Notes 1–25

1 Corporate Information

1 Corporate Information

Cicor Technologies Ltd., Boudry, is a public company, the shares of which are traded on the Swiss Stock Exchange (SIX). Cicor Group offers a seamless production and service chain for electronic components and systems – from development and engineering to large-scale manufacturing, after-sales service and product life-cycle management. Mainly active in­­ ­Europe, the USA and Asia, Cicor’s main competences are:

  • outsourcing services for the design and manufacturing of electronic modules, component groups and complete electronic products
  • microelectronics assembly
  • precision tooling and plastic injection moulding
  • thin and thick film substrates
  • manufacture of rigid, rigid-flexible and ­flexible PCBs
  • printed electronics
2 Basis of the Consolidated Financial Statements

2 Basis of the Consolidated Financial Statements

2.1 Basis of Preparation

Statement of compliance

The consolidated financial statements of Cicor Group are based on uniform accounting and valuation principles applicable to all subsidiaries of the Group. The consolidated financial statements have been prepared in accordance with Swiss GAAP FER (GAAP = Generally Accepted Accounting Principles / FER = Fachempfehlungen zur Rechnungslegung) and the requirements of the Swiss Code of Obligations.

The consolidated financial statements of Cicor Group for the year ended 31 December 2024 were authorized for issue on 5 March 2025 and are subject to approval at the Annual General Meeting of Shareholders on 17 April 2025.

Basis of measurement

The consolidated financial statements have been prepared on an accrual basis under the historical cost convention except for derivative financial instruments which are measured at fair value.

Presentation currency

The consolidated financial statements are presented in Swiss francs (CHF).

2.2 Change in Accounting Principles

2.2.1 Change to the Consolidation and Valuation Principles - Accounting for Goodwill

In recent years, it has become standard practice for listed companies applying Swiss GAAP FER to offset goodwill against equity. For this reason, and to facilitate comparability with other stock listed companies, the Board of Directors of Cicor Technologies Ltd. (Cicor) has decided that, from 1 January 2024, goodwill from acquisitions will be offset directly against equity at the time of acquisition, using the accounting policy choice provided in Swiss GAAP FER 30 "Consolidated financial statements". The impact of theoretical capitalization and amortization, including any impairment arising from the assessment of recoverability, will be disclosed in the notes to the consolidated financial statements.

Previously goodwill was capitalized and amortized over its estimated useful life. As this is a change in accounting policy, prior periods have been restated accordingly. Cicor previously reported the alternative performance measures "Core EBIT", "Core net profit" and "Core earnings per share", which excluded the amortization of goodwill and other intangible assets that were capitalized as part of an acquisition. These Core results will no longer be reported. The revised consolidation and valuation principles are described below.

Goodwill from the acquisition of companies and businesses is equivalent to the difference between the total consideration (purchase price plus transaction costs) and the interest in the fair value of the net assets of the acquired company and can be positive or negative. Goodwill is offset against equity at the date of acquisition. The impact of theoretical capitalization and amortization of goodwill is disclosed in the notes to the consolidated financial statements. In an acquisition achieved in stages (step acquisition), the goodwill of each separate transaction is determined.

For purchases of minority interests, goodwill or negative goodwill is calculated as the difference between the acquisition cost and the proportional carrying amount of the minority interest.

Companies and businesses sold during the year are excluded from the consolidated financial statements from the date of sale. Where interests in fully consolidated companies or companies accounted for using the equity method are sold, goodwill acquired at an earlier date and offset against equity is recognized in the income statement at original cost for the purpose of calculating the gain or loss resulting from the sale.

Financial effects of the changes to the consolidation and valuation principles

in CHF 1 000

Reported

Restatement

Restated

Balance sheet 1 January 2023

 

 

 

Intangible assets

58 342

–21 816

36 526

Retained earnings

–55 013

–21 816

–76 829

 

 

 

 

Balance sheet 1 January 2024

 

 

 

Intangible assets

48 441

–16 591

31 850

Retained earnings

–55 534

–16 591

–72 125

 

 

 

 

Income statement 1 January - 31 December 2023

 

 

 

Amortization and impairment

–10 081

5 677

–4 404

Operating profit (EBIT)

23 368

5 677

29 045

Net profit

6 083

5 677

11 760

 

 

 

 

Earnings per share 1 January - 31 December 2023 in CHF

 

 

 

- basic

1.37

1.28

2.66

- diluted

1.36

1.27

2.63

2.2.2 Adoption of FER 30 (revised 2022) – Consolidated Financial Statements

The Group applied Swiss GAAP FER 30 (revised 2022) for the first time in the financial year 2024. The revised standard defines the accounting principles and disclosure for consolidated financial statements. Cicor determined that the revision of FER 30 did not have a material impact on the consolidated financial statements.

2.2.3 Adoption of FER 28 – Government Grants

The Group applied Swiss GAAP FER 28 for the first time in the financial year 2024. The new standard defines the accounting treatment and disclosure of government grants. Cicor determined that the application of FER 28 did not have a material impact on the consolidated financial statements.

2.3 Significant Accounting Principles

Basis of consolidation

The consolidated financial statements comprise the financial statements of Cicor Technologies Ltd. and all subsidiaries which the parent company, directly or indirectly, controls either by holding more than 50% of the voting rights or by otherwise having the power to govern their operating and financial policies. These subsidiaries are fully consolidated. The financial statements of subsidiaries are included in the consolidated ­financial statements from the date that control commences until the date that control ceases. A list of all subsidiaries is disclosed in note 3. Cicor does not hold any subsidiaries, in­vestments, assets or liabilities which are not fully consolidated within the financial statements of the Cicor Group.

Upon the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling ­interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit or loss. Non-controlling interests in equity and profit are shown separately. Changes in the Group’s interest that do not result in a loss of control are accounted for as equity trans­actions. The carrying amounts of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Group. Intercompany balances, transactions and profits are eliminated on consolidation.

Purchase method

Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The consideration paid plus directly attri­butable transaction costs for each acquisition are eliminated at the date of acquisition against the fair value of the net assets acquired, determined based on uniform accounting ­policies. Any excess of the consideration transferred over the net assets acquired is resulting as goodwill, which is directly offset against equity.

Foreign currency conversion

Transactions in foreign currencies are converted at the rate of exchange as of the transaction date. Gains and losses from foreign currency transactions and from converting year-end foreign currency balances are recognized in the income statement. Foreign exchange differences on long-term loans to foreign operations with equity characteristics, where a repayment is neither likely nor planned, are recognized in equity. The financial statements of subsidiaries that report in foreign currencies are translated into Swiss francs as follows:

  • balance sheet items: at year-end exchange rates,
  • income statement and cash flow statement items: at average exchange rates for the year,
  • equity is translated at historical rates.

The translation differences resulting from the conversion of financial statements denominated in foreign currencies are directly charged to equity. At the date of sale of a foreign subsidiary, the respective cumulative foreign currency translation differences are recognized in profit or loss.

Foreign exchange rates

Code

Closing rate 2024

Closing rate 2023

Average rate 2024

Average rate 2023

Euro

EUR

0.9402

0.9324

0.9522

0.9718

United States dollar

USD

0.9050

0.8401

0.8801

0.8989

Pound sterling

GBP

1.1345

1.0732

1.1248

1.1172

Romanian leu

RON

0.1889

0.1875

0.1914

0.1965

Singapore dollar

SGD

0.6642

0.6373

0.6588

0.6694

Chinese yuan

CNY

0.1240

0.1185

0.1225

0.1272

Hong Kong dollar

HKD

0.1165

n/a

0.1128

n/a

Swedish krona

SEK

0.0820

n/a

0.0833

n/a

Segment information

Cicor defines its reportable segments based on the internal reporting to its Board of Directors. They base their strategic and operational decisions on these monthly distributed reports, which include the aggregated financial data for the Group and for the Divisions. The two Divisions, EMS and AS, have been identified as the two reportable segments. The segment result used to steer the business is EBITDA.

Property, plant and equipment

Items of property, plant and equipment are individually measured at cost less accumulated depreciation and accumulated impairment losses. Depreciation is computed on a straight-line basis over the estimated useful life of the assets as follows:

Land

no depreciation

Buildings

25–50 years

Leasehold Improvements

3–10 years

Machinery

3–10 years

Furniture

5–15 years

Equipment

3–10 years

When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

Subsequent expenditure is capitalized if the market value or the value in use or the useful live of the respective item of property, plant and equipment has increased substantially.

Goodwill

Goodwill, which can be positive or negative (badwill), represents the excess of the consideration transferred over the Group’s interest in the net of the identifiable assets acquired and the liabilities assumed measured at acquisition date fair value. Goodwill resulting from acquisitions is offset against equity at the date of acquisition. The consequences of a theoretical capitalization and amortization (shadow accounting) are disclosed in note 6. In the shadow accounting, goodwill is amortised on a pro rata basis (normally linearly) over its useful life. The estimated useful life may not exceed 20 years. If the useful life cannot be determined, amortisation takes place over 5 years.

In the event of a subsequent sale, the goodwill offset against shareholders’ equity at the time of the acquisition is recognized in the income statement against the proceeds of the sale.

Other intangible assets

Other intangible assets are measured at cost less accumulated amortization and accu­mulated impairment losses. Amortization is computed on a straight-line basis over the estimated useful life of the asset (between one and five years, in justified cases twenty years at the most).

