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EANS-Adhoc: Kapsch TrafficCom AG
Kapsch TrafficCom records highest operating
results in its history
-------------------------------------------------------------------------------- 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. --------------------------------------------------------------------------------
- Revenues and EBIT almost doubled - Proposed dividend of EUR 1.00 per share ** - Promising outlook on further market development
Fiscal Year +/- % Fiscal Year 2010/11 2009/10 Revenues (in EUR million) 388.6 80 % 216.0 EBIT (in EUR million) 48.9 99 % 24.5 Adjusted profit for the period * 28.4 27 % 22.5 (in EUR million) Adjusted earnings per share* 1.81 21 % 1.49 (in EUR) Dividend per share (in EUR) 1.00** 0.75
* 2010/2011 as reported; 2009/2010 excludes the EUR 14 million fair value adjustment (increase) of the stake in Q-Free ASA, Norway. 2009/2010 reported profit amounted to EUR 36.5 million and earnings per share amounted to EUR 2.64.
** proposal of managing board subject to approval of the shareholders´ meeting.
Vienna, 8 June 2011 - Revenues of Kapsch TrafficCom Group in the fiscal year 2010/2011 increased by 80% as compared to the previous fiscal year and reached an all-time high of EUR 388.6 million. EBIT in the fiscal year 2010/2011 increased by 99% year-on-year to another all-time high of EUR 48.9 million. The EBIT margin increased to 12.6% compared to 11.4% during the previous fiscal year.
The development of the business of Kapsch TrafficCom Group in the last fiscal year was primarily driven by the segment SEC (Services, System Extensions, Components Sales), representing the recurring part of the Group´s business, and by the segment RSP (Road Solution Projects), which represents the large-scale project business. In the segment SEC, revenues increased by 38% year-on-year to EUR 223.3 million. This positive development was primarily attributable to a record volume of 5.2 million on-board units delivered (previous fiscal year: 3.5 million units), the first-time consolidation of acquired companies during the fiscal year 2010/2011 as well as higher operating revenues in the Czech Republic and in Austria. In both countries, performance rates of the nationwide electronic truck tolling systems increased from already high levels, resulting in higher bonus payments to Kapsch TrafficCom Group. In the segment RSP, revenues increased by 247% year-on-year to EUR 158.9 million. This positive development resulted largely from electronic toll collection system implementations in South Africa and Poland.
Due to a decrease in the financial result by EUR 11.7 million as compared to the previous fiscal year and a one-time fair value adjustment relating to the stake held in Q-Free ASA in the amount of EUR 14.0 million in the previous fiscal year, profit for the period decreased from EUR 36.5 million in the previous fiscal year to EUR 28.4 million in the fiscal year 2010/2011. As a result, earnings per share decreased from EUR 2.64 in the previous fiscal year to EUR 1.81 in the fiscal year 2010/2011. Adjusted for the one-time fair value adjustment relating to the stake held in Q-Free ASA, profit for the period increased by 27% year-on-year (previous fiscal year as adjusted: EUR 22.5 million). Adjusted earnings per share increased from EUR 1.49 in the previous fiscal year by 21 % to EUR 1.81 in the fiscal year 2010/2011.
Based on the positive development of the Group´s business, the managing board proposes to the shareholders´ meeting to be held on 22 August 2011 a dividend of EUR 1.00 per share for the fiscal year 2010/2011 (2009/2010: EUR 0.75 per share). Subject to the resolution of the shareholders´ meeting, this represents a pay-out ratio of approximately 55 %, which exceeds the long-term average.
Financial position and cashflows
The balance sheet of Kapsch TrafficCom Group was influenced by the issuance of a 4.25 % corporate bond with a volume of EUR 75 million on 3 November 2010. Accordingly, with total assets of EUR 450.1 million as of 31 March 2011, up by 53 % year-on-year, Kapsch TrafficCom Group´s equity ratio was 42.5 % as of 31 March 2011 (31 March 2010: 57.0 %). Free cash flow for the fiscal year 2010/2011 was negative at EUR 19.9 million (previous fiscal year: positive at EUR 41.6 million), largely due to an increase in net working capital by EUR 71.3 million to EUR 175.9 million resulting from continuing system implementations in South Africa and Poland.
With regard to the current fiscal year 2011/2012, the company´s outlook on market developments over the long-term is promising. Key events in the current fiscal year will be the implementation and the start of operations of the electronic toll collection systems in South Africa and Poland. In the United States, Kapsch TrafficCom expects the decision of the pending tender for the award of the E-Z Pass® Group contracts. In addition, developments in the current fiscal year will also be influenced by the preparation for tenders expected in Hungary, Slovenia and Denmark as well as by the continuing integration of MARK IV IVHS.
The audited consolidated financial statements and consolidated management report for the fiscal year 2010/11 can be downloaded at ht tp://www.kapsch.net/en/ktc/investor_relations/financial_information. The Annual Report for fiscal year 2010/11 will be released on 27 June 2011, as previously scheduled.
For more information Marcus Handl Investor Relations Kapsch TrafficCom AG Tel: +43 (0) 50 811 1120 Am Europlatz 2, A-1120 Vienna, Austria
end of ad-hoc-announcement ========================================== ====================================== Kapsch TrafficCom is a leading international supplier of superior Intelligent Transportation Systems (ITS). Its principle business is the development and supply of electronic toll collection systems, in particular for the multi-lane free-flow of traffic, and the technical and commercial operation of such systems. Kapsch TrafficCom also supplies traffic management systems, urban traffic solutions and selected ITS and telematics applications. With 260 references in 41 countries in all 5 continents, and with almost 44 million on-board units delivered and more than 18,000 lanes equipped, Kapsch TrafficCom has positioned itself among the leading suppliers of electronic toll collection systems worldwide. Kapsch TrafficCom is headquartered in Vienna, Austria, and has subsidiaries and representative offices in 25 countries.
The information contained in this announcement serves information purposes and does not constitute an offer to sell nor a solicitation to buy or subscribe for any securities of Kapsch TrafficCom AG.
This ad-hoc release and the information it contains are not for publication in the United States of America (U.S.A.) and may not be distributed to U.S. persons (as defined in Regulation S of the U.S. Securities Act (Securities Act) of 1933, as amended) or to publications with a general circulation in the United States. This stock exchange announcement does not constitute an offer for the sale of securities or solicitation of an offer to purchase securities in the United States. The securities of Kapsch TrafficCom AG have not been registered under the provisions of the Securities Act and may not be offered, sold or delivered to U.S. persons without prior registration under or exemption from the registration requirements.
This ad-hoc release is exclusively addressed to persons (i) outside the United Kingdom, or (ii) who are investment professionals for the purposes of article 19(5) U.K. Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order), as amended, or (iii) who are included under article 49(2)(a)(d) of the Order (high net worth companies, unincorporated associations, etc.). All such persons are hereinafter referred to as Relevant Persons. No person who is not a Relevant Person may take action on the basis of this press release or the information contained herein or rely thereon. Investment or investment activities in connection with this press release are only available to Relevant Persons, and investment business will only be transacted with Relevant Persons.
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issuer: Kapsch TrafficCom AG Am Europlatz 2 A-1121 Wien phone: +43 1 50811 1122 FAX: +43 1 50811 99 1122 mail: email@example.com WWW: www.kapschtraffic.com sector: Technology ISIN: AT000KAPSCH9 indexes: Prime Market stockmarkets: official market: Wien language: English
Kapsch TrafficCom AG
Tel: +43 (0) 50 811 1120
Am Europlatz 2, A-1120 Vienna, Austria
Index: Prime Market
Börsen: Wien / official market