Our sales of EUR 8.235 million in the second half of 2010 represented a positive growth of 12% compared to our sales in the first half of 2010 (approx. EUR 7.328 million).
The sales growth was due in particular to increasing demand for existing products in Test and Failure & Technology Analysis.
The business units Test Engineering and Qualification & Reliability, which partly focus on new applications, showed significantly lower sales increases.
The sales dip in Supply Chain Management was due to one-off projects in the first half of 2010. The generally strong growth in this sector is set to continue. 

Sales by business units in 2010 vs. 2009
(EUR x 1,000 unless stated otherwise)

                                                   2010               2009          approx. change
Test                                             7,658               4,574                  +67%
Supply Chain Management            3,060               2,081                   +47%
Failure & Technology Analysis       1,842               1,737                  + 6%
Test Engineering                              762               1,233                   -38%
Qualification & Reliability                  2,241             2,297                  -  2%
Total                                            15,563             11,922                +31%

Test and Supply Chain Management increased significantly by 67% and 47% respectively; Failure & Technology Analysis and Qualification & Reliability remained more or less stable, but Test Engineering declined by -38%.
The decline in Test Engineering was mainly due to projects being postponed partly due to the economic crisis. This has clearly affected new initiatives. However, we expect Test Engineering to grow strongly in the next few years, partly as postponed projects are restarted and partly by a change in strategy.

'As the figures show, our strong sales growth was not equally spread across the business units.  While some staff were still on short-time working, there were staff shortages in other business units. All in all, we faced considerable operational challenges.
Throughout 2010 we worked hard to overcome these problems in order to be able to realise a further step-up in sales without needing major new investments. We are confident about our business in 2011, and we will work hard to realise further sales growth and even better results,' said Philip Nijenhuis, RoodMicrotec CEO. 

Finance
The gross margin (75%) was under great pressure in the first half of 2010 due to an exceptional order mix. In the second half of the year, the gross margin recovered sharply (to 82%). Together with a 12% sales increase, this led to a considerably better operating result.
Our solvency improved from 23% in 2009 to 41% in 2010 due to profits realised and a strengthening of equity by means of a mezzanine capital facility totalling EUR 1.994 million without repayment obligation (see the press release of December 2010). In the context of the mezzanine facility, the company has placed pension commitments of an equivalent amount with a German pension fund. Thus, this fund has taken over the annual pension payments of approx. EUR 205,000.  RoodMicrotec will pay 11.7% annual compensation on this mezzanine loan (equity component), or EUR 233,000. This has significantly improved our financial position.

In the context of IFRS and for the sake of transparency of the annual accounts, the comparative figures for 2009 have been adjusted. These adjustments concern the balance sheet and the notes thereto, but do not affect the result and the company's equity for 2009.
The operating expenses excluding depreciation increased by 8.9% (? 810,000) compared to 2009. However, it lagged far behind the 31% sales increase, and was mostly caused by higher personnel costs, energy costs and other costs. RoodMicrotec's equity increased to EUR 2.532 million. RoodMicrotec still has a short-term convertible loan totalling EUR 0.5 million. 
The balance sheet total increased to EUR 13.726 million (2009: EUR 13.713 million after corrections).

Personnel and organisation
At year-end 2010, RoodMicrotec had 120 employees on permanent staff (FTE), a decrease of 6 employees (-5%) compared to year-end 2009 (126). The average workforce was 124 (2009: 132).
Sales by FTE increased by 40% from EUR 90,000 in 2009 to EUR 126,000 in 2010. This figure is exclusive of the short-time working, which constituted approx. 8% of total labour costs.
Our strategy remains focused on strictly limiting the increase of fixed employee labour costs relative to sales growth. 

Strategy
We will continue to focus on innovation and new markets and intend to further increase our points of sale. With our powerful solutions we have built up a strong position in Europe. We strive to realise further growth in the sectors in which we are currently active and to offer our customers high-quality services with project management, engineering and other services.

The company does not rule out collaborations and/or mergers with other companies, especially if this reduced the risk exposure of the company. This would benefit all stakeholders, especially if such a collaboration or merger took place with a profitable party in the industry, as we would be able to effect tax losses to be realised more quickly.

Key starting points 2011
The sales growth in 2010 was partly caused by a market recovery. However, we also acquired new customers who represent clear growth potential, placing orders for inter alia network systems for the automotive industry, radio frequency, and smart chips for security environments.

Order applications increased further in the last quarter of 2010. In order to meet this rising demand, we have made limited investments. Furthermore, we will continue to adapt our operational organisation to market dynamics in order to improve our sales and profit.

Outlook
The SIA (Semiconductor Industry Association) forecasts for 2011 and 2012 clear sector growth of 6% and 3.4% respectively. This growth will be concentrated in Asia; Europe will lag behind. Partly based on the SIA forecasts, we have set a short-term internal sales growth target for 2011 of around 10%, the larger part to be realised in the second half of the year.