Intangible assets which have not been recognised previously by the acquiree and are relevant to the decision to obtain control are also to be identified and recognised.

Impairment of assets

Property, plant and equipment as well as intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If such indication exists, then the asset’s recoverable amount is estimated.

An impairment loss is recognized in profit or loss when the carrying amount of an asset exceeds its estimated recover­able amount. The recoverable amount of an asset or a group of assets is the greater of its value in use and its net selling price. In assessing value in use, the estimated future cash flows from continuing use of an asset or a group of assets that are largely independent of cash flows of other assets are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The relevant cash flows are based on the most recent business plans of these cash-generating units (period of three years) and the assumptions therein concerning development of prices, markets and market shares. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis. Assets for which an impairment loss was recognized are reviewed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is re­versed only if there has been a change in the estimates used to determine the recover­able amount. The reversal is limited to the amount that would have been determined, net of depreciation or amortization, if no impairment had been recognized. Such reversal is recognized in profit or loss. Impairment losses on goodwill are not reversed.

Leasing agreements

Fixed assets acquired under leasing contracts where both the risks and rewards of ownership are substantially transferred to Cicor, are classified as finance leases. Such assets are recorded at the lower of the estimated net present value of future lease payments and the estimated fair value of the asset at the ­inception of the lease. Assets under finance leases are fully amortized over the shorter of the lease term and its useful life. The corresponding lease obligations, ex­cluding finance charges, are included in either short- or long-term financial liabilities. Lease instalments are divided into an interest and a redemption component.

Operating lease payments are recognized as an expense in profit or loss on a straight-line basis over the lease term.

Inventories

Inventories are valued at the lower of purchase or manufac­turing costs and fair value less cost to sell. Costs for raw material are measured according to the weighted average cost method. Cost of work in progress and finished goods include materials, related manufacturing labour and related overheads. Concerning work in progress, estimated losses correspond to the negative difference between the net selling price and the estimated costs until finalization of work in progress.

Trade accounts receivable

Trade accounts receivable are measured at nominal value less necessary allowances for bad debts. The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade accounts receivables. The main components of this allowance are a specific loss component that relates to individually significant exposure and a collective loss component established for groups of assets with similar risk characteristics in respect of losses that have been incurred, but not yet identified. The collective loss allowance is determined based on historical data of payment statistics for similar receivables.

Cash and cash equivalents

Cash and cash equivalents are stated at amortized costs and include cash on hand, postal and bank accounts at sight and time deposits with maturities at the balance sheet date of 90 days or less.

Bank borrowings, trade and other liabilities

Non-derivative financial liabilities are initially recognized at fair value less any attributable transaction costs and are subsequently measured at amortized cost. 

Provisions

Provisions are recognized when:

  • the Group has a present legal or constructive obligation as a result of past events;
  • it is probable that resources are needed to extinguish the obligation;
  • the amount of the obligation can be estimated in a reliable way.

A provision is recognized for expected warranty claims on products based on past experience of the level of repairs and returns.

Government grants

Government grants are recognized as income over the periods matching the related costs, which they are intended to compensate on a systematic basis. Government grants are recognized when there is reasonable assurance that the entity complies with any conditions attached to the grant and the value can be estimated reliably.

Income taxes

Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current income taxes are accrued based on taxable income of the current year. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted at the reporting date. Deferred income tax assets and liabilities are recognized for all temporary differences between the tax and accounting bases of assets and liabilities at the reporting date using the liability method.

Deferred income taxes are measured at the tax rates that are expected to apply in the period when the asset is ­realized or the liability is settled.

Deferred tax assets arising from tax loss carry forwards and deductible temporary differences are capitalized only if it is probable that they can be used to be offset against future taxable profits.

Derivative financial instruments

All outstanding derivatives are recognized at market value as at the balance sheet date and shown at gross values under other accounts receivables or other current liabilities. Value changes on derivatives for hedges of recognized underlying transactions are shown like the underlying transaction. Value changes on derivatives for hedges of future cash flows will be shown directly in equity until completion of the underlying transaction. At the time of recognition of the underlying transaction, the gain or loss recorded in equity will be transferred to the income statement.

Pension plans

Cicor maintains several pension plans for employees in Switzerland, Germany, the United Kingdom and Sweden. A liability is recognized if a pension plan has an underfunding and there is an economic obligation for Cicor to pay additional contribution. The assessment of whether there is an obligation is made using the recognition criteria for provisions. For Swiss plans, the measurement of assets or liabilities is based on the financial statements of the pension plan prepared in accordance with FER 26, while for German plans, it is based on an actuarial calculation. Pension institutions without surplus / deficit include the Swiss, British and Swedish plans. At the balance sheet date, no non-committed reserves exist. Therefore, neither an economic benefit nor an economic obligation is capitalized in the balance sheet. Employer contribution reserves are always recognized as an asset.

Changes in the economic obligation, the employer contribution reserves and the contributions incurred for the period are recognized in personnel costs in the income statement.

Earnings per share

Basic earnings per share are calculated by dividing net profit excluding non-controlling interests by the weighted average number of shares outstanding during the reporting period. Diluted earnings per share include all potentially dilutive effects.

Treasury shares

When shares are repurchased, the amount of the consideration paid is recognized as a deduction from equity and presented as a separate component in equity. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity and the resulting surplus or deficit on the transaction is recognized in capital reserves.

Mandatory convertible note

The Group’s interest-free mandatory convertible note is classified as equity, because it does not contain any obligation to deliver cash or other financial assets and does not require settlement in a variable number of the Group’s equity instruments. Incremental costs directly attributable to the issue of the mandatory convertible note are recognized as a deduction from equity.

Share-based payments

Share-based payments to members of the Board of Directors and to employees are measured at fair value at the grant date, and recognized in the income statement over the vesting period with a corresponding increase in equity. The fair value at the grant date is assessed considering the market conditions, with no subsequent true-up. The amount recognized as an expense is adjusted considering the satisfaction or failure of meeting the service conditions and non-market performance conditions.

Revenue recognition

Revenue from the sale of products comprises all revenues that are derived from sales of products to third parties after deduction of price rebates and value-added tax. Revenues from the sale of products are recognized when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of the products.

Revenues from engineering and consulting services are recognized in the accounting period in which the services are rendered. Bad debt losses are included in net sales.

Research and development costs

Research costs are expensed as incurred. An intangible asset arising from development expenditure on an individual project is reco­gnized only when a future benefit is expected, costs can be measured reliably, the asset is controlled by the organization and the resources needed to complete the asset are/will be made available. Additionally, the Group has to demonstrate the technical feasibility, the availability of resources and its intention of completing the project so that it will be available for use or sale.

Capitalized development cost is measured at cost less accumulated amortization and accumulated impairment losses.

2.4 Definition of Non-GAAP Measures

Cicor uses the below non-GAAP measures in the financial reporting. 

EBITDA / EBIT

EBITDA as a subtotal includes EBIT before deduction of depreciation and impairment of tangible assets as well as amortization and impairment of intangible assets. EBIT as a subtotal includes all income and expenses before addition/deduction of financial income, financial expenses and income taxes.

Free Cash Flow before Acquisitions

Free Cash Flow before Acquisitions includes Operating Cash Flow and Investing Cash Flow, excluding cash paid for the acquisition of subsidiaries, net of cash acquired.

Operating net working capital

The Cicor Group uses Operating net working capital as a measure to monitor net working capital. Operating net working capital considers Inventories, Trade receivables and Trade payables, as well as Prepayments from customers and to suppliers.

in CHF 1 000

Balance sheet allocation

31.12.2024

31.12.2023

Inventories

Inventories

141 489

135 365

Prepayments to suppliers for inventory

Other accounts receivable

1 625

781

Prepayments from customers for inventory

Other current liabilities

–32 128

–30 727

Operating inventories

 

110 986

105 419

 

 

 

 

Trade accounts receivable

Trade accounts receivable

74 290

51 108

Prepayments from customers other

Other current liabilities

–3 507

–1 611

Operating trade receivables

 

70 783

49 497

 

 

 

 

Trade accounts payable

Trade accounts payable

–58 103

–37 050

Prepayments to suppliers other

Other accounts receivable

1 323

327

Operating trade payables

 

–56 780

–36 723

 

 

 

 

Operating net working capital

 

124 989

118 193

3 Scope of Consolidation

3 Scope of Consolidation

in 1 000, unless otherwise stated

Participation in %

Currency

31.12.2024

31.12.2023

Cicor Technologies Ltd, Boudry/Switzerland

100

CHF

45 649

34 112

Holding/Finance

 

 

 

 

Cicor Management AG, Bronschhofen (Wil) / Switzerland 1)

100

CHF

250

250

Management Services

 

 

 

 

Cicorel SA, Boudry / Switzerland 1)

100

CHF

8 000

8 000

Engineering/Production/Sales/Distribution

 

 

 

 

Electronicparc Holding AG, Bronschhofen (Wil) / Switzerland 1)

100

CHF

23 271

23 271

Holding/Finance

 

 

 

 

Reinhardt Microtech AG, Wangs / Switzerland 1)

100

CHF

1 800

1 800

Engineering/Production/Sales/Distribution

 

 

 

 

Swisstronics Contract Manufacturing AG, Bronschhofen (Wil) / Switzerland

100

CHF

3 000

3 000

Engineering/Production/Sales/Distribution

 

 

 

 

Brant Rock Enterprises Corporation, British Virgin Islands

100

USD

10

10

Holding/Finance

 

