EANS-Adhoc: Kapsch TrafficCom AG: Calculation Update of Contract in South Africa
Will Burden Third Quarter
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Financial Figures/Balance Sheet/South Africa
11.02.2013
Vienna, February 11, 2013 -- Kapsch TrafficCom AG (ISIN AT000KAPSCH9), listed on
the Vienna Stock Exchange in the prime market segment, informs that the
calculation of the contract in the South African province Gauteng had to be
updated. With respect to the recent political developments and under
consideration of the accounting standards according to IFRS, the executive board
came to the conclusion that revenues which were so far expected until the system
start are no longer to be realized. This update will burden the third quarter
results which will be released on February 27.
The electronic toll collection system for multi-lane free-flow of traffic
(Gauteng Open Road Tolling - GORT) was originally scheduled to go live in April
of 2011, but the system start was postponed several times by the customer due to
political discussions. These delays caused additional costs and standby costs.
Upon a positive court decision, the system start was ultimately expected for
December of 2012. The repeated delay of the go live required a new valuation in
accordance with the current knowledge in the course of the calculation update
for the third quarter.
It cannot be excluded that individual services which have not been realized yet
may be rendered and separately invoiced after the system start as they are part
of a framework contract.
The third quarter would have shown a clear positive result without this burden
from the South African project, but will now presumably lie again at the level
of the two previous quarters in the current fiscal year.
About Kapsch TrafficCom
Kapsch TrafficCom is a provider of high-performance intelligent transportation
systems (ITS) in the application fields of toll collection, urban access
management and traffic safety and security. Kapsch TrafficCom covers the entire
value creation chain of its customers as a one-stop shop by providing products
and components as well as subsystems as open market products, by integrating
them into turnkey systems or by developing end-to-end solutions, including
services for the technical and commercial operations of systems. Within its
current core business of electronic toll collection (ETC), Kapsch TrafficCom
designs, builds and operates ETC systems, in particular for multi-lane free-flow
traffic. With 280 references in 41 countries on all five continents and with
almost 70 million on-board units delivered and about 18,000 lanes equipped,
Kapsch TrafficCom has positioned itself among the internationally recognized
suppliers of electronic toll collection worldwide. Kapsch TrafficCom is
headquartered in Vienna, Austria, and has subsidiaries and representative
offices in 30 countries. For more information, visit
http://www.kapschtraffic.com.
Follow us on Twitter: http://twitter.com/kapschnet.
Further inquiry note:
For more information:
Marcus Handl
Investor Relations Officer
Kapsch TrafficCom AG
Am Europlatz 2, 1120 Vienna, Austria
Phone +43 50 811 1120
Email ir.kapschtraffic@kapsch.net
Press contact:
Katharina Riedl
Spokesperson
Kapsch AG
Am Europlatz 2, 1120 Vienna, Austria
Phone +43 50 811 1705
Email katharina.riedl@kapsch.net
end of announcement euro adhoc
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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: ir.kapschtraffic@kapsch.net
WWW: www.kapschtraffic.com
sector: Technology
ISIN: AT000KAPSCH9
indexes: Prime Market
stockmarkets: official market: Wien
language: English