EANS-Adhoc: init innovation in traffic systems AG / Sharp increase in first half-year result

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.


Karlsruhe, August 4, 2009. In the first half of 2009, due to increased sales profits of init innovation in traffic systems AG (ISIN DE0005759807) rose at a proportionately faster rate. This satisfactory business trend of the global leader in telematics and electronic fare payment systems for buses and trams continued on from the first quarter to generate sales between April and the end of June 2009 of EUR 14.2M, some 10% higher than in the comparable prior-year period (EUR 12.8M). By the end of June, init achieved a cumulative turnover of EUR 23.8M, up by around 12% on the previous year (EUR 21.3M), with some 74.3% (previous year: 76.5%) attributable to foreign business.

Gross profit on sales increased as at the end of June partly because of favorable exchange rates to EUR 7.9M and exceeded the prior-year figure (EUR 5.5M) by around 44%. This resulted in earnings before interest and taxes (EBIT) of EUR 2.7M (previous year: EUR 0.8M). The consolidated net profit in the first half of 2009 amounted to EUR 2.0M (previous year: EUR 0.4M). Thus, earnings per share quadrupled from EUR 0.05 in 2008 to EUR 0.21. On the whole, init managed to better the targets set for sales and earnings in the first half of 2009.

Over the first six months, init acquired contracts worth some EUR 30M in total (previous year: EUR 28M). The order volume of currently around EUR 120M (previous year: EUR 104M) remains at record level, double the amount of sales projected for 2009. In addition, the Karlsruhe-based telematics specialist anticipates further new and follow-up orders to materialize over the coming weeks and months.

In view of a positive business trend in the first half of the year, the Managing Board of init expects to confirm its targets for fiscal 2009, projecting an EBIT of EUR 8.6M (previous year: 8.6M) with sales of EUR 60M (previous year: EUR 56M).

Despite the overall difficult underlying economic conditions, the growth prospects of init continue to be intact well beyond 2009 due to the high order volume and ongoing tenders.

end of announcement euro adhoc

emitter: init innovation in traffic systems AG Käppelestrasse 6 D-76131 Karlsruhe phone: +49(0)721 6100-0 FAX: +49(0)721 6100-399 mail: info@initag.de WWW: http://www.initag.de sector: Semiconductors & active components ISIN: DE0005759807 indexes: CDAX, Prime All Share, Technologie All Share stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin, Hamburg, Stuttgart, Düsseldorf, Hannover, München language: English

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Alexandra Weiß
Investor Relations
Telefon: +49(0)721 6100-102
E-Mail: aweiss@initag.de