Quarterly Report • Aug 19, 2015
Quarterly Report
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2014/15 (fiscal year 2014/15): 1 April 2014 – 31 March 2015 2014/15 Q1 (first quarter of fiscal year 2014/15): 1 April – 30 June 2014 2015/16 Q1 (first quarter of fiscal year 2015/16): 1 April – 30 June 2015
The positive free cash flow of EUR 14.7 million demonstrates the financial strength.
The capital expenditure of EUR 1.6 million remained at a low level after EUR 1.1 million in the previous year.
The net debt was reduced by 62% from EUR -67.2 million to EUR -25.9 million.
Total assets (in million EUR) and equity ratio (in %)
The total assets declined by 9%, while the equity ratio increased to 44.2%.
| Earnings Data | 2015/16 Q1 | 2014/15 Q1 | +/- | 2014/15 | ||||
|---|---|---|---|---|---|---|---|---|
| Revenues | in million EUR | 117.1 | 118.0 | -1% | 456.4 | |||
| EBITDA | in million EUR | 16.9 | 4.8 | 256% | 61.5 | |||
| EBITDA margin | in % | 14.4 | 4.0 | 13.5 | ||||
| EBIT | in million EUR | 12.8 | 0.6 | >500% | 32.7 | |||
| EBIT margin | in % | 10.9 | 0.5 | 7.2 | ||||
| Profit before tax | in million EUR | 15.0 | 2.7 | 459% | 19.9 | |||
| Profit for the period | in million EUR | 11.5 | 0.3 | >500% | 11.4 | |||
| Profit for the period attributable to equity holders | in million EUR | 9.8 | -0.8 | — | 3.6 | |||
| Earnings per share 1 | in EUR | 0.75 | -0.06 | — | 0.28 | |||
| Free cash flow 2 | in million EUR | 14.7 | 32.9 | -55% | 68.2 | |||
| Capital expenditure 3 | in million EUR | 1.6 | 1.1 | 47% | 8.4 | |||
| Employees 4 | 3,494 | 3,336 | 5% | 3,545 | ||||
| On-board units delivered | in million units | 2.33 | 1.57 | 49% | 7.42 | |||
| Business Segments | 2015/16 Q1 | 2014/15 Q1 | +/- | 2014/15 | ||||
| Road Solution Projects (RSP) | ||||||||
| Revenues (share in revenues) | in million EUR | 14.9 | (12.7%) | 24.4 | (20.7%) | -39% | 60.2 | (13.2%) |
| EBIT (EBIT margin) | in million EUR | -7.1 | (-47.9%) | -12.4 | (-50.9%) | 42% | -50.7 | (-84.4%) |
| Services, System Extensions, Components Sales (SEC) | ||||||||
| Revenues (share in revenues) | in million EUR | 96.5 | (82.4%) | 87.0 | (73.7%) | 11% | 372.6 | (81.6%) |
| EBIT (EBIT margin) | in million EUR | 19.5 | (20.2%) | 12.9 | (14.9%) | 51% | 82.2 | (22.1%) |
| Others (OTH) | ||||||||
| Revenues (share in revenues) | in million EUR | 5.7 | (4.9%) | 6.6 | (5.6%) | -14% | 23.6 | (5.2%) |
| EBIT (EBIT margin) | in million EUR | 0.5 | (8.0%) | 0.1 | (1.5%) | 369% | 1.3 | (5.4%) |
| Regions | 2015/16 Q1 | 2014/15 Q1 | +/- | 2014/15 | ||||
| Austria 5 | in million EUR | 9.0 | (8 %) | 8.8 | (7%) | 3% | 38.2 | (8%) |
| Europe 5 | in million EUR | 59.4 | (51 %) | 62.4 | (53%) | -5% | 234.0 | (51%) |
| Americas 5 | in million EUR | 26.1 | (22 %) | 23.3 | (20%) | 12% | 92.6 | (20%) |
| Rest of World5 | in million EUR | 22.6 | (19 %) | 23.5 | (20%) | -4% | 91.6 | (20%) |
| Balance Sheet Data | 30 June 2015 | 30 June 2014 | +/- | 31 March 2015 | ||||
| Total assets | in million EUR | 505.7 | 554.2 | -9% | 515.6 | |||
| Total equity 6 | in million EUR | 223.3 | 205.7 | 9% | 219.4 | |||
| Equity ratio6 | in % | 44.2 | 37.1 | 42.5 | ||||
| Net debt | in million EUR | -25.9 | -67.2 | 62% | -35.9 | |||
| Capital employed | in million EUR | 349.6 | 355.4 | -2% | 357.3 | |||
| Net working capital | in million EUR | 217.3 | 179.4 | 21% | 209.9 | |||
| Stock Exchange Data | 2015/16 Q1 | 2014/15 Q1 | +/- | 2014/15 | ||||
| Number of shares 7 | in million | 13.0 | 13.0 | 0% | 13.0 | |||
| Free float 7 | in % | 36.9 | 38.1 | -3% | 36.9 | |||
| Ø daily trading volume 8 | in shares | 23,917 | 10,741 | 123% | 27,574 | |||
| Closing price 7 | in EUR | 22.20 | 33.90 | -35% | 23.85 | |||
| Market capitalization 7 | in million EUR | 288.54 | 440.70 | -35% | 309.99 | |||
| Share performance | in % | -6.9 | -15.2 | -40.4 |
1 Earnings per share relate to 13.0 million shares, calculated from the profit for the period attributable to the equity holders of the company
2 Operating cash flow minus capital expenditure from operations (excl. payments for acquisition of companies and purchases of securities and investments) plus proceeds from the disposal of property, plant and equipment and intangible assets
3 Capital expenditure from operations (excl. payments for acquisition of companies and purchases of securities and investments)
4 Each Q1 as of 30 June; 2014/15 as of 31 March 2015
5 Revenues (share on total revenues in %); Europe excl. Austria
6 Incl. non-controlling interests
7 Each Q1 as of 30 June; 2014/15 as of 31 March 2015; please find additional information of shares on page 6
8 Average daily trading volume (double counting)
The first quarter of the fiscal year 2015/16 was characterized by dynamic developments for the Kapsch TrafficCom Group, and we also opened up new potential for the future.
Program 2020, the set of measures to lower costs and improve earnings initiated in the previous year, is showing an effect: The first positive impacts yielded significant contributions to improved earnings. In April, we also passed our Strategy 2020, which is intended to prepare the Kapsch TrafficCom Group for potential future business.
