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Ad-hoc announcements

10. September 2020
Kapsch TrafficCom – Summary of the resolutions of the Annual General Meeting.

In der gestern abgehaltenen ordentlichen Hauptversammlung von Kapsch TrafficCom AG wurden die folgenden Beschlüsse getroffen.

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24. July 2020
Decrease in revenues and negative EBIT in Q1 2020/21. No dividend for financial year 2019/20.

16:06 CEST Based on preliminary numbers, Kapsch TrafficCom expects first quarter 2020/21 revenues of about EUR 138 million (previous year: EUR 186 million) and an operating result (EBIT) of about EUR -11 million (previous year: EUR 5 million). As already communicated in the course of the presentation of the results for the financial year 2019/20, the management expects that the challenges (and the respective costs) regarding the personnel shortage in North America will presumably last until the end of 2020. Furthermore, the management assumes that additional expenses for the implementation of new software will probably be incurred up to the first half of the year. These negative factors have turned out to be much more severe than expected, as the yet available results for Q1 2020/21 show. The significantly lower revenues and earnings compared to the first quarter of the previous year are also a result of the expiry of major projects – operation of the nation-wide toll system in Czech Republic and implementation of a nation-wide toll system in Bulgaria – as well as of the tolling projects in Germany, which have been terminated in the meantime. Already a few weeks ago, Kapsch TrafficCom initiated a cost cutting and efficiency program comprising both short-term measures and sustainable measures. It is one aim of the program to mitigate the negative factors impacting the results of the current financial year. The final results for Q1 2020/21 will be published on August 12, 2020, as scheduled. Until then, impairment tests are performed, based on updated estimates, for various long-term assets (intangible assets including goodwill as well as property, plant and equipment). As a result of the international COVID-19-maeasures, the visibility regarding new business is still very low. Because of this and because of the weak results for the first quarter, the Executive Board decided to refrain from the initial dividend proposal (EUR 0.25 per share) and to propose no dividend to the ordinary Annual General Meeting on September 9, 2020.

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20. April 2020
Preliminary results of the financial year 2019/20 clearly below expectations; proposed dividend reduced.

15:46 CEST The preliminary financial results for financial year 2019/20 show revenues of approximately EUR 731 million, hence, below guidance. The operating result (“EBIT”) is expected to come out at about EUR -38 million. Excluding one-off effects of about EUR -39 million, the expected EBIT would have been slightly positive. The one-off effects comprise: Impairments based on updated forecasts regarding the further business in Zambia (about EUR -27 million,) write-downs relating to the early termination of the German infrastructure charge projects (about EUR -7 million) as well as expenses to end the business activities of Streetline (about EUR -3 million) and regarding the ending of operations of the toll project in Czech Republic (about EUR -2 million). Other one-off effects (net) are expected to amount to EUR -1 million. In the operative business, significant additional costs for the challenging implementation of new software applications into existing customer systems caused major cost overruns. The negative share price development of a financial investment (15.4% stake in Q-Free ASA, Norway) had an impact of about EUR -6 million on the financial result. Furthermore, exchange rate turbulences towards the end of the financial year caused (almost exclusively unrealized) exchange rate losses of presumably about EUR -9 million. Due to the weak result for the period and as far as legally permissible, the Executive Board intends to propose a reduced dividend of presumably EUR 0.25 per share to the Annual General Meeting. For financial year 2020/21, the management expects the EBIT to be clearly positive again. Due to the current global situation (SARS-CoV-2), no concrete guidance can be given for the time being. Kapsch TrafficCom will announce the final results for the financial year 2019/20 on June 16, 2020.

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9. March 2020
Tender, which saw Kapsch TrafficCom as the best bidder, terminated.

22:56 CET On November 15, 2019, Kapsch TrafficCom informed to be best bidder for a tolling project in the EMEA region (Europe, Middle East, Africa). It was the tender for the Gauteng province in South Africa. The total project volume over its six year lifetime should have exceeded EUR 400 million. Kapsch TrafficCom has been informed that the tender was terminated. From today’s perspective it is unforeseeable if and when this project will be tendered again. The existing tolling contract scheduled to end on December 2, 2019 has already been extended for an additional year.

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12. February 2020
Kapsch TrafficCom reports weak EBIT for Q1-Q3 2019/20. No outlook for the EBIT of the financial year.

15:10 CET The operating result (EBIT) of Kapsch TrafficCom for the first three quarters of financial year 2019/20 amounts to EUR 7.7 million. This is about 77% below the EBIT in the comparable period of the previous year and includes one-off effects of EUR -10.6 million. Based on the weak earnings development, the company revokes without replacement the outlook for the EBIT of the financial year (EUR 35 million excluding one-off effects). The highlights of Q1-Q3 2019/20 will be published as planned on February 18, 2020.

