Quarterly Report • Feb 26, 2014
Quarterly Report
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All figures presented in million EUR unless otherwise stated
| Earnings Data | 2013/14 Q1-Q3 | 2012/13 Q1-Q3 (adjusted) |
+/- | 2013/14 Q3 | 2012/13 Q3 (adjusted) |
+/- | 2012/13 (adjusted) |
|||
|---|---|---|---|---|---|---|---|---|---|---|
| Revenues | 355.0 | 310.9 | 14% | 119.1 | 107.6 | 11% | 488.9 | |||
| EBITDA | 20.7 | 3.7 | 461% | 4.6 | 0.9 391% |
34.2 | ||||
| EBITDA margin (in %) | 5.8 | 1.2 | 3.9 | 0.9 | 7.0 | |||||
| EBIT | 8.6 | -8.7 | – | 1.0 | -3.1 | – | 16.5 | |||
| EBIT margin (in %) | 2.4 | -2.8 | 0.8 | -2.9 | 3.4 | |||||
| Profit before tax | -1.7 | -8.4 | 80% | -0.7 | -0.2 -253% |
17.0 | ||||
| Profit for the period | -1.3 | -5.7 | 78% | -0.6 | 1.2 | – | 16.8 | |||
| Earnings per share 1 (in EUR) |
-0.40 | -1.09 | 63% | -0.04 | -0.24 | 84% | 0.75 | |||
| Free cash flow2 | -31.7 | 89.7 | – | 15.1 | 11.0 | 38% | 48.3 | |||
| Capital expenditure 3 | 13.5 | 12.3 | 9% | 5.2 | 7.1 | -27% | 20.2 | |||
| Employees 4 | 3,167 | 2,792 | 13% | 3,167 | 2,792 | 13% | 3,013 | |||
| On-board units (in million units) | 6.80 | 6.73 | 1% | 2.34 | 2.74 | -14% | 9.28 | |||
| Business Segments | 2013/14 Q1-Q3 | 2012/13 Q1-Q3 (adjusted) |
+/- | 2013/14 Q3 | 2012/13 Q3 (adjusted) |
+/- | 2012/13 (adjusted) |
|||
| Road Solution Projects (RSP): | ||||||||||
| Revenues (% of Revenues) | 90.2 (25.4%) | 64.0 (20.6%) | 41% | 26.9 (22.5%) | 13.9 | (12.9%) | 94% 128.3 (26.2%) | |||
| EBIT (EBIT margin) | -26.0(-28.9%) | -30.1(-47.0%) | 13% | -12.9(-48.1%) | -14.3 (-103.4%) | 10% | -51.7 (-40.3%) | |||
| Services, System Extensions, Components Sales (SEC): |
||||||||||
| Revenues (% of Revenues) | 250.4 (70.5%) | 234.3 (75.3%) | 7% | 86.0 (72.2%) | 89.6 | (83.3%) | -4% 342.3 (70.0%) | |||
| EBIT (EBIT margin) | 33.9 (13.5%) | 21.0 (9.0%) |
61% | 13.5 (15.7%) | 11.3 | (12.6%) | 19% | 67.3 (19.7%) | ||
| Others (OTH): | ||||||||||
| Revenues (% of Revenues) | 14.4 (4.1%) |
12.6 (4.1%) |
14% | 6.2 (5.2%) |
4.1 | (3.9%) | 50% | 18.3 | (3.7%) | |
| EBIT (EBIT margin) | 0.7 (4.8%) |
0.4 (2.9%) |
91% | 0.4 (6.7%) |
-0.1 | (-3.0%) | – | 0.9 | (5.1%) | |
| Regions | 2013/14 Q1-Q3 | 2012/13 Q1-Q3 | +/- | 2013/14 Q3 | 2012/13 Q3 | +/- | 2012/13 | |||
| Austria 5 | 28.2 (7.9%) |
27.2 (8.7%) |
4% | 13.6 (11.4%) | 12.3 | (11.5%) | 10% | 38.0 | (7.8%) | |
| Europe 5 | 221.3 (62.3%) | 175.3 (56.4%) | 26% | 76.0 (63.8%) | 59.7 | (55.5%) | 27% 288.9 (59.1%) | |||
| Americas 5 | 52.7 (14.8%) | 50.1 (16.1%) | 5% | 21.2 (17.8%) | 22.2 | (20.6%) | -4% | 74.8 (15.3%) | ||
| Rest of World5 | 52.9 (14.9%) | 58.4 (18.8%) | -9% | 8.2 (6.9%) |
13.4 | (12.5%) | -39% | 87.2 (17.8%) | ||
| Balance Sheet Data | 31 Dec. 2013 | 31 Dec. 2012 (adjusted) |
+/- | 31 March 2013 (adjusted) |
||||||
| Total assets | 548.4 | 470.2 | 17% | 567.2 | ||||||
| Total equity 6 | 210.9 | 220.6 | -4% | 236.7 | ||||||
| Equity ratio 6 (in %) |
38.5 | 46.9 | 41.7 | |||||||
| Net assets (+)/debt (-) | -86.9 | 1.0 | – | -40.5 | ||||||
| Capital employed | 361.1 | 312.2 | 16% | 360.7 | ||||||
| Net working capital | 203.6 | 167.0 | 22% | 243.9 | ||||||
| Stock Exchange Data | 2013/14 Q3 | 2013/14 Q2 | +/- | 2013/14 Q3 | 2013/14 Q2 | +/- | ||||
| Number of shares 7 (in million) | 13.0 | 13.0 0% |
Closing price 7 | (in EUR) | 40.50 | 36.60 | 11% |
| 38.1 Free float 7 (in %) |
38.1 0% |
Market capitalization7 (in million EUR) | 526.50 | 475.80 | 11% | |
|---|---|---|---|---|---|---|
| 19,600 Ø trading volume 8 (in shares) |
32,851 | -42% | Share performance (in %) | 10.66 | -1.03 |
The renewed IAS 19R was applied beginning with the fiscal year 2013/14 retrospectively according to IAS 8 with effect from 1 April 2012 to provide comparable financial information.