In the past fiscal year, we obtained several projects that also positively affected our revenues and earnings in the first quarter. And finally, I can report to you that the period of waiting for new large projects has come to an end. Just yesterday, we were able to announce that we have received an important order within the framework of the CHARM program for cross-border traffic management systems in England and the Netherlands.
Projects and markets. During the reporting period, we worked successfully on our existing installation projects as well as the new installation projects obtained in the previous year. These include the major project in Belarus, for which we were awarded the next stage of extension, and the projects in Australia and New Zealand. The projects in the U.S.A. also played a significant part, including the order for the Ohio River Bridges obtained in May, which represents our first end-to-end solution in this market.
This increase in business reflects the size and reputation that we have achieved in North America over the past few years.
In Chile, we received an order in May for a system expansion, and in Italy, we put another ITS project into operation, an automated access system in the city of Prato.
The existing operation projects supplied stable revenue contributions in the first quarter, and the sale of on-board units once again exhibited an upward trend. After postponements in the previous year, the sales figures have returned to the level from before two years ago. This also has a positive impact on the EBIT margin.
Asset, financial and earnings situation. The revenue in the first quarter was at the same level of the previous year at EUR 117.1 million. The EBIT experienced an enormous improvement from EUR 0.6 million in the same quarter of the previous year to EUR 12.8 million. We therefore succeeded in the reporting quarter to raise the EBIT margin above the targeted 10% threshold. This increase can be attributed to the revenue mix with a strong on-board unit business as well as the implementation of Program 2020. The profit for the period was EUR 11.5 million, and the profit per share, which was negative in the same quarter of the previous year, increased to EUR 0.75.
The balance sheet figures such as equity ratio and net debt confirm the strengthening of the Kapsch TrafficCom Group and the potential for future projects. The free cash flow is positive at EUR 14.7 million, and the cash and cash equivalents increased to EUR 100.4 million.
Program 2020 and strategy. In the past year, we implemented both short-term and long-term measures in order to improve our earnings and prepare for future growth. The initial successes show that we are on the right path. Through the insourcing of processes and the reduction of procured services, for example, we reduced the direct project costs and further increased our profitability as well as our liquidity and balance sheet strength.
We passed our Strategy 2020 in April, which calls for operational excellence and a strengthening of our core business. In addition, we will establish a business in intelligent mobility solutions (IMS) with new business models and integrated multi-application solutions. The future will see us expand our offerings from the highway into the city. In addition to public agencies, our customers will in future also include end-users.
With the acquisition of the Californian company Streetline in April, our group now includes the pioneer in smart parking solutions, which we are now developing even further.
The major order that we were able to announce yesterday significantly strengthens our core business.
Kapsch TrafficCom has been awarded a contract by the Dutch national road authority Rijkswaterstaat and has received the intention to award a contract by the English road authority Highways England to supply a traffic management system as part of the collaborative program CHARM. This is Europe's first integrated advanced traffic management system. It is not only the largest order that we have received in the past two years, it also has strategic significance for the Kapsch TrafficCom Group. With this order, we attain a globally recognized position in the area of TMS (traffic management systems) alongside the position we already enjoy in the area of ETC (electronic toll collection).
We are therefore well on the way to implementing our Strategy 2020. We will continue developing the existing projects over the coming months. Continued system expansions in Belarus and in Poland have been ordered, and these will also contribute significantly to revenues and earnings in the current fiscal year 2015/16. In addition, we look forward to invitations to tender and potential contract extensions: In Slovenia, an invitation to tender was recently announced in which we will again take part. In Austria, the new invitation to tender for the existing toll system is under way, and an invitation to tender is also in preparation in the Czech Republic. Another major project is currently in the offer phase in the U.S.A., and we are stepping up our efforts to actively contact potential customers like we already successfully did it in Belarus.
We expect the fiscal year 2015/16 to be both challenging and rich in opportunities. The profitability of the core business should offer us sufficient freedom for future investments.
Sincerely,
Georg Kapsch CEO
The Kapsch TrafficCom shares are listed on the Vienna Stock Exchange and are included in the Austrian indexes ATX Prime, ATX Global Players and the sustainability index VÖNIX.
The share price continued to exhibit a high level of volatility in the first quarter of the fiscal year 2015/16. The recovery in the previous quarter to EUR 23.85 was followed in April by a price decline of more than 15%, after which the price of the Kapsch TrafficCom shares rose back to the level of the start of the fiscal year. At the end of the quarter on 30 June 2015, the shares closed down roughly 7% at EUR 22.20. The rest of the market experienced similar developments during
the reporting period, although with significantly lower volatility. The ATX Prime index and the international comparison indexes also declined by single-digit percentages.
The number of shares is 13 million. KAPSCH-Group Beteiligungs GmbH holds 63.1 % of the shares. The remaining 36.9 % are in free float, of which approximately 5.4% have been held according to the company's information by The Bank of New York Mellon Corporation as well as its affiliated companies since the start of July. The market capitalization with respect to the closing share price of EUR 22.20 was EUR 288.5 million at the end of the quarter.
The final price of the Kapsch TrafficCom shares and the final value of the ATX Prime Index on 31 March 2015, both indexed to 100.
| Information on the Shares | Investor Relations Officer | Marcus Handl |
|---|---|---|
| Shareholders' Telephone | +43 50 811 1120 | |
| [email protected] | ||
| Website | www.kapschtraffic.com | |
| Stock Exchange | Vienna, Prime Market | |
| ISIN | AT000KAPSCH9 | |
| Trading Symbol | KTCG | |
| Reuters | KTCG.VI | |
| Bloomberg | KTCG AV | |
| 09 September 2015 | Ordinary Shareholders' Meeting for fiscal year 2014/15 | |
| Financial Calendar | 16 September 2015 | Deduction of dividends for fiscal year 2014/15 |
| 23 September 2015 | First day of payment for fiscal year 2014/15 dividends | |
| 19 November 2015 | Interim report for fiscal year 2015/16 Q2 | |
| 24 February 2016 | Interim report for fiscal year 2015/16 Q3 | |
| 16 June 2016 | Preliminary results of fiscal year 2015/16 | |
| 07 September 2016 | Ordinary Shareholders' Meeting for fiscal year 2015/16 |
The revenues of Kapsch TrafficCom Group were EUR 117.1 million in the first quarter of the current fiscal year 2015/16 (2015/16 Q1), down by 0.7% from EUR 118.0 million in the same period of the previous fiscal year. While revenue in the Road Solution Projects (RSP) segment declined, increased revenue was recorded in the Services, System Extensions, Components Sales (SEC) segment.
Revenues by segment in the first three months were as follows:
The number of on-board units sold amounted to 2.33 million units (2014/15 Q1: 1.57 million units). Increases were observed in particular in North America, France and Spain, while the sales figures in Chile declined relative to the comparison period.
