RoodMicrotec: Annual figures for 2014
(Thomson Reuters ONE) -
Zwolle, 30 April 2015
2004 HIGHLIGHTS
Commercial/operational
* Sales in 2014 of EUR 9.971 million fell by 11% compared to 2013 (EUR 11.180
million) due to longer lead times and postponement of some large orders.
Decline mainly in Test, Test Engineering and Qualification & Reliability.
* Lower sales and seizing new market opportunities have resulted in a net
result of EUR 1.693 million negative in 2014 (2013: EUR 0.284 million
negative).
* Increased investments in the second half of 2014 in sales and marketing.
* Setup of Automotive Competitive Centre and investments in automotive
infrastructure as a result of new automotive projects and new prospects.
* Investments in highly promising projects like 'light switches based on
radiofrequency'.
* Strategic partnership with Fraunhofer Institute IIS.
* Further strengthening of SCM.
* New test handling and programming equipment to handle new promising products
of (new) customers.
* Sharp increase of our quote portfolio and a continued positive book-to-bill
ratio.
* Significant headcount cost reduction program resulting in EUR 1.300 million
within the next three years. This program is partly based on attrition, but
also on forced layoffs.
* The difference in personnel costs compared to 2013 was caused mainly by a
non-recurring income in respect of the pension scheme.
* Strategic adjustment in response to changing market conditions. Our new
approach involves longer lead times.
Financials
* EBITDA: EUR 0.722 million negative (2013: EUR 0.870 million positive).
* EBIT (operating result) was EUR 1.514 million negative (2013: EUR 0.13
million negative).
* Net result of EUR 1.693 million negative (2013: EUR 0.284 million negative).
At year-end 2014 the company had approximately EUR 15 million in accumulated
tax losses which can be offset against future tax profits for an indefinite
period of time. In other words, the company's tax loss carry forward
potential is around EUR 15 million. However, the company takes a
conservative approach on this and only recognised EUR 1.6 million as
deferred tax asset.
* Net cash position improved from EUR 1.326 million negative in 2013 to EUR
0.192 million positive in 2014. The net cash from operating activities were
EUR 0.262 million negative in 2014 compared to EUR 0.017 million positive in
2013.
* The working capital position improved strongly from EUR 1.331 million
negative in 2013 to EUR 0.125 million negative in 2014.
* Decrease in solvency rate to 27% (2013: 39%) as a result of the net loss and
the decrease of the pension discount rate from 3.6% to 2%. (This discount
rate change in had a negative impact on the equity position of EUR 1.0
million).
* Issue of EUR 2.500 million bond loan and repayment of bank loans. All short-
term loans, except for the finance lease, were redeemed using the proceeds
from the bond loan. This form of financing has greatly reduced
RoodMicrotec's finance liabilities for the short term.
