RoodMicrotec N.V.'s profit up by 31%
(Thomson Reuters ONE) -
2011 HIGHLIGHTS
Commercial/operational
* Strengthening of our position in Supply Chain Management.
* Concentration of test activities in Nördlingen and strengthening of this
business unit in last quarter of 2011.
* Concentration of Failure & Technology Analysis activities.
* Strengthening of the internal sales organisation.
* Restructuring of Qualification & Reliability in the second half of 2011.
Finance
* Net profit up 31% to EUR 0.6 million.
* Solvency improved to 47% (2010: 41%).
* 1% sales growth to EUR 15.7 million.
* EBITDA fell by 21% to EUR 1.9 million.
* Reduction of depreciation charges to EUR 1.2 million (2010: EUR 1.6
million).
* EBIT stable at EUR 0.7 million.
* Debt position 1.4 times EBITDA, as in 2010.
* Positive development of earnings per share to EUR 0.02 (2010: EUR 0.01).
Key figures 2011 2010 approx. change
(EUR x 1,000 unless stated otherwise)
Net sales 15,717 15,563 +1%
Gross margin 12,342 12,242 +1%
EBIT (Operating result) 709 733 -3%
EBITDA 1,865 2,361 -21%
Net result 588 448 +31%
Cashflow (profit+depreciation) 1,744 2,076 -16%
Net result per share 0.02** 0.01** +200%
Equity & debt position 31-12-11 31-12-10 approx. change
Balance sheet total 12,971 13,726 -6%
Shareholders' equity 6,138 5,647 +9%
Equity/balance sheet total 47.3% 41.1% +15%
Net interest-bearing debts 2,686 3,334 -19%
Net interest-bearing debts/Balance sheet
total 20.7% 24.3% -15%
Net interest-bearing debts/EBITDA 1.44 1.41 +2%
Activa
Tangible fixed assets 5,732 5,710 0%
Investm. tangible fixed assets 1,024 681 +50%
Deprec. Tangible fixed assets 1,128 1,600 -30%
Financial key figures second half of 2011 vs. first half of 2011
(EUR x 1,000 unless stated otherwise)
HY2 HY1* approx. change
Net sales 7,083 8,634 -18%
Gross margin 5,484 6,858 -20%
EBIT (Operating result) -62 771 -108%
EBITDA 467 1,398 -67%
Net result 59 529 -88%
* The half-year figures have not been audited.
** In euros
Sales by sector 2011 vs. 2010
(EUR x 1,000 unless stated otherwise)
2011 2010 approx. change
Automotive 6,417 7,473 -14%
Telecom 405 590 -31%
Industrial/Medical 5,968 4,659 +28%
Electr. Data Proc. 1,090 875 +25%
Consumer 598 586 +2%
Hi-Rel/Space 1,239 1,380 -10%
Totaal 15,717 15,563 1%
The share of the automotive sector decreased to 41% (2010: +48%) of total sales.
Sales by business unit in the second half of 2011 vs. first half of
2011
(EUR x 1,000 unless stated otherwise)
HY2 HY1* approx. change
Test 3,339 3,925 -15%
Supply Chain Management 1,414 2,142 -34%
Failure & Technology Analysis 784 883 -11%
Test Engineering 376 511 -26%
Qualification & Reliability 1,170 1,173 0%
Totaal 7,083 8,634 -18%
* The half-year figures have not been audited.
Our total sales of EUR 7.083 million in the second half of 2011 represented an
18% decrease compared to our sales in the first half of 2011 (approx. EUR 8.634
million). Sales of all business units fell, which was due inter alia to adverse
market developments in the second quarter, the bankruptcy of a major customer
and a shortage of engineers.
Sales by business units in 2011 vs. 2010
(EUR x 1,000 unless stated otherwise)
2011 2010 mutatie ca.
Test 7,264 7,657 -5%
Supply Chain Management 3,556 3,060 +16%
Failure & Technology Analysis 1,667 1,842 -10%
Test Engineering 887 762 +16%
Qualification & Reliability 2,343 2,242 +5%
Totaal 15,717 15,563 1%
Test and Failure & Technology Analysis decreased by 5% and 10% respectively,
while Supply Chain Management and Test Engineering showed significant growth of
16%. Qualification & Reliability realised 5% sales growth.
The decline in Test was mainly due to the fact that one of our customers took
one of its products off the market.
