DGAP-Media: Schweizer Electronic AG successful also in 3rd Quarter 2010
12.11.2010
DGAP-Media: Schweizer Electronic AG / Key word(s): Enterprise/
Schweizer Electronic AG successful also in 3rd Quarter 2010
12.11.2010 / 10:15
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Schweizer Electronic AG successful also in 3rd Quarter 2010 -
Forecast for current Fiscal Year again increased:
EBIT of above 10 % for 2010 expected
Outlook for 2011 rated stable and further on positively
Highlights of Third Quarter
- Mutual shareholding Contract with Meiko Electronics signed
- Expansion of flexible production capacities results in turnover of 28.1
Mio. EUR, an increase by 49 % compared to 3rd Quarter of previous year
- EBIT Margin increases to 14% in 3rd Quarter
- Operational revenues secure robust balance sheet structures: equity
ratio in September above 41 %
- Stock Exchange rewards positive development: share price increase by 36
% in 3rd quarter
Schramberg, November 12, 2010 - In its third quarter of the current fiscal
year 2010 Schweizer Electronic AG was able to continue and even accelerate
the positive business and revenue development which already started mid of
2009. Orders, sales and results even improved compared to previous
quarters.
The company fully benefited from the general economic recovery in the areas
of automotive and engineering. The growing area of solar electronics again
accounted for a positive business development above average. This customer
segment is subject to seasonal dynamics especially in the months of summer
Despite partially significant price increases in materials, results could
be kept stable compared to the previous quarter.
In September contracts on mutual shareholding with our strategic
cooperation partner Meiko Electronics were signed. In this context Meiko
Electronics acquired 5% of Schweizer Electronic's capital stock. In return,
Schweizer Electronic acquired 1,6% of Meiko Electronics. The transaction
was carried out in the first weeks of October - accordingly an impact on
the balance sheet will be reported in the fourth quarter. This measure,
already being announced in the context of the cooperation agreement, will
strengthen and further intensify the cooperation of both companies.
Shares
Schweizer Electronic AG's share (WKN 515623) again showed a significant
increase in the past quarter. The final quotation at the end of the quarter
was 26.35 EUR and thus increased during the course of the quarter by 7,00
EUR which corresponds to a share increase by 36%.
Sales on record level
Despite holiday season the company achieved a record sales in its third
quarter of 28.1 Mio. EUR (before reduction in earnings of 28.6 Mio. EUR).
The sales increase of 49% compared to the same quarter of the previous year
was generated by all customer segments.
12 % of our sales volume in the third quarter was processed by our
strategic partner Meiko Electronics. This represents a significant increase
compared to previous quarters: in the first quarter Meiko's sales share was
only 0.2% and 3,7% in the second quarter.
Results continue to be on a high level
From an economic point of view, the first two quarters of the fiscal year
2010 had been successful for Schweizer Electronic. This development
continued in the third quarter. In our third quarter we achieved an EBITDA
(earnings before interest, taxes, depreciation and amortisation) of 5.2
Mio. EUR, corresponding to a margin of 18% (previous year 14%). Compared to
the previous quarters, this margin is stable and shows that a partially
significant increase in material prices could be counterbalanced by
according measures.
EBIT (earnings before interest and tax) even increased and amounted to 4.1
Mio EUR or 14 % in the third quarter EUR (previous year 8%). Due to a
cautious investment policy over the last months, the amount of
depreciations was 1.1 Mio. EUR in the third quarter (previous year 1.2 Mio.
EUR). This does not include depreciations caused by revaluations of the
capital assets in the second quarter amounting to 250K EUR, which - for
comparison reasons - we report as special item.
Balance Sheet back to level before crisis
The ongoing good business results brought our equity capital back to a
level before the economic crisis. The equity ratio of 41.3% (previous year
28.6%) shows that Schweizer Electronic has fully overcome the crisis not
only as far as results are concerned but also related to our balance sheet
structures.
Cash flow follows our positive results
During the third quarter we achieved a positive operating cash flow of 4.7
Mio. EUR. During the course of the year a total cash flow of 8.9 Mio. EUR
was realized.
