RoodMicrotec reports 20% increase in sales orders in 2016
(Thomson Reuters ONE) -
Zwolle, March 9(th) 2017
RoodMicrotec, the Dutch supplier of semiconductors and advanced microchips, saw
a year-on-year increase of 20% in 2016 sales orders. The company reported a net
loss of ?1.6 million but maintains a positive outlook for 2017 based on its
strong forward order book. Actual sales growth year-on-year was stable at 2%.
RoodMicrotec CEO Martin Sallenhag said: "The value of sales orders is about 20%
higher compared with a year ago and we've maintained a positive book-to-bill
ratio over the last 12 months, which is an important leading indicator of demand
trends in the semiconductor industry. The bottom line has still to reflect this
positive order book but we remain positive that it will feed through in the next
few years".
2016 HIGHLIGHTS
Commercial/operational
* Arrangements with automotive and industrial partners will generate EUR 8 to
12 million of new sales over a period of 8 years.
* Two new orders are secured with Chinese and European market leaders in the
automotive and aerospace industries.
* Sales channel agreement with Altec Electronic AG is to double sales to EUR
1.2 million by 2018.
* Martin Sallenhag was appointed CEO, Reinhard Pusch COO and Arvid Ladega CFO.
* Herman Bartelink and Jeroen Tuik are nominated as members of the supervisory
board. Their appointment has since been approved at an extraordinary
shareholders' meeting in January 2017.
* RoodMicrotec celebrated its 30(th) anniversary as a listed company and
announced that 6 SCM projects will enter the manufacturing phase by 2020.
* The EuroPAT-MASIP joint technology project allocated EUR 0.8 million of EU
and German public funds to RoodMicrotec.
* A significant new SCM contract is secured with a German automotive and
industrial client and due to generate EUR 4.5 million over the next 10
years.
* Supply Chain Management framework agreement signed with leading test
equipment manufacturer Rohde & Schwarz.
Financials
* Sales in 2016 of EUR 10.5 million, 2% increase compared to 2015 (EUR 10.3
million)
* Net debt position increased by 45% to EUR 2.4 million (2015: EUR 1.7
million)
* EBITDA: EUR 0.31 million negative (2015: EUR 0.38 million negative)
* EBIT (operating result) EUR 1.34 million negative (2015: EUR 1.31 million
negative)
* Net profit: EUR 1.578 million negative (2015: EUR 1.505 million negative)
* Net income: EUR 1.6 million negative (2015: EUR 1.5 million negative)
* Solvency decreased to 28% (2015: 32%)
* Balance sheet total increased to EUR 14.7 million (2015: 13.5 million)
* Early March 2016, a group of investors committed to provide an amount of up
to EUR 1.5 million to enable required investments in equipment in 2016
Key figures
(EUR x 1,000 unless stated otherwise)
Unaudited
2016 2015 Change
---------------------------
Sales and result
Net sales 10,465 10,250 2%
Gross margin 8,615 8,384 3%
EBITDA -310 -378 -18%
EBIT (operating result) -1,339 -1,308 2%
EBT -1,587 -1,495 6%
Net result -1,578 -1,505 5%
Capital, debt & liquidity ratios
Total assets 14,711 13,531 9%
Group equity 4,053 4,321 -6%
Net debt 2,428 1,675 45%
Capital (=net debt + equity) 6,481 5,996 8%
Gearing ratio (net debt / capital) 60% 28% 114%
Solvency (group equity / total liabilities) 28% 32% -14%
Debt ratio (net debt / EBITDA) -7.83 -4.43 77%
Net working capital 540 560 -4%
Working capital ratio
1.23 1.27 -3%
(current assets / current liabilities)
Assets
Tangible and intangible fixed assets 7,684 6,908 11%
Investments in (in)tangible fixed assets 1,803 726 148%
Depreciation of (in)tangible fixed assets 1,029 930 11%
Issue of nominal shares
At year-end (x 1,000) 63,441 54,411 17%
Number of FTEs (permanent)
Average 91 94 -3%
Sales and result
The sales results broken down by customer segment:
(EUR x 1,000) 2016 2015 change
------------------------------------------------
Automotive 4,013 3,021 +33%
Industrial/Medical 4,700 5,201 -10%
Hi-rel/Space 779 668 +17%
Others 973 1,360 28%
------------------------------------------------
Total 10,465 10,250 +2%
The increase in the automotive market is a result of efforts to consolidate our
Automotive Competence Centre and attract large new orders in automotive. Our
growth in this sector is very much in line with our strategic goals to expand
our activities in this industry, which is being revolutionised by the disruptive
technologies of artificial intelligence, automation and the internet of things,
driving up demand for bespoke semiconductor products and services.
