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 2025 were authorised for issue on 4 March 2026 and are subject to approval at the Annual General Meeting of Shareholders on 15 April 2026.
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.
The consolidated financial statements are presented in Swiss francs (CHF).
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 derecognises 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 recognised 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 recognised directly in equity and attributed to owners of the Group. Intercompany balances, transactions and profits are eliminated on consolidation.
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.
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 recognised 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 recognised in equity. The financial statements of subsidiaries that report in foreign currencies are translated into Swiss francs as follows:
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 recognised in profit or loss.
Foreign exchange rates | Code | Closing rate 2025 | Closing rate 2024 | Average rate 2025 | Average rate 2024 |
Euro | EUR | 0.9308 | 0.9402 | 0.9368 | 0.9522 |
United States dollar | USD | 0.7928 | 0.9050 | 0.8286 | 0.8801 |
Pound sterling | GBP | 1.0668 | 1.1345 | 1.0931 | 1.1248 |
Romanian leu | RON | 0.1827 | 0.1889 | 0.1858 | 0.1914 |
Singapore dollar | SGD | 0.6167 | 0.6642 | 0.6346 | 0.6588 |
Chinese yuan | CNY | 0.1133 | 0.1240 | 0.1153 | 0.1225 |
Hong Kong dollar | HKD | 0.1019 | 0.1165 | 0.1063 | 0.1128 |
Swedish krona | SEK | 0.0861 | 0.0820 | 0.0847 | 0.0833 |
Moroccan dirham | MAD | 0.0869 | n/a | 0.0888 | n/a |
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.
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 capitalised 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, 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. In the event of a subsequent sale, the goodwill offset against shareholders’ equity at the time of the acquisition is recognised in the income statement against the proceeds of the sale.
The consequences of a theoretical capitalisation and amortisation (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 five years. Negative goodwill arising from a bargain purchase is released immediately. Where negative goodwill reflects expected future expenses or losses, it is subsequently released on a systematic basis, consistent with the expected timing of the related costs, over a period not exceeding five years.
Other intangible assets are measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is computed on a straight-line basis over the estimated useful life of the asset (between one and eight 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.
The capitalisation of internally generated intangible assets relates to process-related development activities. Development costs that are directly attributable to the design, implementation and testing of identifiable and unique processes controlled by the Group are recognised as intangible assets when the recognition criteria are met. Directly attributable costs capitalised as part of the developed process include employee costs, third-party material and advisory expenses.
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 recognised 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 four years) and the assumptions therein concerning development of prices, markets and market shares. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any offset goodwill allocated to the units disclosed in the shadow accounting 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 recognised 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 amortisation, if no impairment had been recognised. Such reversal is recognised in profit or loss.
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 amortised over the shorter of the lease term or 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 recognised as an expense in profit or loss on a straight-line basis over the lease term.
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 finalisation of work in progress.
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.
The Group entered into factoring arrangements with financial institutions. Receivables sold under non-recourse factoring agreements, where substantially all risks and rewards are transferred, are derecognised upon transfer. Receivables sold under recourse factoring agreements, where the Group retains substantially all risks and rewards of ownership, are not derecognised. In such cases, the amounts received are recognised as a financial liability, and the related receivables continue to be recognised in trade accounts receivable.
Cash and cash equivalents are stated at amortised 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.
Non-derivative financial liabilities are initially recognised at fair value less any attributable transaction costs and are subsequently measured at amortised cost.
Provisions are recognised when:
A provision is recognised for expected warranty claims on products based on past experience of the level of repairs and returns.
Government grants are recognised as income over the periods matching the related costs, which they are intended to compensate on a systematic basis. Government grants are recognised when there is reasonable assurance that the entity complies with any conditions attached to the grant and the value can be estimated reliably.
Income tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised 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 recognised 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 realised or the liability is settled.
