RoodMicrotec - INTERIM REPORT 2015
(Thomson Reuters ONE) -
PRESS RELEASE
Zwolle, Thursday 27 August 2015
Summary HY1 2015
(x EUR 1,000) HY1 2015 HY1 2014
---------------------------------------------------
Sales 4,912 4,770
Gross margin as % of sales 83% 84%
EBITDA -33 -112
EBITDA as % of sales -1% -2%
EBIT -404 -526
EBIT as % of sales -8% -11%
Net result -497 -594
Net result as % of sales -10% -12%
Highlights HY1 2015 compared to HY1 2014
* RoodMicrotec booked the biggest order in its history: ? 25 million over 10
years. The quote portfolio and hitrate remain at a historically high level.
* Total sales 3% higher and sales in all business units except for test
increased between 3% and 29%.
* In the first half year, RoodMicrotec made significant investments in future
projects. The related costs have been partly capitalised.
* As the result of our strategy to focus on fabless companies (design houses),
OEMs (Original Equipment Manufacturers) as well as on recurring business, we
have to reckon with higher lead times. This strategy will result in
significant sustainable revenue in the future.
* Operating expenses increased by ? 0.115 million, predominantly due to the
lease of a new test machine.
* Net result ? -0.497 million in the first half of 2015 (HY1 2014: ? -0.594
million).
* Solvency is at 35% (HY1 2014: 37%).
Philip Nijenhuis, RoodMicrotec CEO:
'We have not been sitting around in the first half year of 2015: we secured the
biggest order in RoodMicrotec's history. And promising projects keep coming in.
Certainly in the automotive industry, we are considered as an attractive
partner. The many requests we are getting from this industry have led us to
decide to set up a special programme in support of this sector.'
Financial Performance Indicators
(x EUR 1,000) HY1 2015 HY1 2014 Change
------------------------------------------------------------------------------
Result
Net sales 4,912 4,770 142
Gross margin 4,066 4,008 58
Gross margin as % of net sales 83% 84% -1%
EBIT -404 -525 121
EBIT as % of net sales -8% -11% 3%
EBITDA -33 -112 -79
EBITDA as % of net sales -1% -2% 1%
Net cash flow -139 2,360 -2,499
Operational cash flow -537 475 1,012
Net result -497 -594 97
Net result as % of net sales -10% -12% 2%
Financing costs -93 -68 -25
Capital, debt & liquidity ratios
Total assets 11,093 14,376 -3,283
Group equity 3,907 5,285 -1,378
Net debt 2,293 923 1,370
Capital (net debt + group equity) 6,203 6,208 -5
Gearing ratio (net debt/capital) 37% 15% 22%
Solvency (group equity/ liabilities + group equity) 35% 37% -2%
Debt ratio (net debt /EBITDA) 0.23 -4.16 4.39
Net working capital -94 1,319 -1,413
Working capital ratio 0.96 1.63 -0.67
Assets
Tangible fixed assets 5,564 5,273 291
Investment in tangible fixed assets 366 239 127
Depreciation of tangible fixed assets 371 414 -43
Ordinary shares issued 46,479 42,902 3,577
Data per share (x EUR 1)
Capital and reserves 0.03 0.07 -0.04
EBIT -0.02 -0.02 0.00
Cash flow -0.01 0.11 -0.12
Net result -0.02 -0.03 0.01
Number of FTEs (Permanent)
At end of month 91 97 -6
Average 93 97 -4
Sales/ Average FTEs (Permanent) 105 98 7
Report of the board of management
1. General
Our strategy aims to realise increasing amounts of recurring sales by means of
Extended Supply Chain Management. This is different from before, when
RoodMicrotec was far more focused on offering individual services that were
unconnected and tended to be one-off projects. Now, we are increasingly offering
integrated services in the form of a complete product for the entire lifetime of
the product/chip. This leads to longer-term projects with more stable, more
predictable and less cyclic sales. However, these projects have longer lead
times, because we first perform engineering work and make investments before we
start generating significant sales. This means that the anticipated sales growth
will materialise up to the second quarter of 2016.
Our new strategy involves that we co-invest in new promising projects and also
invest in additional sales capacity, the latter mainly in order to compensate
for the decline in sales with our 'traditional' product portfolio. By co-
investing in promising projects, we aim to try to break through the continuing
lending restraint in the financial markets, which often frustrates our customers
in their development, many of which are Fabless Companies (FCs) or design
houses. With our approach, we aim both to boost the development of FCs/design
houses and also increase our sales and our position in this market segment.
