DGAP-News: InTiCa Systems AG: InTiCa Systems with strong sales growth and a clearly positive operatingcash flow - high cost of raw materials in Q3 negatively affect earnings
(firmenpresse) - InTiCa Systems AG / Key word(s): Quarter Results
22.11.2010 07:30
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In the first nine months of 2010, sales grew by around 24.3% to EUR 21.9
million (9M 2009: EUR 17.6 million)
Sales increase in the Industrial Electronics and Automotive Technology
segments of around 610% and 16% to EUR 6.1 million and EUR 6.4 million in
the first nine months of 2010
EBITDA for the first 9 months of 2010 increased by around 22.8% to EUR 2.7
million
EBIT of minus EUR 0.5 was at the same level of the previous year (9M 2009:
minus EUR 0.5 million)
Orders on hand at the beginning of the fourth quarter were with approx. EUR
45 million at a Record High (prev. Year: EUR 11 million)
Passau, November 22, 2010 - InTiCa Systems AG (ISIN DE0005874846, Prime
Standard, Symbol: IS7) today published its nine months interim report for
fiscal 2010, where the company significantly increased sales and orders on
hand compared with the year-back figures. Furthermore the company achieved
a positive operating cash flow. But high extraordinary material and
logistics costs negatively affected the earnings.
Sales and earnings position in 9M 2010
The Group lifted sales by roughly 24.3% to EUR 21.9 million in the first
nine months of 2010 (9M 2009: EUR 17.6 million). In the Communication
Technology segment sales slipped to EUR 9.5 million, down roughly 15.8%
from EUR 11.2 million in the first nine months of 2009. The downtrend was,
however, more than offset by stronger growth in the Automotive Technology
and Industrial Electronics segments. The Automotive Technology segment grew
sales by around 15.5% year-on-year from EUR 5.5 million to EUR 6.4 million.
In the Industrial Electronics segment sales rose 610% year-on-year to EUR
6.1 million (9M 2009: EUR 0.9 million).
The Group lifted EBITDA 22.8% to EUR 2.7 million in the first nine months
of 2010, up from EUR 2.2 million in the first nine months of 2009. EBITDA
was EUR 0.7 million in the third quarter, a drop of 37% year-on-year (Q3
2009: EUR 1.0 million) due to unexpectedly high material and logistics
costs. Consolidated EBIT was minus EUR 0.5 million in the first nine months
of 2010 (9M 2009: minus EUR 0.5 million). The massive improvement in EBIT
in the Industrial Electronics segment to EUR 0.4 million in the first nine
months of 2010 (9M 2009: EUR 0.09 million) was counteracted by negative
EBIT of minus EUR 1.1 million in the Communication Technology segment (9M
2009: minus EUR 0.8 million) and a decline in EBIT in the Automotive
Technology segment to EUR 0.2 million (9M 2009: EUR 0.3 million). The EBIT
margins in the Industrial Electronics and Automotive Technology segments
slipped to 6.7% and 3.0% respectively (9M 2009: 10.1% and 5.6%) due to
higher material and logistics costs and the allocation of overheads on the
basis of segment sales.
The financial result was at minus EUR 0.35 million at the end of the first
nine months (9M 2009: minus EUR 0.25 million). At the end of the first nine
months, the InTiCa Systems Group recognized a loss of EUR 0.8 million for
the reporting period (9M 2009: loss of EUR 0.8 million). Earnings per share
were minus EUR 0.19 (9M 2009: minus EUR 0.18). As a result of positive
currency effects amounting to EUR 0.6 million (9M 2009: approx. EUR 0.6
million) from the translation of foreign businesses, comprehensive income
was minus EUR 0.2 million (9M 2009: minus EUR 0.1 million).
Positive operating cash flow in the first nine month of 2010
The net cash flow from operating activities improved significantly to EUR
0.9 million in the first nine months of 2010, compared with a cash outflow
of EUR 2.5 million in the year-back period. The reasons for this positive
development in the third quarter of 2010 (H1 2010: outflow of EUR 0.2
million) were the increased intake of prefinanced orders and a rise in
depreciation and amortization charges. Excluding interest payments, InTiCa
Systems achieved a cash inflow from operating activities of EUR 1.3 million
(9M 2010: outflow of EUR 2.2 million).
The net outflow for investing activities was EUR 5.2 million in the first
nine months of 2010. The outflow was attributable to high investment in
property, plant and equipment, especially to expand the production
facilities in Prachatice, Czech Republic, and in intangible assets.
Cash and cash equivalents (less current account credit lines drawn) were
minus EUR 0.5 million as of September 30, 2010 (9M 2009: EUR 3.5 million).
Moreover, InTiCa Systems has assured credit facilities which can be drawn
at any time totalling EUR 3.1 million. InTiCa Systems' equity ratio of 53%
(December 31, 2009: 57%) shows that it is still soundly financed.
Outlook
As stated in the ad-hoc announcement on November 3, 2010, the Board of
Directors assumes that the company will not break even in 2010 owing to
unexpectedly high material and logistics expenses in the third quarter.
However, it has not changed its forecast of sales growth of over 20% to EUR
28-30 million in FY 2010. At the same time, the Board of Directors is
raising its sales guidance for fiscal 2011 from EUR 34 million to over EUR
40 million due to the very good order situation. That represents a sales
increase of over 35% in 2011 compared with 2010. Orders on hand in the
Group currently amount to around EUR 45 million.
On the production side, the historically high level of orders on hand in
the Industrial Electronics and Automotive Technology segments has resulted
in very high capacity utilization. As a result, both inventories and
personnel increased further in recent months. In addition, high investment
was made to expand business operations so that orders can be processed as
quickly as possible without compromising quality targets. The Board of
Directors anticipates that the earnings trend will pick up in fiscal 2011
and that the company will be able to report a sustained positive earnings
trend.
The complete interim report for the first nine months of 2010 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 more than 390 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.
Walter Brückl | CEO
PHONE +49 (0) 851 - 966 92 - 0
FAX +49 (0) 851 - 966 92 - 15
MAIL investor.relations(at)intica-systems.de
22.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
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Language: English
Company: InTiCa Systems AG
Spitalhofstraße 94
94032 Passau
Deutschland
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 Hamburg, München, Berlin, Stuttgart
End of Announcement DGAP News-Service
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Datum: 22.11.2010 - 07:30 Uhr
Sprache: Deutsch
News-ID 32684
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