Deferred tax assets arising from tax loss carry forwards and deductible temporary differences are capitalised only if it is probable that they can be used to be offset against future taxable profits.
All outstanding derivatives are recognised 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 recognised 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.
Cicor maintains several pension plans for employees in Switzerland, France, Germany, Sweden the United Kingdom, the United States and Sweden. A liability is recognised 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. In France, employees are entitled to a lump sum retirement indemnity (‘indemnité de fin de carrière’, IFC), which represents a defined benefit obligation. Pension institutions without surplus / deficit include the Swiss, British, Swedish and US plans. At the balance sheet date, no non-committed reserves exist. Therefore, neither an economic benefit nor an economic obligation is capitalised in the balance sheet. Employer contribution reserves are always recognised as an asset.
Changes in the economic obligation, the employer contribution reserves and the contributions incurred for the period are recognised in personnel costs in the income statement.
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.
When shares are repurchased, the amount of the consideration paid is recognised 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 recognised as an increase in equity and the resulting surplus or deficit on the transaction is recognised in capital reserves.
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 recognised as a deduction from equity.
Share-based payments to members of the Board of Directors and to employees are measured at fair value at the grant date, and recognised 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 recognised as an expense is adjusted considering the satisfaction or failure of meeting the service conditions and non-market performance conditions.
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 recognised 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 recognised in the accounting period in which the services are rendered. Bad debt losses are included in net sales.
Research costs are expensed as incurred. An intangible asset arising from development expenditure on an individual project is recognised only when a future benefit is expected, costs can be measured reliably, the asset is controlled by the organisation 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.
Capitalised development cost is measured at cost less accumulated amortisation and accumulated impairment losses.
Cicor uses the below non-GAAP measures in the financial reporting.
EBITDA as a subtotal includes EBIT before deduction of depreciation and impairment of tangible assets as well as amortisation 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.
In addition to the financial information prepared in accordance with Swiss GAAP FER, Cicor presents Adjusted EBITDA, Adjusted EBIT, Adjusted Net Profit and Adjusted Earnings per Share (EPS) as Alternative Performance Measures (APMs).
Adjusted results are derived from the corresponding Swiss GAAP FER measures and exclude items that are not considered indicative of the Group’s underlying operational performance. These adjustments primarily relate to significant non-recurring items and acquisition-related accounting effects. Management uses these adjusted measures to assess the underlying operating performance of the Group, to support internal performance management and decision-making, and to enhance comparability across reporting periods and with peer companies, particularly those with different acquisition profiles.
Results are adjusted for the following items:
Non-recurring expenses incurred in connection with significant integration measures, reorganisations, operational realignments or temporary business disruptions following acquisitions.
In business combinations under Swiss GAAP FER, assets and liabilities are recognised at fair value as part of the purchase price allocation (PPA). These fair value adjustments are acquisition-related and may affect subsequent earnings. The most significant impact typically relates to inventory recognised at fair value, where the step-up compared to production cost is expensed through cost of goods sold when the inventory is sold, resulting in a temporary reduction in gross profit. Other PPA-related fair value adjustments are also adjusted if they are not indicative of the company’s underlying operating performance.
Material, non-recurring expenses related to major restructuring or reorganisation programs aimed at improving future profitability.
Transaction costs for M&A projects are capitalised as part of goodwill if the transaction is successfully completed. If an M&A project is abandoned, the related transaction costs are recognised as expense in the income statement.
Amortisation and impairment charges relating to intangible assets recognised in connection with business combinations, such as brands, customer relationships, framework contracts, order backlogs and technologies. These charges arise from acquisition accounting rather than from the Group’s underlying operational activities.
The definitions and calculation methodology of the adjusted measures are applied consistently over time. Any changes to the definition or presentation of these APMs will be disclosed and explained in the reporting period in which they occur.
Adjusted results are Alternative Performance Measures and should not be regarded as a substitute for, or superior to, financial measures prepared in accordance with Swiss GAAP FER. They may not be comparable with similarly titled measures presented by other companies.