The successful issue of bonds with mortgage cover and the strengthening of our
equity have had a very positive impact on our balance sheet ratios and on our
financial position in general. This improved position enables us to contribute
more actively to the development of new products, generating recurring sales.
In the first half year (as in 2014) we have made significant investments in
projects that offer attractive future perspectives. These investments resulted
into the big 10-year order of ? 25 million as published in the press release of
2 July 2015.
Of the more than 20 interesting new projects, currently over seven projects are
highly promising. We expect these projects will result in a major boost of our
sales over the next few years.
1.1 Developments by business unit (product /service group)
RoodMicrotec net sales HY1 2015 vs HY1 2014
(x EUR 1,000) HY1 2015 HY1 2014 Change
----------------------------------------------------------------------------
Test 1,974 2,190 -10%
Supply Chain Management 870 847 3%
Failure & Technology Analysis 874 675 29%
Test Engineering 245 221 11%
Qualification & Reliability Investigation 949 837 13%
----------------------------------------------------------------------------
Total 4,912 4,770 3%
----------------------------------------------------------------------------
1.2 Personnel
The strategy change mentioned above has obviously impacted the organisation,
leading to a different composition and management of our staff.
The number of permanent employees decreased to 91 FTEs, a decrease of
approximately 6% compared to June 2014 (97 FTEs).
1.3 Communication with shareholders and bondholders
High on the agenda for this year and the next few years is intensifying
communication with our shareholders and bondholders. This is partly in view of
our bond loan issue in June 2014 which has significantly raised the number of
stakeholders in RoodMicrotec. In this context, we organised the first
bondholders meeting on 21 August 2015. We invited our shareholders,
bondholders, analysts and journalists for a visit to our facilities in Germany
on 25 August 2015.
1.4 Risk management
The various risks the company is exposed to are listed in RoodMicrotec's 2014
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 2015.
2. NOTES TO THE FINANCIAL RESULTS
2.1 Sales and result
Sales in the first half of 2015 were ? 4.912 million, an increase of 3% compared
to the first half of 2014 (HY1 2014: ? 4.770 million).
EBITDA was ? -0.033 million (HY1 2014: ? -0.112 million), or -1% of sales.
EBIT was ? -0.404 million (HY1 2014 ? -0.526 million), which equates to -8% of
sales.
Net financing costs were ? 0.093 million, a 40% increase on the first half of
2014. This mainly comprises the interest on the bond loan.
2.2 Cash flow
In the first half year of 2015, the cash flow realised from operating activities
was ?-537,000 (HY1 2014: ? 551,000).
3. Events after balance sheet date
* On 2 July 2015, 250,000 options have been exercised at a exercise price of ?
0.217.
* On 2 July 2015, 448,040 shares (? 100,000) were issued.
* On 10 July 2015, 1,196,000 warrants were issued at an exercise price of ?
0.13. This concerns the warrants series of 2014
* On 10 July 2015, 221,626 warrants were issued at an exercise price of ?
0.15. This concerns the warrants series of 2013.
* On 3 August 2015, 814,931 shares (? 200,000) were issued.
On 2 July 2015 RoodMicrotec concluded a share issue agreement for 5 years. In
which RoodMicrotec has the option to issue shares of ? 2.0 million in total.
Share issues will executed in monthly trenches of between ? 100,000 - 200,000.
4. Audit costs
The costs invoiced by Grant Thornton exceed the estimated costs of approximately
? 64k as agreed in the engagement letters (signed in November and December
2014) by about ? 200,000, totalling approximately ? 264K. To date, RoodMicrotec
has paid an amount of ? 142K and denies any further liability for audit costs
relating to the financial year 2014. Accordingly, it has not made any provisions
in this respect.
5. Appointment of the auditor for the 2015 financial year
The Supervisory Board has the intention of appointing Baker Tilly Berk as
company auditor for the 2015 financial year. The Supervisory Board was
authorised to appoint the auditor by the Annual General Meeting of 25 April
2013.
6. Outlook for 2015
In view of the high hitrate, the rising quote portfolio and new orders booked,
RoodMicrotec now expects to realise at least clear sales growth in the second
half of 2015 and significant sales growth in 2016 and beyond.
