New York, 30/04/2015 (informazione.it - comunicati stampa - elettronica)

Zwolle, 30 April 2015

 

2004 HIGHLIGHTS

Commercial/operational

• Sales in 2014 of EUR 9.971 million fell by 11% compared to 2013 (EUR 11.180 million) due to longer lead times and postponement of some large orders. Decline mainly in Test, Test Engineering and Qualification & Reliability.
• Lower sales and seizing new market opportunities have resulted in a net result of EUR 1.693 million negative in 2014 (2013: EUR 0.284 million negative).
• Increased investments in the second half of 2014 in sales and marketing.
• Setup of Automotive Competitive Centre and investments in automotive infrastructure as a result of new automotive projects and new prospects.
• Investments in highly promising projects like 'light switches based on radiofrequency'.
• Strategic partnership with Fraunhofer Institute IIS.
• Further strengthening of SCM.
• New test handling and programming equipment to handle new promising products of (new) customers.
• Sharp increase of our quote portfolio and a continued positive book-to-bill ratio.
• Significant headcount cost reduction program resulting in EUR 1.300 million within the next three years. This program is partly based on attrition, but also on forced layoffs.
• The difference in personnel costs compared to 2013 was caused mainly by a non-recurring income in respect of the pension scheme.
• Strategic adjustment in response to changing market conditions. Our new approach involves longer lead times.

 

Financials

 

 

• EBITDA: EUR 0.722 million negative (2013: EUR 0.870 million positive).
• EBIT (operating result) was EUR 1.514 million negative (2013: EUR 0.13 million negative).

• Net result of EUR 1.693 million negative (2013: EUR 0.284 million negative). At year-end 2014 the company had approximately EUR 15 million in accumulated tax losses which can be offset against future tax profits for an indefinite period of time. In other words, the company's tax loss carry forward potential is around EUR 15 million. However, the company takes a conservative approach on this and only recognised EUR 1.6 million as deferred tax asset.
• Net cash position improved from EUR 1.326 million negative in 2013 to EUR 0.192 million positive in 2014. The net cash from operating activities were EUR 0.262 million negative in 2014 compared to EUR 0.017 million positive in 2013.
• The working capital position improved strongly from EUR 1.331 million negative in 2013 to EUR 0.125 million negative in 2014.
• Decrease in solvency rate to 27% (2013: 39%) as a result of the net loss and the decrease of the pension discount rate from 3.6% to 2%. (This discount rate change in had a negative impact on the equity position of EUR 1.0 million).
• Issue of EUR 2.500 million bond loan and repayment of bank loans. All short-term loans, except for the finance lease, were redeemed using the proceeds from the bond loan. This form of financing has greatly reduced RoodMicrotec's finance liabilities for the short term.

 

KEY FIGURES

 

31 December 2014
(X EUR 1,000)	IFRS	IFRS	IFRS	IFRS	IFRS
	2014	2013	2012	2011	2010
		restated	restated
Result
Net sales	9,971	11,180	11,971	15,717	15,563
Gross margin	8,184	9,021	9,688	12,342	12,242
EBITDA	-722	870	703	1,865	2,361
EBIT (operating result)	-1,514	-13	-181	709	733
EBT	-1,675	-243	-507	408	207
Cash flow (net result and depreciation)	-901	599	603	1,744	2,076
Cash flow from operating activities	-262	17	899	1,939	1,689
Net result	-1,693	-284	-281	588	448
Capital, debt & liquidity ratios
Total assets	13,617	13,941	12,915	12,857	13,726
Group equity	3,706	5,396	5,457	6,139	5,647
Net debt	2,159	2,113	3,216	2,686	3,334
Capital (net debt  + equity)	5,865	7,509	8,673	8,824	8,981
Gearing ratio (net debt/ capital)	37%	28%	37%	30%	37%
Solvency (group equity / total liabilities)	27%	39%	42%	48%	41%
Debt ratio (net debt / EBITDA)	-2.99	2.43	4.57	1.44	1.41
Net working capital	-125	-1.331	-1.422	-831	-569
Working capital ratio	0.95	0.68	0.63	0.79	0.87
Assets
Tangible fixed assets	5,567	5,446	6,347	5,732	5,710
Investments in tangible fixed assets	499	535	1,475	1,024	681
Depreciation of tangible fixed assets	792	869	860	1,156	1,600
Data per share (x EUR 1)
Capital and reserves	0.09	0.14	0.15	0.17	0.16
Operating results	-0.03	0.00	-0.01	0.02	0.02
Cash flow	-0.00	0.00	0.03	0.05	0.05
Net result	-0.03	-0.01	-0.01	0.02	0.01
Share price: year-end	0.25	0.16	0.15	0.16	0.17
Share price: highest	0.35	0.18	0.23	0.31	0.19
Share price: lowest	0.15	0.14	0.15	0.14	0.15
Issue of nominal shares
At year-end (x 1,000)	43,519	38,674	35,769	35,769	35,769
Number of FTEs (permanent)
At year-end	94	96	103	106	120
Average	97	99	103	111	124
Sales (total) / average FTEs (permanent)	103	113	116	142	126

