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23.03.2015 07:30:00
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MEMSCAP Earnings for Fiscal Year 2014: Positive Operating Cash Flow at Eur 1.7 Million
Regulatory News :
Memscap (Paris:MEMS) (NYSE Euronext: MEMS), the leading provider of innovative solutions based on MEMS (micro-electro-mechanical systems) technology, today announced its earnings for fiscal year 2014 ending December 31, 2014.
Analysis of the consolidated income statement
Matching previous quarterly press releases, revenue for FY 2014 amounted to EUR 13.2 million (US$ 17.4 million). Consolidated revenue distribution by market segment over FY 2014 is as follows:
| Market segments | Revenue (M€) | % | ||
| Aerospace | 5.9 | 45% | ||
| Mass Market | 2.9 | 22% | ||
| Medical / Biomedical | 2.6 | 20% | ||
| Optical Communications / Adaptive Optics | 1.8 | 13% | ||
| Total | 13.2 | 100% |
(Any apparent discrepancies in totals are due to rounding.)
MEMSCAP consolidated earnings for FY 2014 are given by the following table:
| (In millions euros) |
For the year ended 31 December 2014 |
For the year ended 31 December 2013 |
||
| Revenue |
13.2 |
13.7 |
||
|
- Standard products* |
8.1 |
8.2 |
||
|
- Custom products |
5.1 |
5.5 |
||
| Gross margin |
4.1 |
2.9 |
||
| Operating expenses** |
(3.7) |
(4.4) |
||
| Operating profit / (loss) |
0.4 |
(1.4) |
||
| Financial profit / (loss) |
(0.2) |
0.0 |
||
| Net profit / (loss) | 0.2 | (1.4) |
(Financial data were subject to an audit by the Group’s statutory auditors who will issue their reports at a later date. On March 20th, 2015, the MEMSCAP board of directors authorized the release of the FY 2014 consolidated financial statements. Any apparent discrepancies in totals are due to rounding.)
* Including the royalties from the dermo-cosmetics segment.
** Net
of research & development grants.
In line with the Group business strategy focused on high-added value market segments and amplification of productivity within the production lines, the gross margin rate ended at 31% of consolidated sales for FY 2014, thus an increase by 10 points compared to the previous year. Consolidated gross margin for FY 2014 amounted to EUR 4.1 million against EUR 2.9 million for FY 2013.
Operating expenses (net of research & development grants) amounted to EUR 3.7 million for FY 2014 showing a EUR 0.7 million reduction compared to FY 2013.
The growth of the Group’s gross margin over FY 2014 combined with the control of operating costs led to a EUR 0.4 million operating profit compared to an operating loss at EUR (1.4) million for FY 2013.
The financial loss for FY 2014 at EUR (0.2) million mainly included foreign currency impact related to hedging instruments on Group’s sales. The financial profit for FY 2013 was at break-even level.
Finally, the net profit for FY 2014 amounted to EUR 0.2 million compared to a net loss of EUR (1.4) for FY 2013.
Positive operating cash flow at EUR 1.7 million
Due to a positive operating cash flow of EUR 1.7 million over FY 2014, available liquidities at December 31, 2014 amounted to EUR 3.8 million including cash and short term deposits as well as cash investments (Corporate bonds) recorded under financial assets available for sale (December 31, 2013: EUR 2.5 million).
In addition, at December 31, 2014, the available unused credit lines amounted to EUR 0.4 million (December 31, 2013: EUR 0.5 million).
Net cash minus total loans, borrowings and other financial liabilities amounted to EUR 0.9 million at December 31, 2014 compared to a net position at break-even level at December 31, 2013.
MEMSCAP shareholder’s equity totaled EUR 16.8 million at December 31, 2014.
Analysis and perspectives
For FY 2014, MEMSCAP reports EUR 13.2 million sales leading to a EUR 0.4 operating profit and a EUR 0.2 million net profit compared to a net loss at EUR (1.4) million for the previous year. During FY 2014, the Group focused its business strategy on high-added value market segments and increased its effort to improve the productivity of its manufacturing sites.
Jean Michel Karam, Chairman of the Board and Chief Executive Officer, says: "The significant improvement in MEMSCAP performances during the fiscal year 2014 validates the strategic and operational orientations that were implemented within the different entities of the Group. MEMSCAP intends to maintain and develop its technological leadership over its main markets: avionics, medical and biomedical as well as the optical communications industry. As such, the grant of programs for the development and the industrialization of new generations of products by the Norwegian Agencies for Innovation highlights the dynamism and the reputation of MEMSCAP in these areas. The Group aims to strengthen its market position and will continue to improve its productivity and profitability. ".
