Corporate | 19 August 2009 07:45
InTiCa Systems AG / Half Year Results
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.
----------------------------------------------------------------------
Sales were EUR 11.3 million in the first six months of 2009 (H1 2008: EUR
17.1 million).
EBITDA increased to around EUR 0.7 million in Q2 2009 (Q1 2009: EUR 0.5
million) and the six-month result of EUR 1.12 million was up slightly
year-on-year (H1 2008: EUR 1.10 million).
This was the first six-month period in which Automotive Technology and
Industrial Electronics reported positive EBIT. EBIT was EUR 0.06 million in
the Automotive Technology segment (H1 2008: minus EUR 0.2 million) and EUR
0.01 million in the Industrial Electronics segment (H1 2008: minus EUR 0.1
million).
Passau, August 19, 2009 - InTiCa Systems AG (ISIN DE0005874846, Prime
Standard) generated positive EBITDA of EUR 1.12 million in H1 2009,
slightly above the year-back figure (H1 2008: EUR 1.10 million). The
Automotive Technology and Industrial Electronics segments broke even for
the first time.
Ongoing impact on sales and earnings
At InTiCa Systems AG, the first six months of 2009 were dominated by the
global economic crisis, which had a major impact on sales and earnings. The
reduction in sales from EUR 17.1 million to EUR 11.3 million in the
reporting period was mainly due to the far lower volume of business in the
Communication Technology segment, which accounted for EUR 7.8 million of
consolidated sales in the first six months of 2009 (H1 2008: EUR 13.7
million). The sharp drop in orders from the telecommunications industry,
which was attributable to economic and competitive factors, had a clear
impact. The Automotive Technology segment reported sales of EUR 3.0 million
in the first half of 2009 despite the tough business conditions (H1 2008:
EUR 3.1 million). The Industrial Electronics segment grew strongly, driven
by a solid improvement in orders, and reported sales of around EUR 0.6
million (H1 2008: EUR 0.2 million).
Cost-cutting action effective
The material cost ratio declined from 75% in H1 2008 to 67% in H1 2009.
Personnel expenses were reduced considerably from EUR 3.3 million in H1
2008 to EUR 2.4 million in H1 2009.
EBITDA remained positive at EUR 1.12 million, which was a slight
improvement from the EUR 1.10 million reported in H1 2008. In Q2 2009
EBITDA was around EUR 0.7 million, up from EUR 0.5 million in the first
quarter.
However, Group EBIT was negative at minus EUR 0.6 million in the first half
of 2009 (H1 2008: minus EUR 0.6 million).
The Automotive Technology segment and Industrial Electronics, which is
reported under 'Other', both posted a profit for the first time in the
second quarter of 2009. EBIT was EUR 0.06 million in the Automotive
Technology segment (H1 2008: minus EUR 0.2 million) and EUR 0.01 million in
Industrial Electronics (H1 2008: minus EUR 0.1 million).
Net income for the Group was minus EUR 0.8 million (H1 2008: minus EUR 0.9
million). Earnings per share were minus EUR 0.19 (H1 2008: minus EUR 0.20).
Asset and financial position still dominated by internal and external
factors
The Group's earnings, asset and financial position is still dominated by
external factors resulting from the economic downturn and by internal
restructuring. Liquid assets and equity declined in the reporting period
and the operating cash flow was negative in the first half of the year,
mainly because of an increase in receivables and inventories and a
reduction in the supply of goods and services. The increase in receivables
was chiefly connected with the expansion of the customer base in the
automotive industry and the longer payment terms customary in this sector.
The higher inventories were principally due to contractually agreed stocks
of goods for customers with take-off obligations.
Equity ratio remains stable
Equity was EUR 21.1 million on June 30, 2009 compared with EUR 21.5 million
on December 31, 2008. The reduction of around EUR 0.4 million was mainly
due to negative interim earnings, but this was mitigated by positive
exchange differences from the Czech subsidiary. The equity ratio increased
slightly from 53.4% as of December 31, 2008 to 53.7% as of June 30, 2009.
Outlook
Fiscal 2009 will bring considerable changes at InTiCa Systems 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 still assumes that over the year as a
whole sales will stabilize and there will be a considerable improvement in
earnings.
The Industrial Electronics and Automotive Technology segments are
developing in line with the company's expectations and orders on hand have
increased perceptibly compared with last year. In the medium term the
successful development of these two segments should greatly reduce the
company's present dependence on the Communication Technology segment. New
orders were secured in particular for components to reduce CO2 and systems
for regenerative energy.
The Board of Directors expects that in the second half of the year sales
will be higher than in the first six months. It is confirming its
expectation of a passable, positive EBITDA.
The complete interim report for the first six months of 2009 is available
under www.intica-systems 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 investor.relations@intica-systems.de
19.08.2009 Financial News transmitted by DGAP
----------------------------------------------------------------------
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, München, Hamburg, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------------