Preliminary half-year figures and conversion of legal form
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 7.1 million euros (previous year: 7.6 million euros). EBITDA amounts to € 0.7 million (previous year: € 0.9 million).
In terms of sales, the effects of the contract with the Federal Employment Agency, which was reduced in the second quarter of 2017, are still evident year-on-year. NorCom is also investing in product development to secure the technological lead of DaSense and EAGLE.
NorCom's cash and cash equivalents increased year-on-year by € 3.2 million to € 6.0 million. The reason for this is a loan of EUR 3.0 million at a yield of 1.1%, which NorCom has taken as a precautionary measure in order to meet any capital requirements.
Conversion important prerequisite for further customer and partner acquisition
At this year's Annual General Meeting, the conversion of NorCom Information Technology AG into a GmbH & Co. KGaA was approved with 96.35% of the votes. This transformation of legal form allows NorCom a better bargaining position in discussions with customers and partners.
"We are developing highly-strategic technologies for the German automotive industry in the field of autonomous driving. On the customer side, there are fears 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 provide our customers and partners with certainty that there is no possibility of a hostile takeover of NorCom ", Nordbakk explains the background that led to the decision. "Customers and partners can now enter into long-term commitments without hesitation. The KGaA is therefore the prerequisite for NorCom to drive further growth. "
The formalities of the transformation will be implemented in the coming weeks. After the entry of the conversion into the commercial register, a conversion of the stock exchange listing takes place automatically. The existing shareholders of NorCom Information Technology AG then receive limited 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 conversion for the shareholders takes place automatically, the change of legal form does not change the previous shareholding of the shareholders. A dilution of voting rights does not occur through the change of legal form.
The presence and voting results for this year's Annual General Meeting of Nor-Com Information Technology AG can be found at