1 earnings per share (EPS) 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)
6 incl. minority interests
8 average daily trading volume (double counting)
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.
Photo: Christian Müller/APA/picturedesk.com
Georg Kapsch, Chief Executive Officer
In the first three quarters of the 2013/14 fiscal year, the Kapsch TrafficCom Group transitioned several implementation projects into operation – including a few major ones – and also expanded a number of existing projects. After putting the first stage of our major project in Belarus into operation during the second quarter, we completed the first part of the second stage already in the third quarter. After a wait of over one-anda-half years, Kapsch TrafficCom achieved an important milestone in South Africa during the third quarter: on December 3rd, 2013, we were finally able to put the toll collection system in the Gauteng province into operation. Roughly 1 million on-board units have already been registered by users, and more should follow.
In the future, this project will have a positive impact on our revenues and earnings. However, the third quarter also brought with it another temporary setback. Unresolved issues in connection with the agreed reimbursement of costs for maintaining operational readiness of the system until December weighed down the result for the reporting period.
Thanks to the recent accomplishments, revenues in the first three quarters increased by 14% compared with the same period of the previous year to reach EUR 355.0 million. At EUR 8.6 million, the EBIT is again positive after EUR -8.7 million in the corresponding period of the previous year, although this is still far below our target. In addition to the previously mentioned influence from the South African project, the slow growth of the project business is also negatively impacting the operating result. The weak EBIT together with a clear decline in the financial results left the profit for the period of the Kapsch TrafficCom Group for the first three quarters of 2013/14 still negative at EUR -1.3 million.
From an operational standpoint, however, we achieved much in the third quarter. Without doubt, the highlight was the commissioning of our toll collection system in South Africa. Furthermore, the Kapsch TrafficCom toll collection system in Sydney, Australia, and a portion of the toll project in Texas – the most complex project of its kind existing in the U.S.A. – also went live in December. The nationwide toll collection system in Poland was expanded by roughly 450 km to over 2,600 km during the third quarter thereby exceeding the systems in Austria and the Czech Republic in terms of stretch.
In Belarus, we were able to put a portion of the second stage of the nationwide electronic toll collection system into operation at the start of January 2014, it now encompasses 933 km. Due to the short period of operation, this operation project is hardly reflected at all in the current results. Kapsch TrafficCom is financing each of the individual stages over a term of three years, meaning that the current status is always evident on our balance sheet.
In the U.S.A., Kapsch TrafficCom has made additional progress in terms of strategic growth. With the acquisition of Transdyn, a leading provider of modern traffic management systems on the U.S. market, we have come another step closer to our goal of significantly increasing the share of our revenue from select ITS (Intelligent Transportation System) applications outside of the toll collection systems domain by the year 2016. Our presence in the U.S.A. has also been further strengthened by the purchase.
In the past few months, we have also made adjustments to the organization structure of the entire Kapsch TrafficCom Group that was implemented in 2012 on the basis of initial experience with the new system. Because the market has not grown in line with our previous expectations – as can also be seen in the results of our Road Solution Projects segment – we found it necessary to adjust the existing capacities and structures without, however, reducing the strategically indispensable resources or those required for potential future projects. We have already achieved significant cost reductions in this way. In parallel with these changes, we have further expanded the structures for the existing operation projects in Belarus and South Africa.
In Russia, Kapsch TrafficCom not only obtained four new orders in recent months but is currently also preparing, together with the Russian partner JSC NIS, a bid for the invitation to tender for a nationwide toll collection system for trucks exceeding 12 tons total weight.
Work continues on the expansion of the toll collection system in Texas, a portion of which is already in operation. The second portion of the second stage of the toll collection system in Belarus is expected to go into operation in the summer of 2014. In South Africa, we await with anticipation the continued developments of the operational phase and also expect additional orders for on-board units.
In addition, we expect to receive in the near future new orders from a number of regions in which we are active, especially in the U.S.A. In parallel to this, we continue to actively contact potentially interested parties for toll collection systems, an approach that has already proved successful in Belarus. In consideration of the organizational adjustments and the progress achieved, we take a positive view of the full 2013/14 fiscal year, even if the earnings outlook for the current fiscal year has been clouded somewhat by the developments in the third quarter.
Sincerely,
Georg Kapsch Chief Executive Officer
The Kapsch TrafficCom shares are listed on the Vienna Stock Exchange and included in the ATX Prime Index as well as the Austrian sustainability index VÖNIX and since 13 May 2013 also the new ATX Global Players index.
After the pronounced decline in share price during the previous 2012/13 fiscal year to EUR 37.02 on 31 March 2013, the share price was marked by heavy volatility during the past three quarters. While the price rose in the first quarter to above EUR 40, it fell back again rapidly as of mid-July, reaching its low for the reporting period on 28 August at EUR 30.16. This was followed by a continuous rise to EUR 40.50 at the end of the third quarter on 31 December 2013. In total, the Kapsch TrafficCom shares thus gained roughly 9% in value, similar to the general performance of the Austrian market.
The number of shares is 13 million. KAPSCH-Group Beteiligungs GmbH holds 61.9% of the shares, and the remaining 38.1% are in free float (including the shares of Erwin Toplak, COO). Based on the final price of the shares of EUR 40.50, the market capitalization of Kapsch TrafficCom was EUR 526.5 million on 31 December 2013.
