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    MEMS   FR0010298620

MEMSCAP

(MEMS)
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Memscap : INCREASE OF CONSOLIDATED FIRST HALF REVENUE UP TO EUR 6.6 MILLION

08/30/2019 | 02:22pm EST

MEMSCAP - FIRST HALF 2019 EARNINGS:

INCREASE OF CONSOLIDATED FIRST HALF REVENUE UP TO EUR 6.6 MILLION

Sustainable sales of the avionic (+6%) and optical communications (+3%) businesses Operating profitability over the first half of 2019

H1 2019 EBITDA at +EUR 0.7 million

Cash flow from operating activities at +EUR 0.7 million and increase in net cash for the first half of 2019

Increase of available liquidities up to EUR 3.8 million at 30 June 2019

Grenoble (France) - 30 August 2019 - 06:30 PM.

MEMSCAP (NYSE Euronext: MEMS), the leading provider of innovative solutions based on MEMS (micro-electro-mechanical systems) technology, today announced its earnings for the first half of 2019 ending 30 June 2019.

Revenue and consolidated earnings for the first half of 2019

In accordance with the previous quarterly press releases, consolidated revenue for the first half of 2019 amounted to EUR 6.6 million (US$ 7.4 million) compared to EUR 6.5 million (US$ 7.9 million) for the first half of 2018 and EUR 6.4 million (US$ 7.4 million) for the second half of 2018.

Consolidated revenue in euro for the first half of 2019 increased by +1% compared to the first half of 2018 and +2% compared to the second half of 2018.

Consolidated revenue distribution by market segment, over the first half of 2019, is as follows:

Market segments / Revenue (M€)

For the 6 months

%

For the 6 months

%

Var. H1 2019 / 2018

ended 30 June 2019

ended 30 June 2018

(M€)

(%)

Aerospace

3.5

53%

3.3

50%

+0.2

+6%

Optical communications / Adaptive optics

2.1

31%

2.0

31%

+0.1

+3%

Medical / Biomedical

0.7

11%

1.0

15%

-0.2

-24%

Others

0.3

4%

0.3

4%

0.0

+9%

Total

6.6

100%

6.5

100%

+0.1

+1%

(Any apparent discrepancies in totals are due to rounding.)

The first half of 2019 was marked by the robustness of the avionics sector, which increased by 6% (+EUR 0.2 million) compared to the first half of 2018 and represented more than 53% of total consolidated sales in the first half of 2019.

This increase offset the cyclical downturn in medical / biomedical activity (-EUR 0.2 million compared to the first half of 2018).

The optical communications sector recorded solid sales results representing 31% of the consolidated revenue for the first half of 2019, up 3% compared to the first half of 2018.

* * *

1 / 8

MEMSCAP's consolidated earnings for the first half of 2019 are given within the following table:

In million euros

Q1

Q2

H1

Q1

Q2

H1

H1

2018 (1)

2018 (1)

2018 (1)

2018

2019

2019

2019

(Restated)

(Restated)

(Restated)

(Published)

Revenue

3.1

3.5

6.6

2.9

3.6

6.5

6.5

Standard products*

2.1

2.1

4.3

1.9

2.3

4.2

4.2

Custom products

1.0

1.4

2.3

1.0

1.3

2.3

2.3

Cost of revenue

(2.2)

(2.3)

(4.5)

(2.0)

(2.3)

(4.3)

(4.4)

Gross margin

0.9

1.2

2.1

0.9

1.3

2.2

2.1

% of revenue

30%

33%

32%

31%

36%

33%

33%

Operating expenses**

(1.0)

(1.0)

(2.0)

(1.0)

(1.0)

(2.0)

(2.0)

Operating profit / (loss)

(0.1)

0.2

0.1

(0.1)

0.3

0.2

0.1

Financial profit / (loss)

(0.0)

(0.0)

(0.1)

(0.1)

0.0

(0.0)

0.0

Income tax expense

(0.0)

(0.0)

(0.1)

(0.0)

(0.1)

(0.1)

(0.1)

Net profit / (loss)

(0.1)

0.1

(0.1)

(0.2)

0.2

(0.0)

0.0

(Financial data were subject to a limited review by the Group's statutory auditors. On August 30, 2019, MEMSCAP's board of directors authorized the release of the interim condensed consolidated financial statements at 30 June 2019. Any apparent discrepancies in totals are due to rounding.)

