19.11.2015
InTiCa Systems AG DE0005874846
DGAP-News: InTiCa Systems AG: Nine-month results in line with expectations
DGAP-News: InTiCa Systems AG / Key word(s): Quarter Results
InTiCa Systems AG: Nine-month results in line with expectations
19.11.2015 / 07:35
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Revenues increased by 9.2% to EUR 33.5 million (9M 2014: EUR 30.7 million)
EBIT margin of 2.4% (9M 2014: 3.2%)
Net result of EUR 0.4 million (9M 2014: EUR 0.6 million)
Operating cash flow was clearly positive
Passau, November 19, 2015 - InTiCa Systems AG (ISIN DE0005874846, ticker
IS7), which is listed in the Prime Standard on Frankfurt Stock Exchange,
published today the results of the first nine months 2015. The overall
development with a significant increase in sales and a clearly positive
nine-month result is still pleasing and meets the expectations of the Board
of Directors.
"By developing innovative new products for our customers and continuously
raising our own value added, we are extending our systems competence and
bringing about a lasting reduction in our dependency. One pleasing result
is that revenues from our automotive operations rose by around 35 percent
in the first nine months of this year. Also the lean project introduced in
the first half of 2015 is starting to have a positive effect. In the first
months after its launch, thorough analyses were undertaken and the
necessary measures were defined. Implementation is now in full swing.
Therefore our assessment of the progress in implementing our strategic
goals is correspondingly positive, despite some exceptional factors InTiCa
Systems AG will be faced with in the fourth quarter", said Dr. Gregor
Wasle, Spokesman for the Board of Directors of InTiCa Systems AG.
Sales and earnings trend
In view of the continued dynamic growth in the Automotive Technology
segment, Group revenue increased by around 9.2% year-on-year to EUR 33.5
million (9M 2014: EUR 30.7 million). The Automotive Technology segment grew
sales 34.7% to EUR 27.3 million (9M 2014: EUR 20.2 million), while revenue
from the restructured Industrial Electronics segment, which has included
the former Communication Technology segment since the start of this year,
fell 40.4% to EUR 6.2 million (9M 2014: EUR 10.4 million).
While the ratio of material costs to total output dropped slightly
year-on-year to 58.0% (9M 2014: 58.2%), the personnel expense ratio
increased from 18.1% to 19.8% as a result of an increase in the number of
employees. As a consequence of higher transport costs in the Automotive
Technology segment and consultancy expenses in connection with the
introduction of modern lean production principles, other expenses increased
from EUR 3.6 million in the prior-year period to EUR 4.3 million. The other
operating expenses include expenses of EUR 0.3 million (9M 2014: EUR 0.3
million) for agency staff at the Prachatice site.
In all, EBITDA contracted by 3.1% to EUR 4.1 million in the first nine
months of 2015 (9M 2014: EUR 4.3 million). Given the concurrent sales
growth, the EBITDA margin also declined in the reporting period, dropping
from 14.0% to 12.4%. The picture was similar for EBIT: Group EBIT declined
from EUR 1.0 million to EUR 0.8 million, resulting in a year-on-year drop
in the EBIT margin from 3.2% to 2.4%. In the Automotive Technology segment,
EBIT increased to EUR 1.6 million in the first nine months of 2015 (9M
2014: EUR 1.3 million) but in the restructured Industrial Electronics
segment it remained negative at minus EUR 0.8 million (9M 2014: minus 0.3
million).
The financial result was minus EUR 0.3 million, as in the prior-year
period, and tax expense was also unchanged. Group net income was therefore
EUR 0.4 million at the end of the first nine months, down from EUR 0.6
million in the first nine months of 2014. Earnings per share were EUR 0.09
(9M 2014: EUR 0.14).
The operating cash flow was clearly positive at EUR 1.5 million in the
first nine months (9M 2014: EUR 0.5 million). This was principally due to
the slower rise in receivables and inventories, while trade payables
declined slightly in the reporting period. Overall, InTiCa Systems AG
registered a cash outflow of around EUR 8.1 million in the reporting period
(9M 2014: outflow of EUR 5.0 million) due to far higher capital expenditure
for property, plant and equipment, mainly for the Automotive Technology
segment, and repayment instalments on loans and leasing. Cash and cash
equivalents (less overdrafts) were minus EUR 9.4 million as of September
30, 2015 (September 30, 2014: minus EUR 4.4 million). In the reporting
period, InTiCa Systems AG had assured credit facilities which could be
drawn at any time totalling EUR 9.6 million. In October and November, these
credit facilities were increased by EUR 5.3 million to EUR 14.9 million.
The equity ratio declined to 42% in the reporting period (December 31,
2014: 46%).
Outlook
"The development of sales and earnings in the first nine months was in line
with the Board of Directors expectations. 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, and the segment will make a perceptible contribution
to securing sales growth", confirms Günther Kneidinger, Member of the
Management Board. Due to the fallout from the insolvency of a major
customer, tougher competition from suppliers of transmission technology,
and the postponement of an order from an international customer in the
Industrial Electronics segment, this segment is unlikely to match the
previous year's performance.
Overall, the Board of Directors believes that InTiCa Systems AG will
continue to develop positively in line with its corporate objectives both
in 2015 and in 2016. Orders on hand in the Automotive Technology segment
increased from EUR 32 million in the previous year to EUR 34 million.
Taking into account the influences on the Industrial Electronics segment
discussed above, orders on hand on September 30, 2015 totalled around EUR
38 million, slightly below the very high level in the prior-year period (9M
2014: EUR 42 million).
However, sales and earnings will be monitored closely in the fourth quarter
of 2015 due to exceptional factors. Firstly, a major customer in the
automotive sector has cut its forecast for outstanding order call-offs in
the fourth quarter of 2015. Since the forecast for the first half of 2016
has been confirmed, this effect should be confined to the fourth quarter of
2015. Secondly, the company is confronted with a customer complaint that
could result in a considerable increase in quality costs for a limited
period.
Assuming that impact of the exceptional factors outlined above on revenue
and earnings is not unexpectedly high in the fourth quarter of 2015, from
the present perspective the Board of Directors assumes that the company
will report a further rise in Group revenue to around EUR 44 million in
2015 as a whole, together with a positive operating result.
The full interim report for the first nine months of 2015 is available for
download from the Investor Relations section of InTiCa Systems' website at
www.intica-systems.de.
InTiCa Systems AG
The Board of Directors
CONTACT Dr. Gregor Wasle | CEO
TEL +49 (0) 851 - 966 92 - 0
FAX +49 (0) 851 - 966 92 - 15
EMAIL [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 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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