Cash flow from investment activities amounted to -1.4 Mio. EUR. These
financial means had been directed at investments to cure current and future
areas of bottlenecks in our PCS production in Schramberg.
Outlook
Schweizer Electronic assumes that the positive development of the first
nine months of this year can be continued in the fourth quarter - even
despite a seasonally weaker fourth quarter usually experienced in this
industry.
We expect that the upward dynamics following the boom of the past months
that was partially caused by refilling inventories, will be lowered to a
normal level at the beginning of the year 2011.
Due to measures taken early in order to increase competitiveness,
improvement and flexibility of cost structures and an attractive product
and performance portfolio, we are confident to gain further market share.
We will strengthen our position in our technology site Schramberg by
shifting our portfolio towards high value products within our innovation
building blocks. Investment into new technologies and reduction of
bottleneck areas have been implemented and will gradually be accelerated in
line with market developments. Required buildings and infrastructure are
already existing.
Schweizer Electronic intends to grow by volume increase in mass production.
Our strategic partner Meiko Electronics is increasing its capacities in the
current calendar year 2010 by 50 % - major part of which has been achieved
already. In 2011 a further capacity increase is planned in China as well as
the start of production of a volume production site in Vietnam. Schweizer
Electronic will dispose of a defined and significantly increasing
production corridor.
For the full fiscal year 2010 we expect sales volumes to be at the upper
end of the forecast hitherto reported of between 90 to 100 Mio. EUR. Based
on the development of 3rd quarter's results we raise our forecast for the
EBIT margin before special items to more than 10%.
Operating Figures
Comparison to 3rd quarter previous year
<pre>
Mio. EUR 3rd Quarter 2010 3rd Quarter 2009 Change
Mio. EUR %
Sales 28,1 18,8 +9,3 +49%
EBITDA 5,2 2,7 +2,5 +92%
EBITDA Margin 18% 14%
EBIT 4,1 1,4 +2,6 +186%
EBIT Margin 14% 8%
Orders in hand 123,8 48,0 +75,8 +158%
Orders received 52,0 35,8 +16,2 +45%
Persons employed 1) 744 653 +91,0 +14%
Equity Ratio 41% 29% 12% +41%
</pre>
Comparison to previous quarters
<pre>
Mio. EUR 3rd Quarter 2nd Quarter 1st Quarter CAGR 2)
2010 2010 2010
Sales 28,1 26,9 23,9 6%
EBITDA 5,2 3) 4,8 3,2 21%
EBITDA Margin 18% 18% 13%
EBIT 4,1 3) 3,6 2,2 28%
EBIT Margin 14% 13% 9%
Orders in hand 123,8 100,5 75,8 21%
Orders received 52,0 51,5 35,7 15%
Persons employed 744 719 693 2%
1)
Equity Ratio 41% 37% 32% 10%
</pre>
1) Number of persons employed at the end of the quarter including temporary
staff
2) Average rate of change of the first three quarters 2010
3) EBITDA and EBIT in second quarter before spezial items
About Schweizer:
Schweizer Electronic AG (WKN 515623) is one of the Top 3 PCB manufacturers
in Europe with recognized technology and consulting expertise in the field
of automobile, solar and industrial electronics. The company was
established in 1849 and is currently managed by the sixth generation of the
family.
Schweizer Electronic is focused on complex multilayer and HDI circuits as
well as solutions for reducing the system cost and improving the
integration of active and passive components on the PC board. In addition,
Schweizer Electronic has many answers to the challenges of modern power
electronics. With its network of partners, Schweizer Electronic AG offers
optimal cost and manufacturing solutions for small, medium and large
series.