The industrial/medical segment saw a 10% decrease compared to 2015 due to delays
of a large order by a Brazilian client in the sector, tied to the economic
difficulties in the market. We expect the regained momentum of this project to
contribute to a pick-up in sales into 2017. A solid increase in sales over the
Hi-rel/Space field underlines RoodMicrotec's market expansion into this high-
tech field with exceptionally stringent quality standards. Other sectors have
seen a net sales decline which resulted from difficulties in the broader
European semiconductor market, and a strategic shift towards the automotive and
industrial sectors.
The sales results of the business units were as follows:
(EUR x 1,000) 2016 2015 change
------------------------------------------------------------------------
Test Operations 3,727 3,676 +1%
Supply Chain Management 2,077 2,348 -12%
Failure & Technology Analysis 1,494 1,655 -10%
Test Engineering 471 437 +8%
Qualification & Reliability Investigations 2,696 2,134 +26%
------------------------------------------------------------------------
Total 10,465 10,250 +2%
Developments
The sales of the Test Operations Business Unit was stable as RoodMicrotec
prepares for the increase in orders that are coming in as a result of new test
equipment purchased in 2016. The new test system and a 12" wafer prober that
joined the company's equipment arsenal have already generated additional sales
and are expected to fuel further growth of the business unit in the upcoming
years.
In Supply Chain Management (SCM) we have revised the organisational workflow of
the business unit to be able to handle the many new projects that are ramping to
production over the next years. The year-on-year revenue does not yet reflect
these changes, mainly due to problems encountered by one of our long-term
customers in some markets. However, a pickup in SCM sales over the second half
of 2016 (+24% vs. the first half of 2016) resulted from ramping up of the
production contract with Swiss semiconductor firm Altec AG. Our expertise in SCM
is furthermore being endorsed by partnerships we have forged with other leaders
in the industry.
Our Failure & Technology Analysis business very much depends on the short term
needs of our customers. In 2016 we saw a decline in sales for this business unit
but are picking up new customer leads while our efforts to consolidate this
important part of our business is leading to new long term contracts with
existing customers.
Test Engineering and Qualification & Reliability Investigation saw a substantial
year-on-year rise in sales over the past 12 months, on the back of some large
ongoing projects and the start of qualification in other big contracts. We see
additional orders coming in to support qualification of standard components for
the expanding automotive market.
The RoodMicrotec management team is very positive about the future development
of the company, as five of six important projects in the key strategic focus
automotive and industrial/medical sectors will enter the industrialization or
the production phase in 2017. These projects will generate a combined turnover
of up to ?10 million per year when they have all been ramped up for full
production. Industry wide, growth of semiconductor businesses in Europe saw a
4.5% decrease, which is due to get back on track with a projected 3.6% increase
in 2017 (WSTS Forecast Summary February 2017). The management therefore
reinforces its outlook for an increase in sales turnover of 75% by 2020.
Personnel and organisation
During 2016 RoodMicrotec continued the consolidation process in personnel and
organisation. Philip Nijenhuis stepped down as CEO and Martin Sallenhag took
over this role. Reinhard Pusch was promoted to COO and Arvid Ladega joined the
company as CFO.
The average number of full-time employees (FTE) decreased by approx. 3% from 94
FTEs in 2015 to 91 FTEs in 2016. Sales per full-time employee increased by
approx. 6% from EUR 109,000 in 2015 to EUR 115,000 in 2016. Our policy is to
continue to strive for growth of sales per FTE.
Strategy
* We will focus on the automotive and industrial markets to grow further in
both sectors.
* We will continue to work with fabless companies to show that RoodMicrotec is
a competitive SCM partner and encourage them so strengthen partnerships with
our company.
* We will continue to work with OEMs to show that RoodMicrotec can offer
competitive eXtended SCM in conjunction with design companies.
