init innovation in traffic systems SE: Digitisation specialist init hits growth targets despite the coronavirus crisis year 2020

Based on preliminary figures:

• Revenues rise to around EUR 181m (forecast: EUR 180m, previous year: EUR 156.5m)
• Operating earnings (EBIT) at well over EUR 19m are at the upper end of the target range (forecast: EUR 18-20m, previous year: EUR 16.2m)

Even in 2020, a year hit by the coronavirus crisis, init innovation in traffic systems SE (ISIN DE0005759807) has achieved its growth targets for revenues and earnings. According to the preliminary figures that are now available, revenues of the digitisation specialist for public transport increased by more than 15 per cent in the past financial year to around EUR 181m (2019: EUR 156.5m). The increase in init's operating earnings before interest and taxes (EBIT) was even stronger, rising by around 20 per cent to well over EUR 19m (previous year: EUR 16.2m) and was thus at the upper end of the target range.

"We are very satisfied with this result, especially considering that our customers, the transport companies, were hit hard by the lockdown caused by the coronavirus pandemic, sustaining a major loss of revenues. On the other hand, we registered an increase in demand, especially for our new digital products to manage the impact of the coronavirus in public transport", states the Managing Board in its initial assessment of the past financial year.

Primarily due to the coronavirus-related postponements of awarding of contracts planned for 2020, incoming orders at over EUR 154m as of the reporting date were below the previous-year figure (EUR 160.2m). However, the postponed projects are expected to be recognised in the first half of the year.

Although 2021 will again be a year of transition due to the effects of the coronavirus crisis, the init Managing Board considers that the sustainable growth trends are still intact. Governments worldwide continue to push for the green transformation of the transport sector, leading to rising demand for digital solutions, for example for promoting electromobility and networking of mobility services on a single platform (Mobility as a Service, MaaS).

As the international leading provider of integrated solutions for planning, dispatching, telematics and ticketing for buses and trains, init is increasingly transforming from a technology service provider to a service partner of transport companies, also taking over their operational tasks of the delivered systems. "This segment is growing very strongly and secures long-term orders with higher customer loyalty", says the init Managing Board.

The Managing Board will present the complete annual report and the forecast for the 2021 financial year on 25 March 2021 at the virtual press and analyst conference.