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March 9, 2016 | CicorEstimated reading time: 5 minutes
During 2015, the year under report, the Cicor Group switched its reporting from IFRS to Swiss GAAP FER retrospective as at January 1, 2014. Application of Swiss GAAP FER ensures that the Group will continue to draw up clear and high-quality accounts that present a true and fair view of the assets, financial position and results. The planned, retrospective depreciation of goodwill over five years reduced the equity capital. In addition, the existing pension plans resulted in pension liabilities that were significantly lower than was the case under IFRS. The consolidated balance sheet remained sound following the changes associated with the switch from IFRS to Swiss GAAP FER. With equity of CHF 59.7 million and a balance sheet total of CHF 151.3 million, the equity ratio was 39.5%. Net current assets at the end of 2015 totaled CHF 47.4 million, a reduction of CHF 1.9 million in comparison with 2014. Net debt as at December 31, 2015 was CHF 20.5 million, compared with CHF 21.2 million at the end of 2014. Thanks to the syndicated bank loan facility signed in December 2014, amounting to CHF 65 million, Cicor continued to secure long-term financial flexibility.
Outlook: Challenges in the 2016 Financial Year
Thanks to the investments made in the global footprint and the expansion of production capacities abroad, the Cicor Group was able to reduce significantly its dependency on Switzerland as a production location. However, towards the end of 2015, the tangible cooling of the market targeted by the Group, as well as the falls in international stockmarkets in January 2016, have unsettled the business environment and make it difficult to issue forecasts. Under the same macroeconomic operating conditions as in the 2015 financial year, Cicor is expecting the results of the internal re-structuring to be reflected in growth in sales and results during the second half of 2016. In 2016, the Cicor Group will make every effort to return the business to a sustained path of growth as quickly as possible.
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