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EQS-News: Elmos Semiconductor SE
/ Key word(s): Preliminary Results
Sales up by 28.6% to 575.0 million Euro in 2023 – EBIT margin reaches a strong 26.2% Dortmund, February 15, 2024: Elmos Semiconductor SE (FSE: ELG) continued its very successful development of the past few years in fiscal year 2023, posting new records for sales and EBIT and making important structural progress as well. Despite the challenging economic environment and a noticeable easing in the global supply chains, demand for Elmos’ semiconductors remained solid. According to preliminary, unaudited figures, Group sales climbed to 575.0 million Euro (2022: 447.2 million Euro) – the third record high in succession. This equates to an increase of 28.6%, or 127.8 million Euro, year on year. The development of earnings before interest and taxes (EBIT) was even more encouraging. In fiscal year 2023, the Elmos Group generated EBIT of 150.7 million Euro, surpassing the prior-year figure (2022: 110.1 million Euro) substantially – also a new record. The EBIT margin rose to 26.2% of sales (2022: 24.6%), placing it in the upper half of the full-year guidance of 25% ± 2 percentage points. Alongside the positive financial performance, the Elmos Group also achieved key milestones in its structural development in the past fiscal year. New business acquisition was once again extremely successful in 2023, with promising design wins recorded across all application fields. In addition, Elmos strengthened its software expertise and is focusing on an even closer integration of innovative hardware and high-performing software supporting software-defined vehicles. Another key activity over the past year was the significant expansion of testing capacities, which allowed the Elmos Group to launch new products in the second half of the year and to ensure delivery capability to its customers. As a result, increased sales were generated in the third and fourth quarters of 2023 and a solid basis for further growth was created. With the signing of the contracts for the sale of the Dortmund wafer fab and the regulatory approvals, Elmos took an important step forward in its transformation to a fabless company. 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. Overview of selected, preliminary and unaudited financial figures
Detailed overviews of the financial figures will be published with the presentation of the final figures in the 2023 Annual Report on March 14, 2024. The dividend proposal to the Annual General Meeting in May 2024 is also expected to be announced on this date. Definitions of selected financial indicators Analysts’ conference call and webcast Contact About Elmos Note
15.02.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| Language: | English |
| Company: | Elmos Semiconductor SE |
| Heinrich-Hertz-Str. 1 | |
| 44227 Dortmund | |
| Germany | |
| Phone: | +49 (0)231 7549-575 |
| Fax: | +49 (0)231 7549-111 |
| E-mail: | |
| Internet: | |
| ISIN: | DE0005677108 |
| WKN: | 567710 |
| Indices: | SDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1837633 |
| End of News | EQS News Service |
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1837633 15.02.2024 CET/CEST