 

 

 

Dongguan Arlec Electrical Products Co. Ltd, Dongguan / China

100

HKD

66 920

n/a

Engineering/Production/Sales/Distribution

 

 

 

 

Suzhou Cicor Technology Co. Ltd., Suzhou / China

100

CNY

42 033

42 033

Production

 

 

 

 

Cicor Deutschland GmbH, Dresden / Germany 1)

100

EUR

5 000

5 000

Engineering/Production/Sales/Distribution

 

 

 

 

Cicor Digital Elektronik GmbH, Wutha-Farnroda / Germany

100

EUR

350

350

Engineering/Production/Sales/Distribution

 

 

 

 

Reinhardt Microtech GmbH, Ulm / Germany

100

EUR

500

500

Engineering/Production/Sales/Distribution

 

 

 

 

RHe Microsystems GmbH, Radeberg / Germany 1)

100

EUR

216

216

Engineering/Production/Sales/Distribution

 

 

 

 

Stadium Asia Ltd, Hong Kong / Hong Kong

100

AUD

16 350

n/a

Sales/Distribution

 

 

 

 

STMC Ltd, Hong Kong / Hong Kong

100

HKD

2 000

n/a

Finance

 

 

 

 

PT Cicor Panatec, Batam / Indonesia

100

USD

300

300

Production

 

 

 

 

Cicor Medtec Bucharest srl, Bucharest / Romania

100

RON

1

n/a

Engineering/Sales

 

 

 

 

Systronics SRL, Arad / Romania

100

RON

5 145

5 145

Production/Sales

 

 

 

 

Cicor Asia Pte Ltd., Singapore

100

SGD

2 000

2 000

Sales/Distribution

 

 

 

 

ESG Holding Pte Ltd., Singapore 1)

100

SGD

1 896

1 896

Holding/Finance

 

 

 

 

Nordic Engineering Holding Partner AB, Västerås / Sweden 1)

100

SEK

100

n/a

Holding/Finance

 

 

 

 

Nordic Engineering Partner AB, Norrtälje / Sweden

100

SEK

100

n/a

Engineering/Sales

 

 

 

 

Cicor Digital Tunisie S.U.A.R.L., Borj-Cedria / Tunisia 1)

100

EUR

57

57

Production

 

 

 

 

Axis Electronics Limited, Milton Keynes / UK

100

GBP

10

3 355

Engineering/Production/Sales/Distribution

 

 

 

 

Cicor Hartlepool Ltd., Hartlepool / UK

100

GBP

1 909

n/a

Engineering/Production/Sales/Distribution

 

 

 

 

Cicor Newport Ltd, Newport / UK

100

GBP

1 000

n/a

Engineering/Production/Sales/Distribution

 

 

 

 

Cicor UK Ltd., Milton Keynes / UK 1)

100

GBP

7 813

147

Holding/Finance

 

 

 

 

Cicor UK Properties Ltd, Newport / UK

100

GBP

100

n/a

Finance

 

 

 

 

STS Defence Group Ltd., Gosport / UK

100

GBP

23

n/a

Holding/Finance

 

 

 

 

STS Defence Holdings Ltd., Gosport / UK

100

GBP

47

n/a

Holding/Finance

 

 

 

 

STS Defence Ltd., Gosport / UK

100

GBP

164

n/a

Engineering/Production/Sales/Distribution

 

 

 

 

Cicor Americas Inc., Cambridge / USA 1)

100

USD

10

10

Sales/Distribution

 

 

 

 

Cicor Vietnam Company Ltd., Thuan An City / Vietnam

100

USD

1 500

1 500

Engineering/Production/Sales/Distribution

 

 

 

 

1) Directly held subsidiaries of Cicor Technologies Ltd.

Change in scope of consolidation in 2024

Effective 24 January 2024, Cicor Group acquired 100% of the shares of STS Defence Ltd (STS), located in Gosport, England, for a total consideration of GBP 27.8 million (CHF 30.7 million). The site was integrated into the organizational unit “Cicor UK” of the Electronic Manufacturing Services (EMS) Division. The purchase price allocation resulted in goodwill of GBP 19.5 million (CHF 21.4 million) which has been offset against equity. The company was consolidated as of 24 January 2024. Net sales from 1 January 2024 to 23 January 2024 amounted to GBP 1.3 million (CHF 1.4 million) and net sales from 24 January 2024 to 31 December 2024 amounted GBP 35.4 million (CHF 39.8 million).

Effective 28 February 2024, Cicor Group acquired 100% of the shares of Evolution Medtec Srl (EM), located in Bucharest, Romania, for a total consideration of RON 9.7 million (CHF 1.9 million). The site was integrated into the organizational unit “Cicor Engineering” of the Electronic Manufacturing Services (EMS) Division. The purchase price allocation resulted in goodwill of RON 6.8 million (CHF 1.3 million) which has been offset against equity. Evolution Medtec was consolidated as of 28 February 2024. Net sales from 1 January to 27 February 2024 amounted to RON 2.0 million (CHF 0.4 million) and net sales from 28 February to 31 December 2024 amounted to RON 6.9 million (CHF 1.3 million).

Effective 31 March 2024, Cicor Group acquired 100% of the shares of TT Electronics IoT Solutions Ltd (IoT) for a total consideration of GBP 21.2 million (CHF 24.1 million). The transaction included a total of seven companies, thereof two production sites in England (Newport and Hartlepool) that were integrated into the organizational unit “Cicor UK” and one production site in China (Dongguan) that became part of "Cicor Asia", all in the Electronic Manufacturing Services (EMS) Division. The preliminary purchase price allocation resulted in a bargain purchase of GBP -4.6 million (CHF -5.2 million) which has been offset against equity. The IoT business was consolidated as of 31 March 2024. Net sales from 1 January to 30 March 2024 amounted to GBP 16.1 million (CHF 18.1 million) and net sales from 31 March to 31 December 2024 amounted to GBP 52.9 million (CHF 59.5 million).

Effective 7 November 2024, the Cicor Group acquired 100% of the shares of Nordic Engineering Partner AB (NEP) for a total consideration of SEK 96.6 million (CHF 7.9 million). The transaction included two companies, thereof one engineering and one holding company. The site was integrated into the organizational unit “Cicor Engineering” of the Electronic Manufacturing Services (EMS) Division. The preliminary purchase price allocation resulted in goodwill of SEK 77.2 million (CHF 6.3 million) which has been offset against equity. NEP was consolidated as of 7 November 2024. Net sales from 1 January to 6 November 2024 amounted to SEK 44.6 million (CHF 3.7 million) and net sales from 7 November to 31 December 2024 amounted to SEK 7.4 million (CHF 0.6 million).

Financial information on the four transactions is disclosed in below table.

in CHF 1 000

STS 1)

EM 2)

IoT 3)

NEP 4)

Total

 

 

 

 

 

 

Purchase consideration paid

29 722

1 356

22 941

6 214

60 233

Purchase consideration deferred

382

1 532

1 913

Total purchase consideration

29 722

1 738

22 941

7 746

62 147

Direct costs related to acquisition paid

985

124

1 199

156

2 464

Direct costs related to acquisition deferred

24

24

Total consideration

30 707

1 862

24 140

7 926

64 635

Less: Fair value of net assets acquired

–9 324

–553

–29 371

–1 612

–40 860

Goodwill

21 383

1 309

–5 231

6 314

23 775

 

 

 

 

 

 

Property, plant and equipment

574

6

3 695

355

4 630

Intangible assets

12 967

0

2 815

850

16 631

Inventories

4 237

16

24 614

28 867

Trade accounts receivable

4 765

303

10 183

1 006

16 257

Other accounts receivable, prep. exp. and accruals

560

49

3 071

81

3 761

Cash and cash equivalents

1 265

349

5 786

487

7 886

Deferred Tax assets / liabilities

–3 618

10

3 067

–350

–891

Long-term financial liabilities

–11

–11

Long-term provisions

–3 134

–3 134

Short-term financial liabilities

–3 617

–6

–3 623

Short-term provisions

–76

–1 122

–1 198

Trade payables

–3 062

–101

–7 863

–177

–11 204

Other current liabilities and accruals

–4 541

–38

–11 664

–637

–16 880

Income tax payable

–129

–40

–60

–3

–232

Total fair value of net assets acquired

9 324

553

29 371

1 612

40 860

 

 

 

 

 

 

Total consideration paid

30 707

1 480

24 140

6 370

62 698

Less: cash and cash equivalents acquired

–1 265

–349

–5 786

–487

–7 886

Cash outflow on acquisitions during the year

29 442

1 132

18 354

5 883

54 812

1) Acquisition of STS Defence Ltd, Gosport (United Kingdom).

2) Acquisition of Evolution Medtec Srl, Bucharest (Romania).

3) Acquisition of TT Electronics IoT Solutions Ltd (United Kingdom and China).

4) Acquisition of Nordic Engineering Partner (Sweden).

Change in scope of consolidation in 2023

Effective 20 January 2023, Cicor Group acquired 100% of the shares of Phoenix Mecano Digital Elektronik GmbH with two sites in Thuringia (Germany) and Phoenix Mecano Digital Tunisie S.a.r.l. located in Borj-Cedria (Tunisia) for a consideration of EUR 23.6 million (CHF 23.5 million). The German sites were integrated into the organizational unit “Cicor Germany” of the Electronic Manufacturing Services (EMS) Division. The Tunisian site also became part of the global production network of the EMS Division. The purchase price allocation resulted in goodwill of TCHF 915, which has been offset against equity.

