News Column

Good business development in the first half of 2014 – order intake and sales of more than CHF 100 million, higher EBIT and net profit

August 20, 2014

Media release

Good business development in the first half of 2014 - order intake and sales of more than CHF 100 million, higher EBIT and net profit

Zurich, 21 August 2014 - Cicor (SIX Swiss Exchange: CICN), a high-tech industrial group and international leader in the areas of printed circuit boards, microelectronics and electronic solutions based in Boudry (Switzerland), reports a successful first half of 2014. During the first six months of the financial year 2014, the Cicor Group generated net sales of CHF 102.9 million (first half of 2013: CHF 94.3 million), which represents an increase of a good 9.1% over the previous year (+11.3% adjusted for currency effects). Cicor has thus continuously increased its sales since mid-2012. At CHF 100.2 million, order intake for the first half of 2014 exceeded that of 2013 (CHF 99.7 million) by a further 0.4%, or 2.2% adjusted for currency effects. The order backlog as at 30 June 2014 was a very pleasing CHF 119.7 million. EBIT in the first half of 2014 reached CHF 3.6 million, which represents an increase of 24.9% over the previous year (first half of 2013: CHF 2.9 million). The operating result before depreciation and amortization (EBITDA) also increased by 18.1% to CHF 8.5 million, while the EBITDA margin rose to 8.2% (first half of 2013: CHF 7.2 million / 7.6%). Net profit in the first six months of 2014 amounted to CHF 1.8 million, exceeding that of the prior-year period (first half of 2013: CHF 1.2 million) by an encouraging 48.6%.

The strong growth in business volume in the first half of 2014 was mainly driven by the very solid development of the Electronic Solutions (ES) Division. It successfully expanded its business with existing customers in Europe and Asia, while at the same time winning over new customers with its expertise. By intensively developing the market and successfully implementing growth projects, the ES Division was also able to gain further market share.

The Advanced Microelectronics & Substrates (AMS) Division, on the other hand, experienced a difficult start into 2014, which resulted in a decline in sales due to the still challenging market environment in the eurozone's aerospace, defense and nuclear energy sectors, as well as the loss of sales in relation to the manufacture of an end-of-life product. In the first six months of 2014, the AMS Division implemented targeted adjustments within its organization, which will have a positive impact on the results. Its streamlined structure and vertical integration of the value chain enable it to provide a broader and improved range of services from a single source, which is of benefit to the customers. The combination of PCB production in Boudry, Switzerland, and microassembly in Radeberg, Germany, has already resulted in first orders.

Supported by the ES Division's very positive performance and efficiency improvements within the Corporate area, the Cicor Group's EBIT rose 24.9% over the first half of 2013, coming in at CHF 3.6 million. EBIT profitability also improved, reaching 3.5% (first half of 2013: 3.0%). At the same time, EBITDA increased by 18.1% to CHF 8.5 million while EBITDA profitability grew to 8.2%. Net profit for the first half of the year was 48.6% higher year-o n-year, amounting to CHF 1.8 million (first half of 2013: CHF 1.2 million). Earnings per share rose to CHF 0.60 (first half of 2013: CHF 0.42).

With equity of CHF 127 million and an equity ratio of 54.8%, the Cicor Group's balance sheet remains solid. Investments made in the first half of 2014 amounted to CH F 3.5 million, only around half of theCHF 7.2 million of investments made in the first six months of 2013.

Performance varies between Divisions

At CHF 27.9 million, the AMS Division's net sales fell 11.3% short of the previous year's figure (first half of 2013: CHF 31.4 million). This negative sales performance in the first half of 2014 was predictable and thus came as no surprise. As a result, at CHF -0.1 million, EBIT for the first six months of the year was significantly lower than in the prior-year period (CHF 1.0 million). In the first half of 2014, the Division initiated a whole range of changes to its organization, production and logistics, with the aim of turning the AMS Division into the most profitable Division of the Cicor Group. Now, the Division will have to focus on completing the initiated merger of the former Printed Circuit Boards (PCB) and Microelectronics (ME) Divisions within the next six months. For the second half of the year, the AMS Division expects positive sales results and higher EBIT, mainly due to anticipated improvements in the business with the watchmaking and telecommunications industry.

With sales of CHF 75.0 million during the first half of 2014, Electronic Solutions (ES), the largest Division within the Group, generated an impressive increase of 19.3% compared with the previous year (CHF 62.9 million), a positive sales performance driven by both European and Asian locations. The decisive factors in achieving this successful and profitable growth included the winning of market share with global customers and the high proportion of customer projects that generate strong sales in the medical, industrial and automotive sectors. The services provided via the Bronschhofen location such as engineering and product development were also in high demand. In the first half of 2014, EBIT generated by the ES Division amounted to CHF 4.4 million, while its EBIT margin reached a good 5.9% (first half of 2013: CHF 3.1 million / 4.9%). Thanks to innovative manufacturing solutions and services, the ES Division was able to win customer projects with higher margins, and its companies should continue to develop at around the same rate in the second half of the year.

Outlook: Further improvements anticipated

The progress made in the first half of 2014 is encouraging. Since the middle of 2012, Cicor has been on an above-market growth course and is now well positioned to further increase its sales and net profit overall for 2014 in a stable economic environment.


Antoine Kohler

Patric Schoch

Chairman of the Board of Directors

Acting CEO / CFO

Tel. +41 43 811 44 05

Tel. +41 43 811 44 05



Cicor Management AG

Leutschenbachstrasse 95

8050 Zurich


The complete Interim Report 2014 of the Cicor Group can be accessed at:

Key dates:

Media and analysts' conference on the 2014 financial year:

11 March 2015, 10 a.m. at the SIX Swiss Exchange, ConventionPoint, Zurich

Annual Shareholders' Meeting:

23 April 2015 in Boudry

About Cicor Cicor is a globally active group of leading companies in the electronics industry. It is organized into two Divisions: Advanced Microelectronics & Substrates (AMS) and Electronic Solutions (ES). The Group's companies provide complete outsourcing services and a broad range of technologies for the manufacture of highly complex PCBs, 3D-MID solutions, hybrids and electronic modules. With around 1900 employees at eleven production sites worldwide, the Group supplies high-quality customized solutions to clients in Europe, the US and Asia. The shares of Cicor Technologies Ltd. are listed on the SIX Swiss Exchange (CICN). For further information, please visit our website

Media release (PDF)



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