For further information please contact
Susanne Schorn
Media & Communications
Schweizer Electronic AG
Einsteinstraße 10
78713 Schramberg
Phone: 07422 / 512-213
Fax: 07422 / 512-397
E-mail: Communications@schweizerelectronic.ag
Please visit our website: www.morethanPCBs.com
End of Media Release
12.11.2010 Dissemination of a Press Release, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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DGAP-Media: Schweizer Electronic AG / Key word(s): Enterprise/
Schweizer Electronic AG successful also in 3rd Quarter 2010
12.11.2010 / 10:15
=--------------------------------------------------------------------
Schweizer Electronic AG successful also in 3rd Quarter 2010 -
Forecast for current Fiscal Year again increased:
EBIT of above 10 % for 2010 expected
Outlook for 2011 rated stable and further on positively
Highlights of Third Quarter
- Mutual shareholding Contract with Meiko Electronics signed
- Expansion of flexible production capacities results in turnover of 28.1
Mio. EUR, an increase by 49 % compared to 3rd Quarter of previous year
- EBIT Margin increases to 14% in 3rd Quarter
- Operational revenues secure robust balance sheet structures: equity
ratio in September above 41 %
- Stock Exchange rewards positive development: share price increase by 36
% in 3rd quarter
Schramberg, November 12, 2010 - In its third quarter of the current fiscal
year 2010 Schweizer Electronic AG was able to continue and even accelerate
the positive business and revenue development which already started mid of
2009. Orders, sales and results even improved compared to previous
quarters.
The company fully benefited from the general economic recovery in the areas
of automotive and engineering. The growing area of solar electronics again
accounted for a positive business development above average. This customer
segment is subject to seasonal dynamics especially in the months of summer
Despite partially significant price increases in materials, results could
be kept stable compared to the previous quarter.
In September contracts on mutual shareholding with our strategic
cooperation partner Meiko Electronics were signed. In this context Meiko
Electronics acquired 5% of Schweizer Electronic's capital stock. In return,
Schweizer Electronic acquired 1,6% of Meiko Electronics. The transaction
was carried out in the first weeks of October - accordingly an impact on
the balance sheet will be reported in the fourth quarter. This measure,
already being announced in the context of the cooperation agreement, will
strengthen and further intensify the cooperation of both companies.
Shares
Schweizer Electronic AG's share (WKN 515623) again showed a significant
increase in the past quarter. The final quotation at the end of the quarter
was 26.35 EUR and thus increased during the course of the quarter by 7,00
EUR which corresponds to a share increase by 36%.
Sales on record level
Despite holiday season the company achieved a record sales in its third
quarter of 28.1 Mio. EUR (before reduction in earnings of 28.6 Mio. EUR).
The sales increase of 49% compared to the same quarter of the previous year
was generated by all customer segments.
12 % of our sales volume in the third quarter was processed by our
strategic partner Meiko Electronics. This represents a significant increase
compared to previous quarters: in the first quarter Meiko's sales share was
only 0.2% and 3,7% in the second quarter.
Results continue to be on a high level
From an economic point of view, the first two quarters of the fiscal year
2010 had been successful for Schweizer Electronic. This development
continued in the third quarter. In our third quarter we achieved an EBITDA
(earnings before interest, taxes, depreciation and amortisation) of 5.2
Mio. EUR, corresponding to a margin of 18% (previous year 14%). Compared to
the previous quarters, this margin is stable and shows that a partially
significant increase in material prices could be counterbalanced by
according measures.
EBIT (earnings before interest and tax) even increased and amounted to 4.1
Mio EUR or 14 % in the third quarter EUR (previous year 8%). Due to a
cautious investment policy over the last months, the amount of
depreciations was 1.1 Mio. EUR in the third quarter (previous year 1.2 Mio.
EUR). This does not include depreciations caused by revaluations of the
capital assets in the second quarter amounting to 250K EUR, which - for
comparison reasons - we report as special item.
Balance Sheet back to level before crisis
The ongoing good business results brought our equity capital back to a
level before the economic crisis. The equity ratio of 41.3% (previous year
28.6%) shows that Schweizer Electronic has fully overcome the crisis not
only as far as results are concerned but also related to our balance sheet
structures.
Cash flow follows our positive results
During the third quarter we achieved a positive operating cash flow of 4.7
Mio. EUR. During the course of the year a total cash flow of 8.9 Mio. EUR
was realized.
