RoodMicrotec N.V. publishes 2021 annual report with audited
financial statements
RoodMicrotec
shows strong financial performance for the year 2021,
resulting in:
- Total income of EUR
14.5 million with an EBITDA of
EUR 2.8 million
-
Net profit
of EUR 1.4
million
- Cash flow from
operating activities of EUR 2.2
million
Deventer, April
21,
2022
– RoodMicrotec N.V., a leading independent company
for semiconductors supply and quality services, today publishes the
Company’s Annual Report for the financial year 2021 including the
audited financial statements. The 2021 Annual Report is available
for download on the corporate website:
www.roodmicrotec.com/en/investor-relations-en/financial-publications.
The total income for 2021 amounted to EUR 14.5
million, which was 22% higher than in 2020. The net result after
taxes for 2021 was EUR 1.4 million positive, mainly due to a higher
delivery of services during the year.
“We were expecting a significant increase in
total income and a profit in 2021 and managed to outperform our
expectations by focusing on our core business and services”, says
Martin Sallenhag, CEO of RoodMicrotec. “We are very pleased with
the overall Company development during 2021 and expect that the
increase in total income will continue in 2022. The cash situation
makes it possible for us to invest in capacity and capability to
meet the increasing demand from the market and our customers.”
Throughout 2021, the Test Operations unit showed
a sharp increase, which was related to the general up-swing in the
market and the excellent position RoodMicrotec has with its
customers. The Supply Chain Management unit also showed a strong
increase compared to last year. In the second half of 2021, we
however saw a decrease in total income compared to the first half
of 2021 due to the world-wide shortage of components and raw
materials in the semiconductor industry. RoodMicrotec has put
actions in place to mitigate the impacts as far as possible. Some
of the new projects have not yet been moved into volume production
due to the COVID-19 pandemic. In 2021, the Qualification &
Failure Analysis unit saw a decrease compared to 2020 due to the
delayed start of new projects. Some of these delayed projects
started in the second half of 2021, so the total income in this
unit increased compared to the first half of
2021.2021 HIGHLIGHTS /
MAIN DEVELOPMENTS
Financials
- Total income: EUR 14.5 million
(2020: EUR 11.9 million).
- EBITDA: EUR 2.8 million (2020: EUR
1.3 million).
- Balance sheet total: EUR 15.0
million (2020: EUR 14.3 million).
- Net result: EUR 1.4 million
positive (2020: EUR 0.3 million negative).
- Net cash flow from operating
activities: EUR 2.0 million (2020: EUR 1.5 million).
Commercial/operational
- RoodMicrotec now
offers test services at wafer level for new types of photonic
integrated circuits to customers from the semiconductor industry.
Jenoptik provides the necessary technology platform with the UFO
Probe® Card and thus supports RoodMicrotec in setting up the
respective test structure.
- An AIOLOS Wafer
Level Test Handler from AEM’s Afore Wafer Level Test Solutions has
been installed at the RoodMicrotec facility in Nördlingen. With
this handler, RoodMicrotec is now able to offer its customers
additional capabilities in the fast-growing markets of sensor
testing. This system is also set up for 200 mm wafer frame
probing of a wide range of semiconductor devices. RoodMicrotec will
not only extend its business areas, but also its testing
capabilities.
- During 2021 the
booked SCM projects have continued to progress towards production
through test program development as well as qualification work.
Some of the projects are now close to ramp-up and we start to see
the first volumes for these customers. The SCM team is continuing
to prepare for future projects with pre-development of certain
functions that will be used in future products.
- A consortium of
31 key players for packaging of electronics, optics and photonics,
leading equipment suppliers and testing experts from 11 countries
are involved in APPLAUSE, “Advanced packaging for photonics, optics
and electronics for low cost manufacturing in Europe,”. The project
fosters the European semiconductor value chain by building new
tools, methods and processes for high volume manufacturing where
RoodMicrotec will be able to benefit with new solutions in these
areas.
- The refinancing
of the bond loan issued in 2014 has been completed by the end of
the first quarter 2021. A group of long-time investors
provides the refinancing in the amount of
EUR 2.6 million. Also the management participates so show
their confidence in the Company’s business plans and future
projects.
- The Court of
Appeal has given a verdict in the legal proceedings concerning the
dispute about (non) fulfillment of contractual obligations of a
debtor. The Court of Appeal ratified the verdicts of the
Subdistrict Court of Zwolle and sentenced the debtor to bear the
costs of appeal.
- Prime Capital Debt SCS, SICAV-FIS –
Robus Recovery Sub-Fund ("Robus") initiated legal proceedings
before the Regional Court of Hamburg (Landgericht Hamburg) against
RoodMicrotec GmbH regarding the perpetual bond (Genussscheine) of
EUR 500k that RoodMicrotec GmbH issued in 2012.