We have reached the invoicing stage of a start-up or are already investing in
the preparation phase of over 50% of new projects. These relate to our core
segments Automotive (50%) and Industrial/Medical (30%), but also high-end
consumer business (20%). Automotive and Industrial/Medical are fast growing
market segments.
There is now strong ground for maintaining our previously stated long-term
objective of annual autonomous growth of between 3% and 13% at an average growth
of the semiconductor market of 6% and thus improve the operating result and the
net result.
7. Financial Agenda 2015 and 2016
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
About RoodMicrotec
With more than 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 shop 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), United
Kingdom (Bath) and the Netherlands (Zwolle).
Further information:
Philip Nijenhuis, CEO Telephone: +31 38 4215216
Postal address:
RoodMicrotec N.V., PO Box 1042, 8001 BA Zwolle
Email: investor-relations(at)roodmicrotec.com
Website: www.roodmicrotec.com
Financial statements interim report 2015
Page
1 Consolidated income statement 9
2 Consolidated statement of comprehensive income 9
3 Consolidated balance sheet 10
4 Statement of changes in equity 11
5 Consolidated cash flow statement 12
6 Notes to the consolidated financial statements 13
7 Statement from the board of management 17
1. Consolidated income statement
--------------------------------------------------------------------------
Unaudited Unaudited Audited
(x EUR 1,000) HY1 2015 HY1 2014 2014
--------------------------------------------------------------------------
NET SALES 4,912 4,770 9,971
Change in work in process capitalised -62 -56 -
Cost of raw materials and consumables -784 -706 -1,787
--------------------------------------------------------------------------
GROSS MARGIN 4,066 4,008 8,184
Personnel expenses -2,765 -2,901 -6,058
Other operating expenses -1,334 -1,219 -2,848
--------------------------------------------------------------------------
OPERATING EXPENSES -4,099 -4,120 -8,906
--------------------------------------------------------------------------
EBITDA -33 -112 -722
Depreciation and amortisation -371 -414 -792
--------------------------------------------------------------------------
EBIT -404 -526 -1,514
Financial expenses -93 -68 -161
--------------------------------------------------------------------------
RESULT BEFORE TAX -497 -594 -1,675
Taxation - - -18
--------------------------------------------------------------------------
NET RESULT -497 -594 -1,693
--------------------------------------------------------------------------
EARNINGS PER SHARE
Basic -0.01 -0.02 -0.04
Diluted -0.01 -0.02 -0.04
2. Consolidated comprehensive income
Income for the period -497 -594 -1,693
Remeasurement of defined benefit obligations - - -1,253
Remeasurement of defined benefit obligations - DTL - - 299
Revaluation of building - - 301
Revaluation of building - DTL component - - -110
Mezzanine compensation - -146 -
--------------------------------------------------------------------
Comprehensive income -497 -740 -2,456
--------------------------------------------------------------------
3. Consolidated balance sheet
-----------------------------------------------------------------------------
Unaudited Unaudited Audited
(x EUR 1,000) HY1 2015 HY1 2014 2014
-----------------------------------------------------------------------------
ASSETS
Tangible fixed assets 5,564 5,273 5,567
Intangible fixed assets 1,741 1,741 1,741
Deferred tax assets 1,079 910 1,079
Retirement benefit assets - - -
Financial assets 488 2,992 2,982
Other assets - 50 -
-----------------------------------------------------------------------------
Non-current assets 8,872 10,966 11,369
Inventories 321 265 344
Trade and other receivables 1,847 1,611 1,712
Cash and cash equivalents 53 1,534 192
-----------------------------------------------------------------------------
Current assets 2,221 3,410 2,248
-----------------------------------------------------------------------------
TOTAL ASSETS 11,093 14,376 13,617
-----------------------------------------------------------------------------
EQUITY AND LIABILITIES
Issued capital 5,114 4,720 4,788
Share premium 18,457 18,015 18,084
Revaluation reserve 1,859 1,668 1,859
Retained earnings -23,576 -21,612 -23,079
Mezzanine capital 2,054 2,494 2,054
-----------------------------------------------------------------------------
Equity and reserves attributable to equity 3,908 5,285 3,706
holders of the company
Interest-bearing loans and borrowings 2,300 2,413 2,306
Deferred tax liabilities - - -
Retirement benefit obligations 2,586 4,587 5,232
-----------------------------------------------------------------------------
Non-current liabilities 4,886 7,000 7,538
Bank overdrafts - - -
Current portion of long-term debt 47 44 45
Trade account and other payables 2,194 1,989 2,270
Tax liabilities 58 58 58
-----------------------------------------------------------------------------
Current liabilities 2,299 2,091 2,373
-----------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 11,093 14,376 13,617
