- Best automotive year in the company history
- Sales and operating result (EBIT) in line with guidance
- Financial result impacted by value adjustments of shares in Meiko Electronics
Schramberg, February 4, 2013 – The annual sales of EUR 100.2 Mio. exceeded Schweizer Electronic AG’s expectation. This was caused by the improved sales in the fourth quarter. Sales with customers in the automotive industry were EUR 65.3 Mio. (previous year EUR 58.7 Mio.), the highest in the company‘s history yet.
In the year 2012 SCHWEIZER achieved an operating result before interest and taxes (EBIT) of EUR 5.2 Mio. (previous year EUR 8.3 Mio.). The growing share of innovative products has a positive impact on the added value. However, expenses for material as well for manufacturing and quality assurance processes rose, caused by an increased complexity of produced PCBs. The result of the fiscal year 2011 was favored by the reversal of various accruals for contingent liabilities of about EUR 1.2 Mio. This special effect did not occur in the reporting period. This fact alone explains nearly 40 % of the decline in results compared to the previous year.
The annual result of EUR 0.7 Mio. was below the results of the previous year (EUR 6.5 Mio.). A devaluation of the share in Meiko Electronics by EUR 2.8 Mio. burdened the financial result. In the meantime, PCB industry experienced a significant and sustained reduction of its evaluation on the capital market. This has led to the fact that the share in Meiko Electronics had to be adjusted to the year-end price of the Meiko share. Thus the share in Meiko has been evaluated with EUR 1.8 Mio. (previously EUR 4.6 Mio.) in our financial assets.
The final and audited figures for the fiscal year 2012 will be announced on March 28, 2013.