2013-02-26 08:17:29 -
Zwolle, 26 February 2013
2012 HIGHLIGHTS
Commercial/operational
* Strengthening of our position in Supply Chain Management by introducing
eXtended Supply Chain Management.
* Strengthening of our sales organisation by recruiting an additional Sales &
Marketing Manager.
* Extension of our engineering capabilities by establishing a design support
department.
* Optimisation of our critical installed equipment base.
* Increase in the number of applications and orders in SCM.
Financials
* Sales in 2012 of € 12 million fell by 24 % compared to 2011 (EUR 15.7
million).
* Operating expenses fell by approx. EUR 1.5 million compared to 2011.
* EBITDA: EUR 0.7 million; strong recovery in the second half of 272%
* EBIT (operating result): EUR 181,000 negative; but recovery in second half
to EUR 97,000
* EBT: EUR 507,000 negative; recovery in second half to EUR 85,000 negative
* Net income EUR 82,000 negative
* Solvency remained stable with 48% (2011: 48%)
Key figures
(EUR x 1,000 unless stated otherwise)
2012 2011 approx.
change
Net sales 11,971
15,717 -24%
Gross margin 9,688
12,342 -22%
Operating -181 709 NA
result/EBIT
EBITDA 703 1,865 -62%
Net profit -82 588 NA
Net result per 0.00** 0.02**
share
Equity & debt position
31-12-12 31-12-11
Balance sheet total 13,135 12,857 +2.2%
Shareholders' equity 6,352 6,138 +3.5%
Equity/balance sheet total 48.4% 47.7% +1.5%
Net interest-bearing debts 2,716 2,686 +1.1%
Net interest-bearing debts/balance sheet 20.7% 20.9% -0.1%
total
Net interest-bearing debts/EBITDA 3.9 1.44 171%
Assets
Tangible fixed assets 6,344 5,732 +10.7%
Investments in tangible fixed assets 1,475 1,024 +44.2%
Depreciation of tangible fixed assets 856 1,128 -24.1%
Financial key figures second half of 2012 vs. first half of 2012
(EUR x 1,000 unless stated otherwise)
HY2* HY1* approx. change
Net sales 6,283 5,688 10%
Gross margin 5,001 4,688 7%
Operating result/EBIT 97 -278 NA
EBITDA 514 189 272%
Net profit 340 -422 NA
* The half-year figures have not been audited.
** In euros
Sales by market segment 2012 vs. 2011
(EUR x 1,000 unless stated otherwise)
2012 2011 approx. change
Automotive 3,870 6,417 -40%
Telecom 277 405 -32%
Industrial/Medical 5,659 5,968 -5%
Electr. Data Proc. 765 1,090 -30%
Consumer 563 598 -6%
Hi-Rel/Space 838 1,239 -32%
Total 11,972 15,717 -24%
The fall in automotive was caused mainly by the products we tested for an IDM
coming to the end of their lifecycle. The share of the automotive segment
decreased to 32% (2011: +41%) of total sales.
The Industrial/Medical market segment concerns complex activities, which largely
remained stable. These are for example the conversion of 'translation' data into
digital signals. We have strengthened our market position as a high-quality
service provider.
Sales by business units in 2012 vs. 2011
(EUR x 1,000 unless stated otherwise)
2012 2011 approx. change
Test 4,547 7,264 -37%
Supply Chain Management 2,457 3,556 -31%
Failure & Technology Analysis 1,917 1,667 +15%
Test Engineering 705 887 -21%
Qualification & Reliability 2,346 2,343 0%
Total 11,972 15,717 -24%
Test, Test
Engineering and Supply Chain Management decreased by 37%, 21% and 31%
respectively, while Failure & Technology Analyses showed significant growth of
15%. Qualification & Reliability remained stable.
The sales decrease in Supply Chain Management has two different aspects. There
was a fall in market volume, but we also saw a rise in the number of customers.
Unfortunately, this could not set off the decline of business. We did, however,
strengthen our position in the market.