Effective 1 March 2023, Cicor Group completed the acquisition of the thin-film business of AFT microwave GmbH, Backnang, Germany, for a consideration of EUR 1.4 million (CHF 1.4 million), as part of an asset deal. Employees, equipment and knowledge of the acquired business was integrated into Cicor’s Advanced Substrates division. The purchase price allocation resulted in goodwill of TCHF 212, which has been offset against equity.

Financial information on the two transactions is disclosed in below table.

in CHF 1 000

PM 1)

AFT 2)

Total

 

 

 

 

Cash paid

23 498

1 368

24 866

Direct costs related to acquisition

421

157

578

Total purchase considerations

23 919

1 525

25 444

less: Fair value of net assets acquired

–23 004

–1 313

–24 317

Goodwill

915

212

1 127

 

 

 

 

Property, plant and equipment

7 113

355

7 467

Intangible assets (w/o Goodwill)

146

476

622

Inventories

15 542

524

16 065

Trade accounts receivable

4 397

4 397

Other accounts receivable, prep. exp. and accruals

64

64

Cash and cash equivalents

3 459

3 459

Deferred Tax assets / liabilities

50

–41

9

Long-term provisions

–348

–348

Short-term financial liabilities

–1 079

–1 079

Short-term provisions

–51

–51

Trade payables

–2 475

–2 475

Other current liabilities and accruals

–3 814

–3 814

Total fair value of net assets acquired

23 004

1 313

24 317

 

 

 

 

Purchase consideration cash

23 919

1 525

25 444

less: cash and cash equivalent acquired

–3 459

–3 459

Cash outflow on acquisition during the year

20 461

1 525

21 985

1) Acquisition of Cicor Digital Elektronik GmbH, Thuringia (Germany) and Cicor Digital Tunisia, Borj-Cedria (Tunisia) from Phoenix Mecano Group.

2) Acquisition of the thin-film business of AFT microwave, Backnang (Germany).

4 Segment Reporting

4 Segment Reporting

in CHF 1 000

EMS Division

AS Division

Total reportable segments

Corporate and eliminations

Group

Income statement

2024

2024

2024

2024

2024

Sales to external customers

437 939

42 897

480 836

-

480 836

Intersegment sales

68

2 409

2 477

–2 477

-

Total Net Sales

438 007

45 306

483 313

–2 477

480 836

EBITDA

57 047

6 826

63 873

–5 520

58 353

 

 

 

 

 

 

Balance sheet

31.12.2024

31.12.2024

31.12.2024

31.12.2024

31.12.2024

Intangible assets

43 822

280

44 102

-

44 102

Other than intangible assets

326 350

39 319

365 669

7 294

372 963

Total assets

370 172

39 599

409 771

7 294

417 065

Total liabilities

232 786

19 392

252 178

28 235

280 413

 

 

 

 

 

 

Other segment information

2024

2024

2024

2024

2024

Capital expenditures for property, plant and equipment

10 593

3 679

14 272

-

14 272

in CHF 1 000

EMS Division

AS Division

Total reportable segments

Corporate and eliminations

Group

Income statement

2023

2023

2023

2023

2023

Sales to external customers

347 860

42 030

389 890

-

389 890

Intersegment sales

72

981

1 053

–1 053

-

Total Net Sales

347 932

43 011

390 943

–1 053

389 890

EBITDA

43 366

6 063

49 429

–4 294

45 135

 

 

 

 

 

 

Balance sheet restated 1)

31.12.2023

31.12.2023

31.12.2023

31.12.2023

31.12.2023

Intangible assets

31 478

372

31 850

-

31 850

Other than intangible assets

247 772

36 237

284 009

28 663

312 672

Total assets

279 250

36 609

315 859

28 663

344 522

Total liabilities

161 021

19 416

180 437

32 596

213 033

 

 

 

 

 

 

Other segment information

2023

2023

2023

2023

2023

Capital expenditures for property, plant and equipment

10 207

1 365

11 572

56

11 628

1) Refer to note "2.2.1 Change to the Consolidation and Valuation Principles - Accounting for Goodwill".

Cicor defines its reportable segments based on the internal reporting to its Board of Directors. They base their strategic and operational decisions on these monthly distributed reports, which include the aggregated financial data for the Group and for the divisions. The two divisions, EMS and AS, have been identified as the two reportable segments.

The Electronic Manufacturing Services (EMS) division provides full-cycle electronic solutions from research and development to manufacturing and supply chain management for customers in the medical, industrial and aerospace & defence sectors, while the Advanced Substrates (AS) division provides its customers with high-quality printed circuit boards as well as thin-film substrates.

For internal reporting and therefore the segment reporting, the applied principles of accounting and valuation are the same as in the consolidated financial statements. Intersegment sales are recognized at arm’s length.

Sales by Region and by Industry

in CHF 1 000

2024

%

2023

%

Switzerland

84 822

17.6

89 513

23.0

Europe (without Switzerland)

325 126

67.6

234 162

60.1

Asia

47 371

9.9

43 669

11.2

Americas

18 677

3.9

16 769

4.3

Other

4 840

1.0

5 777

1.5

Total

480 836

100.0

389 890

100.0

 

 

 

 

 

Industrial

159 908

33.3

153 683

39.4

Aerospace & defence

121 679

25.3

62 588

16.1

Medical

114 165

23.7

112 337

28.8

Transport

38 476

8.0

30 145

7.7

High-tech consumer

32 596

6.8

23 073

5.9

Communication

5 586

1.2

1 965

0.5

Other

8 426

1.8

6 099

1.6

Total

480 836

100.0

389 890

100.0

Major Customers

Cicor Group’s biggest customer contributed more than 5% (2023: less than 6%) to the Group’s consolidated sales. In 2024, about 34% (2023: about 35%) of total Group net sales can be attributed to the Group’s top ten clients.

5 Property, Plant and Equipment

5 Property, Plant and Equipment

2024 in CHF 1 000

Land and buildings 1)

Machinery

Furniture and equipment

Other equipment

Assets under construction

Total

Acquisition costs

 

 

 

 

 

 

Balance at 1 January 2024

46 455

99 871

12 746

2 491

1 885

163 448

Additions 2)

1 930

5 332

1 822

378

4 810

14 272

Disposals

–160

–2 492

–121

–131

–25

–2 929

Reclassifications

791

1 673

427

30

–2 921

-

Business combinations

1 049

2 057

877

164

483

4 630

Translation adjustment

793

1 888

187

31

–7

2 892

Balance at 31 December 2024

50 858

108 329

15 938

2 963

4 225

182 313

 

 

 

 

 

 

 

Accumulated depreciation and impairment

 

 

 

 

 

 

Balance at 1 January 2024

–23 287

–72 671

–9 118

–1 215

-

–106 291

Depreciation

–2 259

–8 213

–1 681

–323

-

–12 476

Impairment

–241

–239

–6

-

-

–486

Disposals

160

2 361

98

113

-

2 732

Translation adjustment

–332

–1 200

–123

–21

-

–1 676

Balance at 31 December 2024

–25 959

–79 962

–10 830

–1 446

-

–118 197

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

1 January 2024

23 168

27 200

3 628

1 276

1 885

57 157

31 December 2024

24 899

28 367

5 108

1 517

4 225

64 116

Thereof net book value of assets under financial lease

-

108

-

158

-

266

Net book value of pledged assets

5 630

1 658

-

-

-

7 288

1) Including leasehold improvements.

2) Of the additions in fixed assets, CHF 1.6 million have not yet been paid as per 31 December 2024.

In 2024, Cicor invested CHF 5.3 million in machinery. The most significant investments were made in Arad, Batam, Newport, Radeberg and Wangs. The investments in land and buildings were mainly made in Indonesia, the United Kingdom and Switzerland. Assets under construction are equipment whose installation has not yet been completed.

2023 in CHF 1 000

Land and buildings 1)

Machinery

Furniture and equipment

Other equipment

Assets under construction

Total

Acquisition costs

 

 

 

 

 

 

Balance at 1 January 2023

40 113

95 178

11 492

1 932

4 894

153 609

Additions 2)

667

6 355

1 022

500

3 084

11 628

Disposals

–5

–1 823

–337

–346

–46

–2 557

Reclassifications

4 418

1 409

388

17

–6 232

-

Business combinations

3 275

2 655

686

510

341

7 467

Translation adjustment

–2 013

–3 903

–505

–122

–156

–6 699

Balance at 31 December 2023

46 455

99 871

12 746

2 491

1 885

163 448

 

 

 

 

 

 

 

Accumulated depreciation and impairment

 

 

 

 

 

 

Balance at 1 January 2023

–22 048

–69 216

–8 225

–978

-

–100 467

Depreciation

–1 984

–7 907

–1 466

–329

-

–11 686

Disposals

5

1 807

252

25

-

2 089

Translation adjustment

740

2 645

321

67

-

3 773

Balance at 31 December 2023

–23 287

–72 671

–9 118

–1 215

-

–106 291

 

 

 

 

 

 

 

Net book value

 

 

 

 

 

 

1 January 2023

18 065

25 962

3 267

954

4 894

53 142

31 December 2023

23 168

27 200

3 628

1 276

1 885

57 157

Thereof net book value of assets under financial lease

-

456

-

132

-

588

Net book value of pledged assets

5 551

2 156

38

-

-

7 745

1) Including leasehold improvements.

