Zwolle, 31 August 2012
INTERIM REPORT 2012
Summary HY1 2012
| (x EUR 1,000) | H1 2012 | H1 2011 |
| Sales | 5,688 | 8,634 |
| Gross margin as % of net sales | 82% | 79% |
| EBITDA | 189 | 1,398 |
| EBITDA as % of net sales | 3% | 16% |
| EBIT | -278 | 771 |
| EBIT as % of net sales | -5% | 9% |
| Net result | -422 | 529 |
| Net result as % of net sales | -7% | 6% |
Highlights HY1 2012 compared to HY1 2011
- The sales in the first half of 2012 of € 5.688 million fell by 34.1% compared to the first half of 2011 (HY1 2011: € 8.634 million).
- Qualification & Reliability Investigation grew by 2.7% compared to the first half of 2011, while sales of the business units Test, Test Engineering, Supply Chain Management and Failure & Technology Analysis fell by 39.9%, 30.9%, 53.7% and 11.9% respectively.
- Operating expenses fell by approx. € 1 million.
- Long-term liabilities decreased by € 0.3 million.
- Strong increase in the number of applications and orders, in particular in the last two months of the first half of 2012.
Philip Nijenhuis, RoodMicrotec CEO:
'In spite of the fact that RoodMicrotec's results are analogous to the developments in the global semiconductor market in the first half of the year, we are far from satisfied. In order to offset and exceed the decreasing share of the IDM market in our sales, we will focus even more strongly on our growth markets, such as OEM and the Fabless market. Furthermore, we will put more emphasis on Supply Chain Management, including services in the area of product engineering and design for testability (DFT).'
| Key figures ( x EUR 1,000) | H1 2012 | H1 2011 | Delta (%) | |
| Net sales | 5,688 | 8,634 | -34% | |
| Gross Margin | 4,688 | 6,858 | -32% | |
| Gross margin as % of net sales | 82% | 79% | 4% | |
| EBIT | -278 | 771 | ||
| EBIT as % of net sales | -5% | 9% | ||
| EBITDA | 189 | 1,398 | -86% | |
| EBITDA as % of net sales | 3% | 16% | -79% | |
| Net result | -422 | 529 | ||
| Net result as % of net sales | -7% | 6% | ||
| Cash flow | 105 | 1,237 | -84% | |
| Cash flow operational | -39 | 1,061 | -95% | |
| Financial expenses | 144 | 161 | -11% | |
| Tangible fixed assets | 5,898 | 5,213 | 13% | |
| Investments in tangible fixed assets | 524 | 116 | 201% | |
| Depreciation in tangible fixed assets | 453 | 613 | -26% | |
| Total assets | 12,421 | 13,199 | -6% | |
| Equity | 5,614 | 6,060 | -7% | |
| Net debt | 2,943 | 2,463 | 19% | |
| Capital (Net debt + equity) | 8,557 | 8,523 | 0% | |
| Gearing ratio (net debt/capital) | 34% | 29% | 19% | |
| Solvency (equity/ liabilities+equity) | 45% | 46% | -2% | |
| Debt ratio (Net debt /EBITDA*) | 7.8 | 0.9 | 784% | |
| EBITDA/interest | 1.3 | 8.7 | -85% | |
| Net working capital | -1.007 | 20 | ||
| Current ratio (current assets/current liabilities) | 0.75 | 1.00 | -26% | |
| *EBITDA 12 months moving average | ||||
| Data per share (x EUR 1) | ||||
| Capital and reserves | 0.16 | 0.17 | -7% | |
| EBIT | -0.01 | 0.02 | ||
| Cash flow | 0.01 | 0.03 | -84% | |
| Net result | -0.01 | 0.01 | ||
| Share price: 30 june 2012 | 0.15 | 0.28 | -46% | |
| Share price: highest | 0.23 | 0.29 | -21% | |
| Share price: lowest | 0.15 | 0.16 | -6% | |
| Number of FTE's (permanent) | ||||
| At 30 June 2012 | 107 | 113 | -5% | |
| Average | 107 | 111 | -4% | |
| Sales (total)/Average FTE's (permanent) | 106 | 156 | -32% |
Report of the board of management
1. GENERAL
The falling sales were mainly due to four factors. Firstly, to the general slump of the semiconductor industry in the first half of 2012 compared to the first half of 2011. Secondly, to customers reducing their stocks, which significantly impacted Supply Chain Management. Thirdly, to the diminished role of IDMs (Integrated Device Manufacturers) for RoodMicrotec. This could not yet be set off in the first half of 2012 by increased sales to OEMs and Fabless Companies. Due to a structural increase of sales to OEMs and Fabless Companies, we now service many more customers. This makes us less dependent on some larger IDMs, resulting to better risk spreading. Finally, various customers postponed projects due to the economic situation.