Q1 2015 earnings: April 23, 2015
Shareholders meeting: June 16, 2015
About MEMSCAP
MEMSCAP is the leading provider of innovative micro-electro-mechanical systems (MEMS)-based solutions. MEMSCAP standard and custom products and solutions include components, component designs (IP), manufacturing and related services. MEMSCAP customers include Fortune 500 businesses, major research institutes and universities. The company's shares are traded on the Eurolist of NYSE Euronext Paris S.A (ISIN: FR0010298620-MEMS) and belong to the CAC small, CAC Mid & Small, CAC All-Tradable and CAC All-Share indexes. More information on the company's products and services can be obtained at www.memscap.com.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 31
December 2014
|
31 December 2014 |
31 December 2013 |
|||
| €000 | €000 | |||
| Assets | ||||
| Non-current assets | ||||
| Property, plant and equipment | 3 057 | 3 318 | ||
| Goodwill and intangible assets | 8 635 | 9 017 | ||
| Available-for-sale financial assets | 1 277 | 1 141 | ||
| Deferred tax asset | 1 107 | 1 121 | ||
| 14 076 | 14 597 | |||
| Current assets | ||||
| Inventories | 2 809 | 3 733 | ||
| Trade and other receivables | 2 591 | 2 291 | ||
| Prepayments | 237 | 155 | ||
| Cash and short-term deposits | 2 494 | 1 382 | ||
| 8 131 | 7 561 | |||
| Total assets | 22 207 | 22 158 | ||
| Equity and liabilities | ||||
| Equity | ||||
| Issued capital | 1 772 | 1 736 | ||
| Share premium | 18 771 | 20 383 | ||
| Treasury shares | (117) | (123) | ||
| Retained earnings | (1 656) | (3 074) | ||
| Foreign currency translation | (1 972) | (1 842) | ||
| 16 798 | 17 080 | |||
| Non-current liabilities | ||||
| Interest-bearing loans and borrowings | 1 282 | 1 517 | ||
| Employee benefit liability | 199 | 131 | ||
| 1 481 | 1 648 | |||
| Current liabilities | ||||
| Trade and other payables | 2 224 | 2 336 | ||
| Interest-bearing loans and borrowings | 1 150 | 1 015 | ||
| Other current financial liabilities | 476 | 1 | ||
| Provisions | 78 | 78 | ||
| 3 928 | 3 430 | |||
| Total liabilities | 5 409 | 5 078 | ||
| Total equity and liabilities | 22 207 | 22 158 |
CONSOLIDATED STATEMENT OF INCOME
For the year ended 31
December 2014
| 2014 | 2013 | |||
| €000 | €000 | |||
| Continuing operations | ||||
| Sales of goods and services | 13 152 | 13 716 | ||
| Revenue | 13 152 | 13 716 | ||
| Cost of sales | (9 070) | (10 783) | ||
| Gross profit | 4 082 | 2 933 | ||
| Other income | 508 | 146 | ||
| Research and development expenses | (1 856) | (1 841) | ||
| Selling and distribution costs | (592) | (754) | ||
| Administrative expenses | (1 772) | (1 885) | ||
| Operating profit / (loss) | 370 | (1 401) | ||
|
Finance costs |
(276) |
(141) |
||
| Finance income | 86 | 170 | ||
| Profit / (loss) for the year from continuing operations before tax | 180 | (1 372) | ||
|
Income tax expense |
-- |
-- |
||
| Profit / (loss) for the year from continuing operations | 180 | (1 372) | ||
| Profit / (loss) for the year | 180 | (1 372) | ||
| Earnings per share: | ||||
| - Basic, for profit / (loss) for the year attributable to ordinary equity holders of the parent (in euros) |
€ 0,03 |
€ (0,21) |
||
| - Diluted, for profit / (loss) for the year attributable to ordinary equity holders of the parent (in euros) |
€ 0,03 |
€ (0,21) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the
year ended 31 December 2014
| 2014 | 2013 | |||
| €000 | €000 | |||
| Profit / (loss) for the year | 180 | (1 372) | ||
| Items that will not be reclassified subsequently to profit or loss | ||||
| Actuarial gains / (losses) | (95) | (49) | ||
| Income tax on items that will not be reclassified to profit or loss | -- | -- | ||
| Total items that will not be reclassified to profit or loss | (95) | (49) | ||
| Items that may be reclassified subsequently to profit or loss | ||||