The table below provides a quantitative reconciliation of the reported Swiss GAAP FER figures to the corresponding adjusted measures. Each adjustment is presented separately and transparently for the respective reporting periods.
in CHF 1 000 | 2025 reported | in % | M&A Ramp-Up1) | PPA Fair Value Adj.2) | Restruct./ Reorg.3) | M&A project costs4) | PPA Amort./ Impair.5) | 2025 adjusted | in % |
Net Sales | 616 499 | 100.0 | - | - | - | - | - | 616 499 | 100.0 |
EBITDA | 56 261 | 9.1 | 2 484 | 819 | 621 | 4 444 | - | 64 629 | 10.5 |
Operating profit (EBIT) | 30 787 | 5.0 | 2 484 | 819 | 621 | 4 444 | 8 017 | 47 172 | 7.7 |
Profit before tax (EBT) | 22 076 | 3.6 | 2 484 | 819 | 621 | 6 813 | 8 017 | 40 830 | 6.6 |
Net profit | 16 911 | 2.7 | 1 863 | 603 | 478 | 6 813 | 5 999 | 32 668 | 5.3 |
Earnings per share (in CHF) | 3.85 | 0.42 | 0.14 | 0.11 | 1.55 | 1.37 | 7.45 |
in CHF 1 000 | 2025 reported | in % | M&A Ramp-Up1) | PPA Fair Value Adj.2) | Restruct./ Reorg. 3) | M&A project costs4) | PPA Amort./ Impair.5) | 2025 adjusted | in % |
Net sales EMS Division | 583 978 | 100.0 | - | - | - | - | - | 583 978 | 100.0 |
EBITDA EMS Division | 59 835 | 10.2 | 2 484 | 819 | 621 | - | - | 63 759 | 10.9 |
Net sales AS Division | 35 262 | 100.0 | - | - | - | - | - | 35 262 | 100.0 |
EBITDA AS Division | 3 799 | 10.8 | - | - | - | - | - | 3 799 | 10.8 |
Net sales corporate and elimination | –2 741 | 100.0 | - | - | - | - | - | –2 741 | 100.0 |
EBITDA corporate and elimination | –7 373 | 269.0 | - | - | - | 4 444 | - | –2 929 | 106.8 |
1)The integration of Éolane out of judicial administration resulted in a negative EBITDA contribution of CHF -2.5 million, mainly due to ramp-up and other non-recurring effects in the first half of 2025.
2)PPA fair value adjustments include costs relating to inventory fair value step-ups and income from the use of provisions for onerous contracts from acquisitions completed in 2024 and 2025.
3)Restructuring and reorganisation includes costs for the transfer of business activities from Singapore to Indonesia and reorganisation costs in Germany and Morocco.
4)As a consequence of the termination of the TT Electronics acquisition, TCHF 4 444 of transaction costs that would have been capitalised were recognised as operating expenses, and TCHF 2 369 as financial expenses in the income statement 2025. These costs primarily relate to advisory fees, regulatory clearances and bridge financing. Refer to note 25 Subsequent events for further information.
5)The amortisation and impairment of intangible assets capitalised as part of an acquisition relate to acquired brands, customer relationships, framework contracts, order backlogs and technologies.