The final price of the Kapsch TrafficCom shares and final value of the ATX Prime Index on 31 March 2013, both indexed to 100.
| Information on the Shares | Financial Calendar | ||
|---|---|---|---|
| Investor Relations Officer | Marcus Handl | 25 June 2014 | Results of fiscal year (FY) 2013/14 |
| Shareholders' Telephone | +43 50811 1120 | 20 August 2014 | Interim report for FY 2014/15 Q1 |
| [email protected] | 10 September 2014 | Ordinary shareholder's meeting for FY 2013/14 | |
| Website | www.kapschtraffic.com | 17 September 2014 | Ex date for dividends for FY 2013/14 |
| Stock Exchange | Vienna, Prime Market | 24 September 2014 | 1st payment date for FY 2013/14 dividends |
| ISIN | AT000KAPSCH9 | 26 November 2014 | Interim report for FY 2014/15 Q2 |
| Trading Symbol | KTCG | 25 February 2015 | Interim report for FY 2014/15 Q3 |
| Reuters | KTCG.VI | 24 June 2015 | Results of FY 2014/15 |
| Bloomberg | KTCG AV | 09 September 2015 | Ordinary shareholder's meeting for FY 2014/15 |
The revenues of the Kapsch TrafficCom Group were EUR 355.0 million in the first three quarters of the current fiscal year 2013/14 (2013/14 Q1-Q3), up by 14.2% from the same period of the previous fiscal year (2012/13 Q1-Q3: EUR 310.9 million). Revenues increased in the Road Solution Projects (RSP) segment and the Services, System Extensions, Components Sales (SEC) segment.
Revenues by segment in the first three quarters were as follows:
The number of on-board units sold amounted to 6.8 million (2012/13 Q1-Q3: 6.7 million). The initial delivery of on-board units for the nationwide toll collection project in Belarus took place in the period under report. The sales figures in North America were slightly lower than in the same period in the previous year, while sales were up in Portugal, Chile and France. On-board units were also sold to Russia for the first time during the past quarter.
n In the segment Others (OTH), revenues amounted in the first three quarters of 2013/14 to EUR 14.4 million (2012/13 Q1-Q3: EUR 12.6 million). This increase resulted largely from the production and deliveries for the GSM-R project of Kapsch CarrierCom.
In the first three quarters of the current fiscal year, the Kapsch TrafficCom Group reported an operating result (EBIT) of EUR 8.6 million (2012/13 Q1-Q3: EUR -8.7 million). The operating results by segment were as follows:
contribution. Commercial operation of the project in the South African province of Gauteng was begun in December 2013 and is not yet reflected in the results of the reporting period. In addition, unresolved issues in connection with the reimbursement of costs for maintaining operational readiness of the system until December weighed down the result for the reporting period.
n The segment OTH exhibited an EBIT of EUR 0.7 million (2012/13 Q1-Q3: EUR 0.4 million).
The financial result decreased from EUR 0.2 million in the comparison period of the previous year to EUR -10.4 million. The most important reason for the change in the financial income resulted from the sale of the minority shares in the joint venture LLC "United Toll Systems", Russia, in the same period of the previous year as well as lower foreign currency gains, which remain largely unrealized. The finance costs experienced an increase in the as yet unrealized foreign exchange losses. In the case of both the foreign currency gains and the foreign currency losses, the changes can be attributed to exchange rate fluctuations that negatively impacted primarily the conversion of the group-internal financing measures of the subsidiaries in North America and South Africa as at the key date.
The balance sheet total on 31 December 2013 of EUR 548.4 million was slightly lower than at the end of the 2012/13 fiscal year (31 March 2013: EUR 567.2 million). The total equity of EUR 210.9 million was also below the comparison value on 31 March 2013 of EUR 236.7 million. Due to the decreased total equity, the equity ratio of the Kapsch TrafficCom Group declined from 41.7% on 31 March 2013 to 38.5% on 31 December 2013.
With regard to the balance sheet assets, the other non-current assets saw an increase of EUR 69.9 million, largely due to the non-current share of the receivables from the Belarus implementation project. On the other hand, the non-current assets were negatively impacted by the decline of EUR 10.2 million in other non-current financial assets and investments due primarily to the change in the fair value of the investment in Q-Free ASA, Norway. Under current assets, the trade receivables fell by EUR 56.7 million, primarily as a result of the project business.
The largest changes on the liabilities side of the balance sheet lie in the area of financial liabilities. Largely due to financing of the construction of the nationwide electronic truck toll collection system in Belarus, the non-current financial liabilities increased by EUR 10.4 million and the current financial liabilities by EUR 15.8 million.
The net cash flow from operating activities amounted to EUR -19.9 million in the first three quarters. The increase in the non-current trade receivables and the decrease in trade payables as well as other current liabilities could not be compensated for by the decrease in trade receivables and other assets and the operating result. The cash flow from investing activities was determined in the first three quarters of fiscal year 2013/14 by the setup of the Belorussian company and ongoing replacement investments in North America and Austria. The increase in the current and non-current financial liabilities primarily from project financing compensated for the dividends paid out and led to a positive net cash flow from financing activities of EUR 14.7 million.
Cash and cash equivalents declined from EUR 79.0 million on 31 March 2013 to EUR 58.5 million on 31 December 2013. The increase in current and non-current financial liabilities and the decline in cash and cash equivalents led to an increase in net debt from EUR 40.5 million on 31 March 2013 to EUR 86.9 million on 31 December 2013.
Kapsch TrafficCom Group – Consolidated statement of comprehensive income.
