Business development in the first quarter

Schweizer Electronic AG: Business development in the first quarter

• Sales increase by 5.5 percent in the first quarter
• Sustained positive EBITDA
• Forecast for 2024 confirmed

Schramberg, May 8, 2024 – The sales of the SCHWEIZER Group amounted to EUR 39.2 million in the first quarter of 2024 (Q1 2023: EUR 37.1 million). This corresponds to an increase of +5.5 percent compared to the same quarter of the previous year. The first quarter of 2023 still included a revenue of EUR 1.8 million from the associated company Schweizer Electronic (Jiangsu) Co, Ltd, China (“SEC”). Thus the increase of sales without SEC corresponds to 11.0%. Sales from own production amounted to EUR 24.3 million and thus were slightly higher than in the same quarter of the previous year (Q1 2023: EUR 24.2 million). The sales of products via our Asian partner network increased by 14.8% year-on-year to EUR 14.9 million, accounting for 37.9% of sales (Q1 2023: 34.9%). The share of revenue generated by in-house production amounted to 62.1% (Q1 2023: 65.1%). Sales to Automotive customers amounted to EUR 31.3 million (Q1 2023: EUR 24.9 million), which corresponds to an increase of +25.7% compared to the first quarter of 2023. Automotive customers accounted for 80.0% of revenue in the first quarter of 2024 (Q1 2023: 67.1%).

The order backlog was EUR 224.9 million at the end of the quarter (December 31, 2023: EUR 251.3 million).

Earnings before interest, taxes, depreciation and amortization (EBITDA) grew to EUR +2.1 million (Q1 2023: EUR +0.4 million). The EBITDA ratio amounted to +5.2% and was therefore 4.2 percentage points higher than in Q1 2023. Adjusted for the negative EBITDA contribution from SEC in Q1 2023, EBITDA fell by EUR -1.4 million in Q1 2024.

Equity amounted to EUR 24.9 million at the end of the quarter (31.12.2023: EUR 25.8 million). The change was mainly due to the loss allocation of EUR -1.1 million from SEC, which is held as a financial investment (at equity). Non-current financial liabilities decreased by EUR -0.6 million. Net debt increased compared to the end of the year to EUR 18.1 million (31.12.2023: EUR 16.6 million).

Forecast confirmed
The management confirms the forecast issued as part of the publication of the 2023 business figures. Due to the positive developments in sales of the embedding technology, the Executive Board confirms the revenue target of EUR 140 to 150 million and the EBITDA forecast of between EUR +10 and +11 million (2023 adjusted EBITDA: EUR +8.9 million) for 2024. It should be noted that there is currently an accelerated development of the revenue structure towards products from the Asian partner company. This may have a negative impact on the margin. The structural shifts are being balanced by targeted measures to adjust the cost structure.

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
Pictures: Schweizer Electronic AG | Flickr