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Schweizer Electronic AG confirms consolidated figures for the 2020 financial year and outlook for 2021

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DGAP-News: Schweizer Electronic AG / Key word(s): Annual Results
23.04.2021 / 08:00
The issuer is solely responsible for the content of this announcement.

Schweizer Electronic AG confirms consolidated figures for the 2020 financial year and outlook for 2021

- Preliminary figures for the 2020 financial year confirmed

- Revenue above expectations following significant recovery in the fourth quarter

- EBITDA in line with expectations

- Forecast for 2021 with sales increase of more than 20 percent

 

Schramberg, 23 April 2021 - Today SCHWEIZER published the full report for the 2020 financial year and confirms the preliminary figures. The SCHWEIZER Group achieved consolidated sales of EUR 98.3 million in the 2020 financial year, exceeding the projected sales of between EUR 87 and 93 million.

Earnings before interest, taxes and depreciation (EBITDA) of EUR -9.5 million (previous year: EUR +0.1 million) with an EBITDA ratio of -9.7 percent were in line with the expectations for 2020 that had been specified in July 2020.

Marc Bunz, Chief Financial Officer of Schweizer Electronic AG, comments: "In view of the challenges posed by the COVID-19 pandemic and the transformation process of our most important customer group - the European automotive industry - and the current expansion of our new high-tech plant in Jintan (China), we achieved a lot in the 2020 financial year. Of course, we are not satisfied with a decline in total annual sales of -18.6 percent and an EBITDA ratio of -9.7 percent. However, we are well prepared for the future due to the successful implementation of restructuring measures in Schramberg and the expansion of capacity thanks to our plant in China."

Development of sales

With sales of EUR 29.3 million in the fourth quarter of 2020, the development of sales has recovered significantly in comparison to the previous quarters of the year. Particularly characteristic of this positive development is the increased demand from automotive customers with a 73.5 percent share of turnover from September onwards. The share of sales in the non-automotive sector developed also positively, rising to 26.5 percent (2019: 23.8 percent).

Operating margin and operating result

Gross profit on sales amounted to EUR +0.4 million (previous year: EUR +12.6 million). The gross margin fell from +10.5 percent in the previous year to +0.4 percent. The main reasons for the decline were, on the one hand, the production costs of EUR 15.8 million for the newly built plant in Jintan (China), which were included in the cost of sales for the first time, and the negative gross earnings contribution generated by the new plant as a result of the ramp-up phase. On the other hand, the main reason for the lower gross profit is the decline in business volume due to the coronavirus pandemic.

Special expenses from the restructuring and a bad debt loss of EUR 2.9 million and the start-up losses of the new plant in Jintan (China) of EUR 8.3 million impacted upon EBITDA (earnings before interest, taxes and depreciation) in 2020. EBITDA amounted to EUR -9.5 million in 2020 (2019: EUR +0.1 million), which corresponds to an EBITDA ratio of -9.7 percent (previous year: +0.1 percent). Adjusted for these factors affecting earnings, EBITDA amounted to EUR +1.7 million.

Outlook

For 2021, the Executive Board expects a significant recovery of sales figures, whereby the dynamics of SCHWEIZER's recovery will largely depend on two factors, in addition to the further development of the coronavirus pandemic:

First and foremost is the continued positive development of the new plant in Jintan (China) and the technology qualifications and important certifications planned for 2021. The further development of the new plant in China will enable SCHWEIZER to become more international and broaden its customer base.

The second important factor for the development of the company will be the stability of supply chains in the global context. A sustained shortage of components can lead to a limitation in both customer demand and supplier offers.

Based on forecasts for the development of the global economy, the PCB market and SCHWEIZER's new structure of a German-Chinese PCB group, the Executive Board expects sales growth of between 20 and 30 percent in 2021 and an improvement in the EBITDA ratio to 0 to -6 percent in terms of sales.

The full annual financial report for the 2020 financial year is available at www.schweizer.ag / Investor Relations / Annual Report or
https://schweizer.ag/en/investors-media/financial-reports/download-reports.

Key figures SCHWEIZER Group

in EUR million

2020

2019

Order book

109.2

126.7

Revenues

98.3

120.7

EBITDA

-9.5

0.1

EBITDA ratio (%)

-9.7

0.1

EBIT

-18.5

-6.5

EBIT ratio (%)

-18.8

-5.4

Annual result

-17.9

-5.6

Equity ratio (%)

17.4

24.1

 

 

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


23.04.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

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:

1187693


 

End of News

DGAP News Service

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