init innovation in traffic systems SE

Earnings Release • Nov 14, 2002

News Details

Ad-hoc | 14 November 2002 15:11

Init AG english

Moderate growth Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Moderate growth leads to an adjustment of prospects in sales and results for 2002 Sales of nine months is at 11.7 % above previous year; EBIT -0.81 Mio. Euro (2001: +0.91 Mio. Euro); Strong increase of incoming orders due to large orders in Europe and North America. init innovation in traffic systems AG, reached according to preliminary figures a turnover of 9.5 Mio. Euro in the third quarter (previous year 9.0 Mio. Euro). The total turnover of the init group in the first nine months of 2002 is at 18.2 Mio. Euro or 11.7 % above the previous year (16.3 Mio. Euro). The growth of init has decelerate in the third quarter of this year The result (EBIT) of the init group for the first nine months of 2002 has improved against the first six months to -0.81 Mio. Euro, but it is below the value of last year (+0.91 Mio. Euro). The reason for this is that public transport authorities are diffident in regard of investments due to economic as well as political uncertainty. Moreover a change in the order structure from short-dated fare collection systems projects to long-dated telematics systems projects led to a postponement of turnover into the business year 2003. Against this background init reduces its targets in sales and results for the whole year 2002: Compared with last year (31 Mio. Euro) we only calculate with a slight growth of the total turnover and earns before interests of approx. 5 % of turnover. In spite of the current difficult market conditions init was able to strengthen its market position. The very fact that in the third quarter orders have been placed with a volume of more than 14 Mio. Euro the total order value add up to 32.8 Mio. Euro by 30 September 2002. This is an increase of approximately 29 % compared with last year (25.4 Mio. Euro). The volume of orders as of 30 September 2002 amounts to 37.4 Mio. Euro and even exceeded the high level of last year (36.5 Mio. Euro). Moreover, init is currently engaged in promising tenders with a volume of more than 20 Mio. Euro. The explicit nine-months-report of init innovation in traffic systems AG will be published by the end of November. For further information please contact Mr. Bernd Gorenflo, phone +49 / 721 / 6100358 or mail ir@initag.de. end of ad-hoc-announcement (c)DGAP 14.11.2002 ——————————————————————————– WKN: 575980; ISIN: DE0005759807; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München und Stuttgart 141511 Nov 02