init innovation in traffic systems AG
EANS-Adhoc: init innovation in traffic systems AG
New orders reach a record
EUR 90 million in the third quarter
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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.
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quarterly report
31.10.2012
Karlsruhe, 31 October 2012. By winning two major projects, init innovation in
traffic systems AG achieved a record amount in incoming orders of over EUR 90
million in the third quarter of 2012. With this, the orders on hand as of the
end of September increased by nearly 50 percent compared with the previous year
to around EUR 185 million (previous year: EUR 124 million).
During the first nine months, the init group recorded a rise in sales of around
17 percent to EUR 64.4 million due to the strong growth in the first half year
(Q1-Q3 2011: EUR 55.2 million). 76.5 percent of this amount (Q1-Q3 2011: 63.5
percent) were attributed to international business, mostly in North America.
Due to technical project delays in individual orders, the generated revenues of
EUR 22.4 million fell slightly below the previous year's level (Q3 2011: EUR
23.7 million).
This caused the earnings before interest and taxes (EBIT) of EUR 10.7 million
after the first nine months to remain slightly below last year's result (EUR
11.4 million). However, it must be taken into account that a positive one-off
special effect for 2011 occurred with the reversal of the provisions for risk
for Dubai. Furthermore, increased internationalisation of the sales division,
the development of new markets, the increasing number of complex international
tenders and the establishment of new subsidiaries resulted in additional costs
during the reporting period, while the impact on earnings of these measures
will only unfold in the medium term.
A higher tax rate pushed the net profit of EUR 7.2 million as of the end of
September below the value of the previous year (Q1-Q3 2011: EUR 8.3 million).
Earnings per share amount to EUR 0.74 (Q1-Q3 2011: EUR 0.83). Due to the
ongoing major projects in the Middle East, however, tax-free income will still
be recorded in the fourth quarter.
Unless any unexpected events occur and provided the project delays can be
caught up, we should achieve our growth target for 2012 with revenues of around
EUR 95 million and an operating result (EBIT) of surely EUR 19 million in 2012.
Experience has shown that the fourth quarter usually generates the highest
revenue for init.
As the development of orders shows, the market for traffic telematics is
currently characterised by a large number of new international tenders for
major projects. The bulk of init's business is in comparatively long-term
projects, which is why we still see good growth opportunities for our company
in the long run. For the future we are also expecting positive impulses from
Asian countries. We have established a subsidiary in Singapore in order to be
present locally and to opportunely forge the necessary customer contacts. This
subsidiary will commence operations shortly and participate in upcoming
tenders.
The detailed interim report of init innovation in traffic systems AG for the
period ending on 30 September 2012 will be published on 9 November 2012.
Further inquiry note:
Simone Fritz
Investor Relations
Tel.: +49 (0)721/6100-115
mailto:ir@initag.de
end of announcement euro adhoc
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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: free trade: Hannover, Berlin, München, Hamburg, Düsseldorf,
Stuttgart, regulated dealing/prime standard: Frankfurt
language: English
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