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EANS-News: Kapsch TrafficCom AG
Kapsch reports successful system starts -
revenues and earnings for the first three quarters improved
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The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- quarterly report/company Wien (euro adhoc) - Kapsch reports successful system starts - revenues and earnings for the first three quarters improved * Project progress brought about another revenue increase of 14 % * Milestone reached in South Africa: Toll collection system in operation since December * EBIT weighed down heavily in third quarter, leaving the period earnings still negative * New operation projects will in future have a positive impact on revenues and earnings _________________________________________________________________________ |2013/14 Q1-Q3: 1 | 2013/14 Q1-Q3 | +/- % | 2012/13 Q1-Q3 | |April-31 December | | | | |2013________________|___________________|____________|___________________| |Revenues (in million| 355.0 | +14 % | 310.9 | |EUR)________________|___________________|____________|___________________| |EBIT (in million | 8.6 | - | -8.7 | |EUR)________________|___________________|____________|___________________| |Profit for the | | +78 % | -5.7 | |period (in million | -1.3 | | | |EUR)________________|___________________|____________|___________________| |Earnings per share | -0.40 | +63 % | -1.09 | |(in_EUR)____________|___________________|____________|___________________| Vienna, 26 February 2014 -Kapsch TrafficCom AG (ISIN AT000KAPSCH9), listed in the Prime Market of the Vienna Stock Exchange, transitioned several implementation projects into operation - including a few major ones - and also expanded a number of existing projects. This resulted in a satisfactory increase in revenue. The EBIT has now been positive again for four quarters, although it was weighed down heavily in the third quarter of the current fiscal year. Kapsch TrafficCom has achieved a milestone in South Africa: At the start of December, the toll collection system in the province of Gauteng went into operation after a wait of over one-and-a-half years. Roughly 1 million on-board units have already been registered by users, and more should follow. In the future, this project will have a positive impact on the revenues and earnings. In Belarus, the first expansion stage of the nationwide electronic toll collection system went into operation already in the second quarter; a portion of the second stage was completed in the third quarter and went into operation at the start of January. This operation project will also be reflected in the earnings in future. Furthermore, the toll collection system in Sydney, Australia, and a portion of the toll project in Texas - the most complex project of its kind existing in the U.S.A. - also went live in December. The nationwide toll collection system in Poland was expanded further during the reporting period. In Russia, Kapsch TrafficCom obtained four new orders, and a bid is currently being prepared for the invitation to tender for the nationwide toll collection system for trucks exceeding 12 tons total weight. Subhead: Revenues and earnings The revenues in the first three quarters increased by 14.2 % in connection with the project progress, from EUR 310.9 million in the first three quarters of the previous year to EUR 355.0 million in the reporting period. The EBIT, which was negative at EUR -8.7 million in the previous year, is again firmly positive, although it still falls below the expectations of Kapsch TrafficCom at EUR 8.6 million. "Our new business has not yet expanded to the expected volume. As a result, we are still bearing the entire costs of our reorganization in 2012 with relatively low revenues. The third quarter also brought with it another setback. In South Africa, we agreed on cost reimbursement with our customer for maintenance of the toll system's operational readiness. Unresolved issues in this regard noticeably weighed down the third quarter earnings," explains Georg Kapsch, CEO of Kapsch TrafficCom AG. The earnings for the first three quarters of 2013/14 remain negative at EUR -1.3 million. In recent months, Kapsch TrafficCom has already achieved significant cost reductions by adapting its organizational structure to the slower market growth. In parallel, the structures required for existing and potential major projects had to be retained or expanded. The segment RSP (Road Solution Projects) increased its revenues by 40.9 % thanks to the achieved project progress, from EUR 64.0 million in the previous fiscal year to EUR 90.2 million. The