RoodMicrotec - Interim Report 2013
(Thomson Reuters ONE) -
Zwolle, 29 August 2013
Summary HY1 2013
(x EUR 1,000) HY1 2013 HY1 2012
---------------------------------------------------
Sales 5,504 5,688
Gross margin as % of sales 82% 82%
EBITDA 202 189
EBITDA as % of sales 4% 3%
EBIT -264 -278
EBIT as % of sales -5% -5%
Net result -386 -422
Net result as % of sales -7% -7%
Highlights HY1 2013 compared to HY1 2012
* Sales in the first half of 2013 were ? 5.504 million, a decrease of 3%
compared to the first half of 2012 (? 5.688 million).
* Supply Chain Management rose by 20% compared to the first half of 2012,
while sales in the other business units decreased by between 5% and 17%.
These other business units did contribute to the increasing supply chain
activities.
* Expansion of sales capacity by appointment of an experienced international
sales manager.
* Reduction of operating costs compared to the first half of 2012 of 7.4% to
EUR 4.331 million.
* Net result of EUR -0.386 million compared to EUR -0.422 million in the first
half of 2012.
* Improvement of the net debt position compared to the first half of 2012 by
EUR 0.2 million to EUR 2.736 million.
* Solvency stable at 45%.
* Long-term liabilities decreased by EUR 0.2 by compared to the first half of
2012, while short-term debts increased by EUR 0.3 million. See also note 3
of this report: 'events after balance sheet date'.
Philip Nijenhuis, RoodMicrotec CEO:
'In the second quarter of the first half year, RoodMicrotec's market showed a
clear recovery. This recovery is a reflection of the positive developments in
the semiconductor industry (see the reporting of the Semiconductor Industry
Association and STST). Moreover, recent indicators, both internal and external,
are showing a markedly better outlook for the second half of this year. This
raises our conviction that our strategy, focusing on supply chain management
(including eXtended Supply Chain), is contributing maximally to our future
growth and that it will boost the other business units.'
Change
Performance Indicators HY1 2013 HY1 2012
-------------------------
(xEUR 1,000)
Result
Net sales 5,504 5,688 -184
Gross margin 4,532 4,688 -156
Gross margin as % of net sales 82% 82% 0%
EBIT -265 -278 13
EBIT as % of net sales -5% -5% -10%
EBITDA 201 189 12
EBITDA as % of net sales 4% 3% 1%
Cash flow (net profit + depreciation) 80 45 45
Cash flow operational 152 -39 191
Net result -386 -422 36
Net result as % of net sales -7% -7% 0%
Financing costs -121 -144 23
Capital, debt & liquidity ratios
Total assets 13,111 12,421 690
Group equity 5,863 5,614 249
Net debt 2,736 2,943 -207
Capital (net debt + group equity) 8,599 8,557 42
Gearing ratio (net debt/capital) 32% 34% -2%
Solvency (group equity/ liabilities + group equity) 45% 45% 0%
Debt ratio (net debt /EBITDA) 6.8 7.8 -1
Net working capital -1,391 -1.007 -384
Working capital ratio 0.70 0.75 -0.05
Assets
Tangible fixed assets 6,084 5.898 186
Investment in tangible fixed assets 271 349 -78
Depreciation of tangible fixed assets 452 453 -1
Ordinary shares issued 35,769 35,769 -
Data per share (x EUR 1)
Capital and reserves 0.09 0.16 -0,07
EBIT -0.01 -0.01 0,00
Cash flow -0.02 0.01 -0,03
Net result -0.02 -0.01 -0,01
Number of FTEs (Permanent)
At month-end 100 107 -7
Average 102 107 -5
Sales/ Average FTEs (Permanent) 108 106 2
Report of the board of management
1. General
In January 2013, Mr Malkit Jhitta joined RoodMicrotec as a Sales Manager. As a
result, new orders and customers are expected to increase in the second half of
2013.
The decrease in sales was due to postponed orders and deliveries to customers
because of general market circumstances. However, we expect that sales will
recover in the second half of 2013 due to a general recovery of the market
circumstances. In the course of the second quarter we also received positive
signals from customers and the number of order applications for the second half
of 2013 increased.
High-tech projects for aeronautical and aerospace, new product developments and
outsourcing opportunities are expected to stimulate sales growth in the second
half of 2013 and the following years.
