ANNUAL REPORT 2004 - ELMOS Semiconductor AG

More documents

Recommendations

Info

MANAGEMENT BOARD ELMOS – THE COMPANY THE ELMOS SHARE CORPORATE GOVERNANCE 62 ÿ Supplementary report No events of particular importance can be reported. CHANGE TO IFRS Article 4 of Regulation No. 1606/2002 of the European Parliament and of the Council of July 19, 2002 obliges ELMOS Semiconductor AG as a capital market oriented company to change the preparation of its consolidated financial statements over to IFRS. ELMOS will totally implement this change as of December 31, 2005. This means that the financial statements as of December 31, 2005 to be published in the spring of 2006 will disclose accounting according to IFRS for the first time. These statements will show the given period as of December 31, 2004, correspondingly. The given period as of December 31, 2004 brought in according to IFRS will make it possible for capital market participants to compare between IFRS and US-GAAP. All quarterly consolidated financial statements and consolidated financial statements after December 31, 2005 will be prepared according to IFRS exclusively.
GROUP STATUS REPORT FINANCIAL STATEMENTS GROUP STRUCTURE GLOSSARY Business and economic framework Future of automotive electronics Profit, financial and assets situation ÿ Supplementary report ÿ Risk report Outlook report Demand for ASICs is relatively robust ÿ Risk report RISK MANAGEMENT SYSTEM In the year under report, ELMOS Semiconductor AG applied its comprehensive risk management system, in accordance with § 91 (2) AktG and implemented in 2002, to the Group companies step by step and further refined it. The risk management system of ELMOS and its application were duly examined of accordance with the regula- tions of the German Commercial Code (HGB) and the Corporations Act (AktG) at the end of the year and found effective by Ernst & Young AG, Wirtschaftsprüfungsgesell- schaft, Dortmund. It provides for the regular recording and assessment of new and known risks by the employees responsible and establishes a closed-loop reporting system. The company departments of the ELMOS Group report on a monthly basis on the development of finances and operations. In the year 2004 the risk management reporting was changed over to intranet based input. Thus an easier and more reliable collection of data and distribution of information is made possible. By these devices Management Board and Supervisory Board are informed regularly and timely of the risk situation and are enabled to take appropriate action for risk minimization or de- fense, respectively. This risk management system will be continuously expanded and refined in 2005 according to changing prevailing conditions. It is the strategy of ELMOS to cover interest and currency risks by suitable instru- ments, such as corresponding derivative products. ELMOS enters from time to time into forward exchange contracts to hedge foreign currency transactions on a continuing basis for periods consistent with its committed exposures. These hedging ac- tivities minimize the impact of foreign exchange rate movements on the company’s profit situation. ELMOS does not engage in speculation. DEPENDENCE ON THE AUTOMOBILE INDUSTRY The ELMOS core business is directly connected to the automobile industry’s demand for ASICs. Roughly 90 percent of sales are made with ASICs for automotive electronics. On the one hand this demand depends on the units of cars produced, on the other hand it is subject to the continuing trend towards more electronics in auto- mobiles. Owing to the increase of electronic applications in cars, unit numbers of ASICs sold even rise if the number of cars produced stagnates or declines. It can be observed that in times of slack markets the automobile industry often offers cars at standard prices with higher-value fittings. As a result the number of ASICs sold does not necessarily decrease even though car production stagnates or decreases. Demand for ASICs turns out to be relatively robust in consequence and to be subjected to the fluctuations of vehicle units to a lesser extent. elmos annual report 2004 63
Page 1:
ANNUAL REPORT 2004
Page 4 and 5:
Five-year overview ELMOS Group acco
Page 6 and 7:
ÿ Chronicle 2004 1 ST QUARTER 2 ND
Page 8 and 9:
ÿ Table of contents MANAGEMENT BOA
Page 10 and 11:
MANAGEMENT BOARD ELMOS - THE COMPAN
Page 12 and 13:
Page 14 and 15:
ELMOS IS A PART OF YOUR CAR’S FUT
Page 16 and 17:
Page 18 and 19:
Page 20:
ELMOS NETWORKS YOUR CAR EFFECTIVELY
Page 23 and 24:
1 2 1 1 3
Page 25 and 26:
7 12 11 13 1 4 8 5 10 2 6 1 1 3 9
Page 27 and 28: GROUP STATUS REPORT FINANCIAL STATE
Page 34 and 35: ELMOS ASSISTS YOUR DRIVING At night
Page 36 and 37: ELMOS ASSISTS YOUR DRIVING Innovati
Page 38 and 39: MANAGEMENT BOARD ELMOS - THE COMPAN
Page 44: ELMOS CONNECTS ELECTRONICS WITH MEC
Page 47 and 48: 1 2 3 4 5 6
Page 49 and 50: 1 10 2 11 9 12 3 4 5 8 6 7
Page 77: GROUP STATUS REPORT FINANCIAL STATE
Page 87 and 88: CONSOLIDATED FINANCIAL STATEMENTS F
Page 129:
FINANCIAL CALENDAR Press conference
show all

ANNUAL REPORT 2004 - ELMOS Semiconductor AG

Create successful ePaper yourself

Delete template?

Save as template?