EQS-News

Elmos: Record financial results and important structural progress in fiscal year 2023 - Seite 2

Elmos’ capital expenditures totaled 115.1 million Euro in the past fiscal year (2022: 73.0 million Euro), or 20.0% of sales (2022: 16.3%). Full-year adjusted free cash flow stood at 12.9 million Euro in 2023. Operating adjusted free cash flow (excluding effects from the sale of the Elmos wafer fab) was below the prior year amounting to -24.3 million Euro (2022: 14.9 million Euro), as anticipated.

In line with expectations, Elmos was able to build on the positive performance in the first nine months of the year with a strong final quarter. Sales in the fourth quarter of 2023 came to 156.6 million Euro (Q4 2022: 125.5 million Euro), an increase of 3.3% on the strong prior quarter and a 24.7% year on year growth. Fourth-quarter EBIT climbed to 43.2 million Euro in 2023 (Q4 2022: 35.7 million Euro). The EBIT margin amounted to 27.6% (Q4 2022: 28.4%).

“We delivered another successful fiscal year in 2023 – with record-breaking sales and profitability, paired with strong new business acquisitions and important structural progress,” says Dr. Arne Schneider, CEO of Elmos Semiconductor SE. “Following three years of extremely high growth rates, the automotive semiconductor market now finds itself in a period of normalization including temporary inventory adjustments. However, the demand for semiconductors structurally increases further as ever more intelligent electronics fuel innovation in modern vehicles. As a fabless company with state-of-the-art customer solutions, a broad international footprint and a strong team, we will be a part of this long-term growth trend and continue on our successful trajectory.”

In fiscal year 2024, 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. The company expects that capital expenditures for property, plant and equipment and intangible assets, less capitalized development costs, will amount to approximately 12% ± 2 percentage points of sales. 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 prior year (‑24.3 million Euro). The guidance is based on an exchange rate of 1.10 EUR/USD.