Sales by market segment in the second half of 2012 vs. first half
(EUR x 1,000 unless stated otherwise)
HY2* HY1* approx. change
Automotive 2,109 1,761 +20%
Telecom 143 133 +8%
Industrial/Medical 2,986 2,674 +12%
Electr. Data Proc. 359 406 -12%
Consumer 334 229 +46%
Hi-Rel/Space 353 485 -27%
Total 6,284 5,688 +11%
The recovery in the second half of 2012 was driven by both the
industrial/medical and the automotive market segments. The increase in the
automotive market was caused mainly by the increasing prevalence of electronics
in cars, while the car production output as far as relevant for us did not show
any increase.
Sales by business unit in the second half of 2012 vs. first half of
2012
(EUR x 1,000 unless stated otherwise)
HY2* HY1* approx. change
Test 2,187 2,360 -7%
Supply Chain Management 1,465 992 +48%
Failure & Technology Analysis 1,139 778 +46%
Test Engineering 352 353 0%
Qualification & Reliability 1,141 1,205 -5%
Total 6,284 5,688 +11%
* The half-year figures have not been audited.
Our total sales of EUR 6.3 million in the second half of 2012 represented an
11% increase compared to our sales in the first half of 2012 (approx. EUR 5.7
million). There was a significant decrease in the second quarter in particular.
But the third and fourth saw the beginning of a recovery.
'We are experiencing a recovery especially in the countries in which we directly
or indirectly realise our sales, and this is being reflected in increasing sales
activities. For this reason, we anticipate our business to recover in 2013, and
expect it to occur in the second half of 2013 in particular.' Philip Nijenhuis,
RoodMicrotec CEO.
Finance
The gross margin increased to 81%.
The operating expenses excluding depreciation decreased by 14% (EUR 1,492,000)
compared to 2011. The decrease in operating expenses was partly due to the
positive results of the restructuring of our test business unit in 2011.
RoodMicrotec's equity increased by EUR 0.2 million, mainly due to issuance of an
additional Mezzanine capital (EUR 0.5 million). The EUR 0.2 million in
compensation paid for the Mezzanine capital was included directly in equity. The
balance sheet total increased to EUR 13.135 million (2011: EUR 12.857 million).
On balance our solvency remained stable with 48% in 2012 (2011: 48%).
Taxation
The deferred tax asset on the carry forward losses shows a positive effect,
which results inter alia from the estimated forecasts of the company and from
the alignment of the estimation period with her German subsidiaries. For the
next few years, the company's forecasted results and related deferred tax
asset have been reassessed, and the outcome has been included fully in the 2012
result.
Personnel and organisation
At year-end 2012, RoodMicrotec had 103 employees on permanent staff (FTE), a
decrease of 3 employees (-3%) compared to year-end 2011 (106). The average
workforce was 103 (2011: 106).
Sales by FTE decreased by 22% from EUR 142,000 in 2011 to EUR 116,000 in 2012.
Our strategy remains focused on strictly limiting the increase of fixed employee
labour costs relative to sales growth.
Strategy
We aim to position ourselves at the first class one-stop-shop supply chain
provider to OEMs (Original Equipment Manufacturers) and Fabless Companies in
Europe. We will continue to focus on innovative, high-tech markets, which we
support with our services in developing high-quality reliable products. With
our powerful solutions we have built up a strong position in Europe. We wish to
grow further by inter alia strengthening, broadening and expanding our high-
quality engineering capabilities, supplemented with management support for our
customers by means of project management.
The company does not rule out partnerships and/or mergers with other companies,
especially if it reduces the company's risk exposure. This would benefit all
stakeholders, especially if such a partnership or merger was formed with a
profitable industry party, as we would be able to effect tax losses to be
realised more quickly.
Outlook for 2013
After disappointing market developments in 2012, in 2013 4.5% growth of the
global market is being forecast and 5.2% in 2014, according to the World
Semiconductor Trade Statistics (WSTS). However, these figures are still below
the multi-year average of 6%. Analogous to the forecasts of the WSTS for 2013
and beyond, RoodMicrotec anticipates a recovery of its business and the
realisation of its growth objectives. We aim to grow at least at a faster rate
than the global market, which we have done almost without fail in the last 9
years.