  • Including the dermo-cosmetic segment.
  • Net of research & development grants.
  1. The Group has applied IFRS 16 using the full retrospective approach and the comparative information is not the same as the information previously presented in the prior year's financial statements. The details of the changes in accounting policies are disclosed note 2.2 to the interim condensed consolidated financial statements at 30 June 2019.

The financial data for the 2018 financial year and presented in the comments below have been adjusted from the restatements relating to the adoption of IFRS 16, mandatory from 1 January 2019. These "restated" financial data are therefore different from those previously "published" for the 2018 financial year. The Group has applied IFRS 16 using the full retrospective approach with restatement of comparative information. At 30 June 2019, the adoption of IFRS 16 led to an increase of EUR 5.4 million in total consolidated assets and EUR 6.0 million in total consolidated liabilities, resulting in a -EUR.0.6 million reduction in total consolidated equity. For the first half of 2019 and 2018, the adoption of IFRS 16 resulted in a non-significant reduction in net income for the period and an increase in half-year EBITDA of +EUR 0.2 million in these periods. The detailed impacts of the adoption of IFRS 16 are presented in note 2.2 to the interim condensed consolidated financial statements at 30 June 2019.

In the first half of 2019, the Group's sales volumes led to a consolidated gross margin of EUR 2.1 million (31.6% of consolidated sales) compared to EUR 2.2 million during the restated first half of 2018 (33.4% of consolidated sales).

Operating expenses (net of research and development grants) amounted to EUR 2.0 million in the first half of 2019, similar to the restated first half of 2018. For the first half of 2019, the Group posted an operating profit of EUR 0.1 million compared to an operating profit of EUR 0.2 million for the restated first half of 2018.

The net financial loss was EUR 0.1 million compared to a non-significant net financial loss for the restated first half of 2018. The tax expense of EUR 0.1 million for the first half of 2019 and for the restated first half of 2018 corresponded to the change in deferred tax over the period with no impact on the Group's cash position.

The Group therefore reported a consolidated net loss of EUR 0.1 million for the first half of 2019 compared to a non-significant consolidated net loss in the restated first half of 2018.

* * *

2 / 8

Evolution of the Group's cash / Consolidated shareholders' equity

For the first half of 2019, the Group posted a positive EBITDA of EUR 0.7 million compared to a positive EBITDA of EUR 0.8 million for the restated first half of 2018. Cash flow from operating activities in the first half of 2019, +EUR 0.7 million vs +EUR 0.3 million for the first half of 2018 (restated), significantly increased by EUR 0.4 million resulting in particular from the reduction of the working capital requirement over the period. Therefore, the Group's net cash position increased by EUR 0.2 million in the first half of 2019 compared to a decrease of EUR 0.5 million in the first half of 2018 (restated).

At 30 June 2019, the Group reported available liquidities at EUR 3.8 million (31 December 2018: EUR 3.7 million) including cash investments for EUR 1.3 million (Corporate bonds) recorded under non-current financial assets and cash and short-term deposits for EUR 2.5 million.

Current financial debt, including lease liabilities under IFRS 16, was EUR 1.0 million at 30 June 2019, similar to the position at 30 December 2018 (restated).

MEMSCAP shareholders' equity totalled EUR 16.8 million at 30 June 2019 compared to EUR 16.7 million at 31 December 2018 (restated).

* * *

Analysis and perspectives

The first half of 2019 confirmed the robustness of the Group's avionics business, representing more than 53% of the half-year consolidated revenue, as well as the good performance of the optical communications market despite an uncertain international context.

MEMSCAP pursues its strategy focused on avionics, medical and optical communications segments as well as increasing the flexibility of its production capabilities.

* * *

Q3 2019 Earnings: October 25, 2019

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.

Contacts

Yann Cousinet

Chief Financial Officer Ph.: +33 (0) 4 76 92 85 00 yann.cousinet@memscap.com

For more information, visit our website at:

www.memscap.com.

