-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueThe Growing Industry
In this issue of PCB007 Magazine, we talk with leading economic experts, advocacy specialists in Washington, D.C., and PCB company leadership to get a well-rounded picture of what’s happening in the industry today. Don’t miss it.
The Sustainability Issue
Sustainability is one of the most widely used terms in business today, especially for electronics and manufacturing but what does it mean to you? We explore the environmental, business, and economic impacts.
The Fabricator’s Guide to IPC APEX EXPO
This issue previews many of the important events taking place at this year's show and highlights some changes and opportunities. So, buckle up. We are counting down to IPC APEX EXPO 2024.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - pcb007 Magazine
exceet’s Divestments Lead to Strong Cash Position
March 22, 2022 | exceetEstimated reading time: 2 minutes
In 2021 exceet sold with GS Swiss PCB AG and exceet Secure Solutions GmbH two operating entities, which were a substantial part of the Group. Currently, the only remaining operating company is Lucom GmbH Elektrokomponenten und Systeme, but also disclosed as discontinued operation because of a current sales process.
All operating activities are already sold respectively disclosed as discontinued operations, the exceet´s continued operations comprise the holding companies and their costs.
The financial result includes interests received and interests paid for deposits and FX-differences mainly caused by CHF/EUR.
The result of discontinued operations comprises the operating result of the companies including the costs of transaction for sale and the gain of disposals. The discontinued operations consist of the sold exceet Secure Solutions GmbH and GS Swiss PCB AG. Also included is Lucom GmbH Elektrokomponenten und Systeme, which is classified as for sale according to IFRS 5.
The balance sheet positions are significantly influenced by the divestment of two companies and the discontinued operation disclosure of the remaining operating company.
As of 31 December 2021, the total assets of exceet Group amounted to EUR 122.5 million, compared to EUR 57.2 million as of 31 December 2020. The significant change came from the gain of disposals of the two companies, reflected in profit of the year and cash increase.
The non-current assets amounted to EUR 0.7 million (31.12.2020: EUR 28.4 million).
Current assets amounted to EUR 121.8 million at 31.12.2021, compared to EUR 28.8 million at 31.12.2020. The position cash and cash equivalent amounted to EUR 116.8 million at 31.12.2021 (31.12.2020: EUR 16.6 million) because of the sales of GS Swiss PCB AG and exceet Secure Solution GmbH.
As of 31 December 2021, exceet Group’s equity amounted to EUR 118.2 million, against EUR40.6 million as of 31 December 2020. This represents an Equity Ratio1) of 96.5 % (2020: 70.9%).
The other current liabilities amounted to EUR 2.4 million at 31.12.2021 compared to EUR 0.6 million at 31.12.2020 because of outstanding payments for transaction costs at the balance sheet date of EUR 2.2 million and the liability for derivative financial instruments amounted to EUR 0.7 million based on the valuation of a CHF/EUR forward contract at 31.12.2021 (31.12.2020: EUR 0.0 million).
The total amount of current liabilities decreased to EUR 4.3 million (31.12.2020: EUR 8.8 million). The decrease comes from the sales of GS Swiss PCB AG and exceet Secure Solutions GmbH.
Cashflow from operating activities contributed EUR 4.0 million (2020: EUR 7.4 million), investing cashflow amounted of EUR 97.6 million due to the divestments (2020: EUR 6.7 million). Payments of finance liabilities of EUR 3.2 million (2020: EUR 0.7 million and additionally EUR 35.1 million for special dividend distribution) and an effect from exchange rates of minus EUR 1.9 million (2020: EUR 0.2 million) are the other cashflow positions in 2021.
Outlook
2022 will be a new start for exceet with “Focus in New Investments”.
Currently the operating result 2022 (EBIT) is dependent on the administrative costs for the holding companies and significantly from contributions of any new investments in 2022. The overall performance of the exceet Group (including discontinued operations) will be affected by the operative performance of Lucom GmbH Elektronikkomponenten und Systeme until divestment plus the potential gain of its divestment.
Due to the high cash reserve from the divestments, exceet is currently enforced to pay administrative expenses to the banks, which will increase the interest expenses and impact the net result.
The continued business currently comprises only the holding companies. For these companies except Group plans running costs of about EUR 1.5 million in 2022.
Suggested Items
Benchmark Reports Q1 2024 Results
05/03/2024 | PRNewswireRevenue decreased quarter over quarter and year over year primarily due to decreases in Medical, Advanced Computing and Next-Generation Communication sales, which were partially offset by an increase in Complex Industrials sales quarter-over-quarter and increases in Semi-Cap and A&D sales year-over-year.
TTM Technologies Reports First Quarter 2024 Results
05/02/2024 | TTM TechnologiesTTM Technologies, Inc., a leading global manufacturer of technology solutions including mission systems, radio frequency components and RF microwave/microelectronic assemblies, quick-turn and technologically advanced printed circuit boards , reported results for the first quarter 2024, which ended on April 1, 2024.
GPV’s Q1 2024 Interim Financial Report Shows Strong Navigation in Uncertain Times
05/01/2024 | GPVDanish-based GPV recorded an expected drop in sales to DKK 2.3 billion for the first quarter of 2024. The decline also affected the operating profit, which was DKK 155 million compared to DKK 179 million in the same quarter last year, although the EBITDA margin was maintained. In general, demand has been softer in 2024, but GPV continues to invest for the long-term and expects the trend to turn in the second half of 2024.
Celestica Announces Q1 2024 Financial Results
05/01/2024 | CelesticaCelestica Inc., a leader in design, manufacturing, hardware platform and supply chain solutions for the world's most innovative companies, today announced financial results for the quarter ended March 31, 2024 (Q1 2024).
NASA’s Optical Comms Demo Transmits Data Over 140 Million Miles
04/30/2024 | NASA JPLNASA’s Deep Space Optical Communications experiment also interfaced with the Psyche spacecraft’s communication system for the first time, transmitting engineering data to Earth.