Rood Testhouse International N.V. (RoodMicrotec) on its way to a recovery
(Thomson Reuters ONE) -
Financial key figures second half of 2009 vs. first half of 2009
                                                          HY2
HY1Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â change
(x EUR 1,000)
Net sales                                6,375             5,547         +
15 %
Gross margin                            4,967             4,854         +
2 %
Operating result                        -372              -932         +
60 %
EBITDAÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 623Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 127 Â Â Â Â Â Â Â Â +
391 %
Net result                                 -593            -1,149         +
48 %
After the strong decline in the first half of 2009, sales of EUR 6.375 million
in the second half represented 15% growth compared to the first half of 2009
(approx. EUR 5.547 million). This growth was largely realised in Supply Chain
Management (+120%). The sectors Failure & Technology Analysis, Qualification &
Reliability Investigation and Test Engineering increased by 3 to 7%, while the
sector Test decreased by 4%.
Sales by business unit in the second half of 2009 vs. first half of 2009
(x EUR 1,000)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â HY2Â Â Â Â Â Â HY1
            change
Test and Supply Chain Management            3,668       2,987          + 23 %
      Test
2,237Â Â Â Â Â Â Â 2,337Â Â Â Â Â Â Â Â Â -Â Â Â 4 %
        Supply Chain Management                1,431       0,650         +
120 %
Failure & Technology Analysis                    0,892       0,845
+Â Â 6 %
Test Engineering
0,627Â Â Â Â Â Â Â 0,606Â Â Â Â Â Â Â Â Â Â +Â Â 3 %
Qualification & Reliability Investigation         1,188       1,109
+Â Â 7 %
Total                                                     6,375       5,547
Looking back on 2009, in the first half of 2009 we found ourselves at a very low
ebb. In the course of 2009 we managed to reverse our situation and improve our
financial position. We have also worked hard on the structure of the
organisation and we feel we are well-positioned to continue our recovery in
2010,' said RoodMicrotec CEO Philip Nijenhuis.
2009 highlights
    -  Reduction of net interest-bearing debts by approx. 19% or EUR 1.2
million compared
-Â Â Â Â Â Â Â Â Â to 31 December 2008.
-Â Â Â Â Â Â Â Â Â Maintaining positive cash flow was prioritised.
-Â Â Â Â Â Â Â Â Â Positive cash flow (profit + depreciation) of EUR 0.312 million.
-Â Â Â Â Â Â Â Â Â Significant reduction of labour costs of EUR 2.2 million (-25%)
compared to the pro-forma labour costs in 2008*.
-Â Â Â Â Â Â Â Â Â Successful refinancing of short-term debts (long-term bank loan of
EUR 1.8 million realised).
-Â Â Â Â Â Â Â Â Â Continued market growth in the fabless segment and supply chain
management.
-Â Â Â Â Â Â Â Â Â Significant market growth in aeronautical and aerospace technology.
-Â Â Â Â Â Â Â Â Â Positive impact on the result from strict cost control and optimising
of operating efficiency.
-Â Â Â Â Â Â Â Â Â Reduction of the breakeven point in the course of the first half to
annual sales of approx. EUR 13 million.
* The pro-forma figures are based on the assumption that Microtec was
consolidated as of January 2008.
Key figures
2009Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2008Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â change
(x EUR 1,000)
Net sales                                   11,922             13,057
                 -        8%
Gross margin
9,821Â Â Â Â Â Â Â Â Â Â Â Â Â 11,307Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â Â Â Â Â 13%
Operating result                          -1,304
70Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â NA
EBITDA
750Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1,962Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +Â Â Â Â Â Â 61%
Consolidated net profit                 -1,742
84Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â NA
Cash flow (profit + depreciation)
312Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1,976Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -Â Â Â Â Â Â 89%
The contribution of the automotive sector to total sales fell further from 38%
in 2008 to 35% in 2009 (EUR 4.1 million). On the other hand, sales in Hi-Rel
increased significantly by 118% to EUR 1.59 million.
                                         2009                  2008
(x EUR 1,000)
Automotive                      4,120         4,901
Telecoms                           894         1,574
Industrial/Medical              3,788        4,023
Electr Data Proc.                  799        1,045
Consumer                            727          783
Hi-Rel/Space                     1,594          731
Tota                              11,922 13,057
Finance
Total operating expenses decreased compared to the 2008 pro-forma figures by EUR
3.149 million to EUR 11.125 million. This was achieved largely by savings on
labour costs (staff reduction and short-time working) and synergy effects due to
the merger with Microtec.
RoodMicrotec's equity decreased to EUR 3.115 million.
RoodMicrotec has a convertible bond totalling EUR 0.750 million.
Equity plus convertible bond as a percentage of the balance sheet total
decreased to 31% in 2009 (2008: 39.5%).
The balance sheet total decreased to EUR 12.449 million (2008: EUR 14.675
million).
Personnel and organisation
At year-end 2009, RoodMicrotec had 126 full-time employees on permanent staff.
This is an decrease of 22 employees (-15%) compared to year-end 2008 (148) and
of 24 employees compared to the pro-forma figures for 2008 (150). The average
number of employees was 132.
