POSITIVE OPERATING CASH FLOW AT +EUR 1.6 MILLION
GROWTH OF THE AVIONIC BUSINESS RESILIENCE OF THE GROUP
IN THE CONTEXT OF THE COVID-19 PANDEMIC
Consolidated revenue at EUR 11.4 million for FY 2021, up +3%
in euros and +6% in dollars
Positive annual EBITDA at +EUR 1.0 million
Operating loss at -EUR 0.2 million – Net loss at -EUR 0.3
million
Consolidated available cash at EUR 5.3 million as of December
31, 2021, up +1.1 million vs. December31, 2020
Regulatory News:
MEMSCAP (NYSE Euronext: MEMS) (Paris:MEMS), the leading provider
of innovative solutions based on MEMS (micro-electro-mechanical
systems) technology, today announced its earnings for the 2021
financial year ending December 31, 2021.
Analysis of the consolidated income statement
In line with the previous quarterly press releases, MEMSCAP
reported an audited revenue of EUR 11.4 million for FY 2021 (US$
13.5 million) compared to EUR 11.1 million for FY 2020 (US$ 12.7
million).
Consolidated revenue distribution by market segment, over FY
2021, is as follows:
Market segments / Revenue (In
million euros)
FY 2021
%
FY 2020
%
Aerospace
5.4
47%
4.6
41%
Medical / Biomedical
3.3
29%
3.5
32%
Optical communications / Adaptive
optics
2.0
18%
2.4
22%
Others
0.7
6%
0.5
5%
Total
11.4
100%
11.1
100%
(Any apparent discrepancies in totals are due to rounding.)
Revenue for FY 2021 increased by +2.5% in euros and +6.4% in US
dollars compared to FY 2020. It is to be noted that sales made in
US dollars represented approximately 69% of the consolidated
revenue for FY 2021 (2020: 66%).
Sales of the Standard Products division (+EUR 0.5 million /
+6.2% vs. 2020) benefited from the recovery of the avionics segment
(+EUR 0.8 million / +17.2% vs. 2020) despite the context of the
Covid-19 pandemic. Sales of medical segment of the division
decreased by EUR 0.3 million compared to FY 2020, this previous
financial year having been marked by high volumes of activity. The
growth rate of the medical segment was +98.2% vs. FY 2019 and
+59.7% vs. FY 2018. On the other side, the avionics business
remains the Group's leading market segment, representing 47.3% of
the consolidated revenue (2020: 41.3%), with annual sales of EUR
5.4 million (2020: EUR 4.6 million).
The unavailability of industrial equipment at the US site during
the first half of 2021, due to a technical incident at the end of
FY 2020 year, impacted the sales of the Custom Products division
(including the Optical Communications / Adaptive optics segment).
The division's sales were thus down -EUR 0.2 million / -7.3%
compared to FY 2020.
* * *
Analysis of the consolidated income statement
MEMSCAP’s consolidated earnings for FY 2021 are given within the
following table:
In million euros
FY 2021
FY 2020
Revenue
11.4
11.1
- Standard products*
- Custom products
8.5
2.9
8.0
3.1
Cost of revenue
(8.1)
(8.0)
Gross margin
3.3
3.1
% of revenue
29%
28%
Operating expenses**
(3.5)
(3.4)
Operating profit / (loss)
(0.2)
(0.3)
Financial profit / (loss)
(0.0)
(0.2)
Income tax expense
(0.1)
(0.1)
Net profit / (loss)
(0.3)
(0.5)
(Financial data were subject to an audit by the Group’s
statutory auditors who will issue their reports at a later date. On
March 24th, 2022, the MEMSCAP’s board of directors authorized the
release of the FY 2021 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 positive volume effect related to the activities of the
Standard Products division, due to the increase of the avionics
business, impacted the Group's gross margin rate which stood at
28.9% compared to 28.2% for the previous year. The consolidated
gross margin thus amounted to EUR 3.3 million compared to EUR 3.1
million for FY 2020.
Operating expenses, net of research and development grants,
amounted to EUR 3.5 million compared to EUR 3.4 million for FY
2020, i.e. an annual increase of 3.5%. It is recalled that selling
and administrative expenses were subject to specific cost reduction
programs during 2020 in the context of the Covid-19 pandemic.