KEY FIGURES
31 December 2014
(X EUR 1,000) IFRS IFRS IFRS IFRS IFRS
2014 2013 2012 2011 2010
restated restated
----------------------------------------
Result
Net sales 9,971 11,180 11,971 15,717 15,563
Gross margin 8,184 9,021 9,688 12,342 12,242
EBITDA -722 870 703 1,865 2,361
EBIT (operating result) -1,514 -13 -181 709 733
EBT -1,675 -243 -507 408 207
Cash flow (net result and -901 599 603 1,744 2,076
depreciation)
Cash flow from operating activities -262 17 899 1,939 1,689
Net result -1,693 -284 -281 588 448
Capital, debt & liquidity ratios
Total assets 13,617 13,941 12,915 12,857 13,726
Group equity 3,706 5,396 5,457 6,139 5,647
Net debt 2,159 2,113 3,216 2,686 3,334
Capital (net debt + equity) 5,865 7,509 8,673 8,824 8,981
Gearing ratio (net debt/ capital) 37% 28% 37% 30% 37%
Solvency (group equity / total 27% 39% 42% 48% 41%
liabilities)
Debt ratio (net debt / EBITDA) -2.99 2.43 4.57 1.44 1.41
Net working capital -125 -1.331 -1.422 -831 -569
Working capital ratio 0.95 0.68 0.63 0.79 0.87
Assets
Tangible fixed assets 5,567 5,446 6,347 5,732 5,710
Investments in tangible fixed assets 499 535 1,475 1,024 681
Depreciation of tangible fixed assets 792 869 860 1,156 1,600
Data per share (x EUR 1)
Capital and reserves 0.09 0.14 0.15 0.17 0.16
Operating results -0.03 0.00 -0.01 0.02 0.02
Cash flow -0.00 0.00 0.03 0.05 0.05
Net result -0.03 -0.01 -0.01 0.02 0.01
Share price: year-end 0.25 0.16 0.15 0.16 0.17
Share price: highest 0.35 0.18 0.23 0.31 0.19
Share price: lowest 0.15 0.14 0.15 0.14 0.15
Issue of nominal shares
At year-end (x 1,000) 43,519 38,674 35,769 35,769 35,769
Number of FTEs (permanent)
At year-end 94 96 103 106 120
Average 97 99 103 111 124
Sales (total) / average FTEs 103 113 116 142 126
(permanent)
Audited financial statements 2014
On 12 March 2015 we published our preliminary financial figures. Following the
completion of the audit, certain adjustments were made. The most important ones
related to the financial assets, pension obligations and to the financial
results, which we summarise below. The adjustments do not have a material effect
on the operational cash flow.
The total assets were EUR 13.617 million, which is EUR 2.447 million higher than
presented before. The increase is mainly due to the reclassification of
financial assets of EUR 2.494 million, which were previously presented under
pension liabilities and the cash position. These items also led to a restatement
of the comparative figures as per 1 January 2013 and 31 December 2013. The
financial assets comprise bonds of EUR 2.494 million, which are held for
financing pension liabilities and have been placed under a Contractual Trust
Agreement. However, these bonds were not transferred to the Trustee as per 31
December 2014 and therefore may not be netted against the pension liabilities.
As at 20 April 2015, these bonds were definitively transferred to the Trustee.
As a result, the corresponding financial assets therefore may be netted against
the pension liabilities in 2015.
EBIT for 2014 was EUR 1.514 million negative, which is EUR 178 thousand lower
than presented in the preliminary figures. This was due to additional audit and
legal fees of approx. EUR 70 thousand and additional cost accruals in personnel
and other expenses of approx. EUR 108 thousand. Taxes through the profit and
loss statement for 2014 were EUR 18 thousand negative, compared to EUR 144
thousand positive as we stated in the preliminary figures. This resulted into a
negative effect of the profit and loss statement of EUR 162 thousand. The
comparable figures of the profit and loss statement have been restated due to an
adjustment in the pension costs of EUR 95 thousand.
Reference is made to the deferred tax assets and the valuation of the financial
assets as explained in the Annual Report in note 10 and note 11 as well as the
audit opinion on these items on page 117/118 of our Annual Report.
Trading update first quarter 2015
As the first quarter has since closed we will issue our trading update now.
In line with expectations, the first quarter of 2015 showed an improvement in
operations, resulting in a higher sales compared to last year and over budget.
The increase was limited, but compared to recent years it is a positive trend
break. RoodMicrotec's management considers this a clear positive signal.
As published before, we have more than 20 new projects on hand, for which we
have high expectations for the near future. Of this new business with a volume
of EUR 5 to 10 million per year as of 2015, 80-90% will come on top of our
current business. This supports our projection that we will be able to achieve
significant growth up to and including 2018. We are already invoicing for the
start-up or investing in the preparation of more than 50% of these new projects.
We are realising this new business in our core segments Automotive (50%) and
Industrial/Medical (30%), but also in high-end consumer business (20%).
