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© Schweizer PCB | May 08, 2017

Successful First Quarter 2017 for Schweizer

In the first quarter 2017, Schweizer Electronic reported a year-on-year turnover increase of 14.9 percent to EUR 32.4 million (2016: EUR 28.2 million).
The group’s EBITDA (earnings before interest, taxes, depreciation and amortisation) jumped by 59 percent to EUR 3.5 million compared to EUR 2.2 million in Q1/2016. An improved gross margin of last year’s complex product startups and the high turnover contributed substantially to the EBITDA margin of 10.7 percent (2016: 7.8 percent). The EBIT (earnings before interest and taxes) increased to EUR 1.5 million (2016: EUR 0.5 million), corresponding to an EBIT margin of 4.5 percent (2016: 1.8 percent).

Turnover increases could be realised with all customer groups, but the automotive customers continue to represent the biggest part. Sales with these customers increased by 11 percent to EUR 23.1 million (2016: EUR 20.8 million). Turnover development with customers from the field of industrial electronics was also good, with sales increasing by 26.9 percent to EUR 6.7 million (2016: EUR 5.3 million).

With a view to the regional allocation, Germany showed a slightly underproportionate turnover increase of 12.5 percent to EUR 19.0 million. Consequently, the export ratio increased to 41.4 percent. Exports went in particular to the European countries, but America and Asia Pacific also came up with above-average growth rates. The turnover share of Schweizer’s high technology products increased again in the first quarter, accounting for 57 percent of total turnover (2016: 54 percent). Incoming orders rose by 8.2 percent to EUR 31.7 million (2016: EUR 29.3 million), the order book amounted to EUR 157.5 million at the end of the first quarter 2017 (2016: EUR 150.0 million).

Outlook

“The first quarter exceeded our expectations concerning turnover and operative results. Based on our order book we continue to strive for a 2 to 4 percent turnover growth this year compared to 2016, which corresponds to a turnover of about EUR 120 million. Considering the successful first quarter we currently expect our EBITDA to be on the upper end of the forecasted 8 to 9 percent EBITDA range”, says Marc Bunz, Chief Financial Officer of Schweizer Electronic AG. “However, one cannot rule out the possibility that the current development of copper prices and the international shortages and price increases for copper foils and laminates might burden the turnover and the results. We are pleased to say that we do not face any shortages at the moment”.

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May 26 2017 9:38 AM V8.3.0-2