init innovation in traffic systems SE

AGM Information • May 13, 2015

News Details

Corporate | 13 May 2015 17:05

init innovation in traffic systems AG: Good news for the Annual General Meeting

init innovation in traffic systems AG / Key word(s): AGM/EGM/AGM/EGM

2015-05-13 / 17:05

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init confirms growth in 2015

– Strong revenues and earnings growth in the first quarter

– Decided dividend payout of EUR 0.80 per share

Karlsruhe/Frankfurt, 13 May 2015. Good news for init shareholders today at the Annual General Meeting in Karlsruhe: init innovation in traffic systems AG (ISIN DE 0005759807) got off to a good start in 2015 and largely fulfilled expectations. Revenues even exceeded the forecast significantly in the first quarter. At EUR 23.6m, the leading international provider of telematics, planning and electronic fare collection systems for buses and trams recorded strong growth of 23.8 per cent in quarterly revenue (Q1 2014: EUR 19.0m). Earnings before interest and taxes (EBIT) almost quadrupled to EUR 1.2m (previous year: EUR 0.3m), as did earnings per share (up from EUR 0.02 to EUR 0.08).

“The good start to the financial year 2015 does not, however, give us cause to move away from our previous growth forecast for 2015. We still foresee uncertainties in the general economic situation which could have an impact on how orders are placed in tenders. For the current year, we presently anticipate group revenues of between EUR 104m and EUR 110m at nearly unchanged margins. This translates into an operating profit (EBIT) ranging between EUR 17m and EUR 19m,” commented the Managing Board upon submission of his report.

init’s positive performance in the first three months of the year is also evident in other indicators. Gross profit increased over 35 per cent to EUR 6.7m (previous year: EUR 4.9m). Operating cash flow multiplied to EUR 3.3m (previous year: EUR 0.5m). “However, we do not expect the majority of the cash flow from ongoing projects until the last quarter of the year,” said the Managing Board.

Renewed authorisation to purchase own shares

“We currently have an order backlog of more than EUR 127m. That means we have already secured a large part of the forecast revenues for 2015. If the projects continue to be completed on schedule and we succeed in winning the few, still outstanding orders soon, we will also succeed in reaching our targets for 2015. For the period after that a lot depends on whether and which tenders init can secure in the coming months. We remain confident that we will be able to win an appropriate portion of these ongoing and pending tenders,” said init’s Managing Board in his outlook.

The shareholders rewarded the comments with prolonged applause. Against this background, the approval of the actions of the Managing Board and the Supervisory Board was only a formality. The agenda items were adopted at 97,054 or 99,995 per cent.

At 99,999 per cent there was also overwhelming approval for the dividends proposed by the Managing Board and Supervisory Board. Accordingly, shareholders will receive an unchanged dividend of EUR 0.80 per dividend-bearing share. In total, over EUR 8m will be paid out from a net profit of EUR 17.4m.

As proposed by the Managing Board and Supervisory Board, the Annual General Meeting also renewed the authorisation to purchase own shares. Accordingly, the company can now acquire a maximum of 1,004,000 shares with an imputed share in the capital stock of up to EUR 1,004,000 by 12 May 2020. This is a maximum of 10 per cent of the capital stock.

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Language:	English
Company:	init innovation in traffic systems AG
	Käppelestraße 4-6
	76131 Karlsruhe
	Germany
Phone:	+49 (0)721 6100 0
Fax:	+49 (0)721 6100 399
E-mail:	ir@initag.de
Internet:	www.initag.de
ISIN:	DE0005759807
WKN:	575980
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart

End of News	DGAP News-Service

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357547  2015-05-13