DJ EQS-News: InTiCa Systems SE: Interim report for Q1 2024 published - Flexibility against the ongoing uncertainty

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EQS-News: InTiCa Systems SE / Key word(s): Quarter Results
InTiCa Systems SE: Interim report for Q1 2024 published - Flexibility against the ongoing uncertainty
2024-05-31 / 07:40 CET/CEST
The issuer is solely responsible for the content of this announcement.
InTiCa Systems SE: Interim report for Q1 2024 published - Flexibility against the ongoing uncertainty

Group sales amounted to EUR 20.1 million (3M 2023: EUR 23.7 million)
EBIT margin of 1.9% (3M 2023: 2.6%)
Orders on hand below the prior-year level at EUR 86.1 million (March 31, 2023: EUR 96.2 million)
Group sales expected between EUR 80.0 million EUR 95.0 million in 2024, while the EBIT margin should be between 0.0%
and 2.5%
Annual report for 2023 will be published on June 7, 2024
Passau, May 31, 2024 - InTiCa Systems SE (Prime Standard, ISIN DE0005874846, ticker IS7) today published its interim
report for the first three months of 2024. With Group sales of EUR 20.1 million, an EBIT margin of 1.9% and orders on
hand of EUR 86.1 million, the key figures are in line with expectations. The comparative figures for the 2023 financial
year provided for information have been agreed with the auditor. The annual report for 2023 will be published on June
7, 2024. The financial reporting on the 2023 financial year will not present significant changes compared with the most
recent forecast for the consolidated financial figures as published in the interim report for the first nine months of
2023 and the ad-hoc statement issued on November 8, 2023.
Dr. Gregor Wasle, CEO of InTiCa Systems SE, on the company's business performance: "As expected, InTiCa Systems SE made
a subdued start to 2024. In the Industry & Infrastructure segment in particular, the market downturn gathered pace at
the beginning of this year, bringing a downward adjustment of order offtake figures. In the Automotive segment, sales
figures for hybrids and vehicles with combustion engines recently picked up. As a result, the offtake situation
improved slightly at the beginning of the year despite the temporary dip in demand for electric vehicles. Demand for
stator coils for hybrid vehicles and coils for dampeners for chassis products was particularly strong. Customers in
both segments anticipate that there will be a slight recovery starting in the summer 2024."
Earnings, asset and financial position
Group sales declined by 15.5% year-on-year to EUR 20.1 million in the first three months of 2024 (3M 2023: EUR 23.7
million). While sales in the Automotive segment dropped only slightly year-on-year, by 2.3% to EUR 16.0 million (3M
2023: EUR 16.4 million), the Industry & Infrastructure segment saw significant postponements or even cancellation of
orders by some customers. Compared to the very strong prior-year quarter, this resulted in a 45.0% decline in sales to
EUR 4.0 million (3M 2023: EUR 7.3 million).
At 56.1%, the ratio of material costs to total output in the reporting period was clearly below the prior-year level
(3M 2023: 62.0%). By contrast, the personnel expense ratio (including agency staff) increased slightly from 23.9% to
24.1%. At the same time, other operating expenses decreased from EUR 3.1 million in the prior-year period to EUR 2.3
million.
EBITDA (earnings before interest, taxes, depreciation and amortization) only decreased by 4.9% year-on-year to EUR 2.0
million (3M 2023: EUR 2.1 million), with the EBITDA margin above the previous year's level at 10.0% (3M 2023: 8.9%).
EBIT (earnings before interest and taxes) amounted to EUR 0.4 million (3M 2023: EUR 0.6 million), so the EBIT margin
declined from 2.6% to 1.9%. At segment level, Automotive reported EBIT of minus EUR 0.4 million in the first three
months of 2024 (3M 2023: positive EBIT of EUR 0.4 million) and the Industry & Infrastructure segment reported EBIT of
EUR 0.8 million (3M 2023: EUR 0.2 million).
The financial result was minus EUR 0.5 million in the reporting period (3M 2023: minus EUR 0.3 million), and tax
expense was EUR 2 thousand (3M 2023: EUR 0.1 million). Group net income was therefore minus EUR 0.1 million in the
first three months (3M 2023: positive net income of EUR 0.2 million). Earnings per share were minus EUR 0.02 (3M 2023:
