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29.08.2013 20:32:00
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MEMSCAP: FIRST HALF 2013 EARNINGS: REVENUE GROWTH OF 22%
Regulatory News:
Memscap (NYSE Euronext: MEMS), the leading provider of innovative solutions based on MEMS (micro-electro-mechanical systems) technology, announced today its earnings for the first half of 2013, ending June 30, 2013.
Revenue and consolidated earnings for the first half of 2013
In accordance with the figures given in the first and second quarter press releases, consolidated revenue for the first half of 2013 amounted to EUR.7.6 million (US$.10.0 million) compared to EUR.6.3 million (US$.8.1 million) for the first half of 2012. Thus, the consolidated revenue increased by 22% compared to the first half year 2012.
Consolidated revenue distribution by market segment over the first half of 2013 is as follows:
| Market Segments | Revenue (M€) | % | |||
| Aerospace | 2.6 | 34% | |||
| Medical / Biomedical | 1.9 | 25% | |||
| Mass Market | 1.7 | 22% | |||
| Optical Communications / Adaptive Optics | 0.9 | 12% | |||
| Other Applications | 0.5 | 7% | |||
| Total | 7.6 | 100% |
(Any apparent discrepancies in totals are due to rounding.)
MEMSCAP consolidated earnings for the first half of 2013 are given by the following table:
|
(In million euros) |
For the 6 months ended
30 June 2013 |
For the 6 months ended
30 June 2012 |
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|
Revenue
- Standard products - Custom products |
7.6
4.1 3.5 |
6.3
3.7 2.6 |
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| Gross Margin | 1.5 | 1.8 | |||
| Operating Expenses | (2.2) | (2.3) | |||
| Operating Profit / (Loss) | (0.7) | (0.6) | |||
| Financial profit / (Loss) | -- | 1.1 | |||
| Net Profit / (Loss) | (0.7) | 0.5 |
(Financial data were subject to a limited review by the Group’s statutory auditors. On August 30th, 2013, the MEMSCAP board of directors authorized the release of the HY 2013 consolidated financial statements. Any apparent discrepancies in totals are due to rounding.)
First half year gross margin decreased by EUR.0.3 million compared to the first half of 2012 due to a less favorable mix in the Group’s sales. Thus, the gross margin amounted to EUR.1.5 million which represented 20% of the consolidated revenue versus 28% for the first half of 2012.
* * *
The control of the operating costs which amounted EUR.2.2 million for the first half of 2013 compared to EUR.2.3 million for the first half of 2012, led to an operating loss of EUR.(0.7) million versus an operating loss of EUR.(0.6) million in the first half of 2012.
The consolidated financial profit reached a break-even level compared to EUR.1.1 million for the first half of 2012 due to the sale of the stake in the company INTUISKIN in 2012. Consequently the net consolidated loss amounted to EUR.(0.7) million versus a net consolidated profit of EUR.0.5 million for the first half of 2012 including the sale of the stake in INTUISKIN.
Cash flow evolution
At June 30, 2013, the Group’s available liquidities amounted to EUR.2.3 million including cash investments (Corporate bonds) for EUR.1.1 million recorded under financial assets available for sale. In addition, the Group finalized a EUR.1.2 million capital increase on July 22, 2013.
MEMSCAP shareholders’ equity totaled EUR.17.2 million at June 30, 2013.
Analysis and perspectives
During the first half of 2013, MEMSCAP experienced a sales increase for each one of its divisions. The sales growth related to the Custom products business unit (+EUR.0.9 million / +37% versus HY 2012) was mainly due to the growth of the Mass Market activity. In addition, the revenue of the Standard products business unit benefited from sustained avionics and medical markets and showed a EUR.0.4 million increase / +12% compared to the first half of 2012.
The Group expects to continue the development of its activities thanks to the successful EUR.1.2 million capital increase finalized on July 22, 2013.
Q3 2013 Earnings: October 25, 2013.
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). More information on the company's products and services can be obtained at www.memscap.com.
