Grenoble, France and Dallas, TX, USA – December 20, 2022 - Tronics, a TDK Group Company that manufactures customized MEMS products and standard inertial sensors for industrial applications, has announced its results for the first half of fiscal year 2023 (from April 1 to September 30, 2022).
Tronics' Board of Directors met on December 5, 2022 and approved the financial results for the first half of fiscal year 2023, 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: http://www.tronicsgroup-bourse.com.
Consolidated Half-Year Results
|in €k (IFRS) - unaudited||First half of |
fiscal year 2023
|First half of |
fiscal year 2022
|From April 1 to September 30, 2022||From April 1 to September 30, 2021|
|Group share of net income||(2,948)||(2,454)|
Revenue for the first half of fiscal year 2022 totalled €7.8M, a significant increase compared with the same period of last fiscal year (from April 1 to September 30, 2021), driven by the growth of the manufacturing activities, which generated revenues of €6.3M, an increase of +25% compared to the same period of last year. Engineering activities, dedicated to the development and the industrialization of future customized MEMS products at Group level, accounted for €1.5M in the first half of fiscal year 2023 (versus €1.3M in the first half of fiscal year 2022).
Consolidated operating income for the first half of fiscal year 2022 amounted to €(1.1)M. This improvement is mainly due to the increase in revenues and improved operational performance balanced by price increases on raw materials and energy.
After recognition of a financial loss of €(2.0)M related to a negative foreign exchange impact on the loan, accounted for in US dollars, granted by Tronic's Microsystems SA to Tronics Mems Inc.. the Group share of consolidated net income amounted to €(2.9)M.
As of September 30, 2022, Tronics' equity amounted to €(7.6)M. Cash amounted to €1.M and gross debt to €24.9M, mainly related to the debt towards TDK Electronics AG.
In the first half of fiscal year 2023, Tronics put in place a cash pooling agreement with TDK Europe SA. The position of the cash pooling at the end of September 2022 is €(3.3)M.
In the second half of fiscal year 2023, Tronics expects stable revenues compared to the first half of fiscal year 2023. Tronics will remain focused on the ramp-up of the existing product portfolio and new product launches, which allow for increased sales of innovative MEMS products for high value-added inertial and industrial applications.
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. After completion of the capital increase in December 2021, TDK Electronics AG holds 87% 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 2022 financial year, TDK achieved a turnover of USD 15.6 billion and employed around 117,000 people worldwide.