All agenda points accepted
Management Board provides positive outlook
Dortmund: ELMOS Semiconductor AG (FSE: ELG) today conducted its seventh Ordinary Annual General Meeting in which roughly 300 shareholders participated. All agenda points have been accepted with a large majority.
“We are optimistic about the upcoming development of the course of business. The feedback of customers regarding our product solutions is throughout positive. This is what we only recently experienced again at an in-house exhibition at one of our customers”, says Dr. Anton Mindl, Chief Executive Officer of ELMOS.
“2006 is a year of new beginnings. Many projects, in particular in the area of microsystems, are on the brink of passing important milestones.” Another focal point in 2006 is the start of production in Duisburg, which went according to schedule and which enables significant cost savings. “This project has the highest priority. We are confident that we will soon be able to deliver the first products from Duisburg”, explains Mindl.
“In particular, the extension of the production led to high capital expenditures”, states Mindl. This led to negative free cash flow, meaning that no free funds are available for distribution to shareholders. In the medium-term the operating performance shall be improved by the various measures initiated in the past months and the capital expenditures reduced so that a dividend can again be distributed. The outlook for a sales growth of at least ten percent in 2006 has been confirmed.
Nicolaus Graf von Luckner, CFO as of July 1st, 2006, was present at today’s AGM. In this morning’s press release, ELMOS announced his appointment as Management Board member. In addition, it was made public that Dr. Klaus Weyer, co-founder and Chief Technology Officer, will leave the Management Board at the end of 2006 and that he will continue to be closely connected with the company as a member of the Supervisory Board.
ELMOS Semiconductor AG is a producer and developer of system solutions on semiconductor basis. For more than 20 years, roughly 90% of sales have been generated with chips for automotive electronics.
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