¾The segment OTH (Others) recorded revenue of EUR 5.7 million in the first quarter of 2015/16, a decrease of 13.5% (2014/15 Q1: EUR 6.6 million). This decline resulted from the lower production and deliveries for the GSM-R project of Kapsch CarrierCom compared with the same period of the previous year. A positive contribution to segment revenue was made by the non-ITS-related business of KTC USA Inc., largely due to the operational monitoring of environmental facilities in the U.S.A. and Australia.
In the first three months of the current fiscal year, the Kapsch TrafficCom Group reported an operating result (EBIT) of EUR 12.8 million (2014/15 Q1: EUR 0.6 million). The successful implementation of the cost-reducing program enabled an improvement of the EBIT margin to 10.9% in the first quarter of 2015/16 (2014/15 Q1: 0.5%). Operating results by segment were as follows:
The financial result improved from EUR 1.9 million in the comparison period of the previous year to EUR 2.3 million. The finance income increased largely due to the profit from the sale of securities in the amount of EUR 3.3 million (2014/15 Q1: EUR 0.0 million). Under finance costs, an increase in the as yet unrealized foreign currency losses in the amount of EUR -1.1 million was recorded (2014/15 Q1: EUR -0.2 million).
The profit for the period improved significantly. In particular, the share attributable to the equity holders of the company increased to EUR 9.8 million (2014/15 Q1: EUR -0.8 million). This resulted in a profit per share for the Kapsch TrafficCom Group of EUR 0.75 (2014/15 Q1: EUR -0.06).
The total assets as on 30 June 2015 were below those of the previous year at EUR 505.7 million (31 March 2015: EUR 515.6 million). The total equity of EUR 223.3 million was EUR 4.0 million above the comparison value at the end of the fiscal year of EUR 219.4 million. The equity ratio of the Kapsch TrafficCom Group improved as a result from 42.5% on 31 March 2015 to 44.2% on 30 June 2015.
The most significant changes in assets involved the non-current assets. Other non-current assets decreased by EUR 10.9 million due to the contractually agreed repayments from the Belorussian installation project over a period of 36 months and the associated movement from non-current to current trade receivables. In addition, the other current financial assets declined due to the sale of securities.
The largest change on the liabilities side of the balance sheet occurred in the non-current financial liabilities, which declined by EUR 9.2 million. This is related to the buyback of corporate bonds in the amount of EUR 4.2 million as well as the repayment of the financing for the installation of the nationwide electronic truck toll system in Belarus. The current liabilities decreased by EUR 4.9 million, which is attributable on the one hand to the decrease in trade payables from the project business by EUR 9.4 million as on the reporting date, while on the other hand other liabilities and deferred income increased by EUR 5.9 million due to open liabilities to minority shareholders and the assumption of liabilities in connection with the acquisition of Streetline, Inc., U.S.A.
The net cash flow from operating activities amounted to EUR 16.0 million. This development was largely influenced by the positive profit from operating activities as well as the decrease in non-current receivables and assets, which was however partially compensated for by the increase in current receivables and assets. The sale of securities also had a positive effect on the cash flows. The cash flow from investing activities was determined in the first quarter by the sale of securities as well as the cash inflow from the purchase of the shares in Streetline, Inc., U.S.A., and was positive at EUR 6.6 million. The free cash flow was also once again positive at EUR 14.7 million. The decrease in the current and non-current financial liabilities due to the buyback of corporate bonds, the repayment of project financing and the dividends paid out to minority shareholders of group companies resulted in a negative net cash flow from financing activities of EUR -17.5 million.
Cash and cash equivalents increased from EUR 96.8 million on 31 March 2015 to EUR 100.4 million on 30 June 2015. The decline in non-current financial liabilities and the increase in cash and cash equivalents led to a decline in net debt to EUR -25.9 million on 30 June 2015 (31 March 2015: EUR -35.9 million).
| All amounts in TEUR | Notes | 2015/16 Q1 | 2014/15 Q1 |
|---|---|---|---|
| Revenues | (5) | 117,126 | 117,970 |
| Other operating income | 3,306 | 3,068 | |
| Changes in finished and unfinished goods and work in progress | -3,361 | 2,218 | |
| Own work capitalized | 221 | 0 | |
| Cost of materials and other production services | -38,591 | -58,593 | |
| Staff costs | -39,008 | -36,554 | |
| Amortization and depreciation | -4,129 | -4,108 | |
| Other operating expenses | -22,772 | -23,357 | |
| Operating result | (5) | 12,791 | 643 |
| Finance income | 5,391 | 3,441 | |
| Finance costs | -3,126 | -1,535 | |
| Financial result | 2,264 | 1,906 | |
| Result from associates | -38 | 137 | |
| Result before income taxes | 15,017 | 2,686 | |
| Income taxes | (13) | -3,545 | -2,404 |
| Result for the period | 11,472 | 282 | |
| Result attributable to: | |||
| Equity holders of the company | 9,758 | -755 | |
| Non-controlling interests | 1,714 | 1,037 | |
| 11,472 | 282 | ||
| Earnings per share from the result for the period attributable | |||
| to the equity holders of the company (in EUR) | 0.75 | -0.06 | |
| Other comprehensive income for the period | |||
| Items subsequently reclassified to the result for the period: | |||
| Currency translation differences | -214 | -263 | |
| Currency translation differences from net investments in foreign operations | 1,602 | 298 | |
| Available-for-sale financial assets: | |||
| Fair value gains/losses recognized in other comprehensive income | 611 | -889 | |
| Reclassification of cumulated net gains to the result for the period | |||
| (sale of available-for-sale financial assets) | -3,318 | 0 | |
| Income tax relating to items subsequently reclassified to the result for the period | 461 | -118 | |
| Total items subsequently reclassified to the result for the period | -858 | -972 | |
| Items subsequently not reclassified to the result for the period: | |||
| Remeasurements of liabilities from post-employment benefits | 0 | 0 | |
| Income tax relating to items subsequently not reclassified to the result for the period | 0 | 0 | |
| Total items subsequently not reclassified to the result for the period | 0 | 0 | |
| Other comprehensive income for the period net of tax | (14) | -858 | -972 |
| Total comprehensive income for the period | 10,615 | -691 | |
| Total comprehensive income attributable to: | |||
| Equity holders of the company | 8,872 | -1,740 | |
| Non-controlling interests | 1,743 | 1,050 | |
| 10,615 | -691 |
Earnings per share relate to 13.0 million shares.
The notes on the following pages form an integral part of this condensed interim financial information.
