EQS-News

InTiCa Systems SE: Interim Report for H1 2023 published – Improved demand in Q2, but uncertainty remains high - Seite 2

At 61.4%, the ratio of material costs to total output in the reporting period was clearly below the prior-year level (H1 2022: 63.9%). Alongside optimization of production workflows, this was mainly due to a less material-intensive product mix. By contrast, the personnel expense ratio (including agency staff) increased significantly from 22.1% to 25.0% due to wage rises.

EBITDA (earnings before interest, taxes, depreciation and amortization) decreased to EUR 3.5 million (H1 2022: EUR 4.5 million), with the EBITDA margin amounting to 7.6% (H1 2022: 9.2%). At EUR 0.5 million, EBIT (earnings before interest and taxes) remained positive (H1 2022: EUR 1.5 million), giving an EBIT margin of 1.0% (H1 2022: 3.0%). At segment level, Automotive reported EBIT of minus EUR 0.1 million in the first six months of 2023 (H1 2022: positive EBIT of EUR 1.2 million) and the Industry & Infrastructure segment reported EBIT of EUR 0.5 million (H1 2022: EUR 0.3 million).

The financial result was minus EUR 0.6 million in the reporting period (H1 2022: minus EUR 0.3 million), with the increase in interest expense making itself visible. Tax income of EUR 8 thousand was recorded in the reporting period (H1 2022: tax expense of EUR 0.3 million). Group net income therefore amounted to minus EUR 0.1 million in the first six months (H1 2022: positive net income of EUR 0.9 million). Earnings per share were minus EUR 0.03 (H1 2022: EUR 0.20).

Due to the negative interim result and the considerable rise in interest and income tax expense compared with the prior-year period, the cash flow from operating activities was negative in the first six months of 2023. Due to continued investment activity, this applies to an even greater extent for the overall cash flow. The equity ratio slipped slightly in the reporting period but remains at a solid level.

Outlook

While orders on hand were still well below the high prior-year level of EUR 96.2 million at the end of the first quarter, they had improved significantly to EUR 111.9 million by the end of the second quarter (June 30, 2022: EUR 110.7 million). The increased significance of the Industry & Infrastructure segment is shown by the fact that only 74% of orders were attributable to the Automotive segment (H1 2022: 80%). The macroeconomic environment however remains challenging. Although there has been a sustained easing of supply chains and the availability of materials, and materials prices have stabilized, core inflation remains high and there is still no sign of an end to the war in Ukraine. Order offtake therefore remains highly volatile.