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SECANDA AG Annual General Meeting to decide on complete delisting from the Regulated Unofficial Market
The shareholder Mountain Partners AG has requested the Management Board of SECANDA AG to delist the company. The shareholders Dr Cornelius Boersch and Manfred Rietzler have joined in. Together, the aforementioned shareholders hold the majority of the shares in SECANDA AG. In this regard, the Management Board of SECANDA AG decided today to have the Annual General Meeting of SECANDA AG decide on a complete delisting from over-the-counter trading at the Annual General Meeting planned for 20 June 2023 (Section 119 (2) AktG).
Final annual figures 2022 and business performance
According to final figures, SECANDA AG’s consolidated revenues in the financial year 2022 amounted to KEUR 24,013. In the previous year, consolidated revenues amounted to KEUR 23,059.
EBITDA for the Group in the 2022 financial year according to IFRS was KEUR 1,599 after KEUR 1,891 in the previous year, EBIT was KEUR 475 after KEUR 745 in the previous year and earnings before taxes (EBT) were KEUR 302 after KEUR 591 in 2021. Net income for the financial year was KEUR 126 (previous year: 306).
While we still expect a negative half-year result for the first half of 2023 due to the currently poor business development, we expect profits again for the second half of 2023 as a result of strong cost reductions and a revival of business.
The annual report will be published on Friday, 28 April 2023.
Preliminary annual figures 2022
According to preliminary figures, the revenues of SECANDA AG (formerly InterCard) increased from EUR 23.1 million to EUR 23.9 million in the Group in the financial year 2022.
According to preliminary figures, EBITDA amounted to EUR 1,599 thousand (previous year: EUR 1,891 thousand), EBIT to EUR 464 thousand (previous year: EUR 745 thousand) and EBT to EUR 291 thousand (previous year: EUR 591 thousand).
The current business development of the SECANDA AG divisions varies. While our Access Control and Time & Attendance division is contributing high order backlogs to the merger into SECANDA Systems AG, the business development in Switzerland continues to weigh on our group figures.
In 2023, we succeeded in further consolidating our markets and again expanding our market leadership in Germany. The acquisition of our direct competitor H. Schomäcker GmbH, based in Cologne, also helped us in this regard.
At the same time, we have begun to fully integrate our largest subsidiaries under the new SECANDA brand to form one large company and one large team. For example, IntraKey technologies AG was recently merged into SECANDA Systems AG.
With both steps, we are combining the strengths of our existing and new subsidiaries into one powerful unit. For more innovation and for better development of our markets.
In this way, we have not only become more efficient and faster, but have also been able to reduce our costs at the same time. The cost-cutting measures in the Group have already been completed and will take full effect with around 1 million euros per year from the second half of 2023.
Business development below own expectations
The Swiss subsidiary of SECANDA AG (formerly InterCard) is currently experiencing weaker business development than recently expected. Furthermore, some projects in the Physical Access & Time business unit will be postponed until 2023 due to delayed material deliveries. As a result, we expect only a slightly positive result for the Group for the full year 2022.
After the current takeover of the most important market companion in the German university market to date and with the merger of our largest subsidiaries in Germany, we expect rising revenues and a significant improvement in profitability again for the 2023 financial year. The realignment will not only result in synergies and savings, but also in potentials from the joint use of technologies and the joint market development in Germany.
InterCard GmbH and IntraKey become SECANDA Systems AG
InterCard AG Informationssysteme has become SECANDA AG (stock exchange symbol SC8).
Now our subsidiaries InterCard GmbH Kartensysteme and IntraKey technologies AG are merging to become SECANDA Systems AG. For this purpose, InterCard GmbH Kartensysteme is to be converted into SECANDA Systems AG before the end of this year. IntraKey will then be merged into SECANDA Systems AG in spring 2023.
In future, SECANDA Systems AG will combine the systems and markets of both companies and express its market-leading position in Germany under the new SECANDA brand. The company will become the largest and most profitable subsidiary of the listed SECANDA AG. With around 90 employees, mainly at the Villingen-Schwenningen and Dresden locations, as well as in numerous local branches. And with a turnover of around 13 million euros.
SECANDA Systems AG bundles our core activities in Germany. As the clear market leader in the area of universities and student unions with a market share of over 80%. And as an innovation driver for the new employee ID card, the new hospital card or the new ID-based university card via app. For our target markets CORPORATE, CARE, CAMPUS and PUBLIC.
InterCard stands for payment and billing based on identification via chip card and app as well as for the new SECANDA system with the centrally managed ID for each user. IntraKey stands for access, time recording and SharedBoxes such as public lockers or public bicycle garages based on identification via chip card and app. Both companies have been jointly offering total solutions since the takeover 15 years ago.
The merger stands for further growth with a common name and centrally controlled sales. With the further integration of IntraKey’s access and security systems into the SECANDA system, SECANDA Systems AG can offer an increasingly perfectly coordinated overall system based on the personal ID and thus the next generation of employee, student or patient ID cards as well as the multifunctional citizen card.
Internationally, SECANDA AG is the market leader in the higher education market in Switzerland, especially with its subsidiary Polyright, and has recently been represented by its own subsidiary in Spain.
In the beginning, there is SECANDA. With the new system SECANDA. With SECANDA Systems AG as the new market leader in Germany. With SECANDA Systems S.L., our important development location in Valencia and new sales location for the Iberian Peninsula. And last but not least, with our great teams and companies together in SECANDA AG.
Acquisition of H. Schomäcker GmbH, business development
SECANDA AG (formerly InterCard, new stock exchange symbol SC8) has acquired 100% of the shares in H. Schomäcker GmbH, based in Cologne. For many years, H. Schomäcker GmbH has been by far the most important market companion of InterCard GmbH Kartensysteme in the market for universities, colleges and student unions in Germany. InterCard already had a market share of more than 80% here before the acquisition.
The merger is to the advantage of our customers. With my.Authent, Schomäcker has launched a new smart card and identification system parallel to our SECANDA system. Together we will offer our customers the best of both in the future.
We have been using Schomäcker’s Q Pilot print management system in our own smart card systems for years. Against this background, this area ideally complements SECANDA’s activities.
In addition, H. Schomäcker GmbH has developed innovations in the field of access control with my.Ki, which will support our Physical Access division in accelerating growth in this area.
Schomäcker strengthens the SECANDA team by a total of 17 employees. The numerous innovations of recent years, especially in the area of modern software products, show a more than impressive track record. All the more so when measured against the size of the company. We are very pleased that we were able to win such a highly qualified team for SECANDA and look forward to working with them.
H. Schomäcker GmbH is expected to contribute about 2 million euros to the group turnover in a full financial year. Furthermore, we expect considerable synergies and effects from the new joint market position of both companies.
SECANDA AG continues to operate clearly profitably with group sales at the previous year’s level. Bottlenecks in resources and parts in particular had recently prevented stronger growth.