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2016 annual results

Published on March 27, 2017
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Tronics, a designer and manufacturer of innovative nano and microsystems, is listed on the Paris Alternext market (ISIN code: FR0004175099 - ALTRO).

The Board of Directors of Tronics, meeting on 27 March 2017, closed the 2016 consolidated statements.

Revenue in 2016 totalled €6.3M versus €7.8M in 2015. Revenue was mainly affected by the loss of a customer which ceased its activities at the beginning of the year (contribution of €1.4M to 2015 sales versus 0 in 2016) and by delays in some engineering projects.

This level of activity weighed on 2016 results, although the group implemented the announced cost reduction program, which led to a decrease in fixed costs of more than €850K over the period. Net income was €-5.4M in 2016, reflecting the impact of the reduced level of activity.

As of 31 December 2016, with equity of €9.5M, available cash amounted to €5.5M and gross debt was €4.9M. Following the exercise of all outstanding stock options and founder’s share warrants (bons de souscription de parts de créateur d’entreprise, or BSPCE) in circulation in the context of the public tender offer, a capital increase of €1.9M was carried out on 19 January 2017. The capital now stands at €3,685,608.

Following the change of control of Tronics in December 2016, the Group’s US-based production partner terminated the operating agreement on its manufacturing facility in the United States. Tronics, which had anticipated this possibility, is currently implementing a new production unit.

OUTLOOK

In 2017, Tronics, now a TDK Group Company, will continue to pursue the implementation of its strategic plan aimed at developing standard gyros and accelerometers for high performance inertial applications, custom products for industrial markets, and BioMEMS applications.

Additional information: in order to bring Tronics’ closing date into line with that of EPCOS AG, the fiscal year end will be changed to 31 March. Consequently, the fiscal year that began on 1 January 2017 will have an exceptional duration of 15 months and will close on 31 March 2018.