BRONSCHHOFEN, SWITZERLAND – Cicor Group sales recovered in 2021, growing 11.2% year-over-year to CHF 239 million (US$253.9 million).

Cicor’s net income increased 79.3% to CHF 7.5 million, corresponding to 3.1% of sales. EBITDA was CHF 23.1 million, up 19.4% compared to 2020.

Orders reached an all-time high of CHF 286.6 million, above the previous year by 32.7%, resulting in a book-to-bill ratio of 1.20.

The acquisition of Axis Electronics as of Nov. 30 contributed CHF 3 million to revenue growth.

The Advanced Microelectronics and Substrates division recovered from the pandemic-related decline in demand in 2020, with sales increasing 11.7% to CHF 58.7 million year-over-year. At CHF 10.3 million, the EBITDA generated was 39.6% higher than 2020.

CHF 69.6 million worth of orders were booked in the segment, 37.3% more than the prior year. The book-to-bill ratio was 1.19. The order backlog increased significantly.

The Electronic Solutions division also recovered, despite supply restrictions on semiconductor parts and other components, interrupted transport routes, and a plant closure in Vietnam lasting several months, which was ordered by the authorities as part of a general lockdown due to the spread of Covid-19. The division's sales reached CHF 181.2 million, an increase of 11.1%.

The result of the ES division includes the contribution of the newly acquired Axis Electronics for the month of December. Operating income was CHF 15.8 million, growth of 15.9% year-over-year. At 8.7% of sales, profitability exceeded 2020 (8.4%). Units in Europe and Asia contributed equally.

The segment had a record order of CHF 217.9 million. The book-to-bill ratio was 1.20. The order backlog exceeded the division's annual sales for the first time.

At the end of 2021, Cicor’s total assets amounted to CHF 321.9 million, compared to CHF 182.1 million as of Dec. 31, 2020.

On June 18, Cicor signed a credit agreement for a new revolving credit facility of CHF 80 million, as well as for an additional optional acquisition credit line of CHF 75 million. Cicor's net debt increased to CHF 61.1 million as of Dec. 31.

Cicor is budgeting significant growth despite the ongoing Covid-19 pandemic, the existing shortages and price increases in the supply of materials and an uncertain geopolitical situation.

Ed.: CHF 1 = US$1.06

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