RoodMicrotec N.V. publishes 2020 annual report with audited
financial statements
Available in English only
- Total income of EUR 11.9
million with an EBITDA of EUR 1.3
million
- Net
result of EUR -0.3
million (after
taxes)
- Cash flow from
operating activities of EUR 1.5
million
Deventer, April
22,
2021
– RoodMicrotec N.V., a leading independent company
for semiconductors supply and quality services, today published the
Company’s Annual Report for the financial year 2020 including the
audited financial statements.
The complete 2020 Annual Report, which is
available in English and only as an electronic version, is
available on the corporate website:
www.roodmicrotec.com/en/investor-relations-en/financial-publications.
The total income for 2020 amounted to EUR 11.9
million, which was 10% lower than in 2019 but includes a
substantial increase in the second half of 2020 (EUR 6.5 million)
compared to the first half of 2020 (EUR 5.4 million). The net
result after taxes for 2020 was EUR 0.3 million negative, mainly
due to the COVID-19 impact in the second quarter. The second half
of 2020 showed a net profit after taxes of EUR 0.5 million, which
was due to the increase in total revenue together with tight cost
control throughout the year.
The Qualification & Failure Analysis unit
showed an increase compared to 2019, thanks to well established
relationships with long-term customers. The Test Operations and
Supply Chain Management units showed a decrease compared to 2019.
This is mainly because of the COVID-19 situation with quite some
logistic challenges and the reduced demand due to the lock-downs
and inventory management. Due to the unclear market situation, many
customers reduced their demand as well as their inventories and
thus did not order new components. This drop was mainly seen in the
second quarter of 2020 and significantly improved in the second
half of the year.
“We were expecting and budgeted a continuing
increase in total income and net profit in 2020, but the COVID-19
pandemic significantly affected us. We continued to serve our
customers with our usual high quality, but saw a reduced demand in
our test operations and supply chain management due to changes in
inventory management by our customers”, says Martin Sallenhag, CEO
of RoodMicrotec. “Even with an investment in a new test system
early in the year, the cash situation at the end of the year 2020
improved by EUR 0.4 million to EUR 1.4 million compared to the end
of 2019.“
The global outbreak of the COVID-19 pandemic in
the beginning of 2020 and the uncertain situation since then have
made it important for us to protect our partners, employees,
customers and suppliers. We are continuing to closely monitor the
situation and are taking steps to help to prevent the spread of the
virus. We are also taking extensive measures to be able to maintain
a permanent outstanding level of service as well as unimpaired
business relationships with our customers and suppliers.
RoodMicrotec’s facilities have been carrying out normal operations
during the whole year to support our customers.
2020 HIGHLIGHTS / MAIN
DEVELOPMENTS
Financials
- Total income: EUR 11.9 million
(2019: EUR 13.2 million).
- EBITDA: EUR 1.3 million (2019: EUR
1.5 million).
- Balance sheet total: EUR 14.3
million (2019: EUR 14.3 million).
- Net result: EUR 0.26 million
negative (2019: EUR 0.07 million negative).
- Cash flow from operating
activities: EUR 1.5 million (2019: EUR 1.2 million).
Commercial/operational
- Due to an increased demand for
testing from our customers, especially in the automotive sector, a
second V93k SmartScale SoC Testsystem was installed at the
RoodMicrotec test facility in Nördlingen. Starting in the first
quarter of 2020, the new state-of-the-art testing system added
extended services to the Company's portfolio.
- In the summer, a third V93k test
system from Advantest was installed. This is running tests of
specific high demanding parts for a well renowned customer.
- The projects that were booked
during the last quarter of 2018 and the first quarter of 2019 are
progressing well towards mass production. Three projects are in the
final qualification stage and one is still in the definition phase
and the implementation phase will start shortly.
- With our extensive knowledge and
equipment, we are able to perform the complete test plans of large
OEMs or Tier1 suppliers for press fit connectors according to
supplier approval instructions. We perform all process steps and
analyses from pin separation, press-in with
force-displacement-diagram measurements, and climate conditioning
up to characterization by means of metallographic cross sectioning,
whisker inspection, and electrical contact resistance
investigations.
- In February 2020, RoodMicrotec
signed a sales representative agreement with Cedar Technologies
Ltd. in order to develop new business and grow RoodMicrotec‘s
market share in the Nordic countries, Poland, the United Kingdom,
and Ireland. Expanding our market share in various selected
countries is part of our company growth strategy.
