– All items on the agenda approved by a large majority
– Preliminary half-year sales EUR 53.7 million (+82%)
– Orders on hand currently EUR 117 million
– Continued high uncertainty in the markets; forecast unchanged
At this year’s Annual General Meeting of InTiCa Systems AG (ISIN DE0005874846, Ticker IS7), which is listed in the Prime Standard on Frankfurt Stock Exchange, the shareholders approved all items on the agenda. Due to the Covid-19 pandemic, the Annual General Meeting was once again held virtually. Among other things, a large majority of the shareholders ratified the actions of the Board of Directors and Supervisory Board, as well as approving the remuneration systems for both boards, as required by the Act implementing the Second Shareholder Rights Directive. The detailed results of the voting on all items on the agenda can be viewed or downloaded from the Investor Relations section of the company’s website at www.intica-systems.com [in German only].
In its report on the past financial year, the Board of Directors gave details of the company’s figures for 2020 and the performance of the individual segments in the context of the ongoing pandemic and the overall strategic development. The overall assessment was positive: despite considerable pressure due to a temporary drop in volume sales, combined with higher production costs and additional expenses as a result of the Covid-19 pandemic, InTiCa Systems continued the successful development of the previous years. Thanks to the timely introduction of the transformation of processes, products and liquidity arrangements, even in this difficult situation the Group achieved visible sales growth, significant cash inflows and a positive operating result. In 2020, InTiCa Systems AG therefore provided clear evidence of its stability and future viability.
The figures for the present financial year also show that the company is well-positioned to benefit durably from future trends such as end-to-end electrification of the automotive sector, industry and infrastructure. Following record sales in the first three months of 2021, orders on hand, order call-offs and capacity utilization remained high in the second quarter. In absolute terms, it was not possible to repeat the record figures reported for the first quarter, which were influenced by pent-up demand, but in percentage terms growth momentum increased considerably year-on-year. The preliminary consolidated sales of EUR 53.7 million in the first six months are over 80% above the prior-year figure (H1 2020: EUR 29.5 million). In the second quarter of 2021, sales were higher than in the strong fourth quarter of 2020. This shows that the increase was due to the positive overall trend, and not simply to the pandemic-related weak prior-year quarter. Moreover, both segments made equal progress. Although supply chains are still tense, resulting in higher material costs, the margin situation is in line with expectations.
The favourable overall picture is underpinned by orders on hand totalling EUR 117 million as of June 30, 2021. That is well above the prior-year figure of EUR 98 million and also an improvement of around EUR 4 million compared with the end of the first quarter. This makes us confident that the momentum can be maintained in the second half of the year and that it will be possible to report a full-year performance at the upper end of our guidance. That said, until the Covid-19 pandemic is completely over, business development will be subject to considerable uncertainty about economic policy and behavioural changes by consumers and companies in response to further waves of infection and new virus variants. In view of this, the Board of Directors still expects that in 2021 as a whole, consolidated sales will rise to between EUR 85.0 million and EUR 100.0 million and the EBIT margin will be between 3.5% and 4.5%.
InTiCa Systems AG will publish its half-year report with details of its performance in the first half of 2021 on August 12, 2021, as scheduled.
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.
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 and Industrial Technology segments and has about 900 employees at its sites in Passau (Germany), Prachatice (Czech Republic) and Silao (Mexico).
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‘ Industrial Electronics segment develops and manufactures mechatronic assemblies for the solar industry and other industrial applications.
InTiCa Systems AG
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