MUNICH, Germany Automotive chip vendor Elmos AG (Dortmund, Germany) has been hit badly in FY 2009 by the automotive crisis. Despite a strong uptrend in the second half of the year, the company saw its sales decline drastically.
The company which used to achieve about 85 percent of its sales with customers in the automotive industry reported sales of 123.8 million (about $167 million) in 2009. This is almost 30 percent below the 2008 level. The gross margin dropped to 29 percent from 43.2 percent in the previous year.
While in the second half of the year, sales activities recovered by 41 percent in comparison to the first half, the company wrote red figures in its operating business. The EBIT for the year came out at minus 15.8 million versus a positive result of 16.5 million in 2008. However, the company pointed out that already in Q3 the quarterly EBIT turned positive again.
Demand has recovered during the past months, CEO Anon Mindl pointed out. However, he expressed uncertainty as to the sustainability of the positive trend. Against this background, he declined to provide an outlook at the present point in time.