Resultados semestrales
5 de diciembre 2023
CML Microsistemas Plc
("CML", la "Compañía" o el "Grupo")
Resultados semestrales
Trading in line with expectations, Acquired MwT business and amalgamation progressing well
CML Microsystems Plc, which develops mixed-signal, RF and microwave semiconductors for global communications markets, today announces its unaudited results for the six months ended 30 September 2023.
Aspectos financieros más destacados
· | Los ingresos aumentaron un 5% hasta los 10.58 millones de libras esterlinas (primer semestre del año fiscal 1: 22 millones de libras esterlinas) |
· | Profit from operations, excluding the £0.30m of external costs incurred in this half relating to the MwT acquisition, increased by 9% to £1.90m (H1 FY23: £1.75m) |
· | Diluted EPS decreased to 9.31p (H1 FY22: 11.58p) on higher tax charge |
· | Strong cash balances at period end of £20.95m (31 March 2023: net cash of £22.26m), a reduction of £1.31m after a £1.75m spend on share buybacks and £0.9m on dividend payments |
· | Dividendo semestral recomendado de 5 peniques por acción (H1 FY23: 5 peniques por acción) |
Aspectos operacionales destacados
· | Post period end, successful completion of MwT acquisition on 2 October 2023, significantly expanding the Group's product portfolio and complementing existing R&D capabilities |
· | Increasing presence in new and emerging growth sectors driving growth |
· | Board and senior management evolution, with appointment of Mark McCabe as Chief Operating Officer, Michelle Jones as Director of Finance and Nathan Zommer soon to be joining as Non-Executive Director. |
Chris Gurry, director general de CML Microsystems Plc, comentó los resultados:
"The results achieved for the six months to 30 September 2023 have been robust and the Board expects trading for the full year to be in line with expectations. CML's sustained revenue growth during the period, despite the macroenvironment headwinds facing the sector as a whole, is pleasing and serves to both validate our strategy and highlight the resilience of our business.
The successful acquisition of MwT in October 2023 marked a significant milestone for the Group. The resulting expansion of our product portfolio, and the complementary R&D capabilities that this acquisition brings, positions CML well to fully capitalise on the opportunities available in the new and expanding markets in which we operate.
The future addition of Nathan Zommer as Non-Executive Director, alongside the promotion of Mark McCabe to the Board as Chief Operating Officer and Michelle Jones to Director of Finance, significantly enhances the expertise and experience on the CML Board while adding notable impetus as we continue on our growth journey.
The financial and operational progress made during the period has been pleasing and gives the Board a great deal of confidence as we continue to deliver value to our shareholders."
Consultas:
CML Microsistemas Plc Chris Gurry, director general del grupo Nigel Clark, presidente ejecutivo
| www.cmlmicroplc.com |
Shore Capital (Asesor designado y Broker) toby gibbs James Thomas lucy bowden Fiona Conroy (Corretaje corporativo)
| Tel: + 44 (0) 20 7408 4090 |
Alma Comunicaciones Estratégicas jose royston andy bryant robyn pescador Matthew Young
| Tel.: +44 (0) 20 3405 0205
|
Acerca de CML Microsystems PLC
CML desarrolla semiconductores de señales mixtas, RF y microondas para los mercados de comunicaciones globales. El Grupo utiliza una combinación de fabricación subcontratada y pruebas internas con operaciones comerciales en el Reino Unido, Asia y EE. UU. CML apunta a subsegmentos dentro de los mercados de comunicación con fuertes perfiles de crecimiento y altas barreras de entrada. Se ha asegurado una base de clientes diversa y de primera línea, incluidos algunos de los principales fabricantes de productos comerciales e industriales del mundo.
La expansión de sus clientes y la diversidad de la gama de productos protege en gran medida a la empresa del carácter cíclico que suele asociarse con la industria de los semiconductores. El crecimiento en sus mercados finales está siendo impulsado por factores como el apetito por que los datos se transmitan de forma más rápida y segura, la mejora de la infraestructura de telecomunicaciones en todo el mundo y la creciente prevalencia de redes inalámbricas comerciales privadas para comunicaciones de voz y / o datos vinculadas a Internet industrial de las cosas (IIoT).
El Grupo genera efectivo, no tiene deudas y paga dividendos.
Declaración del presidente
Introducción
Our relatively recent strategy of concentrating efforts on the communications semiconductor market and expanding the sub-sectors addressed continues to serve us well, despite the challenging macroeconomic conditions. We were very pleased to finally announce on 2 October 2023 the closing of the acquisition of Microwave Technology Inc ("MwT") but the unexpected delays in completing the transaction, due to the associated regulatory processes, means that amalgamation activities that we hoped to have well underway by now have only just started.
We are confident the assimilation work will be achieved successfully but realisation of the benefits will correspondingly move out beyond our initial expectations. That said, MwT substantially enlarges the Group's product portfolio, complements our existing R&D capabilities and expands our system level understanding, allowing us to better capitalise on the market opportunities we see.
Resultados y comercio
Despite the global macroeconomic backdrop, the Group's financial performance for the six months to 30 September 2023 was positive and generally in line with our expectations. In a reverse of the comparative period of the prior year, revenue growth was tempered by the weakening of the average US Dollar rate against Sterling. The movement in currencies becomes less material at the profit level since costs below the revenue line are primarily denominated in other currencies.
Revenue for the first six months increased by 5% to £10.58m (H1 FY22: £10.05m). Gross profit increased 4% to £7.94m (H1 FY22: £7.62m) and profit from operations increased by 9%, before the £0.30m of external costs incurred in this half relating to the acquisition of MwT. Profit before taxation only marginally increased to £1.87m (H1 FY22: £1.83). The tax charge of 22% is higher than expected but reflects the changes in rules relating to R&D tax credits and a higher corporation tax rate. The result is that profit after taxation fell to £1.47m (H1 FY22: £1.87m), EBITDA was broadly flat at £3.23m (H1 FY23: £3.25m) and diluted EPS was 9.31p (H1 FY23: 11.58p). Cash balances at the end of the period stood at £20.95m (31 March 2023: £22.26m), a reduction of £1.31m after a £1.75m spend on share buybacks and £932k on dividend payments.