2) Of the additions in fixed assets, CHF 0.3 million have not yet been paid as per 31 December 2023.

In 2023, Cicor invested CHF 6.4 million in machinery. The most significant investments were made in Arad, Batam, Boudry, Bronschhofen, Singapore, Thuan An City and Wutha-Farnroda. The investments in land and buildings were mainly made in Asia. Assets under construction are equipment whose installation has not yet been completed.

6 Intangible Assets

6 Intangible Assets 

2024 in CHF 1 000

Brand

Technology

Customer relationships

Other

Total

Acquisition costs

 

 

 

 

 

Balance at 1 January 2024

10 343

7 288

33 841

8 050

59 522

Additions

-

-

-

858

858

Business combinations

-

5 872

6 240

4 519

16 631

Translation adjustment

207

169

1 854

402

2 632

Balance at 31 December 2024

10 550

13 329

41 935

13 829

79 643

 

 

 

 

 

 

Accumulated amortization

 

 

 

 

 

Balance at 1 January 2024

–7 215

–7 288

–7 450

–5 719

–27 672

Amortization

–254

–610

–2 659

–3 782

–7 305

Translation adjustment

–32

–12

–262

–258

–564

Balance at 31 December 2024

–7 501

–7 910

–10 371

–9 759

–35 541

 

 

 

 

 

 

Net book value

 

 

 

 

 

1 January 2024

3 128

-

26 391

2 331

31 850

31 December 2024

3 049

5 419

31 564

4 070

44 102

2023 restated 1) in CHF 1 000

Brand

Technology

Customer relationships

Other

Total

Acquisition costs

 

 

 

 

 

Balance at 1 January 2023

10 480

7 335

34 534

7 920

60 269

Additions

-

-

-

347

347

Business combinations

-

-

476

146

622

Translation adjustment

–137

–47

–1 169

–363

–1 716

Balance at 31 December 2023

10 343

7 288

33 841

8 050

59 522

 

 

 

 

 

 

Accumulated amortization

 

 

 

 

 

Balance at 1 January 2023

–6 983

–7 335

–5 442

–3 983

–23 743

Amortization

–252

-

–2 176

–1 976

–4 404

Translation adjustment

20

47

168

240

475

Balance at 31 December 2023

–7 215

–7 288

–7 450

–5 719

–27 672

 

 

 

 

 

 

Net book value

 

 

 

 

 

1 January 2023

3 497

-

29 092

3 937

36 526

31 December 2023

3 128

-

26 391

2 331

31 850

1) Refer to note "2.2.1 Change to the Consolidation and Valuation Principles - Accounting for Goodwill".

Goodwill from acquisitions (shadow accounting)

The goodwill from the acquisition of companies and businesses or the purchase of interests in associates or joint ventures is offset against equity at the date of acquisition. The theoretical capitalization of goodwill and its amortization over the expected useful life of usually 5 years would have the following effects on the consolidated financial statements as at 31 December 2024.

The total balance of goodwill offset in the consolidated statement of changes in equity at the balance sheet date does not equal the balance of goodwill in the table below because, contrary to the theoretical movement schedule for goodwill, no subsequent translation adjustment is allocated to the goodwill offset in the consolidated statement of changes in equity.

Theoretical movement schedule for Goodwill

in CHF 1 000

2024

2023

Acquisition costs

 

 

Balance at 1 January

123 396

123 413

Additions

23 775

1 127

Translation adjustment

2 237

–1 144

Balance at 31 December

149 408

123 396

 

 

 

Accumulated amortization

 

 

Balance at 1 January

–106 806

–101 597

Amortization

–8 229

–5 678

Translation adjustment

–647

469

Balance at 31 December

–115 682

–106 806

 

 

 

Theoretical net book value of goodwill

 

 

1 January

16 590

21 816

31 December

33 726

16 590

 

 

 

Equity as per balance sheet 31 December

136 651

131 489

Theoretical capitalization of goodwill

33 726

16 590

Theoretical equity goodwill capitalized

170 377

148 079

 

 

 

Equity in % of total assets

32.8

38.2

Theoretical equity goodwill capitalized in % of total assets

37.8

41.0

 

 

 

Net profit

27 253

11 760

Goodwill amortization

–8 229

–5 678

Theoretical net profit incl. amortization of goodwill

19 024

6 083

7 Inventories

7 Inventories  

in CHF 1 000

31.12.2024

31.12.2023

Raw materials

118 102

114 274

Work-in-progress

27 806

24 688

Finished goods

25 746

18 013

Valuation allowance

–30 165

–21 610

Total inventories

141 489

135 365

8 Trade Accounts Receivable and other Accounts Receivable

8 Trade Accounts Receivable and other Accounts Receivable 

in CHF 1 000

31.12.2024

31.12.2023

Trade accounts receivable (gross)

75 348

52 119

Allowance for bad debts

–1 058

–1 011

Total trade accounts receivable

74 290

51 108

Ageing of Trade Accounts Receivable

in CHF 1 000

31.12.2024 Gross

31.12.2024 Allowance

31.12.2023 Gross

31.12.2023 Allowance

Not yet due

58 412

–168

39 886

-

Overdue 0–45 days

13 723

–19

9 801

–116

Overdue 46–90 days

1 717

–19

413

–6

Overdue 91–180 days

479

–26

783

–37

Overdue 181–360 days

303

–152

534

–150

Overdue more than 360 days

714

–674

702

–702

Total trade accounts receivable

75 348

–1 058

52 119

–1 011

Movement in the Allowance for Impairment for Trade Accounts Receivable

in CHF 1 000

2024

2023

Individual allowance as of 1 January

616

406

Allowance increase

103

238

Reversal of allowance

–173

–1

Translation adjustments

21

–27

Individual allowance as of 31 December

567

616

 

 

 

Collective allowance as of 1 January

395

119

Change in allowance

96

276

Collective allowance as of 31 December

491

395

Other Accounts Receivable

in CHF 1 000

31.12.2024

31.12.2023

Receivables on bullion dealers’ accounts

146

187

Value-added taxes

1 601

498

Withholding taxes

73

71

Income tax receivables

1 439

109

Prepayment to suppliers for inventory

1 625

781

Prepayment to suppliers other

1 323

327

Other

3 019

1 956

Total other accounts receivable

9 226

3 929

9 Cash and Cash Equivalents

9 Cash and Cash Equivalents 

in CHF 1 000

31.12.2024

31.12.2023

Bank accounts

74 152

57 843

Cash equivalents

7

8

Total cash and cash equivalents

74 159

57 851

Cicor Technologies’ banking partners are first-rate Swiss, German, English and Romanian banks.

10 Provisions

10 Provisions

2024 in CHF 1 000

Restructuring

Warranties

Other

Total provisions

Balance at 1 January 2024

-

3 640

2 142

5 782

Additional provisions

355

1 259

363

1 977

Unused amounts reversed

-

–576

–1 168

–1 744

Amount used

–73

–318

–32

–423

Business combinations

-

699

3 633

4 332

Translation adjustments

–4

9

–4

1

Balance at 31 December 2024

278

4 713

4 934

9 925

thereof short-term provisions

278

1 765

1 359

3 402

thereof long-term provisions

-

2 948

3 575

6 523

2023 in CHF 1 000

Restructuring

Warranties

Other

Total provisions

Balance at 1 January 2023

-

3 587

2 432

6 019

Additional provisions

-

909

1 790

2 699

Unused amounts reversed

-

–443

–1 437

–1 880

Amount used

-

–429

–872

–1 301

Business combinations

-

100

299

399

Translation adjustments

-

–83

–70

–153

Balance at 31 December 2023

-

3 640

2 142

5 782

thereof short-term provisions

-

1 381

813

2 194

thereof long-term provisions

-

2 259

1 329

3 588

Warranty provisions are recognized for warranty claims on products sold. The increase in 2024 is based on the rise in long term provisions.

11 Taxes

11 Taxes

Major Components of Tax Expense

in CHF 1 000

2024

2023

Current income taxes

9 211

7 598

Income tax for prior years

–117

215

Deferred tax

–842

1 110

Total tax expense

8 252

8 923

Deferred Tax Assets and Liabilities

in CHF 1 000

31.12.2024 Assets

31.12.2024 Liabilities

31.12.2023 Assets

31.12.2023 Liabilities

Deferred taxes on intangible assets

125

10 540

5

7 564

Deferred taxes on property, plant and equipment

806

841

216

624

Deferred taxes on inventory

1 814

186

866

159

Deferred taxes on other assets

212

247

72

149

Deferred taxes on accruals

200

185

167

61

Deferred taxes on other liabilities

988

320

534

112

Total

4 145

12 319

1 860

8 669

Deferred taxes on losses carried forward

2 624

-

1 767

-

Offset of assets and liabilities

–1 331

–1 331

–504

–504

Total deferred tax assets and liabilities

5 438

10 988

3 123

8 165

 

 

 

 

 

Balance at 1 January

3 123

8 165

3 284

7 364

Change in tax loss carried forward recognized in the income statement

–233

-

106

 

Change of temporary differences recognized in the income statement

–593

–1 724

–151

1 044

Business combination

3 064

4 069

70

61

Translation adjustments

77

478

–186

–304

Balance at 31 December

5 438

10 988

3 123

8 165

The Group average tax rate for the calculation of the deferred income taxes is 23.0% (2023: 22.0%).

