Elmos Product Quartets Interim report Q1 2014 Number: E523.30 Stepper Motor 5.5 to 20 Volt QFN32L6 Package: Automotive / Grill Shutter Power Stepper Controller Voltage Supply: AUTOMOTIVE MOTOR CONTROL For Motor Type: Number: E524.40 AECQ 100 5 to 18 Volt SOIC20 Package: Automotive / Pedestrial Protection Safety Pressure Sensor SAFETY Quality Level: Voltage Supply: Number: 2.5mA Prox./3D Gesture/Touch QFN32L5 Package: Automotive / Center Console HALIOS® Typical Current Supply: Detection: HALIOS® Multi Purpose Sensor NETWORKING Number: E521.14 Up to 1 Mbit/s High Speed CAN QFN44L7 Bitrate: Interface: Package: Automotive / Control Unit CAN/LIN System Basis Chip + Booster www.elmos.com 32 Produkte | 1 Quartett Stapelweise Systemlösungen – Immer die richtige Lösung in der Hand
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Elmos interim report January 1 − March 31, 2014 | 1
Elmos Product QuartetsInterim report Q1 2014
Number:
E523.30
Stepper M
otor
5.5 to 20 Volt
QFN32L6
Package:
Autom
otive / G
rill Shutte
r
Power Ste
pper Contro
ller
Voltage Supply:
AutoMotiV
E Motor CoNtroL
For Moto
r type:
Number:
E524.40
AECQ 100
5 to 18 Volt
SoiC20
Package:
Automotive / Pedestrial Protection
Safety Pressure Sensor
SAFEty
Quality Level:
Voltage Supply:
Number:2.5mA
Prox./3D Gesture/touch
QFN32L5
Package:
Automotive / Center ConsoleHALioS®
typical Current Supply:
Detection:
HALioS® Multi Purpose Sensor
NEtworkiNG
Number:
E521.14up to 1 Mbit/sHigh Speed CAN
QFN44L7
Bitrate:interface:
Package:
Automotive / Control unit
CAN/LiN System Basis Chip + Booster
www.elmos.com
32 Produkte | 1 Quartett
Stapelweise Systemlösungen –
immer die richtige Lösung in der Hand
2
Overview
in focus-> record start to the year 2014
-> High operating cash flow
-> Sales and earnings show positive trend
-> Forecast confirmed
1 Adjustment of prior-year amounts; please also refer to note 1 in the condensed notes to consolidated financial statements2 Cash flow from operating activities less cash flow from investing activities3 Cash flow from operating activities less capital expenditures for intangible assets and property, plant and equipment, less payments for investments, plus disposal of investments
Due to calculation processes, tables and references may produce rounding differences from the mathematically exact values (monetary units, percentage statements, etc.).
Key figures 1st quarter 2014
in million Euro or percentunless otherwise indicated
01/01 – 03/31/2014
01/01 – 03/31/20131 Change
Sales 49.4 43.1 14.4%
Semiconductor 45.6 39.1 16.5%
Micromechanics 3.8 4.0 –5.5%
Gross profit 20.5 16.8 22.0%
in percent of sales 41.6% 39.0%
R&D expenses 8.7 8.8 –1.4%
in percent of sales 17.5% 20.4%
Operating income before other operating expenses (–)/income 2.8 – 0.7 n/a
in percent of sales 5.7% –1.5%
Exchange rate losses (–)/gains – 0.2 0.1 n/a
Other operating expenses/income 0.6 0.8 –21.2%
EBIT 3.2 0.2 >100.0%
in percent of sales 6.5% 0.6%
Net income for the period after non-controlling interests 4.0 0.4 >100.0%
in percent of sales 8.2% 0.9%
Basic earnings per share in Euro 0.21 0.02 >100.0%
Cash flow from operating activities 11.6 5.9 95.1%
Capital expenditures for intangible assets and property, plant and equipment 8.0 3.0 >100.0%
in percent of sales 16.2% 6.9%
Free cash flow2 3.4 –13.3 n/a
Adjusted free cash flow3 3.6 3.0 20.3%
in million Euro or percent unless otherwise indicated 03/31/2014 12/31/2013 Change
Equity 196.8 192.7 2.1%
in percent of total assets 70.6% 71.1%
Employees (reporting date) 1,063 1,060 0.3%
Elmos interim report January 1 − March 31, 2014 | 3
interim group management report 1
Interim group management report
Course of businessSales development and order situation
Elmos starts the year 2014 with the highest first-quarter sales
in company history. Elmos has been performing in line with the
positive trend for new car registrations in Europe, the u.S.A.,
and China. Compared to the previous year, sales went up 14.4%
to reach 49.4 million Euro (Q1 2013: 43.1 million Euro).