For more information, please contact:
Yann Cousinet
CFO
Ph:
+33 4 76 92 85 00
Email: yann.cousinet@memscap.com
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
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Interim condensed consolidated financial statements at 30 June 2013 |
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|
30 June 2013 |
31 December 2012* |
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| €000 | €000 | ||||
| Assets | |||||
| Non-current assets | |||||
| Property, plant and equipment | 3 670 | 3 619 | |||
| Goodwill and intangible assets | 9 328 | 9 836 | |||
| Available-for-sale financial assets | 1 131 | 1 099 | |||
| Deferred tax asset | 1 186 | 1 226 | |||
| 15 315 | 15 780 | ||||
| Current assets | |||||
| Inventories | 4 091 | 3 694 | |||
| Trade and other receivables | 3 237 | 2 912 | |||
| Income tax receivable | -- | 15 | |||
| Prepayments | 266 | 121 | |||
| Other current assets | -- | 35 | |||
| Cash and short-term deposits | 1 156 | 2 671 | |||
| 8 750 | 9 448 | ||||
| Total assets | 24 065 | 25 228 | |||
| Equity and liabilities | |||||
| Equity | |||||
| Issued capital | 1 518 | 1 518 | |||
| Share premium | 19 419 | 19 419 | |||
| Treasury shares | (131) | (132) | |||
| Retained earnings | (2 435) | (1 741) | |||
| Foreign currency translation | (1 135) | (455) | |||
| 17 236 | 18 609 | ||||
| Non-current liabilities | |||||
| Interest-bearing loans and borrowings | 1 934 | 2 072 | |||
| Employee benefit liability | 170 | 172 | |||
| 2 104 | 2 244 | ||||
| Current liabilities | |||||
| Trade and other payables | 3 526 | 2 980 | |||
| Interest-bearing loans and borrowings | 1 068 | 1 242 | |||
| Other current financial liabilities | 53 | 75 | |||
| Provisions | 78 | 78 | |||
| 4 725 | 4 375 | ||||
| Total liabilities | 6 829 | 6 619 | |||
| Total equity and liabilities | 24 065 | 25 228 | |||
* Figures have been adjusted as mentioned in note 3 « Summary of significant accounting policies » of the accompanying notes of the interim condensed consolidated financial statements at 30 June 2013 following the application of IAS 19 amended.
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CONSOLIDATED STATEMENT OF INCOME |
|||||
|
Interim condensed consolidated financial statements at 30 June 2013 |
|||||
| For the six months ended 30 June | |||||
| 2013 | 2012* | ||||
| €000 | €000 | ||||
| Continuing operations | |||||
| Sales of goods and services | 7 645 | 6 260 | |||
| Revenue | 7 645 | 6 260 | |||
| Cost of sales | (6 109) | (4 498) | |||
| Gross profit | 1 536 | 1 762 | |||
| Other income | -- | -- | |||
| Research and development expenses | (899) | (865) | |||
| Selling and distribution costs | (374) | (434) | |||
| Administrative expenses | (962) | (1 043) | |||
| Operating profit / (loss) | (699) | (580) | |||
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Finance costs |
(95) |
(173) |
|||
| Finance income | 72 | 1 273 | |||
| Profit / (loss) for the period from continuing operations before tax | (722) | 520 | |||
|
Income tax expense |
-- |
-- |
|||
| Profit / (loss) for the period from continuing operations | (722) | 520 | |||
| Profit / (loss) for the period | (722) | 520 | |||
| Earnings per share: | |||||
| - Basic, for profit / (loss) for the period attributable to ordinary equity holders of the parent (in euros) |
€ (0.12) |
€ 0.09 |
|||
| - Diluted, for profit / (loss) for the period attributable to ordinary equity holders of the parent (in euros) |
€ (0,12) |
€ 0.09 |
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* Figures have been adjusted as mentioned in note 3 « Summary of significant accounting policies » of the accompanying notes of the interim condensed consolidated financial statements at 30 June 2013 following the application of IAS 19 amended.