Reconciliation of Current Income Taxes and Deferred Taxes

in CHF 1 000

2024

2023 restated 1)

Profit before tax

35 505

20 683

Weighted average income tax in %

21.4%

23.7%

Expected income tax expense

7 601

4 900

Current year losses for which no deferred tax asset is recognized

104

323

Derecognition of deferred tax assets on previously recognized temporary differences

549

550

Use of tax assets on previously unrecognized tax losses

-

–68

Effect of tax rate changes compared to prior period

6

2 100

Effect of non-deductible expenses / income

108

997

Adjustments for current tax of prior periods

–117

120

Other adjustments

1

1

Effective income taxes

8 252

8 923

Effective income taxes in % of profit before tax

23.2%

43.1%

1) Refer to note "2.2.1 Change to the Consolidation and Valuation Principles - Accounting for Goodwill".

Tax Losses Carried Forward for which no Deferred Tax Assets have been Capitalized

Deferred tax assets from tax losses carried forward are capitalized where the possibility of using them is high. As per 31.12.2024, the Group had potential deferred tax assets from tax losses carried forward of TCHF 7 144 (2023: TCHF 7 531) whereof TCHF 2 624 (2023: TCHF 1 767) were capitalized.

Since the Group operates in various tax jurisdictions, its average expected tax rate is calculated as a weighted average of the tax rates in these jurisdictions. This rate changes from year to year due to changes in the mix of the Group’s taxable income and changes in local tax rates.

12 Financial Liabilities

12 Financial Liabilities

Long-term Financial Liabilities

in CHF 1 000

31.12.2024

31.12.2023

Borrowings, long-term

91 772

84 509

Financial leases

50

119

Total long-term financial liabilities

91 822

84 628

Short-term Financial Liabilities

in CHF 1 000

31.12.2024

31.12.2023

Bank overdrafts

1 197

1 215

Short-term portion of long-term borrowings

25 171

15 249

Financial leases

111

243

Total short-term financial liabilities

26 479

16 707

Maturity of Financial Liabilities

2024 in CHF 1 000

Total

2025

2026

2027

2028

2029

2030 and after

Syndicated bank loan

116 772

25 000

25 000

66 772

Basket of local credit lines / loans

1 368

1 368

Financial leases

161

111

50

Total

118 301

26 479

25 050

66 772

2023 in CHF 1 000

Total

2024

2025

2026

2027

2028

2029 and after

Syndicated bank loan

99 340

15 000

15 000

15 000

54 340

Basket of local credit lines / loans

1 633

1 464

169

Financial leases

362

243

87

32

Total

101 335

16 707

15 256

15 032

54 340

On 30 October 2023, the Group signed a syndicated bank loan agreement which included a revolving credit line of CHF 120 million plus allowance of an external basket of CHF 20 million valid for four years, beginning on 30th November 2023. The credit agreement included the renewal of the existing CHF 75 million acquisition line, where CHF 30 million is outstanding on 31 December 2024, and another acquisition line for CHF 50 million, where CHF 42.5 million is outstanding on 31 December 2024. The credit agreement also contained an optional acquisition credit line in the amount of CHF 75 million which is not yet utilized.

The two main reporting covenants are Net Debt/EBITDA ratio and Equity Ratio. Net Debt/EBITDA should be less than 3.0x at the end of each quarter and less than 2.75x at year-end. Equity ratio should be a minimum 30% per the theoretical equity if goodwill was amortized. Please see note 6. EBITDA is calculated before restructuring costs, and EBITDA of acquisitions can be added pro forma. The interest is based on SARON plus a variable margin depending on the net debt / EBITDA ratio. The revolving credit line, which was divided into CHF 97 million cash and CHF 23 million for ancillaries, was utilized as of 31 December 2024 by CHF 45 million cash and CHF 7 million for guarantees. Furthermore, CHF 1.5 million of the external basket has been utilized as of 31 December 2024. The effective average interest rate for the year was 2.75%.

Property, plant and equipment with net book value CHF 7.3 million and inventory with net book value CHF 15.7 million was pledged to local banks as of 31 December 2024.

The shares of the following companies and their subsidiaries are in deposit with the lead bank, pledged as collateral for the syndicated credit line: Cicorel SA, Electronicparc Holding AG, Reinhardt Microtech AG, Swisstronics Contract Manufacturing AG, Cicor Deutschland GmbH, RHe Microsystems GmbH and Cicor UK Ltd.

13 Liabilities for Post-Employment Benefits

13 Liabilities for Post-Employment Benefits

Cicor maintains several pension plans for employees in Switzer­land, Germany, the United Kingdom and Sweden. Pension expenses totalled TCHF 4 958 (2023: TCHF 3 859). German pension funds are not legally independent in contrast to Swiss, British and Swedish pension funds.

German companies therefore need to recognize a provision according to the German Commercial Code. RHe Microsystems GmbH and Reinhardt Microtech GmbH did so by recognizing TCHF 750 (2023: TCHF 777) and TCHF 876 (2023: TCHF 886) respectively as liability.

In Switzerland the majority of Cicor’s insured employees are covered for the risk of old age, death and disability within a collective pension scheme which is administrating pension plans of various unrelated employers. The plan is an independent pension fund.

The standard retirement age is 65 for males, the retirement age for females is staggered between 64 and 65. Employees qualify for early retirement on their 58th birthday at the earliest. Furthermore, the employees may choose to take their entire pension or part thereof in the form of capital payment. For retirements at the age of 65, the conversion rate is 5.4% for the compulsory part and 5.4% for the supplementary part. This rate is relevant to determine the pension payment in relation to the accumulated savings. These savings result from employee and employer contributions which are paid into the individual savings account of each individually insured person as well as the interest accruing on the accumulated savings.

It is a collective multiemployer pension fund organized as a foundation under Swiss law. The most senior governing body of the foundation is the Board of Trustees that consists of an equal number of employers’ and employees’ representatives. The people entrusted with the management of the pension fund and its assets are subject to the charter of the Swiss Pension Fund Association ASIP. All processes are audited by the internal auditors and the independent external auditors as well as the investment controller. And finally, the supervisory authority, the Zentralschweizer BVG- und Stiftungsaufsicht (ZBSA), audits the management of the pension fund and the assets in collaboration with the auditors.

The projected funding ratio as per 31 December 2024 is 111% (31.12.2023 = 100%). Whenever there is a legal obligation to cover an underfunding, this has to be remedied by various measures such as increasing employee and employer contributions, lowering the interest rate on retirement account balances, reducing prospective benefits and a suspension of the early withdrawal facility.

in CHF 1 000

Surplus/deficit

Economical part of the organization

Change to previous year

Contributions concerning the business period 2024

Pension benefit expenses within personnel expenses

 

 

 

 

 

 

 

 

 

31.12.2024

31.12.2024

31.12.2023

 

 

2024

2023

Pension institutions without surplus / deficit

n/a

n/a

n/a

-

4 882

4 882

3 671

Pension institutions without own assets

-

1 626

1 663

–37

113

76

188

Total

-

1 626

1 663

–37

4 995

4 958

3 859

Change to previous year includes TCHF -51 recognized in the current result and exchange rate changes of TCHF 14.

There were no employer contribution reserves in the year under review or in previous years.

14 Other Current Liabilities and Accruals

14 Other Current Liabilities and Accruals

in CHF 1 000

31.12.2024

31.12.2023

Value-added taxes

3 308

2 145

Other current liabilities

1 571

1 696

Other accounts payable

43 372

35 811

Total other current liabilities

48 251

39 652

 

 

 

Accrued interest

214

-

Accrued personnel expenses

13 040

9 701

Other accrued expenses

13 850

6 600

Total accruals

27 104

16 301

 

 

 

Total other current liabilities and accruals

75 355

55 953

Other current liabilities and accrued expenses are non-interest-bearing financial liabilities. Other accounts payable also contain prepayments from customers and payables for social security.

15 Lease Commitments

15 Lease Commitments 

in CHF 1 000

31.12.2024

31.12.2023

Within 1 year

4 201

4 395

From over 1 year to under 5 years

12 842

10 918

Due in 5 years or later

5 263

7 253

Total operating leasing

22 306

22 566

Operating leasing commitments stem mostly from mid- to long-term lease obligations for production and office premises. The leases have varying terms and renewal rights.

For financial leasing, please refer to note 12.

16 Contingent Liabilities

16 Contingent Liabilities

There were no contingent liabilities for Cicor Group companies as at 31 December 2024 or as at 31 December 2023.

17 Equity

17 Equity

Ordinary share capital

Effective as of 20 April 2023, 1 627 new registered shares with a par value of CHF 10.00 each were created from the conditional capital according to Art. 5 bis of the Company’s Articles of Association for the remuneration of the Cicor Board of Directors.

1 153 777 new registered shares with a par value of CHF 10.00 each were created from the conditional capital according to Art. 5 ter of the Company’s Articles of Association in 2024 for the conversion of mandatory convertible notes into shares of the Company.

As of 31 December 2024, the Company’s ordinary share capital amounted to CHF 45 649 460 and was divided into 4 564 946 registered shares with a par value of CHF 10.00 each (31 December 2023: 3 411 169 registered shares with a par value of CHF 10.00 each).

Cicor Technologies Ltd. is a holding company established under Swiss law. According to the provisions of law ­governing the appropriation of retained earnings by holding companies, the share capital and appropriations to the general legal reserve to the extent of 20% of share capital may not be distributed.

