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31.08.2016 18:00:00
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MEMSCAP First Half 2016 Earnings: EBITDA at € 0.7 Million
Regulatory News:
Memscap (Paris:MEMS), the leading provider of innovative solutions based on MEMS (micro-electro-mechanical systems) technology, announced today its earnings for the first half of 2016, ending June 30, 2016.
Revenue and consolidated earnings for the first half of 2016
In accordance with the figures given in the first and second quarter press releases, consolidated revenue for the first half of 2016 amounted to € 5.6 million (US$ 6.3 million) compared to € 6.9 million (US$ 7.6 million) for the first half of 2015 and € 5.8 million (US$ 6.4 million) for the second half of 2015.
Consolidated revenue distribution by market segment over the first half of 2016 is as follows:
| Market Segments | Revenue (M€) | % | ||
| Aerospace | 2.8 | 49% | ||
| Optical Communications / Adaptive Optics | 1.8 | 32% | ||
| Medical / Biomedical | 0.7 | 13% | ||
| Mass Market / Other Applications | 0.3 | 6% | ||
| Total | 5.6 | 100% |
(Any apparent discrepancies in totals are due to rounding.)
MEMSCAP consolidated earnings for the first half of 2016 are given by the following table:
|
(In million euros) |
For the 6 months ended
30 June 2016 |
For the 6 months ended
30 June 2015 |
||
|
Revenue
- Standard products* - Custom products |
5.6
3.4 2.2 |
6.9
3.9 3.0 |
||
| Gross Margin | 1.9 | 2.6 | ||
| Operating Expenses** | (1.9) | (2.0) | ||
| Operating Profit / (Loss) | (0.1) | 0.6 | ||
| Financial profit / (Loss) | 0.1 | (0.1) | ||
| Net Profit / (Loss) | 0.0 | 0.5 |
(Financial data were subject to a limited review by the Group’s statutory auditors. On August 31st, 2016, the MEMSCAP board of directors authorized the release of the HY 2016 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.
* * *
HY 2016 net earnings at break-even point
During the first half of 2016, MEMSCAP faced at temporary weaker demand on the medical and biomedical segment affecting the entire divisions of the Group and mainly explaining the evolution of consolidated sales over the period. This evolution is mitigated by the solid performance of the sales related to avionics and optical communications applications.
Gross margin stood at € 1.9 million, 33% of consolidated sales versus € 2.6 million, 38% of consolidated sales for the first half of 2015. Operating expenses (net of research and development grants) amounted to € 1.9 million for the first half of 2016 against € 2.0 million the first half of 2015, leading to an operating loss of € 0.1 million compared to an operating profit of € 0.6 million for the first half of 2015.
The Group showed a financial gain of € 0.1 million for the first half of 2016 versus a financial loss of € 0.1 million for the first half of 2015. MEMSCAP posted consolidated net earnings at break-even point for the first half of 2016 versus a consolidated net profit of EUR 0.5 million for the first half of 2015.
HY 2016 EBITDA at € 0.7 million / Constant increase in net cash
The positive operating cash flow for the first half of 2016 was € 0.6 million. The operating cash flow excluding the variation of the working capital requirement amounted to € 0.7 million while the working capital requirement increased by € 0.1 million over the first half of 2016. Consequently, the consolidated EBITDA amounted to € 0.7 million compared to € 1.1 million for the first half of 2015.
At June 30, 2016, the Group’s available liquidities amounted to € 3.9 million (June 30, 2015: € 3.7 million) including cash investments (Corporate bonds) recorded under financial assets available for sale. At June 30, 2016, net cash minus financial liabilities amounted to € 2.5 million (June 30, 2015: € 1.8 million).
MEMSCAP shareholders’ equity totaled € 18.0 million at June 30, 2016 compared to € 18.2 million by end of June 2015.
Analysis and perspectives
MEMSCAP pursues its strategy aiming at the growth of consolidated net cash based on the development of its high added value activities. The Group expects a progressive recovery of its sales on the medical and biomedical segment.