| All amounts in TEUR | Note | 2013/14 Q3 | 2012/13 Q3 (adjusted) |
2013/14 Q1-Q3 | 2012/13 Q1-Q3 (adjusted) |
|---|---|---|---|---|---|
| Revenues | (4) | 119,107 | 107,583 | 355,046 | 310,947 |
| Other operating income | 9,215 | 2,746 | 18,603 | 11,087 | |
| Changes in finished and unfinished goods and work in progress | -7,381 | -1,260 | -6,435 | 10,697 | |
| Other own work capitalized | 0 | 236 | 0 | 236 | |
| Cost of materials and other production services | -52,188 | -53,764 | -167,678 | -170,677 | |
| Staff costs | -35,536 | -32,509 | -104,778 | -96,775 | |
| Amortization of intangible assets and depreciation of property, plant and equipment |
-3,656 | -4,074 | -12,140 | -12,386 | |
| Other operating expenses | -28,594 | -22,090 | -74,061 | -61,821 | |
| Operating result | (4) | 967 | -3,132 | 8,557 | -8,693 |
| Finance income | 1,752 | 7,022 | 4,654 | 11,073 | |
| Finance costs | -3,537 | -4,250 | -15,075 | -10,907 | |
| Financial result | -1,785 | 2,772 | -10,421 | 166 | |
| Results from associates and joint ventures | 155 | 172 | 172 | 172 | |
| Result before income tax | -663 | -188 | -1,691 | -8,355 | |
| Income taxes | (11) | 46 | 1,386 | 423 | 2,624 |
| Result for the period | -617 | 1,198 | -1,268 | -5,731 |
| All amounts in TEUR | Note | 2013/14 Q3 | 2012/13 Q3 (adjusted) |
2013/14 Q1-Q3 | 2012/13 Q1-Q3 (adjusted) |
|---|---|---|---|---|---|
| Other comprehensive income for the period: | |||||
| Items that may be reclassified to the result for the period: | |||||
| Currency translation differences | -1,498 | -768 | -3,606 | -1,500 | |
| Available-for-sale financial assets | -5,564 | 1,445 | -9,307 | -5,431 | |
| Income tax relating to items that will be reclassified to the result for the period |
140 | -63 | 110 | -159 | |
| Total items that may be reclassified to the result for the period | -6,922 | 613 | -12,803 | -7,090 | |
| Items that will not be reclassified to the result for the period: | |||||
| Actuarial gains/losses according to IAS 19 | 0 | -509 | 0 | -1,526 | |
| Income tax relating to items that will not be reclassified to the result for the period |
0 | 128 | 0 | 385 | |
| Total items that will not be reclassified to the result for the period | 0 | -380 | 0 | -1,141 | |
| Other comprehensive income for the period net of tax | (12) | -6,922 | 233 | -12,803 | -8,231 |
| Total comprehensive income for the period | -7,539 | 1,432 | -14,071 | -13,963 | |
| Result attributable to: | |||||
| Equity holders of the company | -503 | -3,087 | -5,190 | -14,112 | |
| Minority interests | -114 | 4,286 | 3,921 | 8,380 | |
| -617 | 1,198 | -1,268 | -5,731 | ||
| Total comprehensive income attributable to: | |||||
| Equity holders of the company | -6,893 | -2,569 | -16,546 | -21,715 | |
| Minority interests | -646 | 4,000 | 2,475 | 7,752 | |
| -7,539 | 1,432 | -14,071 | -13,963 | ||
| Earnings per share from the result for the period attributable to the equity holders of the company (in EUR) |
-0.04 | -0.24 | -0.40 | -1.09 |
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 | Note | 31 December 2013 | 31 March 2013 (adjusted) |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | (5) | 24,082 | 24,676 |
| Intangible assets | (5) | 77,151 | 79,170 |
| Interests in associates and joint ventures | 1,666 | 1,694 | |
| Other non-current financial assets and investments | (6) | 27,899 | 38,085 |
| Other non-current assets | 70,805 | 942 | |
| Deferred tax assets | 23,510 | 19,527 | |
| 225,112 | 164,094 | ||
| Current assets | |||
| Inventories | 63,452 | 66,428 | |
| Trade receivables and other current assets | 196,440 | 253,177 | |
| Other current financial assets | (6) | 4,820 | 4,505 |
| Cash and cash equivalents | 58,529 | 79,022 | |
| 323,241 | 403,132 | ||
| Total assets | 548,354 | 567,227 | |
| EQUITY | |||
| Capital and reserves attributable to equity holders of the company | |||
| Share capital | (7) | 13,000 | 13,000 |
| Capital reserve | 117,509 | 117,509 | |
| Retained earnings and other reserves | 72,332 | 94,080 | |
| 202,841 | 224,588 | ||
| Minority interests | 8,023 | 12,115 | |
| Total equity | 210,864 | 236,703 | |
| LIABILITIES | |||
| Non-current liabilities | |||
| Non-current financial liabilities | (8) | 114,786 | 104,372 |
| Liabilities from post-employment benefits to employees | (9) | 22,162 | 22,602 |
| Non-current provisions | (10) | 1,171 | 1,370 |
| Other non-current liabilities | 1,986 | 1,766 | |
| Deferred income tax liabilities | 14,261 | 11,752 | |
| 154,366 | 141,861 | ||
| Current liabilities | |||
| Trade payables | 61,095 | 80,220 | |
| Other liabilities and deferred income | 61,236 | 52,520 | |
| Current tax payables | 1,245 | 8,031 | |
| Current financial liabilities | (8) | 35,451 | 19,658 |
| Current provisions | (10) | 24,097 | 28,233 |
| 183,124 | 188,663 | ||
| Total liabilities | 337,490 | 330,524 | |
| Total equity and liabilities | 548,354 | 567,227 |
The notes on the following pages form an integral part of this interim financial information.
| All amounts in TEUR | ||||||
|---|---|---|---|---|---|---|
| Attributable to equity holders of the company | Minority interests |
Total equity | ||||
| Share capital | Capital reserve |
Other reserves |
Consolidated retained earnings |
|||
| Carrying amount as of 31 March 2012 (adjusted) |
13,000 | 117,509 | 12,120 | 97,416 | 13,640 | 253,685 |
| Dividend for 2011/12 | -11,700 | -7,407 | -19,107 | |||
| Result for the period | -14,112 | 8,380 | -5,731 | |||
| Other comprehensive income for the period: |
||||||
| Currency translation differences | -872 | -628 | -1,500 | |||
| Fair value gains/losses on available-for-sale financial assets |
-5,590 | 0 | -5,590 | |||
| Actuarial gains/losses according to IAS 19 |
-1,141 | 0 | -1,141 | |||
| Carrying amount as of 31 December 2012 (adjusted) |
13,000 | 117,509 | 4,517 | 71,604 | 13,985 | 220,615 |
| Carrying amount as of 31 March 2013 (adjusted) |
13,000 | 117,509 | -1,424 | 95,503 | 12,115 | 236,703 |
| Effects from the disposal of subsidiaries |
-1 | 1 | 0 | |||
| Dividend for 2012/13 | -5,200 | -6,568 | -11,768 | |||
| Result for the period | -5,190 | 3,921 | -1,268 | |||
| Other comprehensive income for the period: |
||||||
| Currency translation differences | -1,996 | -1,446 | -3,442 | |||
| Fair value gains/losses on available-for-sale financial assets |
-9,360 | 0 | -9,360 | |||
| Carrying amount as of 31 December 2013 |
13,000 | 117,509 | -12,780 | 85,113 | 8,023 | 210,864 |
The notes on the following pages form an integral part of this interim financial information.