Dividendo
The Board is recommending an unchanged half year dividend of 5.0p per share (H1 FY23: 5.0p per share), payable on 12 January 2024 to shareholders on the Register on 22 December 2023, with an ex-dividend date of 21 December 2023.
Propiedades
Following the sale of the first parcel of land just prior to commencing the current financial year, building work has commenced at the Group's Essex Headquarters site, Oval Park, including relocating the car parks to the rear of the buildings and is scheduled to be completed before the current year end. The remaining excess land, circa 15 acres, which was granted planning permissions in February 2023 was placed on the market early October.
Further interest in the Group's excess commercial property in Fareham, Hampshire is currently being explored, following cessation of the negotiations referenced in the Group's annual report.
Directorio y alta gerencia
At the time of the Annual General Meeting ("AGM") in August, I announced my intention to revert to the role of Non-Executive Chairman once the MwT acquisition had been completed and for this to coincide with additional appointments. In the last week we have strengthened the Board with the promotion of Mark McCabe to the position of Chief Operating Officer and the promotion of Michelle Jones to the senior management position of Director of Finance. These actions enhance the Board and leadership team bringing a diverse set of skills, expertise and experience whilst adding impetus. With these enhancements in place, I am stepping back to the position of Non-Executive Chairman with immediate effect.
The formalities of appointing Nathan Zommer as a Non-Executive Director are expected to be completed in the next couple of weeks following which an announcement will be made.
Empleados
As I indicated at the start of my statement, this is a very demanding year and we clearly need the support of all employees to succeed with our ambitions. Throughout our operations globally, we are fortunate to have a great team of talented, hard-working, and dedicated employees and the Board thanks them all sincerely.
Perspectivas y perspectivas
The business continues to make good progress and has the appropriate blend of experience, enthusiasm and skills to continue to achieve its medium-term objectives.
Despite the challenges brought by multiple headwinds facing businesses in all sectors, we currently expect full year revenues to be slightly ahead of current market expectations, with the majority of the growth attributable to the addition of MwT. Profitability is expected to be in line with current market expectations, with anticipated costs relating to the incorporation of MwT likely to temper further growth this year.
Notwithstanding the macroeconomic environment, the Board has confidence in the strategy being followed and believes the robustness of our business model and a continued focus on sustainable growth will deliver a meaningful uplift in performance beyond the current year.
nigel clark
Presidente no ejecutivo
5 de diciembre 2023
Revisión operativa y financiera
Introducción
The Group began the current financial year focused on growth, supported by relatively resilient end markets, a healthy order book and an evolving presence in new and emerging growth sectors.
Amidst an inflationary environment, global economic uncertainty and a backdrop of several industry commentators predicting the semiconductor market will shrink by double-digit percentage points in 2023, the delivery of revenue growth through the first six-month period is a pleasing outcome and serves to highlight the resilience of our business.
Equally welcome was the completion of the acquisition of Microwave Technology, Inc ("MwT") on 2 October 2023, ending what was a protracted process due to US government national security considerations relating to the technology and skillset the business possesses. Work is now underway to unlock the global potential of the MwT product portfolio and to exploit the synergies that exist.
First half progress has been positive at the revenue level, although larger than anticipated acquisition costs affected the underlying growth in operating profitability. Excluding these one-off costs, profit from operations increased by 9%. Nevertheless, prior investments in people and products coupled with the strategy being followed positions CML well to capture meaningful growth as the enlarged Group moves forward.
Estrategia
La visión del Grupo es ser el socio de semiconductores de primera elección para los innovadores de tecnología, transformando juntos la forma en que se comunica el mundo.
Our focus is on the definition, development and marketing of standard semiconductor products that deliver compelling technical and commercial benefits to our customers. In turn, our customers utilise these solutions to develop and subsequently market end-products that are essential for the efficient and reliable transportation of voice and/or data across a predominantly wireless medium.
The global communications market is huge, with a myriad of end-application areas ranging from mobile/cellular networks to precise positioning systems to short-range remote-control devices. Within this vast landscape of opportunity, CML is actively participating in a number of sub-markets that leverage our strengths and have excellent growth potential on a sustainable basis. These markets include mission critical communications, wireless networks and satellite, Industrial Internet of Things ("IIoT") and more recently, broadcast radio. The addressable market in terms of semiconductor content easily exceeds $1billion.
Continued investment in research and development is essential to enable CML to take full advantage of the large market opportunity available. Various new product programmes are underway comprising mixed-signal complex SoC projects with multi-year engineering cycles along with more rapid micro/millimetre wave developments. The blended result is delivering more products to market each year against what is a relatively stable absolute R&D spend.
Mercados y operaciones
Across the prior full financial year to 31 March 2023, revenues from Group customers producing voice-centric wireless communications equipment delivered good growth, with the contribution from data centric applications slightly weaker due to some customers having procured inventory in excess of their end-market needs.
In the first half of the current financial year, across most of the major customers, the voice equipment manufacturers once again achieved a solid advance in revenues whereas sales increases from data applications, such as IIoT, M2M, AMR were more moderate. We have seen early indications that order intake from this sector is set to improve but across the next few months, we are nonetheless taking a cautious stance.
Geographically, performance across the first six months within Asia was good, with a 7.5% increase in sales revenue. However, the economic and geo-political situation in parts of the region, including China and Korea, has the potential to temper growth prospects. Within China, those customers that are producing end-products for local consumption have better forecast visibility than those reliant on exports. We therefore remain mindful of the backdrop globally and have moderated our expectations for the second half year period.
