Interim Report 2010 - RoodMicrotec N.V. recovers according to plan
(Thomson Reuters ONE) -
Highlights first half 2010
·    Strong sales growth in first half 2010 in test and supply chain management
(see sales development diagram).
·    Reduction of net interest-bearing debts by approx. 7% or ? 334,000
compared to year-end 2009
·    Cash flow improvement from -EUR 90,000 to EUR 561,000.
·    2.8% reduction of labour costs.
·    EUR 1.0 million refinancing.
·    Ongoing market growth in the fables segment.
·    Significant rise of equipment load of part of the equipment.
·    Temporary lower gross margin (approx. 75%) in the first half.
Financial highlights first half 2010
   -  32% sales increase to EUR 7.328 million (H1 2009: EUR 5.547 million)
   - Operating result before depreciation and amortisation (EBITDA) improved
to EUR 775,000 (H1 2009: EUR 127,000).
   - Net result improved from EUR 1.149 million negative to EUR 278,000
negative.
Key figures in EUR x 1,000
 H1 2010 H1 2009  Delta (%)  2009
-------------------------------------
Result
Net sales 7,328 5,547 Â 32% Â 11,922
Total operating income 7,331 5,554 Â 32% Â 12,076
Gross margin 5,502 4,854 Â 13% Â 9,821
Operating result/EBIT -64 -932 Â 93% Â -1,304
EBITDA 775 127 Â 510% Â 750
Cash flow (net result and depreciation) 561 -90 Â 723% Â 312
Cash flow from operating activities -2 212 Â -99% Â 213
Net result -278 -1,149 Â 76% Â -1,742
Gross Interest expenses 214 217 Â -1% Â 440
Investments in tangible fixed assets 57 19 Â 200% Â 288
Depreciation of tangible fixed assets 825 1,059 Â -22% Â 2,026
Data per share (x EUR 1)
Capital and reserves 0.08 0.10 Â -20% Â 0.09
Operating result 0.00 -0.03 Â 100% Â -0.04
Cash flow 0.02 0.00 Â NA Â 0.01
Net result -0.01 -0.03 Â 67% Â -0.05
Share price: end of period 0.17 0.17 Â 0% Â 0.17
Share price: highest 0.19 0.22 Â -14% Â 0.24
Share price: lowest 0.15 0.13 Â 15% Â 0.13
Number of FTEs (permanent)
End of period 125 132 Â 5% Â 126
Average 125 138 Â 9% Â 132
Sales (year)/ average FTEs (permanent) 117 84 Â 39% Â 93
 30-06- 2010  30-06-2009  Delta (%)
-------------------------------------
Capital
Total assets 12,631 Â 12,449 Â 1%
Group equity 2,841 Â 3,115 Â -9%
Convertible debt 0 Â 750 Â -100%
Group equity + convertible loans 2,841 Â 3,865 Â -26%
Group equity + convertible loans as a
percentage of total assets 22.5 Â 31.0 Â -27%
Net debt as a percentage of equity 159.0 Â 155.7 Â 2%
Net debt as a percentage of total assets
excluding convertible loans 35.8 Â 32.9 Â 9%
Liabilities
Total debt (including bank overdrafts) 4,517 Â 4,851 Â -7%
EBITDA/ net interest 3.6 Â 1.7 Â 111%
Net debt excluding convertible loans/
EBITDA 3.2 Â 5.5 Â -42%
(12 months rolling)
Assets
Tangible fixed assets 5,861 Â 6,629 Â -12%
Current assets 4,173 Â 3,209 Â 30%
Current liabilities 5,033 Â 4,183 Â 20%
Working capital -860 Â -974 Â -12%
'While in the first half the gross margin came under pressure due to an
exceptional mix of orders, we look back on successful sales in the first half of
the year. In the second half we expect a different composition of orders, and a
corresponding higher gross margin.
Furthermore, our recently announced collaboration with a Russian partner will
contribute to a strengthening of our market position,' RoodMicrotec CEO Philip
Nijenhuis commented.'
Report of the board of management
1.    GENERAL
   1.1 . Sales
   In the first half of 2010, Test and Supply Chain Management in particular
showed strong to very strong growth of 42% and 176% respectively. In certain
subsectors in Test this even resulted in overload. The order portfolio also rose
strongly compared to year-end 2009.
   In the other sectors we were faced with contracts being postponed due to the
slow economic developments. Sales in Failure & Technology Analysis and in Test
Engineering fell, while Qualification & Reliability Investigation showed a very
slight increase. We expect that these contracts will be performed, though with
some delay.
   1.2. Personnel
   The number of permanent staff members decreased by approx. 9% compared to 30
June 2009. We wish to realise both our growth and our flexibility partly with a
flexible workforce.
   1.3. Cash flow
   In the first half, we realised a cash flow of EUR 561,000 (H1 2009: EUR
90,000 negative) and a cash flow from operating activities of EUR 2,000 negative
(H1 2009: EUR 212,000).
   The cash flow from operating activities was strongly impacted by increased
sales and the associated increase of the debtor balance by EUR 1.256 million
compared to June 2009. Sales increased in particular in the past few months
(see sales diagram - page 1).