Sales per full-time employee decreased by approx. 10% from EUR 104,000 in 2008
to EUR 93,000 in 2009. This excludes short-time working schemes, which were
approximately 12% of total headcount costs.
Our strategy remains focused on significantly restricting the rise of the costs
of permanent staff relative to sales growth.
Strategy
We will continue to focus on innovation and new markets and intend to further
increase our points of sale. With our powerful solutions we have built up a
strong position in Europe. We wish to achieve further growth in the sectors in
which we are currently active, except in pure 'standalone' testing.
Expansion of test facilities will be critically assessed and will only be
approved if long-term contracts are agreed. The strategic partnership with
Millennium Microtech in Asia represents an important complement to and
strengthening of our market position.
RoodMicrotec aims to continue to invest in the various high-tech segments of its
services.
The company does not rule out collaboration and/or mergers with other companies,
in particular if this reduces the vulnerability of the company. This would be to
the benefit of all stakeholders, in particular if such a partnership or merger
was formed with a profitable party in the industry, as this would allow
substantial carry forward tax losses to be effected earlier.
Key starting points 2010
We have set ourselves the following goals:
§        position ourselves as a first-class one-stop-shopping supply chain
service provider for OEMs and fabless companies;
§        offer the highest quality Qualification & Reliability Investigations,
Failure & Technology Analysis, Test Engineering, Supply Chain Management and
Test & End-of-line services;
§        develop into a major player in the semiconductor supply chain for
Europe;
§        position ourselves as a leading innovative testhouse in Europe;
§        achieve a substantial improvement of the financial results.
Outlook for 2010
The SIA (Semiconductor Industry Association) and Future Horizons forecasts for
2010 clear growth of the world market of 10% to 22%. This growth will be
concentrated in Asia; Europe will lag behind.
As from 2004 we have achieved growth above the rate of the Asian and world
markets. In spite of the strong decline in 2009, we have once again realised
growth above the rate of the markets mentioned above, even if our sales are
stated in euros uncorrected for exchange rate differences. We expect to continue
to do so over the next few years.
In some sectors we are seeing a strong pick-up of demand. Many of our customers
anticipate a sales recovery in 2010 to just below the 2008 level. Partly based
on that, we anticipate a clear sales recovery in 2010 approaching the 2008
level. The recovery will principally take place in the second half of 2010.
In view of the continuing uncertainty about the course of the economic
developments, it is not possible to make more concrete predictions for 2010.
As of 2010 we aim in the long term to realise autonomous growth of between 5%
and 15%, as we have done in the past few years; at least equal to the growth of
the world market. In the next few years we will focus more strongly on improving
the operating result and the net result.
Financial agenda 2010/2011
12 March 2010Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Publication annual report 2009
25 March 2010Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Annual general meeting of shareholders
12 May 2010Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Publication trading update
6 July 2010Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Publication sales figures first half 2010
31 August 2010Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Publication interim report 2010
31 August 2010Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Conference call for press and analysts
11 November 2010Â Â Â Â Â Â Â Â Â Â Â Â Publication trading update
11 January 2011Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Publication sales figures full year 2010
24 February 2011Â Â Â Â Â Â Â Â Â Â Â Â Â Publication annual figures 2010
24 February 2011Â Â Â Â Â Â Â Â Â Â Â Â Â Conference call for press and analysts
11 March 2011Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Publication annual report 2010
24 March 2011Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Annual general meeting of shareholders
11 May 2011Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Publication trading update
7 July 2011Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Publication trade figures
31 August 2011Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Publication interim report 2011
31 August 2011Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Conference call for press and analysts
10 November 2011Â Â Â Â Â Â Â Â Â Â Â Â Publication trading update
Audit
The financial data 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 microelectronics and
optoelectronics service provider, RoodMicrotec offers a one-stop shopping
proposition to fabless companies, OEMs and other business partners.
RoodMicrotec has built up a strong position in Europe with its powerful
solutions. Its services comply with the highest industrial and quality
requirements as demanded by the high-reliability/aerospace, automotive,
telecommunications, medical, IT and electronics sectors.
'Certified by RoodMicrotec' concerns certification of products inter alia to the
stringent ISO/TSÂ 16949 standard for suppliers to the automotive industry. The
company has an accredited laboratory for testing and calibration activities in
accordance with the ISO/IECÂ 17025 standard.
The value-added services include failure & technology analysis, qualification &
monitoring 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 facilities in Germany (Dresden, Nördlingen, Stuttgart) and in
the Netherlands (Zwolle).
For further information:
Philip Nijenhuis, CEO Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Phone: +31 38 4215216Â Â Â Â Â Â Â Â Â Â Â Â Â Fax:
+31 38 4216410
Correspondence address:
Rood Testhouse International N.V., P.O. box 1042, 8001 BAÂ Zwolle, The
Netherlands
E-mail: info(at)roodtechnology.com        Web-site: www.roodmicrotec.com
[HUG#1388399]
See complete press release and consolidated figures as PDF: http://hugin.info/130789/R/1388399/346613.pdf
Unternehmensinformation / Kurzprofil:
Datum: 25.02.2010 - 08:00 Uhr
Sprache: Deutsch
News-ID 12905
Anzahl Zeichen: 0
contact information:
Town:
Zwolle
Kategorie:
Business News
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