Automotive and Industrial/Medical are among the fastest growing segments in the
market. This supports our expectation that we will grow significantly over the
next few years.
This volume of new business is unparalleled, which gives the management of
RoodMicrotec confidence that we are on the right way for a full recovery.
Conference call Friday 1 May 2015, 10:00 am
A conference call will be held for press, analysts and other interested parties
on 1 May. The telephone number to join the call is + 31 20 531 5854
Information meeting 13 May 2015 at 4 pm, Euronext Amsterdam, Beursplein 5
Investors, bondholders, analysts, journalists and other interested parties are
invited to join the investors meeting on 13 May at 4 pm, in which we will give
information concerning the business and will present our new CTO Martin
Sallenhag.
Annual General Meeting of Shareholders 11 June 2015 at 2 pm, Euronext Amsterdam,
Beursplein 5
The Annual General Meeting of Shareholders will be held on Thursday 11 June
2015.
Financial agenda
13 May 2015 Information meeting for investors, bondholders, analysts,
journalists and other interested parties
11 June 2015 Annual general meeting of shareholders
9 July 2015 Publication sales figures first half 2015
27 August 2015 Publication interim report 2015
27 August 2015 Conference call for press and analysts
12 November 2015 Publication trading update
7 January 2016 Publication annual sales figures 2015
25 February 2016 Publication annual figures 2015
25 February 2016 Conference call for press and analysts
10 March 2016 Publication annual report 2015
21 April 2016 Annual general meeting of shareholders
12 May 2016 Publication trading update
7 July 2016 Publication sales figures first half 2016
25 August 2016 Publication interim report 2016
25 August 2016 Conference call for press and analysts
15 November 2016 Publication trading update
Consolidated statement of profit or loss
-------------------------------------------------------------
2013
(x EUR 1,000) Notes 2014 restated*
-------------------------------------------------------------
Net sales 1 9,971 11,180
Cost of sales 2 -1,787 -2,159
-------------------------------------------------------------
Gross profit 8,184 9,021
Personnel expenses 3 -6,058 -5,446
Other operating expenses 4 -2,848 -2,705
-------------------------------------------------------------
Total operating expenses -8,906 -8,151
-------------------------------------------------------------
EBITDA -722 870
Depreciation and amortisation 5 -792 -883
-------------------------------------------------------------
EBIT -1,514 -13
Financial expenses 6 -161 -230
-------------------------------------------------------------
Profit before tax -1,675 -243
Taxation 7 -18 -41
-------------------------------------------------------------
Net profit (loss) -1,693 -284
-------------------------------------------------------------
Net profit attributable to:
Owners of the company -1,693 -284
Non-controlling interests -
------------------------------------------------
Net profit (loss) -1,693 -284
------------------------------------------------
Earnings per share
Basic 16 -0.04 -0.01
-------------------------------
Diluted 16 -0.04 -0.01
-------------------------------
* Certain amounts shown here do not correspond to the 2013 financial statements
and reflect adjustments made, referring to prior period adjustments
Consolidated statement of financial position
----------------------------------------------------------------------------
31-12-2014 31-12-2013 01-01-2013
(x EUR 1,000) Notes restated* restated*
----------------------------------------------------------------------------
Assets
Property, plant and equipment 8 5,567 5,446 6,347
Intangible assets 9 1,741 1,741 1,755
Deferred taxes 10 1,079 910 951
Financial assets 11 2,982 2,991 1,449
----------------------------------------------------------------------------
Non-current assets 11,369 11,088 10,502
Inventories 12 344 283 305
Trade and other receivables 13 1,712 2,359 2,089
Cash and cash equivalents 14 192 211 19
----------------------------------------------------------------------------
Current assets 2,248 2,853 2,413
----------------------------------------------------------------------------
Total assets 13,617 13,941 12,915
----------------------------------------------------------------------------
Equity and liabilities
Share capital 4,788 4,255 3,935
Share premium 18,084 17,851 17,751
