InTiCa Systems AG: Provisional figures for 2021 – Guidance confirmed, 2022 financial year off to a solid start

• Sales rose almost 35% to EUR 95.7 million
• EBIT margin approx. 3.5%
• Good start to the year, but growing uncertainty

InTiCa Systems AG (Prime Standard, ISIN DE0005874846, ticker IS7) today announced provisional, unaudited figures for the 2021 financial year. With a significant increase in sales and improved profitability, the development in the reporting period was very successful. Although the fourth quarter was somewhat weaker than the final spurt at the end of the previous year, which was characterized by catch-up effects, preliminary calculations put sales at the upper end of the forecast range of EUR 85 to 100 million. However, as expected, the EBIT margin was at the lower end of the forecast range of 3.5% to 4.5% as a result of continuing supply bottlenecks and the extreme price increases for intermediate products.

Earnings, asset and financial position

Overall, Group sales increased by 34.7% year-on-year to EUR 95.7 million (2020: EUR 71.1 million). This was due to the unabated high demand for e-solutions. Both segments benefited equally from this: In the Automotive segment, sales increased 35.2% to EUR 72.0 million (2020: EUR 53.3 million) and the Industry & Infrastructure segment exceeded the good prior-year level by 33.3%, with sales of EUR 23.7 million (2020: EUR 17.8 million).

EBITDA (earnings before interest, taxes, depreciation and amortization) was EUR 9.3 million in the reporting period, which was clearly above the prior-year level (2020: EUR 6.7 million), giving an EBITDA margin of 9.7% (2020: 9.4%). EBIT (earnings before interest and taxes) was EUR 3.4 million (2020: EUR 0.7 million) and the EBIT margin was 3.5% (2020: 1.0%). Despite supply bottlenecks and rising prices for intermediate products, profitability in the reporting period was thus slightly above the pre-pandemic level.

Cash and cash equivalents totalled EUR 1.9 million on December 31, 2021 (December 31, 2020: EUR 1.5 million). On the reporting date, InTiCa Systems also had assured credit facilities of EUR 15.9 million, which can be drawn at any time. The equity ratio was 34.0% on the reporting date and thus slightly above the previous year’s level of 31.7%.

Outlook

Due in part to its solid liquidity position, InTiCa Systems AG started the new financial year with confidence despite the persistently difficult underlying conditions. The good order situation highlights the success of its overall strategic focus. At EUR 114.0 million at year-end, orders on hand remained at a high level, albeit slightly below the very strong prior-year figure (December 31, 2020: EUR 120.8 million). 81% of orders were for the Automotive segment (2020: 73%). In both segments, a significant proportion of new orders are for new e-solutions products. Against this background, the start to the year was satisfactory. Even if the exceptionally strong prior-year quarter does not appear repeatable from the current perspective, good figures are expected for the first quarter.

However, the uncertainty has increased significantly again as a result of the renewed rise in coronavirus infections and, above all, the war in Ukraine. Some OEM production facilities have already closed and the impact on order offtake is not yet foreseeable. Moreover, supply bottlenecks could be exacerbated and higher energy prices are likely to make production more expensive. Furthermore, our strategic goal of improving the cost structure of wage-intensive products by establishing a further production in facility in eastern Europe cannot currently be pursued at the planned location close to Kiev. The Board of Directors is exploring alternatives.

Overall, InTiCa Systems AG nevertheless remains well positioned to participate in the high demand for innovative e-solutions. More detailed guidance for the 2022 financial year and the future development of the segments will be issued at the earliest when the annual report is published on April 26, 2022.

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.