| Cash flow from operating activities Operating result 967 -3,132 8,557 -8,693 Adjustments for non-cash items and other reconciliations: Depreciation and amortization 3,656 4,074 12,140 12,386 Increase/decrease in obligations for post-employment benefits -272 -137 -462 -411 Increase/decrease in other non-current liabilities and provisions -1 400 -391 185 Increase/decrease in other non-current receivables and assets -3,848 972 -1,529 803 Increase/decrease in trade receivables (non-current) -52,145 1,468 -65,595 2,757 Increase/decrease in trade payables (non-current) -632 -1,135 -356 -1,850 Other (net) -1,209 -2,256 -6,012 -3,033 -53,483 255 -53,648 2,142 Changes in net current assets: Increase/decrease in trade receivables and other assets 91,828 38,469 54,249 141,199 Increase/decrease in inventories 1,758 -10,305 2,976 -16,964 Increase/decrease in trade payables and other current payables -20,667 -8,792 -10,306 -15,256 Increase/decrease in current provisions 138 -288 -4,136 1,150 73,057 19,084 42,782 110,130 Cash flow from operations 19,574 19,339 -10,866 112,272 Interest received 556 1,693 1,205 2,514 Interest payments -1,285 -3,010 -4,745 -6,079 Net payments of income taxes 1,228 -247 -5,452 -7,038 Net cash flow from operating activities 20,074 17,774 -19,858 101,668 Cash flow from investing activities Purchase of property, plant and equipment -1,460 -4,173 -8,345 -8,503 Purchase of intangible assets -3,748 -2,960 -5,114 -3,821 Purchase of securities and shares 0 8 0 -1,561 Proceeds from the disposal of property, plant and equipment and intangible assets 211 313 1,651 319 Proceeds from the sale of securities and investments 6 5,997 6 5,997 Net cash flow from investing activities -4,991 -815 -11,802 -7,570 Cash flow from financing activities Dividends paid to company shareholders 0 0 -5,200 -11,700 Dividends paid to minority shareholders of group companies -47 -45 -6,568 -7,407 Increase in non-current financial liabilities 120 5,350 26,207 5,433 Decrease in non-current financial liabilities -180 20 -540 0 Increase in current financial liabilities 6,443 -1,936 9,027 5,827 Decrease in current financial liabilities -5,799 -4,308 -8,254 -47,016 Net cash flow from financing activities 538 -920 14,673 -54,863 Net increase/decrease in cash and cash equivalents 15,621 16,039 -16,987 39,235 Change in cash and cash equivalents Cash and cash equivalents at beginning of period 44,824 67,661 79,022 44,929 Net increase/decrease in cash and cash equivalents 15,621 16,039 -16,987 39,235 Exchange gains/losses on cash and cash equivalents -1,915 32 -3,506 -432 |
All amounts in TEUR | 2013/14 Q3 | 2012/13 Q3 (adjusted) |
2013/14 Q1-Q3 | 2012/13 Q1-Q3 (adjusted) |
|---|---|---|---|---|---|
| Cash and cash equivalents at end of period | 58,529 | 83,732 | 58,529 | 83,732 |
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:
n Road 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 & Co KG. In this segment, engineering solutions, electronic manufacturing and logistics services are offered to affiliated entities and third parties.
This condensed interim financial information for the first three quarters of the current fiscal year 2013/14 ended 31 December 2013 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 statements for the year ended 31 March 2013.
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 2013, as described in the annual financial statements for the year ended 31 March 2013.
In the third quarter of 2013/14, two USD loans that have been granted to U.S. subsidiaries have been classified as net investments in a foreign operation in accordance with IAS 21 as the management board has no intention to repay these loans in the foreseeable future and a repayment is not considered probable either. Foreign exchange differences from these loans had to be recognized directly in equity from third quarter of 2013/14 on and amount to TEUR 652.
In this condensed interim financial information for the first three quarters of the current fiscal year 2013/14 the following new or amended IFRSs and IFRICs have been adopted
| New/adopted IFRSs | Applicable to financial years beginning on or after |
|
|---|---|---|
| IAS 19R | Employee Benefits | 1 January 2013 |
| IFRS 13 | Fair Value Measurement | 1 January 2013 |
| Amendment to IFRS 7 | Financial Instruments: Disclosures | 1 January 2013 |
| Amendment to IAS 1 | Presentation of items under other comprehensive income | 1 July 2012 |
Due to the revisions to IAS 19 the previously permissible deferral of actuarial gains and losses according to the corridor method, in which the actuarial gains were permitted to be recognized in profit or loss only if they amounted to 10% of the higher amount of the defined benefit obligation and the fair value of the plan assets, is no longer possible. Actuarial gains and losses are now fully recognized in other comprehensive income in the statement of comprehensive income. In addition, the group has adopted the new disclosure requirements.
In the course of applying IAS 19R the net interest amount is now disclosed within the financial result and no longer included in staff costs. This is the common disclosure method and facilitates comparability with other financial statements.
The adoption of IAS 19R and the change in disclosure of the interest effect were applied retrospectively according to IAS 8 with effect from 1 April 2012 to provide comparable financial information.