The global voice communications markets addressed by the Group include the Land Mobile Radio/Private Mobile Radio (LMR/PMR) sector, encompassing high performance mission critical end-applications through to low-cost digital radio standards for use in the leisure and retail sector. For data-centric markets, "smart everything" is driving data throughput increases within industry verticals such as agriculture, construction, smart grid/city and marine safety. CML has been a significant player in these end-application areas for many years and continues to invest appropriately in growth opportunities.
In recent years, building upon substantial markets knowledge and "design for manufacturing" capabilities for silicon devices, CML commenced the development of high-performance Radio Frequency ICs ("RFICs") and Monolithic Microwave ICs ("MMICs") using compound semiconductor technologies, including GaAs and GaN. The twelve-month period to 31 March 2023 represented the first full financial year with availability of a number of new products that are marketed under CML's SµRF brand and, over time, the flow of revenue from this expanding portfolio of IC's is expected to constitute a very sizeable proportion of the Group's total revenues.
One key R&D initiative outlined at the time of announcing the FY23 full year results in June 2023, was a low-power radio receiver solution for Digital Radio Mondiale ("DRM"). DRM is a digital radio broadcast standard that has been adopted for wide area broadcasting in China, India and Pakistan and is expected to be deployed in several other nations. The DRM service provides high quality stereo audio across long distances and wide areas using low-cost, low-power infrastructure.
The DRM module was formally announced at the International Broadcasting Convention (IBC) in Amsterdam in September and is a complete "antenna to speaker" module, containing all hardware, software, IP and patent licences required for a radio equipment manufacturer to easily realise a dual mode (digital and analogue) DRM capable receiver. The module offers a 60% cost reduction and 80% power reduction over existing DRM technologies in the market. At IBC, it was announced that the DRM module has been adopted by leading manufacturer Gospell Digital Radio Technology Co, Ltd for two new portable radio families.
In support of the broadening product portfolio and expansion into new sub-markets, we exhibited at a number of trade shows through the period, including IMS Microwave Week in San Diego, European Microwave Week in Berlin and the International Broadcasting Convention (IBC) in Amsterdam.
The multi-year investments in people, products and equipment have positioned us well to continue to expand the business. The traditional voice and data centric markets have provided strong foundations on which to expand into the micro/millimetre wave and, more latterly, broadcast radio arenas. Within these newer markets we are at the early stages of a journey to drive the business forward strongly and sustainably.
Adquisición de Microwave Technology, Inc.
On 2 October 2023, immediately following the half year end, we completed the acquisition of Silicon Valley based semiconductor company Microwave Technology, Inc. ("MwT"). Founded in 1982, MwT is a recognised leader in the design, manufacturing and marketing of GaAs and GaN based MMICs, Discrete Devices, and Hybrid Amplifier Products for commercial wireless communication, defence, space, and medical (MRI) applications.
The acquisition expands upon the Group's growing product portfolio and complements its existing capabilities, providing essential knowhow and experience in high-frequency system level understanding, product manufacturing and packaging techniques.
Work is now underway to ensure maximum market exposure for the product range acquired and investment areas have been identified that will improve USA-based production capacity and efficiency positioning the enlarged Group for growth in the years that follow.
As a Group, CML now has internal final testing capabilities in the UK, Asia and the Americas, providing the flexibility required to address regional customer demands as they evolve.
Revisión financiera
Sales revenues for the opening six-month trading period increased by 5% to £10.58m (H1 FY23: £10.05m) and include a currency headwind against the comparable period one year ago. Re-stated on a constant currency basis, revenues increased by 9%. Regionally, the improvements came from greater sales into Europe and the Far East, with the Americas territory posting a decline. Excess inventory across a handful of customers tempered further growth following the supply chain dynamics that have been a feature of the last two years.
Higher sales levels combined with a slight reduction in gross margin delivered a gross profit of £7.94m (H1 FY23: £7.62m) representing an increase of 4%. Given cost of sale pressures, in part due to supplier raw material price increases that were experienced across multiple years, maintenance of the gross margin is a pleasing outcome at this interim stage.
Distribution and administration (D&A) expenses were higher at £6.32m (H1 FY23: £5.77m) and whilst an increase over the previous year was expected, the prolonged process associated with and leading up to completion of the MwT transaction resulted in additional costs of £0.30m being incurred.
Excluding third-party one-off costs associated with the MwT acquisition, profit from operations improved by 9% to £1.90m (H1 FY23 £1.75m). This is a key measure of the Group's performance over the period under review although under international accounting standards, the income statement does not highlight these costs as exceptional, hence the reported figure was lower at £1.61m.
Finance income was noticeably up at £0.24m (H1 FY23: £0.10m) and reflected the improved deposit rates being achieved on the Group's strong cash balances. Finance expenses were negligible.
El EBITDA ajustado llegó a 3.23 millones de libras esterlinas (primer semestre del año fiscal 1: 23 millones de libras esterlinas).
Profit before tax was flat at £1.87m against £1.83m for the prior year first half.
An income tax charge of £0.41m was recorded compared to a credit of £0.04m for the comparable period with the main contributing factors being lower UK R&D tax credits following changes to government policy and an increase in the corporation tax rate from 19% to 25%. The tax charge led to a diluted earnings per share figure of 9.31p against 11.58p for the prior year.
For some time, the Group has deliberately operated with a raised level of inventory in keeping with its strategy to help minimise the impact customers feel from the supply chain dynamics over recent years. This year is no different and despite the slight drop in inventory levels to £2.19m (H1 FY23: £2.30m), expectations are for this to climb to a higher level over the next 12-18 months due to an expanded product range along with growth expectations.
