init innovation in traffic systems AG

EANS-Adhoc: init innovation in traffic systems AG
init posts annual net profit of EUR 10m and revenues of EUR 80.9m in 2010

  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.

Preliminary Figures 2010


Karlsruhe, 2 March 2011. init innovation in traffic systems AG closed the 2010 financial year with revenues of EUR 80.9m and a consolidated net profit of EUR 10m. This corresponds to earnings per share of EUR 1.00 (2009: EUR 0.84).

Based on the preliminary figures now available, the company´s projections (annual sales of EUR 78m), which had already been raised as recently as in October, were again slightly exceeded. The internationally supplier for telematics, planning and electronic fare collection systems for local public transport continued to grow strongly even throughout the last quarter of 2010. At EUR 23.5m, quarterly revenues were up by 13 per cent on the previous year (2009: EUR 20.7m).

Over the year, init was able to improve revenues by as much as around 24 per cent (2009: EUR 65.0), making it the sixth consecutive record year of the company. Growth proved particularly dynamic in North America and Germany, init´s domestic market, where ongoing major projects, but also substantial follow-up contracts boosted revenues.

The company´s profitability in the preceding financial year continued to improve despite rising raw material and energy costs. Its operating income before interest and taxes (EBIT) rose by approximately 28 per cent to EUR 15.1m (2009: EUR 11.8m). Due to higher taxes on earnings, annual net profit improved by a good 20 per cent to EUR 10m (2009: EUR 8.3m).

The new record result led to a notable increase in the operating cash flow. Cash from operations gained in 2010 totalled EUR 14.6m (2009: EUR 5.6m), with a resulting free cash flow (after investments) of EUR 13.2m (2009: EUR 4.1m).

Based on these results, init has laid the foundations for further success, as evidenced in the company´s current volume of orders; at EUR 130.6m at the end of 2010 (2009: EUR 132.2m), it remains at a very high level. In addition, we expect decisions on current tenders to be made in the first half of 2011.

The full annual report of init for 2010 will be published on 30 March 2011 at the analyst and press conference on the company´s financial statements in Frankfurt.

end of announcement                               euro adhoc

Further inquiry note:

Alexandra Wirthmann
init innovation in traffic systems AG
Investor Relations
Telefon: +49(0)721 6100-102

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

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