Grenoble, France and Dallas TX, USA – June 25, 2021 - Tronics, a TDK Group Company that manufactures custom MEMS products and standard inertial sensors for industrial applications, has announced its results for the fiscal year 2021 (from April 1, 2020 to March 31, 2021).
Tronics' Management Board met on June 16, 2021, and approved the accounts of its fiscal year ending on March 31, 2021, which were presented to the Supervisory Board on the same day.
The annual financial report will be made publicly available and submitted to the French Market Authorities during the month of July, 2021. This report will be uploaded on the company's investors website, in the ”Financial Documents” section: www.tronicsgroup-bourse.com.
CONSOLIDATED ANNUAL RESULTS
|in €k (IFRS) - audited||Fiscal year 2021||Fiscal year 2020|
|From April 1, 2020 to |
March 31, 2021
|From April 1, 2019 to |
March 31, 2020
|12 months||12 months|
|Group share of net income||(5,590)||(8,808)||na|
Consolidated revenue for fiscal year 2021
Consolidated revenue for the fiscal year 2021, ending on March 31, 2021, totaled €8.7M, an increase of 40% compared to the previous fiscal year. This increase resulted mainly from the increase of 66% in revenue from manufacturing activities combined with a reduction of engineering revenues by 14%, in line with the group's strategy.
Revenue from manufacturing activities in fiscal year 2021 amounted to €7.0M (versus €4.2M in the previous fiscal year), and were sustained by the increasing demand for Tronics' high-performance MEMS inertial sensors and BioMEMS, the latter being manufactured in the US subsidiary. Engineering activities generated €1.7M (versus €2.0M for the previous fiscal year).
Over the 2021 fiscal year, operating costs increased by only 4% compared to the previous fiscal year, reflecting the efforts on both production sites to increase volumes with a controlled cost structure.
The operating income of the fiscal year as of March 31, 2021, came to minus €6.3M (there were no non-current elements in the period under review), and the Group share of the consolidated net income was minus €5.6M.
As of March 31, 2021, the equity of Tronics stood at minus €25.3M, including the losses generated by the Group at both production sites during the fiscal year.
The gross debt of Tronics (mainly due to the loans contracted with its parent company) reached €46.7M. Cash amounts to €3.7M.
On the financial level, Tronics benefits from the financial support of the TDK Group in order to adapt its cash flow to the investment needs and to the sustaining of its two production sites.
For the current fiscal year, Tronics is aiming to continue its momentum in the growth of manufacturing revenues initiated in Crolles. To do so, the Group will rely on the ramp-up of the existing product portfolio and new products expected to launch within this fiscal term, which will enable the company to increase the sales of innovative MEMS products for inertial and industrial applications with high added value.
Furthermore, the Group expects a ramp-up of the BioMEMS foundry activity of its US subsidiary.
Tronics aims to capitalize on the existing distribution agreements in order to grow its worldwide customer base for its high-performance MEMS inertial sensors, while relying on the technology and sales synergies within the Group to develop its activities in the MEMS field.
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 for industrial applications. 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 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 the 2021 financial year, TDK achieved a turnover of USD 13.3 billion and employed around 129,000 people worldwide
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For more information: www.tronicsgroup-bourse.com/en/