Annual / Quarterly Financial Statement • Mar 26, 2014
Annual / Quarterly Financial Statement
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Grenoble, France and Durham, North Carolina, March 26, 2014 - MEMSCAP (NYSE Euronext: MEMS), the leading provider of innovative solutions based on MEMS (micro-electro-mechanical systems) technology, today announced its earnings for fiscal year 2013 ending December 31, 2013.
Matching previous quarterly press releases, revenue for fiscal year 2013 amounted to EUR 13.7 million (US\$ 18.2 million) compared to EUR 12.4 million (US\$ 15.9 million) for fiscal year 2012 which represents a 11% increase in sales expressed in euro. Consolidated revenue distribution by market segment over fiscal year 2013 is as follows:
| Market segments | Revenue (M€) | % |
|---|---|---|
| Aerospace | 5.6 | 41% |
| Medical / Biomedical | 3.2 | 23% |
| Mass Market | 2.2 | 16% |
| Optical Communications / Adaptive Optics | 1.7 | 13% |
| Other Applications | 1.0 | 7% |
| Total | 13.7 | 100% |
(Any apparent discrepancies in totals are due to rounding.)
Sales of the Standard Products business unit benefited from the dynamism of the Avionics activity and increased by 20% compared to the previous year. Sales of the Medical activity remained stable in 2013 (+2% compared to FY 2012) after a strong growth during FY 2012 (+47 % compared to 2011).
Sales of the Custom Products business unit increased by 5 % during FY 2013 (after a 34% growth in 2012) mainly driven by the growth of the Mass Market activity. This evolution occurred despite the limitation of products deliveries during the second half of 2013 in order to reduce the high inventory levels available within the supply chain.
The consolidated gross margin rate was 21.4% for FY 2013. Other operating income during FY 2013 amounted to EUR 0.1 million and was related to a portion of the grant from the Norwegian Research Agency related to the "4P" R&D program started during the second half of 2013.
Operating expenses amounted to EUR 4.5 million for FY 2103 similar to the previous year. The increase of R&D expenses was directly related to the launch of the "4P" R&D program targeting the development of a new generation of aircraft sensors. This increase was however compensated by the related grant recognized in other operating income. Including this grant, the net R&D costs amounted to EUR 1.7 million during the FY 2013 versus EUR 1.6 million for the previous fiscal year. Consequently, the net R&D expenses represented 12 % of the consolidated revenue for FY 2013 (2012: 13%).
In accordance with the costs control programs, selling and administrative expenses were reduced by EUR 0.3 million compared to FY 2012 which represented a 9% reduction versus FY 2012.
Following the increase of sales volumes in FY 2013 together with the control of the operating expenses, the operating loss amounted to EUR (1.4) million versus EUR (1.5) million for FY 2012.
The financial profit in FY 2013 was break-even versus a profit of EUR 1.2 million for FY 2012 which included the EUR 1,3 million capital gain related to the sale of the former MEMSCAP stake in IntuiSkin company on June 26, 2012. Net loss for fiscal year 2013 amounted to EUR (1.4) million versus a net loss of EUR (0.3) million in 2012.
The consolidated net cash amounted to EUR 1.2 million at December 31, 2013. Available liquidities, including cash and non-current financial assets, amounted to EUR 2.5 million at December 31, 2013. At December 31, 2013, the available unused credit lines amounted to EUR 0.5 million.
At December 31, 2013, The Group's order backlog in avionics and medical market segments remains solid. Sales upturn in mass market segment is expected during the first half of 2014.
During the last 2 fiscal years, the MEMSCAP Group has focused its strategy on growing its turnover from 10 million euros (13.9 million US dollars) in 2011 to 13.7 million euros (18.2 million US dollars) in 2013. The Company has therefore totally absorbed the impact of the 2011 crisis and now focuses its efforts on the improvement of its net earnings.
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.