*) The condensed consolidated interim report has neither been audited nor been reviewed by an auditor.
| All amounts in TEUR | Notes | 30 June 2015 | 31 March 2015 |
|---|---|---|---|
| ASSE TS |
|||
| Non-current assets | |||
| Property, plant and equipment | (6) | 22,386 | 22,393 |
| Intangible assets | (6) | 69,143 | 71,250 |
| Interests in associates | (7) | 1,961 | 2,014 |
| Other non-current financial assets and investments | (8) | 23,712 | 23,099 |
| Other non-current assets | 17,242 | 28,138 | |
| Deferred tax assets | 14,547 | 13,590 | |
| 148,991 | 160,485 | ||
| Current assets | |||
| Inventories | 46,509 | 47,670 | |
| Trade receivables and other current assets | 209,826 | 205,387 | |
| Other current financial assets | (8) | 0 | 5,291 |
| Cash and cash equivalents | 100,415 | 96,765 | |
| 356,750 | 355,113 | ||
| Total assets | 505,741 | 515,597 | |
| EQUI TY |
|||
| Capital and reserves attributable to equity holders of the company | |||
| Share capital | (9) | 13,000 | 13,000 |
| Capital reserve | 117,509 | 117,509 | |
| Retained earnings and other reserves | 86,321 | 77,449 | |
| 216,830 | 207,958 | ||
| Non-controlling interests | 6,503 | 11,403 | |
| Total equity | 223,333 | 219,361 | |
| LIA BILITIES |
|||
| Non-current liabilities | |||
| Non-current financial liabilities | (10) | 79,792 | 88,985 |
| Liabilities from post-employment benefits to employees | (11) | 25,104 | 25,210 |
| Non-current provisions | (12) | 1,692 | 1,661 |
| Other non-current liabilities | 4,453 | 4,657 | |
| Deferred income tax liabilities | 2,952 | 2,380 | |
| 113,995 | 122,892 | ||
| Current liabilities | |||
| Trade payables | 39,066 | 48,441 | |
| Other liabilities and deferred income | 71,459 | 65,535 | |
| Current tax payables | 2,672 | 1,174 | |
| Current financial liabilities | (10) | 46,473 | 48,969 |
| Current provisions | (12) | 8,741 | 9,225 |
| 168,413 | 173,344 | ||
| Total liabilities | 282,408 | 296,236 | |
| Total equity and liabilities | 505,741 | 515,597 |
The notes on the following pages form an integral part of this interim financial information.
| Non | ||||||
|---|---|---|---|---|---|---|
| controlling | Total | |||||
| Attributable to equity holders of the company | interests | equity | ||||
| Consolidated | ||||||
| Share | Capital | Other | retained | |||
| capital | reserve | reserves | earnings | |||
| Carrying amount as of 31 March 2014 | 13,000 | 117,509 | -13,713 | 86,004 | 10,310 | 213,110 |
| Dividend | 0 | -6,750 | -6,750 | |||
| Result for the period | -755 | 1,037 | 282 | |||
| Other comprehensive income for the period: | ||||||
| Currency translation differences | -52 | 13 | -39 | |||
| Fair value gains/losses on available-for-sale | ||||||
| financial assets | -933 | 0 | -933 | |||
| Carrying amount as of 30 June 2014 | 13,000 | 117,509 | -14,698 | 85,249 | 4,610 | 205,670 |
| Carrying amount as of 31 March 2015 | 13,000 | 117,509 | -12,184 | 89,634 | 11,403 | 219,361 |
| Dividend | 0 | -6,663 | -6,663 | |||
| Effects from acquisition of shares in subsidiaries | 0 | 21 | 21 | |||
| Result for the period | 9,758 | 1,714 | 11,472 | |||
| Other comprehensive income for the period: | ||||||
| Currency translation differences | 959 | 28 | 988 | |||
| Fair value gains/losses on available-for-sale | ||||||
| financial assets | -1,845 | 0 | -1,845 | |||
| Carrying amount as of 30 June 2015 | 13,000 | 117,509 | -13,070 | 99,391 | 6,503 | 223,333 |
The effects from the acquisition of shares in subsidiaries in the first quarter of the fiscal year 2015/16 result from the acquisition of shares in Streetline, Inc., California (see note 15). The notes on the following pages form an integral part of this interim financial information.
| All amounts in TEUR | 2015/16 Q1 | 2014/15 Q1 |
|---|---|---|
| Cash flow from operating activities | ||
| Operating result | 12,791 | 643 |
| Adjustments for non-cash items and other reconciliations: | ||
| Scheduled amortization and depreciation | 4,129 | 4,108 |
| Increase/decrease in liabilities from post-employment benefits | -106 | -73 |
| Increase/decrease in other non-current liabilities and provisions | -25 | -160 |
| Increase/decrease in other non-current receivables | -1,022 | -1,578 |
| Increase/decrease in trade receivables (non-current) | 13,006 | 8,248 |
| Increase/decrease in trade payables (non-current) | -214 | -328 |
| Other (net) Increase/decrease in trade receivables and other assets Increase/decrease in inventories Increase/decrease in trade payables and other current payables Increase/decrease in current provisions |
4,222 | 496 |
| 32,781 | 11,356 | |
| Changes in net current assets: | ||
| -2,960 | 19,745 | |
| 1,161 | 3,157 | |
| -8,604 | 1,700 | |
| -483 | 67 | |
| -10,887 | 24,670 | |
| Cash flow from operations | 21,894 | 36,026 |
| Interest received | 313 | 445 |
| Interest payments | -1,331 | -1,207 |
| Net payments of income taxes | -4,870 | -1,473 |
| Net cash flow from operating activities | 16,007 | 33,791 |
| Cash flow from investing activities | ||
| Purchase of property, plant and equipment | -1,548 | -1,011 |
| Purchase of intangible assets | -19 | -57 |
| Purchase of securities and investments | 0 | -208 |
| Increase in cash from the acquisition of entities (less payment for the acquisition of the entity) | 2,543 | 0 |
| Proceeds from the disposal of property, plant and equipment and intangible assets | 291 | 131 |
| Proceeds from the disposal of securities and investments | 5,335 | 0 |
| Net cash flow from investing activities | 6,601 | -1,144 |
| Cash flow from financing activities | ||
| Dividends paid to non-controlling interests | -6,663 | -6,750 |
| Increase in non-current financial liabilities | 44 | 45 |
| Decrease in non-current financial liabilities | -9,237 | -5,263 |
| Increase in current financial liabilities | 892 | 1,299 |
| Decrease in current financial liabilities | -2,490 | -2,600 |
| Net cash flow from financing activities | -17,454 | -13,269 |
| Net increase/decrease in cash and cash equivalents | 5,154 | 19,379 |
| Change in cash and cash equivalents | ||
| Cash and cash equivalents at beginning of period | 96,765 | 57,731 |
| Net increase/decrease in cash and cash equivalents | 5,154 | 19,379 |
| Exchange gains/losses on cash and cash equivalents | -1,504 | 307 |
| Cash and cash equivalents at end of period | 100,415 | 77,417 |
The notes on the following pages form an integral part of this interim financial information.
