RoodMicrotec N.V. publishes 2022 annual report with audited
financial statements
RoodMicrotec
shows strong financial performance for the year
2022.
- Total income of EUR
16.5
million with an EBITDA of EUR
3.9
million
-
Net profit
of EUR 2.4
million
- Cash flow from
operating activities of EUR
3.6 million
Deventer, April
20,
2023
– RoodMicrotec N.V., a leading independent company
for semiconductors supply and quality services, today publishes the
Company’s Annual Report for the financial year 2022 including the
audited consolidated and company financial statements. The 2022
Annual Report is available for download on the corporate website:
www.roodmicrotec.com/en/investor-relations-en/financial-publications.
The total income for 2022 amounted to EUR 16.5
million, which is 14% higher than in 2021 (EUR 14.5 million)
resulting in a second consecutive year with double-digit growth.
Notably, this is the highest total income since 2000, and it shows
that RoodMicrotec is focusing on the right fast-growing
future-oriented markets.
“Once again, we managed to exceed the outlook
and deliver a higher total income as well as a higher profit. In
the first and second quarter of 2022, we generated a total income
that was similar to the fourth quarter of 2021, which was a very
good start of the year”, says Martin Sallenhag, CEO of
RoodMicrotec. “In the third and fourth quarter of 2022, we saw a
steady increase in total income making the full year the best in
over 20 years. The profit before tax for the year as well as the
overall liquidity put us in a good position for future investments
in machinery and services. This allows us to focus on growing the
business with new customer engagements.”
Throughout the year, the Test Operations
department continued to deliver outstanding results. The total
income increased from EUR 7.9 million in 2021 to EUR 10.0 million
in 2022, which is a growth of 26%. Our long term customers are
increasing their demand and we are able to support them with
additional capacity. In 2022, we have added both manpower and new
machines to support the expanding business.
The Supply Chain Management unit is growing
thanks to long-term projects. The total income increased from
EUR 3.4 million in 2021 to EUR 3.5 million in 2022, a
growth of 5% year-over-year. This is also driving turnover in the
other units, especially in the Test Operations department.
In the Qualification & Failure Analysis
department we have seen a big increase in request for counterfeit
analysis. Due to the shortage of components, it is becoming more
important to analyze the used components before going into mass
production. RoodMicrotec is the first and only company in Germany
to offer the counterfeit electronic parts standard SAE AS6081 as an
accredited method according to DIN EN ISO/IEC 17025:2018.
2022
HIGHLIGHTS / MAIN
DEVELOPMENTS
Financials
- Total income: EUR 16.5 million
(2021: EUR 14.5 million).
- EBITDA: EUR 3.9 million (2021: EUR
2.8 million).
- Balance sheet total: EUR 17.2
million (2021: EUR 15.0 million).
- Net result: EUR 2.4 million profit
(2021: EUR 1.4 million profit).
- Net cash flow from operating
activities: EUR 3.6 million (2021: EUR 2.0 million).
Commercial/operational
- RoodMicrotec has
continued to expand its services in the areas defined in the
Company’s technology roadmap. High frequency test solutions are
being developed for our demanding customers based on this new
technology and their demand for production test.
- The first
projects to qualify high power electronics according AQG 324 have
been started in the Qualification & Failure Analysis
department. These new services have been added to handle high power
devices aimed for battery management and control.
- RoodMicrotec and
Rohde & Schwarz have been working together for over 10 years
and in this period RoodMicrotec has carried out the test
development for various high frequency ASICs used by
Rohde & Schwarz in their products. RoodMicrotec
performs wafer and component level tests as well as qualifications
prior to product launch. For the coming years, further projects of
this kind are already scheduled.
- The world leader
in UWB (Ultra-Wideband) sensing solutions, Novelda, and
RoodMicrotec have reached an agreement on qualification, test, and
supply of a new generation of UWB devices. The Ultra-Wideband
Sensor can detect the tiniest movements, even breathing and
heartbeat. The cooperation with RoodMicrotec as European partner
enables Novelda to manage faster qualification and
industrialization of new products. Effective collaboration, both on
engineering and management level, and combining each partner’s
expertise is allowing ‘first time right’ development of test
solutions, qualification processes, and the rapid launch of
production testing and supply.
- The order book
is at a higher level than in the beginning of the year, even though
the total income was higher than budgeted. This means that the
book-to-bill ratio was above 1 for the year.
- During 2022, we
have continued to progress the booked SCM projects towards
production through test program development as well as
qualification work. Some projects have been released for production
and we start to see the first volumes for these customers. The
turn-key project for a Swiss customer, which includes the design of
an ASIC by a design house partner, packaging of the device in Asia,
qualification, and in-house test development, is progressing well.
The volume production for this device will be launched early in
2023 in the RoodMicrotec facility in Nördlingen.
