InTiCa Systems AG: Virtual Annual General Meeting 2022 – conversion into SE approved, preliminary half-year sales as planned

All items on the agenda approved by a large majority

Preliminary half-year sales EUR 48.7 million (H1 2021: EUR 53.7 million)

High level of orders on hand (EUR 110.7 million); call-off behaviour increasingly volatile

High uncertainty; forecast unchanged

Passau, July 18, 2022 – 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 ongoing Covid-19 pandemic, the Annual General Meeting was once again held virtually. In particular, the conversion of the company into a European Company (Societas Europaea, SE) was resolved. The change of legal form underlines the company’s position as a pan-European employer and progressive technology group.

Furthermore, the remuneration report was approved, the creation of new authorized capital was resolved, and authorization was granted to acquire and use treasury shares with the option of excluding tender and subscription rights. 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 -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 2021 and the performance of the individual segments. Although it became increasingly difficult for InTiCa Systems AG to decouple itself from the macroeconomic and industry-specific difficulties during the year, on balance, 2021 was extremely successful. The strategic focus on diversified e-solutions and increased internationalization, including the successful establishment of local sales capacity resulted in significant revenue growth, improved profitability, and positive operating cash flows.

Preliminary half-year sales as planned

In 2022, InTiCa continues to benefit from its strategic alignment to global megatrends and innovative key technologies. In the first half of the year, the company succeeded, for example, in gaining new orders for actuators and stators for e-mobility as well as for power components for storage solutions and electric charging stations. Despite increased volatility, order offtake has remained at a good level so far, with preliminary consolidated half-year sales amounting to EUR 48.7 million (H1 2021: EUR 53.7 million). The decline compared to the prior-year period is thus somewhat greater than in the first quarter. However, given the global economic trend, it underscores the robustness of the business model. While the first half of 2021 was characterized by pent-up demand and economic recovery, the first half of this year was impacted by supply bottlenecks, price increases and the threat of recession as a result of the war in Ukraine and the ongoing pandemic.

The stability of the company’s business performance is underlined by orders on hand: at around EUR 110.7 million as at June 30, 2022, orders were between the level of three months ago (March 31, 2022: EUR 105.1 million) and the high prior-year figure (June 30, 2021: EUR 117.0 million). New orders for charging infrastructure and inverter technology for photovoltaic systems help to secure the planned sales volume. The trend towards purchasing solar systems is expected to continue in view of the looming energy crisis and will strengthen demand for products for energy storage and inverters. Current product developments with individual customers should also start to bring in revenue in the short and medium term and should become more broadly anchored in the customer structure. In the area of sensor technology, for example, InTiCa has generated major orders for vehicle access systems, which will be produced from the second quarter of 2023.

At present, the Board of Directors still assumes that, taking into account the particular challenges of 2022 and the currently available customer data, Group sales will be between EUR 85.0 million and EUR 100.0 million, while the EBIT margin will be between 2.5% and 3.5%. However, uncertainty on the market for products is very high, and customers and suppliers are increasingly postponing their delivery schedules and changing their target and call-off figures at short notice. Order offtake is currently still high, but InTiCa has already initiated preventive measures to safeguard its financial result. Unforeseeable negative effects could, however, result in an inability to meet expectations.

InTiCa Systems AG will publish its half-year report with details of its performance in the first half of 2022 on August 11, 2022, as scheduled.

InTiCa Systems AG

The Board of Directors
 

CONTACT Dr. Gregor Wasle | CEO
TEL +49 (0) 851 – 966 92 – 0

FAX +49 (0) 851 – 966 92 – 15

EMAIL   
 

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 800 employees at its sites in Passau (Germany), Prachatice (Czech Republic) and Silao (Mexico).

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 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.