MEMSCAP is listed on Euronext Paris ™ - Segment C - ISIN: FR0010298620 - MEMS.

MEMS

3 / 8

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Interim condensed consolidated financial statements at 30 June 2019

30 June

31 December

2019

2018

Restated (1)

€000

€000

Assets

Non-current assets

Property, plant and equipment......................................................................................

1 713

1 794

Goodwill and intangible assets.......................................................................................

7 985

7 908

Right-of-use assets .........................................................................................................

6 391

6 316

Other non-current financial assets.................................................................................

1 282

1 309

Deferred tax asset ..........................................................................................................

496

541

17 867

17 868

Current assets

Inventories .....................................................................................................................

3 139

2 807

Trade and other receivables...........................................................................................

3 099

2 943

Prepayments ..................................................................................................................

391

280

Other current financial assets ........................................................................................

41

35

Cash and short-term deposits ........................................................................................

2 528

2 380

9 198

8 445

Total assets

27 065

26 313

Equity and liabilities

Equity

Issued capital..................................................................................................................

1 867

1 867

Share premium...............................................................................................................

18 775

18 775

Treasury shares ..............................................................................................................

(126)

(130)

Retained earnings ..........................................................................................................

(1 215)

(1 199)

Foreign currency translation ..........................................................................................

(2 455)

(2 641)

16 846

16 672

Non-current liabilities

Lease liabilities ...............................................................................................................

6 022

5 977

Interest-bearing loans and borrowings ..........................................................................

182

236

Employee benefit liability...............................................................................................

20

20

6 224

6 233

Current liabilities

Trade and other payables ..............................................................................................

2 900

2 297

Lease liabilities ...............................................................................................................

585

589

Interest-bearing loans and borrowings ..........................................................................

432

444

Other current financial liabilities....................................................................................

--

--

Provisions .......................................................................................................................

78

78

3 995

3 408

Total liabilities

10 219

9 641

Total equity and liabilities

27 065

26 313

  1. The Group has applied IFRS 16 using the full retrospective approach and the comparative information is not the same as the information previously presented in the prior year's financial statements.
    The Group has labelled the restated comparative information with the heading "restated". The details of the changes in accounting policies are disclosed note 2.2 to the interim condensed consolidated financial statements at 30 June 2019.

4 / 8

CONSOLIDATED STATEMENT OF INCOME

Interim condensed consolidated financial statements at 30 June 2019

For the six months ended 30 June

20192018 Restated (1)

Continuing operations

Sales of goods and services ............................................................................................

Revenue....................................................................................................................

Cost of sales....................................................................................................................

Gross profit...............................................................................................................

Other income..................................................................................................................

Research and development expenses ............................................................................

Selling and distribution costs..........................................................................................

Administrative expenses.................................................................................................

Operating profit / (loss) ............................................................................................

Finance costs ..................................................................................................................

Finance income...............................................................................................................

Profit / (loss) for the period from continuing operations before tax ...........................

Income tax expense........................................................................................................

Profit / (loss) for the period from continuing operations ...........................................

Profit / (loss) for the period ......................................................................................

Earnings per share:

  • Basic, for profit / (loss) for the period attributable to ordinary equity holders of the parent (in euros) ................................................................................................
  • Diluted, for profit / (loss) for the period attributable to ordinary equity holders of the parent (in euros) ................................................................................................

€000

  1. 571
  1. 571

(4 494)

2 077

251 (1 061)

(423)

(785)

59

(94)

19

(16)

(58)

(74)

(74)

  • (0,010)
  • (0,010)

€000

  1. 516
  1. 516

(4 342)

2 174

261 (1 018)

(375)

(880)

162

(85)

56

133

(139)

(6)

(6)

  • (0,001)
  • (0,001)
  1. The Group has applied IFRS 16 using the full retrospective approach and the comparative information is not the same as the information previously presented in the prior year's financial statements.
    The Group has labelled the restated comparative information with the heading "restated". The details of the changes in accounting policies are disclosed note 2.2 to the interim condensed consolidated financial statements at 30 June 2019.

5 / 8

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Memscap SA published this content on 30 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2019 18:21:02 UTC


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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
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Nbr of Employees 64
Free-Float 89,8%
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