DGAP-News: InTiCa Systems AG: Positive development has strengthened further in Q2 - Rise in sales and earnings in H1 2011
(firmenpresse) - DGAP-News: InTiCa Systems AG / Key word(s): Half Year Results
InTiCa Systems AG: Positive development has strengthened further in Q2
- Rise in sales and earnings in H1 2011
25.08.2011 / 07:45
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Consolidated sales up 64% from EUR 13.8 million to EUR 22.6 million
EBITDA 58% higher at EUR 3.2 million (H1 2010: EUR 2.0 million).
EBIT reached EUR 0.8 million (H1 2010: EUR 0.002 million)
Net profit after six months of EUR 0.4 million (H1 2010: net loss of EUR
0.2 million)
Achievement of targets for 2011 highly likely
Passau, August 25, 2011 - The positive development of InTiCa Systems AG
(Prime Standard, ISIN DE0005874846, symbol: IS7) strengthened further in
the second quarter. As in previous quarters, the growth drivers were the
Automotive Technology and Industrial Electronics segments, helping the
Group's earnings position to advance compared to the previous year.
Sales and earnings position
The Group's sales advanced by about 64 percent to EUR 22.6 million in the
first half of 2011, a substantial increase from EUR 13.8 million in H1
2010. The EUR 0.6 million drop in sales to EUR 5.7 million in the
Communication Technology segment (H1 2010: EUR 6.3 million) was offset by a
clear rise in sales in the Industrial Electronics and Automotive Technology
segments. The Industrial Electronics segment grew sales 183 percent to EUR
9.7 million (H1 2010: EUR 3.4 million) while sales surged 79 percent to EUR
7.2 million in the Automotive Technology segment (H1 2010: EUR 4.0
million). The Industrial Electronics segment now posts the highest sales in
the InTiCa Systems Group.
EBITDA increased by around 58 percent year-on-year to EUR 3.2 million (H1
2010: EUR 2.0 million). Looking solely at the second quarter, EBITDA
increased by around 64 percent from EUR 1.1 million in Q2 2010 to EUR 1.8
million in Q2 2011.
EBIT also improved considerably compared with the previous year, from EUR
0.002 million to EUR 0.8 million. Reasons for this pleasing trend were the
clear reduction in the loss in the Communication Technology segment to EUR
0.1 million (H1 2010: loss of EUR 0.6 million), due to process optimization
and the focus on higher margin products, and the positive earnings
contributions from the Automotive Technology and Industrial Electronics
segments. EBIT rose from EUR 0.2 million to EUR 0.5 million in the
Automotive Technology segment and from EUR 0.3 million to EUR 0.4 million
in the Industrial Electronics segment. The EBIT margin was around 7 percent
in Automotive Technology (H1 2010: 5 percent) and around 4 percent in
Industrial Electronics (H1 2010: 10 percent). The decline in the margin in
the Industrial Electronics segment was due to the need to raise inventories
(finished goods and work in process are only valued at the cost of
production) and the allocation of a higher proportion of overheads to this
segment due to its higher share of sales.
The financial result was minus EUR 0.3 million in H1 2011 (H1 2010: minus
EUR 0.2 million). Overall, net income was EUR 0.4 million at the end of the
first six months (H1 2010: net loss of EUR 0.2 million). Earnings per share
(diluted and undiluted) were thus EUR 0.09 (H1 2010: minus EUR 0.05).
Orders on hand still on record high
Orders on hand increased from around EUR 24 million on June 30, 2010 to
over EUR 42.5 million as of June 30, 2011 so it is highly likely that the
Group will achieve its sales target for fiscal 2011. InTiCa Systems'
current liabilities increased by around 32 percent from EUR 8.5 million to
EUR 11.2 million in the first six months of 2011. This was mainly due to
the increase in current interest-bearing debt for the pre-financing of
orders on hand from EUR 2.9 million to EUR 4.7 million, and a rise in trade
payables from EUR 4.3 million to EUR 5.0 million. The equity ratio
contracted slightly from 48 percent to 47 percent in the first six months
owing to higher debt. The cash flow from operating activities was minus EUR
0.9 million in the first six months of 2011 (H1 2010: minus EUR 0.2
million). The outflow of funds was mainly attributable to the increase in
inventories and trade receivables and to expenses for interest payments.
Outlook
At present the Board of Directors sees no reason to alter its guidance for
fiscal 2011, including its sales forecasts for the Group and the individual
segments, given in the report on the first three months of 2011. The Board
of Directors still expects sales of over EUR 40 million in 2011 which
corresponds to a growth of more than 35% compared to fiscal 2010. The
high-growth Automotive Technology and Industrial Electronics segments are
expected to account for around 79 percent of consolidated sales in 2011.
In view of the successful expansion of the product range, the positive
development of orders on hand, the successful entry into new markets and
the increase in value added resulting from new production capacity, the
Board of Directors of InTiCa Systems AG expects the group to achieve an
earnings turnaround in 2011 and an EBIT margin of around 3 percent.
For 2012 the Board of Directors assumes further growth in sales and
earnings provided that the economic trend remains positive.
The interim report for H1 2011 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. 430 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.
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
End of Corporate News
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25.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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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136773 25.08.2011
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Datum: 25.08.2011 - 07:45 Uhr
Sprache: Deutsch
News-ID 59075
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