DGAP-News Elmos Semiconductor SE: Strong final quarter with 13% EBIT margin - Substantial growth momentum in Q1 2021
DGAP-News: Elmos Semiconductor SE / Key word(s): Preliminary Results
Dortmund, February 17, 2021: Elmos Semiconductor SE (FSE: ELG) generated sales of 232.6 million Euro in 2020 according to preliminary, unaudited figures (guidance: 227 to 233 million Euro). Semiconductor sales were down 14.9% year on year due to the pandemic. Measures to adjust to the situation, such as short-time work, voluntary salary concessions of the Management Board, senior executives, and employees, personnel reductions, and further cost cuts, partly compensated for the decline in demand and allowed a positive EBIT of 8.7 million Euro in 2020 (guidance: 6 to 9 million Euro).
Capital expenditures were reduced to 18.8 million Euro (8.1% of sales) following the lower order volume. Elmos succeeded in generating a positive adjusted free cash flow of 3.6 million Euro in the fiscal year 2020.
In Q4 2020, Elmos generated sales of 68.7 million Euro, a sequential growth of 68.0%. EBIT was 8.9 million Euro, with the EBIT margin in Q4 2020 of 13.0% approaching pre-crisis levels.
"In spite of the adverse conditions, we invested a record amount in developing attractive new products in 2020 and closed the year positively with an EBIT of almost 9 million Euro," explains Dr. Arne Schneider, CEO of Elmos Semiconductor SE. "The strong fourth quarter underlines the considerable momentum in the automotive semiconductor industry. Elmos started the new year well and we expect substantial growth in the first quarter."
In the first quarter of 2021, Elmos expects to generate sales of 76 million Euro (± 3 million Euro). The EBIT margin is expected at 14.5% (± 1.5 percentage points). The guidance is based on an exchange rate of 1.20 EUR/USD.
In fiscal year 2021, Elmos anticipates a significant increase in sales and EBIT compared to the previous year. Capital expenditures are expected to be significantly higher year on year. The company expects to generate a positive adjusted free cash flow above the previous year for fiscal year 2021.