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RoodMicrotec N.V. (0FTZ)

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Thursday 30 April, 2015

RoodMicrotec N.V.

RoodMicrotec: Annual figures for 2014

RoodMicrotec: Annual figures for 2014

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) IFRSIFRSIFRSIFRSIFRS
  20142013 201220112010
   restatedrestated  
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 8,1849,021
       
Personnel expenses 3 -6,058 -5,446
Other operating expenses 4 -2,848 -2,705
Total operating expenses -8,906-8,151
    
EBITDA -722870
       
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 11,36911,08810,502
         
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   2,2482,8532,413
       
Total assets   13,61713,94112,915
         
 

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 3,7065,3965,457
         
Loans and borrowings 18 2,306 279 1,399
Retirement benefit obligation 19 5,232 4,082 2,224
Non-current liabilities   7,5384,3613,623
         
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   2,3734,1843,835
       
Total equity and liabilities   13,61713,94112,915

* 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 -101238
Interest paid 6 -161 -221
Net cash from operating activities -26217
       
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 -490977
       
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 1,51836
       
Cash -/- bank overdrafts at 1 January 14 -1,326 -1,362
Cash -/- bank overdrafts at 31 December 14 192 -1,326
Net cash flow   1,51836

* 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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Source: RoodMicrotec N.V. via Globenewswire

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