Grenoble, France and Dallas, TX, USA – December 21, 2020 - Tronics, a TDK Group Company that manufactures custom MEMS products and standard inertial sensors for industrial applications, has announced its results for the first half of fiscal year 2021 (from April 1 to September 30, 2020).
Tronics' Board of Directors met on December 18, 2020 and approved the financial results for the first half of fiscal year 2021 ending on September 30, 2020, which were presented to the Supervisory Board on the same day.
The half-year financial report has been made publicly available and submitted to the French Market Authorities this day. This report is posted on the company's investors website, in the ”Financial Documents” section: www.tronicsgroup-bourse.com.
CONSOLIDATED 2021 HALF-YEAR RESULTS
|in €k (IFRS) - unaudited||First half of |
fiscal year 2021
|First half of |
fiscal year 2020
|From April 1 to September 30, 2020||From April 1 to September 30, 2019|
|Group share of net income||(2,018)||(5,578)|
CONSOLIDATED 2021 HALF YEAR RESULTS
Revenue for the first half of fiscal year 2021 totalled more than €3.8M, a significant increase compared with the same period of last fiscal year (from April 1 to September 30, 2019), driven by the growth of the manufacturing activities, which generated revenues of €3.1M, an increase of +50% compared to the same period of last year.
At the same time, engineering activities decreased by 24% and represented revenues of €0.7M.
Consolidated operating income for the first half of fiscal year 2021 as of September 30, 2020 amounted to
€-3.2M. This improvement is mainly due to the increase in revenues.
After recognition of a financial gain of €1.1M related to a positive foreign exchange impact on the loans granted by Tronics' parent company, TDK Electronics AG (a large part of this debt being accounted for in US dollars), the Group share of consolidated net income amounted to €-2.0M.
As of September 30, 2020, Tronics' equity amounted to €-21.7M, including the losses generated by the Group at both production sites during the half-year period.
Cash amounted to €4.5M and gross debt to €44M, mainly related to the debt towards TDK Electronics AG. In the first half of fiscal year 2021, Tronics benefited from additional loans granted by TDK Electronics AG for a total of €6.1M.
For the second half of its fiscal year 2021, Tronics is targeting an increase of its manufacturing activities compared to the previous fiscal year.
During the fiscal year 2021, Tronics expects to improve its current operating income compared to the previous fiscal year 2020. This improvement will come from the increased revenues.
The net income of the fiscal year 2021 will be strongly dependent on the evolution of the euro/dollar exchange rate related to the loans granted by TDK Electronics AG and recognized in financial results
About Tronics Microsystems
Tronics Microsystems is a division of TDK's Temperature & Pressure Sensors Business Group that manufactures custom MEMS products and standard inertial sensors. Addressing high-growth markets relying on increasing miniaturization of electronic devices, the company provides custom and standard products especially to the industrial, aeronautics, security, and medical markets. Founded in 1997, Tronics is located in Crolles, near Grenoble (France) and in Dallas, Texas (United States), and has around 100 employees, most of them engineers and scientists. Following a tender offer ending January 2017, TDK Electronics AG (formerly EPCOS AG) now holds 74 percent of Tronics' shares.
* ISIN code: FR0004175099 ALTRO
About TDK Corporation
TDK Corporation is a world leader in electronic solutions for the smart society based in Tokyo, Japan. Built on a foundation of material sciences mastery, TDK welcomes societal transformation by resolutely remaining at the forefront of technological evolution and deliberately “Attracting Tomorrow.” It was established in 1935 to commercialize ferrite, a key material in electronic and magnetic products. TDK's comprehensive, innovation driven portfolio features passive components such as ceramic, aluminum electrolytic and film capacitors, as well as magnetics, high-frequency, and piezo and protection devices. The product spectrum also includes sensors and sensor systems such as temperature and pressure, magnetic, and MEMS sensors. In addition, TDK provides power supplies and energy devices, magnetic heads and more. These products are marketed under the product brands TDK, EPCOS, InvenSense, Micronas, Tronics and TDK-Lambda. TDK focuses on demanding markets in the areas of information and communication technology and automotive, industrial and consumer electronics. The company has a network of design and manufacturing locations and sales offices in Asia, Europe, and in North and South America. In fiscal 2020, TDK posted total sales of USD 12.5 billion and employed about 107,000 people worldwide.