DGAP-News: InTiCa Systems AG: Weak market conditions in the communications and industrial sectors dampened business in H1 2012
(firmenpresse) - DGAP-News: InTiCa Systems AG / Key word(s): Half Year Results
InTiCa Systems AG: Weak market conditions in the communications and
industrial sectors dampened business in H1 2012
21.08.2012 / 07:30
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CONTACT Walter Brückl | CEO
PHONE +49 (0) 851 - 966 92 - 0
FAX +49 (0) 851 - 966 92 - 15
MAIL investor.relations(at)intica-systems.de
/
Weak market conditions in the communications and industrial sectors
dampened business in H1 2012
Consolidated sales decline 20% year-on-year to EUR 18.0 million
EBITDA of EUR 2.5 million is below the year-back level (H1 2011: EUR 3.2
million)
EBIT amounts to EUR 0.3 million (H1 2011: EUR 0.8 million)
Positive net result of EUR 0.1 million (H1 2011: EUR 0.4 million)
Forecasts for 2012 adjusted to the economic environment
Passau, August 21, 2012 - InTiCa Systems AG, quoted in the Prime Standard
of the Frankfurt Stock Exchange (ISIN DE0005874846, Ticker IS7), today
publishes the interim report for H1 2012. Despite the continued good
development of the Automotive Technology segment, the generally poor market
conditions prevented InTiCa Systems from repeating the previous year's good
sales and earnings figures.
Earnings position
In the first six months of 2012 Group sales dropped to EUR 18.0 million,
down 20% from the year-back level of EUR 22.6 million. The Automotive
Technology segment reported continued strong growth, with sales up 25% at
EUR 9.0 million (H1 2011: EUR 7.2 million), whereas the Communication
Technology and Industrial Electronics segments suffered a downturn. Sales
revenues in the Communication Technology segment fell 55% to EUR 2.5
million (H1 2011: EUR 5.7 million). In the Industrial Electronics segment,
sales were down 34% at EUR 6.4 million (H1 2011: EUR 9.7 million).
The ratio of material costs to total output improved from 67% in H1 2011 to
59% in H1 2012. However, lower sales accompanied by an only slightly lower
headcount lifted the personnel expense ratio to 20% (H1 2011: 14%).
Analogously to the drop in business volume, EBITDA slipped from EUR 3.2
million to EUR 2.5 million in the first six months of 2012.
Group EBIT dropped from EUR 0.8 million in H1 2011 to EUR 0.3 million in H1
2012. The EBIT margin declined from 3.7% in H1 2011 to 1.7%. Earnings are
still positive thanks to the Automotive Technology segment, which reported
EBIT of EUR 0.6 million in H1 2012 (H1 2011: EUR 0.5 million). The
Communication Technology segment posted negative EBIT of minus EUR 0.3
million (H1 2011: minus EUR 0.1 million). EBIT was also negative in the
Industrial Electronics segment at minus EUR 0.03 million (H1 2011: positive
at EUR 0.4 million).
The financial result was minus EUR 0.25 million at the end of the first six
months (H1 2011: minus EUR 0.28 million). Taking into account tax income of
EUR 32 thousand (H1 2011: tax expense of EUR 171 thousand), Group net
income was EUR 0.1 million in the first half of 2012 (H1 2011: EUR 0.4
million). As a result of currency translation gains of EUR 49 thousand (H1
2011: EUR 149 thousand) from the translation of foreign business
operations, comprehensive income was EUR 0.1 million in the first half of
2012 (H1 2011: EUR 0.5 million).
The net cash flow from operating activities was EUR 1.5 million in the
first six months of 2012 (H1 2011: cash outflow ofEUR 0.9 million). Cash
and cash equivalents (less overdraft facilities used) increased
considerably year-on-year to EUR 0.7 million (H1 2011: minus EUR 2.9
million). The equity ratio increased to 56% (December 31, 2011: 52%).
Outlook
As stated in the ad-hoc release of August 3, 2012, in view of the
continuing difficult situation in the European solar industry, delays in
product launches and ramp-ups in the automotive industry and the increasing
overall uncertainty caused by the expected deterioration of the economic
situation, especially in the euro zone, the Board of Directors now
anticipates a noticeable decline in sales and earnings performance. Despite
this, it still expects a significant improvement in the Group's liquidity
situation in the low single-digit millions.
The interim report for H1 2012 is available at Investor
Relations/Publications on the company's website at www.intica-systems.de.
InTiCa Systems AG
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, Communication Technology and Industrial Technology segments and
has ca. 410 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' 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.
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.
End of Corporate News
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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: investor.relations(at)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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