Kapsch TrafficCom Group is an international supplier of superior intelligent transportation systems (ITS).
The business activities of the Kapsch TrafficCom Group are subdivided into the following three segments: ¾Road Solution Projects (RSP)
The segment Road Solution Projects relates to the installation of ITS solutions.
The segment Services, System Extensions, Components Sales relates to the sale of services (maintenance and operation) and components in the area of ITS solutions.
The segment Others relates to non-core business activities conducted by Kapsch Components GmbH & CoKG. In this segment, Kapsch TrafficCom Group offers engineering solutions, electronic manufacturing and logistics services to affiliated entities and third parties. Furthermore, the non-ITS relevant business of KTC USA Inc. is allocated to this segment, including solutions, systems and services for operational monitoring of public transportation and environmental infrastructure.
This condensed interim financial information for the first quarter of the current fiscal year 2015/16 ended 30 June 2015 has been prepared in accordance with IAS 34 "Interim financial reporting". The interim condensed financial report should be read in conjunction with the annual financial statemtents for the year ended 31 March 2015.
For ease of presentation, amounts have been rounded and, unless indicated otherwise, are presented in thousand Euro (TEUR). However, calculations are done using exact amounts, including the digits not shown, which may lead to rounding differences.
The accounting policies adopted are consistent with those of the annual financial statements for the year ended 31 March 2015, as described in the annual financial statements for the year ended 31 March 2015.
In the condensed interim financial information for the first quarter of the current fiscal year 2015/16 the following new or amended IFRS and IFRIC have been adopted.
| New/adopted IFRSs | Applicable to financial years beginning on or after | |
|---|---|---|
| IAS 19 | Employee Benefits (Amendment) | 1 January 2015 |
| Annual improvement to IFRS, 2010–2012 | ||
| IFRS 2 | Share-based Payment | 1 January 2015 |
| IFRS 3 | Business Combinations | 1 January 2015 |
| IFRS 8 | Operating Segments | 1 January 2015 |
| IFRS 13 | Fair Value Measurement | 1 January 2015 |
| IAS 16 | Property, Plant and Equipment | 1 January 2015 |
| IAS 24 | Related Party Disclosures | 1 January 2015 |
| IAS 38 | Intangible Assets | 1 January 2015 |
| New/adopted IFRSs | Applicable to financial years beginning on or after | |||
|---|---|---|---|---|
| Annual improvement to IFRS, 2011–2013 | ||||
| IFRS 1 | First-time Adoption of International Financial Reporting Standards | 1 January 2015 | ||
| IFRS 3 | Business Combinations | 1 January 2015 | ||
| IFRS 13 | Fair Value Measurement | 1 January 2015 | ||
| IAS 40 | Investment Property | 1 January 2015 |
Adoption of the new/amended standards did not result in any significant effects on the condensed consolidated interim financial information.
The financial risks to which Kapsch TrafficCom Group is exposed are generally consistent with those of the consolidated financial statements for the year ended 31 March 2015 and are described therein.
| Services, | |||||
|---|---|---|---|---|---|
| 2015/16 Q1 | Road Solution | System Extensions, | Consolidated | ||
| All amounts in TEUR | Projects | Components Sales | Others | group | |
| Revenues | 14,914 | 96,495 | 5,717 | 117,126 | |
| Operating result | -7,142 | 19,476 | 457 | 12,791 | |
| Services, | |||||
|---|---|---|---|---|---|
| 2014/15 Q1 | Road Solution | System Extensions, | Consolidated | ||
| All amounts in TEUR | Projects | Components Sales | Others | group | |
| Revenues | 24,371 | 86,988 | 6,611 | 117,970 | |
| Operating result | -12,394 | 12,939 | 98 | 643 |
The following table contains all single external customers which contributed more than 10% to the total revenues of the period and additionally shows the information of the respective operating segment.
| All amounts in TEUR | 2015/16 Q1 | 2014/15 Q1 | ||||
|---|---|---|---|---|---|---|
| Services, | Services, | |||||
| Road Solution | System Extensions, | Road Solution | System Extensions, | |||
| Revenues | Projects | Components Sales | Revenues | Projects | Components Sales | |
| Customer 1 | 20,431 | x | 19,426 | x | ||
| Customer 2 | 18,829 | x | 14,665 | x | ||
| Customer 3 | 8,222 | x | x | 14,568 | x | x |
| All amounts in TEUR | 30 June 2015 | 30 June 2014 |
|---|---|---|
| Carrying amount as of 31 March of prior year | 93,644 | 113,014 |
| Additions | 1,567 | 1,067 |
| Additions from the acquisition | 1,297 | 0 |
| Disposals | -291 | -129 |
| Depreciation, amortization, impairments and other movements | -4,129 | -4,108 |
| Currency translation differences | -558 | 331 |
| Carrying amount as of 30 June of fiscal year | 91,529 | 110,175 |
| All amounts in TEUR | 30 June 2015 | 30 June 2014 |
|---|---|---|
| Carrying amount as of 31 March of prior year | 2,014 | 1,596 |
| Currency translation differences | -14 | 73 |
| Additions from foundations and acquisitions | 0 | 0 |
| Disposals | 0 | 0 |
| Share in result | -38 | 137 |
| Carrying amount as of 30 June of fiscal year | 1,961 | 1,806 |
On 31 July 2012 the group acquired 33% of the shares in SIMEX, Integración de Sistemas, S.A.P.I. de C.V., Mexico City, Mexico. Taking potential voting rights into account (options for purchase of the remaining shares) the group has the majority of the shares. As the potential voting rights are not assessed to be substantial the presumption of control was rebutted. As significant influence over the financial and business policies exists, the investment is accounted for using the equity method.