The Group continues to be debt free and had cash balances amounting to £20.95m at 30 September 2023 (31 March 2023: net cash of £22.26m). This follows investments of £2.01m in R&D activities, £0.60m in property, plant and equipment and shareholder returns of £2.57m by way of share repurchases (net of shares issued) and dividend payments. The strong balance sheet gives us a range of options as we look to win new clients and grow organically as well as the potential for future acquisitions in the medium-term.
chris gurry
Director general del grupo
5 de diciembre 2023
Cuenta de pérdidas y ganancias condensada consolidada
para los seis meses terminados el 30 de septiembre de 2023
Unaudited 6 months end | Unaudited 6 months end | Audited year end | |||||||
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Antes |
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| Antes | Antes | |||||
artículos excepcionales | Artículos excepcionales | 30/09/23 Total | artículos excepcionales | Artículos excepcionales | 30/09/22 Total | artículos excepcionales | Artículos excepcionales | 31/03/23 Total | |
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |
Operaciones continuas |
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Ingresos | 10,575 | - | 10,575 | 10,045 | - | 10,045 | 20,643 | - | 20,643 |
El costo de ventas | (2,631) | - | (2,631) | (2,423) | - | (2,423) | (5,032) | - | (5,032) |
Beneficio bruto | 7,944 | - | 7,944 | 7,622 | - | 7,622 | 15,611 | - | 15,611 |
Costos de distribución y administración | (6,318) | - | (6,318) | (5,765) | - | (5,765) | (12,644) | - | (12,644) |
Pagos basados en acciones | (103) | - | (103) | (137) | - | (137) | (234) | - | (234) |
1,523 | - | 1,523 | 1,720 | - | 1,720 | 2,733 | - | 2,733 | |
Utilidad en venta de activo fijo | - | - | - | - | - | - | - | 2,058 | 2,058 |
Otros ingresos operativos | 85 | - | 85 | 30 | - | 30 | 199 | - | 199 |
Beneficio de operaciones | 1,608 | - | 1,608 | 1,750 | - | 1,750 | 2,932 | 2,058 | 4,990 |
Otros ingresos | 50 | - | 50 | 4 | - | 4 | 18 | - | 18 |
Ingresos financieros | 235 | - | 235 | 97 | - | 97 | 255 | - | 255 |
Gastos financieros | (20) | - | (20) | (21) | - | (21) | (47) | - | (47) |
Beneficio antes de impuestos | 1,873 | - | 1,873 | 1,830 | - | 1,830 | 3,158 | 2,058 | 5,216 |
Impuesto sobre la renta (cargo) / crédito | (406) | - | (406) | 35 | - | 35 | (71) | (335) | (406) |
Beneficio después de impuestos del período atribuible a los accionistas de la controladora | 1,467 | - | 1,467 | 1,865 | - | 1,865 | 3,087 | 1,723 | 4,810 |
All financial information presented relates to continuing activities.
Ganancia por acción del total de operaciones atribuible al patrimonio ordinario |
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titulares de la Sociedad: |
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Ganancias básicas por acción |
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| 9.44p | 11.72p | 30.29p | ||||
Ganancias diluidas por acción |
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| 9.31p | 11.58p | 29.93p |
La siguiente medida se considera una medida de rendimiento alternativa, no un principio de contabilidad generalmente aceptado. Esta relación es útil para garantizar que el nivel de endeudamiento de la empresa pueda ser respaldado por el flujo de caja de la empresa. Para definición y conciliación ver nota 10.
EBITDA ajustado |
| 3,230 |
| 3,252 | 5,901 |
Estado consolidado condensado del resultado integral total
para los seis meses terminados el 30 de septiembre de 2023
Sin auditar | Sin auditar | auditado | |
fin de 6 meses | fin de 6 meses | fin de año | |
30/09/23 | 30/09/22 | 31/03/23 | |
000 £ | 000 £ | 000 £ | |
Beneficio del período | 1,467 | 1,865 | 4,810 |
Otros ingresos / (gastos) integrales: |
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Partidas que no se reclasificarán posteriormente a resultados: |
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Nueva medición de la obligación por beneficios | - | - | 1,393 |
Impuesto diferido sobre la ganancia actuarial | - | - | (348) |
Partidas reclasificadas posteriormente a resultados al dar de baja en cuentas: |
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Diferencias de cambio de divisas | (493) | 829 | (140) |
Other comprehensive income for the period net of taxation attributable to the equity holders of the parent | (493) | 829 | 905 |
Resultado integral total del período atribuible a los accionistas de la controladora | 974 | 2,694 | 5,715 |
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Estado de situación financiera condensado consolidado
al 30 de septiembre de 2023
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Sin auditar 30/09/23 | Sin auditar 30/09/22 | auditado 31/03/23 | |
000 £ | 000 £ | 000 £ | |
Activos |
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Activos no corrientes |
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Goodwill | 7,152 | 7,861 | 7,429 |
Otros activos intangibles | 885 | 1,107 | 984 |
Costos de desarrollo | 14,391 | 12,738 | 13,801 |
Propiedad, planta y equipo. | 6,087 | 5,479 | 5,249 |