-----------------------------------------------------------------------------
4. Statement of changes in equity
----------------------------------------------------------------------------
Number
of Issued Share Revaluation Retained Total
(x EUR 1,000) shares capital premium reserve earnings Mezzanine Equity
(x
1,000)
----------------------------------------------------------------------------
Balance at 1 38,674 4,255 17,851 1,668 -20,872 2,494 5,396
January 2014
Issuance of
ordinary 4,228 465 149 - - - 614
shares
Earnings for - - - - -594 - -594
the period *
Depreciation - - - - - - -
on buildings
Employee
options - - 15 - - - 15
granted
Mezzanine - - - - -146 146 -
compensation
Mezzanine
compensation - - - - - -146 -146
payment
----------------------------------------------------------------------------
Balance at 42,902 4,720 18,015 1,668 -21,612 2,494 5,285
30 June 2014
Balance at 1
July 2014
Issuance of
ordinary 617 68 25 - - - 93
shares
Depreciation - - - - - - -
on buildings
Earnings for - - - - -1,099 -1,099
the period
Re-
measurement
of defined - - - - -954 - -954
benefit
obligation
Revaluation - - - 191 - - 191
of building
Employee
options - - 44 - - - 44
granted
Mezzanine - - - - - - -
capital
Mezzanine
capital - - - - - - -
compensation
distribution
Loss on
participation - - - - 586 -440 146
- mezzanine
capital
----------------------------------------------------------------------------
Balance at
31 December 43,519 4,788 18,084 1,859 -23,079 2,054 3,706
2014
Balance at 1
January 2015
Issuance of
ordinary 2,960 326 373 - - - 699
shares
Earnings for - - - - -497 - -497
the period *
Depreciation - - - - - - -
on buildings
Employee
options - - - - - - -
granted
Mezzanine - - - - - - -
compensation
Mezzanine
compensation - - - - - - -
payment
----------------------------------------------------------------------------
Balance at
30 June 46,479 5,114 18,457 1,859 -23,576 2,054 3,908
201 5
----------------------------------------------------------------------------
At 30 June 2015 the authorised share capital comprised 50,000,000 ordinary
shares (30 June 2014: 50,000,000). The shares have a nominal value of ?
0.11 each. At 30 June 2015, 46,478,893 ordinary shares were in issue (30
June 2014: 42,902,015).
* In the half year figures, profits/losses have been accounted as if added
to or deducted from the retained earnings. However, in accordance with a
resolution of the AGM, the actual addition to or deduction from the
retained earnings is made at year-end.
5. Consolidated cash flow statement
-----------------------------------------------------------------------------
(x EUR 1,000) HY1 2015 HY1 2014 2014
-----------------------------------------------------------------------------
EBITDA -33 -112 -722
Adjustments for:
- Share-based payments - 14 59
* Change in retirement benefit obligation and
assets -204 - -103
* Accrued interest - - -
* Other adjustments -22 -22 -
Changes in working capital:
* Inventories 26 18 -61
* Trade account and other receivables -136 748 647
* Trade account and other payables -75 -95 79
-----------------------------------------------------------------------------
Cash flow from operating activities -444 551 -101
Interest paid -93 -76 -161
Income tax paid - - -
-----------------------------------------------------------------------------
Net cash flow from operating activities -537 475 -262
Cash flow from investment activities
Acquisition of PPE -365 -239 -499
Disposals of PPE - - -
Investments in long-term pension assets - - -
Returns in financial assets 48 12 9
-----------------------------------------------------------------------------
Net cash flow from investment activities -317 -227 -490
Cash flow from financing activities
Proceeds from issuance of share capital 698 614 707
Payment of compensation mezzanine capital - -146 -
Proceeds from borrowings - 2,550 2,550
Repayment of borrowings - -856 -903
Payment of bond issuance cost - -50 -100
Amortization of discount and bond issuance costs 17 - 16
-----------------------------------------------------------------------------
Net cash flow from financing activities 715 2,112 2,270
-----------------------------------------------------------------------------
Net cash flow -139 2,360 1,518
-----------------------------------------------------------------------------
Cash -/- bank overdrafts at beginning of period 192 -826 -1,326
Cash -/- bank overdrafts at end of period 53 1,534 192
-----------------------------------------------------------------------------
Net cash flow -139 2,360 1,518
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
6. Notes to the consolidated financial statements
General information
RoodMicrotec N.V. is a company with its registered office in Zwolle, the
Netherlands. The consolidated interim financial statements of the company for
the period ended 30 June 2015 comprise the company and its subsidiaries (jointly
referred to as the 'Group'). The Group includes the wholly-owned subsidiaries
RoodMicrotec GmbH (Nördlingen, Germany), RoodMicrotec Dresden GmbH (Dresden,
Germany) and RoodMicrotec International B.V. (Zwolle, The Netherlands).