1.1 Developments by business unit (product /service group)
RoodMicrotec sales HY1 2013 vs HY1 2012
(x EUR 1,000) HY1 2013 HY1 2012 Change
----------------------------------------------------------------------------
Test 2,165 2,360 -8%
Supply Chain Management 1,194 992 20%
Failure & Technology Analysis 703 778 -10%
Test Engineering 293 353 -17%
Qualification & Reliability Investigation 1,149 1,205 -5%
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Total 5.504 5.688 -3%
----------------------------------------------------------------------------
The fall in sales in Test en Failure & Technology Analysis was mainly temporary,
due to cyclical economic movements and major reorganisations among customers.
Over the next few months, we expect a recovery with new impulses for additional
sales.
The business unit Test Engineering experienced serious negative consequences
from the postponement of orders referred to above. In the course of the second
quarter, the situation in Test Engineering improved significantly; so much so
that this business unit is now in full operation.
The business unit Qualification & Reliability Investigation showed a minor
decrease, due in particular to long-term projects that have not yet completed.
We anticipate, however, that this business unit will show stable sales growth
over the next few reporting periods.
1.2 Personnel
The number of employees on permanent staff decreased by approx. 7 fte's compared
to 30 June 2012 to 100 fte's in total.
1.3 Risk management
The various risks the company is exposed to are listed in RoodMicrotec's 2012
annual report. We strive to limit the risks, inter alia by periodical and
systematic risk reviews of selected aspects. These reviews are conducted approx.
8 times every year. Where necessary, corrective measures are taken. In view of
the negative developments in the financial markets, the management is devoting
additional attention to cash management. Otherwise, the management does not
currently foresee any material changes in the risks in 2013.
2. NOTES TO THE FINANCIAL RESULTS
2.1 Sales and result
Sales in the first half of 2013 were ? 5.504 million, a decrease of 3% compared
to the first half of 2012 (HY1 2012: ? 5.688 million).
EBITDA was ? 0.201 million (HY1 2012: ? 0.189 million), or 4% of sales.
EBIT was ? -0.264 million (HY1 2012: ? -0.278 million), which equates to -5% of
sales.
The net result improved to ? -0.386 million (HY1 2012: ? -0.422 million), or -7%
of sales. This is equivalent to ? -0.01 per share.
Net financing costs were ? 0.144 million, 16% down on the first half of 2012.
2.2 Cash flow
In the first half year of 2013, we realised cash flow from operating activities
of EUR 273,000 (HY1 2012: EUR 105.000). Net cash flow from operating activities
improved compared to the same period in 2012 to EUR 152,000 (HY1 2012: -/- EUR
39,000).
3 Events after balance sheet date
As of 1 July, capital insurance policies (that were recognised in financial
assets up to 30 June) were paid out. As of 1 July, the capital released of
approx. ? 380,000 is freely available to the company.
4 Outlook for 2013
In the context of the lower than expected sales in the first few months of
2013, the Semiconductor Industry Association (SIA) has downgraded its sales
forecasts for 2013 and 2014 (from 5.2% to 2.1% for 2013 and from 5.2% to 5.1%
for 2014). For the second half of this year, SIA still forecasts reasonable
growth compared to the first half year.
Our order development, particularly in recent months, confirms that the market
is recovering. For this reason, we anticipate for the second half of 2013 and
beyond, in accordance with earlier pronouncements, a market recovery and
increasing sales for RoodMicrotec. We expect our results to recover accordingly.
5 Financial agenda 2013/2014
29 August 2013 Conference call for press and analysts
14 November 2013 Publication trading update
9 January 2014 Publication annual sales figures 2013
27 February 2014 Publication annual figures 2013
27 February 2014 Conference call for press and analysts
13 March 2014 Publication annual report 2013
24 April 2014 Annual general meeting of shareholders
13 May 2014 Publication trading update
10 July 2014 Publication trading figures
28 August 2014 Publication interim report 2014
28 August 2014 Conference call for press and analysts
13 November 2014 Publication trading update
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/TS 16949 standard for suppliers to the automotive industry. The
company has an accredited laboratory for testing and calibration activities in
accordance with the ISO/IEC 17025 standard.
The value-added services include Extended Supply Chain Management 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), UK
(Bath) and in the Netherlands (Zwolle).
Further information:
Philip Nijenhuis, CEO - Telephone +31 (0) 38 4215216
Email: investor-relations(at)roodmicrotec.com - Website:
www.roodmicrotec.com
RoodMicrotec Interim Report 2013 :
http://hugin.info/130789/R/1725543/575483.pdf
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[HUG#1725543]
Unternehmensinformation / Kurzprofil:
Datum: 29.08.2013 - 08:15 Uhr
Sprache: Deutsch
News-ID 291992
Anzahl Zeichen: 14984
contact information:
Town:
Zwolle
Kategorie:
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