Ad hoc release in compliance with § 15 WpHG
Karlsruhe, 6 May 2013.
init innovation in traffic systems AG has confirmed its full-year forecast for 2013 in light of the currently available first-quarter figures. The global provider of telematics, planning and electronic fare collection systems for public transport continues to expect a rise in revenues to EUR 105m, with earnings before interest and taxes (EBIT) in excess of EUR 18m.
Although quarterly revenues were slightly below expectations at EUR 17m (Q1 2012: EUR 19.6m) due to a decline in hardware deliveries, incoming orders continued to improve, rising to EUR 15.9m (previous year: EUR 14.9m). As a result, order backlog stood at EUR 178m at the end of March, up 43 per cent against the previous year's period (EUR 124m).
Despite the year-on-year drop in quarterly revenues, gross profit totalling EUR 5.4m boosted the gross margin by 2 percentage points (previous year: EUR 5.8m). Sales and administrative expenses remained virtually unchanged at EUR 4m (Q1 2012: EUR 4.1m), while earnings before interest and taxes (EBIT) recorded a marked drop to EUR 1.1m (Q1 2012: EUR 2.8m) due to lower revenues.
Consolidated quarterly net profit amounted to EUR 0.7m, down EUR 1.1m over the previous year (Q1 2012: EUR 1.8m), thereby corresponding to earnings per share of EUR 0.08 (Q1 2012: EUR 0.20).
In contrast, total comprehensive income increased in the first quarter of 2013 to EUR 2.4m due to EUR 0.8m of unrealized gains on currency translation in the first quarter of 2012.
As the first quarter tends to be the weakest in init AG's financial year, the Managing Board expects revenues and income to rise significantly over the rest of the year. The long-term growth trend in the market for transportation systems and electronic fare collection systems remains intact. In the absence of any unexpected developments, init AG should thus be able to meet its targets for 2013.
The full interim report for the first quarter of 2013 will be published on 10 May 2013.
