ANNUAL REPORT 2004 - ELMOS Semiconductor AG

MANAGEMENT BOARD ELMOS – THE COMPANY THE ELMOS SHARE CORPORATE GOVERNANCE
58
Operating cash flow
clearly higher than
in the previous year
FINANCIAL SITUATION
ELMOS Group key figures according to US-GAAP
in million Euro unless otherwise indicated 2003 2004 Change
Net income 10.0 16.3 + 62.8%
Depreciation 14.6 12.7 – 12.9%
Changes in operating assets and liabilities – 5.3 – 1.1 – 78.8%
Other items – 12.7 7.0 n.a.
Net cash provided by operating activities 6.5 34.9 n.a.
Capital expenditure – 25.3 – 33.5 + 32.4%
in percent of sales 21% 23%
Other items 28.8 2.4 – 91.7%
Net cash used in investing activities 3.4 – 31.2 n.a.
Net cash provided by financing activities – 1.2 – 5.9 n.a.
Change in cash and cash equivalents 8.8 – 2.2 n.a.
Free cash flow (net cash provided by operating
activities less net cash used in investing activities) 10.0 3.7 – 62.9%
Net cash provided by operating activities
Net cash provided by operating activities was raised by more than five times in
relation to 2003. It came to 34.9 million Euro for the whole year 2004 as opposed
to 6.5 million Euro in 2003. Reasons are the significantly higher net income and im-
provements affecting the management of net working capital. There was also no
significant cash outflow for taxes of past years which amounted to more than ten
million Euro in 2003.
Net cash used in investing activities
In the past fiscal year ELMOS used altogether 33.5 million Euro for capital expendi-
ture. This is an increase by 32.4 percent compared to 2003. In contrast to the previous
year no sale and leaseback transactions for technical equipment and machines were
carried out in 2004.
Of the total investments 26.7 million Euro or roughly 80 percent were allotted to the
segment semiconductor. The major part of this expenditure was used for machines
and production equipment. Because of the high utilization of production and the
many incoming orders in the first half-year, expansion investments in frontend and
backend were partly brought forward.