the disproportionate growth of the Asian market (+2.0 million
Euro or 20.4%), again, and the growing European market (+2.4
million Euro or 8.6%) both contributed to this result.
the semiconductor segment gained 16.5% on the prior-year
period, reaching 45.6 million Euro. Sales of the micromechanics
segment were on a slight decline in the first quarter of 2014,
coming to 3.8 million Euro (Q1 2013: 4.0 million Euro), due
in part to the weaker u.S. dollar compared to the prior-year
quarter. Supported by ramp-ups launched already, a higher
sales level is expected for the micromechanics segment in the
course of the year.
in comparison with the fourth quarter of 2013 (Q4 2013: 52.7
million Euro), sales were down by 6.3%. However, it must be
taken into consideration that the fourth quarter of 2013 was
positively affected by catch-up effects. Furthermore, price
reductions, typically to be granted at the beginning of the year,
materialized in the first quarter.
the receipt of orders currently justifies the expectations for yet
another sales increase in 2014. the relation of orders received to
sales, the so-called book-to-bill, was above one at the end of the
Condensed notes to the consolidated financial statementsthe condensed interim consolidated financial statements for the 1st quarter of 2014 were
released for publication in May 2014 pursuant to Management Board resolution.
1 – General information
Elmos Semiconductor Aktiengesellschaft (“the Company” or “Elmos”) has its registered office
in Dortmund (Germany) and is entered in the register of companies maintained at Dortmund
District Court (Amtsgericht), section B, no. 13698. the Articles of incorporation are in effect in the
version of March 26, 1999, last amended by resolution of the Annual General Meeting of May 24,
2013 and edited pursuant to Supervisory Board resolution of January 13, 2014.
the Company’s business is the development, manufacture and distribution of microelectronic
components and system parts (application specific integrated circuits, or in short: ASiCs) as well as
technological devices with similar functions. the Company may conduct all transactions suitable
for serving the object of business directly or indirectly. the Company may establish branches,
acquire or lease businesses of the same or a similar kind or invest in them, and conduct all
business transactions that are beneficial to the Articles of Association. the Company is authorized
to conduct business in Germany as well as abroad.
in addition to its domestic branches, the Company has sales companies in Asia and the united
States and cooperates with other German and international companies in the development and
production of ASiC chips.
Basic principles of the preparation of financial statements
the condensed interim consolidated financial statements for the period January 1 through
March 31, 2014 have been prepared in accordance with iAS 34: interim Financial reporting.
these financial statements do therefore not contain all the information and disclosures
required for consolidated financial statements and should therefore be read in conjunction
with the consolidated financial statements for the fiscal year ended December 31, 2013.
Essential accounting policies and valuation methods
For the preparation of the condensed interim consolidated financial statements, the same
accounting policies and valuation methods have been adopted as were applied for the
preparation of the consolidated financial statements for the fiscal year ended December 31,
2013, with the exception of the following new or amended iFrS standards and interpretations
listed below.
-> iFrS 10: Consolidated Financial Statements
-> iFrS 11: Joint Arrangements
-> iFrS 12: Disclosure of interests in other Entities
-> iAS 28: investments in Associates and Joint Ventures
-> Amendment to iAS 32: offsetting Financial Assets and Financial Liabilities
-> Amendment to iAS 36: recoverable Amount Disclosures for Non-Financial Assets
-> Amendment to iAS 39: Novation of Derivatives and Continuation of Hedge Accounting
First-time application of these standards did not result in material effects on the Group’s
financial, profit and economic situation.
Elmos interim report January 1 − March 31, 2014 | 13
Condensed notes to the consolidated financial statements 2
Adjustment of prior-year amounts
-> Amendment to IAS 19 Employee Benefits
in June 2011 the iASB released amendments to iAS 19: Employee Benefits that were adopted by
the Eu in June 2012. the amendments to iAS 19 generally had to be applied with retrospective
effect for financial statements prepared for fiscal years beginning on or after January 1, 2013.
