results Q3/20241 | November 6, | 2024 |
1 The German Securities Trading Act (Wertpapierhandelsgesetz) and the Market Abuse Regulation oblige issuers to announce any information that may have a substantial price impact immediately, irrespective of the financial calendar. Therefore, we cannot rule out having to announce key figures of quarterly and annual results ahead of the dates mentioned above. As we can never rule out changes of dates, we recommend checking them in advance on the website (www.elmos.com).
Contact
Ralf Hoppe | Investor Relations
Phone: + 49 (0) 231-7549-7000
Fax: + 49 (0) 231-7549-111 invest@elmos.com
Elmos Semiconductor SE
Heinrich-Hertz-Straße 1
44227 Dortmund | Germany
Phone: + 49 (0) 231-7549-0
Fax: + 49 (0) 231-7549-149 info@elmos.com | www.elmos.com
Notice
This document is a quarterly statement in accordance with Section 51a Rules and Regulations for the Frankfurter Wertpapierbörse (Börsenordnung für die Frankfurter Wertpapierbörse). For mathematical reasons, tables and references may contain rounding differences to the exact figures (currency units, percentages, etc.).
Forward-looking statements
This report contains forward-looking statements that are based on assumptions and estimates made by the Elmos management. Even though we assume the underlying expectations of our statements to be realistic, we cannot guarantee these 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.
This English translation is provided for convenience only. The German text shall be the sole legally binding version.
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Disclaimer
Elmos Semiconductor AG published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 05:58:05 UTC.
