News Article
MEMSCAP stabilises cash flow
MEMSCAP happy with fiscal results despite slight fall in income.
MEMSCAP has announced its financial statements for the fiscal year ending December 31, 2008. Year 2008 consolidated revenue amounted to 15.4 million euros compared to 16.4 million euros for fiscal year 2007, while gross margin is at 6.7 million euros and represents 43% of the yearly consolidated revenue.
The Company reminds its shareholders that taking into account the harsh economic environment and willing to take a conservative approach, it had, according to IFRS rules, made an impairment test up to (6.2) million euros, appearing under “other expenses”.
Consolidated operational result after taking into account the “other expenses” linked to the impairment test is therefore (8.6) million euros.
The net consolidated result, also after taking into account those “other expenses” is at (8.1) million euros.
The performance of the operating activities, which cash requirement has been divided by 7 over one year. As a consequence, on December 31, 2008, MEMSCAP net available cash including cash investments (bonds) recorded under IFRS accounting standards under financial assets available for sale, was at 5.3 million euros.
Finally, on December 31, 2008, MEMSCAP total differed tax assets were 51.1 million euros (out of which 0.9 million euros recorded in its balance sheet) and the Group shareholder’s equity amounted to 21.8 million euros.
The Company reminds its shareholders that taking into account the harsh economic environment and willing to take a conservative approach, it had, according to IFRS rules, made an impairment test up to (6.2) million euros, appearing under “other expenses”.
Consolidated operational result after taking into account the “other expenses” linked to the impairment test is therefore (8.6) million euros.
The net consolidated result, also after taking into account those “other expenses” is at (8.1) million euros.
The performance of the operating activities, which cash requirement has been divided by 7 over one year. As a consequence, on December 31, 2008, MEMSCAP net available cash including cash investments (bonds) recorded under IFRS accounting standards under financial assets available for sale, was at 5.3 million euros.
Finally, on December 31, 2008, MEMSCAP total differed tax assets were 51.1 million euros (out of which 0.9 million euros recorded in its balance sheet) and the Group shareholder’s equity amounted to 21.8 million euros.