- The GaNScan-project, where
RoodMicrotec developed reliable processes for testing of Gallium
Nitride-on-Silicon as well as prototype high-power GaN devices, was
finalized in September 2020. This project improved two of
RoodMicrotec‘s core competencies in a very relevant way: Supply
Chain Management gained experience how to design and organize
customized and affordable low-volume high-power packages for power
electronics and Test Operations modified a wafer prober to enable
high voltage and high current testing of power electronics
- During 2020 we could not offer
face-to-face events as in the last years due to the COVID-19
pandemic. At several online events / conferences we gave lectures
on various subjects to about 300 participants in total through
webcasts and digital platforms. The lecture “Reliability Testing
Services for VCSELs, laser & photodiodes” given during an EPIC
meeting on VCSEL Technology and Applications has been published on
YouTube.
Key figures
|
|
|
|
|
(x EUR 1,000) |
2020 |
2019 |
|
|
|
Results |
|
|
Total income |
11,874 |
13,217 |
EBITDA |
1,345 |
1,539 |
EBIT (operating
result) |
-199 |
123 |
EBT |
-369 |
-87 |
Cash flow from
operating activities |
1,517 |
1,156 |
Net result |
-265 |
-73 |
|
|
|
Capital,
Debt & Liquidity Ratios |
|
|
Total assets |
14,337 |
14,294 |
Group equity |
3,844 |
3,945 |
Net debt |
1,137 |
1,472 |
Capital (net debt
+ equity) |
4,981 |
5,416 |
Gearing ratio (net
debt/ capital) |
23% |
27% |
Solvency (group
equity / total liabilities) |
27% |
28% |
Debt ratio (net
debt / EBITDA) |
0.8 |
1.0 |
Net working
capital |
1,296 |
1,505 |
Working capital
ratio |
0.71 |
0.72 |
|
|
|
Assets |
|
|
Tangible and
intangible fixed assets |
9,177 |
9,404 |
Investments in
(in)tangible fixed assets |
866 |
1,895 |
Depreciation of
(in)tangible fixed assets |
1,544 |
1,416 |
|
|
|
Data per
share (x EUR 1.-) |
|
|
Group equity |
0.051 |
0.053 |
Operating
results |
-0.003 |
0.002 |
Cash flow |
0.005 |
-0.010 |
Net result |
-0.004 |
-0.001 |
Share price: at year-end |
0.183 |
0.247 |
Share price: highest |
0.267 |
0.284 |
Share price: lowest |
0.107 |
0.202 |
|
|
|
Issue of nominal
shares |
|
|
At year-end (x 1,000) |
74,896 |
74,896 |
|
|
|
Number of FTE's
(permanent) |
|
|
At year-end |
95 |
98 |
Average |
86 |
96 |
|
|
|
Total income / Average FTE's
(permanent) |
138 |
138 |
Sales and result
In 2020, RoodMicrotec’s total income came in 10%
lower than in 2019 at EUR 11.9 million (2019:
EUR 13.2 million), with 93% of its total sales in the
European countries. The total income was predominantly affected by
the lower economic activity in Europe and Asia due to the COVID-19
pandemic.
Total income in the industrial / healthcare
sector declined in 2020 by 21% to EUR 5.5 million (2019:
EUR 6.9 million) and represents 46% of the total income.
Total income in the automotive sector increased in 2020 by 7% to
EUR 5.0 million (2019: EUR 4.7 million). The
HiRel / aerospace sector increased by 7% to
EUR 0.9 million (2019: EUR 0.9 million). The
total income in this segment 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 39% to EUR 0.5 million (2019:
EUR 0.8 million).
Total income by market sector:
(x EUR 1,000) |
2020 |
2019 |
change |
|
|
|
|
Automotive |
5,021 |
4,674 |
7% |
Industrial/Healthcare |
5,454 |
6,883 |
-21% |
HiRel / Aerospace |
908 |
852 |
7% |
Others |
491 |
808 |
-39% |
Total |
11,874 |
13,217 |
-10% |
In 2020 the total income in the Supply Chain
Management unit decreased by 15% to EUR 2.7 million
(2019: EUR 3.1 million). The total income in the
operational unit Test Operations decreased by 16% to EUR
5.4 million (2019: EUR 6.5 million). The total
income in the unit Qualification & Failure Analysis came in 5%
higher, at EUR 3.8 million (2019:
EUR 3.6 million).
