20.08.2015
InTiCa Systems AG DE0005874846
DGAP-News: H1 report published - InTiCa Systems AG affirms the positive development of the first three months
DGAP-News: InTiCa Systems AG / Key word(s): Half Year Results
H1 report published - InTiCa Systems AG affirms the positive
development of the first three months
20.08.2015 / 07:30
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Revenues increased by 15% to EUR 22.6 million (H1 2014: EUR 19.7 million)
EBIT margin of 2.9% (H1 2014: 3.2%)
Net result of EUR 0.40 million (H1 2014: EUR 0.41 million)
Operating cash flow was clearly positive
Outlook for FY2015 confirmed
Passau, August 20, 2015 - InTiCa Systems AG (ISIN DE0005874846, ticker
IS7), which is listed in the Prime Standard on Frankfurt Stock Exchange, in
the first half of 2015 advanced a fair way towards its strategic and
operative goals. The Company had already achieved a considerable growth of
revenues and the return to profitability in Q1 and could continue the
success in the second quarter. Group sales totalled EUR 22.6 million in the
first six months of 2015 (H1 2014: EUR 19.7 million). The operative result
(EBIT) was EUR 0.7 million (H1 2014: EUR 0.6 million), giving an EBIT
margin of 2.9% (H1 2014: 3.2%). Therefore InTiCa Systems is on track to
achieve its revenue's and earning's targets for fiscal 2015.
Commenting on the company's business performance in the first half of 2015,
Dr. Gregor Wasle, Spokesman for the Board of Directors of InTiCa Systems
AG, said: "We are currently very positive about the company's development.
The Automotive Technology segment once again posted above-average growth
and more than offset the decline in revenue from the solar business. We
have invested a considerable amount in recent years to increase production
space and machinery. To support this, we have been systematically aligning
our production site in Prachatice to lean principles since the start of
this year. This should greatly improve production efficiency and - together
with rising sales revenues - bring an increase in earnings."
Sales and earnings trend
Group sales totalled EUR 22.6 million in the first six months of 2015,
about 14.9% above the prior-year period (H1 2014: EUR 19.7 million). The
significant sales growth was driven by the sustained growth momentum in the
Automotive Technology segment, which grew sales 42.8% to EUR 18.6 million
(H1 2014: EUR 13.0 million). By contrast, sales in the newly structured
Industrial Electronics segment, which has included the former Communication
Technology segment since the beginning of 2015, dropped 39.9% to EUR 4.0
million (H1 2014: EUR 6.6 million). This decrease was caused by the loss of
a major customer in 2014, which has been discussed in detail at the AGM.
Having dropped considerably in recent periods, the ratio of material costs
to total output increased slightly to 58.8% in the first six months of 2015
(H1 2014: 56.9%). The personnel cost ratio also increased from 18.6% to
19.4% as a result of an increase in the headcount. Other operating expenses
rose from EUR 2.4 million in H1 2014 to EUR 2.9 million in H1 2015. This
was mainly due to an increase in transport costs in the Automotive
Technology segment and to consultancy expenses relating to the
restructuring of production for modern lean principles. Other operating
expenses also include expenses for agency staff at the Prachatice site,
which amounted to EUR 0.2 million in the reporting period (H1 2014: EUR 0.2
million).
Group EBITDA increased by 2.4% to EUR 2.9 million in the first six months
of 2015 (H1 2014: EUR 2.8 million). Since sales revenue rose even faster,
the EBITDA margin dropped slightly from 14.2 % to 12.7%. The picture was
similar for operating income: Group EBIT increased slightly from EUR 0.6
million to EUR 0.7 million, while the EBIT margin dropped to 2.9%, down
from 3.2% in the first six months of 2014. While EBIT in the Automotive
Technology segment rose to EUR 1.2 million in the reporting period (H1
2014: EUR 0.8 million), EBIT in the realigned Industrial Electronics
segment remained negative at minus EUR 0.5 million (H1 2014: minus EUR 0.2
million).
The financial result was minus EUR 0.2 million in the reporting period,
virtually the same as in the first six months of 2014. As tax expenses
increased to EUR 60 thousand (H1 2014: EUR 27 thousand), interim net income
for the first half year of 2015 amounted to EUR 0.4 million (H1 2014: EUR
0.4 million). Earnings per share were EUR 0.09 (H1 2014: EUR 0.10).
The operating cash flow was clearly positive at EUR 1.4 million in the
first six months (H1 2014: minus EUR 0.5 million). This was mainly
attributable to the lower rise in trade receivables, accompanied by a
considerable increase in trade payables. Overall, higher capital
expenditure for property, plant and equipment, mainly for the Automotive
Technology segment, loan repayment instalments and leasing payments
resulted in a cash outflow of around EUR 5.4 million in the reporting
period (H1 2014: outflow of EUR 4.4 million). The equity ratio declined to
41% in the first six months of 2015 (December 31, 2014: 46%).
Outlook
The business trend in the first six months was in line with the Board of
Directors' expectations so it is retaining its outlook for fiscal 2015.
"The Automotive Technology segment will remain InTiCa Systems' main driving
force in 2015, supported by capital expenditures to raise capacity that
have already been undertaken or are currently planned. The segment will
therefore make a perceptible contribution to securing sales growth",
confirms Günther Kneidinger, Member of the Management Board. By contrast,
in view of the insolvency of one of its major customers and tougher
competition in the transmission technology market, the Industrial
Electronics segment is highly unlikely to match last year's performance. In
the medium term, however, new products should enable this segment to make a
considerable contribution to sales again. For example, a well-known new
customer with an international distribution and development network has
been acquired for its photovoltaic products.
Overall, the Board of Directors therefore believes that in terms of costs
and products InTiCa Systems AG is well positioned for 2015. Orders on hand
as of June 30, 2015 were close to the previous year's good level at around
EUR 37 million (with the Automotive Technology segment accounting for
around EUR 33 million). Assuming at least moderate overall growth, from the
present viewpoint the Board of Directors therefore still expects sales to
rise further and earnings to improve in 2015. Specifically, the Board of
Directors expects Group sales in 2015 to be around EUR 44 million, with an
EBIT margin of around 2.5%.
The full interim report for the first six months of 2015 is available for
download from the Investor Relations section of InTiCa Systems' website at
www.intica-systems.de.
InTiCa Systems AG
CONTACT Dr. Gregor Wasle | CEO
TEL +49 (0) 851 - 966 92 - 0
FAX +49 (0) 851 - 966 92 - 15
EMAIL [email protected]
The Board of Directors
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 and Industrial Technology segments and has more than 500
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' 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.
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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: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Hamburg, Munich, Stuttgart
End of News DGAP News-Service
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387849 20.08.2015
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