Corporate | 24 April 2009 09:51
InTiCa Systems AG / Final Results
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2008 revenues amounted to EUR 27.3 million (2007: EUR 38.1 million)
Consolidated net loss of EUR 3.3 million (2007: net profit of
EUR 1.0 million), mainly caused by weakening sales of telecommunication
clients and extraordinary one-time effects
The board expects stabilizing revenues and a material improvement of net
results for 2009.
Passau, April 24, 2009 - InTiCa Systems AG (ISIN DE0005874846, Prime
Standard) today published its annual report for fiscal 2008.
The development of the Group's financial, earnings and asset position in
the fiscal year reflects the specific internal and external influences
affecting business activities. The sales volume declined to EUR 27.3
million. (2007: EUR 38.1 million), leading to a net loss of EUR 3.3 million
(2007: EUR +1.0 million). With revenues of EUR 20.7 million (2007: EUR 33.0
million), Communication Technology was still the leading segment, while the
considerable decline of demand from the telecommunication sector, as well
as extraordinary charges resulted in a loss for the segment of EUR 3.1
million (2007: profit of EUR 0.9 million). The segments Automotive
Technology and Industrial Electronics grew sales to EUR 6.1 million (2007:
EUR 4.7 million) and EUR 0.5 million respectively (2007: 0.2 million) and
showed a small net loss for the year.
Earnings position
The decline in sales from EUR 38.1 million to EUR 27.3 million in fiscal
2008 was principally due to a sharp reduction in business volume in the
Communication Technology segment, mainly as a result of a substantial drop
in orders placed by the telecommunications industry for splitters. By
contrast, there was a strong year-on-year increase in revenues from
mechatronic systems and modules. However, this was not sufficient to offset
the decline.
The increase in personnel expense from EUR 5.4 million to EUR 6.8 million
was mainly due to the increase in the average number of employees from 220
in 2007 to 247 in 2008 and expenses relating to the reorganization of the
Board of Directors. The increase in depreciation and amortization to EUR
3.7 million (2007: EUR 2.1 million) was due to depreciation of property,
plant and equipment and amortization of intangible assets as a result of
high investments in the previous year.
Earnings were also held back by other expenses totalling around EUR 1.1
million in connection with credit notes, defaults on receivables and losses
on the retirement of plant and equipment.
The reduction in the financial result was mainly attributable to far higher
utilization of debt, which was only partially offset by the returns from
financial assets.
Equity
Equity declined to EUR 21.5 million at year-end 2008, EUR 4.4 million less
than on December 31, 2007. The reduction resulted from the net loss in
2008, the purchase of treasury stock and the reduction in the translation
reserve in 2008. In all, the ratio of equity to total capital decreased to
around 53% in 2008 compared with 59% in 2007. This will assure InTiCa
Systems' sound credit rating even despite the decline.
Liquidity and cash flow statement
The cash flow from operating business dropped sharply to minus EUR 1.7
million in 2008, principally due to lower demand from the
telecommunications market (2007: EUR +4.8 million).
The cash and cash equivalents (including securities) amounted to EUR 10.4
million on December 31, 2008 (2007: EUR 15.5 million).
Developments in the first quarter of 2009
In view of the global economic situation, the company generated sales of
around EUR 5.6 million in the first quarter of 2009(Q1 2008: 9.6 million).
However, thanks to the cost-cutting programmes, the drop in sales of around
EUR 4 million, which has been caused principally by economic factors,
should not have a material impact on the Group's year-on-year earnings
trend. InTiCa Systems expects a positive EBITDA of more than EUR 0.4
million. According to plan, InTiCa Systems reports an increasing order
backlog compared to the previous year.
Outlook
Fiscal 2009 will bring many major changes at InTiCa Systems that are
supposed to create a sound basis for profitable growth in the future. Last
year, the Board of Directors initiated extensive measures to adapt cost
structures and diversify the product portfolio. The aim is to provide a
viable basis for profitable growth in the future, supported by a positive
cash flow and stable sales. The Board of Directors assumes that over the
year as a whole sales will stabilize and there will be a considerable
improvement in earnings.
The Board of Directors expects that sound and long-standing customer
relationships and funding for widespread expansion of the broadband network
in Germany and Europe should help to stabilize business trends in the
Communication Technology segement. Moreover, InTiCa Systems anticipates to
gain market share in Germany and abroad through our improved
competitiveness. In view of the increased competition, tough price pressure
and expected changes in transmission technologies, a slight decline in
sales is expected in the next few years.
It is difficult to predict how the economic crisis will impact the
Automotive Technology segment's volume sales in 2009. However, following a
difficult period in the first half of the year, The Board of Directors
expects to see a perceptible upturn in the second half. InTiCa Systems has
many long-term orders and its innovative products are used in more than 80
models, and around 120 in the period up to 2010. On the basis of current
orders, a large number of enquiries about new projects, especially in the
areas of performance electronics/hybrid vehicles, and promising talks on
taking over serial production projects from competitors, InTiCa Systems is
confident that the ambitious mid-term growth target of 30% p. a. can be
achieved.
The Industrial Electronics segment has also achieved a good reputation on
the market within a short time. Many orders have gone into serial
production and work is under way on new projects, mainly for applications
involving regenerative energies and automation and drive technologies.
Since project times are normally far shorter than in the Automotive
Technology and Communication Technology segments, the Board of Directors
expects that these projects should make an increasingly significant
contribution to the company's financial performance in the coming years.
The complete annual report 2008 is available under www.intica-systems in
the Investor Relation 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 investor.relations@intica-systems.de
24.04.2009 Financial News transmitted by DGAP
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Language: English
Issuer: InTiCa Systems AG
Spitalhofstraße 94
94032 Passau
Deutschland
Phone: 0851 / 96692 0
Fax: 0851 / 96692 15
E-mail: investor.relations@intica-systems.de
Internet: www.intica-systems.de
ISIN: DE0005874846
WKN: 587484
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hamburg, München, Stuttgart
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