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| Datum : | 09.05.2014 |
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DGAP-News: init innovation in traffic systems AG: init begins 2014 with strong growth in revenue and orders |
| Meldung : | DGAP-News: init innovation in traffic systems AG / Key word(s): Quarter Results init innovation in traffic systems AG: init begins 2014 with strong growth in revenue and orders 09.05.2014 / 08:00 --------------------------------------------------------------------- - Income of EUR 19 million, up by 12 per cent versus previous year - Incoming orders increase to EUR 29.4 million after large order placed - Earnings fall short of target due to projects with large percentage of third-party work Karlsruhe, 09 May 2014. init innovation in traffic systems AG (ISIN DE 0005759807) began the 2014 financial year with stronger year-on-year growth in both revenues and order intake. According to the quarterly report presented today, the global specialist in transport telematics and electronic fare collection systems generated income of EUR 19 million in the first quarter, 12 per cent above the previous year's figure of EUR 17 million. A large contract won by the group for a ticketing system in the US city of Portland boosted incoming orders to EUR 29.4 million (Q1 2013: EUR 15.9 million). While this put group revenues slightly above expectations, the gross profit of EUR 4.9 million was below the previous year's figure (EUR 5.4 million). This can be attributed to the structure of the projects invoiced, which included a large amount of work contracted to third parties. However the CEO emphasises that "earnings and margins should improve again in subsequent quarters." The distribution of revenues and earnings within the init group is traditionally uneven over the course of the financial year: the first three quarters are usually weaker, and the fourth the strongest. Earnings before interest and tax (EBIT) stood at EUR 0.3 million in the first quarter (Q1 2013: EUR 1.1 million) and was thus below expectations. Net profit as at 31 March 2014 was EUR 0.2 million (Q1 2013: EUR 0.7 million). This corresponds to earnings per share of EUR 0.02 (Q1 2013: EUR 0.08). The high level of incoming orders, at EUR 29.4 million (Q1 2013: EUR 15.9 million), was mainly attributable to the newly acquired ticketing project in Portland and maintenance contracts. The order backlog as at 31 March 2014 was therefore around EUR 152 million (Q1 2013: EUR 178 million). This is about one-and-a-half times annual revenues. In addition, init is currently participating in a number of new international tenders for hardware and software products as well as telematics, planning and electronic fare collection systems. "We therefore still believe our target for incoming orders of EUR 105 million for 2014 is attainable. However this depends on whether we win more of the large tenders and whether the resulting orders are placed this year," explains the CEO. Based on this premise, assuming that the orders can be processed as planned, and provided that exchange rates do not deteriorate any further, the CEO is confident that the group should also conclude the 2014 financial year successfully. "For 2014, we still anticipate revenues of between EUR 103 million and EUR 107 million, with operating earnings (EBIT) between EUR 17 million and EUR 19 million. If further major orders can be acquired, init should be able to continue this growth in 2015, as well," states the CEO in his quarterly report. He sees particular opportunities for further growth over the next few years in terms of the pent-up demand which currently exists for new technologies in public transport as well as in Asia. As a leading provider of integrated solutions for transport telematics, init wants to participate in this trend over the long term. Wolfgang Degen to leave Managing Board There will be a change in the Managing Board of init innovation in traffic systems AG. Wolfgang Degen, COO of init AG, will resign on 30 June 2014 at his own request from the Managing Board. However, he remains consultant as a Managing Director of INIT GmbH until 31 March 2016. The Chairman of the Managing Board, Dr. Gottfried Greschner, will take over the management of the technical scope of Wolfgang Degen at board level. There will also be some changes in the company's Supervisory Board at this year's Annual General Meeting on 15 May 2014. Prof. Dr. Günter Girnau, the long-standing Chairman of the Supervisory Board, will retire from his position of his own volition on 30 June 2014 after thirteen extremely successful years. Dr. Gottfried Greschner had previously been elected at the Annual General Meeting of 2011 to succeed Prof. Dr. Girnau on the Supervisory Board. However, since Dr. Greschner has chosen to remain on the Managing Board, he is unable to sit on the Supervisory Board. Accordingly, a new member of the Supervisory Board is to be elected at the Annual General Meeting on 15 May 2014 to take up office from 1 July 2014. The Supervisory Board proposes appointing Dipl. Ing. Ulrich Sieg, who will be a member of the Managing Board of Hamburger Hochbahn AG until 30 June 2014. If elected, he will take up his position on the Supervisory Board of init innovation in traffic systems AG on 1 July 2014. Hans-Joachim Rühlig is to take over as Chairman of the Supervisory Board. The quarterly report of init innovation in traffic systems AG can be found online at www.initag.com as well as on the German stock exchange website. End of Corporate News --------------------------------------------------------------------- 09.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------- Language: English Company: init innovation in traffic systems AG Käppelestraße 4-6 76131 Karlsruhe Germany Phone: +49 (0)721 6100 0 Fax: +49 (0)721 6100 399 E-mail: ir@initag.de Internet: www.initag.de ISIN: DE0005759807 WKN: 575980 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 267400 09.05.2014 |
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