Cicor Group sales recovered in 2021 despite the ongoing COVID-19 pandemic and further increasing supply shortages of electronic components, growing by 11.2 percent year-on-year to CHF 239.0 million (2020: CHF 214.9 million). In local currencies, sales growth amounted to 11.5 percent. Order intake reached an all-time high of CHF 286.6 million (2020: CHF 216.0 million) and exceeded the previous year by 32.7 %, resulting in a book-to-bill ratio of 1.20.
The operating margin at EBITDA level reached 9.7 % (2020: 9.0 %), almost at the pre-crisis level (2019: 9.8 %). The EBITDA generated thus amounted to CHF 23.1 million, 19.4 % above the previous year's figure of CHF 19.4 million. Depreciation and amortization of non-current assets decreased slightly, which contributed to the 46.5% increase in EBIT before acquisition-related amortization of intangible assets presented for the first time in this annual report to CHF 13.0 million (2020: CHF 8.9 million), corresponding to a margin of 5.4% (2020: 4.1 %). Due to an improved financial result as well as the reduced tax rate, the Cicor Group achieved a 79.3 % year-onyear increase in net income to CHF 7.5 million (2020: CHF 4.2 million), corresponding to 3.1% of sales.
The acceleration of sales growth at the end of the year and the significant increase in inventories to ensure delivery capability led to a free cash flow from operating activities – thus before the purchase price payment for Axis Electronics Ltd. – of CHF 1.2 million (2020: CHF 7.2 million). Taking into account the purchase price payment for Axis, free cash flow resulted in negative CHF 43.8 million.