We anticipate considerable growth in all business units over the next few years. We expect that sales in the business unit Supply Chain Management will remain stable in 2011, but will return to growth in the years following 2011.

Long-term (as from 2011) we aim to maintain our sales growth at the same level as in the past few years (5%-15% autonomous growth). Our sales growth will exceed that of the global market, which in the past ten years was approx. 8% per year.

In line with the strategy set out in the past, in 2011 we will focus more strongly on improving the operating result and the net result.

Events after balance sheet date

APPOINTMENT of Mr Norbert Wirth to the board of management and RESIGNATION of Mr Thorsten Bucksch (CTO)

Dipl-Phys Mr Norbert Wirth will be appointed as a member of the corporate management team as of 1 March 2011, succeeding Dipl-Ing Mr Thorsten Bucksch, who will continue his career elsewhere. We are very grateful to Mr Bucksch for his dedication and his contributions over the past few years.

Mr Wirth, 55, has worked for Siemens Semiconductor/Infineon and Qimonda for 23 years as an engineer, manager and senior manager of the test development department.
His experience of semiconductor development and his management qualities are an excellent match for RoodMicrotec's needs. Since he joined the company in November 2010 he has shown to be a first-rate manager of the engineering department. Next to engineering, he will be responsible for Failure & Technology Analysis and Qualification & Reliability in Stuttgart and Nördlingen. He will focus on issues including the strategy of the abovementioned business units, production process optimisation, raising customer satisfaction and improvement of the result.

Financial agenda

11 March 2011              Publication annual report 2010
28 April 2011                 Annual general meeting of shareholders
11 May 2011                 Publication trading update
7 July 2011                    Publication sales figures first half 2011
31 August 2011             Publication interim report 2011
31 August 2011             Conference call for press and analysts
10 November 2011                 Publication trading update
10 January 2012            Publication sales figures full year 2011
23 February 2012          Publication annual figures 2011
23 February 2012          Conference call for press and analysts
9 March 2012                 Publication annual report 2011
26 April 2012                 Annual general meeting of shareholders
15 May 2012                 Publication trading update
10 July 2012                  Publication sales figures first half 2012
31 August 2012             Publication interim report 2012
31 August 2012             Conference call for press and analysts
15 November 2012                 Publication trading update

 

Audit
The financial data have been audited.

 

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 service provider in the area of micro and optoelectronics, RoodMicrotec offers Fabless Companies, OEMs and other companies a one-stop shopping proposition. With our 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 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 calibration to the ISO/IEC 17025 standard.

 

Its value-added services include 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, Supply Chain Management and Total Manufacturing Solutions with partners.

 

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

 

Further information:
Philip Nijenhuis, CEO
Tel. +31 38 4215216, Fax: +31 38 4216410
Postal address: RoodMicrotec N.V., PO Box 1042, 8001 BA  Zwolle
Email: investor-relations@roodmicrotec.com           Website: www.roodmicrotec.com:
http://www.roodmicrotec.com/

 

Consolidated income statement
(x EUR 1,000)

 

	2010		2009
Net Sales	15,563		11,922
Cost of sales	-3,321		-2,101
Gross margin	12,242		9,821
Personnel expenses	7,073		6,666
Other operating expenses	2,808		2,405
Operating expenses	9,881		9,071
EBITDA	2,361		750
Depreciation	1,628		2,054
EBIT	733		-1.304
Financial expenses	-526		-440
Earnings before taxes	207		-1,744
Taxes	241		2
Net result	448		-1,742
Earning per share
Basic (in euro)	0.01		-0.05
Diluted (in euro)	0.01		-0.05

Consolidated balance sheet (before appropriation of net result)
(x EUR 1,000)

	31 december
	2010		2009*
Assets
Non-current assets
Tangible fixed assets	5,710		6,629
Intangible fixed assets	1,811		1.839
Deferred tax assets	588		233
Financial assets	1,665		1,803
	9,774		10,504
Current assets
Inventories	654		589
Trade account and other receivables	3,040		2,312
Cash and cash equivalents	258		308
	3,952		3,209
Total assets	13,726		13,713
Shareholders equity
Share capital and share premium reserve	21,630		21,540
Revaluation reserve	1,552		1,647
Other reserves	-19,977		-18,330
Result for the year	448		-1,742
Mezzanine capital	1,994		-
Shareholders equity	5,647		3,115
Liabilities
Non-current liabilities
Loans and borrowings	1,647		2,340
Convertible loan	-		500
Deferred tax liabilities	326		208
Retirement benefit obligations	1,585		3,367
	3,558		6,415
Current liabilities
Bank overdrafts	603		724
Current portion of long-term debt	1,342		1,287
Trade account and other payables	2,443		2,026
Current income tax liabilities	133		146
	4,521		4,183
Total equity and liabilities	13,726		13,713

 

*adjusted

Press Release as PDF:
http://hugin.info/130789/R/1491960/427704.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: RoodMicrotec N.V. via Thomson Reuters ONE

HUG#1491960

Recommend :

0