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EANS-Adhoc: init innovation in traffic systems AG
Higher result despite increased risks - long-term growth opportunities intact

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  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.
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9-month report

31.10.2011

Karlsruhe, 31st October 2011. While general economic risks increased noticeably
in Q3 2011, init innovation in traffic systems AG achieved good results again
and thinks long-term growth opportunities remain intact. Despite short-term
setbacks due to delays with individual projects as well as postponed acceptance
dates, the quarterly revenues of the system supplier of transport telematics of
EUR 23.7m nearly reached the previous year's figure (EUR 24.8m). However, the
earnings before interest and taxes (EBIT) of EUR 5.1m surpassed the figure for
the previous year (EUR 4.8m).

Based on the first nine months of the financial year 2011, the revenue figures
of EUR 55.2m (30/09/2010: EUR 57.4m) achieved were at the lower end of the
forecast range. On the other hand, init is on target when it comes to EBIT at
EUR 11.4m (30/09/2010: EUR 11.1m).

Net profit even reached a new record high as per the end of September at EUR
8.3m (30/09/2010: EUR 7.2m). This is equivalent to earnings per share of EUR
0.83 (30/09/2010: EUR 0.72).

Cash flow was extremely positive. init achieved a cash flow of EUR 16.8m from
operating activities in the nine month period, which is double of the previous
year's figure (EUR 8.4m).

At the moment it is not possible to give a reliable estimate of the extent to
which cost-cutting and consolidation measures in the public sector may impact on
the business position of init innovation in traffic systems AG in the future. We
currently estimate that the measures which were deferred in Q3 will be largely
implemented in the fourth quarter, traditionally the time when the most customer
billing takes place and init therefore generates its highest revenues.

After the first nine months of the financial year incoming orders at EUR 55.5m
are around 62.3 per cent up on the previous year's figure (EUR 34.2m). The
current order backlog is around EUR 124m and exceeds the previous year's figure
(EUR 119m) by around 4.2 per cent.

Based on the high order backlog of approximately one-and-a-half times the
forecast annual revenues and the large number of public tenders which init is
currently involved in, we still see good growth opportunities for our company
beyond 2011.

The detailed interim report of init innovation in traffic systems AG for the
nine month period ended on September 30, 2011 will be published on November 10,
2011.

For further information please contact:

Alexander Güntert
init innovation in traffic systems AG
Kaeppelestraße 6
76131 Karlsruhe
Tel.: 0721/6100-102
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 
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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

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