Capital band

At the Annual General Meeting of Shareholders on 18 April 2023, the Shareholders decided to create a capital band with right to exclude pre-emptive rights according to Art. 5 quarter of the Company’s Articles of Association as follows: The lower limit of the capital band is CHF 45 649 460 and the upper limit is CHF 52 468 540. The Board of Directors is authorized until 12 April 2026 to increase the share capital in one or more steps by a maximum of CHF 6 819 080 by issuing a maximum of 681 908 registered shares with a par value of CHF 10.00 each, but not authorized to reduce the share capital. In the event of an increase of the share capital, the new shares must be fully paid up. The Board of directors shall determine the time of issue of new shares, the issue price, the method of payment, the conditions for the exercise of preferential subscriptions rights and the commencement of the dividend entitlement. The Board of Directors may exclude the shareholders preferential subscription rights in whole or in part if certain conditions are met.

Conditional capital according to Art. 5 bis of the Company’s Articles of Association

At the Annual General Meeting of Shareholders on 12 April 2022, the Shareholders decided to extend the conditional capital according to Art. 5 bis of the Company’s Articles of Association according to the following: The share capital may be conditionally increased by a maximum of CHF 1 200 000 by issuing up to 120 000 fully paid-in registered shares with a nominal value of CHF 10.00 each through the exercise of option rights granted to directors, officers, senior executives and employees of the Company or its subsidiaries, according to plans established by the Board of Directors. The share capital was increased in the amount of CHF 16 270 with the issuance of 1 627 shares out of conditional capital according to Art. 5 bis until 31 December 2024. The remaining conditional capital according to Art. 5 bis as per 31 December 2024 amounts to CHF 1 183 730 divided into 118 373 shares.

Conditional capital according to Art. 5 ter of the Company’s Articles of Association

At the Extraordinary General Meeting of Shareholders on 16 December 2021, the Shareholders decided to create conditional capital according to Art. 5 ter of the Company’s Articles of Association according to the following: the share capital of the Company may be increased by an additional maximum amount of CHF 13 303 750 by issuing up to 1 330 375 fully paid-in registered shares with a nominal value of CHF 10.00 each through the exercise or compulsory exercise of conversion, exchange, option or similar subscription rights granted to shareholders or third parties, alone or in connection with bonds, loans, options, warrants or other financial market instruments or contractual obligations, subscription or similar share subscription rights, granted to shareholders or third parties, alone or in connection with bonds, loans, options, warrants or other financial market instruments or contractual obligations of the Company or one of its subsidiaries. The share capital was increased in the amount of CHF 11 537 770 with the issuance of 1 153 777 shares out of conditional capital according to Art. 5 ter until 31 December 2024. The remaining conditional capital according to Art. 5 ter as per 31 December 2024 amounts to CHF 1 765 980 divided into 176 598 shares.

Mandatory convertible note

On 20 January 2022, Cicor issued a five-year, interest-free mandatory convertible note (MCN) with a principal amount of CHF 20.0 million. The MCN was subject to a reopening clause allowing Cicor to increase the principal amount of the MCN up to a maximum principal amount of CHF 60.2 million within the twelve-months reopening period without prior consent or permission of the holders through the issue of further fungible MCNs fully allocated to its main shareholder OEP, under its agreement to provide Cicor a fully underwritten standby equity facility. On 27 September 2022 Cicor exercised its option to reopen the issuance of the mandatory convertible note in the amount of CHF 40.2 million and to sell these additional notes to OEP.

The conversion price is fixed at CHF 47.50 per share, subject to subsequent adjustments for anti-dilution events. Shares to be delivered upon conversion of a MCN will be new shares to be issued from the conditional capital according to Art. 5 ter of the Company’s Articles of Association. No fractions will be delivered to, and no cash payments will be made to the holders. The MCN contains the following early conversion option for holders: each holder may elect to convert the MCN early during the optional conversion period starting 730 days after issuance up to 10 days prior to maturity or following the formal announcement of a takeover bid to Cicor’s shareholders during the additional offer period, unless certain thresholds have not been met after the first offer period.

Upon occurrence of certain predefined events, the MCNs will be subject to an accelerated conversion and will be mandatorily converted on the maturity date, unless previously converted under the early conversion options or following an accelerated conversion.

As of 31 December 2024, MCNs with a nominal value of CHF 54.8 million were converted into 1 153 777 new ordinary shares with a par value of CHF 10.00 that were created from the conditional capital according to Art. 5 ter of the Company’s Articles of Association.

Dividend

At the Shareholders’ Meeting on 18 April 2024, the shareholders decided that no dividend will be paid for the financial year 2023.

18 Treasury Shares

18 Treasury Shares 

 

2024 in shares

2024 CHF 1 000

2023 in shares

2023 CHF 1 000

Balance as per 1 January

249 404

2 775

241 916

2 422

Increase of ordinary share capital

1 627

63

Purchase of treasury shares

116 357

5 925

40 305

1 832

Sale of treasury shares

–51 617

–2 616

–32 744

–1 475

Share-based payments

–7 137

–368

–1 700

–67

Balance as per 31 December

307 007

5 716

249 404

2 775

Cicor entered into a market making agreement with a financial institution to provide liquidity for Cicor shares from January 2023. The financial institution purchased 48 829 (2023: 40 305) and sold 51 617 (2023: 32 744) Cicor shares on behalf of Cicor Technologies Ltd. in the financial year 2024.

19 Earnings per Share

19 Earnings per Share 

 

2024

2023 restated 1)

Net profit attributable to Cicor shareholders in CHF thousand

27 253

11 760

 

 

 

Average number of ordinary shares outstanding

3 298 742

3 161 651

Average number of conditional shares for conversion of MCN

1 094 072

1 267 116

Total average number of shares outstanding and conditional

4 392 815

4 428 767

Dilutive impact of share-based remuneration

108 155

40 826

Total average number of shares outstanding and conditional, diluted

4 500 970

4 469 593

 

 

 

Basic earnings per share in CHF

6.20

2.66

Diluted earnings per share in CHF

6.05

2.63

1) Refer to note "2.2.1 Change to the Consolidation and Valuation Principles - Accounting for Goodwill".

Basic and diluted earnings per share are calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares outstanding and conditional shares for conversion of MCN during the year. Additionally, the share-based payment must be taken into account for diluted earnings per share.

Cicor issued a mandatory convertible note (MCN) in 2022. Upon conversion of the MCN, 1 267 116 ordinary shares will be created out of the conditional capital of the Company. As of 31 December 2024, MCNs with a nominal value of CHF 54.8 million were converted into 1 153 777 new ordinary shares. At year end 2024, 113 326 MCNs had not yet been converted. The weighted average number of those conditional shares that will be created based on MCNs already outstanding is included in basic earnings per share.

The Board of Directors and employees of Cicor receive part of their remuneration in Cicor shares. The dilutive impact of share-based remuneration is included in diluted earnings per share.

20 Personnel Costs

20 Personnel Costs  

in CHF 1 000

2024

2023

Wages and salaries

110 319

83 878

Social security costs

15 855

11 953

Other personnel costs

9 637

6 637

Total

135 811

102 468

Share-based remuneration

Remuneration of the Board of Directors

Members of the Board of Directors receive part of their remuneration in Restricted Share Units (RSUs), which are later converted into Cicor Shares.

An RSU is a personal award to receive one common registered share of Cicor per RSU. The number of granted RSUs is determined by dividing the relevant gross compensation amount by the average closing price of the Cicor share of the last 10 trading days immediately prior to the AGM that marks the beginning of the term of office. The shares are usually transferred to the beneficiaries on the first trading day after the Annual General Meeting that marks the end of the term of office and are then subject to a three-year blocking period, during which they may not be sold or otherwise disposed of. The blocking period is lifted immediately on the date of a Board member’s demise.

3 532 shares (2023: 2 465 shares) valued at CHF 50.96 (2023: CHF 44.62) were granted in 2024 and expenses of TCHF 160 (2023: TCHF 101) were recognized in wages and salaries in 2024 for the remuneration of the Board of Directors.

Performance Stock Option Plan (PSOP)

Members of the Group Management may be invited to participate in the Performance Stock Option Plan (PSOP), upon individual nomination by the Board of Directors. Participants receive a grant of non-tradable performance stock options of Cicor at the beginning of a year, the total value of which (the gross compensation amount) is determined by the Board of Directors. The number of granted stock options is determined by dividing the approved gross compensation amount by the fair value of those options, which is assessed by an external valuation specialist. The performance stock options vest after a three-year vesting period if the participant is still in active employment with Cicor, but conditional upon the achievement of the performance condition. The performance condition is relative TSR, which compares the share price evolution and dividend payments of Cicor with a predefined peer group of eleven listed companies in the EMS industry that are comparable to Cicor. If Cicor outperforms at least half of the peer companies, 50% of the performance stock options will vest. The vesting percentage can go up to 100% for being the best performing company, and down to 0% if more than 75% of the peer companies performed better than Cicor. Once vested, the stock options may be exercised for a period of four years. The gain realized by the participants corresponds to the difference between the share price of the Cicor share at the time of exercise and the exercise price of the stock option.

44 180 performance stock options (2023: 13 487 performance stock options) valued at CHF 11.77 (2023: 14.83) were granted in 2024, and expenses of TCHF 297 (2023: TCHF 129) were recognized in wages and salaries in 2024 for the PSOP.