The impacts on the first three quarters of the fiscal year 2012/13 are as follows:
| Corrections for the items of the total comprehensive income | 2012/13 Q1-Q3 | IAS 19R | 2012/13 Q1-Q3 (adjusted) |
|---|---|---|---|
| Staff costs | -97,702 | 927 | -96,775 |
| Operating result | -9,620 | 927 | -8,693 |
| Finance costs | -10,085 | -822 | -10,907 |
| Financial result | 988 | -822 | 166 |
| Result before income tax | -8,460 | 104 | -8,355 |
| Income taxes | 2,650 | -26 | 2,624 |
| Result for the period | -5,810 | 78 | -5,731 |
| Actuarial gains/losses | 0 | -1,526 | -1,526 |
| Income tax relating to items that will not be reclassified to the result for the period | 0 | 385 | 385 |
| Other comprehensive income for the period net to tax | -7,090 | -1,141 | -8,231 |
| Total comprehensive income for the period | -12,900 | -1,063 | -13,963 |
| Result attributable to equity holders of the company | -14,190 | 78 | -14,112 |
| Result attributable to minority interests | 8,380 | 0 | 8,380 |
| -5,810 | 78 | -5,731 | |
| Total comprehensive income attributable to equity holders of the company | -20,652 | -1,063 | -21,715 |
| Total comprehensive income attributable to minority interests | 7,752 | 0 | 7,752 |
| -12,900 | -1,063 | -13,963 | |
| Earnings per share from the result for the period attributable | |||
| to the equity holders of the company (in EUR) | -1.09 | 0.00 | -1.09 |
| Corrections for the items of balance sheet | 31 Dec. 2012 | IAS 19R | 31 Dec. 2012 (adjusted) |
| Consolidated retained earnings and other reserves | 79,746 | -3,624 | 76,121 |
| Total equity | 224,239 | -3,624 | 220,615 |
| Liabilities from post-employment benefits to employees | 16,835 | 4,839 | 21,674 |
| Deferred income tax liabilities | 14,293 | -1,215 | 13,077 |
| Total non-current liabilities | 113,870 | 3,624 | 117,494 |
| Total equity and liabilities | 470,234 | 0 | 470,234 |
| Corrections for the items of balance sheet | 31 March 2013 | IAS 19R | 31 March 2013 (adjusted) |
|---|---|---|---|
| Consolidated retained earnings and other reserves | 98,058 | -3,979 | 94,080 |
| Total equity | 240,682 | -3,979 | 236,703 |
| Liabilities from post-employment benefits to employees | 17,289 | 5,313 | 22,602 |
| Deferred income tax liabilities | 13,086 | -1,335 | 11,752 |
| Total non-current liabilities | 137,882 | 3,979 | 141,861 |
| Total equity and liabilities | 567,227 | 0 | 567,227 |
| 2013/14 Q1-Q3 All amounts in TEUR |
Road Solution Projects |
Services, System Extensions, Components Sales |
Others | Consolidated group |
|---|---|---|---|---|
| Revenues | 90,229 | 250,390 | 14,426 | 355,046 |
| Operating result | -26,031 | 33,892 | 696 | 8,557 |
| 2012/13 Q1-Q3 (adjusted) All amounts in TEUR |
Road Solution Projects |
Services, System Extensions, Components Sales |
Others | Consolidated group |
| Revenues | 64,021 | 234,292 | 12,634 | 310,947 |
| Operating result | -30,068 | 21,011 | 364 | -8,693 |
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 contributed operating segment.
| 2013/14 Q1-Q3 All amounts in TEUR |
Revenue | Road Solution Projects |
Services, System Extensions, Components Sales |
|---|---|---|---|
| Customer 1 | 65,271 | x | |
| Customer 2 | 54,946 | x | |
| Customer 3 | 47,513 | x | x |
| Customer 4 | 33,676 | x | x |
| 2012/13 Q1-Q3 All amounts in TEUR |
Revenue | Road Solution Projects |
Services, System Extensions, Components Sales |
|---|---|---|---|
| Customer 1 | 63,415 | x | x |
| Customer 2 | 56,775 | x | x |
| Customer 3 | 17,845 | x | |
| Customer 4 | 42,027 | x | x |
| All amounts in TEUR | Tangible and intangible assets |
|---|---|
| Carrying amount as of 31 March 2013 | 103,846 |
| Additions | 13,459 |
| Disposals | -1,642 |
| Depreciation, amortization, impairments and other movements | -12,140 |
| Currency translation differences | -2,289 |
| Carrying amount as of 31 December 2013 | 101,233 |
| Carrying amount as of 31 March 2012 | 102,226 |
| Additions | 12,324 |
| Disposals | -408 |
| Depreciation, amortization, impairments and other movements | -12,386 |
| Currency translation differences | 81 |
| Carrying amount as of 31 December 2012 | 101,837 |
| 31 December 2013 | 31 March 2013 | 31 December 2012 | 31 March 2012 | |
|---|---|---|---|---|
| Other non-current financial assets and investments | 27,899 | 38,085 | 45,908 | 51,229 |
| Other current financial assets | 4,820 | 4,505 | 8,826 | 8,213 |
| 32,719 | 42,590 | 54,734 | 59,442 |
| Other non-current financial assets and investments 2013/14 Q1-Q3 |
Available-for-sale securities |
Available-for-sale investments |
Other non-current financial assets |
Total |
|---|---|---|---|---|
| Carrying amount as of 31 March 2013 | 3,684 | 32,008 | 2,394 | 38,085 |
| Currency translation differences | 0 | 0 | -162 | -162 |
| Additions | 0 | 0 | 1,881 | 1,881 |
| Disposals | 0 | 0 | -2,284 | -2,284 |
| Change in fair value | -102 | -9,520 | 0 | -9,622 |
| Carrying amount as of 31 December 2013 | 3,582 | 22,488 | 1,829 | 27,899 |
| Other non-current financial assets and investments 2012/13 Q1-Q3 |
Available-for-sale securities |
Available-for-sale investments |
Other non-current financial assets |
Total |
|---|---|---|---|---|
| Carrying amount as of 31 March 2012 | 3,619 | 40,981 | 6,629 | 51,229 |
| Currency translation differences | 0 | -35 | 151 | 115 |
| Additions | 0 | 1,561 | 47 | 1,608 |
| Disposals | 0 | 0 | -1,001 | -1,001 |
| Change in fair value | 24 | -6,068 | 0 | -6,044 |
| Carrying amount as of 31 December 2012 | 3,642 | 36,439 | 5,826 | 45,908 |
| Other current financial assets 2013/14 Q1-Q3 |
Available-for-sale securities |
Other | Total |
|---|---|---|---|
| Carrying amount as of 31 March 2013 | 4,505 | 0 | 4,505 |
| Currency translation differences | 0 | 0 | 0 |
| Additions | 0 | 0 | 0 |
| Disposals | 0 | 0 | 0 |
| Change in fair value | 315 | 0 | 315 |
| Carrying amount as of 31 December 2013 | 4,820 | 0 | 4,820 |
| Other current financial assets 2012/13 Q1-Q3 |
Available-for-sale securities |
Other | Total |
|---|---|---|---|
| Carrying amount as of 31 March 2012 | 8,213 | 0 | 8,213 |
| Currency translation differences | 0 | 0 | 0 |
| Additions | 0 | 0 | 0 |
| Disposals | 0 | 0 | 0 |
| Change in fair value | 613 | 0 | 613 |
| Carrying amount as of 31 December 2012 | 8,826 | 0 | 8,826 |
As of 31 December 2013, available-for-sale securities relate to government and bank bonds as well as shares in investment funds. As of 31 December 2013, investments classified as available-for-sale mainly relate to a 19.76% investment in the listed company Q-Free ASA, Trondheim, Norway.