- The nationally
and internationally funded APPLAUSE project “Advanced packaging for
photonics, optics and electronics for low cost manufacturing in
Europe,” fosters the European semiconductor value chain by building
new tools, methods and processes for high volume manufacturing.
RoodMicrotec has taken over the leadership of the work package
“testing, reliability, failure analysis and metrology”. The project
has delivered exceptional results with significant immediate or
potential impact. The progress over the last period was
convincing.
- As a full and
final settlement of the 2012 perpetual bond, RoodMicrotec GmbH has
paid Robus a total settlement amount of EUR 400k nominal, i.e.
without any interest, in two equal nominal installments of
EUR 200k on February 28, 2022 and June 30, 2022. This final
settlement has been reached before and confirmed by the Regional
Court of Hamburg in February 2022.
Events after balance sheet
date
- RoodMicrotec GmbH has entered into
an agreement for a full and final settlement with Prime Capital
Debt SCS, SICAV-FIS – Robus Recovery Sub-Fund (“Robus”) regarding
the perpetual bond that RoodMicrotec GmbH issued in 2010 and which
is held by Robus.
Following an oral hearing held on March 7, 2023,
both parties have reached agreement on a full and final settlement
that was reached before and confirmed by the Regional Court of
Frankfurt am Main. Pursuant to the settlement, RoodMicrotec GmbH
shall pay a total amount of EUR 2,194k (110% of the nominal value
of the perpetual bond issued in 2010), in four equal installments
of EUR 548k, by March 31, June 30, September 30, and December
31, 2023.
Key figures
(x EUR 1,000 unless stated otherwise) |
2022 |
2021 |
|
|
|
Results &
Cash |
|
|
Total income |
16,548 |
14,532 |
EBITDA |
3,898 |
2,786 |
EBITDA as % of total
income |
23.6% |
19.2% |
EBIT (operating result) |
2,451 |
1,227 |
EBIT as % of total income |
14.8% |
8.4% |
Profit (loss) before tax |
2,271 |
1,038 |
PBT as % of total income |
13.7% |
7.1% |
Net result |
2,380 |
1,435 |
Net cash position
(year-end) |
3,682 |
2,558 |
Net cash flow from operating
activities |
3,553 |
2,049 |
|
|
|
Capital, Debt &
Liquidity Ratios (at year-end) |
|
|
Total assets |
17,197 |
15,014 |
Equity |
7,850 |
5,583 |
Net debt1 |
-805 |
374 |
Invested capital (net debt +
equity) |
7,045 |
5,957 |
Gearing ratio (net debt /
invested capital) |
-11% |
6% |
Solvency (equity / total
assets) |
46% |
37% |
Debt ratio (net debt /
EBITDA) |
-0.2 |
0.1 |
Net working capital (working
capital - net cash position) |
211 |
317 |
Net working capital ratio (net
working capital / total income) |
1.3% |
2.2% |
ROCE (EBIT / average invested
capital) |
37.7% |
21.0% |
|
|
|
Assets
(at year-end) |
|
|
Tangible and intangible fixed
assets |
8,765 |
8,295 |
Investments in (in)tangible
fixed assets |
1,743 |
681 |
Depreciation of (in)tangible
fixed assets |
1,447 |
1,559 |
|
|
|
Data per share (x EUR
1) |
|
|
Equity |
0.105 |
0.074 |
Operating result |
0.033 |
0.016 |
Net cash flow from operating
activities |
0.047 |
0.027 |
Net result |
0.032 |
0.019 |
Share price: year end |
0.205 |
0.201 |
Share price: highest in the
year |
0.215 |
0.267 |
Share price: lowest in the
year |
0.171 |
0.176 |
|
|
|
Other
information |
|
|
Number of issued shares at
year end (in millions of shares) |
75.1 |
75.1 |
Average number of employees
(FTE) |
94 |
89 |
Total income / average
FTE |
176 |
163 |
Market capitalization (in EUR
millions) |
15.4 |
15.1 |
Total income and
result
In 2022, RoodMicrotec’s total income of
EUR 16.5 million was 14% higher than in 2021
(2021: EUR 14.5 million), with 92% of its total
sales effected in the European countries.
Total income from the Automotive sector
increased by 18% to EUR 8.1 million in 2022 (2021:
EUR 6.9 million) and represents 49% of the total income.
Total income in the Industrial / Medical sector increased by 7% to
EUR 6.7 million in 2022
(2021: EUR 6.3 million) and represents 40% of the
total income. The HiRel / Aerospace segment declined by 8% to
EUR 0.8 million (2021: EUR 0.9 million) and
with 5% only represents a small percentage of the total income. The
income in this sector mainly consists of failure analysis and
qualification work and this is very much depending on our
customers’ design cycles. Total income in other sectors increased
by 105% to EUR 0.9 million (2021:
EUR 0.5 million).
