init innovation in traffic systems SE

Quarterly Report • May 14, 2020

IMPORTANT BUSINESS TRANSACTIONS IN THE FIRST QUARTER 2020

Orders

Earnings position

in million EUR	01/01-31/03/2020	%	01/01-31/03/2019	%
Germany	9.7	24.1	9.1	25.8
Rest of Europe	8.2	20.3	8.8	24.9
North America Other	17.8	44.2	13.9	39.4
countries (Australia, UAE)	4.6	11.4	3.5	9.9
Total	40.3	100.0	35.3	100.0

Personnel

	31/03/2020	31/03/2019
Germany	694	667
Rest of Europe	47	36
North America	140	115
Other countries	29	20
Total	910	838

Opportunities and risks

Forecast and outlook

Additional information

Consolidated INCOME STATEMENT (IFRS)

from 1 January 2020 to 31 March 2020 (unaudited)

	01/01 to 31/03/2020	01/01 to 31/03/2019
EUR '000
Revenues	40,308	35,346
Cost of sales	-26,045	-24,778
Gross profit	14,263	10,568
Sales and marketing expenses	-4,268	-3,921
General administrative expense	-3,383	-3,063
Research and development expenses	-2,710	-2,946
Other operating income	570	599
Other operating expenses	-65	-35
Foreign currency gains and losses	-975	101
Expenses from associated companies	0	-163
Earnings before interest and taxes (EBIT)	3,432	1,140
Interest income	11	14
Interest expenses	-283	-170
Earnings before taxes (EBT)	3,160	984
Income taxes	-980	-305
Net profit	2,180	679
thereof attributable to equity holders of parent company	2,186	714
thereof non-controlling interests	-6	-35
Earnings per share in EUR	0.22	0.07
Average number of floating shares	10,000,215	10,011,687

Consolidated

STATEMENT OF COMPREHENSIVE INCOME (IFRS)

from 1 January 2020 to 31 March 2020 (unaudited)

EUR '000	01/01 to 31/03/2020	01/01/ bis 31/03/2019
Net profit	2,180	679
Items to be reclassified to the income statement:
Changes on currency translation	145	661
Total other comprehensive income	145	661
Total comprehensive income	2,325	1,340
Thereof attributable to equity holders of the parent company	2,331	1,375
Thereof non-controlling interests	-6	-35

Consolidated BALANCE SHEET (IFRS)

as of 31 March 2020 (unaudited)

EUR '000	31/03/2020	31/12/2019
Cash and cash equivalents	28,576	26,174
Marketable securities and bonds	37	37
Trade accounts receivable	30,441	43,025
Contract assets	25,196	22,099
Receivables from related parties	74	52
Inventories	31,505	27,783
Income tax receivable	896	810
Other current assets	4,182	3,734
Current assets, total	120,907	123,714
Property, plant and equipment	50,287	50,805
Investment property	1,462	1,480
Goodwill	9,035	9,035
Other intangible assets	9,033	8,765
Interests in associated companies	390	390
Deferred tax assets	3,048	3,017
Other non-current assets	3,336	3,192
Non-current assets, total	76,591	76,684
Assets, total	197,498	200,398
Bank loans	14,431	17,842
Trade accounts payable	9,861	8,560
Contract liabilities	13,619	16,435
Advance payments received	1,990	747
Income tax payable	0	3.040
Provisions	10,647	10,263
Other current liabilities	19,106	20,697
Current liabilities, total	69,654	77,584
Bank loans	14,231	12,228
Deferred tax liabilities	3,754	2,619
Pensions accrued and similar obligations	11,158	11,149
Provisions	1,623	1,204
Lease liabilities	9,740	10,067
Non-current liabilities, total	40,506	37,267
Liabilities, total	110,160	114,851
Attributable to equity holders of the parent company
Subscribed capital	10,040	10,040
Additional paid-in capital	5,688	5,688
Treasury stock	-1,066	-582
Surplus reserves and consolidated unappropriated profit	72,640	70,505
Other reserves	-127	-272
	87,175	85,379
Non-controlling interests	163	168
Shareholders' equity, total	87,338	85,547
Liabilities and shareholders' equity, total	197,498	200,398

Consolidated CASHFLOW STATEMENT

from 1 January 2020 to 31 March 2020 (unaudited)

EUR '000		01/01 to 31/03/2020 01/01 to 31/03/2019
Cash flow from operating activities
Net income	2,180	679
Amortisation and depreciation	1,921	1,710
Losses on the disposal of fixed assets	-2	-24
Change in provisions and accruals	847	1,493
Change in inventories	-3,581	-1,035
Change in trade accounts receivable and contract assets	9,627	1,456
Change in other assets, not provided by / used in investing or financing activities	-667	1,621
Change in trade accounts payable	1,570	-2,467
Change in advanced payments received and contract liabilities	-1,743	-1,256
Change in other liabilities, not provided by / used in investing or financing activities	-4,759	-943
Amount of other non-cash income and expenses	1,138	553
Net cash from operating activities	6,531	1,787
Cash flow from investing activities
Payments received on disposal of property, plant and equipment	3	28
Investments in property, plant, equipment and other intangible assets	-1,154	-957
Net cash flows used in investing activities	-1,151	-929
Cash flow from financing activities
Cash payments for the purchase of treasury stock	-807	0
Payments received from bank loans incurred	4,101	5,838
Redemption of bank loans	-5,510	-6,633
Change in current and non-current lease liabilities	-734	-557
Net cash flows used in financing activities	-2,950	-1,352
Net effects of currency translation and
consolidation changes in cash and cash equivalents	-28	-181
Changes in cash and cash equivalents	2,402	-313
Cash and cash equivalents at the beginning of the period	26,174	20,620
Cash and cash equivalents at the end of the period	28,576	20,307

FINANCIAL CALENDER 2020

Q2

26 June Virtual Shareholders' Meeting 2020

11 August

Publication Half-Year Financial Report 2020

Publication Quarterly Statement 3/2020

Equity Forum

16/17 November