For more information, please contact:
Yann Cousinet CFO Ph: +33 (0) 4 76 92 85 00 Email: [email protected]
| 31 December 2013 |
31 December 2012* |
||
|---|---|---|---|
| €000 | €000 | ||
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 3 318 | 3 619 | |
| Goodwill and intangible assets | 9 017 | 9 836 | |
| Available-for-sale financial assets | 1 141 | 1 099 | |
| Deferred tax asset | 1 121 | 1 226 | |
| 14 597 | 15 780 | ||
| Current assets | |||
| Inventories | 3 733 | 3 694 | |
| Trade and other receivables | 2 276 | 2 912 | |
| Income tax receivable | 15 | 15 | |
| Prepayments | 155 | 121 | |
| Other current assets | -- | 35 | |
| Cash and short-term deposits | 1 382 | 2 671 | |
| 7 561 | 9 448 | ||
| Total assets | 22 158 | 25 228 | |
| Equity and liabilities | |||
| Equity | |||
| Issued capital1 736 | 1 518 | ||
| Share premium 20383 | 19 419 | ||
| Treasury shares(123) | (132) | ||
| Retained earnings (3074) Foreign currency translation (1842) |
(1 741) (455) |
||
| 17 080 | 18 609 | ||
| Non-current liabilities | |||
| Interest-bearing loans and borrowings | 1 517 | 2 072 | |
| Employee benefit liability | 131 | 172 | |
| 1 648 | 2 244 | ||
| Current liabilities | |||
| Trade and other payables | 2 336 | 2 980 | |
| Interest-bearing loans and borrowings | 1 015 | 1 242 | |
| Other current financial liabilities | 1 | 75 | |
| Provisions | 78 | 78 | |
| 3 430 | 4 375 | ||
| Total liabilities | 5 078 | 6 619 | |
| Total equity and liabilities | 22 158 | 25 228 |
| 2013 | 2012* | |
|---|---|---|
| €000 | €000 | |
| Continuing operations | ||
| Sales of goods and services | 13 716 | 12 410 |
| Revenue | 13 716 | 12 410 |
| Cost of sales | (10 783) | (9 380) |
| Gross profit | 2 933 | 3 030 |
| Other income | 146 | -- |
| Research and development expenses | (1 841) | (1 635) |
| Selling and distribution costs | (754) | (820) |
| Administrative expenses | (1 885) | (2 091) |
| Operating profit / (loss) | (1 401) | (1 516) |
| Finance costs | (141) | (256) |
| Finance income | 170 | 1 439 |
| Profit / (loss) for the year from continuing operations before tax | (1 372) | (333) |
| Income tax expense | -- | -- |
| Profit / (loss) for the year from continuing operations | (1 372) | (333) |
| Profit / (loss) for the year | (1 372) | (333) |
| Earnings per share: | ||
| - Basic, for profit / (loss) for the year attributable to ordinary equity |
||
| holders of the parent (in euros) - Diluted, for profit / (loss) for the year attributable to ordinary equity |
€ (0,21) | € (0,06) |
| holders of the parent (in euros) | € (0,21) | € (0,05) |
For the year ended 31 December 2013
| 2013 | 2012* | ||
|---|---|---|---|
| €000 | €000 | ||
| Profit / (loss) for the year | (1 372) | (333) | |
| Items that will not be reclassified subsequently to profit or loss | |||
| Actuarial gains / (losses) | (49) | 420 | |
| Income tax on items that will not be reclassified to profit or loss | -- | -- | |
| Total items that will not be reclassified to profit or loss | (49) | 420 | |
| Items that may be reclassified subsequently to profit or loss | |||
| Net gain / (loss) on available-for-sale financial assets | (2) | (186) | |
| Exchange differences on translation of foreign operations | (1 387) | 482 | |
| Income tax on items that may be reclassified to profit or loss | -- | -- | |
| Total items that may be reclassified to profit or loss | (1 389) | 296 | |
| Other comprehensive income for the year, net of tax | (1 438) | 716 | |
| Total comprehensive income for the year, net of tax | (2 810) | 383 |
| (In thousands euros, except for number of shares) |
Number of shares |
Issued capital |
Share premium |
Treasury shares |
Retained earnings |
Foreign currency translation |
Total 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 |
| Loss for the year | -- | -- | -- | -- | (333) | -- | (333) |
| Other comprehensive income for the period, net of tax |
-- | -- | -- | -- | 234 | 482 | 716 |
| Total comprehensive income |
-- | -- | -- | -- | (99) | 482 | 383 |
| Reduction of capital |
-- | (8 252) |
8 252 |
-- | -- | -- | -- |
| Capital increase |
1 355 662 |
339 | 789 | -- | -- | -- | 1 128 |
| Retained earnings offset with share premium | -- | -- | (2 325) |
-- | 2 325 |
-- | -- |
| Treasury shares | -- | -- | -- | 8 | -- | -- | 8 |
| Share-based payment |
-- | -- | -- | -- | 88 | -- | 88 |
| 2012* At 31 December |
6 071 011 |
1 518 |
19 419 |
(132) | (1 741) |
(455) | 18 609 |
| * 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 |
| 2013 | 2012 | |
|---|---|---|
| €000 | €000 | |
| Cash flows from operating activities: | ||
| Net profit / (loss) for the year (1 372) | (344) | |
| Non-cash items written back: | ||
| Amortization and depreciation883 | 904 | |
| Loss / (capital gain) on disposal of fixed assets (17) | (1 300) | |
| Other non-financial activities 75 | 73 | |
| Accounts receivable375 | 52 | |
| Inventories (424) | (88) | |
| Other debtors 62 | (262) | |
| Accounts payable (461) | (15) | |
| Other liabilities 6 | 57 | |
| Total net cash flows from operating activities (873) | (923) | |
| Cash flows from investing activities: | ||
| Proceeds from sale of property, plant, equipment and intangible assets -- | 9 | |
| Purchase of fixed assets (569) | (590) | |
| Proceeds from sale / (purchase) of financial assets(29) | 120 | |
| Net outflow from sale of a subsidiary, net of cash disposed -- | 2 862 | |
| Total net cash flows from investing activities (598) | ||
| 2 401 | ||
| Cash flows from financing activities: | ||
| Proceeds from borrowings 149 . | 180 | |
| Repayment of borrowings (634 ) | (646) | |
| Payment of finance lease liabilities (106) | (89) | |
| Sale / (purchase) of treasury shares 9 | 8 | |
| Proceeds from issue of shares 1 183 | 1 127 | |
| Total net cash flows from financing activities 601 | 580 | |
| Net foreign exchange difference (24) | (17) | |
| Increase / (decrease) in net cash and cash equivalents (894) | 2 041 | |
| Opening cash and cash equivalents balance 2 069 | 28 | |
| Closing cash and cash equivalents balance 1 175 | 2 069 | |
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