Activos por derecho de uso | 910 | 338 | 1,022 |
Activos por impuestos diferidos | 618 | 2,605 | 766 |
30,043 | 30,128 | 29,251 | |
Activos circulantes |
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Propiedades, planta y equipo - mantenidos para la venta | - | - | 485 |
Propiedades de inversión - mantenidas para la venta | 1,975 | 1,975 | 1,975 |
Los inventarios | 2,187 | 2,302 | 2,425 |
Cuentas comerciales por cobrar y pagos anticipados | 2,881 | 2,156 | 2,413 |
Activos por impuestos corrientes | 71 | - | 1,659 |
Efectivo y equivalentes de efectivo | 14,300 | 20,005 | 21,041 |
Depósitos en efectivo a corto plazo | 6,646 | 2,663 | 1,218 |
28,060 | 29,101 | 31,216 | |
los activos totales | 58,103 | 59,229 | 60,467 |
Pasivos |
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Pasivo circulante |
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Comerciales y otras cuentas a pagar | 2,230 | 3,665 | 3,036 |
Pasivos por arrendamiento | 198 | 133 | 210 |
Pasivos por impuestos corrientes | 4 | 96 | 78 |
2,432 | 3,894 | 3,324 | |
Pasivos no corrientes |
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Pasivos por impuestos diferidos | 4,450 | 4,103 | 4,343 |
Pasivos por arrendamiento | 751 | 229 | 842 |
Obligación por beneficios de jubilación | 1,204 | 2,439 | 1,204 |
6,405 | 6,771 | 6,389 | |
Pasivos totales | 8,837 | 10,665 | 9,713 |
Activos netos | 49,266 | 48,564 | 50,754 |
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Capital y reservas atribuibles a los accionistas de la matriz |
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Capital social | 796 | 796 | 796 |
Compartir premium | 2,327 | 2,462 | 2,462 |
Reserva de amortización de capital | 8,372 | 8,372 | 8,372 |
Acciones propias - reserva de acciones propias | (1,822) | - | (324) |
Reserva de pagos basada en acciones | 566 | 395 | 488 |
Reserva de divisas | 549 | 2,011 | 1,042 |
Ganancias retenidas | 38,478 | 34,528 | 37,918 |
Equidad total de los accionistas | 49,266 | 48,564 | 50,754 |
Estado de flujo de efectivo condensado consolidado
para los seis meses terminados el 30 de septiembre de 2023
Sin auditar | Sin auditar | auditado | |
fin de 6 meses | fin de 6 meses | fin de año | |
30/09/23 | 30/09/22 | 31/03/23 | |
000 £ | 000 £ | 000 £ | |
Actividades de explotación |
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Beneficio del período antes de impuestos | 1,873 | 1,830 | 5,216 |
Ajustes para: |
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Depreciación - de propiedad, planta y equipo | 239 | 219 | 367 |
Depreciación - sobre activos por derecho de uso | 111 | 142 | 300 |
Amortización de costos de desarrollo | 1,020 | 831 | 1,826 |
Amortización de intangibles reconocidos en la adquisición y comprados | 99 | 169 | 224 |
Beneficio por enajenación de activos fijos | - | - | (2,058) |
Crédito de retención de empleados EE. UU. | - | 109 | 110 |
Movimiento de partidas no monetarias (beneficio de retiro |
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obligación) | 90 | 90 | 158 |
Pagos basados en acciones | 103 | 137 | 234 |
Ingresos financieros | (235) | (97) | (255) |
Gastos financieros | 20 | 21 | 47 |
Movimiento en capital de trabajo | (1,381) | 32 | (653) |
flujos de efectivo por actividades operacionales | 1,939 | 3,483 | 5,516 |
Impuesto sobre la renta recibido / (pagado) | 1,483 | (75) | (104) |
Flujos de efectivo netos de las actividades operativas | 3,422 | 3,408 | 5,412 |
Actividades de inversión |
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Producto de la venta de activos fijos | - | - | 2,500 |
Compra de propiedad, planta y equipo | (597) | (88) | (932) |
Inversión en costos de desarrollo | (1,666) | (2,291) | (4,455) |
Inversión en intangibles | (32) | (67) | (98) |
Repayment/(investment) in fixed term deposits (net) | (5,428) | 3,295 | 4,740 |
Ingresos financieros | 235 | 97 | 255 |
Net cash (outflow)/inflow investing activities | (7,488) | 946 | 2,010 |
Actividades de financiación |
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Reembolsos de pasivos por arrendamiento | (122) | (153) | (321) |
Emisión de acciones ordinarias (neto de gastos) | 117 | 1,118 | 1,118 |
Compra de acciones propias para tesorería | (1,750) | (4,442) | (4,767) |
Dividendos pagados a los accionistas | (932) | (796) | (1,589) |
Salida neta de efectivo de las actividades de financiación | (2,687) | (4,273) | (5,559) |
(Decrease)/increase in cash, cash equivalents and short-term cash deposits | (6,753) | 81 | 1,863 |
Movimiento de efectivo y equivalentes de efectivo: |
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Al inicio del período/año | 21,041 | 19,084 | 19,084 |
(Decrease)/increase in cash, cash equivalents and short-term cash deposits | (6,753) | 81 | 1,863 |
Efectos de las variaciones del tipo de cambio | 12 | 840 | 94 |
Al final del período | 14,300 | 20,005 | 21,041 |
Los flujos de efectivo presentados excluyen los impuestos sobre las ventas. En la nota 7 se proporcionan más detalles de divulgación relacionados con el efectivo.
Los cambios en los pasivos que surgen de las actividades de financiación se relacionan únicamente con los pasivos por arrendamiento.