in CHF 1 000 | 2024 reported | in % | M&A Ramp-Up1) | PPA Fair Value Adj.2) | Restruct./ Reorg.3) | M&A project costs4) | PPA Amort./ Impair.5) | 2024 adjusted | in % |
Net Sales | 480 836 | 100.0 | - | - | - | - | - | 480 836 | 100.0 |
EBITDA | 58 353 | 12.1 | - | 1 244 | 355 | 768 | - | 60 720 | 12.6 |
Operating profit (EBIT) | 38 086 | 7.9 | - | 1 244 | 799 | 768 | 6 636 | 47 533 | 9.9 |
Profit before tax (EBT) | 35 505 | 7.4 | - | 1 244 | 799 | 768 | 6 636 | 44 952 | 9.3 |
Net profit | 27 253 | 5.7 | - | 933 | 572 | 745 | 4 978 | 34 480 | 7.2 |
Earnings per share (in CHF) | 6.20 | - | 0.21 | 0.13 | 0.17 | 1.13 | 7.85 |
in CHF 1 000 | 2024 reported | in % | M&A Ramp-Up1) | PPA Fair Value Adj.2) | Restruct./ Reorg. 3) | M&A project costs4) | PPA Amort./ Impair.5) | 2024 adjusted | in % |
Net sales EMS Division | 438 007 | 100.0 | - | - | - | - | - | 438 007 | 100.0 |
EBITDA EMS Division | 57 047 | 13.0 | - | 1 244 | - | 67 | - | 58 358 | 13.3 |
Net sales AS Division | 45 306 | 100.0 | - | - | - | - | - | 45 306 | 100.0 |
EBITDA AS Division | 6 826 | 15.1 | - | - | 355 | - | - | 7 181 | 15.8 |
Net sales corporate and elimination | –2 477 | 100.0 | - | - | - | - | - | –2 477 | 100.0 |
EBITDA corporate and elimination | –5 520 | 222.9 | - | - | - | 701 | - | –4 819 | 194.5 |
1)n/a
2)PPA fair value adjustments include costs relating to inventory fair value step-ups from acquisitions completed in 2024.
3)Restructuring and reorganisation includes costs for the wind down of business activities in Ulm (Germany) and for the transfer of these activities to Wangs (Switzerland).
4)Transaction costs for abandoned M&A projects of TCHF 768 were recognised in the income statement 2024. These costs primarily relate to advisory fees.
5)The amortisation and impairment of intangible assets capitalised as part of an acquisition relate to acquired brands, customer relationships, framework contracts, order backlogs and technologies.
in CHF 1 000 | 2023 reported | in % | M&A Ramp-Up1) | PPA Fair Value Adj.2) | Restruct./ Reorg.3) | M&A project costs4) | PPA Amort./ Impair.5) | 2023 adjusted | in % |
Net Sales | 389 890 | 100.0 | - | - | - | - | - | 389 890 | 100.0 |
EBITDA | 45 135 | 11.6 | - | 408 | 721 | - | 46 264 | 11.9 | |
Operating profit (EBIT) | 29 045 | 7.4 | - | 408 | - | 721 | 3 689 | 33 863 | 8.7 |
Profit before tax (EBT) | 20 683 | 5.3 | - | 408 | - | 721 | 3 689 | 25 501 | 6.5 |
Net profit | 11 760 | 3.0 | - | 282 | - | 721 | 2 762 | 15 525 | 4.0 |
Earnings per share (in CHF) | 2.66 | - | 0.06 | - | 0.16 | 0.62 | 3.51 |
in CHF 1 000 | 2023 reported | in % | M&A Ramp-Up1) | PPA Fair Value Adj.2) | Restruct./ Reorg. 3) | M&A project costs4) | PPA Amort./ Impair.5) | 2023 adjusted | in % |
Net sales EMS Division | 347 932 | 100.0 | - | - | - | - | - | 347 932 | 100.0 |
EBITDA EMS Division | 43 366 | 12.5 | - | 383 | - | - | - | 43 749 | 12.6 |
Net sales AS Division | 43 011 | 100.0 | - | - | - | - | - | 43 011 | 100.0 |
EBITDA AS Division | 6 063 | 14.1 | - | 25 | - | - | - | 6 088 | 14.2 |
Net sales corporate and elimination | –1 053 | 100.0 | - | - | - | - | - | –1 053 | 100.0 |
EBITDA corporate and elimination | –4 294 | 407.8 | - | - | - | 721 | - | –3 573 | 339.3 |
1)n/a
2)PPA fair value adjustments include costs relating to inventory fair value step-ups from acquisitions completed in 2023.
