Elettronica
RoodMicrotec: Annual figures for 2014
Zwolle, 30 April 2015
On 12 March 2015 we published our preliminary financial figures. Following the completion of the audit, certain adjustments were made. The most important ones related to the financial assets, pension obligations and to the financial results, which we summarise below. The adjustments do not have a material effect on the operational cash flow.
The total assets were EUR 13.617 million, which is EUR 2.447 million higher than presented before. The increase is mainly due to the reclassification of financial assets of EUR 2.494 million, which were previously presented under pension liabilities and the cash position. These items also led to a restatement of the comparative figures as per 1 January 2013 and 31 December 2013. The financial assets comprise bonds of EUR 2.494 million, which are held for financing pension liabilities and have been placed under a Contractual Trust Agreement. However, these bonds were not transferred to the Trustee as per 31 December 2014 and therefore may not be netted against the pension liabilities. As at 20 April 2015, these bonds were definitively transferred to the Trustee. As a result, the corresponding financial assets therefore may be netted against the pension liabilities in 2015.
EBIT for 2014 was EUR 1.514 million negative, which is EUR 178 thousand lower than presented in the preliminary figures. This was due to additional audit and legal fees of approx. EUR 70 thousand and additional cost accruals in personnel and other expenses of approx. EUR 108 thousand. Taxes through the profit and loss statement for 2014 were EUR 18 thousand negative, compared to EUR 144 thousand positive as we stated in the preliminary figures. This resulted into a negative effect of the profit and loss statement of EUR 162 thousand. The comparable figures of the profit and loss statement have been restated due to an adjustment in the pension costs of EUR 95 thousand.
Reference is made to the deferred tax assets and the valuation of the financial assets as explained in the Annual Report in note 10 and note 11 as well as the audit opinion on these items on page 117/118 of our Annual Report.
As the first quarter has since closed we will issue our trading update now.
In line with expectations, the first quarter of 2015 showed an improvement in operations, resulting in a higher sales compared to last year and over budget. The increase was limited, but compared to recent years it is a positive trend break. RoodMicrotec's management considers this a clear positive signal.
As published before, we have more than 20 new projects on hand, for which we have high expectations for the near future. Of this new business with a volume of EUR 5 to 10 million per year as of 2015, 80-90% will come on top of our current business. This supports our projection that we will be able to achieve significant growth up to and including 2018. We are already invoicing for the start-up or investing in the preparation of more than 50% of these new projects. We are realising this new business in our core segments Automotive (50%) and Industrial/Medical (30%), but also in high-end consumer business (20%). Automotive and Industrial/Medical are among the fastest growing segments in the market. This supports our expectation that we will grow significantly over the next few years.
This volume of new business is unparalleled, which gives the management of RoodMicrotec confidence that we are on the right way for a full recovery.
A conference call will be held for press, analysts and other interested parties on 1 May. The telephone number to join the call is
Investors, bondholders, analysts, journalists and other interested parties are invited to join the investors meeting on 13 May at 4 pm, in which we will give information concerning the business and will present our new CTO Martin Sallenhag.
The Annual General Meeting of Shareholders will be held on Thursday 11 June 2015.
* Certain amounts shown here do not correspond to the 2013 financial statements and reflect adjustments made, referring to prior period adjustments
* Certain amounts shown here do not correspond to the 2013 financial statements and reflect adjustments made, referring to prior period adjustments
* Certain amounts shown here do not correspond to the 2013 financial statements and reflect adjustments made, referring to prior period adjustments
With 45 years' experience as an independent value-added service provider in the area of micro and optoelectronics, Rood Microtec offers fabless companies, OEMs and other companies a one-stop shopping proposition. With its Rood Microtec 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.
concerns inter alia testing 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.
The value-added services comprise inter alia ( e X tended) supply chain management, 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 and total manufacturing solutions with partners.
Rood Microtec has branches in Germany (Dresden, Nördlingen, Stuttgart), the UK (Bath) and the Netherlands (Zwolle).
Philip Nijenhuis, CEO
Telephone: +31 (0)38 4215216
Email: investor-relations@roodmicrotec.com
Website: www.roodmicrotec.com
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