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init innovation in traffic systems AG

euro adhoc: init innovation in traffic systems AG
quarterly or semiannual financial statement
init grows as planned in first half - sales and earnings targets confirmed

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
Financial Figures Q2 2008
05.08.2008
In the first half of 2008, init innovation in traffic systems AG grew
according to plan and was able to confirm its sales and earnings 
targets for the whole year. In the second quarter, the international 
system provider and telematics specialist for public transport 
recorded an increase in revenues by 10.3 percent to 12.9 mio. EUR 
(2007: 11.7 mio. EUR). Over the first six months, revenues thus 
increased by 9.8 percent to 21.3 mio. EUR (2007: 19.4 mio. EUR).
The satisfactory trend of incoming business continued throughout this
period. In the first half of the year, init gained new orders 
totalling over 28 mio. EUR. As at the end of June, the order volume 
had risen by some 50 percent to over 104 mio. EUR (2007: 69.1 mio. 
EUR).
As expected, the hardware deliveries for ongoing major projects in 
Europe, North America and the United Arab Emirates multiplied in the 
second quarter. This had a positive effect on the profitability in 
this quarter. Earnings before interest and taxes (EBIT) increased by 
100 percent to 1.6 mio. EUR (2007: 0.8 mio. EUR). Net earnings 
improved on the previous quarter to triple from 0.5 to 1.6 mio. EUR. 
Hardware deliveries and installations will further increase in the 
latter half of this year to result in disproportionately high sales 
and earnings.
In view of the scheduled execution of these large-scale projects and 
the continued high level of growth dynamics, the company raised its 
personnel capacities in the period under review. Together with other 
advance payments, the cost of production as at the end of June thus 
grew at a proportionately faster rate than sales compared to the 
previous year. At 5.5 mio. EUR, the gross profit on sales remained 
below the prior-year level (6.7 mio. EUR).
Earnings before interest and taxes (EBIT) in the first six months 
amounted to 0.8 mio. EUR (2007: 1.2 mio. EUR), resulting in a 
first-half net profit of 0.4 mio. EUR (2007: 0.8 mio. EUR). This 
corresponds to earnings per share of 0.05 EUR (2007: 0.09 EUR).
Due to the increase in hardware deliveries and installations, the 
operating cash flow rose quite significantly to 3.9 mio. EUR (2007: 
-0.2 mio. EUR) and is likely to increase further in the third and 
fourth quarters.
Traditionally, init generates the lion´s share of its sales and 
earnings in the latter half of the year, the fourth quarter generally
proving to be the best. For the whole of 2008, the Managing Board 
upheld its projections of increased sales totalling 56 mio. EUR 
(2007: 46.8 mio. EUR) and an EBIT of around 8.4 mio. EUR (2007: 7.2 
mio. EUR).
end of announcement                               euro adhoc

Further inquiry note:

Alexandra Weiß
Investor Relations
Telefon: +49(0)721 6100-102
E-Mail: aweiss@initag.de

Branche: Semiconductors & active components
ISIN: DE0005759807
WKN: 575980
Index: CDAX, Prime All Share, Technologie All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse Hannover / free trade
Börse München / free trade

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