init innovation in traffic systems AG

EANS-Adhoc: Six-month results of init exceed projections - order intake secures sustainable growth

  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.
6-month report


Karlsruhe, August 4th 2011. init innovation in traffic systems AG continues on
course for success. Based on high volumes of incoming business, strategic
successes in opening up new markets, and numerous calls for tenders in public
transport sectors worldwide, the Managing Board has now confirmed its forecast
for 2011 along with its positive outlook for 2012/13 halfway through the current
financial year, despite the growing risk potential in the global economy.

In the first six months, the global operator and system specialist in
telematics, planning and electronic fare collection systems booked new orders
worth EUR 49.1m (2010: EUR 18.6m). This provides an order volume of EUR 145m as
at the end of June to exceed the already impressive figures achieved a year
earlier (EUR 125m) by around 16 per cent. Worth a mention are major contracts
from Sacramento (USA) and Brisbane (Australia). Both projects are strategically
significant, as they open up new markets for e-ticketing solutions (USA) and for
control and passenger information systems (Australia). In addition, init was
able to win its first contract in what until then had been a very much closed,
yet highly attractive Swiss market.

Based on the preliminary figures now available, revenues in the init group over
the first six months of 2011 totalled EUR 31.6m (2010: EUR 32.6m) to range
within the target, while consolidated earnings of EUR 4.9m (2010: EUR 3.7m)
notably exceeded the projections. This corresponds to earnings per share of EUR
0.50 (2010: EUR 0.38). Instrumental in this above-average increase in earnings
was the incoming payments on account of positive developments in Dubai, which
resulted in a significant reduction in the discounted accounts receivable.

Partly as a result of this, gross profit on revenues rose by over 25 per cent to
EUR 13.4m (end of June 2010: EUR 10.7m). With the opening up of new markets, the
setup of new group companies close to the customer - as in Switzerland - and the
increasing number of international tenders, however, sales and administration
costs in the first half of 2011 rose to EUR 7.1m (2010: EUR 5.6m), so that
earnings before interest and taxes (EBIT) of EUR 6.3m lagged behind the previous
year. The operating cash flow continued to improve in the second quarter to
reach EUR 9.3m as at the end of June (2010: EUR 5.9m). 

At the close of the first half of the financial year, the Managing Board largely
sees its projections for 2011 confirmed and continues to expect a moderate
increase in sales to EUR 82m, with earnings before interest and taxes of over
EUR 15m. While it cannot be ruled out that the debt crisis in a number of
countries will lead to investment cuts in local transport, this must be seen
opposite many new programmes launched to develop transport infrastructures. The
highly satisfactory order intake in the first half of the year, the significant
order volume of EUR 145m and the considerable amount of tenders pending a
decision currently suggest highly dynamic growth for init in 2012 and 2013.

The full report for the second quarter will be published on 11 August 2011.

For further information please contact:

Alexander Güntert
init innovation in traffic systems AG
Kaeppelestraße 4-6
76131 Karlsruhe
Tel: 0721/6100-316
Fax: 0721/6100-399

Sebastian Brunner
Tel: 0175/5604673

Further inquiry note:
Alexander Güntert
Tel.: +49 (0)721 6100-316

end of announcement                               euro adhoc 

issuer:      init innovation in traffic systems AG
             Käppelestraße 6
             D-76131 Karlsruhe
phone:       +49(0)721 6100-0
FAX:         +49(0)721 6100-399
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

Weitere Meldungen: init innovation in traffic systems AG

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