Elmos fully implemented the effects of the amended standard in the 6-month financial statements
as of June 30, 2013 for the first time. in these 3-month financial statements, the reported prior-
year amounts as of March 31, 2013 are still adjusted for the effects of the amendments to iAS 19
with respect to the first quarter. this resulted in the following effects:
Presentation of the consolidated income statement for the first quarter of 2013:
thousand Euro01/01 – 03/31/2013 before adjustments
Effects of first-time application of IAS 19R
01/01 – 03/31/2013 after adjustments
Consolidated income statement
Administrative expenses –4,083 –21 –4,104
operating income before other operating expenses (–)/income –638 –21 –659
Earnings before taxes 158 –21 137
Deferred tax 855 6 861
Consolidated net income 508 –15 493
Presentation of the consolidated statement of comprehensive income for the first quarter of 2013:
thousand Euro01/01 – 03/31/2013 before adjustments
Effects of first-time application of IAS 19R
01/01 – 03/31/2013 after adjustments
Consolidated statement of comprehensive income
Actuarial gains from pension plans 0 21 21
Deferred tax on actuarial gains from pension plans 0 –6 –6
other comprehensive income after taxes 342 15 357
-> Clarification of accounting treatment of spare parts according to IAS 16 by Annual Improvements
2009-2011 Cycle
Pursuant to iAS 16.8, items such as spare parts are recognized according to the standard applicable
to property, plant and equipment if those parts meet the definition of an item of property, plant
and equipment. otherwise such items are treated as inventory. within the framework of the
Annual improvements 2009-2011 Cycle, the iASB provided a clarification to the effect that spare
parts and servicing equipment must generally be capitalized as property, plant and equipment
regardless of whether or not they can only be used in connection with an item of property, plant
and equipment if only they meet the respective definition (see iAS 16.6). in previous years Elmos
reported all spare parts as part of the inventory. in order to comply with the iASB’s clarification and
the amended iAS 16, spare parts were reclassified to non-current assets. this reclassification was
carried out effective December 31, 2013 for the first time. in the 3-month financial statements as
of March 31, 2013 the clarification described above had not yet to be implemented mandatorily
so that the prior-year amounts have been adjusted for this change in these 3-month financial
statements.
The following effects resulted for the presentation of the consolidated statement of cash flows:
thousand Euro01/01 – 03/31/2013
before correctionsCorrections
pursuant to IAS 801/01 – 03/31/2013
after corrections
Consolidated statement of cash flows
Depreciation and amortization 4,652 1,045 5,697
Changes in inventories –1,434 –258 –1,692
Cash flow from operating activities 5,150 787 5,937
Capital expenditures for property, plant and equipment –1,810 –787 –2,597
Cash flow from investing activities –18,413 –787 –19,200
14
Estimates and assumptions
the Company recognizes provisions for pension and partial retirement obligations pursuant to
iAS 19. An actuarial interest rate of 3.1% has been applied for 2014 for the pension retirement
obligations and an actuarial interest rate of 1.41% for the partial retirement obligations,
unchanged from December 31, 2013.
Exceptional business transactions
there were no exceptional business transactions in the first quarter of 2014.
Basis of consolidation
there were neither additions to nor disposals from the basis of consolidation in the first quarter
of 2014.
Seasonal and economic impact on business operations
the German economy is experiencing an upswing in spring 2014, according to the ifo institute for
Economic research. the gross domestic product will probably grow by 1.9% this year. Domestic
demand is identified as the main growth driver. over the first months of the year 2014, the global
production output increased strongly. Stimulation originates especially from the industrialized
nations where the economy gained momentum in the course of the past year. the business of
Elmos Semiconductor AG is not subject to material seasonal fluctuations.
