Skip to content

Positive sales and profit development due to further growth of the AMS Division


Bronschhofen, August 15, 2018 – Cicor (SIX Swiss Exchange: CICN), a leading international technology company in the field of printed circuit boards, microelectronics and EMS (Electronic Manufacturing Services) headquartered in Boudry (Switzerland), achieved a further sales growth of 12.8% to CHF 122.9 million (first half-year of 2017: CHF 109.0 million). Growth in local currencies was 9.1%. Order intake for the Cicor Group reached CHF 138.4 million (first half-year of 2017: CHF 119.6 million), 15.8% higher than in the same period of the previous year. The book-to-bill ratio remained high at 1.13. The net profit of Cicor was more than doubled to CHF 4.7 million in the first semester 2018 (first half-year of 2017: CHF 2.3 million).

A major part of the growth was again experienced in the Advanced Microelectronics and Substrates (AMS) Division, which achieved around 28% higher sales figures than in the same period of the previous year. The AMS Division’s share in contributions to Group sales increased to 25.5% (first half-year of 2017: 22.5%), being a major contributor to the margin improvement of the Group. The Electronic Solutions (ES) Division recorded a similarly pleasing growth of 8.4% , despite the overall high utilization of capacity as in the previous year and the continued intensification of the supply shortage for electronic components. In comparison with the previous year, the operating margin before interest and tax (EBIT margin) increased by one percentage point to 5.7% . This increase is based on a further

significant improvement in the earnings of the AMS Division, as well as on the higher share of sales and EBIT of this structurally higher-margin Division. Cicor has counteracted the difficult supply situation for electronic components with an intensive worldwide coordination of procurement activities and even closer communication within the Group and with suppliers. This has prevented greater problems for the customers and confirms once again that Cicor’s supply chains are robust. There has also been a deliberate focus on building up stocks in order to guarantee deliveries in the coming months.


Further growth at all AMS Division sites

After the successful turnaround in the 2017 financial year, the Advanced Microelectronics and Substrates Division made a successful transition to the growth phase in the first half of 2018. All four sites in Switzerland and Germany continued to contribute to the positive overall picture. With a sales growth to CHF 31.3 million (first half-year of 2017: CHF 24.5 million), the previous first half-year’s figures were significantly exceeded. Sales even increased by a good 10.0% compared to the strong

second half of 2017. EBIT reached CHF 3.3 million thanks to sales growth and improved margins, a figure more than double that of the first half of 2017 (CHF 1.6 million). At 10.6% (first half-year of

2017: 6.5% ), the EBIT margin has already reached the medium-term target range of 10–12%.


Expansion of ES sites in Romania and Indonesia

The growth of the Electronic Solutions Division has continued with further gains in market share, although the capacity situation has become very tight in recent times and the availability of electronic components remains difficult. Sales reached CHF 91.6 million (first half-year of 2017: CHF 84.5 million), an 8.4% increase on the figures for the previous year. The Division’s operating income was CHF 4.4 million, 13.7% down on the figures for the previous year (first half-year of 2017: CHF 5.1 million). The EBIT margin fell to 4.8% (first half-year of 2017: 6.0% ). While the European units were able to achieve an excellent improvement in operating income, the Asian sites had to deal with a worse product mix despite growth in sales. Project costs for capacity expansions in Arad (Romania) and Batam (Indonesia) also had a negative impact on the results of the first half year.


Outlook for the second half of 2018

Cicor began the second half of the year with an encouragingly high volume of orders. However, the shortage situation on the market for electronic components continues to intensify. The site relocation in Arad (Romania) will require increased attention. Most of the relocation costs will be burdened in the second half of 2018, along with the expenses for the SAP introduction at two sites in Asia. Cicor will continue to work on operational improvements in the companies of the Cicor Group. In order to ensure growth above market growth in the future, the sales processes will be optimized and the sales capacities will be increased where necessary. Assuming that the currency situation remains unchanged, and assuming that the global economy is not subject to any significant negative changes despite the trade-restricting measures implemented by some countries, Cicor expects a sales growth percentage in the high single-digit range for the year as a whole and an EBIT margin of 5 - 6%.



Alexander Hagemann                                       Patric Schoch
CEO                                                                 CFO
Phone +41 71 913 73 00                                  Phone +41 71 913 73 00

Email:                                 Email:


Cicor Management AG
Gebenloostrasse 15
9552 Bronschhofen


The full 2018 half-year report for the Cicor Group is also available online.


Analyst and investor telephone conference
Thursday, 16 August 2018 from 11 am CET

The logon information will be provided when registering.

2019 Annual Shareholders' Meeting
16 April 2019 in Boudry NE