| 30 June 2015 | 31 March 2015 | 30 June 2014 | 31 March 2014 | |
|---|---|---|---|---|
| Other non-current financial assets and investments | 23,712 | 23,099 | 27,709 | 28,506 |
| Other current financial assets | 0 | 5,291 | 5,050 | 4,924 |
| 23,712 | 28,390 | 32,759 | 33,430 | |
| Available | Available | Other | ||
| Other non-current financial assets and investments | for-sale | for-sale | non-current | |
| 2015/16 Q1 | securities | investments | financial assets | Total |
| Carrying amount as of 31 March 2015 | 3,803 | 19,296 | 0 | 23,099 |
| Currency translation differences | 0 | 0 | 0 | 0 |
| Additions | 0 | 0 | 2 | 2 |
| Disposals | 0 | 0 | 0 | 0 |
| Change in fair value | -129 | 740 | 0 | 611 |
| Carrying amount as of 30 June 2015 | 3,675 | 20,036 | 2 | 23,712 |
| Available | Available | Other | ||
| Other non-current financial assets and investments | for-sale | for-sale | non-current | |
| 2014/15 Q1 | securities | investments | financial assets | Total |
| Carrying amount as of 31 March 2014 | 3,655 | 23,758 | 1,093 | 28,506 |
| Currency translation differences | 0 | 0 | 10 | 10 |
| Additions | 0 | 208 | 0 | 208 |
| Disposals | 0 | 0 | 0 | 0 |
| Change in fair value | 49 | -1,064 | 0 | -1,015 |
| Carrying amount as of 30 June 2014 | 3,704 | 22,902 | 1,103 | 27,709 |
| Available | |||
|---|---|---|---|
| Other current financial assets | for-sale | Other current | |
| 2015/16 Q1 | securities | financial assets | Total |
| Carrying amount as of 31 March 2015 | 5,291 | 0 | 5,291 |
| Currency translation differences | 0 | 0 | 0 |
| Additions | 0 | 0 | 0 |
| Disposals | -5,291 | 0 | -5,291 |
| Change in fair value | 0 | 0 | 0 |
| Carrying amount as of 30 June 2015 | 0 | 0 | 0 |
| Available | |||
|---|---|---|---|
| Other current financial assets | for-sale | Other current | |
| 2014/15 Q1 | securities | financial assets | Total |
| Carrying amount as of 31 March 2014 | 4,924 | 0 | 4,924 |
| Currency translation differences | 0 | 0 | 0 |
| Additions | 0 | 0 | 0 |
| Disposals | 0 | 0 | 0 |
| Change in fair value | 126 | 0 | 126 |
| Carrying amount as of 30 June 2014 | 5,050 | 0 | 5,050 |
As of 30 June 2015, available-for-sale securities relate to government and bank bonds as well as shares in investment funds. As of 30 June 2015, investments classified as available-for-sale mainly relate to a 19.48% investment in the listed company Q-Free ASA, Trondheim, Norway.
In the first quarter of the fiscal year 2015/16, the disposal of the available-for-sale securities relate to the sale of a mutual fund (ESPA Cash Asset-Backed) and led to a gain amounting to TEUR 3,363 (effect in the result for the period) and TEUR 44 (effect in total comprehensive income for the period).
As of 30 June 2014, other non-current financial assets mainly related to a loan from the group to Simex, Integración de Sistemas, S.A.P.I. de C.V., Mexico, which was repaid in full in the third quarter of fiscal year 2014/15.
Financial assets and liabilities have to be classified in one of the three following fair value-hierarchies:
Level 1. There are quoted prices in active markets for identical assets and liabilities. In the group, the investment in Q-Free ASA, Trondheim, Norway, as well as listed equity instruments are attributed to Level 1.
Level 2. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques based on observable direct or indirect market data. This category comprises availablefor-sale securities, such as government and other bonds, which are quoted, however not regularly traded on a stock market.
Specific valuation techniques used to value financial instruments include:
Level 3. Financial instruments are included in level 3 if the valuation information is not based on observable market data.
| Level 3 | ||||
|---|---|---|---|---|
| Level 2 | Not based on | |||
| Level 1 | Observable | observable | ||
| Quoted prices | market data | market data | 2015/16 Q1 | |
| Non-current financial assets | ||||
| Available-for-sale securities | 2,969 | 706 | 0 | 3,675 |
| Available-for-sale investments | 20,031 | 0 | 0 | 20,031 |
| 22,999 | 706 | 0 | 23,706 | |
| Current financial assets | ||||
| Available-for-sale securities | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | |
| Total | 22,999 | 706 | 0 | 23,706 |
As of 30 June 2015, available-for-sale investments amounting to TEUR 6 are recognized at amortized cost.
| Level 3 | ||||
|---|---|---|---|---|
| Level 2 | Not based on | |||
| Level 1 | Observable | observable | ||
| Quoted prices | market data | market data | 2014/15 Q1 | |
| Non-current financial assets | ||||
| Available-for-sale securities | 2,958 | 746 | 0 | 3,704 |
| Available-for-sale investments | 22,897 | 0 | 0 | 22,897 |
| 25,855 | 746 | 0 | 26,601 | |
| Current financial assets | ||||
| Available-for-sale securities | 5,050 | 0 | 0 | 5,050 |
| 5,050 | 0 | 0 | 5,050 | |
| Total | 30,905 | 746 | 0 | 31,651 |
As of 30 June 2014, other non-current financial assets amounting to TEUR 1.108 are recognized at amortized cost.
The registered share capital of the company amounts to EUR 13,000,000. The share capital is fully paid in. The total number of ordinary shares issued is 13,000,000. The shares are ordinary bearer shares and have no par value.
| All amounts in TEUR | 30 June 2015 | 31 March 2015 | 30 June 2014 | 31 March 2014 |
|---|---|---|---|---|
| Non-current financial liabilities | 79,792 | 88,985 | 104,276 | 109,494 |
| Current financial liabilities | 46,473 | 48,969 | 45,407 | 46,560 |
| Total | 126,266 | 137,954 | 149,683 | 156,054 |
| Non-current | Current | ||
|---|---|---|---|
| financial | financial | ||
| All amounts in TEUR | liabilities | liabilities | Total |
| Carrying amount as of 31 March 2015 | 88,985 | 48,969 | 137,954 |
| Additions | 44 | 892 | 936 |
| Repayments of borrowings | -9,237 | -2,490 | -11,727 |
| Reclassification | 0 | 0 | 0 |
| Currency translation differences | 0 | -897 | -897 |
| Carrying amount as of 30 June 2015 | 79,792 | 46,473 | 126,266 |
| Non-current | Current | ||
|---|---|---|---|
| financial | financial | ||
| All amounts in TEUR | liabilities | liabilities | Total |
| Carrying amount as of 31 March 2014 | 109,494 | 46,560 | 156,054 |
| Additions | 45 | 1,299 | 1,344 |
| Repayments of borrowings | -5,263 | -2,600 | -7,863 |
| Reclassification | 0 | 0 | 0 |
| Currency translation differences | 0 | 149 | 149 |
| Carrying amount as of 30 June 2014 | 104,276 | 45,407 | 149,683 |
On 28 April 2015, Kapsch TrafficCom made holders of the corporate bond a buyback offer at a rate of 105.75%, valid until 19 May 2015. This offer was utilized at a nominal value of TEUR 4,182. The purchased debt instruments were submitted to the Oesterreichische Kontrollbank (OeKB) for redemption on 22 May 2015, leaving the corporate bond with an outstanding volume of TEUR 70,818 with maturity on 3 November 2017.