Summary of significant accounting policies
These consolidated financial statements have been prepared in accordance with
IAS 34 (interim financial reporting). They do not include all the information
required for full annual financial statements, and should therefore be read in
conjunction with the consolidated financial statements of the Group as at and
for the year ended 31 December 2014.
The accounting policies applied in these consolidated interim financial
statements are the same as those applied in its consolidated financial
statements as at and for the year ended
31 December 2014.
The consolidated interim financial statements and the reconciliations included
in this report and its enclosures have not been audited by the external
auditors.
Changes according to IAS 8 - Accounting Policies, Accounting Estimates and Prior
Period Adjustments
As of December 31, 2013, the Group applied for the first time IAS 19 revision
that required restatement of its previous financial statements.
Segment reporting
The Group operates in one business segment. Sales are reported in various
product/service groups, and sales are fundamental to RoodMicrotec's decision-
making. A consolidated income statement is prepared every month based on which
an analysis and a management report are communicated. If necessary, specific
consolidated reports are prepared ad-hoc per product/service group; these are
not part of the internal management reports.
Financial risk management
The activities are exposed to a variety of financial risks: market risks
(including currency risk and interest rate risk), credit risks and liquidity
risks. The overall risk management programme focuses on the unpredictability of
markets (debtor management) and tries to minimise potential adverse effects on
the Group's financial performance by intensifying cash management. Derivative
financial instruments are used to a limited extent. These financial instruments
include US dollar hedges and interest swaps.
Overview of interest-bearing loans and borrowings
This note provides information about the contractual terms of the interest-
bearing loans and borrowings.
(x EUR 1,000) HY1 2015 HY1 2014 2014
-------------------------------------------------------------------------
Secured bond loan 2,284 2,350 2,266
Secured banks loans - - -
Finance lease liabilities 63 107 85
-------------------------------------------------------------------------
Total loans 2,347 2,457 2,351
Less: current portion of long-term loans -47 -44 -45
-------------------------------------------------------------------------
Total long-term loans 2,300 2,413 2,306
-------------------------------------------------------------------------
On June 30, 2014, the Group issued ? 2,500,000 bond loan with mortgage cover.
The bond loan is composed of 2,500 bonds with ?1,000 nominal value at an issue
price of 94% payable in six years. The annual coupon rate is 6% and the
effective interest rate is 7.44%. The bondholders will receive 1,000 warrants
per bond on RoodMicrotec's shares, amounting to ? 0.13 per warrant. These
warrants are valid for 14 months from 1 November 2014 up to and including 31
December 2015.
Terms, repayment schedule and interest
1 - 2 2 - 5 >5
(x EUR 1,000) Total Current Non-current years years years
-------------------------------------------------------------------------------
Secured bond loan 2,284 - 2,284 - 2,284 -
Finance lease liabilities 63 47 16 16 - -
-------------------------------------------------------------------------------
Total loans 2,347 47 2,300 16 2,284 -
-------------------------------------------------------------------------------
Trade and other payables 2,246 2,246 - - - -
Current income tax liabilities 58 58 - - - -
-------------------------------------------------------------------------------
Total other liabilities 2,304 2,304 - - - -
-------------------------------------------------------------------------------
Total liabilities 4,651 2,351 2,300 16 2,284 -
-------------------------------------------------------------------------------
Interest finance lease liabilities 2 2 - - - -
Interest bond loans 966 187 780 190 590 -
-------------------------------------------------------------------------------
Total interest 968 189 780 190 590 -
-------------------------------------------------------------------------------
The nominal interest rate of the bond loan is 6%. The fair values of the finance
lease do not materially differ from the book value. The interest rates of the
interest-bearing loans and borrowings are fixed during the term of the
contracts.