'The first half of 2011 showed the company's power and flexibility to achieve
further growth and good results. Due to the strong market decline in the second
half, the positive mood changed abruptly. In spite of the decline in the second
half of the year and sales growth in 2011 of only 1%, we have succeeded in 2011
in further improving our financial position and our infrastructure by combining
our test activities in Nördlingen and consolidating Failure & Technology
Analysis in Stuttgart. I'd like to add that all in all, we outperformed the
worldwide semiconductor market. We are confident that we will do well in 2012,
especially in the second half, and we will work hard to realise further sales
growth and even better results,' said Philip Nijenhuis, RoodMicrotec CEO.
Finance
The gross margin remained stable at 79%.
The operating expenses excluding depreciation increased by 6% (EUR 596,000)
compared to 2010. The increase was mainly due to one-off costs related to the
restructuring of the Test business unit (EUR 260,000), including associated
redundancy costs. This restructuring weighed heavily on the 2011 result, but is
expected to bear fruit over the next few years. Furthermore, there was a one-off
write-down of various current liabilities (EUR 140,000). In addition, we
incurred EUR 40,000 in additional consultancy costs for an explanation to AFM
concerning the accounting of a financial item.
RoodMicrotec's equity increased to EUR 0.5 million, mainly due to the profit at
year-end. In addition, the revaluation reserve increased by EUR 0.3 million as a
result of the periodic revaluation of land and buildings. The EUR 0.2 million in
compensation paid for the Mezzanine capital was included directly in equity. The
balance sheet total decreased to EUR 12.971 million (2010: EUR 13.726 million).
On balance our solvency improved to 47% in 2011 (2010: 41%).
Personnel and organisation
At year-end 2010, RoodMicrotec had 106 employees on permanent staff (FTE), a
decrease of 14 employees (-5%) compared to year-end 2010 (120). The average
workforce was 111 (2010: 124).
Sales by FTE increased by 12% from EUR 126,000 in 2010 to EUR 142,000 in 2011.
Our strategy remains focused on strictly limiting the increase of fixed employee
labour costs relative to sales growth.
Strategy
We will continue to focus on innovative, high-tech markets, which we support
with our services in developing high-quality reliable products. With our
powerful solutions we have built up a strong position in Europe. We wish to grow
further by inter alia strengthening, broadening and expanding our high-quality
engineering capabilities, supplemented with management support for our customers
by means of project management.
The company does not rule out partnerships and/or mergers with other companies,
especially if it reduces the company's risk exposure. This would benefit all
stakeholders, especially if such a partnership or merger was formed with a
profitable industry party, as we would be able to effect tax losses to be
realised more quickly.
Outlook
In the final months of 2011, the requests for quotes increased again after the
decline in the second half of 2011.
The SIA (Semiconductor Industry Association) forecasts sector growth of 2.6% and
5.8% respectively in 2012 and 2013. This growth will be concentrated in Asia and
based on current insights will occur mainly in the second half of 2012; Europe
will lag behind. We expect our growth in 2012 to be at the same rate as that of
the global semiconductor industry.
In some business units we are still struggling with a shortage of engineers,
which is limiting our growth. We are working to resolve this issue and
anticipate growth in all business units except Test over the next few years.
In the long term (as of 2012) we strive to continue to keep our sales growth
above that of the global semiconductor industry, as we have over the past few
years. In the past decade, the growth of the semiconductor industry has been
approx. 6% per year.
In line with the strategy set out in the past, in 2012 we will focus strongly on
improving the operating result and the net result.
Financial agenda
23 February 2012 Publication annual figures 2011
23 February 2012 Conference call for press and analysts
9 March 2012 Publication annual report 2011
26 April 2012 Annual general meeting of shareholders
15 May 2012 Publication trading update
10 July 2012 Publication sales figures first half 2012
31 August 2012 Publication interim report 2012
31 August 2012 Conference call for press and analysts
15 November 2012 Publication trading update
10 January 2013 Publication sales figures full year 2012
21 February 2013 Publication annual figures 2012
21 February 2013 Conference call for press and analysts
8 March 2013 Publication annual report 2012
25 April 2013 Annual general meeting of shareholders
14 May 2013 Publication trading update
9 July 2013 Publication trade figures
29 August 2013 Publication interim report 2013
29 August 2013 Conference call for press and analysts
14 November 2013 Publication trading update
Audit
The financial statements 2011 have been audited.