EUR 0.05).
In spite of the year-on-year decline in interim profit and the pressure on liquidity due to the high degree of
flexibility which is necessary in the management of production, personnel and materials, cash flow from operating
activities was only slightly negative in the first three months of 2024. The same applies to the overall cash flow. The
limited investments were financed by new loans. The equity ratio thus slipped slightly in the reporting period but
remains at a solid level.
Outlook
At the end of the first quarter, orders on hand were well below the prior-year level at EUR 86.1 million (March 31,
2023: EUR 96.2 million). 89% of orders were for the Automotive segment (Q1 2023: 78%). From the fourth quarter of 2023,
increasing restraint was evident, especially in the Industry & Infrastructure segment in respect of e-charging
infrastructure and products for the photovoltaics industry. By contrast, the offtake situation in the Automotive
segment is currently somewhat better than in 2023. Here, higher unit sales of vehicles with combustion engines and
hybrids play a key role. Since the future geopolitical and economic developments are difficult to estimate, uncertainty
remains high overall. Therefore, at present it is not possible to effectively estimate the extent of order offtake by
customers in the remainder of the year. Discussions with OEMs about shortfalls in order volumes are still proving
difficult.
Bernhard Griesbeck of the Board of Directors on the outlook for the InTiCa Systems Group: "The macroeconomic
environment is still dominated by high uncertainty. That is reflected in an increase in tied capital as a result of
inventories to safeguard the reliability of supply. To ensure a high degree of flexibility, it has long been part of
InTiCa's strategy to diversify the product portfolio and specifically generate and utilize synergies. For example, the
new products for special electric drives for a European producer and bidirectional e-charging systems of a major US
producer are derived from both segments. By gaining access to new areas of business and building up a new business for
inductive speciality products, we want to become even less dependent on individual market segments in future. The
first, small orders have been acquired since the beginning of 2024."
At present, the Board of Directors assumes that, taking into account the ongoing high uncertainty, Group sales will be
between EUR 80.0 million EUR 95.0 million in 2024, while the EBIT margin will be between 0.0% and 2.5%. Where possible,
the material cost ratio should be optimized further in both segments and the equity ratio should remain stable. The
assumptions underlying the forecast for 2024 are that the cyclical trend will not deteriorate further and geopolitical
conflicts will not escalate. Unforeseeable negative effects could affect suppliers, have a direct impact on InTiCa
Systems, or affect its customers, resulting in an inability to meet expectations.
The complete interim report for Q1 2024 is available for download from the Investor Relations section of InTiCa
Systems' website at www.intica-systems.com.

InTiCa Systems SE
The Board of Directors

CONTACT Dr. Gregor Wasle | CEO
TEL +49 (0) 851 - 966 92 - 0
FAX +49 (0) 851 - 966 92 - 15
EMAIL investor.relations@intica-systems.com

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 and Industry &
Infrastructure segments and has more than 700 employees at its sites in Passau (Germany), Prachatice (Czech Republic),
Silao (Mexico) and Bila Tserkva (Ukraine).
The Automotive 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' Industry & Infrastructure
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 SE 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.

2024-05-31 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.

Archive at www.eqs-news.com  
Language:     English 
Company:      InTiCa Systems SE 

Spitalhofstraße 94
94032 Passau
Germany

Phone:        0851 / 96692 0 
Fax:          0851 / 96692 15 
E-mail:       investor.relations@intica-systems.com 
Internet:     www.intica-systems.com 
ISIN:         DE0005874846 
WKN:          587484 

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EQS News ID: 1914927

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