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PCB | April 29, 2009

Schweizer Electronic: operating revenues increased by 5%

The German PCB manufacturer Schweizer Electronic not only increased sales by 5% - despite difficult economic conditions - but also strengthend its operational profitability. The first three quarters were characterised by steady improvement in profitability.
This was helped by an increase in sales (Q1 to Q3: +15% over previous year) and also by the rigorously implemented restructuring and cost cutting measures. The 4Q turnover declined by around 24% (compared to the same quarter the previous year), due to the onset of the global recession. This has also impacted negatively on the result. Due to a 11% increase in orders, Schweizer Electronic was able to start 2009 with an order backlog of €47.1 million (previous year: €44.1 million).

Due to the completed and implemented measures (already in 2008), staff efficiency and productivity significantly increased. The resulting savings will benefit the fiscal year of 2009 and strengthen the future position of the company. Besides operational tasks, the Executive Board and executives pushed the development towards a full-service provider consistently forward.

Results of these activities are the agreed strategic alliance with Meiko Electronics, announced on April 24th. The long-term partnership includes customer service and production as well as - in subsequent steps - the exchange of capital shares and the development of technology joint ventures.

Schweizer Electronic has completed a significant step in implementing its strategy towards a full-service provider - covering express prototypes, acceleration of technologically advanced PCB production, as well as volume production in low cost countries.

Short overview of 2008:
• Operating revenues increased by 5% - despite the difficult market situation in 4Q
• Industry sales doubled
• Photovoltaic Sales: +300%
• Revenue growth of 90% in high-quality PCB technologies
• EBIT before special items was € -0.3 million (previous year: € -4.6 million)
• EBIT margin before special items at -0.4% after -3.0% in the previous year
• Special items for restructuring measures in 2008 and provisions for further cost-cutting measures in 2009 led to a net loss of €7.3 million
• Orders received in 2008 increased by 11%
• On 31.12.2008 the number of employees decreased by 4% to 747 (as of 01.01.2009: 722) employees

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