Estado de cambios en el patrimonio neto condensado consolidado
para los seis meses terminados el 30 de septiembre de 2023
Capital | Compartir- | Extranjero | ||||||
Compartir | Compartir | redención | Tesorería | basado | Intercambio | retenido | ||
capital | producto de más alta calidad. | reserva | las acciones | pagos | reserva | ganancias | Total | |
Sin auditar | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
Al 31 de marzo de 2022 | 865 | 1,362 | 8,285 | (1,670) | 490 | 1,182 | 39,339 | 49,853 |
Beneficio por período | 1,865 | 1,865 | ||||||
Other comprehensive income net of taxes | ||||||||
Diferencias de cambio de divisas | 829 | 829 | ||||||
Resultado integral total del período | - | - | - | - | - | 829 | 1,865 | 2,694 |
| 865 | 1,362 | 8,285 | (1,670) | 490 | 2,011 | 41,204 | 52,547 |
Transacciones con propietarios en su calidad de propietarios | ||||||||
Emisión de acciones ordinarias - ejercicio de opciones sobre acciones | 18 | 1,100 | 1,118 | |||||
Compra de acciones propias - tesorería | (4,442) | (4,442) | ||||||
Cancelación de acciones propias | (87) | 87 | 6,112 | (6,112) | - | |||
Dividendo pagado | (796) | (796) | ||||||
Total de operaciones con propietarios en su calidad de propietarios | (69) | 1,100 | 87 | 1,670 | - | - | (6,908) | (4,120) |
Cargo por pago basado en acciones | 137 | 137 | ||||||
Cancellation/transfer of share-based payments | (232) | 232 | - | |||||
Al 30 de septiembre de 2022 | 796 | 2,462 | 8,372 | - | 395 | 2,011 | 34,528 | 48,564 |
Capital | Compartir- | Extranjero | ||||||
Compartir | Compartir | redención | Tesorería | basado | Intercambio | retenido | ||
capital | producto de más alta calidad. | reserva | las acciones | pagos | reserva | ganancias | Total | |
Sin auditar | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
Al 30 de septiembre de 2022 | 796 | 2,462 | 8,372 | - | 395 | 2,011 | 34,528 | 48,564 |
Beneficio por período | 2,945 | 2,945 | ||||||
Other comprehensive income net of taxes | ||||||||
Diferencias de cambio de divisas | (969) | (969) | ||||||
Nueva medición de las obligaciones por beneficios definidos | 1,393 | 1,393 | ||||||
Impuesto diferido sobre la pérdida actuarial | (348) | (348) | ||||||
Resultado integral total del período | - | - | - | - | - | (969) | 3,990 | 3,021 |
| 796 | 2,462 | 8,372 | - | 395 | 1,042 | 38,518 | 51,585 |
Transacciones con propietarios en su calidad de propietarios | ||||||||
Compra de acciones propias - tesorería | (325) | (325) | ||||||
Cancelación de acciones propias | 1 | (1) | - | |||||
Dividendo pagado | (793) | (793) | ||||||
Total de operaciones con propietarios en su calidad de propietarios | - | - | - | (324) | - | - | (794) | (1,118) |
Cargo por pago basado en acciones | 97 | 97 | ||||||
Impuesto diferido sobre pagos basados en acciones | 190 | 190 | ||||||
Cancellation/transfer of share-based payments | (4) | 4 | - | |||||
Al 31 de marzo de 2023 | 796 | 2,462 | 8,372 | (324) | 488 | 1,042 | 37,918 | 50,754 |
Estado de cambios en el patrimonio neto condensado consolidado continuado
para los seis meses terminados el 30 de septiembre de 2023
|
| Capital |
| Compartir- | Extranjero |
|
| |
Compartir | Compartir | redención | Tesorería | basado | Intercambio | retenido |
| |
capital | producto de más alta calidad. | reserva | las acciones | pagos | reserva | ganancias | Total | |
Sin auditar | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
Al 31 de marzo de 2023 | 796 | 2,462 | 8,372 | (324) | 488 | 1,042 | 37,918 | 50,754 |
Beneficio por período |
|
|
|
|
|
| 1,467 | 1,467 |
Other comprehensive income net of taxes |
|
|
|
|
|
|
|
|
Diferencias de cambio de divisas |
|
|
|
|
| (493) |
| (493) |
Resultado integral total del período | - | - | - | - | - | (493) | 1,467 | 974 |
| 796 | 2,462 | 8,372 | (324) | 488 | 549 | 39,385 | 51,728 |
Transacciones con propietarios en su calidad de propietarios |
|
|
|
|
|
|
|
|
Issue of treasury shares - exercise of share options |
| (135) |
| 252 |
|
|
| 117 |
Compra de acciones propias - tesorería |
|
|
| (1,750) |
|
|
| (1,750) |
Dividendo pagado |
|
|
|
|
|
| (932) | (932) |
Total de operaciones con propietarios en su calidad de propietarios | - | (135) | - | (1,498) | - | - | (932) | (2,565) |
Pagos basados en acciones |
|
|
|
| 103 |
|
| 103 |
Cancellation/transfer of share-based payments |
|
|
|
| (25) |
| 25 | - |
Al 30 de septiembre de 2023 | 796 | 2,327 | 8,372 | (1,822) | 566 | 549 | 38,478 | 49,266 |
Notas a los estados financieros condensados consolidados
para los seis meses terminados el 30 de septiembre de 2023
1 Análisis segmentario
Reported segments and their results, in accordance with IFRS 8, are based on internal management reporting information that is regularly reviewed by the Group Managing Director who is the Chief Operating Decision Maker. The measurement policies the Group uses for segmental reporting under IFRS 8 are the same as those used in its financial statements.
A efectos de gestión, el Grupo se centra en un segmento de información principal, el segmento de semiconductores, con características económicas, riesgos y rendimientos similares y, por lo tanto, los Administradores consideran que existe un único segmento, los componentes de semiconductores para la industria de las comunicaciones.