The fair values and the gross cash flows (including interests) of current and non-current financial liabilities are as follows:
| 30 June 2015 | 30 June 2014 | |
|---|---|---|
| Carrying amount | 126,266 | 149,683 |
| Fair value | 139,063 | 155,703 |
| Gross cash flows: | ||
| Up to 1 year | 49,831 | 47,037 |
| Between 1 and 3 years | 86,706 | 31,536 |
| Between 3 and 5 years | 0 | 74,346 |
| 136,537 | 152,919 |
The classification of financial liabilities is as follows:
| Level 2 | Level 3 | |||
|---|---|---|---|---|
| Level 1 | Observable | Not based on observ | ||
| Quoted prices | market data | able market data | 2015/16 Q1 | |
| Corporate bond | 74,323 | 0 | 0 | 74,323 |
| Other financial liabilities | 0 | 64,740 | 0 | 64,740 |
| Total | 74,323 | 64,740 | 0 | 139,063 |
| Level 2 | Level 3 | |||
| Level 1 | Observable | Not based on observ | ||
| Quoted prices | market data | able market data | 2014/15 Q1 | |
|---|---|---|---|---|
| Corporate bond | 79,388 | 0 | 0 | 79,388 |
| Other financial liabilities | 0 | 76,315 | 0 | 76,315 |
| Total | 79,388 | 76,315 | 0 | 155,703 |
The fair value of the other financial liabilities (level 2) was derived through discounting the gross cash flows over the contracted term at a risk-adjusted interest rate.
| All amounts in TEUR | 30 June 2015 | 31 March 2015 | 30 June 2014 | 31 March 2014 |
|---|---|---|---|---|
| Termination benefits | 9,632 | 9,690 | 8,742 | 8,790 |
| Retirement benefits | 15,472 | 15,520 | 13,337 | 13,363 |
| Total | 25,104 | 25,210 | 22,079 | 22,153 |
Termination benefits include legal and contractual entitlements to one-off payments to employees of the group which result from events such as dismissal by the employer, amicable termination of the employment, retirement or death of the employee. For termination benefits the group bears the risk of inflation due to compensation increases. The obligations from termination benefits mainly result from the Austrian entities of the group.
Liabilities for retirement benefits recognized at the balance sheet date relate to retirees only. All pension agreements are based on the final salary, are granted as fixed monthly pension payments and are not covered by external plan assets (funds). In addition, contributions are paid to an external pension fund for employees of the group. For retirement benefits the group bears the risk of longevity and inflation due to pension increases.
| All amounts in TEUR | 30 June 2015 | 31 March 2015 | 30 June 2014 | 31 March 2014 |
|---|---|---|---|---|
| Non-current provisions | 1,692 | 1,661 | 1,322 | 1,303 |
| Current provisions | 8,741 | 9,225 | 28,445 | 28,378 |
| Total | 10,434 | 10,886 | 29,767 | 29,680 |
| Addition re | |||||||
|---|---|---|---|---|---|---|---|
| sulting from | Currency | ||||||
| 2015/16 Q1 | company | translation | |||||
| All amounts in TEUR | 31 March 2015 | acquisition | Addition | Utilization | Disposal | differences | 30 June 2015 |
| Obligations from anniversary bonuses | 1,189 | 0 | 7 | 0 | -21 | 0 | 1,175 |
| Other | 472 | 0 | 76 | -5 | 0 | -25 | 518 |
| Non-current provisions, total | 1,661 | 0 | 82 | -5 | -21 | -25 | 1,692 |
| Warranties | 1,611 | 711 | 0 | 0 | -82 | -40 | 2,201 |
| Losses from pending transactions and rework | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| Legal fees, costs of litigation and contract risks | 402 | 0 | 0 | -30 | -36 | 1 | 337 |
| Costs of dismantling, removing and | |||||||
| restoring assets | 0 | 183 | 0 | 0 | -7 | -10 | 166 |
| Other | 7,211 | 0 | 1,339 | -1,351 | -1,059 | -102 | 6,037 |
| Current provisions, total | 9,225 | 894 | 1,340 | -1,381 | -1,185 | -151 | 8,741 |
| Total | 10,886 | 894 | 1,422 | -1,386 | -1,206 | -176 | 10,434 |
| Addition re | |||||||
|---|---|---|---|---|---|---|---|
| sulting from | Currency | ||||||
| 2014/15 Q1 | company | translation | |||||
| All amounts in TEUR | 31 March 2014 | acquisition | Addition | Utilization | Disposal | differences | 30 June 2014 |
| Obligations from anniversary bonuses | 1,120 | 0 | 19 | 0 | -7 | 0 | 1,132 |
| Other | 183 | 0 | 10 | 0 | 0 | -2 | 190 |
| Non-current provisions, total | 1,303 | 0 | 29 | 0 | -7 | -2 | 1,322 |
| Warranties | 1,637 | 0 | 6 | -29 | 0 | -8 | 1,606 |
| Losses from pending transactions and rework | 16,201 | 0 | 0 | 0 | 0 | 59 | 16,260 |
| Legal fees, costs of litigation and contract risks | 4,071 | 0 | 17 | -50 | 0 | 14 | 4,051 |
| Other | 6,468 | 0 | 924 | -883 | -2 | 21 | 6,528 |
| Current provisions, total | 28,378 | 0 | 946 | -961 | -2 | 85 | 28,445 |
| Total | 29,680 | 0 | 975 | -961 | -10 | 83 | 29,767 |
Income taxes relate to current taxes and to deferred tax assets and deferred tax liabilities. Applying the Austrian corporate tax rate of 25% to the Group's pre-tax result gives rise to the theoretical value for the tax expense/ income. The effective tax expense/income differs from the above due to, among others, different tax regimes in the various countries, the treatment of tax losses, tax allowances and permanent differences.
| 2015/16 Q1 | Tax expense/ | ||
|---|---|---|---|
| All amounts in TEUR | Before taxes | income | After taxes |
| Fair value gains/losses on available-for-sale financial assets: | |||
| Unrealized gains/losses in the current period | 611 | 32 | 643 |
| Gains/losses recognized in the result for the period | -3,318 | 829 | -2,488 |
| Currency translation differences | -214 | -214 | |
| Currency translation differences from net investments | |||
| in foreign business | 1,602 | -401 | 1,202 |
| Fair value changes recognized in equity | -1,319 | 461 | -858 |
In the first quarter of the fiscal year 2015/16 the unrealized gains/losses on available-for-sale financial assets amounting to TEUR 740 relate to fair value changes on the investment in Q-Free ASA, Norway, which are tax neutral.
