Schweizer Electronic AG confirms Group figures and outlook for 2024
EQS-News: Schweizer Electronic AG / Key word(s): Annual Results
Schweizer Electronic AG confirms Group figures and outlook for 2024
29.04.2024 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.*Schweizer Electronic AG confirms Group figures and outlook for 2024 *
· *Turnover increases to EUR 139.4 million*
· *EBITDA at EUR 47.4 million – high income from deconsolidation*
· *Outlook for the year 2024 remains positive*
Schramberg, April 29, 2024 – SCHWEIZER today announces the publication of the annual report for 2023 and confirms the preliminary figures. The *SCHWEIZER-Group* (according to IFRS) generated *sales* of EUR 139.4 million in 2023 (previous year: EUR 131.0 million). This corresponds to an increase of 6.4% compared to the previous year. This growth was made possible by a strong fourth quarter.
Sales from own production increased slightly compared to the previous year to EUR 93.8 million (2022: EUR 92.4 million). Sales of products from our strategic partners increased by 18% to EUR 45.6 million (2022: EUR 38.6 million). The share of sales generated by trading goods thus amounts to 32.7% (2022: 29.5%).
Sales of EUR 98.9 million were generated with automotive customers, which corresponds to an increase of +12.6% compared to the previous year. The share of sales with automotive customers is 71.0% (2022: 67.1%). This development reflects the increasing momentum in the automotive sector, after the industry was still severely impacted by supply bottlenecks for electronic components in the previous year.
The *order backlog* totalled EUR 251.3 million at the end of the reporting year. Of this, an order backlog totalling EUR 152.0 million is due for delivery in 2024.
The gains from the deconsolidation of Schweizer Electronic (Jiangsu) Co., Ltd., China and an operational turnaround in business results led to *earnings before interest, taxes, depreciation and amortisation (EBITDA)* of EUR 47.4 million or 34.0%. Adjusted for the result in China and the positive deconsolidation result of the investment in Schweizer Electronic (Jiangsu) Co. Ltd, China, EBITDA of EUR +8.9 million was achieved (2022: EUR +5.0 million). This corresponds to an EBITDA ratio of 6.4%.
The sale of the majority stake in Schweizer Electronic (Jiangsu) Co., Ltd., China, significantly improved the Group's *equity ratio* to 24.3% (31.12.2022: -5.5%) and the *net gearing ratio* fell to 64.2%.
Compared to the previous year, *total assets* decreased by EUR -54.2 million to EUR 106.1 million. This change is mainly due to the fact that the sale of the majority stake in the Chinese subsidiary had not yet been completed as at 31 December 2022 and the resulting balance sheet item ‘Assets held for sale’ totalling the resulting balance sheet item ‘Assets held for sale’ totalling EUR 78.8 million.
Nicolas-Fabian Schweizer, CEO of Schweizer Electronic AG: ‘The successful realisation of the sale of shares in Schweizer Electronic (Jiangsu) and the operational handover of the plant to our partner WUS Printed Circuit (Kunshan) Co., Ltd. has been completed. The production ramp-up of our embedding products in Jintan, which was planned from the outset, has been successfully completed. At the same time, our strategy was adapted in 2023 in line with the new company structure and changing market conditions. The increased focus on technology, diversification of customer groups and addressing new market regions - in particular North America - are in full swing and already showed the first signs of success in 2023.’
Marc Bunz, CFO, added on the outlook: ‘After 2023 was strongly characterised by the sale of the majority stake in Schweizer Electronic (Jiangsu) Co, Ltd, China, 2024 will only be slightly influenced by special effects from this transaction. Thanks to the strategic realignment, we achieved a remarkable turnaround in earnings and in the cash and balance sheet ratios in 2023. The adjusted strategy can be consistently pursued and realised from 2024. The fab-light strategy will lead to a reduced use of financial resources for capacity investments. Investments will be focussed on the Schramberg site, while the partnerships in Asia will enable broad-based growth to be achieved without the company having to invest in its own facilities.’
*Forecast / Outlook:
Sales forecast - another record year expected*
Based on current information, we expect sales of between EUR 140 million and EUR 150 million for 2024 (2023: EUR 139.4 million). We therefore expect to exceed the record year of 2023 once again. Growth will be driven by the ramp-up of major projects in the automotive sector. Of particular note here is embedding technology, which is currently being used for hybrid drive technologies in the 48-volt range but will later also be used in high-voltage applications to improve the energy yield of BEVs. Despite promising projects with industrial customers, these will not be able to achieve the growth rates of the automotive sector due to the ongoing challenges in the mechanical engineering and construction sectors.
*Earnings forecast - EBITDA expected to exceed EUR 10 million again*
The expectation for EBITDA is between EUR +10 and +11 million. We therefore consider it realistic to increase EBITDA by around 10% on an adjusted basis compared to 2023.
*Balance sheet figures continue to stabilise*
We expect to close the year 2024 with an equity ratio of 25 to 28% and a stable net gearing ratio of between 50 and 80%.
The report for the 2023 financial year is available from today at www.schweizer.ag in the Investors & Media / Annual Report section or at https://schweizer.ag/investoren-und-medien/geschaeftsbericht/downloads-berichte.*Key figures SCHWEIZER Group *
in Mill. EUR *2023* *2022*
Order book 251.3 234.4
Sales 139.4 131.0
EBITDA 47.4 -12.3
EBITDA ratio (%) 34.0 -9.4
EBITDA adjusted^1) 8.9 5.0
EBITDA ratio adjusted^1) (%) 6.4 3.8
EBIT 40.9 -24.5
EBIT ratio (%) 29.4 -18.7
EBIT adjusted^1) 2.9 -1.4
EBIT ratio adjusted^1) (%) 2.1 -1.0
Profit for the year 32.9 -33.5
Equity ratio (%) 24.3 -5.5
^ 1)*^ ^Adjusted for the current result from January to April 2023 of Schweizer Electronic (Jiangsu) Co., Ltd., China and the deconsolidation effect*
*About SCHWEIZER *
Schweizer Electronic AG offers the latest, cutting-edge technology and consultancy expertise in the PCB industry. Thanks to its state-of-the-art production facilities in Schramberg, Germany and Jintan, China as well as close partnerships with other technology leaders, SCHWEIZER provides individual PCB & Embedding solutions. SCHWEIZER's innovative PCB technologies are used in the most demanding applications, for example, in the Automotive, Aviation, Industry & Medical and Communications & Computing sectors, and are characterised by their extremely high quality and energy-saving and environmentally-friendly features.
The company was founded by Christoph Schweizer in 1849 and is listed at the Stuttgart and Frankfurt Stock Exchanges (ticker symbol „SCE“, „ISIN DE 000515623“).For further information please contact:
Elisabeth Trik
Schweizer Electronic AG
Einsteinstraße 10
78713 Schramberg
Phone: +49 7422 / 512-302
E-mail: elisabeth.trik@schweizer.ag
Please visit our website: www.schweizer.ag
Pictures: Schweizer Electronic AG | Flickr
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29.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Schweizer Electronic AG
Einsteinstraße 10
78713 Schramberg
Germany
Phone: 07422-512-301
Fax: 07422-512-397
E-mail: ir@schweizer.ag
Internet: www.schweizer.ag
ISIN: DE0005156236
WKN: 515623
Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (General Standard), Stuttgart; Regulated Unofficial Market in Tradegate Exchange
EQS News ID: 1891125
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