Preliminary half-year figures and conversion of the legal form

08/06/2018

NorCom Information Technology AG announced its preliminary half-year figures at this year's annual general meeting. The company is expected to achieve a total output of EUR 7.1 million (previous year: EUR 7.6 million). The EBITDA is 0.7 million euros (previous year: 0.9 million euros).

In terms of sales, the effects of the contract with the Federal Employment Agency, which was reduced in the second quarter of 2017, can still be seen in a year-on-year comparison. NorCom is also making its own investments in product development in order to secure the technological lead of DaSense and EAGLE.

The financial resources of NorCom rose year-on-year by 3.2 million euros to 6.0 million euros. The reason for this is a loan of EUR 3.0 million with an interest rate of 1.1%, which NorCom took out as a precaution to cover any capital requirements.

Conversion important prerequisite for further customer and partner acquisition

At this year's general meeting, the conversion of NorCom Information Technology AG into a GmbH & Co. KGaA was resolved with 96.35% of the votes. This change in legal form enables NorCom to have a better negotiating position in discussions with customers and partners.

“In the field of autonomous driving, we develop highly strategic technologies for the German automotive industry. There are fears on the part of customers that this technology could fall into the wrong hands. The same applies to our potential partner companies. With the legal form of the KGaA, we can give our customers and partners security that there is no possibility of a hostile takeover of NorCom, ”says Nordbakk, explaining the background that led to the decision. “Customers and partners can now enter into long-term commitments with us without hesitation. The KGaA is therefore the prerequisite for NorCom to be able to drive further growth. "

The formalities of the conversion will be implemented in the next few weeks. After the conversion has been entered in the commercial register, the stock exchange listing will automatically be changed. The previous shareholders of NorCom Information Technology AG will then receive limited partnership shares in NorCom Information Technology GmbH & Co. KGaA, which correspond to the total nominal amount of the shares currently held by the respective shareholder. The changeover for the shareholders takes place automatically, the change of legal form does not change the previous shareholding ratio of the shareholders. The change of legal form also does not dilute voting rights.

The attendance and voting results for this year's Annual General Meeting of NorCom Information Technology AG can be found at www.norcom.de/hauptversammlung