Events after balance sheet
date
- In February 2022 Robus and
RoodMicrotec GmbH agreed on a full and final settlement of the 2012
perpetual bond. This final settlement has been reached before and
confirmed by the Regional Court of Hamburg.
- Robus initiated legal proceedings
before the Regional Court of Frankfurt am Main (Landgericht
Frankfurt am Main) against RoodMicrotec GmbH regarding the
perpetual bond (Genussscheine) of EUR 1,994k that RoodMicrotec
GmbH issued in 2010. RoodMicrotec GmbH contests all allegations and
claims, and denies that any compensation payments are due on the
perpetual bond or that any grounds for extraordinary termination of
the perpetual bond exist. Accordingly, RoodMicrotec GmbH will ask
the court to reject Robus' claim.
Key figures
|
|
|
|
|
(x EUR 1,000) |
2021 |
2020 |
|
|
|
Results |
|
|
Total income |
14,532 |
11,874 |
EBITDA |
2,786 |
1,345 |
EBIT (operating result) |
1,227 |
-199 |
EBT |
1,038 |
-369 |
Net cash flow from operating
activities |
2,049 |
1,517 |
Net result |
1,435 |
-265 |
|
|
|
Capital, Debt &
Liquidity Ratios |
|
|
Total assets |
14,995 |
14,337 |
Group equity |
5,583 |
3,844 |
Net debt |
374 |
1,870 |
Invested capital (net debt +
equity) |
5,957 |
5,714 |
Gearing ratio (net debt/
capital) |
6% |
33% |
Solvency (group equity / total
liabilities) |
37% |
27% |
Debt ratio (net debt /
EBITDA) |
0.1 |
1.4 |
Net working capital |
317 |
-55 |
Working capital ratio (net
working capital / total income) |
2.2% |
-0.5% |
ROCE (EBIT / average invested
capital) |
21.0% |
-3.3% |
|
|
|
Assets |
|
|
Tangible and intangible fixed
assets |
8,295 |
9,177 |
Investments in (in)tangible
fixed assets |
681 |
866 |
Depreciation of (in)tangible
fixed assets |
1,559 |
1,544 |
|
|
|
Data per share (x EUR
1) |
|
|
Group equity |
0.074 |
0.051 |
Operating results |
0.016 |
-0.003 |
Net cash flow from
operating activities |
0.027 |
0.020 |
Net result |
0.019 |
-0.004 |
Share price: at
year-end |
0.201 |
0.183 |
Share price:
highest |
0.267 |
0.267 |
Share price:
lowest |
0.176 |
0.107 |
|
|
|
Other
information |
|
|
Number of issued
shares at year end (x 1,000) |
75,076 |
74,896 |
Average number of
employees (FTE) |
89 |
86 |
Total income /
Average FTE |
163 |
138 |
Sales and result
In 2021, RoodMicrotec’s total income came in 22%
higher than in 2020 at EUR 14.5 million
(2020: EUR 11.9 million), with 94% of its total
sales in the European countries.
In the first half of 2021, wafers were ordered
and received for one of our SCM customers to manage the supply
chain during a planned change of an assembly house. About EUR 0.5
million has been realized for these wafers as total income and
approximately the same amount has been accounted for in the cost
for raw materials and consumables. The parts will be delivered
during 2022, where only part of the selling price will be
recognized in the total income but with a positive impact on the
net result.
Total income from the automotive sector
increased in 2021 by 37% to EUR 6.9 million (2020:
EUR 5.0 million) and represents 48% of the total income.
The total income in the industrial / medical sector increased in
2021 by 15% to EUR 6.3 million
(2020: EUR 5.5 million) and represents 43% of the
total income. The HiRel / aerospace sector increased by 2% to
EUR 0.9 million (2020: EUR 0.9 million). The
total income in this sector mainly consists of failure analysis and
qualification work and this is very much depending on the design
cycles at our customers. Total income in other sectors declined by
8% to EUR 0.5 million (2020:
EUR 0.5 million).
Total income by market sector:
(x EUR 1,000) |
2021 |
2020 |
change |
|
|
|
|
Automotive |
6,886 |
5,021 |
37.1% |
Industrial/Healthcare |
6,270 |
5,454 |
15.0% |
HiRel / Aerospace |
926 |
908 |
2.0% |
Others |
450 |
491 |
-8.4% |
Total |
14,532 |
11,874 |
22.4% |
In 2021 the total income in the Supply Chain
Management unit increased by 27% to EUR 3.4 million
(2020: EUR 2.7 million). The total income in the Test
Operations unit increased by 46% to EUR 7.9 million (2020:
EUR 5.4 million). The total income in the Qualification
& Failure Analysis unit came in 15% lower, at
EUR 3.2 million (2020: EUR 3.8 million).