The ongoing increase of the number of applications backs up our confidence that
in 2013 we will once again grow more strongly than the market.
However, the macroeconomic developments force us to remain cautious. For this
reason, we do not pronounce any concrete predictions for 2013.
Long-term (as from 2014) we aim to maintain our growth at least at the same
level as the global semiconductor market.
Financial agenda
14 March 2013 Publication annual report 2012
25 April 2013 Annual general meeting of shareholders
14 May 2013 Publication trading update
9 July 2013 Publication sales figures first half 2013
29 August 2013 Publication interim report 2013
29 August 2013 Conference call for press and analysts
14 November 2013 Publication trading update
9 January 2014 Publication annual sales figures 2013
27 February 2014 Publication annual figures 2013
27 February 2014 Conference call for press and analysts
13 March 2014 Publication annual report 2013
24 April 2014 Annual general meeting of shareholders
13 May 2014 Publication trading update
10 July 2014 Publication trading figures
28 August 2014 Publication interim report 2014
28 August 2014 Conference call for press and analysts
13 November 2014 Publication trading update
Audit
The audit of the financial statements 2012 has not been finalized yet.
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 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/TS 16949 standard for suppliers to the automotive industry. The
company has an accredited laboratory for testing and calibration activities in
accordance with the ISO/IEC 17025 standard.
The value-added services include Extended Supply Chain Management 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), UK
(Bath) and in the Netherlands (Zwolle).
Further information:
Philip Nijenhuis, CEO
Telephone +31 (0) 38 4215216
Email:
investor-relations@roodmicrotec.com
Website: www.roodmicrotec.com
Consolidated income statement
-----------------------------------------------------------------------------
(x EUR 1,000) Year ended 31
December,
2012 2011
-----------------------------------------------------------------------------
Net sales 11,971 15,717
Cost of sales -2,283 -3,375
GROSS MARGIN 9,688 12,342
Personnel expenses 6,401 7,215
Other operating expenses 2,584 3,262
OPERATING EXPENSES 8,985 10,477
-------------------------------------------------------- --------------------
EBITDA 703 1,865
Depreciation and amortisation 884 1,156
-------------------------------------------------------- --------------------
EBIT -181 709
Financial expenses -326 -301
-------------------------------------------------------- --------------------
RESULT BEFORE TAXATION -507 408
Taxation 425 180
-------------------------------------------------------- --------------------
NET RESULT -82 588
Earnings per share for profit attributable to the
equity holders of the company during the year
- basic 0.00 0.02
- diluted 0.00 0.02
Consolidated balance sheet (before appropriation of net result)
---------------------------------------------------------------------------
(x EUR 1,000) 31 December, 2012 31 December, 2011
---------------------------------------------------------------------------
ASSETS
Property, plant and equipment 6,344 5,732
Intangible assets 1,755 1,783
Deferred income tax assets 869 444
Retirement benefit assets 301 -
Financial assets 949 1,720
Non-current assets 10,218 9,679
Inventories 305 402
Trade and other receivables 2,093 2,431
Cash and cash equivalents 519 345
Current assets 2,917 3,178
-------------------------------------- ------------------------------------
TOTAL ASSETS 13,135 12,857
EQUITY AND LIABILITIES
Issued capital 3,935 3,935
Share premium 17,751 17,723
Revaluation reserve 1,890 1,885
Retained earnings -19,718 -19,399
Mezzanine capital 2,494 1,994
Equity, attributable to share- 6,352 6,138
holders
Interest-bearing loans and 1,399 1,077
borrowings
Retirement benefit obligations 1,550 1,633
Non-current liabilities 2,949 2,710
Bank overdrafts 1,381 1,115
Current portion of long-term debt 455 839
Trade account and other payables 1,976 1,846
Current income tax liabilities 22 209
Current liabilities 3,834 4,009
------------------------------ ------------------------------------
TOTAL EQUITY AND LIABILITIES 13,135 12,857
RoodMicrotec - Annual Figures 2012:
hugin.info/130789/R/1681027/549384.pdf
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Source: RoodMicrotec N.V. via Thomson Reuters ONE
[HUG#1681027]