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
|||||
|
Interim condensed consolidated financial statements at 30 June 2013 |
|||||
| For the six months ended 30 June | |||||
| 2013 | 2012* | ||||
| €000 | €000 | ||||
| Profit / (loss) for the period | (722) | 520 | |||
| Items that will not be reclassified subsequently to profit or loss | |||||
| Actuarial gains / (losses) | (5) | 22 | |||
| Income tax on items that will not be reclassified to profit or loss | -- | -- | |||
| Total items that will not be reclassified to profit or loss | (5) | 22 | |||
| Items that may be reclassified subsequently to profit or loss | |||||
| Net gain / (loss) on available-for-sale financial assets | (14) | (267) | |||
| Exchange differences on translation of foreign operations | (680) | 351 | |||
| Income tax on items that may be reclassified to profit or loss | -- | -- | |||
| Total items that may be reclassified to profit or loss | (694) | 84 | |||
| Other comprehensive income for the period, net of tax | (699) | 106 | |||
| Total comprehensive income for the period, net of tax | (1 421) | 626 | |||
* Figures have been adjusted as mentioned in note 3 « Summary of significant accounting policies » of the accompanying notes of the interim condensed consolidated financial statements at 30 June 2013 following the application of IAS 19 amended.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
|||||||||||||||
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Interim condensed consolidated financial statements at 30 June 2013 |
|||||||||||||||
|
(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 2012* | 4 715 349 | 9 431 | 12 703 | (140) | (4 055) | (937) | 17 002 | ||||||||
|
Profit for the period |
-- |
-- |
-- |
-- |
520 |
-- |
520 |
||||||||
| Other comprehensive income for the period, net of tax | -- | -- | -- | -- | (245) | 351 | 106 | ||||||||
| Total comprehensive income | -- | -- | -- | -- | 275 | 351 | 626 | ||||||||
| Reduction of capital | -- | (8 252) | 8 252 | -- | -- | -- | -- | ||||||||
| Capital increase | 1 355 662 | 339 | 790 | -- | -- | -- | 1 129 | ||||||||
| Retained earnings offset with share premium | -- | -- | (2 325) | -- | 2 325 | -- | -- | ||||||||
| Treasury shares | -- | -- | -- | 6 | -- | -- | 6 | ||||||||
| Share-based payment | -- | -- | -- | -- | 42 | -- | 42 | ||||||||
| At 30 June 2012* | 6 071 011 | 1 518 | 19 420 | (134) | (1 413) | (586) | 18 805 | ||||||||
| At 1 January 2013 | 6 071 011 | 1 518 | 19 419 | (132) | (1 741) | (455) | 18 609 | ||||||||
|
Loss for the period |
-- |
-- |
-- |
-- |
(722) |
-- |
(722) |
||||||||
| Other comprehensive income for the period, net of tax | -- | -- | -- | -- | (19) | (680) | (699) | ||||||||
| Total comprehensive income | -- | -- | -- | -- | (741) | (680) | (1 421) | ||||||||
| Treasury shares | -- | -- | -- | 1 | -- | -- | 1 | ||||||||
| Share-based payment | -- | -- | -- | -- | 47 | -- | 47 | ||||||||
| At 30 June 2013 | 6 071 011 | 1 518 | 19 419 | (131) | (2 435) | (1 135) | 17 236 | ||||||||
* Figures have been adjusted as mentioned in note 3 « Summary of significant accounting policies » of the accompanying notes of the interim condensed consolidated financial statements at 30 June 2013 following the application of IAS 19 amended.
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CONSOLIDATED CASH FLOW STATEMENT |
|||||
|
Interim condensed consolidated financial statements at 30 June 2013 |
|||||
|
|
For the six months ended 30 June |
||||
| 2013 | 2012 | ||||
| €000 | €000 | ||||
| Cash flows from operating activities: | |||||
| Net profit / (loss) for the period | (722) | 528 | |||
| Non cash items written back: | |||||
| Amortization and depreciation | 435 | 520 | |||
| Capital gain or loss on disposal of fixed assets | (3) | (1 277) | |||
| Other non financial activities | 47 | 43 | |||
| Accounts receivable | (471) | (129) | |||
| Inventories | (593) | 60 | |||
| Other debtors | 40 | (7) | |||
| Accounts payable | 541 | (293) | |||
| Other liabilities | (7) | 73 | |||
| Income tax | 15 | 30 | |||
| Total net cash flows from operating activities | (718) | (452) | |||
|
Cash flows from investing activities: |
|||||
| Proceeds from sale of property, plant, equipment and intangible assets | -- | 9 | |||
| Purchase of fixed assets | (277) | (180) | |||
| Proceeds from sale/(purchase) of financial assets | (43) | 45 | |||
| Net outflow from sale of a subsidiary, net of cash disposed | -- | 2 858 | |||
| Total net cash flows from investing activities | (320) | 2 732 | |||
|
Cash flows from financing activities: |
|||||
| Repayment of borrowings | (305) | (308) | |||
| Payment of finance lease liabilities | (56) | (46) | |||
| Sale / (purchase) of treasury shares | 1 | 6 | |||
| Proceeds from issue of shares | -- | 1 129 | |||
| Total net cash flows from financing activities | (360) | 781 | |||
|
Net foreign exchange difference |
23 |
19 |
|||
| Increase / (decrease) in net cash and cash equivalents | (1 375) | 3 080 | |||
| Opening cash and cash equivalents balance | 2 069 | 28 | |||
| Closing cash and cash equivalents balance | 694 | 3 108 | |||
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