07.08.2018
init innovation in traffic systems SE DE0005759807
DGAP-News: init innovation in traffic systems SE adheres to annual targets revenues and earnings forecast confirmed
DGAP-News: init innovation in traffic systems SE / Key word(s): Half Year
Results
init innovation in traffic systems SE adheres to annual targets revenues and
earnings forecast confirmed
07.08.2018 / 16:18
The issuer is solely responsible for the content of this announcement.
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* At EUR 59.3m, revenues after the first six months were up slightly on
the previous year (EUR 58.3m)
* Increased investments in research and development
* Operating cash flow increased by over EUR 10m
After the first six months of the 2018 financial year, init innovation in
traffic systems SE (ISIN DE 0005759807) is well on track to achieve the
targets set for the year as a whole. The key figures were largely in line
with the Managing Board's expectations. The international leading provider
of integrated planning, dispatching, telematics and ticketing systems for
buses and trains therefore confirms its guidance on revenues (EUR 135 to
145m) and EBIT (between EUR 10 and 12m).
In the first six months of 2018, revenues in the init group stood at EUR
59.3m, which is up slightly on the prior-year figure (H1 2017: EUR 58.3m)
and therefore within the scope of planning. Traditionally, the third and
above all the fourth quarters are particularly strong at init in terms of
revenues and earnings.
The improvement in cash flow from operations was exceptional. At EUR 4.0m,
it was more than EUR 10m higher than the figure for the same period of the
previous year (H1 2017: EUR -6.3m). This is attributable to a consistent
"credit collection" and the associated sharp reduction in liabilities.
Order backlog of EUR 130m at the end of June
The operating result on the other hand fell by EUR 1.2m year-on-year to EUR
1.1m (H1 2017: EUR 2.3m). At EUR 4.5m in the first half of 2018, some EUR
1.1m more were invested in research and development than in the previous
year.
All in all, init managed to acquire new orders totalling EUR 44.3m in the
second quarter (Q2 2017: EUR 42.5m). The figure stood at around EUR 73m as
of June 2018 (30 June 2017: EUR 84m). The order backlog as of 30 June 2018
was around EUR 130m. "init is therefore very likely to reach the target of
EUR 140 to 150m for incoming orders in 2018 - despite persistent global
uncertainties", the Managing Board stated in his outlook.
In the North American business, the decision on several large orders was
deferred to the second half of the year. At the start of July, init secured
a strategically important large order from Metrolink, Los Angeles, one of
the largest regional transport associations in the US and operator of the
local rail transport network in Southern California. INIT Innovations in
Transportation, Inc. - the wholly owned US subsidiary - won a contract to
update and modernise the existing payment system. The order comprises 155
new Ticket Vending Devices (TVDs), Ticket Office Machines (TOMs), and a core
back-office account-based system. Another milestone was reached in Turku,
Finland, where the first time the credit and bank card standard EMV will be
implemented as a payment method in public transport in Scandinavia.
Digital disruption acts as a growth accelerator
Turku and Metrolink are only two examples of innovative disruption by means
of which init can make "mobility 4.0" a reality for its customers. "We are
also currently working on a series of other digital research projects", the
Managing Board explained in his report. These concern, among other things,
the optimum deployment and infrastructure planning for electric buses as
well as the ITCS-controlled operation of self-driving public buses, the
networking of existing mobility offerings in a region or the protection of
underground public transport systems, and the development of an inter-modal
travel information and booking platform.
init therefore continues to expect growth to accelerate, especially in the
ticketing business. As a full-service provider, init will become
increasingly important as a partner for transport companies in the long
term, also in managing the entire technical operation of systems. This opens
up additional growth opportunities and leads to much greater customer
loyalty.
Contact:
Person making the notification:
Simone Fritz
Investor Relations
[email protected]
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07.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: init innovation in traffic systems SE
Käppelestraße 4-10
76131 Karlsruhe
Germany
Phone: +49 (0)721 6100 0
Fax: +49 (0)721 6100 399
E-mail: [email protected]
Internet: www.initse.com
ISIN: DE0005759807
WKN: 575980
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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711769 07.08.2018
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