DGAP-News: Schweizer Electronic AG / Key word(s): Quarterly / Interim Statement
Schweizer Electronic AG confirms profit forecast and adjustment of turnover guidance for Fiscal Year 2018
- Turnover growth of 5.3 percent in the first nine months of 2018
- EBITDA jumped by 55 percent to 9.3 million euro in the nine-month period
- Expected turnover growth for Fiscal Year 2018 is between 2 - 3 percent
Schramberg, November 09, 2018 - The SCHWEIZER Group closed the first nine months of the fiscal year 2018 with a turnover growth of 5.3 percent to 96.7 million euro (2017: 91.8 million euro). The EBITDA (earnings before interest, taxes, depreciation and amortisation) jumped by 55 percent to 9.3 million euro (2017: 6.0 million euro), corresponding to an EBITDA ratio of 9.7 percent.
The turnover growth of 2.9 million euro was achieved exclusively in Europe. In total, SCHWEIZER generated 86.0 percent of the turnover in Europe, 8.2 percent in Asia and 5.8 percent in the US as well as the rest of the world. In preparation for the new production site in China, intensive measures are underway in order to tap the Asian markets. Sales generated through the Asian partners WUS Kunshan and Meiko Electronics more than doubled in the third quarter and represent almost a quarter of the group turnover. Therefore, the gross margin declined by 1.0 million euro compared to previous year's quarter and amounted to 4.6 million euro, corresponding to 14.1 percent (2017: 18.8 percent). In total, profit targets were achieved and previous year's profits exceeded. The EBITDA of the third quarter amounted to 2.7 million euro (2017: 2.4 million euro), corresponding to an EBITDA ratio of 8.2 percent.
Compared to previous year's quarter, the EBIT (earnings before interest and taxes) doubled to 0.8 million euro. In the nine-month period of the fiscal year 2018, the EBIT amounted to 3.6 million euro (2017: 0.0 million euro), but it has to be considered that negative special effects amounting to 2.5 million euro burdened the EBIT in 2017.
At the end of the third quarter the order book amounted to 169.1 million euro (2017: 172.0 million). A slowdown of incoming orders in the months August and September becomes visible here, which is due to the current uncertainty in the automotive sector.
The construction works for the new production site in China started on time in August this year. The production capacity in Jintan will be set up within three investment phases, with each phase providing the current production capacity of the site in Schramberg. Production is to start at the beginning of 2020.
Schweizer Electronic AG stands for state-of-the-art technology and consultancy competence. SCHWEIZER's premium printed circuit boards and innovative solutions and services for automotive, solar, industry and avia- tion electronics address key challenges in the areas of Power Electronics, Embedding and System Cost Re- duction. Its products are distinguished for their superior quality and their energy-saving and environmentally- friendly features. Together with its partners WUS Printed Circuit (Kunshan) Co., Ltd., Meiko Electronics Co. Ltd. and Elekonta Marek GmbH & Co. KG the company offers in its division electronics cost- and production- optimised solutions for small, medium and large series. Together with its partner Infineon Technologies AG, SCHWEIZER plans to jointly tap the chip embedding market in future.
With 797 employees SCHWEIZER achieved sales of 120.9 million euro in Fiscal Year 2017 (ending December). 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").
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|Company:||Schweizer Electronic AG|
|Listed:||Regulated Market in Berlin, Dusseldorf, Frankfurt (General Standard), Stuttgart; Regulated Unofficial Market in Tradegate Exchange|
|End of News||DGAP News Service|