1.1. Developments by business unit (product /service group)
Qualification & Reliability Investigation grew by 2.7% compared to the first half of 2011, while sales of the business units Test, Test Engineering, Supply Chain Management and Failure & Technology Analysis fell by 39.9%, 30.9%, 53.7% and 11.9% respectively.
However, in the last two months of the reporting period we are seeing a strong increase in the number of applications and orders, which suggests that we are back on the way up.
RoodMicrotec sales HY1 2012 vs HY1 2011
| (x EUR 1,000) | HY12012 | HY1 2011 | Change | |||
| Test | 2,360 | 3,925 | -39.9% | |||
| Supply Chain Management | 992 | 2,142 | -53.7% | |||
| Failure & Technology Analysis | 778 | 883 | -11.9% | |||
| Test Engineering | 353 | 511 | -30.9% | |||
| Qualification & Reliability Investigation | 1,205 | 1,173 | 2.7% | |||
| Total | 5,688 | 8,634 | -34,1% |
1.2. Personnel
The number of permanent staff members decreased by approx. 5% to 107 fte compared to 113 in 30 June 2011
1.3 Risk management
The various risks the company is exposed to are listed in RoodMicrotec's 2011 annual report. We strive to limit the risks, inter alia by periodical and systematic risk reviews of selected aspects. These reviews are conducted approx. 8 times every year. Corrective measures are taken where necessary. Due to the negative developments in the financial markets of recent times, the board of management is devoting extra attention on cash management. Otherwise, the management does not currently foresee any material changes in the risks in 2012.
2. NOTES TO THE FINANCIAL RESULTS
2.1. Sales and result
The sales in the first half of 2012 of € 5.688 million fell by 34.1% compared to the first half of 2011 (HY1 2011: € 8.634 million).
EBITDA was € 0.189 million (HY1 2011: € 1.398 million), or 3% of sales. EBIT was € -0.278 million (HY1 2011: € 0.771 million), or -5% of sales.
The net result fell to € -0.422 million (HY1 2011: € 0.529 million), or -7% of sales. This is equivalent to € -0.01 per share.
Net financing costs were € 0.144 million, 10% down on the first half of 2011.
2.2. Cash flow
In the first half, we realised a cash flow (net result and depreciation) of € 0.045 million (HY1 2011: € 1.156 million) and a cash flow from operating activities of € -0.039 million (HY1 2011: € 1.061 million).
3. OUTLOOK 2012
After strong growth in the semiconductor market in the first half of 2011, a slump set in the second half of 2011 and the first half of 2012, which has affected RoodMicrotec. Due to the weak economic situation in the recent period there are clear signs of that there will be a recovery in the second half of 2012 and further growth in 2013.
Based on this outlook, order intake, increased stocks in our warehouse and agreements with our customers we expect a significant sales increase in the second half of 2012 compared to the first half of 2012. We also expect that this increase will bring about an improvement of the net result.
4. FINANCIAL AGENDA 2012/2013
| 31 August 2012 | Conference call for press and analysts |
| 15 November 2012 | Publication trading update |
| 10 January 2013 | Publication sales figures full year 2012 |
| 21 February 2013 | Publication annual figures 2012 |
| 21 February 2013 | Conference call for press and analysts |
| 8 March 2013 | Publication annual report 2012 |
| 25 April 2013 | Annual general meeting of shareholders |
| 14 May 2013 | Publication trading update |
| 9 July 2013 | Publication trade figures |
| 29 August 2013 | Publication interim report 2013 |
| 29 August 2013 | Conference call for press and analysts |
| 14 November 2013 | Publication trading update |
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 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 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 Telephone +31 38 4215216 Fax: +31 38 4216410
Postal address:
RoodMicrotec N.V., PO Box 1042, 8001 BA Zwolle
Email: investor-relations@roodmicrotec.com Web-site: www.roodmicrotec.com