Forward-looking statements
This press release contains a number of forward-looking statements. These
statements are based on current expectations, estimates and prognoses of the
board of management and on the information currently available to the company.
The statements are subject to certain risks and uncertainties which are hard to
evaluate, such as the general economic conditions, interest rates, exchange
rates and amendments to statutory laws and regulations. The board of management
of RoodMicrotec cannot guarantee that its expectations will materialise.
Furthermore, RoodMicrotec does not accept any obligation to update the
statements made in this press release.
About RoodMicrotec
With 40 years' experience as an independent value-added service provider in the
area of micro and optoelectronics, RoodMicrotec offers Fabless Companies, OEMs
and other companies a one-stop shopping proposition. With its powerful solutions
RoodMicrotec has built up a strong position in Europe.
Our services comply with the industrial and quality requirements of the high
reliability/space, automotive, telecommunications, medical, IT and electronics
sectors.
Certified by RoodMicrotec concerns inter alia certification of products to the
stringent ISO/TS 16949 standard that applies to suppliers to the automotive
industry. The company also has an accredited laboratory for test activities and
calibration to the ISO/IEC 17025 standard.
Its value-added services include failure & technology analysis, qualification &
burn-in, test & product engineering, production test (including device
programming and end-of-line service), ESD/ESDFOS assessment & training, quality
& reliability consulting, supply chain management and total manufacturing
solutions with partners.
RoodMicrotec has branches in Germany (Dresden, Nördlingen, Stuttgart) and the
Netherlands (Zwolle).
Further information:
Philip Nijenhuis, CEO
Tel. +31 38 4215216, Fax: +31 38 4216410
Postal address:
RoodMicrotec N.V., PO Box 1042, 8001 BA Zwolle
Email: investor-relations(at)roodmicrotec.com Web-site:www.roodmicrotec.com
Consolidated income statement
(x EUR 1,000)
2011 2010
-----------------------
Net sales 15,717 15,563
Cost of sales -3,375 -3,321
---------- ----------
Gross margin 12,342 12,242
Personnel expenses 7,215 7,073
Other operating expenses 3,262 2,808
---------- ----------
Operating costs 10,477 9,881
EBITDA 1,865 2,361
Depreciation 1,156 1,628
---------- ----------
EBIT 709 733
Interest income and expenses -301 -526
---------- ----------
Result before income tax 408 207
Income tax expenses 180 241
---------- ----------
Net profit 588 448
---------- ----------
Earnings per share
Basic (in euros) 0.02 0.01
Diluted (in euros) 0.02 0.01
Consolidated balance sheet (before appropriation of the result)
(x EUR 1,000)
31 December
------------------------
2011 2010
------------------------
Assets
Non-current assets
Tangible fixed assets 5,732 5,710
Intangible assets 1,783 1,811
Deferred income tax assets 558 588
Financial fixed assets 1,720 1,665
----------- ----------
9,793 9,774
----------- ----------
Current assets
Inventories 402 654
Trade and other receivables 2,431 3,040
Statement of cash and cash equivalents 345 258
----------- ----------
3,178 3,952
----------- ----------
----------- ----------
Total assets 12,971 13,726
----------- ----------
Equity
Share capital and share premium reserve 21,658 21,630
Revaluation reserve 1,885 1,552
Other reserves -19,987 -19,977
Result for the financial year 588 448
Mezzanine capital 1,994 1,994
----------- ----------
Equity 6,138 5,647
----------- ----------
Liabilities
Non-current liabilities
Long-term loan 1,077 1,647
Deferred income tax liability 114 326
Retirement benefit obligations 1,633 1,585
----------- ----------
2,824 3,558
----------- ----------
Current liabilities
Credit institutions 1,115 603
Current portion of long-term debt 839 1,342
Trade accounts payable and other payables 1,846 2,443
Current income tax liabilities 209 133
----------- ----------
4,009 4,521
----------- ----------
----------- ----------
Total equity and liabilities 12,971 13,726
----------- ----------
RoodMicrotec Annual Figures 2011_English:
http://hugin.info/130789/R/1588423/498480.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: RoodMicrotec N.V. via Thomson Reuters ONE
[HUG#1588423]
Unternehmensinformation / Kurzprofil:
Datum: 23.02.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 117690
Anzahl Zeichen: 21468
contact information:
Town:
Zwolle
Kategorie:
Business News
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