Secured bank loans
As of 30 June 2015, the bond loans are secured by a mortgage amounting to ?
2,500,000 on land and buildings. As of 30 June 2015, there are no guarantees or
security issued to banks or credit institutions.
Interest rates
All of the Group's long-term borrowings have a fixed interest rate. Generally,
the Group raises new long-term borrowings at fixed rates.
The average interest rates are as follows:
HY1 2015 HY1 2014
------------------------------------------------------------
Bank overdrafts 9% 5.61% - 5.82%
Bank loans 3.70% - 6.67% 3.70% - 6.67%
Finance lease liabilities 4.41% - 6.69% 4.41% - 6.69%
Bonds loan 6% 6%
Other loans - -
Statement of cash and cash equivalents
(x EUR 1,000) HY1 2015 HY1 2014 2014
-----------------------------------------------
Cash in banks 53 1,534 192
Bank overdrafts - - -
-----------------------------------------------
Total 53 1,534 192
-----------------------------------------------
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and the
availability of funding through an adequate credit facility. Management monitors
rolling forecasts of the Group's liquidity reserve and cash and cash
equivalents. Furthermore, liquidity planning is one of the major elements in the
Group's budget cycle. Due to company's working capital ratio and market
conditions, management has tight monitoring procedures in place regarding direct
cash flows. Both the cash position and sales forecasts are frequently reviewed.
Statement of trade and other receivables
Within the Group's customer portfolio, the Group is exposed to credit risk and
currency risk. The management has set up credit control policies to reduce the
credit risk and foreign exchange risk as much as possible. The foreign exchange
risk is mitigated by exchange rate clauses in most of the Group's contracts. The
average credit rating of the Group's customers is comparable to the industry.
The table below shows the Group's outstanding trade receivables positions:
(x EUR 1,000) HY1 2015 HY1 2014 2014
----------------------------------------------------------
Not overdue 1,010 832 939
< 30 days outstanding 308 185 375
30 - 60 days outstanding 14 74 35
> 60 days outstanding 74 72 171
Provisions bad debtors -140 -140 -142
----------------------------------------------------------
Trade account receivables 1,266 1,023 1,378
Other receivables 556 588 334
----------------------------------------------------------
Total 1,822 1,611 1,712
----------------------------------------------------------
Net sales of HY1 2015 compared to HY1 2014
(x EUR 1,000) HY1 2015 HY1 2014 2014
--------------------------------------------------------------
Test 1,730 2,190 3,503
Supply Chain Management 1,198 847 2,850
Failure & Technology Analysis 846 675 1,517
Test Engineering 171 221 516
Qualification & Reliability 967 837 1,585
--------------------------------------------------------------
Total 4,912 4,770 9,971
--------------------------------------------------------------
Currency risk
Due to the Group's international activities, currency risks cannot be excluded.
However, the value of the customer orders that are concluded in other currencies
than euros are negligible.
7. Statement from the board of management
This statement is based on Article 5:25c, paragraph 2C of the Financial
Supervision Act. The statements following this law are obliged as a ruling for
the interim financial statements.
Our opinion of the interim financial statements is that it gives a true and fair
view of the assets, liabilities, financial position and the result of
RoodMicrotec N.V. and the companies included in the consolidation.
The interim financial statements gives a true and fair view of the situation on
balance sheet date and the developments during the first half year of 2015 of
RoodMicrotec N.V. and the group companies for which the financial information is
recognised in its financial statements. Due to the negative developments in the
financial markets, the board of management is devoting extra attention on cash
management. Otherwise the risks are not expected to change materially in the
second half of 2015.
The members of the board of management have signed the annual report and
financial statements in fulfilment of their legal obligations on the grounds of
Article 5:25c, paragraph 2C of the Financial Supervision Act.
Zwolle, 27 August 2015
Board of management
Philip M.G. Nijenhuis, Chief Executive Officer
RoodMicrotec - Interim Report_English:
http://hugin.info/130789/R/1947826/707374.pdf
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[HUG#1947826]
Unternehmensinformation / Kurzprofil:
Datum: 27.08.2015 - 08:19 Uhr
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News-ID 416230
Anzahl Zeichen: 46386
contact information:
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