init innovation in traffic systems AG

euro adhoc: init innovation in traffic systems AG
Annual Reports / init closes 2004 better than expected

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30.03.2005

Owing to a strong final spurt in the last quarter, init innovation in traffic systems AG in the end performed better than expected in the 2004 fiscal year. According to the annual report presented today, the revenues from October to December totaled 15.5 million Euro, thus being 35 per cent above the comparative prior-year quarter (Q4 2003: 11.5 million Euro). As a consequence, annual sales improved on the revised projections and the previous year (30.0 million Euro) by 8.3 per cent to 32.5 million Euro.

Along with the excellent sales trend particularly in international business, the now completed rationalization of the internal structures also had a positive effect on the year-end results. Thus, the earnings before interest and taxes (EBIT) in the fourth quarter rose by 70 per cent to 2.4 million Euro (Q4 2003: 1.4 million Euro). Hence, over the whole year, the negative value of the EBIT could be reduced to 1.2 million Euro (projection: -2.0 million Euro, 2003: +0.8 million Euro). The turnaround achieved in the latter half of 2004 was also evident in the consolidated deficit, which could be reduced to 0.7 million Euro (first half of 2004: -3.0 million Euro, 2003: +0.4 million Euro). The earnings per share in the end stood at -0.07 Euro (first half of 2004: -0.30 Euro, 2003: +0.04 Euro).

Due to the strong final quarter, the operating cash flow also took a marked turn up. At 2.0 million Euro, it increased by 68 per cent as against the previous year (2003: 1.2 million Euro).

Already accelerated with single-minded determination in prior years, it was the involvement of init in foreign markets that proved particularly profitable. At 25.5 million Euro (2003: 16.4 million Euro), 78.6 per cent of sales of the telematics specialist in 2004 were generated abroad (2003: 54.6 per cent). In European business (excluding Germany), the revenues of the company improved by 26.3 per cent to 10.4 million Euro (2003: 8.2 million Euro), while in North America, sales even more than doubled to 18.9 million US dollar (2003: 9.2 million US dollar). In Germany, on the other hand, the poor investment trend among public transportation companies in the previous three years continued throughout 2004, so that revenues in this part of the world fell by a further 48.9 per cent to 7.0 million Euro (2003: 13.6 million Euro).

Owing to the now noticeable upturn on the domestic market and the continuing positive trend in international business, init anticipates further growth and a positive result in 2005.

end of announcement                                euro adhoc 30.03.2005 09:27:24
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Further inquiry note: Alexandra Weiß Investor Relations Telefon:  +49(0)721 6100-102 E-Mail: aweiss@initag.de

Branche: Semiconductors & active components
ISIN:      DE0005759807
WKN:        575980
Index:    CDAX, Prime All Share, Technologie All Share
Börsen:  Frankfurter Wertpapierbörse / regulated dealing
              Berliner Wertpapierbörse / free trade
              Hamburger Wertpapierbörse / free trade
              Baden-Württembergische Wertpapierbörse / free trade
              Börse Düsseldorf / free trade
              Niedersächsische Börse zu Hannover / free trade
              Bayerische Börse / free trade
              Bremer Wertpapierbörse (BWB) / free trade



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