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EQS-Ad-hoc: Schweizer Electronic AG / Key word(s): Change in Forecast/Miscellaneous Schweizer Electronic AG: High positive effects from deconsolidation and adjustment of the forecast for the 2023 financial year
Schramberg, July 28, 2023 - As a result of the transfer of the majority interest in the Chinese subsidiary Schweizer Electronic (Jiangsu) Co., Ltd. based in Jintan, China ("SEC") to WUS Printed Circuit (Kunshan) Co., Ltd ("WUS"), the majority interest in SEC was economically transferred to WUS as of 1 May 2023. After accounting for the transfer of the majority interest, the SCHWEIZER Group received income from the deconsolidation in the amount of EUR 46.9 million. According to preliminary figures, SCHWEIZER Group achieved a turnover of 68.7 million euros in the first half of 2023 (first half of 2022: 64.6 million euros), which corresponds to a growth in turnover of 6.4 percent compared to the same period of the previous year. The preliminary EBITDA (earnings before interest, taxes, depreciation and amortisation) amounted to 46.7 million euros resp. an EBITDA ratio of 67.9 percent (first half of 2022: -7.1 million euros resp. an EBITDA ratio of -11.0 percent) and, adjusted for the deconsolidation income and fully consolidated losses of the Chinese subsidiary, to 5.7 million euros, which corresponds to an EBITDA ratio of 8.3 percent. Group equity increased to 31.3 million euros as of the reporting date of 30 June 2023 due to the deconsolidation, which corresponds to an equity ratio of 28.7 percent (31.12.2022: -5.5 percent). The deconsolidation was carried out on the basis of the relevant accounting regulations according to IFRS and with the advisory support of an independent auditor. Due to the complexity of the matter and the uncertainties that cannot be completely ruled out, the amount of the deconsolidation effect could still change during the audit of the consolidated financial statements. Due to the unexpectedly positive development of the operating result in the first half of the year, the Executive Board is raising the forecast for the adjusted EBITDA ratio to 6 to 9 percent (previously: 4 to 6 percent). The unadjusted EBITDA ratio, for which no forecast has been made so far, is expected to be between 35 and 40 percent. The Executive Board has also improved the forecast for the net leverage ratio. This is now expected to be between 50 and 80 percent (previously: around 150 percent). This is due to the high positive deconsolidation effects and the improved operating result. In view of the increased uncertainties regarding the economic development in the second half of the year, the turnover forecast for the current business year has been adjusted. The Executive Board expects a growth in turnover in the range of 0 to +5 percent (previously: +5 to +10 percent). The final figures for the first half of 2023 will be published on 4 August 2023 at https://schweizer.ag/investoren-und-medien/finanzberichte/downloads-berichte. Explanations to Financial Figures are available at: https://schweizer.ag/en/investors-media/company-key-figures/explanations-financial-figures. Contact: Elisabeth Trik Investor Relations Phone: +49 7422 512 302 Fax: +49 7422 512 397 ir@schweizer.ag End of Inside Information Information and Explanation of the Issuer to this announcement: 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“).
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28-Jul-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| 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: | 1691187 |
| End of Announcement | EQS News Service |
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1691187 28-Jul-2023 CET/CEST
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