© stevanovicigor dreamstime.com Electronics Production | March 09, 2016
Cicor Group had a tough 2015
Swiss EMS-provider Cicor recorded lower sales – as well as a lower result – during the financial year of 2015 compared with the previous year.
Net sales for the year 2015 amounted to CHF 180.6 million, 10.8% less than in 2014 (CHF 202.5 million). In local currency terms, sales fell by 6.9%. Earnings before interest and tax (EBIT) were lower than in the previous year. EBIT before restructuring costs reached CHF 3.1 million (2014: CHF 10.2 million). EBITDA generated in the year 2015 before restructuring costs reached CHF 12.1 million (2014: CHF 19.7 million); the EBITDA margin before restructuring costs fell to 6.7% (2014: 9.7%) of net sales. Net profit in the 2015 financial year amounted to CHF 0.7 million before restructuring costs of CHF 4.7 million (net profit 2014: CHF 7.0 million) or CHF -4.1 million after taking restructuring costs into account. “During the 2015 financial year the Cicor Group struggled with a difficult market environment in Switzerland. The abandonment of the minimum exchange rate between the Swiss franc and the euro unsettled many companies in Switzerland. As a consequence, some of Cicor's customers delayed or reduced their orders. The falling sales at two major customers also reduced the sales volume in 2015. The measures initiated had only a limited positive effect on the results, the company writes in a press release” ----- CHF 1 = EUR 0.91285 Oanda - 090316