Q3 2016 Earnings: October 26, 2016
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.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Interim
condensed consolidated financial statements at 30 June 2016
|
30 June 2016 |
31 December 2015 |
|||
| €000 | €000 | |||
| Assets | ||||
| Non-current assets | ||||
| Property, plant and equipment | 2 876 | 3 151 | ||
| Goodwill and intangible assets | 8 366 | 8 254 | ||
| Available-for-sale financial assets | 1 203 | 1 265 | ||
| Deferred tax asset | 1 131 | 1 103 | ||
| 13 576 | 13 773 | |||
| Current assets | ||||
| Inventories | 2 909 | 2 793 | ||
| Trade and other receivables | 2 153 | 2 051 | ||
| Prepayments | 259 | 138 | ||
| Cash and short-term deposits | 2 707 | 2 636 | ||
| 8 028 | 7 618 | |||
| Total assets | 21 604 | 21 391 | ||
| Equity and liabilities | ||||
| Equity | ||||
| Issued capital | 1 782 | 1 782 | ||
| Share premium | 18 675 | 18 675 | ||
| Treasury shares | (142) | (133) | ||
| Retained earnings | (314) | (394) | ||
| Foreign currency translation | (2 010) | (2 168) | ||
| 17 991 | 17 762 | |||
| Non-current liabilities | ||||
| Interest-bearing loans and borrowings | 811 | 1 068 | ||
| Employee benefit liability | 56 | 54 | ||
| 867 | 1 122 | |||
| Current liabilities | ||||
| Trade and other payables | 2 090 | 1 883 | ||
| Interest-bearing loans and borrowings | 473 | 451 | ||
| Other current financial liabilities | 105 | 95 | ||
| Provisions | 78 | 78 | ||
| 2 746 | 2 507 | |||
| Total liabilities | 3 613 | 3 629 | ||
| Total equity and liabilities | 21 604 | 21 391 | ||
CONSOLIDATED STATEMENT OF INCOME
Interim condensed
consolidated financial statements at 30 June 2016
| For the six months ended 30 June | ||||
| 2016 | 2015 | |||
| €000 | €000 | |||
| Continuing operations | ||||
| Sales of goods and services | 5 645 | 6 856 | ||
| Revenue | 5 645 | 6 856 | ||
| Cost of sales | (3 771) | (4 267) | ||
| Gross profit | 1 874 | 2 589 | ||
| Other income | 155 | 262 | ||
| Research and development expenses | (729) | (924) | ||
| Selling and distribution costs | (423) | (346) | ||
| Administrative expenses | (935) | (1 010) | ||
| Operating profit / (loss) | (58) | 571 | ||
|
Finance costs |
(28) |
(109) |
||
| Finance income | 106 | 34 | ||
| Profit / (loss) for the period from continuing operations before tax | 20 | 496 | ||
|
Income tax expense |
-- |
-- |
||
| Profit / (loss) for the period from continuing operations | 20 | 496 | ||
| Profit / (loss) for the period | 20 | 496 | ||
| Earnings per share: | ||||
| - Basic, for profit / (loss) for the period attributable to ordinary equity holders of the parent (in euros) |
€ 0.003 |
€ 0.070 |
||
| - Diluted, for profit / (loss) for the period attributable to ordinary equity holders of the parent (in euros) |
€ 0.003 |
€ 0.070 |
||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Interim
condensed consolidated financial statements at 30 June 2016
| For the six months ended 30 June | ||||
| 2016 | 2015 | |||
| €000 | €000 | |||
| Profit / (loss) for the period | 20 | 496 | ||
| Items that will not be reclassified subsequently to profit or loss | ||||
| Actuarial gains / (losses) | -- | -- | ||
| Income tax on items that will not be reclassified to profit or loss | -- | -- | ||
| Total items that will not be reclassified to profit or loss | -- | -- | ||
| Items that may be reclassified subsequently to profit or loss | ||||
| Net gain / (loss) on available-for-sale financial assets | (34) | 6 | ||
| Hedging instruments | (2) | 370 | ||
| Exchange differences on translation of foreign operations | 158 | 444 | ||