EBIT of EUR -26.0 million nevertheless shows that the costs assigned to this segment are still not being covered. The revenues of the segment SEC (Services, System Extensions, Components Sales) increased by 6.9 %, from EUR 234.3 million in the previous year to EUR 250.4 million, while the EBIT in this segment rose by 61.3 % from EUR 21.0 million in the same period of the previous year to EUR 33.9 million. Primarily the toll collection project in Poland contributed to this increase, while the operation projects in Belarus and South Africa will only be reflected in the results in future quarters. The EBIT was weighed down in the third quarter by the unresolved issues in South Africa. Subhead: Financial position and cash flows The current status of the implementation projects consistently influences the balance sheet of the Kapsch TrafficCom Group, and the individual stages of the Belarus toll project were also prefinanced for three years each. In connection with this, the non-current receivables as well as the financial liabilities increased during the reporting period. The free cash flow was negative in the first three quarters of the 2013/14 fiscal year at EUR -31.7 million. The net debt increased to EUR 86.9 million as on 31 December 2013. Subhead: Outlook Kapsch TrafficCom takes a positive view of the full 2013/14 fiscal year, even if the earnings outlook for the current fiscal year has been clouded somewhat by the developments in the third quarter. In addition to the continuation of the current implementation projects, Kapsch TrafficCom expects increasing earnings contributions in the coming months from the systems that have recently gone into operation. In addition, the company expects to receive in the near future new orders from a number of regions, especially the U.S.A. In parallel to this, Kapsch TrafficCom continues to actively contact potentially interested parties for toll collection systems, an approach that has already proved successful in Belarus. Subhead: Notification The report on the first three quarters of fiscal year 2013/14 can be found at http://www.kapsch.net/ktc/investor_relations/reports/download/Quarterly-reports/ 2013-14/KTC_IR_Report_FY14-Q1-Q3?lang=en-US. Kapsch TrafficComis a provider of intelligent transportation systems (ITS) in the application fields of road user charging, urban access and parking, road safety enforcement, commercial vehicle operations, electronic vehicle registration, traffic management and V2X cooperative systems. Kapsch TrafficCom covers with end-to-end solutions the entire value creation chain of its customers as a one-stop shop, from components and subsystems to their integration and operation. The solutions of Kapsch TrafficCom help to provide funding for infrastructure projects, to increase traffic safety, to optimize traffic flow, and to reduce environmental pollution from traffic. The core business is to design, build and operate electronic toll collection systems for multi-lane free-flow traffic. References in 44 countries on all continents make Kapsch TrafficCom a recognized supplier of electronic toll collection worldwide. As part of the Kapsch Group, a family-owned Austrian technology group founded in 1892, Kapsch TrafficCom, headquartered in Vienna, Austria, has subsidiaries and representative offices in 33 countries, has been listed on the Vienna Stock Exchange (KTCG) since 2007, and generated with more than 3,000 employees revenues of EUR 488.9 million in fiscal year 2012/13. For additional information: www.kapsch.net and www.kapschtraffic.com Follow us on Twitter: twitter.com/kapschnet. Investor Contact: Press Contact: Marcus Handl Katharina Riedl Investor Relations Officer Spokesperson Kapsch TrafficCom AG Kapsch AG Am Europlatz 2, 1120 Vienna, Austria Am Europlatz 2, 1120 Vienna, Austria Phone: +43 50 811 1120 Phone: +43 50 811 1705 E-mail: firstname.lastname@example.org E-mail: email@example.com Further inquiry note: Investor Contact: Marcus Handl Investor Relations Officer Kapsch TrafficCom AG Am Europlatz 2, 1120 Vienna, Austria Phone: +43 50 811 1120 E-mail: firstname.lastname@example.org Press Contact: Katharina Riedl Spokesperson Kapsch AG Am Europlatz 2, 1120 Vienna, Austria Phone: +43 50 811 1705 E-mail: email@example.com end of announcement euro adhoc -------------------------------------------------------------------------------- company: Kapsch TrafficCom AG Am Europlatz 2 A-1121 Wien phone: +43 1 50811 1122 FAX: +43 1 50811 99 1122 mail: firstname.lastname@example.org WWW: www.kapschtraffic.com sector: Technology ISIN: AT000KAPSCH9 indexes: Prime Market stockmarkets: official market: Wien language: English