In the first quarter of the fiscal year 2015/16, the gains/losses recognized in the result for the period relate to the disposal of current available-for-sale financial assets (see note 8).
| 2014/15 Q1 | Tax expense/ | ||
|---|---|---|---|
| All amounts in TEUR | Before taxes | income | After taxes |
| Fair value gains/losses on available-for-sale financial assets: | |||
| Unrealized gains/losses in the current period | -889 | -44 | -933 |
| Currency translation differences | -263 | -263 | |
| Currency translation differences from net investments | |||
| in foreign business | 298 | -74 | 223 |
| Fair value changes recognized in equity | -854 | -118 | -972 |
In the first quarter of the fiscal year 2014/15 the unrealized gains/losses on available-for-sale financial assets amounting to TEUR -1,064 relate to fair value changes on the investment in Q-Free ASA, Norway, and are tax neutral.
On 14 April 2015 the group acquired a controlling interest in Streetline, Inc., California. Streetline is a leading smart parking company that offers intelligent data and modern analytics to solve parking space problems for end users.
| All amounts in TEUR | |
|---|---|
| Consideration paid | 189 |
| Less fair value of net assets acquired (provisionally determined) | -189 |
| Goodwill | 0 |
Assets and liabilities resulting from the acquisition are shown as follows (provisionally determined):
| All amounts in TEUR | Fair value |
|---|---|
| Property, plant and equipment | 1,251 |
| Intangible assets | 46 |
| Receivables and other assets | 580 |
| Cash and cash equivalents | 2,732 |
| Provisions | -894 |
| Liabilities, other liabilities and deferred income | -3,504 |
| Net assets acquired | 210 |
| thereof controlling interest (90%) | 189 |
| thereof non-controlling interest (10%) | 21 |
The acquired company contributed revenue of TEUR 651 and a net loss of TEUR 761 to the group's result for the period from 14 April 2015 to 30 June 2015. If the acquisition had occurred on 1 April 2015, there would not have been a significant change in revenue or profit of the group.
The group's contingent liabilities primarily result from large-scale projects. Other commitments mainly relate to contract and warranty bonds, bank guarantees, performance and bid bonds as well as sureties.
Details of contingent liabilities and other commitments are as follows:
| All amounts in TEUR | 30 June 2015 | 31 March 2015 |
|---|---|---|
| Contract, warranty, performance and bid bonds | ||
| North America (toll collection systems and traffic management) | 97,282 | 79,441 |
| South Africa (toll collection system) | 84,758 | 87,578 |
| Australia (toll collection systems) | 20,128 | 20,593 |
| Austria (toll collection system) | 8,500 | 8,500 |
| Poland (toll collection system) | 7,053 | 7,236 |
| Czech Republic (toll collection system) | 4,168 | 4,126 |
| Portugal (toll collection system) | 167 | 167 |
| Other | 1,534 | 1,647 |
| 223,591 | 209,288 | |
| Bank guarantees | 1,673 | 1,664 |
| Sureties | 62 | 61 |
| Total | 225,325 | 211,014 |
The following tables provides an overview of revenues and expenses in the respective fiscal years as well as receivables from and payables due to related parties at the respective balance sheet dates:
| All amounts in TEUR | 2015/16 Q1 | 2014/15 Q1 |
|---|---|---|
| Affiliated companies outside the Kapsch TrafficCom Group | ||
| Revenues | 2,733 | 5,045 |
| Expenses | 5,277 | 6,389 |
| Other related parties | ||
| Revenues | 0 | 0 |
| Expenses | 61 | 239 |
| All amounts in TEUR | 30 June 2015 | 30 June 2014 |
| Affiliated companies outside the Kapsch TrafficCom Group | ||
| Trade receivables and other current assets | 2,613 | 5,381 |
| Trade payables and other liabilities | 8,097 | 12,054 |
| Liabilities from share purchase | 2,046 | 0 |
| Other related parties | ||
| Trade receivables and other current assets | 112 | 127 |
| Trade payables and other liabilities | 13,179 | 11,794 |
The members of the executive and supervisory boards have management functions or are members in supervisory boards of other companies of the Kapsch Group.
No material events have occurred after 30 June 2015.
Vienna, 19 August 2015
The Managing Board
Georg Kapsch Chief Executive Officer
André Laux Executive board member
Disclaimer. Certain statements contained in this report constitute "forward-looking statements." These statements, which contain the words "believe", "intend", "expect" and words of similar meaning, reflect management's beliefs and expectations and are subject to risks and uncertainties that may cause actual results to differ materially. As a result, readers are cautioned not to place undue reliance on such forward-looking statements. The company disclaims any obligation to publicly announce the result of any revisions to the forward-looking statements made herein, except where it would be required to do so under applicable law. Slight differences in calculations may arise due to the rounding of individual items and percentages. The English translation is for convenience; only the German text is binding.
Kapsch TrafficCom is a provider of intelligent transportation systems (ITS) in the solution segments of road user charging, urban access and parking, traffic management, road safety enforcement, commercial vehicle operations, electronic vehicle registration and V2X cooperative systems. With end-to-end solutions, Kapsch TrafficCom covers the entire value creation chain of its customers as a one-stop shop, from components and design to the installation and operation of systems. The core business is to design, build and operate electronic toll collection and traffic management systems. References in 44 countries on all continents make Kapsch TrafficCom a recognized ITS provider worldwide. As part of the Kapsch Group, a family-owned Austrian technology group founded in 1892, Kapsch TrafficCom, headquartered in Vienna, Austria, has subsidiaries and offices in 33 countries, has been listed on the Vienna Stock Exchange (KTCG) since 2007, and generated with more than 3,500 employees revenues of EUR 456 million in fiscal year 2014/15.
Kapsch TrafficCom AG | Am Europlatz 2 | 1120 Vienna | Austria | www.kapschtraffic.com Investor Relations | Marcus Handl | Phone +43 50 811 1120 | Fax +43 50 811 99 1120 | E-Mail [email protected] Public Relations | Ingrid Lawicka | Phone +43 50 811 1705 | Fax +43 50 811 99 1705 | E-Mail [email protected]
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