   1.4. Break-even point
   In 2009, the break-even point was at EUR 13 million in annual sales, based on
the gross margin of approx. 87% at that time (see press release of 31 August
2009). At the current gross margin of approx. 75% the break-even point is
higher, namely at EUR 15.5 million in annual sales. The margin in the first half
of 2010 is exceptional, based on temporary orders with an relatively low gross
margin.
2.    NOTES TO THE FINANCIAL RESULTS
   2.1. Sales and result
   In the first six months, RoodMicrotec realised net sales of EUR 7.328
million, a 32% increase compared to the first half of 2009. The gross margin was
EUR 5.502 million, a 13% increase compared to the first half of 2009. Permanent
measures have been taken to minimise costs, including personnel costs. The
short-time working scheme, which will remain in place in 2011, contributed
significantly to this.
   The total operating costs of EUR 5.556 million were approx. 4% down on the
first half of 2009.
   RoodMicrotec sales H1 2010 vs H1 2009
   (x EUR 1000)                  H1 2009     H1 2010       Change
   Test                        2,337      3,319         +42%
   Supply Chain Management         0,650      1,791        +176%
   Failure & Technology Analysis       0,845      0,753         -11%
   Test Engineering                0,606      0,349         -42%
   Qualification & Reliability Investigation 1,109      1,116          +1%
   Total                             5,547        7,328
   The operating result before depreciation and amortisation (EBITDA) was EUR
775,000 (H1 2009: EUR 127,000), or 10.6% of sales.
   The operating result (EBIT) was EUR 64,000 negative, while the net result was
EUR 278,000 negative. This equates to EUR 0.01 negative per share.
   Net financing costs were EUR 214,000, 1.4% down on the first half of 2009.
   2.2. Refinancing
   The convertible bond of EUR 750,000 and the subordinated loan of EUR
250,000, both provided by TIIN Capital (ICN Part Rood B.V.), have been
refinanced. The maturity date of April 2012 remains unchanged. Repayments are
made monthly; the repayments will total EUR 236,000 in 2010 and EUR 519,000 in
2011. In April of 2012, the remaining balance of EUR 245,000 will be repaid in
one final payment. The annual interest rate is 6%. The call option rights of the
original convertible bond remain in full force.
   The EUR 250,000 loan from the private investor to be repaid in September
2010 will now be repaid in 12 equal monthly instalments starting in September
2010. This financing was agreed after balance sheet date.
   Debt refinancing in EUR x 1,000
                                    30 June 2010   31 December 2009
  Secured bank loans*                 1,800          1,800
  Unsecured bank loans                   0           175
  Convertible loans                      0           750
  Subordinated loans                   937           250
  Finance lease                       675           882
  Other loans                        270           270
   Total                                 3,682            4,127
   Of which to be repaid within one year    1,466            1,287
  Portion of current account used           835           724
   Net debt position                      4,517            4,851
  Current account resources              229           308
  Total current account                1,550          1,550
   * including the EUR 500,000 long-term current account facility agreed in June
2009
3.    OUTLOOK FOR 2010
   The uncertainty about the global economic developments makes it hard to make
concrete statements about the second half of 2010.
   Increasing demand and the rising order portfolio are positive signs. We
anticipate further sales growth in the second half of this year and an approx.
5% improvement of the gross margin compared to the first half. As a result, we
are counting on a positive operating result for 2010. This expectation is partly
based on the fact that historically the second half of the year tends to yield
better results than the first half.
   Our recently announced collaboration with a Russian party is in perfect
alignment with our strategy to strengthen our market position through
partnerships. Our customers increasingly require one-stop-shopping solutions.
Due to a range of collaborations, we can adequately respond to these needs and
react flexibly to changing conditions.
   In the long term, RoodMicrotec aims to continue its growth of the past few
years (autonomous growth of between 5% and 15%) and to continue improving sales,
the operating result and the net result, and to further reduce our debt
position.
4. Â Â Â FINANCIAL AGENDA 2010/2011
   31 August 2010          Conference call for press and analysts
   11 November 2010         Publication trading update
   11 January 2011          Publication sales figures full year 2010
   24 February 2011         Publication annual figures 2010
   24 February 2011         Conference call for press and analysts
   10 March 2011           Publication annual report 2010
   24 March 2011           Annual general meeting of shareholders
   11 May 2011            Publication trading update
    7 July 2011            Publication sales figures H1 2011
   31 August 2011          Publication interim report 2011
   31 August 2011          Conference call for press and analysts
   10 November 2011         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/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).
Voor nadere informatie:
Philip Nijenhuis, CEO Â Â Â Â Â Â Â Â Â Telefoon: +31 38 4215216Â Â Â Â Â Fax: +31
38 4216410
Correspondentieadres:
RoodMicrotec N.V., Postbus 1042, 8001 BAÂ Zwolle
E-mail: info(at)roodmicrotec.com      Web-site:www.roodmicrotec.com
[HUG#1441448]
Graphic Sales Revenue Index:
http://hugin.info/130789/R/1441448/385754.pdf
Interim Report 2010:
http://hugin.info/130789/R/1441448/385753.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: RoodMicrotec N.V. via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 31.08.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 40524
Anzahl Zeichen: 0
contact information:
Town:
Zwolle
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 228 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Interim Report 2010 - RoodMicrotec N.V. recovers according to plan"
steht unter der journalistisch-redaktionellen Verantwortung von
RoodMicrotec N.V. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
