Corporate | 20 April 2011 10:08
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InTiCa Systems AG / Key word(s): Final Results
CONTACT Walter Brückl | CEO
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Earnings held back by higher material costs and unplanned transport expenses in 2010 – Positive EBIT forecast for Q1 2011 and FY 2011
EBIT (earnings before interest and taxes) was minus EUR 1.4 million (slight improvement compared with provisional figures; 2009: minus EUR 0.5 million) – due to higher material costs and unplanned transport expenses EBT was minus EUR 1.8 million in 2010 (2009: minus EUR 0.8 million). Group sales rose roughly 70% yoy in Q1 2011 to around EUR 10.9 million (Q1 2010: approx. EUR 6.4 million) Positive EBIT anticipated for Q1 2011 and FY 2011 Passau, April 20, 2011 – InTiCa Systems AG (ISIN DE0005874846, Prime Standard, Symbol: IS7) today published the annual report for fiscal 2010. The general economic recovery influenced InTiCa Systems’ business. The Group’s earnings, asset and financial position in 2010 was dominated by the strong growth in the Industrial Electronics and Automotive Technology segments. However, significant downside factors were higher material costs and unplanned transport costs. The effect led to negative earnings, especially in the second half of the year. As the result, the company made a loss over the year.
Sales and earnings position
EBITDA (earnings before interest, taxes, depreciation and amortization) came to EUR 2.9 million in 2009, slightly down on the previous year, when EBITDA was EUR 3.0 million. The almost unchanged EBITDA level despite an approx. 34% rise in sales was attributable to the higher material cost ratio and unplanned transport costs. The average material cost ratio in 2010 was 71.1% (2009: 64.1%). Positive factors were the net income from currency translation of EUR 0.7 million (2009: EUR 0.1 million). EBIT (earnings before interest and taxes) was negative at minus EUR 1.4 million and thus well below the previous year’s level of minus EUR 0.5 million. This was attributable to the increase in material costs and unplanned transport expenses. The financial result was minus EUR 0.48 million in 2010 (2009: minus EUR 0.34 million). The Group made a pre-tax loss of EUR 1.8 million in 2010 (2009: pre-tax loss of EUR 0.8 million). Including deferred taxes of EUR 0.4 million, the net loss for the year was EUR 2.2 million (2009: net loss of EUR 0.9 million). Earnings per share were minus EUR 0.53 (2009: minus EUR 0.22). As a result of the net loss of EUR 2.2 million, the Group’s equity contracted to EUR 18.9 million (2009: EUR 21.0 million). The equity ratio declined from 57% on December 31, 2009 to 48% on December 31, 2010. The net cash flow from operating activities improved significantly to EUR 0.9 million in 2010 (2009: cash outflow of EUR 1.4 million). The cash inflow was achieved despite the net loss and the increase in inventories and trade receivables.
Business development in 2001 and outlook
Assuming that the economic situation remains favourable, the Board of Directors expects to grow sales by more than 35% year-on-year to over EUR 40 million in 2011. In addition, it expects to achieve an earnings turnaround in 2011 and to report a positive EBIT margin of around 3%. Since orders on hand in the InTiCa Systems Group currently amount to some EUR 43 million (2009: EUR 17 million), the Board of Directors considers the expected sales growth and anticipated earnings trend to be realistic. The full annual report for fiscal 2010 is available at Investor Relations/Publications on the company’s website at www.intica-systems.de. InTiCa Systems AG The Board of Directors
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 more than 450 employees at its sites in Passau (Germany), Prachatice (Czech Republic) and Neufelden (Austria). 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. End of Corporate News 20.04.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
| Language: | English | |
| Company: | 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 | |
| End of News | DGAP News-Service |
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| 120843 20.04.2011 |