POSITIVE OPERATING CASH FLOW AT +EUR 1.5 MILLION STRONG
GROWTH OF THE MEDICAL BUSINESS RESILIENCE OF THE GROUP IN THE
CONTEXT OF THE COVID-19 PANDEMIC Consolidated revenue at EUR 11.1
million for FY 2020 Positive annual EBITDA at +EUR 0.8 million
Operating loss at -EUR 0.3 million – Net loss at -EUR 0.5 million
Consolidated available cash at EUR 4.2 million as of December 31,
2020
Regulatory News:
MEMSCAP (NYSE Euronext: MEMS), the leading provider of
innovative solutions based on MEMS (micro-electro-mechanical
systems) technology, today announced its earnings for the 2020
financial year ending December 31, 2020.
Analysis of the consolidated income statement
In line with the previous quarterly press releases, MEMSCAP
reported an audited revenue of EUR 11.1 million for FY 2020 (US$
12.7 million) compared to EUR 12.8 million for FY 2019 (US$ 14.3
million).
It is to be noted that sales made in US dollar represented
approximately 66% of the Group's revenue in 2020.
Consolidated revenue distribution by market segment, over FY
2020, is as follows:
Market segments / Revenue (In
million euros)
FY 2020
%
FY 2019
%
Aerospace
4.6
41%
6.8
53%
Optical communications / Adaptive
optics
2.4
22%
3.5
27%
Medical / Biomedical
3.5
32%
1.7
13%
Others
0.5
5%
0.8
7%
Total
11.1
100%
12.8
100%
(Any apparent discrepancies in totals are due to rounding.)
Despite the impact of the Covid-19 pandemic on the avionics
business (-EUR 2.2 million / -32.2% vs. 2019), the consolidated
sales of the Standard Products division (Norway - excluding
dermo-cosmetics segment) showed a limited decrease of -4.2% vs.
2019 thanks to the strong development of the division's medical
segment. The consolidated sales of the medical segment grew by EUR
1.8 million and more than doubled in FY 2020.
The deterioration of the economic context, as well as the
unavailability of industrial equipment at the US site following a
technical incident at the end of FY 2020, impacted the volumes of
the Custom Products division. Custom Products sales decreased by
-EUR 1.2 million / -28.8% compared to FY 2019.
* * *
Focus on the MEMSCAP’s Norwegian subsidiary
The MEMSCAP's Norwegian subsidiary operates the Standard
products division including the Group's avionics and medical
businesses (excluding the dermo-cosmetics segment). Despite the
impact of the Covid-19 pandemic on the sales of the avionics
business, the strong growth in the medical business associated with
cost control programs enabled a significant increase in the segment
operating profit of the division, which amounted to EUR 1.6 million
for FY 2020 against a profit of EUR 0.9 million for FY 2019.
Standard products division* (In
million euros)
FY 2020
FY 2019
Var. mEUR / Var. %
Segment revenue
7.9
8.3
-0.3 / -4.2%
Segment operating profit
1.6
0.9
+0.7 / +73.9%
(Any apparent discrepancies in totals are due to rounding.) *
Excluding the royalties from the dermo-cosmetics segment.
* * *
Analysis of the consolidated income statement
MEMSCAP’s consolidated earnings for FY 2020 are given within the
following table:
In million euros
FY 2020
FY 2019
Revenue
11.1
12.8
Standard products*
8.0
8.5
Custom products
3.1
4.3
Cost of revenue
(8.0)
(8.7)
Gross margin
3.1
4.1
% of revenue
28%
32%
Operating expenses**
(3.4)
(3.9)
Operating profit / (loss)
(0.3)
0.1
Financial profit / (loss)
(0.2)
(0.0)
Income tax expense
(0.1)
(0.1)
Net profit / (loss)
(0.5)
(0.0)
(Financial data were subject to an audit by the Group’s
statutory auditors who will issue their reports at a later date. On
March 23rd, 2021, the MEMSCAP’s board of directors authorized the
release of the FY 2020 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.
The volume effect related to the activities of the Custom
Products division as well as the decrease in sales relating to the
avionics market segment impacted the Group's gross margin rate,
which stood at 28.2% compared to 31.8% for from the previous year.
The consolidated gross margin thus amounted at EUR 3.1 million
compared to EUR 4.1 million for FY 2019.