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20. December 2019
Kapsch TrafficCom wins major project in the USA.

17:33 CET Kapsch TrafficCom is supplier to Plenary Infrastructure Belle Chasse LLC, a consortium just awarded by the Louisiana Department of Transport and Development with the Belle Chasse Bridge & Tunnel Replacement Public-Private Partnership Project. Kapsch TrafficCom will provide the consortium with tolling technology and operate and maintain the toll system. Implementation activities are scheduled to commence in 2023 followed by 30 years of technical and commercial operations. The project volume for Kapsch TrafficCom is estimated to be more than 100M USD over the 30 year term. The overall project entails the building of a four-lane bridge to replace the current traffic infrastructure (a bridge and a tunnel). The newly constructed bridge includes a modern all-electronic tolling technology (which does not require toll booths), as part of the first Private, Public, Partnership (P3) project in the state. The awarded consortium will recoup its investment through tolls paid by motorists using the new bridge. The project is scheduled to start in January 2020 and has a total term of approximately 34 years, just over 4 years to build the bridge and 30 years of operations and maintenance.

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19. December 2019
Joint Venture of Kapsch TrafficCom and CTS EVENTIM quantifies its claims against the Federal Republic of Germany to approx. EUR 560 millions.

Munich/Vienna, 19 December 2019  – autoTicket GmbH is the project company for the implementation of infrastructure levies contemplated by the Federal Republic of Germany (tolling system for passenger vehicles – so-called “Pkw-Maut”). It is a 50/50 joint venture of Kapsch TrafficCom AG and CTS EVENTIM AG & Co. KGaA as shareholders. Following the unilateral termination of the operating agreement regarding the infrastructure levies with effect as of 30 September 2019 by the German Federal Ministry of Transport and Digital Infrastructure, autoTicket GmbH and its two shareholders decided today that the contractually agreed payment claims against the Federal Republic of Germany amount to a total of approx. EUR 560 millions and to assert claims in this amount in several steps now. autoTicket GmbH and its shareholders Kapsch TrafficCom AG and CTS EVENTIM AG & Co. KGaA are convinced that autoTicket GmbH has a compensation claim due to the present early termination of the agreement by the Federal Republic of Germany, equal to the loss of profits over the term of the agreement. In addition the operating agreement provides for a compensation of the costs arising from the termination of the agreement which includes compensation claims of subcontractors. Such subcontractors include – to varying degrees – Kapsch TrafficCom AG and CTS EVENTIM AG & Co. KGaA as well as some of their affiliated companies. The operating agreement provides for an efficient procedure for dispute resolution: First an independent auditor shall validate the amount of the asserted loss of profits. Thereafter, settlement negotiations with the Federal Republic of Germany are contemplated. In the event of failure of this procedure, the claim will be finally decided in arbitration.

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15. November 2019
Kapsch TrafficCom best bidder for a major project.

Kapsch TrafficCom has been informed to be best bidder for a tolling project in the EMEA region (Europe, Middle East, Africa). Following a final due diligence, the end of the objection period and subject to successful negotiations with the customer, the project could be awarded within the upcoming three weeks. The total project volume over its six year lifetime is expected to exceed EUR 400 million. Kapsch TrafficCom will announce more details as soon as the contract is secured.

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14. October 2019
Kapsch TrafficCom expects a weak EBIT for the first half of the fiscal year 2019/20. Outlook adapted. Revenues develop according to plan.

Vienna, October 14, 2019  – Based on preliminary data, Kapsch TrafficCom announces that in the first half of the fiscal year 2019/20, the result from operating activities (EBIT) is expected to reach approximately EUR 8 million. Adjusted for non-recurring effects, in particular relating to the termination of toll projects in Germany, the EBIT would have amounted to EUR 14 million (same period of the previous year: EUR 17.8 million). Revenues are expected to reach EUR 358 million. This would be higher than the revenues in the same period of the previous year (EUR 335.8 million). Based on the preliminary half-year results, Kapsch TrafficCom adapts the outlook for the fiscal year 2019/20. Currently, the company expects the EBIT (excluding non-recurring effects) to reach about EUR 35 million (variation: +/-10%). Previously, the company assumed that the EBIT of the fiscal year 2019/20 (excluding non-recurring effects) would increase by at least 5%. The sales outlook, however, is confirmed. The annual revenues are expected to go up by at least 5%. The final results for the first half of fiscal year 2019/20 will be published on November 20, 2019.

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