| Income tax on items that may be reclassified to profit or loss | -- | -- | ||
| Total items that may be reclassified to profit or loss | 122 | 820 | ||
| Other comprehensive income for the period, net of tax | 122 | 820 | ||
| Total comprehensive income for the period, net of tax | 142 | 1 316 | ||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Interim
condensed consolidated financial statements at 30 June 2016
|
(In thousands euros, except for |
Number |
Issued |
Share |
Treasury |
Retained |
Foreign |
Total |
|||||||
| number of shares) | of shares | capital | premium | shares | earnings |
currency |
shareholders’ |
|||||||
| €000 | €000 | €000 | €000 | €000 | €000 | |||||||||
| At 1 January 2015 | 7 089 215 | 1 772 | 18 771 | (117) | (1 656) | (1 972) | 16 798 | |||||||
|
Profit for the period |
-- |
-- |
-- |
-- |
496 |
-- |
496 |
|||||||
| Other comprehensive income for the period, net of tax | -- | -- | -- | -- | 376 | 444 | 820 | |||||||
| Total comprehensive income | -- | -- | -- | -- | 872 | 444 | 1 316 | |||||||
| Capital increase | 39 471 | 10 | 43 | -- | -- | -- | 53 | |||||||
| Retained earnings offset with share premium | -- | -- | (139) | -- | 139 | -- | -- | |||||||
| Treasury shares | -- | -- | -- | (5) | -- | -- | (5) | |||||||
| Share-based payment | -- | -- | -- | -- | 12 | -- | 12 | |||||||
| At 30 June 2015 | 7 128 686 | 1 782 | 18 675 | (122) | (633) | (1 528) | 18 174 | |||||||
| At 1 January 2016 | 7 128 686 | 1 782 | 18 675 | (133) | (394) | (2 168) | 17 762 | |||||||
|
Profit for the period |
-- |
-- |
-- |
-- |
20 |
-- |
20 |
|||||||
| Other comprehensive income for the period, net of tax | -- | -- | -- | -- | (36) | 158 | 122 | |||||||
| Total comprehensive income | -- | -- | -- | -- | (16) | 158 | 142 | |||||||
| Treasury shares | -- | -- | -- | (9) | -- | -- | (9) | |||||||
| Share-based payment | -- | -- | -- | -- | 96 | -- | 96 | |||||||
| At 30 June 2016 | 7 128 686 | 1 782 | 18 675 | (142) | (314) | (2 010) | 17 991 | |||||||
CONSOLIDATED CASH FLOW STATEMENT
Interim condensed
consolidated financial statements at 30 June 2016
| For the six months ended 30 June | ||||
| 2016 | 2015 | |||
| €000 | €000 | |||
| Cash flows from operating activities: | ||||
| Net profit / (loss) for the period | 20 | 496 | ||
| Non-cash items written back: | ||||
| Amortization and depreciation | 550 | 424 | ||
| Capital gain or loss on disposal of fixed assets | 10 | 8 | ||
| Other non-financial activities | 92 | 86 | ||
| Accounts receivable | (49) | (137) | ||
| Inventories | (71) | 24 | ||
| Other debtors | (25) | (73) | ||
| Accounts payable | 50 | (179) | ||
| Other liabilities | 40 | 35 | ||
| Total net cash flows from operating activities | 617 | 684 | ||
|
Cash flows from investing activities: |
||||
| Purchase of fixed assets | (230) | (102) | ||
| Proceeds from sale / (purchase) of financial assets | 19 | (9) | ||
| Total net cash flows from investing activities | (211) | (111) | ||
|
Cash flows from financing activities: |
||||
| Repayment of borrowings | (178) | (295) | ||
| Payment of finance lease liabilities | (72) | (67) | ||
| Sale / (purchase) of treasury shares | (9) | (5) | ||
| Proceeds from issue of shares | -- | 53 | ||
| Total net cash flows from financing activities | (259) | (314) | ||
|
Net foreign exchange difference |
(76) |
16 |
||
| Increase / (decrease) in net cash and cash equivalents | 71 | 275 | ||
| Opening cash and cash equivalents balance | 2 636 | 1 959 | ||
| Closing cash and cash equivalents balance | 2 707 | 2 234 | ||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160831006072/en/
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