Total income by market
sector:
(x EUR
1,000) |
2022 |
2021 |
change |
|
|
|
|
Automotive |
8,094 |
6,886 |
17.5% |
Industrial / Medical |
6,683 |
6,270 |
6.6% |
HiRel / Aerospace |
849 |
926 |
-8.3% |
Others |
922 |
450 |
104.9% |
|
|
|
|
Total |
16,548 |
14,532 |
13.9% |
Throughout 2022, the Test Operations unit showed
a strong increase, which was related to the superior services and
the excellent position RoodMicrotec has with its existing and new
customers. The Supply Chain Management unit showed a limited
increase compared to last year. The sharp increase in the second
half of 2022 compared to the first half of 2022 was due to a higher
demand for existing products as well as the production ramp-up in
the context of new long-term contracts. In 2022, the Qualification
& Failure Analysis unit saw a decrease compared to 2021.
However, the total income for the second half of 2022 was 9% higher
than for the first half of 2022, which shows that new customer
projects are now starting.
Total income results per operational
unit:
(x EUR
1,000) |
2022 |
2021 |
change |
|
|
|
|
Supply Chain Management |
3,533 |
3,364 |
5.0% |
Test Operations |
10,035 |
7,938 |
26.4% |
Qualification & Failure Analysis |
2,980 |
3,230 |
-7.7% |
|
|
|
|
Total |
16,548 |
14,532 |
13.9% |
Operating result
The Company recorded an operating result for
2022 of EUR 2.5 million compared to EUR 1.2 million in
2021, and thus an increase of 99.8%. The increase in total income
only led to a modest rise of expenses for raw materials and
consumables (in 2021, expenditures for raw materials and
consumables were exceptionally high due to a high level of wafer
deliveries). Combined with a lower increase in operating expenses
than in total income, this led to an increase in the operating
margin from 8.4% in 2021 to 14.8% in 2022.
Net result
The Company recorded a net result of
EUR 2.4 million profit for 2022, which is an increase of 65.9%
compared to 2021.
Personnel and
organization
During 2022, RoodMicrotec continued to optimize
the organization to keep track with the changing demands from
customers and markets. Furthermore, highly experienced personnel
has been recruited for support of the Company’s future plans. The
average number of full-time employees (FTE) in 2022 was 94. Total
income per average full-time employee increased to EUR 176,000
from EUR 163,000 in 2021. RoodMicrotec’s policy is to strive
for growth of sales per FTE.
Looking back, RoodMicrotec got through the
COVID-19 period very well and without any material impact on
staffing levels. The measures taken with facial masks, distance
between the working places, home offices, and general care, offered
a safe environment for all employees.
Outlook
RoodMicrotec expects the total income for 2023
to be in the range of EUR 17.0 million to
EUR 17.5 million, with a profit before tax of 5-10% and
thus in line with the financial targets. The geopolitical situation
in the world and the current energy crisis throughout Europe could
have an impact on the Company’s business. The Management is keeping
a close eye on the situation and is doing everything possible to
mitigate any potentially negative impact.
Conference call
You are invited to take part in RoodMicrotec’s
conference call for shareholders, financial press, and analysts via
Microsoft TEAMS on
Thursday, April 20, 2023 at 9:30
CEST.
The Board of Management, Martin Sallenhag and
Arvid Ladega, will comment on the Annual Report 2022 in detail and
will answer your questions.To join the event please follow these
login instructions:Join with your computer or mobile
app Click
here to join the meeting
Or call in (audio only)+49 69
509544247 Germany,
Frankfurt am Main +31 20 399
9804 The
Netherlands, Amsterdam+32 2 895 09
68 Belgium,
Bruxelles+41 43 217 23
02 Switzerland,
Zurich
Find a local number – in case you are in another
country
Phone Conference
ID: 124 673 558#
Annual General Meeting of
Shareholders
The Annual General Meeting of Shareholders of
the Company will be held on Tuesday, June 6, 2023 at 15:00 CEST at
the Amsterdam Stock Exchange (EURONEXT), Beursplein 5, 1012 JW
Amsterdam, the Netherlands.
The convening notice (including registration and
voting instructions) and the agenda with explanatory notes, as well
as all other meeting documents for the AGM, including the 2022
Annual Report and the 2023 Remuneration Policy are available for
download on our corporate website:
www.roodmicrotec.com/en/investor-relations-en/annual-general-meeting.
Financial
calendar
June 6, 2023 |
Annual general meeting of shareholders |
July 20, 2023 |
Publication interim report 2023 |
July 20, 2023 |
Conference call for media, analysts and shareholders |
October 19, 2023 |
Trading update quarter 3-2023 |
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.
1 net debt includes lease liabilities
- 2023 04 20_RoodMicrotec-YE Result - AR 2022_E
- 2022 annual report RoodMicrotec-web
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