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euro adhoc: Kapsch TrafficCom AG
quarterly or semiannual financial statement /
Kapsch TrafficCom AG with clear improvement in profits during first three
quarters of 2007/08
Not for publication in the United States of America, Canada, Australia and
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
Vienna, 27 February 2008 - Kapsch TrafficCom AG (ISIN AT000KAPSCH9), listed on the Vienna Stock Exchange in the prime market segment since 26 June 2007, continued its positive performance in the third quarter of fiscal year 2007/08, posting considerably improved earnings figures against a decline in revenues.
Revenues and earnings Volatility of the project business and the Road Solution Projects (RSP) segment in particular as well as large projects that were ultimately not awarded led to a decline in revenues in the first nine months of the current fiscal year compared to the same period during the previous fiscal year, down 12% from EUR 140.9m to EUR 123.6m. Broken down by segment, Road Solution Projects (RSP) reported in the first three quarters a decline in revenues to EUR 30.7m (Previous year: EUR 85.6m). In the first nine months of the previous year, revenues of EUR 79.0m were included for the major part of the construction of phase I of the nationwide truck tolling system in the Czech Republic while RSP segment´s revenues in the Czech Republic were at EUR 14.5m in the current fiscal year. Major projects in the current fiscal year have been postponed, are in the offering phase or in preparation of a new tender. The performance of the Services, System Extensions and Components Sales (SEC) segment improved significantly due to increased business volumes, generating revenues of EUR 84.9m for the first nine months of the current fiscal year, 87% higher than the EUR 45.4m recorded during the same period in the previous fiscal year. This increase is primarily attributable to the successful technical and commercial operation of the nationwide truck tolling system in the Czech Republic and a significant increase in sales of components, particularly on-board units (OBUs). The Others (OTH) segment recorded revenues of EUR 8.0m for the first three quarters of the current fiscal year, down about 19.2% against the same period in the previous fiscal year with EUR 9.9m.
For the first nine months of 2007/08, Kapsch TrafficCom is reporting considerably improved earnings. EBITDA adjusted by non-recurring items was up 65% from EUR 13.1m to EUR 21.5m, while adjusted operating profit (adjusted EBIT) advanced 89% from EUR 9.9m to EUR 18.6m. Profitability also improved, with the EBIT margin doubling from 7% to 14%.
The analysis by segment for the first nine months of fiscal 2007/08 shows SEC´s EBIT growing from EUR 9.0m to EUR 15.9m (up 77%), RSP increasing from EUR 1.7m to EUR 2.2m (up 29%) and with OTH also improving its EBIT, from EUR -0.8m to EUR -0.5m. In the first three quarters of 2007/08, Kapsch TrafficCom recorded a 91% increase in earnings before tax, from EUR 11.0m in the previous to EUR 21.2m in the current fiscal year. Profit after tax for the same period was up 64% from EUR 8.4m to EUR 13.8m.
Financial position and cash flows As of 31 December 2007, Kapsch TrafficCom´s total assets increased by 26% to EUR 285.5m (31 March 2007: EUR 227.2m). Total equity improved to EUR 116.2m (31 March 2007: EUR 45.6m), bringing the equity ratio as of 31 December 2007 to 40.7% (31 March 2007: 20.1%). Partially due to the successful initial public offering, net debt as of 31 March 2007 of EUR 12.5m has been transformed into net assets of EUR 35.8m as of 31 December 2007.
Outlook The next months will be shaped by participation in tenders and by project awards in Slovakia, Australia, South Africa and the United Kingdom. It should be noted that orders have already been taken in Chile, New Zealand and South Africa in the first nine months. On 28 December 2007, Kapsch TrafficCom successfully closed the negotiations between the Czech Ministry of Transport and the consortium led by Kapsch TrafficCom with the conclusion of an amendment to the contract for the supply and for the operation of the microwave technology based tolling system in the Czech Republic and substantiated the extension of the nationwide truck tolling system (phase II) in the Czech Republic.
The interim report for the third quarter of fiscal 2007/08 can be downloaded at www.kapschtraffic.com / Investor Relations / Financial information.
Kapsch TrafficCom is an international supplier of innovative road traffic telematics systems, products and services. Its principle business is the development and supply of electronic toll collection (ETC) systems, in particular MLFF (multi-lane free-flow) ETC systems, and the technical and commercial operation of such systems. Kapsch TrafficCom also supplies traffic management systems, with a focus on road safety and traffic control, and electronic access systems and parking management. With more than 140 installed tolling systems in 30 countries in Europe, Australia, Latin America, the Asian/Pacific region and South Africa, and more than eleven million transponders and 11,000 equipped lanes, Kapsch TrafficCom has positioned itself among the market leaders in ETC systems worldwide. Kapsch TrafficCom is headquartered in Vienna, Austria, and has subsidiaries and representative offices in 18 countries.
Legal information This stock exchange announcement constitutes neither an offer to sell nor a solicitation to buy any securities. The securities have already been sold. This stock exchange announcement and the information it contains are not for publication in the United States of America (U.S.A.) and may not be distributed to U.S. persons (as defined in Regulation S of the U.S. Securities Act ("Securities Act") of 1933, as amended) or to publications with a general circulation in the U.S.A. This stock exchange announcement does not constitute an offer for the sale of securities or solicitation of an offer to purchase securities in the U.S.A. The securities of Kapsch TrafficCom AG have not been registered under the provisions of the Securities Act and may not be offered, sold or delivered to U.S. persons without prior registration under or exemption from the registration requirements. This stock exchange announcement is exclusively addressed to persons (i) outside the United Kingdom, or (ii) who are investment professionals for the purposes of article 19(5) U.K. Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), as amended, or (iii) who are included under article 49(2)(a)-(d) of the Order ("high net worth companies, unincorporated associations, etc.). All such persons are hereinafter referred to as "Relevant Persons". No person who is not a Relevant Person may take action on the basis of this press release or the information contained herein or rely thereon. Investment or investment activities in connection with this press release are only available to Relevant Persons, and investment business will only be transacted with Relevant Persons.
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Kapsch TrafficCom AG
Tel: +43 (0) 50 811 1122
Wagenseilgasse 1, A-1120 Vienna, Austria
Börsen: Wiener Börse AG / official market