Research and development expenses, net of grants, amounted to EUR
1.2 million for FY 2021 and represented 11.3% of consolidated sales
(FY 2020: EUR 1.3 million / 11.3% of consolidated sales). In
addition, the total number of full-time equivalent employees in the
Group was 58.6 in FY 2021 compared to 63.7 in FY 2020.
For FY 2021, the Group posted an operating loss of EUR 0.2
million compared to an operating loss of EUR 0.3 million for FY
2020. The net financial loss was non-significant in FY 2021
(including a net foreign exchange gain of EUR 0.1 million) compared
with a net financial loss amounted to EUR 0.2 million for FY 2020
(including a net foreign exchange loss of EUR 0.1 million). The tax
expense recognized over FY 2021 and FY 2020 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 0.3 million for
FY 2021 compared to a net loss of EUR 0.5 million for FY 2020.
* * *
Evolution of the Group’s cash / Consolidated shareholders’
equity
For FY 2021, the Group posted a positive EBITDA at EUR 1.0
million compared to EUR 0.8 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 1.6 million against a cash generation of EUR 1,5
million for FY 2020.
On December 31, 2021, the Group reported available cash at EUR
5.3 million (December 31, 2020: EUR 4.2 million) including cash
investments (Corporate bonds / investment securities) 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, 2021.
MEMSCAP shareholders’ equity totalled EUR 15.8 million on
December 31, 2021 (December 31, 2020: EUR 15.6 million).
* * *
Analysis and perspectives / Impact of Covid-19
pandemic
The 2021 financial year was marked by the growth of the avionics
business, the Group's leading market segment, despite the context
of the Covid 19 pandemic. As the previous financial year, the
diversity of its businesses allows MEMSCAP to face the effects of
such a major health and economic crisis.
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 2022 earnings: April 27, 2022
Annual meeting of shareholders: May 31, 2022
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 2021
31 December 2021
31 December 2020
€000
€000
Assets
Non-current assets
Property, plant and
equipment.................................................................................
1 662
1 693
Goodwill and intangible
assets..................................................................................
7 238
7 305
Right-of-use
assets....................................................................................................
5 224
5 486
Other non-current financial
assets.............................................................................
1 385
1 217
Employee benefit net
asset.......................................................................................
35
--
Deferred tax
asset.....................................................................................................
229
284
15 773
15 985
Current assets
Inventories...............................................................................................................
2 493
2 604
Trade and other
receivables......................................................................................
2 824
2 558
Prepayments............................................................................................................
426
306
Other current financial
assets....................................................................................
--
58
Cash and short-term
deposits....................................................................................
3 919
2 952
9 662
8 478
Total assets
25 435
24 463
Equity and liabilities
Equity
Issued
capital............................................................................................................
1 869
1 869
Share
premium.........................................................................................................
17 972
18 783
Treasury
shares.........................................................................................................
(144)
(133)
Retained
earnings.....................................................................................................
(1 130)
(1 752)
Foreign currency
translation......................................................................................
(2 779)
(3 178)
15 788
15 589
Non-current liabilities
Lease
liabilities..........................................................................................................
4 989
5 126
Interest-bearing loans and
borrowings......................................................................
229
348
Employee benefit
liability..........................................................................................
67
35
5 285
5 509
Current liabilities
Trade and other
payables..........................................................................................
3 375
2 317
Lease
liabilities..........................................................................................................
577
582
Interest-bearing loans and
borrowings......................................................................
390
447
Provisions.................................................................................................................
20
19
4 362
3 365
Total liabilities
9 647
8 874
Total equity and liabilities
25 435
24 463
CONSOLIDATED STATEMENT OF INCOME
For the year ended 31 December 2021
2021
2020
€000
€000
Continuing operations
Sales of goods and
services......................................................................................
11 396
11 121
Revenue..................................................................................................................
11 396
11 121
Cost of
sales............................................................................................................
(8 101)
(7 989)
Gross
profit.............................................................................................................
3 295
3 132
Other
income..........................................................................................................
474
326
Research and development
expenses.......................................................................
(1 721)
(1 586)
Selling and distribution
costs....................................................................................
(662)
(658)
Administrative
expenses..........................................................................................
(1 611)
(1 482)
Operating profit /
(loss)...........................................................................................
(225)
(268)
Finance
costs...........................................................................................................
(144)
(212)
Finance
income.......................................................................................................
