DGAP-News Schweizer Electronic AG confirms consolidated figures for the 2020 financial year and outlook for 2021
DGAP-News: Schweizer Electronic AG / Key word(s): Annual Results
Schweizer Electronic AG confirms consolidated figures for the 2020 financial year and outlook for 2021
- Preliminary figures for the 2020 financial year confirmed
- Revenue above expectations following significant recovery in the fourth quarter
- EBITDA in line with expectations
- Forecast for 2021 with sales increase of more than 20 percent
Schramberg, 23 April 2021 - Today SCHWEIZER published the full report for the 2020 financial year and confirms the preliminary figures. The SCHWEIZER Group achieved consolidated sales of EUR 98.3 million in the 2020 financial year, exceeding the projected sales of between EUR 87 and 93 million.
Earnings before interest, taxes and depreciation (EBITDA) of EUR -9.5 million (previous year: EUR +0.1 million) with an EBITDA ratio of -9.7 percent were in line with the expectations for 2020 that had been specified in July 2020.
Marc Bunz, Chief Financial Officer of Schweizer Electronic AG, comments: "In view of the challenges posed by the COVID-19 pandemic and the transformation process of our most important customer group - the European automotive industry - and the current expansion of our new high-tech plant in Jintan (China), we achieved a lot in the 2020 financial year. Of course, we are not satisfied with a decline in total annual sales of -18.6 percent and an EBITDA ratio of -9.7 percent. However, we are well prepared for the future due to the successful implementation of restructuring measures in Schramberg and the expansion of capacity thanks to our plant in China."
Development of sales
With sales of EUR 29.3 million in the fourth quarter of 2020, the development of sales has recovered significantly in comparison to the previous quarters of the year. Particularly characteristic of this positive development is the increased demand from automotive customers with a 73.5 percent share of turnover from September onwards. The share of sales in the non-automotive sector developed also positively, rising to 26.5 percent (2019: 23.8 percent).