 

 

Audited financial statements 2014

On 12 March 2015 we published our preliminary financial figures. Following the completion of the audit, certain adjustments were made. The most important ones related to the financial assets, pension obligations and to the financial results, which we summarise below. The adjustments do not have a material effect on the operational cash flow.

The total assets were EUR 13.617 million, which is EUR 2.447 million higher than presented before. The increase is mainly due to the reclassification of financial assets of EUR 2.494 million, which were previously presented under pension liabilities and the cash position. These items also led to a restatement of the comparative figures as per 1 January 2013 and 31 December 2013. The financial assets comprise bonds of EUR 2.494 million, which are held for financing pension liabilities and have been placed under a Contractual Trust Agreement. However, these bonds were not transferred to the Trustee as per 31 December 2014 and therefore may not be netted against the pension liabilities. As at 20 April 2015, these bonds were definitively transferred to the Trustee. As a result, the corresponding financial assets therefore may be netted against the pension liabilities in 2015.

EBIT for 2014 was EUR 1.514 million negative, which is EUR 178 thousand lower than presented in the preliminary figures. This was due to additional audit and legal fees of approx. EUR 70 thousand and additional cost accruals in personnel and other expenses of approx. EUR 108 thousand. Taxes through the profit and loss statement for 2014 were EUR 18 thousand negative, compared to  EUR 144 thousand positive as we stated in the preliminary figures.  This resulted into a negative effect of the profit and loss statement of EUR 162 thousand. The comparable figures of the profit and loss statement have been restated due to an adjustment in the pension costs of EUR 95 thousand.

Reference is made to the deferred tax assets and the valuation of the financial assets as explained in the Annual Report in note 10 and note 11 as well as the audit opinion on these items on page 117/118 of our Annual Report.

 

Trading update first quarter 2015

As the first quarter has since closed we will issue our trading update now.

In line with expectations, the first quarter of 2015 showed an improvement in operations, resulting in a higher sales compared to last year and over budget. The increase was limited, but compared to recent years it is a positive trend break. RoodMicrotec's management considers this a clear positive signal. 

As published before, we have more than 20 new projects on hand, for which we have high expectations for the near future. Of this new business with a volume of EUR 5 to 10 million per year as of 2015, 80-90% will come on top of our current business. This supports our projection that we will be able to achieve significant growth up to and including 2018. We are already invoicing for the start-up or investing in the preparation of more than 50% of these new projects. We are realising this new business in our core segments Automotive (50%) and  Industrial/Medical (30%), but also in high-end consumer business (20%). Automotive and Industrial/Medical are among the fastest growing segments in the market. This supports our expectation that we will grow significantly over the next few years.

This volume of new business is unparalleled, which gives the management of RoodMicrotec confidence that we are on the right way for a full recovery.

 

 

Conference call Friday 1 May 2015, 10:00 am

A conference call will be held for press, analysts and other interested parties on 1 May. The telephone number to join the call is  + 31 20 531 5854

 

Information meeting 13 May 2015 at 4 pm, Euronext Amsterdam, Beursplein 5

Investors, bondholders, analysts, journalists and other interested parties are invited to join the investors meeting on 13 May at 4 pm, in which we will give information concerning the business and will present our new CTO Martin Sallenhag.

 

Annual General Meeting of Shareholders 11 June 2015 at 2 pm, Euronext Amsterdam, Beursplein 5

The Annual General Meeting of Shareholders will be held on Thursday 11 June 2015.

