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PCB | February 09, 2012

Sales stagnate at Schweizer Electronic

Despite a seasonally weaker fourth quarter Schweizer Electronic AG was able to keep their annual sales stable at 105.4 million Euro compared to the previous year and within expectations.
In the reporting year, particularly customers in the automotive segment were asking for PCB technology made in Schramberg. With 58.7 million Euro (previous year 51.6 million Euro) this customer segment represented 55.7 % of the sales volume. Thus, the weak market development in solar electronics could be fully compensated.

Incoming orders in the reporting year amounted to 103.6 million Euro (previous year 163.0 million Euro) and orders in hand by the end of the year were at 120.0 million Euro (previous year 122.0 million Euro), which lead to an even book-to-bill ratio of 1.0.

Due to price increase of input factors and a lower production capacity utilization in the fourth quarter, EBIT before special effects decreased to 9.3 million Euro (previous year 13.0 million Euro) and with an EBIT margin of 8.8 % remained below expectations of 10 to 11 million Euro respectively 10 % EBIT margin.

EBIT including special effects amounted to 8.3 million Euro (previous year 16.9 million Euro). Special effects of 1.0 million Euro resulted from final settlement of the fire incident in the year 2005. In 2010, following the final assessment and analogous to the tax approach, an upward revaluation of assets occurred which resulted in a positive special effect in 2010.

Balance sheet ratios further on significantly improved during the past fiscal year. At the end of 2011, equity ratio was at 59 % (previous year 50.5 %). Net gearing amounted to -3 % (previous year 11 %). Thus the liquidity of the company is higher than the sum of interest-bearing liabilities.

The year 2012 already shows a significant recovery compared to the final quarter of the reporting year. In the fourth quarter of the year 2011 sales amounted to 21.8 million Euro. For the first quarter of the fiscal year 2012 the company expects sales of about 26 million Euro.

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