Cicor’s 2020 sales decreased by 15.4 percent year-on-year to CHF 214.9 million (2019: CHF 253.9 million) due to the ordering behavior of selected major customers during the COVID-19 pandemic, which is at the upper end of guidance due to a pickup in business towards the end of the year. In local currencies, the decline in sales amounted to 11.9 percent. The development of order intake was characterized by a significant recovery in the second half of the year. With an order intake of CHF 216.0 million (2019: CHF 208.9 million), the previous year was exceeded by 3.4 % and a positive book-to-bill ratio of 1.01 was achieved.
With the onset of the COVID-19 pandemic, it was possible to flexibly adjust costs to the decline in sales. This cost discipline, coupled with financial support for short-time work in Switzerland, Germany and Singapore, enabled the operating profit margin at EBITDA level (operating profit before interest, taxes, depreciation and amortization) to be maintained at a satisfactory 9.0 % (2019: 9.8 %). The EBITDA generated thus amounted to CHF 19.4 million (2019: CHF 24.8 million). Due to slightly higher depreciation of fixed assets, EBIT decreased to CHF 8.9 million (2019: CHF 14.9 million), corresponding to a margin of 4.1 % (2019: 5.9 %) and thus slightly above guidance.
In 2020, the net result was again burdened by the appreciation of the Swiss franc - in particular against the US dollar in the reporting year. Nevertheless, a clearly positive net result of CHF 4.2 million (2019: CHF 8.4 million) was achieved. Net working capital was reduced once again, resulting in a satisfactory free cash flow of CHF 7.2 million (2019: CHF 13.7 million).