Schweizer Electronic AG confirms Group figures and outlook for 2024
EQS-News: Schweizer Electronic AG
/ Key word(s): Annual Results
Schweizer Electronic AG confirms Group figures and outlook for 2024
Schramberg, April 29, 2024 – SCHWEIZER today announces the publication of the annual report for 2023 and confirms the preliminary figures. The SCHWEIZER-Group (according to IFRS) generated sales of EUR 139.4 million in 2023 (previous year: EUR 131.0 million). This corresponds to an increase of 6.4% compared to the previous year. This growth was made possible by a strong fourth quarter. Sales from own production increased slightly compared to the previous year to EUR 93.8 million (2022: EUR 92.4 million). Sales of products from our strategic partners increased by 18% to EUR 45.6 million (2022: EUR 38.6 million). The share of sales generated by trading goods thus amounts to 32.7% (2022: 29.5%). Sales of EUR 98.9 million were generated with automotive customers, which corresponds to an increase of +12.6% compared to the previous year. The share of sales with automotive customers is 71.0% (2022: 67.1%). This development reflects the increasing momentum in the automotive sector, after the industry was still severely impacted by supply bottlenecks for electronic components in the previous year. The order backlog totalled EUR 251.3 million at the end of the reporting year. Of this, an order backlog totalling EUR 152.0 million is due for delivery in 2024. The gains from the deconsolidation of Schweizer Electronic (Jiangsu) Co., Ltd., China and an operational turnaround in business results led to earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR 47.4 million or 34.0%. Adjusted for the result in China and the positive deconsolidation result of the investment in Schweizer Electronic (Jiangsu) Co. Ltd, China, EBITDA of EUR +8.9 million was achieved (2022: EUR +5.0 million). This corresponds to an EBITDA ratio of 6.4%. The sale of the majority stake in Schweizer Electronic (Jiangsu) Co., Ltd., China, significantly improved the Group's equity ratio to 24.3% (31.12.2022: -5.5%) and the net gearing ratio fell to 64.2%. Compared to the previous year, total assets decreased by EUR -54.2 million to EUR 106.1 million. This change is mainly due to the fact that the sale of the majority stake in the Chinese subsidiary had not yet been completed as at 31 December 2022 and the resulting balance sheet item ‘Assets held for sale’ totalling the resulting balance sheet item ‘Assets held for sale’ totalling EUR 78.8 million. Nicolas-Fabian Schweizer, CEO of Schweizer Electronic AG: ‘The successful realisation of the sale of shares in Schweizer Electronic (Jiangsu) and the operational handover of the plant to our partner WUS Printed Circuit (Kunshan) Co., Ltd. has been completed. The production ramp-up of our embedding products in Jintan, which was planned from the outset, has been successfully completed. At the same time, our strategy was adapted in 2023 in line with the new company structure and changing market conditions. The increased focus on technology, diversification of customer groups and addressing new market regions - in particular North America - are in full swing and already showed the first signs of success in 2023.’ Marc Bunz, CFO, added on the outlook: ‘After 2023 was strongly characterised by the sale of the majority stake in Schweizer Electronic (Jiangsu) Co, Ltd, China, 2024 will only be slightly influenced by special effects from this transaction. Thanks to the strategic realignment, we achieved a remarkable turnaround in earnings and in the cash and balance sheet ratios in 2023. The adjusted strategy can be consistently pursued and realised from 2024. The fab-light strategy will lead to a reduced use of financial resources for capacity investments. Investments will be focussed on the Schramberg site, while the partnerships in Asia will enable broad-based growth to be achieved without the company having to invest in its own facilities.’ Forecast / Outlook: Earnings forecast - EBITDA expected to exceed EUR 10 million again Balance sheet figures continue to stabilise The report for the 2023 financial year is available from today at www.schweizer.ag in the Investors & Media / Annual Report section or at https://schweizer.ag/investoren-und-medien/geschaeftsbericht/downloads-berichte.
1) Adjusted for the current result from January to April 2023 of Schweizer Electronic (Jiangsu) Co., Ltd., China and the deconsolidation effect
About SCHWEIZER 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“).
29.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | Schweizer Electronic AG |
Einsteinstraße 10 | |
78713 Schramberg | |
Germany | |
Phone: | 07422-512-301 |
Fax: | 07422-512-397 |
E-mail: | ir@schweizer.ag |
Internet: | www.schweizer.ag |
ISIN: | DE0005156236 |
WKN: | 515623 |
Listed: | Regulated Market in Berlin, Dusseldorf, Frankfurt (General Standard), Stuttgart; Regulated Unofficial Market in Tradegate Exchange |
EQS News ID: | 1891125 |
End of News | EQS News Service |
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1891125 29.04.2024 CET/CEST