Schweizer Electronic AG: Positive business development in the first quarter of 2023

Schweizer Electronic AG: Positive business development in the first quarter of 2023

• Incoming orders up by one third compared to the same quarter of the previous year
• Sales up 6.8 percent in the first quarter
• Positive EBITDA - strong increase in Group profitability excluding China
• Forecast for 2023 confirmed

Schramberg, May 10, 2023 - The SCHWEIZER-Group had a good start to the current year. Orders, sales and results have improved considerably. Excluding Schweizer Electronic (Jiangsu) („SEC"), which is hold for sale, a clear turnaround in results was achieved. SCHWEIZER is increasingly benefiting from the mega-trends of electromobility, automation and autonomous driving. The first quarter still includes the fully consolidated results of Schweizer Electronic (Jiangsu) Co., Ltd.

The Order book increased to 254.8 million euros at the end of the quarter, which corresponds to an increase of +29.8 percent as of 31.03.2022 or +8.7 percent compared to the end of the year (31.12.2022: 234.4 million euros). Incoming orders amounted to 55.4 million euros in the first quarter of 2023 and increased accordingly by +32.8 percent compared to the same quarter of the previous year (Q1 2022: 41.7 million euros).

The Turnover of the SCHWEIZER-Group amounted to 37.1 million euros in the first quarter of 2023 (Q1 2022: 34.8 million euros). This corresponds to an increase of +6.8 percent compared to the same quarter of the previous year. Sales to automotive customers amounted to 24.9 million euros (Q1 2022: 24.1 million euros), an increase of 3.5 percent compared to the same quarter of the previous year. Automotive customers represented 67 percent of revenue in the first quarter of 2023 (Q1 2022: 69 percent), while at the same time the share of revenue from industrial customers increased to 26 percent (Q1 2022: 23 percent).

Earnings before interest, taxes, depreciation and amortisation (EBITDA) improved to +0.4 million euros (Q1 2022: -2.1 million euros). The EBITDA ratio was +1.0 percent, compared to a negative ratio of -6.0 percent in the previous year. In the Group excluding China, EBITDA of +3.4 million euros was achieved (Q1 2022: +1.7 million euros) and thus doubled.

The Equity was still burdened by the consolidated Chinese subsidiary ("SEC") in the first quarter and amounted to -12.7 million euros as at 31 March 2023 (31 December 2022: -8.8 million euros). The change was mainly due to the net loss of the Chinese subsidiary in the first quarter of the year amounting to -5.3 million euros, whereas the Group excluding China generated a consolidated net profit of +1.3 million euros in the first quarter. The effect of the majority disposal in SEC will take effect on 1 May 2023, which will lead to positive earnings effects and an improvement in the balance sheet structure of the SCHWEIZER Group.

Forecast confirmed
The management confirms the forecast given in the context of the publication of the 2022 business figures and expects a significant improvement in the profit margins. With an EBITDA ratio of between +4 and +6 percent (2022: -9.4 percent) and a return to solid balance sheet ratios. The effects of the deconsolidation of SEC, which is due in the second quarter, cannot yet be precisely quantified, so that both positive and negative effects may arise from this.

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 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