Revaluation reserve 1,859 1,668 1,890
Net benefit reserve -1,834 -880 -975
Retained earnings -21,245 -19,992 -19,638
Mezzanine capital 2,494 2,494 2,494
Mezzanine capital loss participation -440 - -
----------------------------------------------------------------------------
Equity attributable to shareholders 15 3,706 5,396 5,457
Loans and borrowings 18 2,306 279 1,399
Retirement benefit obligation 19 5,232 4,082 2,224
----------------------------------------------------------------------------
Non-current liabilities 7,538 4,361 3,623
Bank overdraft 14 - 1,537 1,381
Loans and borrowings 18 45 508 455
Trade and other payables 20 2,270 2,081 1,977
Current tax liabilities 18 58 58 22
----------------------------------------------------------------------------
Current liabilities 2,373 4,184 3,835
----------------------------------------------------------------------------
Total equity and liabilities 13,617 13,941 12,915
----------------------------------------------------------------------------
* Certain amounts shown here do not correspond to the 2013 financial statements
and reflect adjustments made, referring to prior period adjustments
Consolidated cash flow statement
------------------------------------------------------------------------
2013
(x EUR 1,000) Notes 2014 restated*
------------------------------------------------------------------------
EBITDA -722 870
Adjustments for:
- Movements in net defined benefit obligations -103 -535
- Share-based payments 17 59 20
- Accrued interest 6 - -9
Changes in working capital
- Inventories 12 -61 22
- Trade and other receivables 13 647 -270
- Trade and other accrued liabilities 18,20 79 140
------------------------------------------------------------------------
Cash generated from operating activities -101 238
Interest paid 6 -161 -221
------------------------------------------------------------------------
Net cash from operating activities -262 17
Cash flows from investing activities
Acquisition of property, plant and equipment 8 -499 -535
Disposal of property, plant and equipment 8 - 567
Di-/investments in defined benefit plan 19 - 2,487
Net investments in financial assets 11 9 -1,542
------------------------------------------------------------------------
Net cash from investing activities -490 977
Cash flows from financing activities
Proceeds from issue of share capital 15 707 400
Payment of compensation mezzanine capital 15 - -292
Proceeds from issuance of mezzanine capital - -
Proceeds from borrowings 2,550 50
Repayment of borrowings -903 -1,116
Payment of bond issuance costs 18 -100 -
Amortization of discount and bond issuance costs 18 16 -
------------------------------------------------------------------------
Net cash flow from financing activities 2,270 -958
------------------------------------------------------------------------
Net cash flow 1,518 36
------------------------------------------------------------------------
Cash -/- bank overdrafts at 1 January 14 -1,326 -1,362
Cash -/- bank overdrafts at 31 December 14 192 -1,326
------------------------------------------------------------------------
Net cash flow 1,518 36
------------------------------------------------------------------------
* Certain amounts shown here do not correspond to the 2013 financial statements
and reflect adjustments made, referring to prior period adjustments
About RoodMicrotec
With 45 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 testing 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.
The value-added services comprise inter alia (eXtended) supply chain management,
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 and
total manufacturing solutions with partners.
RoodMicrotec has branches in Germany (Dresden, Nördlingen, Stuttgart), the UK
(Bath) and the Netherlands (Zwolle).
Further information:
Philip Nijenhuis, CEO
Telephone: +31 (0)38 4215216
Email: investor-relations(at)roodmicrotec.com
Website: www.roodmicrotec.com
PressRelease RoodMicrotec Annual Figures 2014_E:
http://hugin.info/130789/R/1917817/686166.pdf
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originality of the information contained therein.
Source: RoodMicrotec N.V. via GlobeNewswire
[HUG#1917817]
Unternehmensinformation / Kurzprofil:
Datum: 30.04.2015 - 21:05 Uhr
Sprache: Deutsch
News-ID 390116
Anzahl Zeichen: 25300
contact information:
Town:
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Kategorie:
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