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22.09.2006 – 17:43

Cicor Technologies

euro adhoc: Cicor Technologies
Annual Reports
Strong Growth for Cicor Technologies - Improved sales and earnings in the first half of 2006 driven mainly by acquisitions

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Cicor Technologies is a Neuchâtel-based industrial group that specializes in manufacturing complex printed circuit boards and in EMS (electronic manufacturing services). In the first half of 2006 the group increased its overall operating income from CHF 27.6 million to CHF 90.7 million, and its EBITDA by 71.1% from CHF 5.9 million to CHF 10.1 million. Net profit increased by 88.8% to CHF 5.2 million (previous year CHF 2.8 million). The improved results are due mainly to the consolidation of Electronicparc Holding AG, acquired on 1st  July 2005, whose subsidiaries now form the EMS Division of Cicor Technologies.

The company's rapid development is also reflected in its balance sheet. With shareholder's equity of CHF 114.0 million on 30 June 2006, and an improved equity ratio of 54.5% (53.2% as per 31 December 2005), Cicor Technologies continues to be solidly funded. Total assets as at the balance sheet date were CHF 209.3 million.

Group consolidation as the basis for future development The acquisition of the companies in the EMS Division has given Cicor Technologies the critical mass it needs for future growth. Following the rapid expansion of the past, during the first half of 2006 the group was concerned primarily with consolidating existing activities and strengthening its industrial and financial platform. The client portfolios of both divisions were streamlined in order to further increase efficiency and to create free capacity for new projects with high growth potential. In addition, a whole series of measures were taken in both divisions to improve added value. Activities involving a large amount of manual work were moved to more cost-effective locations, and Systronics, part of the EMS Division, was realigned. In future it will be in a position not only to function as an intra-group supplier, but also to operate on the open market as an independent company with its own client portfolio.

In parallel with these operational measures, group structures have been streamlined and the management team has been strengthened, with the Board of Directors appointing Franz Rutzer (45) as the group's new CFO. He will take up his post in the middle of October 2006. The management of Cicorel SA in Boudry was reinforced with the appointment of a new Unit Manager and a new Head of Production. Cicorel SA was merged with another group company involved in the manufacture of printed circuit boards, NMS SA in Moudon. In the meantime these measures have already had a positive effect on productivity.

Confident outlook  For the full 2006 financial year, Cicor Technologies expects sales of around CHF 180 million and another substantial year-on-year improvement in net profit. This year sees the full consolidation of all group company activities for the first time.

The group's dynamic development should continue, with acquisition-driven growth remaining a key element of its strategy. Options are currently being examined in Europe and Asia.

The half-year report can be downloaded in German, French and English from the Cicor Technologies website (

end of announcement                                                 euro adhoc 22.09.2006 17:35:00

ots Originaltext: Cicor Technologies
Im Internet recherchierbar:

Further inquiry note:
Christian Welter
Executive Director of Cicor Technologies
Tel. +41 79 409 40 91

Robert Demuth
Tel.  +41 79 401 02 01

Branche: Technology
ISIN:      CH0008702190
WKN:        8702190
Index:    SPI, SSCI, SPIEX
Börsen:  Frankfurter Wertpapierbörse / free trade
              SWX Swiss Exchange / official market