init innovation in traffic systems AG
EANS-Adhoc: init innovation in traffic systems AG
Higher result despite
increased risks - long-term growth opportunities intact
-------------------------------------------------------------------------------- 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. -------------------------------------------------------------------------------- 9-month report 31.10.2011 Karlsruhe, 31st October 2011. While general economic risks increased noticeably in Q3 2011, init innovation in traffic systems AG achieved good results again and thinks long-term growth opportunities remain intact. Despite short-term setbacks due to delays with individual projects as well as postponed acceptance dates, the quarterly revenues of the system supplier of transport telematics of EUR 23.7m nearly reached the previous year's figure (EUR 24.8m). However, the earnings before interest and taxes (EBIT) of EUR 5.1m surpassed the figure for the previous year (EUR 4.8m). Based on the first nine months of the financial year 2011, the revenue figures of EUR 55.2m (30/09/2010: EUR 57.4m) achieved were at the lower end of the forecast range. On the other hand, init is on target when it comes to EBIT at EUR 11.4m (30/09/2010: EUR 11.1m). Net profit even reached a new record high as per the end of September at EUR 8.3m (30/09/2010: EUR 7.2m). This is equivalent to earnings per share of EUR 0.83 (30/09/2010: EUR 0.72). Cash flow was extremely positive. init achieved a cash flow of EUR 16.8m from operating activities in the nine month period, which is double of the previous year's figure (EUR 8.4m). At the moment it is not possible to give a reliable estimate of the extent to which cost-cutting and consolidation measures in the public sector may impact on the business position of init innovation in traffic systems AG in the future. We currently estimate that the measures which were deferred in Q3 will be largely implemented in the fourth quarter, traditionally the time when the most customer billing takes place and init therefore generates its highest revenues. After the first nine months of the financial year incoming orders at EUR 55.5m are around 62.3 per cent up on the previous year's figure (EUR 34.2m). The current order backlog is around EUR 124m and exceeds the previous year's figure (EUR 119m) by around 4.2 per cent. Based on the high order backlog of approximately one-and-a-half times the forecast annual revenues and the large number of public tenders which init is currently involved in, we still see good growth opportunities for our company beyond 2011. The detailed interim report of init innovation in traffic systems AG for the nine month period ended on September 30, 2011 will be published on November 10, 2011. For further information please contact: Alexander Güntert init innovation in traffic systems AG Kaeppelestraße 6 76131 Karlsruhe Tel.: 0721/6100-102 Fax: 0721/6100-399 ir@initag.de Sebastian Brunner communication+consulting Tel.: 0175/5604673 fsbrunner@aol.com Further inquiry note: Alexander Güntert Tel.: +49 (0)721 6100-316 E-Mail: ir@initag.de 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 mail: info@initag.de WWW: http://www.initag.de 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
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