Unrealized gains and losses are recognized in the other comprehensive income of the period (see Note 12).
Financial assets and liabilities have to be classified in one of the three following fair value-hierarchies according to IFRS 7.27 A:
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 available-for-sale securities, such as government and other bonds, which are quoted, however not regularly traded on a stock market.
Level 3. Financial instruments are included in level 3 if the valuation information is not based on observable market data.
| Fair value-hierarchies according to IFRS 7.27 A | 2013/14 Q1-Q3 | Level 1 Quoted prices |
Level 2 Observable market data |
Level 3 Not based on observable market data |
|---|---|---|---|---|
| Non-current financial assets | ||||
| Available-for-sale securities | 3,582 | 2,848 | 734 | 0 |
| Available-for-sale investments | 22,483 | 22,483 | 0 | 0 |
| 26,065 | 25,331 | 734 | 0 | |
| Current financial assets | ||||
| Available-for-sale securities | 4,820 | 4,820 | 0 | 0 |
| 4,820 | 4,820 | 0 | 0 | |
| Total | 30,885 | 30,151 | 734 | 0 |
As of 31 December 2013, other non-current financial assets amounting to TEUR 1,834 are recognized at amortized cost.
| observable market data |
||
|---|---|---|
| 2,954 | 688 | 0 |
| 34,909 | 0 | 0 |
| 37,863 | 688 | 0 |
| 8,826 | 0 | 0 |
| 8,826 | 0 | 0 |
| 46,689 | 688 | 0 |
As of 31 December 2012, other non-current financial assets amounting to TEUR 7,356 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 | 31 December 2013 | 31 March 2013 | 31 December 2012 | 31 March 2012 |
|---|---|---|---|---|
| Non-current financial liabilities | 114,786 | 104,372 | 79,687 | 74,256 |
| Current financial liabilities | 35,451 | 19,658 | 11,916 | 53,249 |
| Total | 150,237 | 124,030 | 91,603 | 127,505 |
Movements in borrowings is analyzed as follows:
| All amounts in TEUR | Non-current financial liabilities |
Current financial liabilities |
Total |
|---|---|---|---|
| Carrying amount as of 31 March 2013 | 104,372 | 19,658 | 124,030 |
| Additions | 26,207 | 9,027 | 35,234 |
| Repayments of borrowings | -540 | -8,254 | -8,794 |
| Reclassification | -15,250 | 15,250 | 0 |
| Currency translation differences | -3 | -231 | -233 |
| Carrying amount as of 31 December 2013 | 114,786 | 35,451 | 150,237 |
| All amounts in TEUR | Non-current financial liabilities |
Current financial liabilities |
Total |
|---|---|---|---|
| Carrying amount as of 31 March 2012 | 74,256 | 53,249 | 127,505 |
| Additions | 5,433 | 5,827 | 11,260 |
| Repayments of borrowings | 0 | -47,016 | -47,016 |
| Currency translation differences | -1 | -145 | -146 |
| Carrying amount as of 31 December 2012 | 79,687 | 11,916 | 91,603 |
| All amounts in TEUR | 31 December 2013 | 31 March 2013 (adjusted) |
31 December 2012 (adjusted) |
31 March 2012 (adjusted) |
|---|---|---|---|---|
| Termination benefits | 9,153 | 9,064 | 8,557 | 8,220 |
| Pension benefits | 13,010 | 13,537 | 13,117 | 11,902 |
| Total | 22,162 | 22,602 | 21,674 | 20,122 |
The obligation to set up a provision for termination benefits is based on the respective labor law.
Liabilities for pension benefits recognized at the balance sheet date relate to retirees only. All pension agreements are based on past service cost and are not covered by external plan assets (funds). In addition, contributions are paid to an external pension fund for employees of the group.
| All amounts in TEUR | 31 December 2013 | 31 March 2013 | 31 December 2012 | 31 March 2012 |
|---|---|---|---|---|
| Non-current provisions | 1,171 | 1,370 | 1,132 | 1,098 |
| Current provisions | 24,097 | 28,233 | 19,681 | 18,531 |
| Total | 25,268 | 29,603 | 20,813 | 19,628 |
| 2013/14 Q1-Q3 All amounts in TEUR |
31 March 2013 | Addition | Utilization | Disposal | Currency translation differences |
Reclassifi cation |
31 Dec. 2013 |
|---|---|---|---|---|---|---|---|
| Obligations from anniversary bonuses | 1,182 | 162 | -11 | -162 | 0 | 0 | 1,171 |
| Other | 188 | 0 | 0 | 0 | -11 | -177 | 0 |
| Non-current provisions, total | 1,370 | 162 | -11 | -162 | -11 | -177 | 1,171 |
| Warranties | 1,910 | 30 | 0 | -3 | -112 | 177 | 2,002 |
| Losses from pending transactions and rework |
18,514 | 0 | -1,148 | 0 | 97 | 0 | 17,463 |
| Legal fees, costs of litigation and contract risks |
2,524 | 159 | -128 | 0 | -1 | 5 | 2,558 |
| Other | 5,286 | 691 | -3,701 | -57 | -140 | -5 | 2,074 |
| Current provisions, total | 28,233 | 879 | -4,977 | -60 | -156 | 177 | 24,097 |
| Total | 29,603 | 1,041 | -4,988 | -222 | -166 | 0 | 25,268 |
| 2012/13 Q1-Q3 All amounts in TEUR |
31 March 2012 | Addition | Utilization | Disposal | Currency translation differences |
Reclassifi cation |
31 Dec. 2012 |
|---|---|---|---|---|---|---|---|
| Obligations from anniversary bonuses | 868 | 126 | 0 | -94 | 0 | 0 | 899 |
| Other | 230 | 0 | 0 | 0 | 3 | 0 | 233 |
| Non-current provisions, total | 1,098 | 126 | 0 | -94 | 3 | 0 | 1,132 |
| Warranties | 1,229 | 1,388 | -5 | -9 | -9 | 0 | 2,594 |
| Losses from pending transactions and rework |
12,382 | 0 | -273 | 0 | 229 | 0 | 12,339 |
| Legal fees, costs of litigation and contract risks |
1,022 | 228 | -737 | -119 | 6 | 0 | 401 |
| Other | 3,897 | 7,227 | -5,305 | -1,511 | 40 | 0 | 4,348 |
| Current provisions, total | 18,531 | 8,844 | -6,320 | -1,640 | 267 | 0 | 19,681 |
| Total | 19,628 | 8,969 | -6,320 | -1,734 | 270 | 0 | 20,813 |
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.
