MEMSCAP 
By 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:
(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.
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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.
EUR 2.5 million available liquidities (without non-used credit lines) at December 31, 2013The 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.
PerspectivesAt 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.
Q1 2014 earnings: April 24, 2014 Shareholders meeting: May 21, 2014About 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) 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: yann.cousinet@memscap.com
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION at 31 December 201331 December
2013
31 December
2012*
Assets
Non-current assets
€000 €000
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
Cash and short-term deposits ................................................................... 1 382 2 671
7 561 9 448
Total assets 22 158 25 228
Equity and liabilities
Equity
Issued capital............................................................................................. 1 736 1 518
Share premium.......................................................................................... 20 383 19 419
Treasury shares ......................................................................................... (123) (132)
Retained earnings...................................................................................... (3 074) (1 741) Foreign currency translation ..................................................................... (1 842) (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
* Figures have been adjusted following the application of IAS 19 amended.
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CONSOLIDATED STATEMENT OF INCOME For the year ended 31 December 20132013 2012*
Continuing operations
€000 €000
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)..................................................................... € (0,21) € (0,06)
- Diluted, for profit / (loss) for the year attributable to ordinary equity
holders of the parent (in euros)..................................................................... € (0,21) € (0,05)
* Figures have been adjusted following the application of IAS 19 amended.
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME2013 | 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 ......................................... Income tax on items that may be reclassified to profit or loss | (1 387) -- | 482 -- | |
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 | |
* Figures have been adjusted following the application of IAS 19 amended. |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 31 December 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
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
At 31 December 2012* .............................................................. 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
* Figures have been adjusted following the application of IAS 19 amended.
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CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 December 2013Cash flows from operating activities:
2013 2012
€000 €000
Net profit / (loss) for the year ............................................................................ (1 372) (344) Non-cash items written back:
Amortization and depreciation.................................................................... 883 904
Loss / (capital gain) on disposal of fixed assets ........................................... (17) (1 300)
Other non-financial activities ...................................................................... 75 73
Accounts receivable ........................................................................................... 375 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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