3Scope of Consolidation

in local currency 1 000

Currency

2022 Nominal share capital

Participation in %

2021 Nominal share capital

Participation in %

Cicor Technologies Ltd, Boudry/Switzerland

CHF

34 095

100

30 695

100

Holding/Finance

 

 

 

 

 

Cicorel SA, Boudry/Switzerland*

CHF

8 000

100

8 000

100

Engineering/Production/Sales/Distribution

 

 

 

 

 

Reinhardt Microtech AG, Wangs/Switzerland*

CHF

1 800

100

1 800

100

Engineering/Production/Sales/Distribution

 

 

 

 

 

Reinhardt Microtech GmbH, Ulm/Germany

EUR

500

100

500

100

Engineering/Production/Sales/Distribution

 

 

 

 

 

RHe Microsystems GmbH, Radeberg/Germany*

EUR

216

100

216

100

Engineering/Production/Sales/Distribution

 

 

 

 

 

Cicor Deutschland GmbH, Dresden, Germany* 1)

EUR

5 000

100

n/a

n/a

Engineering/Production/Sales/Distribution

 

 

 

 

 

Electronicparc Holding AG, Bronschhofen/Switzerland*

CHF

23 271

100

23 271

100

Holding/Finance

 

 

 

 

 

Swisstronics Contract Manufacturing AG, Bronschhofen (Wil)/Switzerland

CHF

3 000

100

3 000

100

Engineering/Production/Sales/Distribution

 

 

 

 

 

Systronics SRL, Arad/Romania

RON

5 145

100

5 145

100

Production/Sales

 

 

 

 

 

Axis EMS Heights Ltd., Milton Keynes/UK*

GBP

141

100

141

100

Holding/Finance

 

 

 

 

 

Axis EMS Group Ltd., Milton Keynes/UK

GBP

264

100

264

100

Holding/Finance

 

 

 

 

 

Axis EMS Holdings Ltd., Milton Keynes/UK

GBP

885

100

885

100

Holding/Finance

 

 

 

 

 

Axis Electronics Ltd., Milton Keynes/UK

GBP

10

100

10

100

Engineering/Production/Sales/Distribution

 

 

 

 

 

ESG Holding Pte Ltd., Singapore*

SGD

1 896

100

1 896

100

Holding/Finance

 

 

 

 

 

Cicor Asia Pte Ltd., Singapore

SGD

2 000

100

2 000

100

Sales/Distribution

 

 

 

 

 

PT Cicor Panatec, Batam/Indonesia

USD

300

100

300

100

Production

 

 

 

 

 

Brant Rock Enterprises Corp., British Virgin Islands

USD

10

100

10

100

Holding/Finance

 

 

 

 

 

Cicor Anam Ltd., Anam/Vietnam

USD

1 500

100

1 500

100

Production

 

 

 

 

 

Suzhou Cicor Technology Co. Ltd., China

CNY

42 033

100

42 033

100

Production

 

 

 

 

 

Cicor Americas Inc., USA*

USD

10

100

10

100

Sales/Distribution

 

 

 

 

 

Cicor Management AG, Bronschhofen/Switzerland*

CHF

250

100

250

100

Management Services

 

 

 

 

 

* Directly held subsidiaries of Cicor Technologies Ltd.

1) The company was renamed from SMT Elektronik GmbH.

Change in Scope of Consolidation in 2022

As of 27 April 2022, Cicor Technologies Ltd. acquired 100% of the shares of SMT Elektronik GmbH, Dresden (Germany) . The acquired company provides electronic manufacturing services, predominantly for clients in the medical and industrial industry, and is included in the EMS Division. 

The fair value of the acquired assets and liabilities as per the acquisitions date are shown in the below table.

in CHF 1 000

2022

Property, plant and equipment

4 173

Intangible assets

467

Inventories

8 501

Trade accounts receivable

2 543

Other accounts receivable, prepaid expenses and accruals

383

Cash and cash equivalents

64

Long-term provisions

Deferred Tax liabilities

–90

Long-term financial liabilities

–669

Short-term financial liabilities

–588

Short-term provisions

–76

Trade payables

–967

Other current liabilities and accruals

–1 200

Income tax payable

–775

Total fair value of net assets acquired

11 767

The acquisition resulted in a Goodwill of TCHF 2 277, which was capitalized as part of the intangible assets and is amortized over five years.

Cicor paid an earn-out amount in 2022 to settle the remaining purchase price from the acquisition of the Axis Group. Part of the remaining purchase price was settled in shares of Cicor Technologies Ltd. and part of it was settled in cash. The finalization of the purchase price allocation resulted in an increase in Goodwill of TCHF 2 898, which stems mainly from the reassessment of the earn-out amount. 

Change in scope of consolidation in 2021

As of 30 November 2021, Cicor Technologies Ltd. acquired 100% of the shares of Axis EMS Heights Ltd. with its directly/indirectly held subsidiaries Axis EMS Group Ltd., Axis EMS Holdings Ltd. and Axis Electronics Ltd., all in Milton Keynes, United Kingdom. The most important balance sheet positions as per acquisition date are shown in the table below.

in CHF 1 000

2021

Cash paid

54 071

Direct costs related to acquisition

2 179

Purchase considerations cash

56 250

Capital increase

9 705

Earn-out

8 858

Issuance stamp tax and securities transfer tax

326

Purchase considerations non-cash

18 889

Total purchase considerations

75 139

less: Fair value of net assets acquired

–49 906

Goodwill

25 233

 

 

Cash and cash equivalents

11 244

Trade accounts receivable

7 079

Inventories

10 563

Property, plant and equipment

3 093

Intangible assets

43 617

Trade payables

–11 605

Other current liabilities

–4 535

Short-term financial liabilities

–354

Long-term financial liabilities

–456

Short-term provision

–56

Deferred Tax liabilities

–8 684

Total fair value of net assets acquired

49 906

 

 

Purchase considerations cash

56 250

less: cash and cash equivalent acquired

–11 244

Cash outflow on acquisition during the year

45 006

The acquisition resulted in a Goodwill of TCHF 25 233, which was capitalized as part of the intangible assets and is amortized over five years.

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