Ad hoc: ELMOS Semiconductor AG: ELMOS: Expected sharp sales decline in first quarter 2009

ELMOS Semiconductor AG / Interim report, Quarterly report / Ad hoc:
ELMOS: Expected sharp sales decline in first quarter 2009

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ELMOS Semiconductor AG suffered a sharp sales decline in the first
quarter 2009. Sales of 22.6 million Euro, down 48.9% from last year's
first quarter (Q1 2008: 44.2 million Euro), are in line with the
expectations and result from the continued weak automobile demand
worldwide as well as of stock reductions in the supply chain. Unlike
most other businesses in the industry, ELMOS was able to generate
sales in the fourth quarter 2008 on the preceding quarter's level on
account of order lead times. This factor contributes to the
significant downturn in percent in the first quarter 2009.
The gross profit dropped 75.3% to 4.7 million Euro (Q1 2008: 18.9
million Euro). The gross margin thus came to 20.7% (Q1 2008: 42.8%).
Despite the large share of fixed costs in semiconductor manufacture,
production costs were reduced already in the first quarter 2009 so
that the 14.2 million Euro decline in gross profit was
disproportionately low considering the 21.6 million Euro drop in
sales. The EBIT decrease to -8.9 million Euro indicates additional
savings in functional costs. The net loss for the quarter came to
-6.1 million Euro (Q1 2008: net income of 2.8 million Euro).
The cost saving measures initiated already in fall 2008 show first
results in the course of the first quarter 2009. Due to these
extensive measures much more than 10 million Euro will be saved
altogether in 2009.
The amount of cash and cash equivalents is virtually unchanged
(3/31/2009: 42.0 million Euro vs. 12/31/2008: 42.5 million Euro). The
equity ratio of 69.3% also keeps up its high level (12/31/2008:
68.5%). In addition, ELMOS achieved a positive cash flow from
operating activities of 0.7 million Euro (Q1 2008: 0.4 million Euro)
despite the negative result and the sharp setback in sales. The free
cash flow was also much improved because of lower capital
expenditures (Q1 2009: -1.0 million Euro vs. Q1 2008: -6.6 million
Euro).
A reliable forecast for the second half of the year is not possible
at the moment. However, ELMOS sees first indications of a bottom
formation of the market.
The complete 3-month report is available in German and English at
www.elmos.de. On April 29, 2009 at 11:00 a.m. (CEST), ELMOS will hold
a conference call (in English) for analysts and investors. The
conference call will later be downloadable from the company website.
Contact: ELMOS Semiconductor AG, Janina Rosenbaum,
Heinrich-Hertz-Str. 1, 44227 Dortmund, Telephone: 0231-7549-0,
Direct: -287, Fax: 0231-7549-548, eMail: info@elmos.de, www.elmos.de

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ELMOS Semiconductor AG
Heinrich-Hertz-Strasse 1 Dortmund
Deutschland

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