EANS-Adhoc: Kapsch TrafficCom AG Kapsch TrafficCom result with one-time
effects in the first half of fiscal year 2014/15
--------------------------------------------------------------------------------
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
--------------------------------------------------------------------------------
Capital measures/Company Information
22.10.2014
- Impairments and release of provisions
- EBIT and result for the period expected significantly above same period of
the previous fiscal year
Vienna, 22 October 2014. Kapsch TrafficCom AG (ISIN AT000KAPSCH9) listed on the
Vienna Stock Exchange in the prime market segment, reports that the executive
board decided to recognize an impairment of the shares in Q-Free ASA, to record
a partial impairment of goodwill in the cash-generating unit "Road Solution
Projects, Electronic Toll Collection" and to release a provision for losses from
pending transactions and rework. After full consideration of these not cash-
relevant one-time effects, the EBIT based on the preliminary state of knowledge
will significantly increase in the first half of fiscal year 2014/15 compared to
the same period of the previous fiscal year.
Release of provision for losses from pending transactions and rework
Positive for the result will be that an existing provision in the amount of
EUR 16.2m has to be reversed as of 30 September 2014 due to a change in
circumstances.
Impairment of goodwill
The adverse market development of the preceding months required an impairment.
The impairment test, in accordance with IAS 36, will result in impairment of
goodwill in the cash-generating unit "Road Solution Projects, Electronic Toll
Collection" in the amount of EUR 12.3m to be recognized in the result of the
period in the half-year financial statements as of 30 September 2014.
Impairment Q-Free ASA
As of 30 September 2014 Kapsch TrafficCom Group holds 19.70% in the listed
company Q-Free ASA, Trondheim, Norway. This investment is classified as
"available for sale" in accordance with IAS 39. As the unfavorable development
of the share price continued through the second quarter of fiscal year 2014/15,
impairment in the amount of EUR 12.2m has to be recognized in the result for the
period in the half-year financial statements as of 30 September 2014. This
amount consists of net losses from prior period price fluctuations of EUR 10.6m
that have previously been recognized through other comprehensive income in
equity and a further price loss of EUR 1.6m incurred in the second quarter of
fiscal year 2014/15.
Outlook on the half-year result
After full consideration of these not cash-relevant one-time effects, the EBIT
based on the preliminary state of knowledge will significantly increase in the
first half of fiscal year 2014/15 compared to the same period of the previous
fiscal year. The negative one time effect from the impairment of goodwill will
be overcompensated. Despite the negative financial result due to the impairment
of Q-Fee ASA, the result for the period will also be positive und improve
significantly compared to the same period of the last fiscal year.
To shorten the period till the publication of the result for the first half of
fiscal year 2014/15 (1 April 2014 to 30 September 2014) the release of the
report on the first half of fiscal year 2014/15 will be brought forward from 26
November to 20 November 2014 at 7:30 am.
Additional information:
Marcus Handl
Investor Relations Officer
Kapsch TrafficCom AG
Am Europlatz 2, 1120 Vienna, Austria
Phone +43 50 811 1120
E-Mail ir.kapschtraffic@kapsch.net
Further inquiry note:
Mag. Marcus Handl
Investor Relations Officer
Kapsch TrafficCom AG
Am Europlatz 2
1120 Wien, Österreich
Tel.: +43 50.811 1120
E-Mail: {ir.kapschtraffic@kapsch.net}
[HYPERLINK: mailto:ir.kapschtraffic@kapsch.net]
end of announcement euro adhoc
--------------------------------------------------------------------------------
issuer: Kapsch TrafficCom AG
Am Europlatz 2
A-1121 Wien
phone: +43 1 50811 1122
FAX: +43 1 50811 99 1122
mail: ir.kapschtraffic@kapsch.net
WWW: www.kapschtraffic.com
sector: Technology
ISIN: AT000KAPSCH9
indexes: Prime Market
stockmarkets: official market: Wien
language: English