ANNUAL REPORT 2004 - ELMOS Semiconductor AG

GROUP STATUS REPORT FINANCIAL STATEMENTS GROUP STRUCTURE GLOSSARY
Business and economic framework
Future of automotive electronics
ÿ Profit, financial and assets situation
Supplementary report
Risk report
Outlook report
Trade accounts payable
managed more efficiently
ELMOS Group key figures
Trade accounts receivable also gained lightly from 26.6 million Euro to 27.8 million
Euro. The management of accounts receivable was significantly improved in the year
under report; accounts receivable were outstanding only an average 71 days (pre-
vious year: 80 days).
Trade accounts payable were also managed more efficiently in the year under report
2004. Invoices were paid an average ten days later than in the previous year. Part of
the increase is attributable to obligations from investments made in 2004 but not
yet paid for. This makes trade accounts payable appear unusually high at first glance.
Cash and cash equivalents tied in net working capital were altogether reduced from
166 days in 2003 to 145 days.
Liabilities and shareholders’ equity
The interest-bearing liabilities were decreased in total from 60.6 million Euro to 57.6
million Euro as of December 31, 2004. Despite the repayment of obligations payable
to banks, the net debt lightly increased from 34.7 million Euro to 38.7 million Euro.
This is due primarily to the drop in marketable securities to 3.6 million Euro.
Net working capital Trade accounts receivable + inventories –
The ELMOS Group’s shareholders’ equity rose from 124.7 million Euro to 136.2 million
Euro. Because of this disproportionately high increase of 9.3 percent in relation to the
growth of total assets, the equity ratio increased from 60.7 percent at the end of the
year 2003 to 62.0 percent as of December 31, 2004.
Calculation Unit 2003 2004
trade accounts payable million Euro 40.8 41.9
of sales percent 33.6% 29.2%
Inventory turnover Cost of sales / inventories x 2.7x 2.8x
Receivables turnover Sales / accounts receivable x 4.6x 5.2x
Payables turnover Cost of sales / trade accounts payable x 7.6x 6.3x
Cash cycle Inventory days + debtor days – creditor days days 166 145
Net debt Amounts payable to banks + current portion
of long-term obligations + long-term obligations
– cash and cash equivalents – marketable securities million Euro 34.7 38.7
Gearing Net debt / shareholders’ equity percent 27.8% 28.4%
Equity ratio Shareholders’ equity / total assets percent 60.7% 62.0%
elmos annual report 2004
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