- Total income grew by 18.5% to EUR 8.7 million (HY1 2022: EUR 7.3 million)
- EBITDA increased to EUR 1.8 million (HY1 2022: EUR 1.4 million)
- Net profit rose to EUR 0.9 million (HY1 2022: EUR 0.6 million)
Deventer, July 20, 2023 – RoodMicrotec N.V., a leading independent company for semiconductor supply and quality services, today publishes the Interim Report for the six-month period ended June 30, 2023.
RoodMicrotec reports a total income of EUR 8.7 million for the first half-year of 2023, which is 18.5% higher than the total income reported for the first half-year of 2022 and 6% lower than for the second half-year of 2022. The increase in total income is driven by a continued strong delivery level, especially by the Test Operations unit. The slight reduction between the second half-year of 2022 and the first half-year of 2023 is predominantly due to the normal cyclical business in the semiconductor industry, where the second half of the year typically can be characterized by stronger demand.
| Operational Unit (x EUR 1,000) | HY1 2023 | HY1 2022 | Change |
| Test Operations | 5,845 | 4,496 | 30.0% |
| Supply Chain Management | 1,466 | 1,398 | 4.9% |
| Qualification & Failure Analysis | 1,356 | 1,423 | -4.7% |
| Total | 8,667 | 7,317 | 18.5% |
Total operating expenses for the first half-year of 2023 amounted to EUR 6.8 million against EUR 5.9 million for the first half-year of 2022, while cost for raw materials and consumables remained stable at EUR 1.1 million. Personnel expenses increased to EUR 4.0 million (HY1 2022: EUR 3.6 million) due to bonus expenses and an increase in the number of employees. Other operating expenses increased to EUR 1.7 million (HY1 2022: EUR 1.2 million), predominantly due to the costs incurred for financial and legal advice and support in relation to the Public Offering process in the amount of EUR 0.5 million for the first half-year of 2023.
EBITDA increased from EUR 1.4 million for the first half-year of 2022 to EUR 1.8 million for the first half-year of 2023. Through excellent cost control we have succeeded in further reducing the overall costs as a percentage of total income by 1.4% in the first half-year of 2023. The cost of raw materials stayed at EUR 1.1 million in the first half-year of 2023, but as percentage of total income came down by 2%-points to 13% compared to first half-year of 2022.
Depreciation charges of EUR 0.8 million were higher in the first half-year of 2023 (HY1 2022: EUR 0.7 million) due to capital expenditure during the second half-year of 2022 and the first half-year of 2023. Total financial expenses maintained at the same level of EUR 0.1 million for the first half-year of 2023 and 2022.
Net profit for the first half-year of 2023 increased by 35% to EUR 0.9 million compared to the first half-year of 2022.
Adjusting for non-recurring costs incurred for financial and legal advice and support in relation to the Public Offering process in the amount of EUR 0.5 million in the first half-year of 2023, the adjusted EBITDA would have been EUR 2.3 million (HY1 2022: EUR 1.4 million) and the adjusted net profit would have been EUR 1.4 million (HY1 2022: EUR 0.6 million).
| Financial data (x EUR 1,000) | Note | HY1 2023 | HY1 2022 | |
| Total Income | 8,667 | 7,317 | ||
| EBITDA | 1,825 | 1,440 | ||
| Adjusted EBITDA | 1 | 2,286 | 1,440 | |
| Net profit | 869 | 644 | ||
| Adjusted net profit | 1 | 1,330 | 644 |
Note 1: after excluding non-recurring costs incurred for financial and legal advice and support in relation to the Public Offering process in the amount of EUR 0.5 million in the first half-year 2023
Net cash flow from operating activities for the first half-year of 2023 was positive with EUR 1.8 million (HY1 2022: EUR 0.3 million). The increase results from higher net profit and reduced working capital compared to the first half-year of 2022. Cash flow from investing activities was EUR 0.5 million negative (HY1 2022: EUR 0.4 million negative). Cash flow from financing activities for the first half-year of 2023 amounted to EUR 1.2 million negative (HY1 2022: EUR 0.5 million negative), including EUR 1.1 million for redemption of the non-controlling interest (HY1 2022: EUR 0.4 million negative). Total net cash flow for the first half-year of 2023 amounted to EUR 0.1 million positive (HY1 2022: EUR 0.6 million negative). Cash and cash equivalents at the end of the half-year of 2023 amounted to EUR 3.7 million (December 31, 2022: EUR 3.6 million; June 30, 2022: EUR 1.9 million).
“The first six months of 2023 have continued to run at the same level as the second half-year of 2022 which meant a good start for the whole year. We still see some supply challenges in the world, but we have been able to continue our Test Operations at a high utilization level. The load situation at the end of the second quarter, in combination with our current order book level provide a solid base for the second half-year of 2023.”, says Martin Sallenhag, CEO of RoodMicrotec.
Interim Report 2023 (reviewed by KPMG Accountants N.V. due to Public Offering process)
You will find the complete Interim Report 2023, which is available in English only, on our corporate website: www.roodmicrotec.com/en/investor-relations-en/financial-publications.
The Interim Report 2023 has been reviewed by KPMG Accountants N.V. pursuant to the provisions of Appendix B, Paragraph 2 sub 2.4 of the Dutch Decree on Public Takeover Bids (Besluit openbare biedingen Wft). The review opinion issued by KPMG Accountants N.V. is attached to the Interim Report 2023.
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%. The geopolitical situation in the world and the current energy crisis throughout Europe could have an impact on the Company’s business. RoodMicrotec is keeping a close eye on the situation and is doing everything possible to mitigate any potential negative impact.
Financial calendar
| July 20, 2023 | Conference call for media, analysts and shareholders |
| October 19, 2023 | Trading update for the third quarter of 2023 |
| [Date to be determined] | Extraordinary General Meeting of Shareholders (in relation to the Public Offer by Microtest) |
Conference call
CEO Martin Sallenhag and CFO Arvid Ladega will present the Interim Report 2023 and hold a Q&A session. You are invited to join RoodMicrotec’s conference call for media, analysts and shareholders (a Microsoft TEAMS event) on
Thursday, July 20, 2023 at 9:30 CEST
Login-information:
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 |
| +39 02 3206 8489 | Italy, Milano |
Find a local number – in case you are in another country
Phone Conference ID: 236 111 572#
Forward-looking statements
This press release contains a number of forward-looking statements. These statements are based on current expectations, estimates and prognoses by the Board of Management as well as 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
With more than 50 years of experience in the semiconductor and electronics industry, RoodMicrotec is a leading independent company for semiconductor supply and quality services. RoodMicrotec is a highly valued partner for many companies worldwide and offers specifically tailored turnkey solutions for each single customer’s requirements. The turnkey services include project management, wafer test, assembly, final test, qualification, failure analysis, and logistics. All services provided by RoodMicrotec meet the high quality standards of the automotive, industrial, healthcare, and high reliability aerospace sectors. RoodMicrotec is headquartered in Deventer, Netherlands, with operational units in Nördlingen and Stuttgart, Germany.
For more information, please visit https://www.roodmicrotec.com
Further information
Martin Sallenhag, CEO or Arvid Ladega, CFO
Phone +31 570 745623, E-mail [email protected]
This press release is published in English only. This communication contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. The company’s managing director and CEO Martin Sallenhag, is responsible for arranging the release of this document on behalf of RoodMicrotec.
Attachments
- 2023 07 20_RoodMicrotec-half year result_E
- 2023 Interim Report
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