Segmentos geográficos (por origen)
UK | América | Lejano Oriente | Total | |
Sin auditar | 000 £ | 000 £ | 000 £ | 000 £ |
Seis meses terminados el 30 de septiembre de 2023 | ||||
Ingresos a terceros - por origen | 2,613 | 1,243 | 6,719 | 10,575 |
los activos totales | 44,942 | 1,512 | 11,649 | 58,103 |
UK | América | Lejano Oriente | Total | |
Sin auditar | 000 £ | 000 £ | 000 £ | 000 £ |
Seis meses terminados el 30 de septiembre de 2022 | ||||
Ingresos a terceros - por origen | 2,167 | 1,622 | 6,256 | 10,045 |
los activos totales | 44,315 | 1,043 | 13,871 | 59,229 |
| ||||
UK | América | Lejano Oriente | Total | |
auditado | 000 £ | 000 £ | 000 £ | 000 £ |
Año terminado el 31 de marzo de 2023 | ||||
Ingresos a terceros - por origen | 5,024 | 3,413 | 12,206 | 20,643 |
los activos totales | 47,151 | 1,575 | 11,741 | 60,467 |
Ingresos 2
The geographical classification of business turnover (by destination) is as follows
Sin auditar | Sin auditar | auditado | |
fin de 6 meses | fin de 6 meses | fin de año | |
30/09/23 | 30/09/22 | 31/03/23 | |
000 £ | 000 £ | 000 £ | |
Europa | 2,115 | 1,634 | 4,009 |
Lejano Oriente | 6,660 | 6,194 | 12,036 |
América | 1,471 | 1,943 | 3,910 |
Otro | 329 | 274 | 688 |
10,575 | 10,045 | 20,643 |
La clasificación operativa de la cifra de negocios (por mercado) es la siguiente:
Sin auditar | Sin auditar | auditado | |
fin de 6 meses | fin de 6 meses | fin de año | |
30/09/23 | 30/09/22 | 31/03/23 | |
000 £ | 000 £ | Miles de libras esterlinas | |
Semiconductores | 10,166 | 9,595 | 19,551 |
Diseño y desarrollo | 409 | 450 | 1,092 |
10,575 | 10,045 | 20,643 |
Semiconductor products, goods and services are transferred at a point in time whereas design and development revenue is transferred over the period of the contract on a percentage basis of contract completion, as detailed in the Group's revenue recognition policy within its published Annual Report.
The Group does not have any contract assets or liabilities at 30 September 2023 (£Nil at 31 March 2023) from semiconductors as it does not fulfil any of its performance obligations in advance of invoicing to its customer. The Group has contract assets of £242,000 as at 30 September 2023 (£363,000 at 31 March 2023) from design and development and contract liabilities of £4,000 as at 30 September 2023 (£17,000 at 31 March 2023) from design and development. The Group has contractual balances in the form of trade receivables. See note 20 for disclosure of this in the Annual Report and Accounts for the year ended 31 March 2023.
El Grupo espera que todos los costos contractuales capitalizados o cualquier obligación de desempeño pendiente se completen dentro de los próximos doce meses.
3 Dividendo pagado y dividendo a cuenta
The Board is declaring an interim dividend of 5p per ordinary share for the half year ended 30 September 2023, payable on 12 January 2024 to shareholders on the Register on 22 December 2023.
A final dividend of 6p per ordinary share was paid on 18 August 2023 and an interim dividend of 5p per ordinary share was paid on 16 December 2022, totalling 11p per ordinary share paid for the year ended 31 March 2023 (2022: 9.0p per ordinary share paid for the year ended 31 March 2022).
4 Gasto / (crédito) por impuesto a las ganancias
Sin auditar | Sin auditar | ||
fin de 6 meses | 6 meses final | auditado fin de año | |
30/09/23 | 30/09/22 | 31/03/23 | |
000 £ | 000 £ | 000 £ | |
Impuesto corriente |
|
| |
Impuesto de sociedades del Reino Unido sobre los resultados del año | (9) | (23) | (809) |
Ajuste respecto a años anteriores | 101 | 366 | (372) |
92 | 343 | (1,183) | |
Impuesto extranjero sobre resultados del año | 139 | 192 | 319 |
Impuesto corriente total | 231 | 535 | (864) |
Impuesto diferido |
|
| |
Impuesto diferido - origen y reversión de diferencias temporarias | 153 | (99) | 683 |
Cambio en la tasa de impuestos diferidos | - | - | 103 |
Ajustes al cargo por impuesto diferido con respecto a años anteriores | 22 | (471) | 484 |
Impuesto diferido total | 175 | (570) | 1,270 |
Tax expense/(credit) on profit on ordinary activities | 406 | (35) | 406 |
Los Consejeros consideran que el impuesto se pagará a tipos variables según el país de constitución de sus empresas filiales y lo han dispuesto sobre esa base.
The tax charge for the six months ended 30 September 2023 has been calculated by applying the effective tax rate which is expected to apply to the Group for the year ending 31 March 2024, using rates substantially enacted by 30 September 2023.
5 Beneficio por acción
Sin auditar | Sin auditar | ||
fin de 6 meses | fin de 6 meses | auditado fin de año | |
30/09/23 | 30/09/22 | 31/03/23 | |
000 £ | 000 £ | 000 £ | |
Beneficio por acción del total de operaciones atribuible |
| ||
a los accionistas ordinarios de la Compañía |
| ||
Ganancias básicas por acción | 9.44p | 11.72p | 30.29p |
Ganancias diluidas por acción | 9.31p | 11.58p | 29.93p |
El cálculo de la utilidad por acción básica y diluida se basa en la utilidad atribuible a los accionistas ordinarios dividida por el número promedio ponderado de acciones en circulación durante el año, como se explica a continuación:
Acciones ordinarias de 5 peniques | ||
Ponderado | ||
promedio | Diluido | |
número | número | |
Seis meses terminados el 30 de septiembre de 2023 | 15,546,906 | 15,765,610 |
Seis meses terminados el 30 de septiembre de 2022 | 15,912,744 | 16,111,674 |
Año terminado el 31 de marzo de 2023 | 15,878,401 | 16,072,444 |
6 Propiedades de inversión
Las propiedades de inversión se midieron a su valor actual de mercado. No se proporciona depreciación en las propiedades de inversión de dominio absoluto o en las propiedades de inversión de arrendamiento a largo plazo. De acuerdo con la NIC 40, las ganancias y pérdidas que surgen de la revaluación de propiedades de inversión se reconocen en el estado de resultados. La valoración de mercado abierto de las propiedades de inversión reconocidas es cero libras esterlinas (2023: cero libras esterlinas). Las propiedades de inversión mantenidas para la venta ascienden a 1,975,000 libras esterlinas (1,975,000 libras esterlinas al 31 de marzo de 2023).