2 – Segment reporting
the business segments correspond to the Elmos Group’s internal organizational and reporting
structure. the definition of segments considers the different products and services supplied by
the Group. the accounting principles of the individual segments correspond to those applied by
the Group.
the Company divides its business activities into two segments. the semiconductor business is
operated through the various national subsidiaries and branches in Germany, the Netherlands,
South Africa, Asia, and the u.S.A. Sales in this segment are generated predominantly with
electronics for the automotive industry. in addition to that, Elmos operates in the markets for
industrial and consumer goods and provides semiconductors e.g. for applications in household
appliances, photo cameras, installation and building technology, and machine control. Sales in the
micromechanics segment are generated by the subsidiary SMi in the u.S.A. its product portfolio
includes micro-electro-mechanical systems (MEMS) which are primarily silicon-based high-
precision pressure sensors. the following tables provide information on sales and earnings (for
the period January 1 through March 31, 2014 and 2013, respectively) as well as on assets of the
Group’s business segments (as of March 31, 2014 and December 31, 2013, respectively).
Elmos interim report January 1 − March 31, 2014 | 15
Quarter ended 03/31/2014Semiconductorthousand Euro
Micromechanicsthousand Euro
Consolidationthousand Euro
Groupthousand Euro
Sales
third-party sales 45,551 3,817 0 49,368
inter-segment sales 84 351 –4351 0
Total sales 45,635 4,168 –435 49,368
Earnings
Segment earnings 2,899 327 0 3,226
Finance income 642
Finance costs –451
Earnings before taxes 3,417
taxes on income 585
Consolidated net income including non-controlling interests 4,001
Assets
Segment assets 226,522 15,762 36,1332 278,417
investments 470 0 0 470
total assets 278,887
Other segment information
Capital expenditures for intangible assets and property, plant and equipment 8,090 44 0 8,134
Depreciation and amortization 5,647 188 0 5,835
1 Sales from inter-segment transactions are eliminated for consolidation purposes.2 Non-attributable assets as of March 31, 2014 include cash and cash equivalents (31,392 thousand Euro), income tax assets (540 thousand Euro), and deferred tax (4,201 thousand Euro), as these assets are controlled at group level.
Consolidated net income including non-controlling interests 493
Assets and liabilities (as of 12/31/2013)
Segment assets 223,533 16,166 30,6812 270,380
investments 470 0 0 470
total assets 270,850
Other segment information
Capital expenditures for intangible assets and property, plant and equipment 2,947 26 0 2,973
Depreciation and amortization 5,529 168 0 5,697
1 Sales from inter-segment transactions are eliminated for consolidation purposes.2 Non-attributable assets as of December 31, 2013 include cash and cash equivalents (27,949 thousand Euro), income tax assets (61 thousand Euro), and deferred tax (2,671 thousand Euro), as these assets are controlled at group level.3 Adjustment of prior-year amounts; please also refer to note 1 in the condensed notes to consolidated financial statements.
2Condensed notes to the consolidated financial statements
16
Geographical information
Sales generated with third-party customers
Quarter ended03/31/2014
thousand Euro
Quarter ended03/31/2013
thousand Euro
Germany 17,035 14,901
other Eu countries 13,253 12,980
u.S.A. 4,167 2,683
Asia/Pacific 11,781 9,788
others 3,132 2,790
Consolidated sales 49,368 43,142
Geographical distribution of non-current assets 03/31/2014
thousand Euro12/31/2013
thousand Euro
Germany 142,277 139,613
other Eu countries 4,179 4,297
u.S.A. 4,360 4,511
others 79 89
Non-current assets 150,895 148,510
3 – Notes on essential financial statement items
Selected non-current assets
Development ofselected non-currentassets from January 1 toMarch 31
Further informationthis interim report was released on May 6, 2014 in German and English. Both versions are available for download on the internet at www.elmos.com.
we are happy to send you additional informative material free of charge on your request.
this report contains statements directed to the future that are based on assumptions and estimates made by the management of Elmos. 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 current statements made with respect to the future. Among the factors that could cause such differences are changes in 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 for convenience purposes only.
Financial calendar 2014, Contact | imprint, Further information 3
Financial calendar 2014
Quarterly results results Q1/20141 May 6, 2014
Annual General Meeting in Dortmund May 13, 2014
Quarterly results Q2/20141 August 6, 2014
Quarterly results Q3/20141 November 5, 2014
Equity Forum in Frankfurt November 24-26, 2014
1 the German Securities trading Act (wpHG) obliges issuers to announce immediately any information that may have a substantial price impact, irrespective of the communicated schedules. therefore we cannot exclude that we will 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 dates and news on the Company’s website (www.elmos.com). Conference calls are usually held on the day after the announcement of quarterly results.