20.11.2013
InTiCa Systems AG DE0005874846
DGAP-News: InTiCa Systems with a substantial improvement in earnings in the first nine months of 2013
DGAP-News: InTiCa Systems AG / Key word(s): Quarter Results
InTiCa Systems with a substantial improvement in earnings in the first
nine months of 2013
20.11.2013 / 07:30
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Consolidated sales increased by 3.9% year-on-year to EUR 28.6 million
(2012: EUR 27.5 million)
EBITDA margin improved to 15.1% (2012: 13.2%)
EBIT doubled from EUR 0.4 million to EUR 0.8 million
Passau, November 20, 2013 - InTiCa Systems AG, quoted in the Prime Standard
of the Frankfurt Stock Exchange (ISIN DE0005874846, Ticker IS7), today
publishes the interim report for the first nine months of 2013. Figures
show that the company is on the right track. There was slight rise of 3.9
percent in sales to EUR 28.6 million and, above all, an improvement in the
earnings situation. EBITDA grew 18.2 percent to EUR 4.3 million, operating
profit (EBIT) doubled to EUR 0.8 million and net profit strongly increased
to EUR 0.4 million. With an EBITDA margin of 15.1 percent and an EBIT
margin of 2.7 percent, InTiCa is still on course to achieve its targets at
year-end.
'InTiCa Systems AG did well in the first nine months of 2013, though the
competitive situation in the markets in which we operate and the economic
framework were not always easy. Therefore, the successful cost-savings and
improvements in production efficiency were particularly important. In
addition, our repositioning from a component producer to a solution
provider is continuously bearing fruits. This development is especially
well advanced in the Automotive Technology segment. But increasingly
positive signals are also coming from our other markets, which is reflected
by the fact that orders on hand totalled EUR 38 million on September 30,
2013, a rise of more than 30 percent compared with a year ago. Therefore we
are looking forward optimistically', concluded Walter Brückl, CEO of InTiCa
Systems AG for the first nine months of 2013.
Sales and earnings position
In the first nine months of 2013, Group sales increased to EUR 28.6
million, up from EUR 27.5 million in the first nine months of 2012. This
corresponds to an increase of 3.9 percent attributable to the extremely
positive development of the Automotive Technology segment. This segment
lifted sales by around 17 percent while sales contracted slightly in the
Communication Technology segment and the Industrial Electronics segment
registered a drop of 13 percent as a result of the difficult situation
faced by customers in the solar industry.
Along with growing sales, InTiCa managed to reduce its material cost ratio
and personnel expense ratio, thus considerably improving earnings. EBITDA
rose more than 18 percent year-on-year from EUR 3.6 million to EUR 4.3
million while EBIT doubled from EUR 0.4 million to EUR 0.8 million. This
had a corresponding impact on profit margins: the EBITDA margin improved
from 13.2 percent to 15.1 percent and the EBIT margin increased from 1.4
percent to 2.7 percent. This performance was driven principally by the
Automotive Technology segment, which reported EBIT of EUR 1.1 million in
the reporting period (9M 2012: EUR 0.8 million) and therefore increased its
margin to 6.9 percent (9M 2012: 6.1 percent). Industrial Electronics also
posted a clear improvement in the first nine months of 2013, returning to
profit with EBIT of EUR 0.2 million (9M 2012: minus EUR 0.1 million), and a
margin of 2.5 percent (9M 2012: minus 1.3 percent). Only the Communication
Technology segment posted negative EBIT of minus EUR 0.5 million in the
first nine months of 2013 (9M 2012: minus 0.4 million).
The financial result was minus EUR 0.4 million at the end of the first nine
months of 2013 and thus virtually unchanged year-on-year. Taking into
account tax expense of EUR 66 thousand (9M 2012: tax income of EUR 19
thousand), the interim result for the Group in the first nine months of
2013 was EUR 0.4 million (9M 2012: EUR 25 thousand). Earnings per share
were EUR 0.08 (9M 2012: EUR 0.01).
The equity ratio declined slightly to 56 percent at the end of the
reporting period, compared with 58 percent as of December 31, 2012. The
operating cash flow was clearly positive at EUR 1.2 million in the first
nine months of 2013. However, overall there was a cash outflow of EUR 2.0
million in the reporting period (9M 2012: inflow of EUR 0.5 million) due to
higher investment in intangible assets and property, plant and equipment,
as well as repayment instalments on loans and leasing rates.
Outlook
Despite the difficult market situation that affected some areas of the
business in the third quarter, the Board of Directors of InTiCa Systems AG
expects the positive trend to continue over the year as a whole. This is
based, not least, on the forecast economic uptrend that has become visible
in the past few weeks, and the increase in orders on hand in the Group.
Orders totalled EUR 38 million on September 30, 2013, an increase of more
than 30 percent compared with the previous year.
The Automotive Technology segment should continue to drive sales and
earnings. Orders on hand in this segment amounted to EUR 26.5 million as of
September 30, 2013, which was almost 70 percent of total orders on hand.
But in the medium term, regenerative energies and further new developments
in the Industrial Electronics segment should provide further growth
impetus.
At present the Board of Directors still assumes that there will be a
perceptible rise in sales and earnings in FY 2013 as a whole. Overall, it
therefore expects Group sales in 2013 to be slightly below EUR 40 million,
with an EBITDA margin of around 15 percent and an EBIT margin of around 3
percent.
The full interim report for the first nine months of 2013 is available for
download on the Internet site of InTiCa Systems under www.intica-systems.de
in the Investor Relations section.
InTiCa Systems AG
The Board of Directors
CONTACT Walter Brückl | CEO
PHONE +49 (0) 851 - 966 92 - 0
FAX +49 (0) 851 - 966 92 - 15
MAIL [email protected]
About InTiCa Systems:
InTiCa Systems is a European leader in the development, manufacture and
commercialization of inductive components, passive analogue switching
technology and mechatronic assemblies. It operates in the Automotive
Technology, Communication Technology and Industrial Technology segments and
has ca. 430 employees at its sites in Passau (Germany) and Prachatice
(Czech Republic).
The Automotive Technology segment focuses on innovative products that raise
the comfort and safety of cars, improve the performance of electric and
hybrid vehicles and reduce carbon emissions. InTiCa Systems' Communication
Technology segment is the German market leader in splitters for the
transmission of broadband signals, while the Industrial Electronics segment
develops and manufactures mechatronic assemblies for the solar industry and
other industrial applications.
Forward-looking statements and predictions
This press release contains statements and forecasts referring to the
future development of InTiCa Systems AG which are based on current
assumptions and estimates by the management that are made using information
currently available to them. If the underlying assumptions do not
materialize, the actual figures may differ substantially from such
estimates. Future developments and results are in fact dependent on a large
number of factors; they contain different risks and imponderables and are
based on assumptions that may not be accurate. We neither intend nor assume
any obligation to update forward-looking statements on an ongoing basis as
these are based exclusively on the circumstances prevailing on the date of
publication.
End of Corporate News
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20.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: InTiCa Systems AG
Spitalhofstraße 94
94032 Passau
Germany
Phone: 0851 / 96692 0
Fax: 0851 / 96692 15
E-mail: [email protected]
Internet: www.intica-systems.de
ISIN: DE0005874846
WKN: 587484
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Hamburg, München, Stuttgart
End of News DGAP News-Service
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