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DGAP-Adhoc: Elmos Semiconductor AG is planning short-time work - Production affected by corona

eqs_en 
0 0 23.03.20
DGAP-Adhoc: Elmos Semiconductor AG is planning short-time work - Production affected by corona
 

DGAP-Ad-hoc: Elmos Semiconductor AG / Key word(s): Miscellaneous
Elmos Semiconductor AG is planning short-time work - Production affected by corona

23-March-2020 / 13:54 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Because of the global corona pandemic, Elmos Semiconductor AG (FSE: ELG) is planning to introduce short-time work of up to 50%. Initially this will concern only certain areas in production. The most recent announcements of numerous car manufacturers on plant shutdowns have the effect that demand is also becoming more uncertain for Elmos and is going down in part.

Elmos has been taking extensive preventive measures for several weeks now, involving all business divisions. For example, several hundred employees are working from home, there are strict travel restrictions, and entry screenings are being conducted. Extensive measures for social distancing have been implemented.

The primary objective is the protection of the health of the staff and all other people involved. The measures taken also aim at maintaining ongoing operations as far as is appropriate and at safeguarding the completion of development projects on schedule.

The financial effects of the corona pandemic cannot be quantified at present. The financial guidance will be updated in due course.

About Elmos
Elmos develops, produces and distributes semiconductors and sensors, primarily for use in the automotive industry. Our components communicate, measure, regulate and control safety, comfort, powertrain and network functions. For over 30 years, Elmos innovations have been bringing new functions to life and making worldwide mobility safer, more comfortable, and more energy efficient.

Important notice
This announcement contains forward-looking statements based on assumptions and estimates made by the management of Elmos. Although we assume that the expectations contained in these forward-looking statements are realistic, we cannot guarantee that they will prove to be correct. The assumptions may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that could cause such differences include, among others, changes in the economic and business environment, fluctuations in exchange rates and interest rates, the introduction of competing products, lack of acceptance of new products and changes in business strategy. Elmos does not plan to update the forward-looking statements, nor does it assume any obligation to do so.

Contact
Elmos Semiconductor AG
Janina Rosenbaum, Head of Investor Relations, Phone: +49-231‐7549‐287
Mathias Kukla, Press Officer, Phone: +49-231-7549-199
E-mail: [email protected]

23-March-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

1004075  23-March-2020 CET/CEST

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Elmos Semiconductor AG Stock

€78.10
1.300%
There is an upward development for Elmos Semiconductor AG compared to yesterday, with an increase of €1.00 (1.300%).
With 8 Buy predictions and not the single Sell prediction the community is currently very high on Elmos Semiconductor AG.
As a result the target price of 87 € shows a slightly positive potential of 11.4% compared to the current price of 78.1 € for Elmos Semiconductor AG.
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EQS Group is a leading international provider of regulatory technology in the fields of corporate compliance and investor relations. In working with EQS Group, thousands of companies worldwide inspire trust by fulfilling complex national and international disclosure obligations, minimizing risks and communicating transparently with stakeholders.




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