98
35
Profit / (loss) for the year from
continuing operations before tax...........................
(271)
(445)
Income tax
expense.................................................................................................
(57)
(100)
Profit / (loss) for the year from
continuing
operations............................................
(328)
(545)
Profit / (loss) for the
year........................................................................................
(328)
(545)
Earnings per share:
- Basic, for profit / (loss) for
the year attributable to ordinary equity holders of the parent (in
euros)..........................................................................................
€ (0.044)
€ (0.073)
- Diluted, for profit / (loss)
for the year attributable to ordinary equity holders of the parent
(in
euros)..........................................................................................
€ (0.044)
€ (0.073)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2021
2021
2020
€000
€000
Profit / (loss) for the
year..........................................................................................
(328)
(545)
Items that will not be reclassified
subsequently to profit or loss
Actuarial gains /
(losses)............................................................................................
8
2
Income
tax on items that will not be reclassified to profit or
loss................................
--
--
Total items that will not be
reclassified to profit or
loss............................................
8
2
Items that may be reclassified
subsequently to profit or loss
Net gain
/ (loss) on available-for-sale financial
assets.................................................
131
(5)
Exchange
differences on translation of foreign
operations..........................................
399
(577)
Income
tax on items that may be reclassified to profit or
loss.....................................
--
--
Total items that may be reclassified to
profit or
loss.................................................
530
(582)
Other comprehensive income for the
year, net of
tax...............................................
538
(580)
Total comprehensive income for the
year, net of
tax................................................
210
(1 125)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2021
(In thousands of euros, except for
number of shares)
Number
Issued
Share
Treasury
Retained
Foreign
Total
of shares
capital
premium
shares
earnings
currency translation
shareholders’ equity
€000
€000
€000
€000
€000
€000
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
At 1 January
2021............................................................................
7 476 902
1 869
18 783
(133)
(1 752)
(3 178)
15 589
Loss for the
year...............................................................................
--
--
--
--
(328)
--
(328)
Other comprehensive income for the year,
net of tax........................
--
--
--
--
139
399
538
Total comprehensive
income............................................................
--
--
--
--
(189)
399
210
Retained earnings offset with share
premium...................................
--
--
(811)
--
811
--
--
Treasury
shares................................................................................
--
--
--
(11)
--
--
(11)
At 31 December
2021.......................................................................
7 476 902
1 869
17 972
(144)
(1 130)
(2 779)
15 788
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2021
2021
2020
€000
€000
Cash flows from operating
activities:
Net
profit / (loss) for the
year.......................................................................................
(328)
(545)
Non-cash
items written back:
Amortization and
depreciation................................................................................
1 191
1 166
Loss / (capital gain) on disposal of fixed
assets.........................................................
40
24
Other
non-financial
activities..................................................................................
31
83
Accounts
receivable......................................................................................................
(135)
149
Inventories...................................................................................................................
252
325
Other
debtors...............................................................................................................
(279)
(30)
Accounts
payable..........................................................................................................
851
259
Other
liabilities.............................................................................................................
(28)
31
Total net cash flows from operating
activities..............................................................
1 595
1 462
Cash flows from investing
activities:
Purchase of fixed
assets................................................................................................
(146)
(497)
Proceeds from sale / (purchase) of
financial
assets........................................................
(46)
(2)
Total net cash flows from investing
activities...............................................................
(192)
(499)
Cash flows from financing
activities:
Proceeds from
borrowings............................................................................................
--
734
Repayment of
borrowings.............................................................................................
(205)
(183)
Payment of lease
liabilities............................................................................................
(580)
(563)
Sale / (purchase) of treasury
shares..............................................................................
(11)
(2)
Change in restricted
cash..............................................................................................
58
--
Proceeds from issue of
shares.......................................................................................
--
10
Total net cash flows from financing
activities...............................................................
(738)
(4)
Net
foreign exchange
difference...................................................................................
55
(21)
Increase / (decrease) in net cash and
cash
equivalents.................................................
720
938
Opening cash and cash equivalents
balance.................................................................
2 928
1 990
Closing cash and cash equivalents
balance...................................................................
3 648
2 928
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220324005855/en/
Yann Cousinet Chief Financial Officer Ph.: +33 (0) 4 76 92 85 00
yann.cousinet@memscap.com
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