Total income results per operational unit:
(x EUR 1,000) |
2021 |
2020 |
change |
|
|
|
|
Supply Chain Management |
3,364 |
2,659 |
26.5% |
Test Operations |
7,938 |
5,429 |
46.2% |
Qualification & Failure Analysis |
3,230 |
3,786 |
-14.7% |
Total |
14,532 |
11,874 |
22.4% |
Personnel and
organization
During 2021, RoodMicrotec continued to optimize
the organization to keep track with the changing demands from the
customers and markets. Furthermore, we recruit highly experienced
personnel to be able to support our plans for the future. The
average number of full-time employees (FTE) was 89 in 2021. Total
income per average full-time employee increased to EUR 163,000
from EUR 138,000 in 2020. Our policy is to strive for growth
of sales per FTE.
Until May 2021 we used short-time working in our
company in order to be able to react to the international effects
of COVID-19. After that date the demand from our customers was high
and stable and we therefore decided to discontinue the short-time
work. Short-time work had an effect on the average full-time
employees of minus 4 FTEs. It was and is absolutely
crucial for us not to have to lay off any employees, so we were
very happy to be able to use the short-time working option. In some
positions, our employees have also decided to voluntarily work more
from home in order to reduce the number of colleagues present in
our facilities.
We have not experienced any interruptions in the
business operations due to the COVID-19 pandemic. The measures
taken with masks, distance between the working places, home offices
and general care, have enabled us to offer a safe environment for
our employees and we have had very few incidents in the company
during 2021.
Outlook
RoodMicrotec expects the total income in 2022 to
be in the range of EUR 15.0 million to
EUR 15.6 million with a positive result before tax. The
current situation in the world regarding lead-times for wafers and
packaging as well as shipment delays may impact the ability to
achieve the expected total income. The war in Ukraine could also
have an impact on the business but in the short term we don’t see
any significant impacts. RoodMicrotec is keeping a close eye on the
situation and is doing everything possible to mitigate any
impact.
Conference call
You are invited to take part in RoodMicrotec’s conference call
for shareholders, financial press and analysts on
Thursday, April
21,
2022 at 9:30
CEST.The management will
present the Annual Report 2021 in detail and answer your
questions.The dial-in number for the call
is: +31
(0)20 531 5863 (via operator)
Annual General Meeting of
Shareholders
The Annual General Meeting of Shareholders of
the Company will be held by webcast (virtual meeting) on Thursday,
June 9, 2022 at 15:00 CEST. The Board of Management and Supervisory
Board have decided to organize the AGM in such manner, that it can
only be attended by registered shareholders through a webcast.
Shareholders do not have the option to attend the AGM in person, as
the Meeting will only be held remotely via a digital platform
(virtual meeting).
The convening notice (including registration and
voting instructions) and the agenda with explanatory notes, as well
as all other meeting documents for the AGM will be available from
Thursday April 28, 2022 onwards on our corporate website:
www.roodmicrotec.com/en/investor-relations-en/annual-general-meeting.
Financial
calendar
April 28, 2022 |
Publication of invitation and agenda for the Annual General Meeting
of Shareholders |
June 9, 2022 |
Annual General Meeting of shareholders |
July 21, 2022 |
Publication Interim Report 2022 |
July 21, 2022 |
Conference call for shareholders, press and analysts |
October 13, 2022 |
Trading update quarter 3-2022 |
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 materialize. Furthermore,
RoodMicrotec does not accept any obligation to update the
statements made in this press release.
About RoodMicrotec
RoodMicrotec is a leading independent company
for semiconductor supply and quality services. With more than 50
years of experience in the semiconductor and electronics industry,
RoodMicrotec is well-established as a highly valued partner for
many companies worldwide. The Company provides full-turnkey ASIC
services for complex microchips that are customized to handle
specific applications for individual customers. In cooperation with
strong partners, RoodMicrotec manages the entire development and
production flow of ASICs in the target volume, ranging from low
quantities up to multiple millions per year. The turnkey solution
includes project management, wafer test, assembly, final test,
qualification, failure analysis and logistics. All services comply
with the industrial and quality requirements of the high
reliability, aerospace, automotive, healthcare and industrial
sectors. RoodMicrotec’s headquarter is located in Deventer,
Netherlands, with operational units in Nördlingen and Stuttgart,
Germany.
For more information visit
https://www.roodmicrotec.com
Further information
Martin Sallenhag - CEO, Arvid Ladega -
CFOTelephone: +31 570
745623 Email:
investor-relations@roodmicrotec.com Web:
www.roodmicrotec.com
This press release is published in English
only.
- 2022 04 21_RoodMicrotec-YE Result - AR 2021_E
- 2021 Annual Report RoodMicrotec(web)
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