Schweizer Electronic AG
- WKN: 515623
- ISIN: DE0005156236
- Land: Deutschland
Nachricht vom 09.08.2019 | 09:00
Schweizer Electronic AG confirms figures for the first half year 2019
DGAP-News: Schweizer Electronic AG / Key word(s): Half Year Results
Schweizer Electronic confirms figures for the first half year 2019
In the first half year 2019 SCHWEIZER was strongly affected by the slowdown of the demand in the automotive as well as industry sectors, which had already started in the fourth quarter 2018. In the second quarter 2019 the turnover decline continued at a significantly slower pace reaching only -2.9 percent against previous year's quarter, while in the first quarter 2019 a difference of -8.5 percent was recorded compared to the first quarter 2018. The production site in Schramberg generated a turnover of 41.4 million euro, which corresponds to a decline of 24 percent against previous year's quarter. Thanks to nearly a doubling of the turnover from our Asian partner network, the decline could partly be compensated. Altogether, a total turnover of 18.8 million euro could be achieved with products from WUS Kunshan or Meiko Electronics China and Vietnam. As a consequence, their turnover share jumped from 15 percent to 31 percent, and we see further potential for growth here.
Despite restrained orders from our automotive customers, the turnover in this section increased by 2.7 million euro to 46.8 million euro, which is in particular due to a significant extension of business activities with two key account customers. Turnover with our industry customer and the other sectors amounted to 13.4 million euro. This corresponds to a decline of 6.4 million euro or 32 percent against previous year's period. Concerning the sales regions, slight shifts in favour of the Asian markets were visible. In total, 78 percent of the turnover were achieved in Europe, 12 percent in Asia and 10 percent in America and the rest of the world.
Drop of profitability
Order book reduced by 60 percent
The forecast for the overall economic development is quite restrained for the next quarters and is characterised amongst others by the trade conflict between the USA and China, the imminent escalation of the customs conflict between the USA and the European Union and the increasing danger of an unregulated Brexit. The economic development in Germany and the persistent weakness of the global automotive sales figures will adversely affect the business of SCHWEIZER directly, also in in the second half year. We therefore do not expect a recovery of business activities in the second half year 2019. However, a further decline in business is not to be expected either from the current perspective.
Turnover and profit forecast adjusted downwards
The absence of a business recovery in the second half year, the ongoing weakness in the demand for printed circuit boards made in Schramberg as well as the planned increasing expenses in China triggered by the forthcoming production start will continue to burden the Group's result situation also in the second half year. Based on the currently available information we expect an EBITDA margin of between 0 and 4 percent for the Group (previous forecast between 4 and 6 percent) which corresponds to an absolute EBITDA of between 0 and 4 million euro.
Schweizer Electronic AG stands for state-of-the-art technology and consultancy competence. SCHWEIZER's premium printed circuit boards and innovative solutions and services for automotive, solar, industry and aviation electronics address key challenges in the areas of Power Electronics, Embedding and System Cost Reduction. Its products are distinguished for their superior quality and their energy-saving and environmentally-friendly features. Together with its partners WUS Printed Circuit (Kunshan) Co., Ltd., Meiko Electronics Co. Ltd. and Elekonta Marek GmbH & Co. KG the company offers in its division electronics cost- and production-optimised solutions for small, medium and large series. Together with its partner Infineon Technologies AG, SCHWEIZER plans to jointly tap the chip embedding market in future.
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").
|Company:||Schweizer Electronic AG|
|Listed:||Regulated Market in Berlin, Dusseldorf, Frankfurt (General Standard), Stuttgart; Regulated Unofficial Market in Tradegate Exchange|
|EQS News ID:||854627|
|End of News||DGAP News Service|
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