InTiCa Systems SE: Annual report for 2023 published - Conformation of
estimates

EQS-News: InTiCa Systems SE / Key word(s): Annual Report
InTiCa Systems SE: Annual report for 2023 published - Conformation of
estimates

07.06.2024 / 09:05 CET/CEST
The issuer is solely responsible for the content of this announcement.

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InTiCa Systems SE: Annual report for 2023 published - Conformation of
estimates


Group sales amounted to EUR 86.9 million (2022: EUR 90.7 million)

EBIT margin of 0.3% (2022: 2.6%)

Orders on hand were EUR 99.3 million as of December 31, 2023 (December 31,
2022: EUR 94.7 million)


Passau, June 7, 2024 - InTiCa Systems SE (Prime Standard, ISIN DE0005874846,
ticker IS7) today published the complete annual report for fiscal 2023. With
consolidated sales of EUR 86.9 million and an EBIT margin of 0.3%, the
revised forecast from November 2023 was confirmed. Thanks to the for a long
time strong performance of the Industry & Infrastructure segment and
continuous endeavours in the area of lean management, InTiCa Systems managed
to keep the drop in sales to 4.3% and to generate a small operating profit.

Dr. Gregor Wasle, CEO of InTiCa Systems SE, on the company's business
performance: '2023 was a challenging year. Order offtake patterns were more
volatile than they had been for a long time and there is an increasing
divergence between the award of contracts and offtake volumes. Dealing with
this situation requires highly flexible management of production, personnel
and materials. At the same time, pressure on liquidity and margins is
increasing. Increasing the degree of automation creates headroom in view of
the skills shortage and rising wage costs. To reduce dependence on
individual products and areas of industry, in 2023 we also worked
intensively to extend our existing competencies to further market segments.'

Earnings, asset and financial position

Group sales declined slightly year-on-year, slipping 4.3% to EUR 86.9
million in 2023 (2022: EUR 90.7 million). This was mainly due to the phasing
out of the previous year's best-selling product. In all, sales were within
the most recently forecast range of between EUR 85 million and EUR 90
million. While sales in the Automotive segment declined significantly to EUR
61.4 million (2022: EUR 68.7 million), the Industry & Infrastructure segment
posted sustained high demand for e-solutions. In this segment, sales were
EUR 25.5 million and therefore clearly exceeded the good prior-year level
(2022: EUR 22.0 million).

As in the previous year, the gross profit was EUR 33.8 million in the
reporting period (2022: EUR 33.8 million) with the gross profit increasing
from 37.3% to 38.9%. EBITDA (earnings before interest, taxes, depreciation
and amortization) was down 22.1% year-on-year at EUR 6.5 million (2022: EUR
8.4 million). As a result, the EBITDA margin decreased to 7.5% (2022: 9.2%).
EBIT (earnings before interest and taxes) amounted to EUR 0.3 million in the
reporting period (2022: EUR 2.3 million). At 0.3% (2022: 2.6%), the EBIT
margin was within the revised forecast range of -1.0% to +0.5%. The lower
profitability was principally due to significant rises in costs caused by
rising wages and logistics expenses and persistently high material prices.
Although it was possible to pass some of the price rises on to customers, in
most cases there were time lags and it was not possible to recoup all of the
increase.

The financial result was minus EUR 1.5 million in the reporting period
(2022: minus EUR 0.6 million), reflecting the increased use of overdraft
facilities and the increase in interest expense. While financial expense
amounted to EUR 1.5 million (2022: EUR 0.6 million), financial income was
negligible in both 2023 and 2022. The pre-tax loss was EUR 1.2 million in
the reporting period (2022: pre-tax profit of EUR 1.7 million). Taking into
account tax revenue of EUR 0.1 million (2022: tax expense of EUR 0.9
million), the Group posted a net loss of EUR 1.1 million (2022: net profit
of EUR 1.6 million). Earnings per share were therefore minus EUR 0.27 (2022:
EUR 0.38).

The altered earnings situation and the difficulty of planning inventories
given the volatility of offtake by customers also affected liquidity
requirements. The operating cash flow was nevertheless still clearly
positive at EUR 1.6 million in 2023 (2022: EUR 7.4 million). Alongside the
significant difference in earnings, the reduction compared to the previous
year was mainly caused by lower trade payables on the reporting date. After
investing and financing activities, there was a negative cash flow of minus
EUR 8.4 million in 2022 (2022: positive cash flow of EUR 1.3 million). Cash
and cash equivalents were EUR 0.9 million as of December 31, 2023 (December
31, 2022: EUR 3.2 million). The situation is continuously being optimized
and an additional liquidity cushion has been achieved by increasing
overdraft facilities by EUR 4.0 million. The equity ratio of 30.8% as of the
reporting date shows that the company is still soundly financed.

Outlook

The macroeconomic environment is still dominated by numerous risk factors.
At present there is no sign of an end to the war in Ukraine or the conflict
in the Middle East and the US elections are also contributing to the
uncertainty. That is reflected in an increase in tied capital as a result of
inventories to safeguard the reliability of supply. Together with higher
interest rates, that results in persistently high liquidity requirements.
The core inflation rate is still high. Although global price levels for raw
materials and semi-finished products have stabilized, they are still well
above historical levels. Cross-site wage rises are increasing the pressure
on margins. At the end of the first quarter of 2024, orders on hand were
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%).

Bernhard Griesbeck of the Board of Directors on the outlook for the InTiCa
Systems Group: '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 from
the fourth quarter. By contrast, the offtake situation in the Automotive
segment is currently somewhat better than in 2023. Overall, demand for
InTiCa Systems' development expertise remains high and we see substantial
potential in access to new areas of industry and the establishment of the
speciality products business. Product innovations should also help drive
internationalization and gain access to additional markets in the future.'

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 annual report 2023 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 about 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.


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07.06.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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   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
   Listed:         Regulated Market in Frankfurt (Prime Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Hamburg, Munich, Stuttgart, Tradegate Exchange
   EQS News ID:    1920169

End of News EQS News Service
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1920169 07.06.2024 CET/CEST