init innovation in traffic systems AG
EANS-Adhoc: Six-month results of init exceed projections - order intake secures sustainable growth
-------------------------------------------------------------------------------- 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. -------------------------------------------------------------------------------- 6-month report 04.08.2011 Karlsruhe, August 4th 2011. init innovation in traffic systems AG continues on course for success. Based on high volumes of incoming business, strategic successes in opening up new markets, and numerous calls for tenders in public transport sectors worldwide, the Managing Board has now confirmed its forecast for 2011 along with its positive outlook for 2012/13 halfway through the current financial year, despite the growing risk potential in the global economy. In the first six months, the global operator and system specialist in telematics, planning and electronic fare collection systems booked new orders worth EUR 49.1m (2010: EUR 18.6m). This provides an order volume of EUR 145m as at the end of June to exceed the already impressive figures achieved a year earlier (EUR 125m) by around 16 per cent. Worth a mention are major contracts from Sacramento (USA) and Brisbane (Australia). Both projects are strategically significant, as they open up new markets for e-ticketing solutions (USA) and for control and passenger information systems (Australia). In addition, init was able to win its first contract in what until then had been a very much closed, yet highly attractive Swiss market. Based on the preliminary figures now available, revenues in the init group over the first six months of 2011 totalled EUR 31.6m (2010: EUR 32.6m) to range within the target, while consolidated earnings of EUR 4.9m (2010: EUR 3.7m) notably exceeded the projections. This corresponds to earnings per share of EUR 0.50 (2010: EUR 0.38). Instrumental in this above-average increase in earnings was the incoming payments on account of positive developments in Dubai, which resulted in a significant reduction in the discounted accounts receivable. Partly as a result of this, gross profit on revenues rose by over 25 per cent to EUR 13.4m (end of June 2010: EUR 10.7m). With the opening up of new markets, the setup of new group companies close to the customer - as in Switzerland - and the increasing number of international tenders, however, sales and administration costs in the first half of 2011 rose to EUR 7.1m (2010: EUR 5.6m), so that earnings before interest and taxes (EBIT) of EUR 6.3m lagged behind the previous year. The operating cash flow continued to improve in the second quarter to reach EUR 9.3m as at the end of June (2010: EUR 5.9m). At the close of the first half of the financial year, the Managing Board largely sees its projections for 2011 confirmed and continues to expect a moderate increase in sales to EUR 82m, with earnings before interest and taxes of over EUR 15m. While it cannot be ruled out that the debt crisis in a number of countries will lead to investment cuts in local transport, this must be seen opposite many new programmes launched to develop transport infrastructures. The highly satisfactory order intake in the first half of the year, the significant order volume of EUR 145m and the considerable amount of tenders pending a decision currently suggest highly dynamic growth for init in 2012 and 2013. The full report for the second quarter will be published on 11 August 2011. For further information please contact: Alexander Güntert init innovation in traffic systems AG Kaeppelestraße 4-6 76131 Karlsruhe Germany Tel: 0721/6100-316 Fax: 0721/6100-399 ir@initag.de Sebastian Brunner communication+consulting Tel: 0175/5604673 fsbrunner@aol.com 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: regulated dealing/prime standard: Frankfurt, free trade: Berlin, Hamburg, Stuttgart, Düsseldorf, Hannover, München language: English