* We will continue to look for smaller faster turnaround opportunities in
Failure Analysis, Qualification & Reliability and Test Operations.
* We will continue to strengthen our internal quality system by maintaining
the certification according to the 2015 version of ISO 9001
* To strengthen our technical position, we will invest in a new high-
technological equipment to be able to service the market.
The above items will result in a good combination of long-term contracts with
long lead times and short term orders with short lead times. In future we
certainly need short-term orders to generate cash flow while continuing to focus
on long-term contracts, which bring much more stable, predictable recurring
revenues and underpin our role as the supply chain specialist.
Furthermore, we will:
* Establish direct contact with Tier 1 customers as an ASIC provider. This
will enable us to take on more of the tasks in the complete flow, generating
higher sales volumes.
* Strengthen relationships with customers, suppliers and appropriate partners
(foundries, assemblers, design houses, OEMs and system houses) to emphasise
our reputation in the market.
* Continue to focus on development of new technologies and special
requirements from the market, such as optical sensors, MEMS and RF solutions
for the automotive and industrial markets.
* Strengthen our awareness in the market by organising seminars on
qualification, failure analysis, outsourcing and supply chain activities.
Outlook for 2017
As a result of new announced arrangements and the contracts announced in 2016,
RoodMicrotec expects that turnover will increase substantially in the coming
years. We expect that in 2020 our turnover will approximately be 75% higher
compared to the total turnover of over EUR 10 million in 2015.
With a number of new projects ramping to production during the second half of
2017 we expect to see an increase in revenue and improved results compared to
2016.
Conference call today, 9 March 2017, start 9.30 am
A conference call will be held for press, analysts and other interested parties
on 9 March 2017.
Dial-in numbers:
The Netherlands 020 7133444
Germany 0800 00 05415
Belgium (Brussels) 02 4001923
UK (London) 02081181091
Conference Code: 1918764#
Back-up number in case your country is not mentioned above:
International dial-in number +44 208 1181 091
Financial agenda
27 April 2017 Publication annual report 2016
8 June 2017 Annual general meeting of shareholders
9 June 2017 Bondholder meeting
6 July 2017 Publication sales figures first half 2017
24 August 2017 Publication interim report 2017
24 August 2017 Conference call for press and analysts
Forward-looking statements
This press release contains 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 more than 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 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, industrial 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
qualification to the ISO/IEC 17025 standard.
Its value-added services include (eXtended) supply chain management and total
manufacturing solutions with partners, failure & technology analysis,
qualification & burn-in, test & product engineering, production test (including
device programming and end-of-line service), ESD/ESDFOS assessment & training
and quality & reliability consulting.
RoodMicrotec has branches in Germany (Dresden, Nördlingen, Stuttgart), United
Kingdom (Bath) and the Netherlands (Zwolle).
For more information visit http://www.roodmicrotec.com
Further information:
Martin Sallenhag - CEO, Reinhard Pusch - COO, Arvid Ladega - CFO
Telephone: +31 38 4215216
Email: investor-relations(at)roodmicrotec.com
Web: www.roodmicrotec.com
This press release is published in English and Dutch. In case of conflict
between these versions the English version shall prevail.
