Dividend to remain at EUR 0.80
Karlsruhe, 6 March 2014.
After a strong fourth quarter in 2013, init innovation in traffic systems AG managed to generate group revenues of more than EUR 100m for the first time (2012: EUR 97.3m). Based on the preliminary figures now available, profits after tax rose by 11 per cent to EUR 12.1m (2012: EUR 10.9m). This means that the group's result largely met the growth target set.
In the fourth quarter alone, init group generated revenues of EUR 39m (Q4 2012: EUR 32.8m) and EBIT of EUR 10.2m (Q4 2012: EUR 6.6m). This meant init was able to achieve a new revenue record of EUR 100.1m for the year as a whole. Nevertheless, revenues came in below the budget of EUR 105m, meaning that the strategic objective of a 10 per cent increase in revenue growth was not achieved. This was mainly a result of weaker exchange rates and delays in major projects.
By contrast, in terms of results the group achieved its objective of double-digit growth. Gross profit increased by EUR 3.5m to EUR 37.5m (2012: EUR 34m), an increase of 10.3 per cent. The group also managed to lower manufacturing costs from 65 per cent to 62.6 per cent of revenues thanks to cost savings. While at EUR 17.7m, EBIT was only slightly above the level from the previous year (EUR 17.3m), net profit rose disproportionately from EUR 10.9m in 2012 to EUR 12.1m in 2013. Earnings per share amount to EUR 1.21 (2012: EUR 1.11).
At the end of the year, the order backlog of init group was around EUR 143m (2012: EUR 177m). The order backlog length is around 1.4 years and forms the basis for the continued growth of the group.
On this basis, the Managing Board is confident that in 2014, the group will continue to increase its revenues for the eleventh year in a row. At present, group revenues for 2014 are budgeted at between EUR 103m and 107m. Assuming that exchange rates remain largely constant and that there will be a moderate increase in personnel costs, an EBIT of between EUR 17m and 19m can be anticipated.
Based on this outlook and the excellent liquidity situation, the Managing Board of init innovation in traffic systems AG (ISIN DE 0005759807) decided today to submit a proposal for the appropriation of earnings to the Su-pervisory Board for submission to the Annual General Meeting, which recommends to distribute a consistently high dividend of EUR 0.80 per share entitled to dividend (prior year: EUR 0.80). This resolution is subject to the approval of the 2013 annual financial statements.
As planned, init innovation in traffic systems AG will publish its complete annual report at the financial press and analysts conference on 27 March 2014.
