init innovation in traffic systems AG
EANS-Adhoc: init innovation in traffic systems AG
init increases annual net
profit by 50 per cent to EUR 15.1m - sales and earnings targets for 2011 exceeded
-------------------------------------------------------------------------------- ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 06.03.2012 Karlsruhe, 06 March 2012. Following a strong last quarter in 2011, init innovation in traffic systems AG notably exceeded its sales and earnings targets set for the year. Based on the preliminary figures now available, revenues of the global operator and system specialist in telematics, planning and electronic fare collection systems in public transport, rose by around 9.7 per cent to EUR 88.7m (2010: EUR 80.9m). A further new record was set in earnings, as the group's annual net profit improved by 50 per cent to EUR 15.1m (2010: EUR 10m). This provides earnings per share of EUR 1.51 (2010: EUR 1.00). A crucial factor for the success of init reporting its seventh record year in a row despite growing risks for the economy in 2011 was in particular the positive development in the fourth quarter. With revenues of EUR 33.5m (Q4 2010: EUR 23.5m), the group generated quarterly earnings (EBT) of EUR 9.2m from October to the end of December alone. Excellent progress in major projects initiated in North America and considerable follow-up orders in Europe added significantly to this figure. The distinctly disproportionate increase in revenues, however, was also due to special factors. Pushed by higher sales and the retransfer of the risk provision for Dubai made possible after appropriate receipts of payment, gross profit on revenues improved by EUR 1.4m to EUR 36.3m (2010: EUR 27.3m). This corresponds to an increase of 33 per cent (2010: 18.7 per cent). The new record in earnings before interest and taxes (EBIT) of EUR 20.4m (2010: EUR 15.1m) also reflects a special item added as a result of the full takeover of id-systeme GmbH of around EUR 1.5m. Based on IFRS, the value of the 44 per cent of shares already held was subsequently increased to the purchase price after gradual acquisition of the remaining 56 per cent of shares. The success of init innovation in traffic systems AG also reveals itself in an increased operating cash flow. At EUR 20.1m in 2011, it exceeded the prior-year result by 38.4 per cent (2010: EUR 14.6m). Liquid funds, including short-term securities available for sale, rose further as a result to reach EUR 23.5m (2010: EUR 18.4m) as at the end of December 2011. The significant order volume of around EUR 117m at the end of the year (2010: EUR 130m) provides init with a good base for continued growth. New orders booked in 2011 amounted to EUR 81.4m (2010: EUR 70.5m). A great number of orders were pushed into 2012, so that a further intake of orders is expected. Based on this, the Managing Board of init innovation in traffic systems AG sees good prospects for a disproportionately positive business trend in 2012 compared with the overall economy, and a continuation of its dynamic growth seen over the last few years. The full annual report of init for 2011 will be published on 29 March 2012 at the press and analyst conference on the company's financial statements in Frankfurt. Further inquiry note: Alexander Güntert Tel.: +49 (0)721 6100-316 E-Mail: ir@initag.de end of announcement euro adhoc -------------------------------------------------------------------------------- issuer: init innovation in traffic systems AG Käppelestraße 6 D-76131 Karlsruhe phone: +49(0)721 6100-0 FAX: +49(0)721 6100-399 mail: info@initag.de WWW: http://www.initag.de sector: Semiconductors & active components ISIN: DE0005759807 indexes: CDAX, Prime All Share, Technology All Share stockmarkets: free trade: Hannover, Berlin, München, Hamburg, Düsseldorf, Stuttgart, regulated dealing/prime standard: Frankfurt language: English