Thanks to specific cost control programs in FY 2020 in the
context of the Covid-19 pandemic, operating expense showed a
significant reduction. Operating expenses, net of research and
development grants, amounted to EUR 3.4 million compared to EUR 3.9
million for FY 2019. Research and development expenses, net of
grants, amounted to EUR 1.3 million for FY 2020 and represented
11.3% of consolidated sales (FY 2019: EUR 1.6 million / 12.4% of
consolidated sales). Sales and administrative expenses respectively
fell by -14.1% and -6.3%. In addition, the total number of
full-time equivalent employees in the Group decreased from 65.3 in
FY 2019 to 63.7 in FY 2020, a reduction of -2.4%.
For FY 2020, the Group posted an operating loss of EUR 0.3
million compared to an operating profit of EUR 0.1 million for FY
2019. The net financial loss for FY 2020 (including a net foreign
exchange loss of EUR 0.1 million) amounted to EUR 0.2 million in FY
2020 compared with a non-significant net financial loss for FY 2019
(including a net foreign exchange gain of EUR 0.1 million). The tax
expense recognized over FY 2020 and FY 2019 corresponded to the
change in deferred tax assets. This tax expense had no impact on
the Group's cash position.
The Group therefore reported a net loss of EUR 0.5 million for
FY 2020 compared to a non-significant net loss for FY 2019.
* * *
Evolution of the Group’s cash / Consolidated shareholders’
equity
For FY 2020, the Group posted a positive EBITDA at EUR 0.8
million compared to EUR 1.5 million for the previous year.
Including the EUR 0.7 million reduction in the working capital
requirement, the positive cash flow from operating activities
amounted to EUR 1.5 million against a cash generation of EUR 1,0
million for FY 2019.
On December 31, 2020, the Group reported available cash at EUR
4.2 million (December 31, 2019: EUR 3.4 million) including cash
investments (Corporate bonds) recorded under non-current financial
assets. In addition to this amount, the available unused credit
lines amounted to EUR 0.4 million on December 31, 2020.
MEMSCAP shareholders’ equity totalled EUR 15.6 million on
December 31, 2020 (December 31, 2019: EUR 16.7 million).
* * *
Analysis and perspectives / Impact of Covid-19
pandemic
The 2020 financial year was marked by the Covid-19 pandemic
which particularly affected the avionics sector, the Group's
leading market segment. However, the diversity of its businesses
allows MEMSCAP to face the effects of such a major health and
economic crisis. The significant growth of the Group’s medical
business over FY 2020 confirms the impact of this strategy as well
as the Group's resilience and adaptation in a particularly degraded
context. MEMSCAP Group expects the trend related to the medical
business to continue in FY 2021.
MEMSCAP pursues its strategy focused on avionics, medical and
optical communications segments, backed by its own intellectual
property, as well as the development of an increased flexibility of
its production capacities.
* * *
Q1 2021 earnings: April 27, 2021
Annual meeting of shareholders: May 28, 2021
About MEMSCAP
MEMSCAP is the leading provider of innovative
micro-electro-mechanical systems (MEMS)-based solutions.
MEMSCAP’s products and solutions include components, component
designs (IP), manufacturing and related services.
For more information, visit our website at:
www.memscap.com.
MEMSCAP is listed on Euronext Paris ™ - Segment C - ISIN:
FR0010298620 - MEMS.
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
at 31 December 2020
31 December
2020
31 December
2019
€000
€000
Assets
Non-current assets
Property, plant and equipment
1 693
1 757
Goodwill and intangible assets
7 305
7 804
Right-of-use assets
5 486
5 934
Other non-current financial assets
1 217
1 254
Deferred tax asset
284
412
15 985
17 161
Current assets
Inventories
2 604
3 111
Trade and other receivables
2 558
2 938
Prepayments
306
186
Other current financial assets
58
47
Cash and short-term deposits
2 952
2 204
8 478
8 486
Total assets
24 463
25 647
Equity and liabilities
Equity
Issued capital
1 869
1 867
Share premium
18 783
18 775
Treasury shares
(133)
(131)
Retained earnings
(1 752)
(1 204)
Foreign currency translation
(3 178)
(2 601)
15 589
16 706
Non-current liabilities
Lease liabilities
5 126
5 685
Interest-bearing loans and borrowings
348
127
Employee benefit liability
35
56
5 509
5 868
Current liabilities
Trade and other payables
2 317
2 083
Lease liabilities
582
588
Interest-bearing loans and borrowings
447