3)n/a
4)Transaction costs for abandoned M&A projects of TCHF 721 were recognised in the income statement 2023. These costs primarily relate to advisory fees.
5)The amortisation and impairment of intangible assets capitalised as part of an acquisition relate to acquired brands, customer relationships, framework contracts, order backlogs and technologies.
in CHF 1 000 | 2022 reported | in % | M&A Ramp-Up1) | PPA Fair Value Adj.2) | Restruct./ Reorg.3) | M&A project costs4) | PPA Amort./ Impair.5) | 2022 adjusted | in % |
Net Sales | 313 193 | 100.0 | - | - | - | - | - | 313 193 | 100.0 |
EBITDA | 32 274 | 10.3 | - | 355 | - | 108 | - | 32 737 | 10.5 |
Operating profit (EBIT) | 17 592 | 5.6 | - | 355 | - | 108 | 3 813 | 21 868 | 7.0 |
Profit before tax (EBT) | 13 051 | 4.2 | - | 355 | - | 108 | 3 813 | 17 327 | 5.5 |
Net profit | 9 178 | 2.9 | - | 245 | - | 108 | 2 860 | 12 391 | 4.0 |
Earnings per share (in CHF) | 2.47 | - | 0.07 | - | 0.03 | 0.77 | 3.33 |
in CHF 1 000 | 2022 reported | in % | M&A Ramp-Up1) | PPA Fair Value Adj.2) | Restruct./ Reorg. 3) | M&A project costs4) | PPA Amort./ Impair.5) | 2022 adjusted | in % |
Net sales EMS Division | 269 637 | 100.0 | - | - | - | - | - | 269 637 | 100.0 |
EBITDA EMS Division | 28 950 | 10.7 | - | 355 | - | - | - | 29 305 | 10.9 |
Net sales AS Division | 44 779 | 100.0 | - | - | - | - | - | 44 779 | 100.0 |
EBITDA AS Division | 6 459 | 14.4 | - | - | - | - | - | 6 459 | 14.4 |
Net sales corporate and elimination | –1 223 | 100.0 | - | - | - | - | - | –1 223 | 100.0 |
EBITDA corporate and elimination | –3 135 | 256.3 | - | - | - | 108 | - | –3 027 | 247.5 |
1)n/a
2)PPA fair value adjustments include costs relating to inventory fair value step-ups from acquisitions completed in 2022.
3)n/a
4)Transaction costs for abandoned M&A projects of TCHF 108 were recognised in the income statement 2022. These costs primarily relate to advisory fees.
5)The amortisation and impairment of intangible assets capitalised as part of an acquisition relate to acquired brands, customer relationships, framework contracts, order backlogs and technologies.
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.
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.
Operating net working capital is presented relative to last twelve month (LTM) sales, including pro forma sales from completed acquisitions.
in CHF 1 000 | Balance sheet allocation | 31.12.2025 | 31.12.2024 |
Inventories | Inventories | 184 248 | 141 489 |
Prepayments to suppliers for inventory | Other accounts receivable | 4 613 | 1 625 |
Prepayments from customers for inventory | Other current liabilities | –46 893 | –32 128 |
Operating inventories | 141 968 | 110 986 | |
Trade accounts receivable | Trade accounts receivable | 95 161 | 74 290 |
Prepayments from customers other | Other current liabilities | –8 124 | –3 507 |
Operating trade receivables | 87 037 | 70 783 | |
Trade accounts payable | Trade accounts payable | –75 478 | –58 103 |
Prepayments to suppliers other | Other accounts receivable | 812 | 1 323 |
Operating trade payables | –74 666 | –56 780 | |
Operating net working capital | 154 339 | 124 989 | |
in % of LTM net sales 1) | 22.3% | 24.8% |
1)Acquisitions are included for full twelve months pro forma.