Schweizer Electronic AG: Business development in the first quarter

EQS-News: Schweizer Electronic AG / Key word(s): Quarter Results
Schweizer Electronic AG: Business development in the first quarter

08.05.2024 / 08:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Schweizer Electronic AG: Business development in the first quarter

* Sales increase by 5.5 percent in the first quarter

* Sustained positive EBITDA

* Forecast for 2024 confirmed

Schramberg, May 8, 2024 - The sales of the SCHWEIZER Group amounted to EUR
39.2 million in the first quarter of 2024 (Q1 2023: EUR 37.1 million). This
corresponds to an increase of +5.5 percent compared to the same quarter of
the previous year. The first quarter of 2023 still included a revenue of EUR
1.8 million from the associated company Schweizer Electronic (Jiangsu) Co,
Ltd, China ('SEC'). Thus the increase of sales without SEC corresponds to
11.0%. Sales from own production amounted to EUR 24.3 million and thus were
slightly higher than in the same quarter of the previous year (Q1 2023: EUR
24.2 million). The sales of products via our Asian partner network increased
by 14.8% year-on-year to EUR 14.9 million, accounting for 37.9% of sales (Q1
2023: 34.9%). The share of revenue generated by in-house production amounted
to 62.1% (Q1 2023: 65.1%). Sales to Automotive customers amounted to EUR
31.3 million (Q1 2023: EUR 24.9 million), which corresponds to an increase
of +25.7% compared to the first quarter of 2023. Automotive customers
accounted for 80.0% of revenue in the first quarter of 2024 (Q1 2023:
67.1%).

The order backlog was EUR 224.9 million at the end of the quarter (December
31, 2023: EUR 251.3 million).

Earnings before interest, taxes, depreciation and amortization (EBITDA) grew
to EUR +2.1 million (Q1 2023: EUR +0.4 million). The EBITDA ratio amounted
to +5.2% and was therefore 4.2 percentage points higher than in Q1 2023.
Adjusted for the negative EBITDA contribution from SEC in Q1 2023, EBITDA
fell by EUR -1.4 million in Q1 2024.

Equity amounted to EUR 24.9 million at the end of the quarter (31.12.2023:
EUR 25.8 million). The change was mainly due to the loss allocation of EUR
-1.1 million from SEC, which is held as a financial investment (at equity).
Non-current financial liabilities decreased by EUR -0.6 million. Net debt
increased compared to the end of the year to EUR 18.1 million (31.12.2023:
EUR 16.6 million).


Forecast confirmed
The management confirms the forecast issued as part of the publication of
the 2023 business figures. Due to the positive developments in sales of the
embedding technology, the Executive Board confirms the revenue target of EUR
140 to 150 million and the EBITDA forecast of between EUR +10 and +11
million (2023 adjusted EBITDA: EUR +8.9 million) for 2024. It should be
noted that there is currently an accelerated development of the revenue
structure towards products from the Asian partner company. This may have a
negative impact on the margin. The structural shifts are being balanced by
targeted measures to adjust the cost structure.

About SCHWEIZER
Schweizer Electronic AG offers the latest, cutting-edge technology and
consultancy expertise in the PCB industry. Thanks to its state-of-the-art
production facilities in Schramberg, Germany and Jintan, China as well as
close partnerships with other technology leaders, SCHWEIZER provides
individual PCB & Embedding solutions. SCHWEIZER's innovative PCB
technologies are used in the most demanding applications, for example, in
the Automotive, Aviation, Industry & Medical and Communications & Computing
sectors, and are characterised by their extremely high quality and
energy-saving and environmentally-friendly features.

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').

For further information please contact:
Elisabeth Trik
Schweizer Electronic AG
Einsteinstraße 10
78713 Schramberg
Phone: +49 7422 / 512-302
E-mail: elisabeth.trik@schweizer.ag
Please visit our website: www.schweizer.ag
Pictures: Schweizer Electronic AG | Flickr


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08.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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The issuer is solely responsible for the content of this announcement.

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   Language:       English
   Company:        Schweizer Electronic AG
                   Einsteinstraße 10
                   78713 Schramberg
                   Germany
   Phone:          07422-512-301
   Fax:            07422-512-397
   E-mail:         ir@schweizer.ag
   Internet:       www.schweizer.ag
   ISIN:           DE0005156236
   WKN:            515623
   Listed:         Regulated Market in Berlin, Dusseldorf, Frankfurt
                   (General Standard), Stuttgart; Regulated Unofficial
                   Market in Tradegate Exchange
   EQS News ID:    1897437

End of News EQS News Service
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1897437 08.05.2024 CET/CEST