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2013 financial year: Solid growth and improved operating results


Zurich, 12 March 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, which is headquartered in Boudry, Switzerland, looks back upon a successful 2013. The Group increased its order intake in 2013 by 16.5% to CHF 201.7 million. Net revenues for 2013 were CHF 190.5 million (2012: CHF 176.0 million), representing an increase of 8.2% over the previous year. Higher business volumes and cost discipline within the Group had a positive effect on results, allowing Cicor to improve profitability in the 2013 financial year. EBITDA climbed 14.9% to CHF 17.6 million (2012: CHF 15.3 million), with the EBITDA margin rising to 9.2% measured in terms of revenue (2012: 8.7%). The operating result (EBIT) amounted to CHF 8.5 million or 4.5% (2012: CHF 7.3 million / 4. 1%). Profit before taxes (EBT) in 2013 increased by 15.0% to CHF 5.8 million (2012: CHF 5.1 million). The net profit of 2013 amounted to CHF 4.5 million (2012: CHF 6.1 million, including CHF 1.3 million capitalized losses carried forward). With an equity ratio of 55.6 % (2012: 56.9%), the Cicor Group co ntinued to have a strong financial footing in 2013. Thanks to the good business performance, the Board of Directors will propose to the Annual Shareholders‘ Meeting on 24 April 2014 a payout of CHF 0.30 per share from the capital contribution reserves (2012: CHF 0.30).

The Cicor Group was able to maintain the good performance achieved in the previous year in the recently completed fiscal year. In 2013 it experienced a healthy growth in revenue and was ab le to further increase its competitiveness. All Divisions performed well in the medical field, an area Cicor has particularly focused on for some time now. The medical segment has become the Cicor Group’s biggest market segment with 28 %. Revenue growth rates varied among the Divisions. While the ES and Asia Divisions increased sales in 2013, the Printed Circuit Board (PCB) and Microelectronics (ME) Divisions suffered a drop in their net revenues. Net working capital as at t he end of 2013 grew to CHF 49.4 million, driven by good business development in 2013 as a whole and especially by a strong fourth quarter with increased activity towards the end of the year. Owing to the increase in net working capital and the investments made in 2013, net debt went up from CHF 16.3 million as at 31 December 2012 to CHF 28.2 million as at 31 December 2013.

Further development of the organization

The number of Divisions was reduced from four to two as of 1 Ja nuary 2014. Cicor is now divided into the Advanced Microelectronics & Substrates (AMS) Division and the Electronic Solutions (ES) Division. The organizational structure of the Group was adjusted in order to better respond to future customer requirements. The further development of the organization also reflects the change in the printed circuit boards and microelectronics businesses and enables Cicor to improve on its operational and technological excellence.The new streamlined structure is a logical step toward creating an efficient and forward-looking corporation.

Investment in employees and modernization

As a result of good business development, by the end of the yea r the number of employees worldwide had also increased by 400 to over 1,900. A significant increase was seen once again in the growth regions Asia and Eastern Europe. Particular attention in 2013 was also given to the expansion of capacities and the renewing and modernizing of production tools and facilities. The aim of these strategic investments is to support growth and especially market expansion, for which know-how and technological abilities are vital, throughout the coming years.

About the Divisions

The Asia Division was again the Group‘s growth engine over the past year. The decisive factors in achieving this good business performance were the expanded manufacturing capacities in PCB assembly, plastic injection molding and complete box building. The Division recorded very solid growth, a big part of it came from the area of medical devices. The Asia Division posted record revenues of CHF 38.2 million, which represents a solid organic growth of 45.3% (2012: CHF 26.3 million). Based on the strong increase in net revenues and the very good capaci ty utilization, the Division posted a very high operating result. Operating profit (EBIT) in 2013 was CHF 3.3 million (2012: CHF 1.9 million), which is equivalent to a margin of 8.6% (2012: 7.4%).

The ES Division returned to growth in 2013. The growing trend toward more development work being provided by Electronic Manufacturing Services (EMS) providers continued in 2013. This enabled the ES Division to generate net revenues of CHF 94.8 million in the 2013 financial year, an increase of 8.0% compared with the previous year (2012: CHF 87.8 million). Overcapacities in the market environment continue and the price pressure remains intense. These effects could only be partially offset at profitability level. However, the Division posted good operating results (EBIT) of CHF 5.2 million (2012: CHF 5.6 million). Compared with the above average profitable year 2012, the EBIT margin decreased to 5.5% (2012: 6.3%), which is still very satisfactory for an E MS business.

Merging the Electronic Solutions and Asia Division into a single Division will also allow synergies to be exploited. The new set-up, which has a great level of know-how with respect to development competencies for diverse markets and applications, together with the global production capacities, enables Cicor to work with the customer to develop and manufacture innovative products well suited to the customer’s needs.

The PCB Division gave positive impulses in 2013. In 2013, the strategic medical technology business segment was expanded and again exhibited the greatest level of growth. The Division also made progress in the strategic development of other markets. The book-to-bill trend indicator surpassed 100% for the year 2013 as a whole, underlining the Division’s good performance. Due to the noticeable reserve of some major customers in 2013 as well as the lost reven ue due to the closing of Photochemie AG (closed in 2012), the Division’s net revenues fell short of the previous year and dropped by 7 .7 % to a total of CHF 30.5 million (2012: CHF 33.0 million). The Division generated operating profits (EBIT) of CHF 2.4 million in 2013 (2012: CHF 2.9 million or CHF 1.7 mi llion adjusted for one-off effects from Photochemie AG). This corresponds to profitability of 8.0% (2012: 8.9% / 5.2% without one-off effects).

The net revenues of the ME Division as a whole amounted to CHF 28.7 million (2012: CHF 30.3 million), a decline of 5.4% compared with 2012. Even the expansion of business with customers from the medical industry could not prevent the year as a whole endi ng with a decline in sales. The lower revenue reflected the reluctance among European governments to award new contracts in the areas of defense and energy (nuclear power plants) sectors. The lower revenue resulted in an EBIT loss of CHF 0.2 million for the Division. On the whole, the performance of the ME Division in 2013 was disappointing.

The aim behind merging the Microelectronics (ME) and Printed Circuit Board (PCB) Divisions is to create a new Division that is in a better position to adapt to technological challenges posed by customer requirements and applications on the one hand, and to generate profitable growth through increasing efficiency in its processes and ensuring a healthy cost base on the other hand.

Outlook: Good prospects for 2014

The focus in 2013 within the Cicor Group was upon stability so as to lay the foundations for sustainable, profitable growth. This was clearly achieved over the past year. In the future, the streamlined organizational structure, coupled with the direct use of available know-how within the entire Group, will now support future organic growth. Based on the positive business results in 2013 and the adjustments made within the company, the Management Team is expecting Cicor to experience further profitable growth in revenue and expansion of the markets in all Divisions for the 2014 financial year.


Antoine Kohler
Chairman of the Board of Directors
Phone +41 43 811 44 05
E-mail: <link></link> 

Patric Schoch
Acting CEO / CFO
Phone +41 43 811 44 05
E-mail: <link></link> 

Cicor Management AG
Leutschenbachstrasse 95
CH-8050 Zurich

The complete Cicor Annual Report 2013 can be accessed at <link _blank></link>.


Media and analysts‘ conference on the 2013 financial year
12 March 2014, 10 a.m. at SIX

Annual Shareholders‘ Meeting
24 April 2014 in Boudry

Interim Report 2014
21 August 2014