Cash flow from investment activities amounted to -1.4 Mio. EUR. These
financial means had been directed at investments to cure current and future
areas of bottlenecks in our PCS production in Schramberg.
Outlook
Schweizer Electronic assumes that the positive development of the first
nine months of this year can be continued in the fourth quarter - even
despite a seasonally weaker fourth quarter usually experienced in this
industry.
We expect that the upward dynamics following the boom of the past months
that was partially caused by refilling inventories, will be lowered to a
normal level at the beginning of the year 2011.
Due to measures taken early in order to increase competitiveness,
improvement and flexibility of cost structures and an attractive product
and performance portfolio, we are confident to gain further market share.
We will strengthen our position in our technology site Schramberg by
shifting our portfolio towards high value products within our innovation
building blocks. Investment into new technologies and reduction of
bottleneck areas have been implemented and will gradually be accelerated in
line with market developments. Required buildings and infrastructure are
already existing.
Schweizer Electronic intends to grow by volume increase in mass production.
Our strategic partner Meiko Electronics is increasing its capacities in the
current calendar year 2010 by 50 % - major part of which has been achieved
already. In 2011 a further capacity increase is planned in China as well as
the start of production of a volume production site in Vietnam. Schweizer
Electronic will dispose of a defined and significantly increasing
production corridor.
For the full fiscal year 2010 we expect sales volumes to be at the upper
end of the forecast hitherto reported of between 90 to 100 Mio. EUR. Based
on the development of 3rd quarter's results we raise our forecast for the
EBIT margin before special items to more than 10%.
Operating Figures
Comparison to 3rd quarter previous year
<pre>
Mio. EUR 3rd Quarter 2010 3rd Quarter 2009 Change
Mio. EUR %
Sales 28,1 18,8 +9,3 +49%
EBITDA 5,2 2,7 +2,5 +92%
EBITDA Margin 18% 14%
EBIT 4,1 1,4 +2,6 +186%
EBIT Margin 14% 8%
Orders in hand 123,8 48,0 +75,8 +158%
Orders received 52,0 35,8 +16,2 +45%
Persons employed 1) 744 653 +91,0 +14%
Equity Ratio 41% 29% 12% +41%
</pre>
Comparison to previous quarters
<pre>
Mio. EUR 3rd Quarter 2nd Quarter 1st Quarter CAGR 2)
2010 2010 2010
Sales 28,1 26,9 23,9 6%
EBITDA 5,2 3) 4,8 3,2 21%
EBITDA Margin 18% 18% 13%
EBIT 4,1 3) 3,6 2,2 28%
EBIT Margin 14% 13% 9%
Orders in hand 123,8 100,5 75,8 21%
Orders received 52,0 51,5 35,7 15%
Persons employed 744 719 693 2%
1)
Equity Ratio 41% 37% 32% 10%
</pre>
1) Number of persons employed at the end of the quarter including temporary
staff
2) Average rate of change of the first three quarters 2010
3) EBITDA and EBIT in second quarter before spezial items
About Schweizer:
Schweizer Electronic AG (WKN 515623) is one of the Top 3 PCB manufacturers
in Europe with recognized technology and consulting expertise in the field
of automobile, solar and industrial electronics. The company was
established in 1849 and is currently managed by the sixth generation of the
family.
Schweizer Electronic is focused on complex multilayer and HDI circuits as
well as solutions for reducing the system cost and improving the
integration of active and passive components on the PC board. In addition,
Schweizer Electronic has many answers to the challenges of modern power
electronics. With its network of partners, Schweizer Electronic AG offers
optimal cost and manufacturing solutions for small, medium and large
series.
For further information please contact
Susanne Schorn
Media & Communications
Schweizer Electronic AG
Einsteinstraße 10
78713 Schramberg
Phone: 07422 / 512-213
Fax: 07422 / 512-397
E-mail: Communications@schweizerelectronic.ag
Please visit our website: www.morethanPCBs.com
End of Media Release
12.11.2010 Dissemination of a Press Release, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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