| Net gain / (loss) on available-for-sale financial assets | (2) | (2) | ||
| Hedging instruments | (395) | -- | ||
| Exchange differences on translation of foreign operations | (130) | (1 387) | ||
| Income tax on items that may be reclassified to profit or loss | -- | -- | ||
| Total items that may be reclassified to profit or loss | (527) | (1 389) | ||
| Other comprehensive income for the year, net of tax | (622) | (1 438) | ||
| Total comprehensive income for the year, net of tax | (442) | (2 810) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2014
|
(In thousands euros, except for |
Number |
Issued |
Share |
Treasury |
Retained |
Foreign |
Total |
|||||||
| number of shares) | of shares | capital | premium | shares | earnings | currency translation | shareholders’ equity | |||||||
| €000 | €000 | €000 | €000 | €000 | €000 | |||||||||
| At 1 January 2013 | 6 071 011 | 1 518 | 19 419 | (132) | (1 741) | (455) | 18 609 | |||||||
|
Loss for the year |
-- |
-- |
-- |
-- |
(1 372) |
-- |
(1 372) |
|||||||
| Other comprehensive income for the period, net of tax | -- | -- | -- | -- | (51) | (1 387) | (1 438) | |||||||
| Total comprehensive income | -- | -- | -- | -- | (1 423) | (1 387) | (2 810) | |||||||
| Capital increase | 872 707 | 218 | 964 | -- | -- | -- | 1 182 | |||||||
| Treasury shares | -- | -- | -- | 9 | -- | -- | 9 | |||||||
| Share-based payment | -- | -- | -- | -- | 90 | -- | 90 | |||||||
| At 31 December 2013 | 6 943 718 | 1 736 | 20 383 | (123) | (3 074) | (1 842) | 17 080 | |||||||
| At 1 January 2014 | 6 943 718 | 1 736 | 20 383 | (123) | (3 074) | (1 842) | 17 080 | |||||||
|
Profit for the year |
-- |
-- |
-- |
-- |
180 |
-- |
180 |
|||||||
| Other comprehensive income for the period, net of tax | -- | -- | -- | -- | (492) | (130) | (622) | |||||||
| Total comprehensive income | -- | -- | -- |
-- |
(312) | (130) | (442) | |||||||
| Capital increase | 145 497 | 36 | 101 | -- | (14) | -- | 123 | |||||||
| Retained earnings offset with share premium | -- | -- | (1 713) | -- | 1 713 | -- | -- | |||||||
| Treasury shares | -- | -- | -- | 6 | -- | -- | 6 | |||||||
| Share-based payment | -- | -- | -- | -- | 31 | -- | 31 | |||||||
| At 31 December 2014 | 7 089 215 | 1 772 | 18 771 | (117) | (1 656) | (1 972) | 16 798 | |||||||
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2014
| 2014 | 2013 | |||
| €000 | €000 | |||
| Cash flows from operating activities: | ||||
| Net profit / (loss) for the year | 180 | (1 372) | ||
| Non-cash items written back: | ||||
| Amortization and depreciation | 817 | 883 | ||
| Loss / (capital gain) on disposal of fixed assets | (11) | (17) | ||
| Other non-financial activities | 257 | 75 | ||
| Accounts receivable | 86 | 375 | ||
| Inventories | 863 | (424) | ||
| Other debtors | (185) | 62 | ||
| Accounts payable | (271) | (461) | ||
| Other liabilities | 11 | 6 | ||
| Total net cash flows from operating activities | 1 747 | (873) | ||
|
Cash flows from investing activities: |
||||
| Purchase of fixed assets | (379) | (569) | ||
| Proceeds from sale / (purchase) of financial assets | (148) | (29) | ||
| Total net cash flows from investing activities | (527) | (598) | ||
|
Cash flows from financing activities: |
||||
| Proceeds from borrowings | -- | 149 | ||
| Repayment of borrowings | (577) | (634) | ||
| Payment of finance lease liabilities | (108) | (106) | ||
| Sale / (purchase) of treasury shares | 6 | 9 | ||
| Proceeds from issue of shares | 124 | 1 183 | ||
| Total net cash flows from financing activities | (555) | 601 | ||
|
Net foreign exchange difference |
119 |
(24) |
||
| Increase / (decrease) in net cash and cash equivalents | 784 | (894) | ||
| Opening cash and cash equivalents balance | 1 175 | 2 069 | ||
| Closing cash and cash equivalents balance | 1 959 | 1 175 |
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