Half Year Report 2009 - Rood Testhouse International N.V.
(RoodMicrotec) reduces debt position*
(Thomson Reuters ONE) - The press release (including tables) can be downloaded from thefollowing link:http://hugin.info/130789/R/1338160/319185.pdfHighlights first half 2009 * Reduction of net interest-bearing debts by approx. 16% or EUR 932,000 compared to 31 December 2008. * Positive operating cash flow of EUR 212,000 during the first half year. * Significant reduction of labour costs. * Successful refinancing of short-term debt. * Ongoing market growth in the fabless segment. * Significant market growth in aeronautical and aerospace technology. * Good progress of the integration of Rood Technology and Microtec. * Positive impact on the result from synergetic effects due to the merger. * Reduction of the breakeven point in the course of the first half to annual sales of approx. EUR 13 million. * Maintaining a healthy financial position has been prioritised.Financial highlights first half 2009** * 16% sales increase to EUR 5.547 million (H1 2008: EUR 4.797 million), decrease on pro forma basis of 31% * Operating result before depreciation and amortisation (EBITDA) EUR 127,000 (H1 2008: EUR 659,000) * Net result EUR 1.149 million negative (H1 2008: EUR 255,000 negative)* Rood Testhouse International N.V. operated under the name RoodTechnology until July 2008. Since the merger with Microtec in July2008 operates under the company name RoodMicrotec.** Compared to Rood Technology's first half of 2008, thereforewithout Microtec.Key figures in EUR x 1,000 H1 2009 H1 2008 Delta (%) 2008ResultNet sales 5,547 4,797 16% 13,057Total operating income 5,554 4,817 15% 13,019Gross margin 4,854 4,236 15% 11,307Operating result/EBIT -932 -169 -451% 70EBITDA 127 659 -81% 1,962Cash flow (net result anddepreciation) -90 573 -116% 1,976Cash flow from operatingactivities 212 392 -46% 2,815Net result -1,149 -255 -351% 84Gross Interest expenses 217 149 46% 526Investments in tangible fixedassets 19 997 -98% 941Investments in subsidiaries 0 0 0% 2,876Depreciation of tangible fixedassets 1,059 828 28% 1,878Data per share (x EUR 1)Capital and reserves 0.10 0.13 -23% 0.14Operating results -0.03 -0.01 -365% 0.00Cash flow 0.00 0.02 -113% 0.09Net result -0.03 -0.01 -280% 0.00Share price: end of period 0.17 0.41 -59% 0.15Share price: highest 0.22 0.57 -61% 0.57Share price: lowest 0.13 0.38 -66% 0.12Number of FTEs (permanent)End of period 132 86 55% 148Average 138 89 55% 125Sales (total)/ Average FTEs(permanent) 80 108 -25% 104 H1 2009 2008 Delta (%)CapitalTotal assets 12,617 14,675 -14%Group equity 3,342 4,132 -19%Convertible debt 1,083 1,667 -35%Group equity + convertible loans 4,425 5,799 -24%Group equity + convertible loans as apercentage of total assets 35.1 39.5 -11%Net debt as a percentage of equity 145.5 145.2 0%Net debt as a percentage of total assetsexcluding convertible loans 30.0 29.5 2%LiabilitiesTotal debt (including bank overdrafts) 5,069 6,001 -16%Average interest rate 7.8% 9.7% -19%EBITDA/ net interest 0.6 3.7 -84%Net debt excluding convertible loans/EBITDA 2.8 2.2 26%(12 months rolling)AssetsTangible fixed assets 7,311 8,367 -13%Current assets 2,681 3,669 -27%Current Liabilities 3,922 6,663 -41%Working capital -1,241 -2,994 -59%Philip Nijenhuis, CEO of RoodMicrotec:'The merger between Rood Technology and Microtec has demonstrablystrengthened the company.Our strategy focused on the high-value 'mixed-signal' segments suchas Test Engineering, Failure & Technology Analysis, andQualification, in particular in the fabless market, has proved itselfin the first half of 2009. We will continue this strategy withrenewed vigour in the near future. We are also focusing our effortson becoming far and away the most important partner for our fablesscompanies in the area of supply chain management.'Report of the board of management1. GENERAL1.1 SalesCompared to the first six months of 2008, during the first six monthsof 2009 we were faced with a strong decline of our sales, inparticular in Test and related services (see under 'notes on thefinancial results'). This was set off by the fact that TestEngineering especially, but also our other high-value services suchas Qualification, Failure & Technology Analysis and Supply ChainManagement, remained more or less stable. We have succeeded inparticular in strengthening our position in the aeronautical andaerospace segment by acquiring new customers in Europe. In theUnited Kingdom we have reached agreement on a strengthening of ourlocal agency. Details on this will be published in the near future.The financial impact of the fact that customers got into trouble wasnegligible during the first half. We have seen customers disappearfrom the market due to the recession, but this was set off by addingnew customers to our portfolio.1.2 RefinancingWe succeeded during the first half year of 2009 in refinancing alarge part of our short-term debt and convert it into long-termliabilities with a five-year duration. With this refinancing, we havebalanced our short-term obligations and our short-term income,resulting in significantly better balance sheet ratios than at thebeginning of the year. Moreover, we have sufficient cash and currentaccount resources at our disposal.1.3 PersonnelStaff numbers at RoodMicrotec (pro forma figures) in the middle of2009 (permanent and temporary staff) have fallen over 20% compared tothe staff numbers at Rood Technology and Microtec (pro forma figures)in the middle of 2008. Due to the reduction of staff and otherpersonnel cost savings (overtime, short-time working and othermeasures) the total wage bill decreased by approx. 