In the first three quarters of 2013/14, the effective tax rate is 25% (2012/13 Q1-Q3: 31%). For the full year 2013/14, management expects an effective tax rate of approximately 25%.
| 2013/14 Q1-Q3 All amounts in TEUR |
Before taxes | Tax expense/ income |
After taxes |
|---|---|---|---|
| Fair value gains/losses on available-for-sale financial assets: | |||
| Unrealized gains/losses in the current period | -9,307 | -53 | -9,360 |
| Actuarial gains/losses according to IAS 19 | 0 | 0 | 0 |
| Currency translation differences from net investments in a foreign operation | -652 | 163 | -489 |
| Currency translation differences | -2,953 | -2,953 | |
| Fair value changes recognized in equity | -12,913 | 110 | -12,803 |
The fair value gains/losses on available-for-sale financial assets not realized amounting to TEUR -9,520 relate to the investment in Q-Free ASA, Norway (2012/13 Q1-Q3: TEUR -6,068).
| 2012/13 Q1-Q3 (adjusted) All amounts in TEUR |
Before taxes | Tax expense/ income |
After taxes |
|---|---|---|---|
| Fair value gains/losses on available-for-sale financial assets: | |||
| Unrealized gains/losses in the current period | -5,431 | -159 | -5,590 |
| Actuarial gains/losses according to IAS 19 | -1,526 | 385 | -1,141 |
| Currency translation differences | -1,500 | -1,500 | |
| Fair value changes recognized in equity | -8,457 | 225 | -8,231 |
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 and sureties.
Details of contingent liabilities and other commitments are as follows:
| All amounts in TEUR | 31 December 2013 | 31 March 2013 |
|---|---|---|
| Contract, warranty, performance and bid bonds: | ||
| Toll collection system South Africa, Gauteng | 80,025 | 98,202 |
| Toll collection system North America | 19,707 | 21,225 |
| Truck toll collection system Austria | 8,500 | 8,500 |
| Toll collection system Poland | 7,145 | 9,194 |
| City Highway Sydney and Melbourne | 5,359 | 2,775 |
| Truck toll collection system Czech Republic | 1,739 | 2,494 |
| Toll collection system Portugal | 573 | 1,820 |
| Tender Slovenia | 0 | 2,000 |
| Other | 1,884 | 2,842 |
| 124,932 | 149,052 | |
| Bank guarantees | 1,674 | 1,780 |
| Sureties | 62 | 64 |
| Total | 126,668 | 150,896 |
| All amounts in TEUR | Sales to related parties Q1-Q3 |
Sales from related parties Q1-Q3 |
Amounts owed by related parties 31 December |
Amounts owed to related parties 31 December (adjusted) |
|
|---|---|---|---|---|---|
| Affiliated companies outside the Kapsch TrafficCom Group |
2013/14 | 12,505 | 19,650 | 8,327 | 9,604 |
| 2012/13 | 10,204 | 16,373 | 4,459 | 4,969 | |
| Others | 2013/14 | 213 | 1,251 | 111 | 11,487 |
| 2012/13 | 1,389 | 2,294 | 293 | 12,009 |
The members of the executive and supervisory boards have management functions or are members in supervisory boards of other companies of the Kapsch Group.
On January 15, 2014 Kapsch TrafficCom AG has aquired through its subsidiary Kapsch TrafficCom IVHS Inc. all of the shares of Transdyn Inc., Duluth, U.S.A.
Vienna, 26 February 2014
The Executive Board
Georg Kapsch Erwin Toplak André Laux Chief Executive Officer Executive board member Executive board member
Kapsch TrafficCom is a provider of intelligent transportation systems (ITS) in the application fields of road user charging, urban access and parking, road safety enforcement, commercial vehicle operations, electronic vehicle registration, traffic management and V2X cooperative systems. Kapsch TrafficCom covers with end-to-end solutions the entire value creation chain of its customers as a one-stop shop, from components and subsystems to their integration and operation. The solutions of Kapsch TrafficCom help to provide funding for infrastructure projects, to increase traffic safety, to optimize traffic flow, and to reduce environmental pollution from traffic. The core business is to design, build and operate electronic toll collection systems for multi-lane free-flow traffic. References in 44 countries on all continents make Kapsch TrafficCom a recognized supplier of electronic toll collection 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 representative offices in 33 countries, has been listed on the Vienna Stock Exchange (KTCG) since 2007, and generated with more than 3,000 employees revenues of EUR 488.9 million in fiscal year 2012/13. For additional information: www.kapsch.net and www.kapschtraffic.com
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 | Email [email protected] Corporate Marketing | Alf Netek | Phone +43 50 811 1700 | Fax +43 50 811 99 1700 | Email [email protected]
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