RoodMicrotec N.V. POISED FOR FURTHER GROWTH
(Thomson Reuters ONE) -
2010 HIGHLIGHTS
Commercial/operational
- Recovery of Test and Supply Chain Management of 67% and 47% respectively.
- Introduction of Key Account Project Management.
- Partner in 'LED light for you' network.
- Growth of LED activities, in particular in Aerospace, automotive, medical
and home lighting.
- Integration of Test Engineering into RoodMicrotec's other services. Going
forward, Test Engineering will act as an in-house service provider.
- A new test concept for distributor customers was developed.
- We made our first foray into the Russian market.
Financials
- Strong 31% sales growth to EUR 15.6 million.
- EBITDA increased by 315% to EUR 2.4 million.
- EBIT increased from EUR -1.3 million to EUR 0.7 million
- Net income increased from EUR -1.7 million to EUR 0.4 million
- Solvency improved to 41% (2009: 23%).
- Debt position improved to 1.4 times EBITDA (2009: 6.1).
- Shareholders' equity improved due to EUR 2 million mezzanine capital.
- Positive development of earnings per share to EUR 0.01 (2009: EUR -0.05)
Key figures
2010 2009 Approx. change
(EUR x 1,000 unless stated otherwise)
Net sales
15,563 11,922 +31%
Gross margin
12,242 9,821 +25%
Operating result (EBIT) 733
-1,304 NA
EBITDA
2,361 750 +315%
Net profit 448
-1,742 NA
Cash flow (profit + depreciation)
2,076 312 +665%
Net result per share NA
0.01*** -0.05***
Capital & debt position
31-12-10 31-12-09**
Balance sheet total 0%
13,726 13,713**
Shareholders' equity +81%
5,647 3,115
Equity/balance sheet total +81%
41.1% 22.7%**
Net interest-bearing debts -27%
3,334 4,543**
Net interest-bearing debts/ 24.7% -27%
33.1%** balance sheet total
Net interest-bearing debts/
EBITDA -77%
1.41 6.06
Assets
Tangible fixed assets -14%
5,710 6,629
Investments in tangible fixed assets +236%
681 288
Depreciation of tangible fixed assets -21%
1,600 2,026
Financial key figures second half of 2010 vs. first half of 2010
(EUR x 1,000 unless stated otherwise)
HY2 HY1
* approx. change
Net sales
8,235 7,328 +12%
Gross margin
6,740 5,502 + 23%
Operating result/EBIT 797
-64 NA
EBITDA
1,586 775 + 205%
Net result 726
-278 NA
*Unaudited
**Comparative figures 2009 have been adjusted. However this has had no impact on
equity or income statement 2009.
***in euro
Sales by sector 2010 vs. 2009
(EUR x 1,000 unless stated otherwise)
2010 2009 approx.
change
Automotive 7,473 4,120
+181%
Telecoms 590 894
-34%
Industrial/Medical 4,659 3,788 +23%
Electr Data Proc. 875 799
+10%
Consumer 586 727
-19%
Hi-Rel/Space 1,380 1,594 -13%
Total 15,563 11,922
+31%
The share of the automotive sector increased once again to 48% (2009: 35%) of
total sales. The automotive sector has proved to be the driver of the recovery
of the past year. The upward trend was especially clear in the luxury segment
due to growing exports of such car types to Asia.
Sales by business unit in the second half of 2010 vs. first half of 2010
(EUR x 1,000 unless stated otherwise)
HY2 2010 HY1 2010 *
approx. change
Test
4,338 3,319 +31%
Supply Chain Management 1,269 1,791 -
29%
Failure & Technology Analysis 1,089 753
+45%
Test Engineering 413 349
+18%
Qualification & Reliability 1,125 1,116
+ 1%
Total
8,235 7,328 +12%
*Unaudited
Our sales of EUR 8.235 million in the second half of 2010 represented a positive
growth of 12% compared to our sales in the first half of 2010 (approx. EUR
7.328 million).
The sales growth was due in particular to increasing demand for existing
products in Test and Failure & Technology Analysis.
The business units Test Engineering and Qualification & Reliability, which
partly focus on new applications, showed significantly lower sales increases.
The sales dip in Supply Chain Management was due to one-off projects in the
first half of 2010. The generally strong growth in this sector is set to
continue.
Sales by business units in 2010 vs. 2009
(EUR x 1,000 unless stated otherwise)
2010 2009 approx.
change
Test 7,658 4,574
+67%
Supply Chain Management 3,060 2,081
+47%
Failure & Technology Analysis 1,842 1,737 +
6%
Test Engineering 762 1,233
-38%
Qualification & Reliability 2,241 2,297
- 2%
Total 15,563 11,922
+31%
Test and Supply Chain Management increased significantly by 67% and 47%
respectively; Failure & Technology Analysis and Qualification & Reliability
remained more or less stable, but Test Engineering declined by -38%.
