EQS-Adhoc

Cicor exceeds previous year's results and looks positively to the future - Seite 2

The successful renewal and increase of the syndicated loan of CHF 80 million continues to provide Cicor with good financing and liquidity security in the future and creates room for acquisitions through an optional additional credit facility of CHF 75 million.

Advanced Microelectronics and Substrates (AMS) Division

In the first half of 2021, the AMS Division achieved an almost unchanged sales of CHF 28.1 million (1st half-year 2020: CHF 28.0 million). The operating result at EBIT level increased by 17 % to CHF 2.9 million (1st half-year 2020: CHF 2.5 million). In addition to implemented measures for operational excellence in PCB production, the consistently excellent results of the thin-film substrate sites in Ulm (Germany) and Wangs (Switzerland) also contributed to this. The Division's EBITDA margin thus rose again to 18.0 % (1st half-year 2020: 16.8 %) and reached pre-crisis levels.

Electronic Solutions (ES) Division

ES Division sales recovered by 9.3 % to CHF 89.1 million in the first half of 2021 (1st half-year 2020: CHF 81.5 million) despite headwinds from component shortages. EBIT more than doubled to CHF 4.6 million in the first half of 2021 (1st half-year 2020: CHF 2.2 million), even surpassing the pre-crisis level. The EBIT margin reached 5.2 % (1st half-year 2020: 2.8 %), particularly as a result of the measures implemented in Asia: the relocation of production from Singapore to Batam (Indonesia),  the replacement of less profitable customers with higher--margin ones, and the streamlining of the management structure contributed to this.

Outlook for the second half of 2021

Based on the significant increase in customer demand, reflected in the very high order intake in recent months, Cicor expects sales growth to continue year-on-year, although this is likely to be slowed by the current global shortage of materials, even in the second half of the year. For the full year 2021, sales are expected to be in the range of CHF 230 million to CHF 240 million, corresponding to a high single-digit percentage growth compared to 2020. The operating profit margin at EBIT level is expected to be in the range of 5 to 6%, which should bring Cicor back close to the mid-term target of a 6 to 8% profit margin already in 2021. The outlook is based on a stable currency situation compared to the first half of 2021 and a stable COVID-19 pandemic situation.