Total income results per operational unit:
(x EUR 1,000) |
2020 |
2019 |
change |
|
|
|
|
Supply Chain Management |
2,659 |
3,131 |
-15% |
Test Operations |
5,429 |
6,482 |
-16% |
Qualification & Failure Analysis |
3,786 |
3,604 |
5% |
Total |
11,874 |
13,217 |
-10% |
Developments
The decrease in revenue in the Supply Chain
Management unit compared to 2019 is mainly due to inventory
management at the end customers. In the second quarter of 2020,
many customers decided not to order new components due to the
uncertainty of the market situation. This impacted the revenue in
this unit but the up-swing started to take place in the second half
again. The customers realized that the need for components was
maintained at a higher level than expected and started to order new
parts from RoodMicrotec. Our expertise in SCM is furthermore being
endorsed by partnerships we have forged with other leaders in the
industry.
The Test Operations unit showed a decrease of
16% compared to 2019 but it almost recovered to the same level as
in 2019 in the second half of the year. In the second half of 2020
the unit ran at a reasonable utilization level since the customers
that reduced the volumes in the second quarter came back with more
volumes in the second half of the year. The flexibility of
RoodMicrotec to be able to handle these type of down- and up-swing
is greatly appreciated by the customers. The major SCM projects
that RoodMicrotec is running also contributed to the sales in Test
Operations since some of them are now in volume production. The
installation of the two new V93k test systems during the year has
already started to pay off with increased revenue in the automotive
market segment.
The Qualification & Failure Analysis unit
reported an increase of 5% compared to 2019, thanks to well
established relationships with long-term customers. Even though
there was a concern in the market during the year, the customers
continued to run their development projects and this was visible
with increased revenue in the Qualification & Failure Analysis
unit. During 2020 we started to offer services to perform the
complete test plans of large OEMs or Tier1 suppliers for press fit
connectors according to supplier approval instructions. We also
participated in online events / conferences where we gave lectures
on various subjects to about 300 participants in total through
webcasts and digital platforms. With the excellent reputation that
RoodMicrotec has in these services, we see that it is also leading
to new long-term contracts with existing customers.
Personnel and
organization
During 2020, 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 86 FTEs in 2020.
Total income per average full-time employee stayed stable at from
EUR 138,000 compared to 2019. Our policy is to strive for growth of
sales per FTE.
From March 2020 we had to introduce short-time
working in our company in order to be able to react to the
international effects of COVID-19. Short-time work had an effect on
the average full-time employees of minus 10 FTEs. It was and is
absolutely crucial for us not to have to lay off any employees, so
we are 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.
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 2020.
Impact due to
COVID-19 pandemic
COVID-19 has not only influenced our private and
working life, it has completely changed it. Flexibility and
digitalization are now the decisive points that will define our
future. The first quarter was in line with our forecast and the
plans for the rest of the year were solid. The second quarter was
very tough with a lot of customers being cautious with ordering new
devices and managing their inventory. We started to take actions to
manage this lower demand through optimizing the work flows as well
as implementing short-time work in both our operating
facilities.
Towards the summer, many of our customers
realized that the demand for their products remained at a
reasonable level and they started to order components again. This
enabled us to see a level in the second half of 2020 which was very
close to the level of 2019. It still was lower than the forecasted
sales but still encouraging to see that the demand was rising.
Outlook
Currently, it is still not possible to forecast
the duration of the COVID-19 disruption, the impact of the
increasing number of infections in Europe or the impact of the
worldwide logistics situation. With the present visibility,
RoodMicrotec expects a total income in the range of
EUR 12.8 million to EUR 13.4 million in 2021.
The profit before tax in 2021 is expected to be in the range of 2%
to 4% of the total income.
Conference call
You are invited to take part in RoodMicrotec’s conference call
for financial press and analysts on
Thursday, April
22, 2021 at 9:30
CEST.The management will
present the Annual Report 2020 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 10, 2021 at 15:00 CEST. In light of the COVID-19 pandemic and
the ongoing safety measures imposed by the Dutch government, 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
April 29, 2021 onwards on our corporate website:
www.roodmicrotec.com/en/investor-relations-en/annual-general-meeting.
Financial
calendar
April 29, 2021 |
Publication of agenda and invitation for the Annual General Meeting
of Shareholders |
June 10, 2021 |
Annual General Meeting of Shareholders |
July 22, 2021 |
Publication interim report 2021 |
July 22, 2021 |
Conference call for press and analysts |
October 14, 2021 |
Trading update quarter 3-2021 |
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 only published in
English.
- 2021 04 22_RoodMicrotec-YE Result - AR 2020_E
- RoodMicrotec N.V._Annual Report 2020
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