 

 

Financial agenda

13 May 2015	Information meeting for investors, bondholders, analysts, journalists and other interested parties
11 June 2015	Annual general meeting of shareholders
9 July 2015	Publication sales figures first half 2015
27 August 2015	Publication interim report 2015
27 August 2015	Conference call for press and analysts
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

 

Consolidated statement of profit or loss

 

(x EUR 1,000)	Notes	2014	2013 restated*
Net sales	1	9,971	11,180
Cost of sales	2	-1,787	-2,159
Gross profit		8,184	9,021
Personnel expenses	3	-6,058	-5,446
Other operating expenses	4	-2,848	-2,705
Total operating expenses		-8,906	-8,151
EBITDA		-722	870
Depreciation and amortisation	5	-792	-883
EBIT		-1,514	-13
Financial expenses	6	-161	-230
Profit before tax		-1,675	-243
Taxation	7	-18	-41
Net profit (loss)		-1,693	-284

 

 

Net profit attributable to:

 

Owners of the company		-1,693	-284
Non-controlling interests			-
Net profit (loss)		-1,693	-284

 

Earnings per share

 

Basic	16	-0.04	-0.01
Diluted	16	-0.04	-0.01

 

 

* Certain amounts shown here do not correspond to the 2013 financial statements and reflect adjustments made, referring to prior period adjustments

 

Consolidated statement of financial position

 

(x EUR 1,000)	Notes	31-12-2014	31-12-2013 restated*	01-01-2013 restated*
Assets
Property, plant and equipment	8	5,567	5,446	6,347
Intangible assets	9	1,741	1,741	1,755
Deferred taxes	10	1,079	910	951
Financial assets	11	2,982	2,991	1,449
Non-current assets		11,369	11,088	10,502
Inventories	12	344	283	305
Trade and other receivables	13	1,712	2,359	2,089
Cash and cash equivalents	14	192	211	19
Current assets		2,248	2,853	2,413
Total assets		13,617	13,941	12,915
Equity and liabilities
Share capital		4,788	4,255	3,935
Share premium		18,084	17,851	17,751
Revaluation reserve		1,859	1,668	1,890
Net benefit reserve		-1,834	-880	-975
Retained earnings		-21,245	-19,992	-19,638
Mezzanine capital		2,494	2,494	2,494
Mezzanine capital loss participation		-440	-	-
Equity attributable to shareholders	15	3,706	5,396	5,457
Loans and borrowings	18	2,306	279	1,399
Retirement benefit obligation	19	5,232	4,082	2,224
Non-current liabilities		7,538	4,361	3,623
Bank overdraft	14	-	1,537	1,381
Loans and borrowings	18	45	508	455
Trade and other payables	20	2,270	2,081	1,977
Current tax liabilities	18	58	58	22
Current liabilities		2,373	4,184	3,835
Total equity and liabilities		13,617	13,941	12,915

 

* Certain amounts shown here do not correspond to the 2013 financial statements and reflect adjustments made, referring  to prior period adjustments

 

Consolidated cash flow statement

(x EUR 1,000)	Notes	2014	2013 restated*
EBITDA		-722	870
Adjustments for:
-  Movements in net defined benefit obligations		-103	-535
-  Share-based payments	17	59	20
-  Accrued interest	6	-	-9
Changes in working capital
-  Inventories	12	-61	22
-  Trade and other receivables	13	647	-270
-  Trade and other accrued liabilities	18,20	79	140
Cash generated from operating activities		-101	238
Interest paid	6	-161	-221
Net cash from operating activities		-262	17
Cash flows from investing activities
Acquisition of property, plant and equipment	8	-499	-535
Disposal of property, plant and equipment	8	-	567
Di-/investments in defined benefit plan	19	-	2,487
Net investments in financial assets	11	9	-1,542
Net cash from investing activities		-490	977
Cash flows from financing activities
Proceeds from issue of share capital	15	707	400
Payment of compensation mezzanine capital	15	-	-292
Proceeds from issuance of mezzanine capital		-	-
Proceeds from borrowings		2,550	50
Repayment of borrowings		-903	-1,116
Payment of bond issuance costs	18	-100	-
Amortization of discount and bond issuance costs	18	16	-
Net cash flow from financing activities		2,270	-958
Net cash flow		1,518	36
Cash -/- bank overdrafts at 1 January	14	-1,326	-1,362
Cash -/- bank overdrafts at 31 December	14	192	-1,326
Net cash flow		1,518	36

 

* Certain amounts shown here do not correspond to the 2013 financial statements and reflect adjustments made, referring to prior period adjustments

 

 

 

About RoodMicrotec

With 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 shopping 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 testing 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.

 

The value-added services comprise inter alia (eXtended) supply chain management, 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 and total manufacturing solutions with partners.

 

RoodMicrotec has branches in Germany (Dresden, Nördlingen, Stuttgart), the UK (Bath) and the Netherlands (Zwolle).

 

 

Further information:

Philip Nijenhuis, CEO

Telephone:        +31 (0)38 4215216

Email:              [email protected]

Website:           www.roodmicrotec.com

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