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    MEMS   FR0010298620

MEMSCAP

(MEMS)
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MEMSCAP : - Earnings for the 2020 Financial Year

03/24/2021 | 01:31am EST

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

 

 

 

 


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Financials
Sales 2020 11,1 M 12,6 M 12,6 M
Net income 2020 -0,55 M -0,62 M -0,62 M
Net Debt 2020 3,55 M 4,02 M 4,02 M
P/E ratio 2020 -16,6x
Yield 2020 -
Capitalization 10,9 M 12,3 M 12,3 M
EV / Sales 2019 1,36x
EV / Sales 2020 1,13x
Nbr of Employees 64
Free-Float 89,8%
Chart MEMSCAP
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Technical analysis trends MEMSCAP
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Income Statement Evolution
Managers and Directors
Jean-Michael Karam Chairman & Chief Executive Officer
Yann Cousinet Chief Financial Officer
Nicolas Bertsch COO & GM-Custom Products Business Unit
JoŰl Rodriguez Alanis Independent Director
Bernard Courtois Independent Director
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