DGAP-News: InTiCa Systems AG / Key word(s): AGM/EGM
All proposed resolutions approved with large majority
Group sales of EUR 29.5 million (6M 2019: EUR 29.6 million) and negative earnings expected for H1 2020
Slight recovery in call-offs visible
Reliable outlook for fiscal 2020 still not possible
Passau, July 16, 2020 - At this year's Annual General Meeting of InTiCa Systems AG, listed in the Prime Standard of the Frankfurt Stock Exchange (ISIN DE0005874846, Ticker IS7), which was held virtually for the first time due to the corona pandemic, shareholders approved all resolutions with a large majority of votes. In the regular elections to the Supervisory Board, the previous members were all re-elected. Detailed voting results are available for download from the Investor Relations section of InTiCa Systems' website at www.intica-systems.com.
In its report on the past financial year, the Management Board presented in detail last year's successful development - dynamic sales growth, visible improvement in earnings and full order books - and explained the medium to long-term corporate strategy. Central is the further development of the field classed as "e-solutions", which already accounts for more than 40 percent of group sales. InTiCa has already initiated new future-oriented products and solutions for various areas and is focusing on the efficient expansion of existing synergies. Because of the increasing use of inductive components - be it in hybrid or electric vehicles, charging stations, energy storage or energy generation -, InTiCa benefits from a continuous sharing of knowledge and experience within the Group.
High uncertainty in the short term
With production in Germany and other major industrial locations picking up again, a slight recovery in call-offs is visible. However, capacity utilization remains well below normal levels and, at EUR 98 million, orders on hand as of 30 June 2020 were significantly lower than in the previous year (30 June 2019: EUR 119 million). Therefore, a complete recovery in the second half of the year currently seems unlikely. The automotive industry as a whole is expecting a contraction of 15 to 20 percent in the current year, and the market could decline into 2021. In many cases, customers are not yet able to assess exactly which projects are still ongoing and how the markets are developing. Against this background, it is still not possible for the management to give a stable and reasonably reliable forecast for the present fiscal year. As soon as the economic situation stabilizes and reliable planning is possible, InTiCa Systems AG will publish a detailed forecast.
Sound long-term trend
Overall, InTiCa remains well positioned for the future. Major investments were completed in recent years, and the corona pandemic only enforces the already planned decline in capital expenditure. In addition, past investments were mainly used to drive forward the expansion of future technologies. E-solutions will continue to be in demand even in economically difficult times, and InTiCa has built a strong competitive position in this area. Even if the growth course currently has been interrupted by the corona pandemic, the positive trend therefore is likely to continue in the long term.
InTiCa Systems AG
The Board of Directors
CONTACT Dr. Gregor Wasle | CEO
About InTiCa Systems:
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.
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.
|Company:||InTiCa Systems AG|
|Phone:||0851 / 96692 0|
|Fax:||0851 / 96692 15|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1095711|
|End of News||DGAP News Service|