25%). A large partof that is a permanent reduction.Due to the merger between Rood Technology and Microtec we have beenable to permanently optimise the workforce. The integration processthat has progressed positively during the first half year is expectedto be largely finalised in the second half of 2009.1.4 Cash flowIn the first half year, we have monitored our operating cash flow(EUR 212,000) very closely in anticipation of a possible deepening ofthe recession. We have paid particular attention to cost savings,including personnel costs, and the debtor and creditor balance.1.5 BreakevenDue to measures including the above, we have succeeded in the firsthalf year in reducing our cost level to the extent that the breakevenpoint is now in the area of EUR 13 million annual sales. Once themarket turns around, we expect additional benefits as a result.1.6 ImpairmentThe board of management has concluded that an impairment of assets isnot necessary. Management is confident that the market will recoverin the next twelve months. Based on the cost reductions realised andcurrent forecasts future cash flows will underpin current assetvalue.2. Notes to the financial results(compared to Rood Technology's first half of 2008, therefore withoutMicrotec, unless pro forma figures are mentioned)2.1 Sales and resultIn the first six months, RoodMicrotec realised net sales of EUR 5.548million. While this was an increase of 16% compared to RoodTechnology's first half of 2008, it constituted a fall of 31%compared to the pro forma combined sales of RoodTechnology andMicrotec.Due to this strong decrease, measures have been taken to reduce thetotal operating costs, including a reduction of the workforce,short-time working and other operating cost savings. The totaloperating costs of EUR 6.479 fell by approx. 25% compared to the proforma operating costs in the first half of 2008.RoodMicrotec H1 2009 versus Rood Technology H1 2008 H1 2009 change Test en Supply Chain Management EUR 2.987 million - 1% Failure & Technology Analysis EUR 0.845 million + 59% Test Engineering EUR 0.606 million + 53% Qualification EUR 1.109 million + 33%Total EUR 5.547 millionRoodMicrotec H1 2009 versus pro forma RoodMicrotec H1 2008 H1 2009 Change Test en Supply Chain EUR 2.987 approx. - 39 Management million Failure & Technology Analysis EUR 0.845 million approx. -24% Test Engineering EUR 0.606 million approx. -5% Qualification EUR 1.109 million approx. -26%Total EUR 5.547 millionThe operating result before depreciation and amortisation (EBITDA)was EUR 127,000 (H1 2008: approx. EUR 659,000), or 2.3% of net sales.The operating result (EBIT) was EUR 932,000 negative, while the netresult was EUR 1.149 million negative, which is equal to EUR 0.03negative per share.Net financing costs were EUR 217,000, which was 5% - 10% higher thanthe pro forma financing costs in the first half of 2008.2.2 RefinancingRoodMicrotec has reached a definitive agreement with its principalbankers and other financiers about the refinancing of short-termdebts. The refinancing amounts to EUR 2.05 million. The duration ofthe total loans of EUR 1.8 million is five years. Of this, EUR 0.5million is in the form of a current account. The principal of theloan, EUR 1.3 million, will be repaid in half-yearly instalmentsbetween 2010 and 2014. A fixed interest rate of 6.7% has been agreedfor the full amount. Due to the refinancing, the short-term loans ofEUR 3.253 million have been reduced to EUR 1.835 million and are nowin balance with the short-term receivables of EUR 2.196 million. Thetotal interest-bearing debt has fallen by approx. 16% from EUR 6.001million to EUR 5.069 million. The ratio of 'equity and subordinatedloans' versus the balance sheet total fell from 39.5 to 35.1 in thefirst half of 2009.Refinancing of debtsx EUR 1,000 30 June 2009 31 December 2008Secured bank loans* 2,029 513Unsecured bank loans 350 525Convertible loans 1,083 1,667Financial lease 902 1,203Other loans 500 933Total 4,864 4,841Of which to be redeemed within one year 1,835 3,253Used portion of bank overdraft 205 1,160Net debt position 5,069 6,001Cash 158 538Total portion bank overdraft 1,550 1,880* including the long-term current account facility of EUR 500,000agreed in June3. OUTLOOK FOR 2009In view of the great uncertainty about the course of the economicdevelopments, it is impossible to make any concrete statements aboutthe state of affairs in the second half of 2009. Based on discussionswith customers, we currently expect sales in the second half of 2009to be stronger compared to the first half of 2009. Due to our marketposition, sales efforts, cost reductions and optimisation of theorganisation, RoodMicrotec will benefit from a market recovery. Inthe long term (post-2010), RoodMicrotec aims to maintain its growthof the past few years (autonomous growth of between 5% and 15%) andto continue to improve sales, operating result, net result and afurther decrease of the debt position. Additionally, RoodMicrotec ispursuing partnerships with other parties.4. FINANCIAL AGENDA31 August 2009 Publication half year report 200931 August 2009 Conference call for press and analysts12 November 2009 Publication trading update12 January 2010 Publication full year sales figures 200925 February 2010 Publication annual figures 200925 February 2010 Conference call for press and analysts11 March 2010 Publication annual report 200925 March 2010 Annual general meeting of shareholdersFor further information:Philip Nijenhuis, CEO Phone: +31 38 Fax: +31 38 4215216 4216410Correspondence address:Rood Testhouse International N.V., P.O. box 1042, 8001 BA Zwolle,The NetherlandsE-mail: info(at)roodtechnology.com Web-site: www.roodmicrotec.comThe press release (including tables) can be downloaded from thefollowing link:http://hugin.info/130789/R/1338160/319185.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 31.08.2009 - 08:30 Uhr
Sprache: Deutsch
News-ID 5263
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 280 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Half Year Report 2009 - Rood Testhouse International N.V.
(RoodMicrotec) reduces debt position*"
steht unter der journalistisch-redaktionellen Verantwortung von
Rood Testhouse International N.V. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
