EANS-Adhoc: Kapsch TrafficCom demonstrated both strategic and operational successes during the first quarter of the fiscal year 2011/12
22.08.2011 – 08:56
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The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 3-month report 22.08.2011 22.08.2011 Revenues doubled, and EBIT increased by nearly five times Significant milestones for the entire year have already been achieved Successful capital increase completed in July Tenders for new projects in preparation Q1: 1 April - 30 June FY 12-Q1 +/- % FY 11-Q1 Revenues (in million EUR) 134.7 103 % 66.3 EBIT (in million EUR) 22.2 359 % 4.8 Profit for the period (in million EUR) 13.9 210 % 4.5 Earnings per share (in EUR) 0.91 308 % 0.22 On-board units delivered (in million units) 2.77 269 % 0.75 Vienna, 22 August 2011 - Kapsch TrafficCom AG (ISIN AT000KAPSCH9), listed in the Prime Market of the Vienna Stock Exchange, exhibited an exceptionally successful first quarter of the fiscal year 2011/12. In addition to remarkable increases in revenues and profit, the group made great advances in strategically important projects. On the basis of this progress, several of the milestones for the fiscal year were already achieved shortly after the end of the quarter. In particular, the core topics of this reporting quarter included the start of the operations of the nationwide electronic toll collection system in Poland, the selection for a new ten-year technology and service contract with the world's largest provider of toll interoperability in the U.S.A., the E-Z Pass® Group, as well as the preparations for a capital increase. Revenue and earnings The revenues of the Kapsch TrafficCom Group increased from EUR 66.3 million in the first quarter of the previous year to EUR 134.7 million in the reporting period. After the increase of 92 percent in the previous year, this corresponded to another doubling of revenues. The EBIT increased disproportionately from EUR 4.8 million in the first quarter of the previous year to EUR 22.2 million in the reporting period, an increase of nearly five times. This put the EBIT margin at 16.5 percent, following 7.3 percent in the previous year. The profit for the period increased accordingly to EUR 13.9 million (FY11-Q1: EUR 4.5 million). These increases were driven by the progress in the various projects as well as the acquisition undertaken in November 2010 to expand the U.S. business. This allowed Kapsch TrafficCom to achieve significant improvements in both major segments. Revenues in the segment Road Solution Projects (RSP) increased by 134 % from EUR 23.4 million in the first quarter of the previous year to EUR 54.8 million. Already in the first quarter, the EBIT was positive for the first time in two fiscal years at EUR 3.5 million, bringing the EBIT margin to 6.4 %. The progress in the nationwide toll collection project in Poland made a considerable contribution here. The toll collection project in the South African Gauteng province, the installation of a system for public transportation in the city of Johannesburg, South Africa, as well as the implementation of the Australian Airport Link project further contributed to the increase in revenue. In the segment SEC (Services, System Extensions and Components Sales), revenues increased by 91.5 % from EUR 41.0 million to EUR 78.5 million. The EBIT increased from EUR 7.3 million to EUR 18.5 million, and the EBIT margin of 23.6 % was significantly above the previous year's value of 17.9 %. The revenue increase was largely due to the Canadian, Mexican and U.S. subsidiaries of Mark IV IVHS acquired in the third quarter of 2010/11 as well as the pre-operations phase of the South African Gauteng project and the on-board units delivered in connection with this. In total, the number of on-board units delivered increased from 0.75 million in the previous year to 2.77 million units, making a key contribution to the increased profit as well. Financial position and cash flows The project business drove an increase in total assets during the reporting quarter. In terms of assets, the inventories increased as did trade receivables, which was also reflected in an increase in the net working capital. The liabilities side saw primarily an increase in the short-term financial liabilities and the trade payables. The free cash flow declined to EUR -9.0 million after EUR 3.2 million in the same period of the previous fiscal year. Despite a simultaneous increase in the cash and cash equivalents, the project-related rise in short-term financial liabilities pushed the net debt up to EUR 56.0 million. Outlook Looking forward in the 2011/12 fiscal year, the focus for the Kapsch TrafficCom Group will lie on the continuation of ongoing projects, such as the toll collection system in the South African Gauteng province and the start of the recently awarded project in Portugal. In addition, the company is also looking forward to additional tenders for other interesting projects. In Russia, Kapsch TrafficCom Russia succeeded in qualifying for the final phase of a tender process as part of a joint venture. In Slovenia, the tender process for a nationwide electronic truck toll collection system began at the start of August, while other invitations to tender are in preparation in Hungary and Denmark. The report on the first quarter of the fiscal year 2011/12 can be downloaded from www.kapsch.net/en/ktc/investor_relations/financial_information. end of ad-hoc-announcement ================================================================================ Kapsch TrafficCom is an international supplier of superior intelligent transportation systems (ITS) and primarily supplies electronic toll collection systems. With its end-to-end solution portfolio, Kapsch TrafficCom covers the entire value creation chain of its customers, from products and systems to integration and operations, as a one-stop shop. Kapsch TrafficCom also offers solutions for urban access management as well as for traffic safety and security. Add-on applications to these solutions, such as traffic data collection, complement the offering. With references in 41 countries in all 5 continents, Kapsch TrafficCom has positioned itself among the internationally recognized suppliers of intelligent transportation systems. Kapsch TrafficCom AG is headquartered in Vienna, Austria, and represented in 25 countries. Further inquiry note: Marcus Handl Investor Relations Kapsch TrafficCom AG Tel: +43 (0) 50 811 1120 Am Europlatz 2, A-1120 Vienna, Austria E-mail: ir.kapschtraffic@kapsch.net www.kapschtraffic.com end of announcement euro adhoc -------------------------------------------------------------------------------- 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