The decline in Test Engineering was mainly due to projects being postponed
partly due to the economic crisis. This has clearly affected new initiatives.
However, we expect Test Engineering to grow strongly in the next few years,
partly as postponed projects are restarted and partly by a change in strategy.
'As the figures show, our strong sales growth was not equally spread across the
business units. While some staff were still on short-time working, there were
staff shortages in other business units. All in all, we faced considerable
operational challenges.
Throughout 2010 we worked hard to overcome these problems in order to be able to
realise a further step-up in sales without needing major new investments. We are
confident about our business in 2011, and we will work hard to realise further
sales growth and even better results,' said Philip Nijenhuis, RoodMicrotec CEO.
Finance
The gross margin (75%) was under great pressure in the first half of 2010 due to
an exceptional order mix. In the second half of the year, the gross margin
recovered sharply (to 82%). Together with a 12% sales increase, this led to a
considerably better operating result.
Our solvency improved from 23% in 2009 to 41% in 2010 due to profits realised
and a strengthening of equity by means of a mezzanine capital facility totalling
EUR 1.994 million without repayment obligation (see the press release of
December 2010). In the context of the mezzanine facility, the company has placed
pension commitments of an equivalent amount with a German pension fund. Thus,
this fund has taken over the annual pension payments of approx. EUR 205,000.
RoodMicrotec will pay 11.7% annual compensation on this mezzanine loan (equity
component), or EUR 233,000. This has significantly improved our financial
position.
In the context of IFRS and for the sake of transparency of the annual accounts,
the comparative figures for 2009 have been adjusted. These adjustments concern
the balance sheet and the notes thereto, but do not affect the result and the
company's equity for 2009.
The operating expenses excluding depreciation increased by 8.9% (? 810,000)
compared to 2009. However, it lagged far behind the 31% sales increase, and was
mostly caused by higher personnel costs, energy costs and other costs.
RoodMicrotec's equity increased to EUR 2.532 million. RoodMicrotec still has a
short-term convertible loan totalling EUR 0.5 million.
The balance sheet total increased to EUR 13.726 million (2009: EUR 13.713
million after corrections).
Personnel and organisation
At year-end 2010, RoodMicrotec had 120 employees on permanent staff (FTE), a
decrease of 6 employees (-5%) compared to year-end 2009 (126). The average
workforce was 124 (2009: 132).
Sales by FTE increased by 40% from EUR 90,000 in 2009 to EUR 126,000 in 2010.
This figure is exclusive of the short-time working, which constituted approx.
8% of total labour costs.
Our strategy remains focused on strictly limiting the increase of fixed employee
labour costs 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 strive to realise further growth in the sectors in
which we are currently active and to offer our customers high-quality services
with project management, engineering and other services.
The company does not rule out collaborations and/or mergers with other
companies, especially if this reduced the risk exposure of the company. This
would benefit all stakeholders, especially if such a collaboration or merger
took place with a profitable party in the industry, as we would be able to
effect tax losses to be realised more quickly.
Key starting points 2011
The sales growth in 2010 was partly caused by a market recovery. However, we
also acquired new customers who represent clear growth potential, placing orders
for inter alia network systems for the automotive industry, radio frequency, and
smart chips for security environments.
Order applications increased further in the last quarter of 2010. In order to
meet this rising demand, we have made limited investments. Furthermore, we will
continue to adapt our operational organisation to market dynamics in order to
improve our sales and profit.
Outlook
The SIA (Semiconductor Industry Association) forecasts for 2011 and 2012 clear
sector growth of 6% and 3.4% respectively. This growth will be concentrated in
Asia; Europe will lag behind. Partly based on the SIA forecasts, we have set a
short-term internal sales growth target for 2011 of around 10%, the larger part
to be realised in the second half of the year.
We anticipate considerable growth in all business units over the next few years.
We expect that sales in the business unit Supply Chain Management will remain
stable in 2011, but will return to growth in the years following 2011.
Long-term (as from 2011) we aim to maintain our sales growth at the same level
as in the past few years (5%-15% autonomous growth). Our sales growth will
exceed that of the global market, which in the past ten years was approx. 8% per
year.
In line with the strategy set out in the past, in 2011 we will focus more
strongly on improving the operating result and the net result.
Events after balance sheet date
APPOINTMENT of Mr Norbert Wirth to the board of management and RESIGNATION of Mr
Thorsten Bucksch (CTO)
Dipl-Phys Mr Norbert Wirth will be appointed as a member of the corporate
management team as of 1 March 2011, succeeding Dipl-Ing Mr Thorsten Bucksch, who
will continue his career elsewhere. We are very grateful to Mr Bucksch for his
dedication and his contributions over the past few years.