La propiedad de inversión se reclasificó el 31 de marzo de 2022 como mantenida para la venta debido a que la propiedad quedó vacante sin ningún arrendatario potencial y se mantiene según la metodología de valoración de mercado actual. Actualmente se espera que la propiedad se venda dentro de los próximos doce meses.
7 Efectivo, equivalentes de efectivo y depósitos a corto plazo
| |||
Sin auditar |
Sin auditar |
| |
fin de 6 meses 30/09/23 | fin de 6 meses 30/09/22 | auditado fin de año 31/03/23 | |
000 £ | 000 £ | 000 £ | |
Efectivo en depósito | 3,016 | 14,157 | 13 |
Efectivo en el banco | 11,284 | 5,848 | 21,628 |
14,300 | 20,005 | 21,041 | |
Depósitos en efectivo a corto plazo | 6,646 | 2,663 | 1,218 |
20,946 | 22,668 | 22,259 |
8 Obligaciones por prestaciones de jubilación
Los Consejeros no han obtenido un Informe actuarial de prestaciones de los empleados conforme a la NIC 19 con respecto al plan de pensiones de prestaciones definidas a los efectos de este Informe semestral.
9 Declaración de los directores en cumplimiento de las Normas de Información y Transparencia
Los Consejeros confirman que, a su leal saber y entender:
· el conjunto resumido de estados financieros ha sido preparado de acuerdo con la NIC 34 Información Financiera Intermedia; y
· the Chairman's Statement and Group Managing Director's Operational and Financial Review include a fair review of the development and performance of the business and the position of the Company, and the undertakings included in the consolidation taken as a whole together with a description of the principal risks and uncertainties that they face. Full disclosures can be found in Annual Report and Accounts for year ended 31 March 2023 within Strategic Report.
Los directores también son responsables del mantenimiento y la integridad del sitio web de CML Microsystems Plc. La legislación del Reino Unido que rige la preparación y difusión de los estados financieros puede diferir de la legislación de otras jurisdicciones.
Las bases de preparación y las políticas contables utilizadas en la preparación de este Informe semestral se han preparado de acuerdo con las mismas políticas contables establecidas en los estados financieros del año finalizado el 31 de marzo de 2023.
10 EBITDA ajustado
Las ganancias ajustadas antes de intereses, impuestos, depreciación y amortización ("EBITDA ajustado") se definen como las ganancias de las operaciones antes de todos los cargos por intereses, impuestos, depreciación y amortización y antes de los pagos basados en acciones. La siguiente es una conciliación del EBITDA Ajustado para los tres períodos presentados:
Sin auditar | Sin auditar | ||
fin de 6 meses | 6 meses final | auditado fin de año | |
30/09/23 | 30/09/22 | 31/03/23 | |
000 £ | 000 £ | 000 £ | |
Beneficio antes de impuestos (ganancias) | 1,873 | 1,830 | 5,216 |
Ajustes para: |
| ||
Ingresos financieros | (235) | (97) | (255) |
Gastos financieros | 20 | 21 | 47 |
Depreciación | 239 | 219 | 367 |
Depreciación: activos por derecho de uso | 111 | 142 | 300 |
Amortización de costos de desarrollo | 1,020 | 831 | 1,826 |
Amortización de intangibles de bienes adquiridos y |
| ||
intangibles adquiridos reconocidos en la adquisición | 99 | 169 | 224 |
Pagos basados en acciones | 103 | 137 | 234 |
Utilidad en venta de activo fijo | - | - | (2,058) |
EBITDA ajustado | 3,230 | 3,252 | 5,901 |
11 Events occurring after the reporting period
Adquisición de Microwave Technology, Inc.
Following the announcement on 17 January 2023 that a definitive agreement had been signed to acquire a Silicon Valley based semiconductor company Microwave Technology, Inc (MwT) and having obtained US regulatory clearance, the acquisition completed on 2 October 2023. The Group acquired 100% of the issued share capital for a total consideration of $13.18m, of which $7.65m is payable in cash and $5.53m is payable in shares.
Founded in 1982, MwT is a Silicon Valley based company involved in the design, manufacturing and marketing of GaAs and GaN based MMICs, Discrete Devices and Hybrid Amplifier Products for Commercial Wireless Communication, Defence, Space and Medical (MRI) applications
The financial effects of the transaction have not been included in the results to 30 September 2023. The operating results and assets and liabilities of the company will be included from 2 October 2023.
12 general
Aparte de lo ya indicado en la Declaración del Presidente y la Revisión Operativa y Financiera del Director Gerente del Grupo, no ha habido eventos importantes durante los primeros seis meses del año fiscal que hayan impactado este Informe Semestral.
No ha habido transacciones con partes relacionadas o cambios en las transacciones con partes relacionadas descritas en el último Informe Anual que puedan tener un efecto material en la situación financiera o el desempeño del Grupo en los primeros seis meses del ejercicio.
La información financiera contenida en este Informe Semestral ha sido preparada de acuerdo con las Normas Internacionales de Contabilidad adoptadas en el Reino Unido. Este informe semestral no constituye cuentas legales según lo definido por la Sección 434 de la Ley de Sociedades de 2006. La información financiera del año finalizado el 31 de marzo de 2023 se basa en las cuentas legales del año fiscal finalizado el 31 de marzo de 2023 que se han presentado ante el Registrador de Empresas y sobre el cual el auditor emitió una opinión de auditoría sin salvedades.
El informe del auditor sobre esas cuentas no contenía una declaración conforme a la Sección 498(2) o (3) de la Ley de Sociedades de 2006. Este Informe semestral no ha sido auditado ni revisado por el auditor del Grupo.
Una copia de este Informe Semestral se puede ver en el sitio web de la Compañía: www.cmlmicroplc.com.
13 Aprobaciones
The Directors approved this Half Yearly Report on 5 December 2023.
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.