Consolidated statement of profit or loss
Unaudited
------------------------------------------------------
(x EUR 1,000)
2016 2015
------------------------------------------------------
Net sales 10,465 10,250
Cost of sales -1,850 -1,866
Gross profit 8,615 8,384
Personnel expenses -6,016 -5,860
Other operating expenses -2,909 -2,902
Total operating expenses -8,925 -8,762
------------------------------------------------------
EBITDA -310 -378
Depreciation and amortisation -1,029 -930
------------------------------------------------------
EBIT -1,339 -1,308
Financial expenses -248 -187
------------------------------------------------------
Profit before tax -1,587 -1,495
Taxation 9 -10
------------------------------------------------------
Net profit (loss) -1,578 -1,505
Consolidated statement of other comprehensive income
Unaudited
---------------------------------------------------------------------------
(x EUR 1,000)
2016 2015
---------------------------------------------------------------------------
Net profit (loss) for the year -1,578 -1,505
Remeasurement of defined benefit obligations -459 246
Remeasurement of defined benefit obligations - DTL 126 -107
---------------------------------------------------------------------------
Total comprehensive income -1,911 -1,366
Consolidated statement of financial position (after appropriation of net
result) Unaudited
-----------------------------------------------------------------------
(x EUR 1,000)
2016 2015
-----------------------------------------------------------------------
ASSETS
Property, plant and equipment 5,283 4,732
Intangible assets 2,401 2,176
Deferred income taxes 1,151 1,016
Financial assets 3,001 3,002
-----------------------------------------------------------------------
Non-current assets 11,836 10,926
Inventories 474 279
Trade and other receivables 1,712 1,659
Cash and cash equivalents 689 667
-----------------------------------------------------------------------
Current assets 2,875 2,605
-----------------------------------------------------------------------
TOTAL ASSETS 14,711 13,531
EQUITY AND LIABILITIES
Issued share capital 6,979 5,986
Share premium 19,659 19,009
Revaluation reserves 1,763 1,822
Retained earnings -26,842 -24,990
-----------------------------------------------------------------------
Equity, attributable to equity holders
1,559 1,827
of the parent
Non-controlling interests 2,494 2,494
-----------------------------------------------------------------------
Total equity 4,053 4,321
Loans and borrowings 3,004 2,301
Retirement benefit obligation and provisions 5,319 4,864
-----------------------------------------------------------------------
Non-current liabilities 8,323 7,165
Loans and borrowings 113 41
Trade and other payables 2,159 1,945
Current tax liabilities 63 59
-----------------------------------------------------------------------
Current liabilities 2,335 2,045
-----------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 14,711 13,531
Consolidated Cash Flow Statement
Unaudited
(x EUR 1,000) 2016 2015
-----------------------------------------------------------------------
EBITDA -310 -378
Adjustments for:
- Movements in retirement benefit obligations -76 -122
- Share-based payments 13 30
- Accrued interest -28 -
Changes in working capital:
- Inventories -194 65
- Trade and other receivables -53 53
- Trade and other current liabilities 286 -328
-----------------------------------------------------------------------
Cash flow from operating activities -362 -680
Interest paid -165 -152
Income taxes paid - -
-----------------------------------------------------------------------
Net cash flow from operating activities -527 -832
Cash flow from investing activities
Investments in property, plant and equipment -1,578 -291
Disposals of property, plant and equipment - -
Investments in intangible assets -225 -435
Net investments in financial assets - -20
-----------------------------------------------------------------------
Net cash flow from investing activities -1,803 -746
Cash flow from financing activities
Proceeds from issuance of share capital 1,629 2,093
Proceeds from borrowings 723 -
Repayment of borrowings - -40
-----------------------------------------------------------------------
Net cash flow from financing activities 2,352 2,053
-----------------------------------------------------------------------
Net cash flow 22 475
-----------------------------------------------------------------------
Cash -/- bank overdrafts at beginning of period 667 192
Cash -/- bank overdrafts at end of period 689 667
-----------------------------------------------------------------------
Net cash flow 22 475
-----------------------------------------------------------------------
Accounting policies used in the preparation of the annual accounts
RoodMicrotec N.V.'s annual accounts for the financial year 2016 contain an
overview of the applied accounting policies for financial reporting. The
principles laid out in this overview are in accordance with the standards laid
down by the International Accounting Standards Board (IASB) and approved by the
European Commission, as applicable on 31 December 2016. The accounting policies
have been applied consistently to the periods presented in this press release.
RoodMicrotec N.V. has applied all the new and amended standards and
interpretations applicable to the year under review, which have been laid down
by the IASB and approved by the European Commission and which were in force for
the period beginning 1 January 2016. None of these standards had a material
effect on the Group's financial statements.
Other
The condensed financial information presented in this press release have not
been audited. For the insight required to arrive at a responsible opinion
concerning the financial position and the results of the company, this press
release should be read in combination with the annual accounts.
RoodMicrotec N.V. will publish its annual report 2016 on 27 April 2017. The
annual accounts 2016 will be submitted to the General Meeting of Shareholders
for adoption on 8 June 2017.
RoodMicrotec - 2016 unaudited annual figures_E:
http://hugin.info/130789/R/2086417/787237.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: RoodMicrotec N.V. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 09.03.2017 - 08:01 Uhr
Sprache: Deutsch
News-ID 529173
Anzahl Zeichen: 28630
contact information:
Town:
Zwolle
Kategorie:
Business News
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