init innovation in traffic systems AG

EANS-Adhoc: init innovation in traffic systems AG
New orders reach a record EUR 90 million in the third quarter


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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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quarterly report

31.10.2012

Karlsruhe, 31 October 2012. By winning two major projects,  init  innovation  in
traffic systems AG achieved a record amount in incoming orders of  over  EUR  90
million in the third quarter of 2012. With this, the orders on hand  as  of  the
end of September increased by nearly 50 percent compared with the previous  year
to around EUR 185 million (previous year: EUR 124 million).

During the first nine months, the init group recorded a rise in sales of  around
17 percent to EUR 64.4 million due to the strong growth in the first  half  year
(Q1-Q3 2011: EUR 55.2 million). 76.5 percent of this amount  (Q1-Q3  2011:  63.5
percent) were attributed to international business,  mostly  in  North  America.
Due to technical project delays in individual orders, the generated revenues  of
EUR 22.4 million fell slightly below the previous year's  level  (Q3  2011:  EUR
23.7 million).

This caused the earnings before interest and taxes (EBIT) of  EUR  10.7  million
after the first nine months to remain slightly below  last  year's  result  (EUR
11.4 million). However, it must be taken into account that  a  positive  one-off
special effect for 2011 occurred with the reversal of the  provisions  for  risk
for Dubai. Furthermore, increased internationalisation of  the  sales  division,
the development of new markets, the increasing number of  complex  international
tenders and the establishment of new subsidiaries resulted in  additional  costs
during the reporting period, while the impact  on  earnings  of  these  measures
will only unfold in the medium term.

A higher tax rate pushed the net profit of EUR 7.2 million  as  of  the  end  of
September below the value of the previous year (Q1-Q3 2011:  EUR  8.3  million).
Earnings per share amount to EUR  0.74  (Q1-Q3  2011:  EUR  0.83).  Due  to  the
ongoing major projects in the Middle East, however, tax-free income  will  still
be recorded in the fourth quarter.

Unless any unexpected events occur  and  provided  the  project  delays  can  be
caught up, we should achieve our growth target for 2012 with revenues of  around
EUR 95 million and an operating result (EBIT) of surely EUR 19 million in  2012.
Experience has shown that the  fourth  quarter  usually  generates  the  highest
revenue for init.

As the development of  orders  shows,  the  market  for  traffic  telematics  is
currently characterised by a large  number  of  new  international  tenders  for
major projects. The bulk  of  init's  business  is  in  comparatively  long-term
projects, which is why we still see good growth opportunities  for  our  company
in the long run. For the future we are also  expecting  positive  impulses  from
Asian countries. We have established a subsidiary in Singapore in  order  to  be
present locally and to opportunely forge the necessary customer  contacts.  This
subsidiary  will  commence  operations  shortly  and  participate  in   upcoming
tenders.

The detailed interim report of init innovation in traffic  systems  AG  for  the
period ending on 30 September 2012 will be published on 9 November 2012.


Further inquiry note:
Simone Fritz
Investor Relations
Tel.: +49 (0)721/6100-115
mailto: 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: free trade: Hannover, Berlin, München, Hamburg, Düsseldorf,
             Stuttgart, regulated dealing/prime standard: Frankfurt 
language:   English
 

 

 



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