Mr Wirth, 55, has worked for Siemens Semiconductor/Infineon and Qimonda for 23
years as an engineer, manager and senior manager of the test development
department.
His experience of semiconductor development and his management qualities are an
excellent match for RoodMicrotec's needs. Since he joined the company in
November 2010 he has shown to be a first-rate manager of the engineering
department. Next to engineering, he will be responsible for Failure & Technology
Analysis and Qualification & Reliability in Stuttgart and Nördlingen. He will
focus on issues including the strategy of the abovementioned business units,
production process optimisation, raising customer satisfaction and improvement
of the result.
Financial agenda
11 March 2011 Publication annual report 2010
28 April 2011 Annual general meeting of shareholders
11 May 2011 Publication trading update
7 July 2011 Publication sales figures first half 2011
31 August 2011 Publication interim report 2011
31 August 2011 Conference call for press and analysts
10 November 2011 Publication trading update
10 January 2012 Publication sales figures full year 2011
23 February 2012 Publication annual figures 2011
23 February 2012 Conference call for press and analysts
9 March 2012 Publication annual report 2011
26 April 2012 Annual general meeting of shareholders
15 May 2012 Publication trading update
10 July 2012 Publication sales figures first half 2012
31 August 2012 Publication interim report 2012
31 August 2012 Conference call for press and analysts
15 November 2012 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 service provider in the
area of micro and optoelectronics, RoodMicrotec offers Fabless Companies, OEMs
and other companies a one-stop shopping proposition. With our 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) and the
Netherlands (Zwolle).
Further information:
Philip Nijenhuis, CEO
Tel. +31 38 4215216, Fax: +31 38 4216410
Postal address: RoodMicrotec N.V., PO Box 1042, 8001 BA Zwolle
Email: investor-relations(at)roodmicrotec.com
Website:www.roodmicrotec.com
Consolidated income statement
(x EUR 1,000)
2010 2009
-----------------------
Net Sales 15,563 11,922
Cost of sales -3,321 -2,101
---------- ----------
Gross margin 12,242 9,821
Personnel expenses 7,073 6,666
Other operating expenses 2,808 2,405
---------- ----------
Operating expenses 9,881 9,071
EBITDA 2,361 750
Depreciation 1,628 2,054
---------- ----------
EBIT 733 -1.304
Financial expenses -526 -440
---------- ----------
Earnings before taxes 207 -1,744
Taxes 241 2
---------- ----------
Net result 448 -1,742
Earning per share
Basic (in euro) 0.01 -0.05
Diluted (in euro) 0.01 -0.05
Consolidated balance sheet (before appropriation of net result)
(x EUR 1,000)
31 december
-------------------------------
2010 2009*
-------------------------------
Assets
Non-current assets
Tangible fixed assets 5,710 6,629
Intangible fixed assets 1,811 1.839
Deferred tax assets 588 233
Financial assets 1,665 1,803
------------------ ----------
9,774 10,504
------------------ ----------
Current assets
Inventories 654 589
Trade account and other receivables 3,040 2,312
Cash and cash equivalents 258 308
------------------ ----------
3,952 3,209
------------------ ----------
------------------ ----------
Total assets 13,726 13,713
Shareholders equity
Share capital and share premium reserve 21,630 21,540
Revaluation reserve 1,552 1,647
Other reserves -19,977 -18,330
Result for the year 448 -1,742
Mezzanine capital 1,994 -
------------------ ----------
Shareholders equity 5,647 3,115
------------------ ----------
Liabilities
Non-current liabilities
Loans and borrowings 1,647 2,340
Convertible loan - 500
Deferred tax liabilities 326 208
Retirement benefit obligations 1,585 3,367
------------------ ----------
3,558 6,415
------------------ ----------
Current liabilities
Bank overdrafts 603 724
Current portion of long-term debt 1,342 1,287
Trade account and other payables 2,443 2,026
Current income tax liabilities 133 146
------------------ ----------
4,521 4,183
------------------ ----------
------------------ ----------
Total equity and liabilities 13,726 13,713
*adjusted
Press Release as PDF:
http://hugin.info/130789/R/1491960/427704.pdf
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originality of the information contained therein.
Source: RoodMicrotec N.V. via Thomson Reuters ONE
[HUG#1491960]
Unternehmensinformation / Kurzprofil:
Datum: 24.02.2011 - 08:01 Uhr
Sprache: Deutsch
News-ID 51854
Anzahl Zeichen: 24635
contact information:
Town:
Zwolle
Kategorie:
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