init innovation in traffic systems AG

euro adhoc: init innovation in traffic systems AG
quarterly or semiannual financial statement
init grows as planned in first half - sales and earnings targets confirmed

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Financial Figures Q2 2008


In the first half of 2008, init innovation in traffic systems AG grew according to plan and was able to confirm its sales and earnings targets for the whole year. In the second quarter, the international system provider and telematics specialist for public transport recorded an increase in revenues by 10.3 percent to 12.9 mio. EUR (2007: 11.7 mio. EUR). Over the first six months, revenues thus increased by 9.8 percent to 21.3 mio. EUR (2007: 19.4 mio. EUR).

The satisfactory trend of incoming business continued throughout this period. In the first half of the year, init gained new orders totalling over 28 mio. EUR. As at the end of June, the order volume had risen by some 50 percent to over 104 mio. EUR (2007: 69.1 mio. EUR).

As expected, the hardware deliveries for ongoing major projects in Europe, North America and the United Arab Emirates multiplied in the second quarter. This had a positive effect on the profitability in this quarter. Earnings before interest and taxes (EBIT) increased by 100 percent to 1.6 mio. EUR (2007: 0.8 mio. EUR). Net earnings improved on the previous quarter to triple from 0.5 to 1.6 mio. EUR. Hardware deliveries and installations will further increase in the latter half of this year to result in disproportionately high sales and earnings.

In view of the scheduled execution of these large-scale projects and the continued high level of growth dynamics, the company raised its personnel capacities in the period under review. Together with other advance payments, the cost of production as at the end of June thus grew at a proportionately faster rate than sales compared to the previous year. At 5.5 mio. EUR, the gross profit on sales remained below the prior-year level (6.7 mio. EUR).

Earnings before interest and taxes (EBIT) in the first six months amounted to 0.8 mio. EUR (2007: 1.2 mio. EUR), resulting in a first-half net profit of 0.4 mio. EUR (2007: 0.8 mio. EUR). This corresponds to earnings per share of 0.05 EUR (2007: 0.09 EUR).

Due to the increase in hardware deliveries and installations, the operating cash flow rose quite significantly to 3.9 mio. EUR (2007: -0.2 mio. EUR) and is likely to increase further in the third and fourth quarters.

Traditionally, init generates the lion´s share of its sales and earnings in the latter half of the year, the fourth quarter generally proving to be the best. For the whole of 2008, the Managing Board upheld its projections of increased sales totalling 56 mio. EUR (2007: 46.8 mio. EUR) and an EBIT of around 8.4 mio. EUR (2007: 7.2 mio. EUR).

end of announcement                               euro adhoc

Further inquiry note:

Alexandra Weiß
Investor Relations
Telefon: +49(0)721 6100-102

Branche: Semiconductors & active components
ISIN: DE0005759807
WKN: 575980
Index: CDAX, Prime All Share, Technologie All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse Hannover / free trade
Börse München / free trade

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