324
Provisions
19
78
3 365
3 073
Total liabilities
8 874
8 941
Total equity and liabilities
24 463
25 647
CONSOLIDATED STATEMENT OF
INCOME
For the year ended 31 December
2020
2020
2019
€000
€000
Continuing operations
Sales of goods and services
11 121
12 779
Revenue
11 121
12 779
Cost of
sales
(7 989)
(8 720)
Gross profit
3 132
4 059
Other income
326
497
Research and development expenses
(1 586)
(2 077)
Selling and distribution costs
(658)
(766)
Administrative expenses
(1 482)
(1 581)
Operating profit / (loss)
(268)
132
Finance costs
(212)
(185)
Finance income
35
157
Profit / (loss) for the year from
continuing operations before tax
(445)
104
Income tax expense
(100)
(136)
Profit / (loss) for the year from
continuing operations
(545)
(32)
Profit / (loss) for the year
(545)
(32)
Earnings per share:
- Basic, for profit / (loss) for
the year attributable to ordinary equity holders of the parent (in
euros)
€ (0.073)
€ (0.004)
- Diluted, for profit / (loss)
for the year attributable to ordinary equity holders of the parent
(in euros)
€ (0.073)
€ (0.004)
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
For the year ended 31 December
2020
2020
2019
€000
€000
Profit / (loss) for the year
(545)
(32)
Items that will not be reclassified
subsequently to profit or loss
Actuarial gains / (losses)
2
(69)
Income
tax on items that will not be reclassified to profit or
loss
--
--
Total items that will not be
reclassified to profit or loss
2
(69)
Items that may be reclassified
subsequently to profit or loss
Net gain
/ (loss) on available-for-sale financial assets
(5)
95
Exchange
differences on translation of foreign operations
(577)
40
Income
tax on items that may be reclassified to profit or loss
--
--
Total items that may be reclassified to
profit or loss
(582)
135
Other comprehensive income for the
year, net of tax
(580)
66
Total comprehensive income for the
year, net of tax
(1 125)
34
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
For the year ended 31 December
2020
(In thousands of euros, except for
number of shares)
Number
Issued
Share
Treasury
Retained
Foreign
Total
of shares
capital
premium
shares
earnings
currency
shareholders’
translation
equity
€000
€000
€000
€000
€000
€000
At 1 January 2019
7 468 340
1 867
18 775
(130)
(1 199)
(2 641)
16 672
Loss for the year
--
--
--
--
(32)
--
(32)
Other comprehensive income for the year,
net of tax
--
--
--
--
26
40
66
Total comprehensive income
--
--
--
--
(6)
40
34
Treasury shares
--
--
--
(1)
--
--
(1)
Share-based payment
--
--
--
--
1
--
1
At 31 December 2019
7 468 340
1 867
18 775
(131)
(1 204)
(2 601)
16 706
At 1 January 2020
7 468 340
1 867
18 775
(131)
(1 204)
(2 601)
16 706
Loss for the year
--
--
--
--
(545)
--
(545)
Other comprehensive income for the year,
net of tax
--
--
--
--
(3)
(577)
(580)
Total comprehensive income
--
--
--
--
(548)
(577)
(1 125)
Capital increase
8 562
2
8
--
--
--
10
Treasury shares
--
--
--
(2)
--
--
(2)
At 31 December 2020
7 476 902
1 869
18 783
(133)
(1 752)
(3 178)
15 589
CONSOLIDATED CASH FLOW
STATEMENT
For the year ended 31 December
2020
2020
2019
€000
€000
Cash flows from operating
activities:
Net
profit / (loss) for the year
(545)
(32)
Non-cash
items written back:
Amortization and depreciation
1 166
1 247
Loss / (capital gain) on disposal of fixed
assets
24
35
Other
non-financial activities
83
87
Accounts receivable
149
(49)
Inventories
325
(274)
Other debtors
(30)
16
Accounts payable
259
(72)
Other liabilities
31
(6)
Total net cash flows from operating
activities
1 462
952
Cash flows from investing
activities:
Purchase of fixed assets
(497)
(388)
Proceeds from sale / (purchase) of
financial assets
(2)
118
Total net cash flows from investing
activities
(499)
(270)
Cash flows from financing
activities:
Proceeds from borrowings
734
--
Repayment of borrowings
(183)
(108)
Payment of lease liabilities
(563)
(573)
Sale / (purchase) of treasury shares
(2)
(2)
Proceeds from issue of shares
10
--
Total net cash flows from financing
activities
(4)
(683)
Net
foreign exchange difference
(21)
(53)
Increase / (decrease) in net cash and
cash equivalents
938
(54)
Opening cash and cash equivalents
balance
1 990
2 044
Closing cash and cash equivalents
balance
2 928
1 990
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210323006042/en/
Yann Cousinet Chief Financial Officer Ph.: +33 (0) 4 76 92 85 00
yann.cousinet@memscap.com
Grafico Azioni Memscap (EU:MEMS)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Memscap (EU:MEMS)
Storico
Da Apr 2023 a Apr 2024