Performance Share Plan (PSP)

Members of the executive committee and leadership team, as well as other selected key managers, may be invited to participate in the Performance Share Plan (PSP), upon individual nomination by the CEO and approval by the Board of Directors. Participants receive a grant of performance share units (PSU) whose total value (the gross compensation amount) is determined by the Board of Directors. The number of granted PSUs is determined by dividing the relevant gross compensation amount by the average closing price of the Cicor share of the last 30 business days prior to the grant date. A PSU is a conditional right to receive Cicor shares after a vesting period of three years if the company meets certain performance targets over the vesting period and if participants are in active employment with Cicor at the end of the three-year vesting period. The performance conditions are reaching specific levels of revenue growth and EBITDA margin for Cicor Group. Depending on the achievement of these performance conditions, each PSU may be converted into up to two Cicor shares, which is the upper cap if the performance conditions are overfulfilled, or the PSU may lapse if the lower cap of the performance conditions are not reached.

23 721 PSUs (2023: 15 111 PSUs) valued at CHF 48.48 (2023: CHF 43.69) were granted in 2024, and expenses of TCHF 1 274 (2023: TCHF 582) were recognized in wages and salaries in 2024 for the PSP.

Former LTI

The former LTI was discontinued in financial year 2021 and was replaced by the Performance Stock Option Plan and the Performance Share Plan in financial year 2022.

No shares were granted to employees in financial year 2024 and 2023 based on the former LTI. Expenses of TCHF 58 (2023: TCHF 204) were recognized in wages and salaries in 2024 for the former LTI.

Number of Employees by function

Number of employees (FTE)

31.12.2024

31.12.2023

Production

2 897

2 274

Sales and marketing

151

101

Administration

261

176

Total

3 309

2 551

21 Other Operating Expenses

21 Other Operating Expenses 

in CHF 1 000

2024

2023

Facility costs

14 367

12 265

Maintenance costs

5 842

5 253

Other production costs

9 323

8 700

Sales and marketing costs

1 849

1 542

Administration costs

14 140

8 832

Total

45 521

36 592

22 Financial Income and Expenses

22 Financial Income and Expenses 

in CHF 1 000

2024

2023

Income

 

 

Interest income

592

571

Foreign exchange gains

12 424

6 492

Total

13 016

7 063

 

 

 

Expense

 

 

Interest expense

4 214

3 892

Other financial expenses

383

903

Foreign exchange losses

11 000

10 630

Total

15 597

15 425

23 Related-Party Disclosures

23 Related-Party Disclosures

Definition

Related parties are members of the Board of Directors and the Group Management, pension funds as well as companies controlled by significant shareholders.

As per 31 December 2024, OEP 80 B.V., the main shareholder, holds 40.92% of the shares of Cicor Technologies Ltd. Other principal shareholders are presented in the management report and the corporate governance report.

Related-Party transactions

Cicor Anam entered a lease agreement with Spartronics, which is controlled by the beneficial owner of Cicor’s main shareholder OEP 80 B.V., for land where a production building is located. The lease has a term from January 2023 to February 2046 with a contract value of VND 15 094 million (CHF 0.6 million), fully prepaid by Cicor in 2022.

Cicor and Clayens announced in October 2023 that they have entered into a strategic collaboration to create global, one-stop solutions for demanding applications in the medical and industrial markets. Clayens is a European leader in the processing of polymers, composites and precision metal parts, headquartered in Genas, France. Clayens is controlled by the beneficial owner of Cicor’s major shareholder OEP 80 B.V. and therefore meets the definition of a related party for Cicor. The collaboration requires that all transactions between Cicor and Clayens to be conducted at arm’s length. There have been no transactions between Clayens and Cicor in 2023. In 2024, there was already closer cooperation with Clayens in lead generation (e.g. joint appearances at trade fairs or regular comparisons).

Remuneration of the Board of Directors and the Group Management

The remuneration of the Board of Directors and the Group Management is disclosed in the remuneration report.

24 Financial Risk Management

24 Financial Risk Management

The Group has exposure to the following risks from its use of financial instruments:

  • Credit risk
  • Market risk
  • Liquidity risk

This note presents information about the Group’s exposure to each of the above risks. Further quantitative disclosures are included throughout these consolidated financial statements. The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework. The following paragraphs give an overview of the extent of the above-mentioned risks.

Credit risk

The credit risk is the risk of financial loss to the Group if a customer or counterparty to financial instruments fails to meet its contractual obligation. The assets mainly exposing the Group to a credit risk are: cash, cash equivalents and trade accounts receivable. The Group minimizes credit risk arising on cash and cash equivalents by investing in funds of high credit-rated banks. These investments generally have a maturity of less than three months.

The Group’s exposure to credit risk arising from trade receivables is influenced mainly by the individual characteristics of each customer. The demographics of the Group’s customer base, including the default risk of the industry and country in which customers operate, have less of an influence on credit risk. The danger of risk concentration is generally minimized by the large number of customer credit balances, as no single ­customer accounts for more than 5.2% of consolidated sales 2024 (2023: 6% of consolidated sales).

The carrying value of financial assets reflects the maximum credit risk and is presented in the table below:

in CHF 1000

2024

2023

Cash and cash equivalents

74 159

57 851

Trade accounts receivable

74 290

51 108

Other accounts receivable

5 819

2 921

Other current assets

148

143

Total

154 416

112 023

Every operational unit has a credit policy under which each new customer is analysed individually for creditworthiness. Purchase limits are established for each customer which represent the maximum open amount possible. The allowances made according to the Group’s rules laid down in the financial manual are closely monitored.

Market risk

The market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Group’s income or the value of its holdings of ­fi­nancial instruments. The objective of risk management is to manage and control market risk exposures within acceptable limits.

Currency risk

The Cicor Group is exposed to currency risk on sales and purchases that are denominated in a currency other than the respective functional currencies of Group entities. The currencies in which these transactions are primarily denominated are Swiss francs (CHF), Euros (EUR), US dollars (USD), Pound sterling (GBP) and Singapore dollars (SGD). These risks are mostly offset with cash flows from opposite ­operational transactions (natural hedge). The Group however may also use foreign exchange forwards to hedge such currency risk. The following foreign exchange forwards were outstanding at the end of the financial year:

in CHF 1000

Assets

Liabilities

Purpose

 

31.12.2024

31.12.2023

31.12.2024

31.12.2023

 

Foreign exchange forwards

62

Hedging

Total

62

 

Interest rate risk

The interest rate risk is the risk that there is a change in market value or future cash flow of a financial instrument if there is a change in interest rate.

The Group’s exposure to market risk for changes in ­interest rates relates primarily to the Group’s interest-bearing financial debts. The Group’s policy is to manage its interest cost using a mix of fixed and variable debt. The average interest rate for the syndicated bank loan amounted to 2.75% in the reporting year (2023: 2.79%).

Liquidity risk

The liquidity risk is the risk that Cicor Technologies Ltd. cannot meet its financial obligations when they are due.

A syndicated loan of CHF 245 million (utilized as per 31 December 2024: CHF 124.5 million) is available to secure short- to long-term financing requirements (see note 12). Compliance with the financial covenants defined in the syndicated loan is a central element of the Group’s financial risk management. The respective bank covenants were fulfilled on all reporting dates. The short-term ­liquidity risk is reduced by the cash flow generated by operations, the trend of which is monitored continuously.

The following table shows the contractual cash flows of financial liabilities including interest payments as of 31 December:

2024 in CHF 1 000

Carrying amount

Contractual cash flow

2025 contractual cash flow

2026 contractual cash flow

2027 contractual cash flow

2028 contractual cash flow

2029 and after contractual cash flow

Financial liabilities

118 301

125 067

29 388

27 251

68 428

Trade payables

58 103

58 103

58 103

Other current liabilities and accruals

75 634

75 634

75 634

 

 

 

Income tax payable

4 583

4 583

4 583

Total

256 621

263 387

167 708

27 251

68 428

2023 in CHF 1 000

Carrying amount

Contractual cash flow

2024 contractual cash flow

2025 contractual cash flow

2026 contractual cash flow

2027 contractual cash flow

2028 and after contractual cash flow

Financial liabilities

101 335

109 247

19 306

17 411

16 767

55 763

Trade payables

37 050

37 050

37 050

Other current liabilities and accruals

55 953

55 953

55 953

 

 

 

Income tax payable

3 085

3 085

3 085

Total

197 423

205 335

115 394

17 411

16 767

55 763

The net carrying amount of financial assets and liabilities is a reasonable approximation of the fair value. No significant deviations between the net carrying amount and the fair value were noted. Financial liability is measured using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and allocating the interest expense over the relevant period.

25 Subsequent events

25 Subsequent events

Effective 3 January 2025, the Cicor Group acquired 100% of the shares of Profectus GmbH, based in Suhl (Thuringia, Germany). Profectus is a service provider for the development and manufacturing of electronic modules and systems. Its long-standing customers include medium-sized companies and leading corporations, mainly in the industrial electronics and medical technology sectors. With its state-of-the-art machinery and excellent infrastructure, including its own solar power generation and further expansion reserves, the acquisition of Profectus is a perfect next step in Cicor’s growth strategy in Germany, Europe’s largest electronics market. Profectus GmbH employs around 90 people and generated sales of around EUR 25 million in the last financial year ending 30 September 2024, with an operating margin at the level of the Cicor Group.

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