The audited consolidated sales turnover of the fiscal year F-12, ended on September 30, 2012, reaches the amount of 12,564 k€, stable within -1% with respect to the previous fiscal year. The operating result is negative at (568 k€), versus a profit of 116 k€ during the previous period, but the net profit is balanced at +217 k€ versus the 2,205 k€ last year, which were reinforced by the regularization concerning the recording of our Research Tax Credit at twenty-one months.
After a year 2011 marked by the growth of sales turnover, the corporation has maintained its rhythm of investment, while suffering in parallel from the slowing-down of the world economy and the shifts of customers’ projects.
For funding this phase of investment (flow related to the operating transactions for -1 M€), the company has, during the fiscal year, acted upon two levers: the access to a zero-rate loan for innovation by Oseo for 1 M€, and the grant of bank short-term credits for helping to finance its claim for 2011 Research Tax Credit of 1.2 M€ (expected over this first quarter of 2013, that is with one year of lag-time due to our shifted fiscal year). The net debt thus has increased from 3.5 M€ to 5.1 M€ over the fiscal year, with a ratio of financial debt of 42% of total capital.
The stakes today for the corporation are to validate by commercial successes the worth of their assets, while maintaining a critical size, which might enable them to offer a range of products and services wide and attractive enough.
They also must adapt themselves to the increase of the need for working capital induced by their activity of integration services with fabless delivery of real circuits (100% growth rate of this sales turnover over 2011 and 50% over 2012).
To this end, the corporation aims at reinforcing their total of equity or security over the F-13 period. The General Assembly thus has approved today the whole set of actions decided for crossing these difficult straights, among which adopting the report of the board of directors with respect to the operating continuity, and which aim at making the enterprise better armed for the challenges awaiting.
For the board of directors, the Executive Chairman.
About Dolphin Integration
The company occupies a key position with sustainable growth in the strategic and deverticalized industry of design for Microelectronics.
DOLPHIN Integration SA with social Capital of 1,295,120 € – www.dolphin.fr – ISIN: FR0004022754/ ALDOL – Bloomberg: ALDOL FP – Reuters: ALDOL.PA – ICB 9576. Semiconductors.