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Large order intake and slight growth in sales in the first half of 2016


Cicor (SIX Swiss Exchange: CICN), a leading international, high-tech company operating in printed circuit boards, microelectronics and electronic solutions based in Boudry, Switzerland, recorded a 10.5% higher order intake and slightly higher sales in Swiss francs for the first six months of 2016. The increase in order intake in the first half of 2016, from CHF 98.7 million to CHF 109.0 million demonstrates that Cicor is well-prepared in a highly competitive market. However, the operating result (EBIT) and net result remained clearly below expectations. Cicor is expecting a higher order intake, moderate increases in sales and a turnaround in the results for the complete 2016 financial year.

In the period under review, the Cicor Group increased sales in Swiss francs by 0.9% (CHF 92.9 million; 1st half of 2015: CHF 92.1 million). The higher order volume of CHF 109.0 million (1st half of 2015: CHF 98.7 million) will result in higher sales only with some delay. The EBITDA of the Cicor Group in the first six months of 2016 totalled CHF 5.3 million and was 33.6% below the previous year’s result of CHF 7.9 million. The EBITDA margin decreased from 8.6% to 5.7%. The EBIT fell by CHF 2.2 million, from CHF 3.4 million to CHF 1.2 million. This resulted in a net result of CHF -0.6 million (1st half of 2015: CHF 0.6 million).

Electronic Solutions: High demand for production capacities

The ES Division has successfully adapted to the new market conditions influenced by currency changes and improved order intake, sales and profit in the first half of 2016. Compared with the same period in the previous year, the Division’s sales with external customers rose by 8.6%, from CHF 65.7 million to CHF 71.4 million. Above all, the production sites in Ho Chi Minh City, Vietnam, and Arad, Romania, contributed significantly to this increase in sales. There was an increase of 6.7% in the EBIT, from CHF 3.2 million to CHF 3.5 million. The EBITDA reached CHF 5.4 million. (1st half of 2015: CHF 5.1 million), which corresponds to an increase of 6.1%. The Division’s focus in the first six months was on product development and engineering, which was specifically expanded further in Switzerland. The strong trend of multinational companies to look for outsourcing capacities in a targeted way was also confirmed. Production in the Group’s own factories in Eastern Europe and Asia has experienced a high demand.

Advanced Microelectronics & Substrates: Focus on turnaround

The results of the Advanced Microelectronics & Substrates Division were adversely affected by the difficult market environment. In addition, the restructuring in the Division has not yet been reflected positively in the development of earnings. Sales recorded in the first half of 2016 fell by 18.2% to CHF 21.6 million (1st half of 2015: 26.4 million). The EBITDA reached CHF 0.4 million. (1st half of 2015: CHF 3.5 million) and the EBIT was CHF -1.7 million (1st half of 2015: CHF 0.9 million). In spite of the difficult market environment, the Division managed to gain several new customers with promising projects, in particular in the medical technology industry. The production planning agreed with the customers forecasts that volume production of the recently acquired projects and their respective contribution to sales growth will start in the second half of 2016 or in 2017. The introduction of a new technology platform planned in the second half of 2016 will confirm the focus on technological leadership of the Division. This new platform covers a strongly growing need in the industries.

Outlook: slight increase in sales in the second half of the year

It is expected that the AMS Division will achieve the turnaround in the second half of 2016. For the 2016 financial year, the Cicor Group management expects an increase of more than 10% in order intake, a slight increase in sales, and an end to the downward trend in the results. Based on successfully acquiring new customers and higher order intake, an upturn in sales is expected in 2017. This will only occur under the assumption that the economic environment does not change significantly.


Heinrich J. Essing
Chairman of the Board of Directors
Phone +41 43 811 44 05

Dr. Jürg Dübendorfer
Phone +41 43 811 44 05

Cicor Management AG
Leutschenbachstrasse 95
8050 Zurich

The complete Interim Report 2016 for the Cicor Group can be accessed at: