Kapsch
Press releases

Road traffic largest source of air pollution in cities according to WHO 84% of Austrian citizens see quality of life as being impaired by emissions Vienna. October 15, 2020 – 89 percent of Austrian citizens urgently want to reduce emissions from road traffic. 84 percent blame noise, air pollution and other burdens for health problems – these are findings of the representative survey “Kapsch TrafficCom Index 2020”. New concepts such as the “15-minute City“ in Paris point the way to prolonging people's experiences with cleaner air and less traffic in post-corona times. The negative effects of road traffic have returned very quickly to the political agenda after the lockdown during the corona crisis. While city tolling is being discussed in Germany, other countries are opting for low emission zones. Paris Mayor Anne Hidalgo is pursuing nothing less than an urban planning revolution with her concept of the "15-minute City": Parisians should be able to reach everything they need for life from their doorstep within fifteen minutes on foot or by bike: grocery stores, health centers, schools, parks and workplaces. To make this possible, Hidalgo’s first step was to block central traffic routes for cars and convert them into bicycle expressways. What we can learn from the “15-minute City”. “The city of Paris has succeeded in reacting quickly to the corona crisis with a new mobility concept, making social distancing easier for the population,” says Gerd Gröbminger, Vice President Sales Kapsch TrafficCom. “The concept of the 15-minute City contains many important cornerstones – but it is a very long-term approach that takes a long time to implement. In order to keep traffic-related emissions at the current levels and further reduce them in the future, intelligent transportation systems are already available today. They enable quick improvements and, at the same time lay, the basis for flexible long-term changes.” Digital technology provides opportunities. Many future-oriented cities are pursuing the goal of clearing the streets for bicycles and pedestrians. “But if traffic is only shifted to other city districts through car-free zones, there is no significant impact,” explains Gröbminger. For this reason, the expert recommends introducing digitally connected mobility management. This includes, for example, traffic light control systems which automatically adapt to the current traffic situation. In pilot cities, this would reduce congestion times by up to 25 percent. The widespread use of SIM cards and vehicle-based GPS also makes it possible to capture and use real-time traffic data from all road users to manage mobility intelligently. “For quick success, politicians should work with the authorities to develop a strategy that harnesses the opportunities of digitally connected mobility. Instead of introducing driving bans for cars, it is important to holistically manage and improve people's mobility. There are smart city solutions available today to prolong people's experiences with cleaner air and less traffic in post-corona times.”  

Road traffic largest source of air pollution in cities according to WHO 81% of Spanish citizens see quality of life as being impaired by emissions Madrid. October 15, 2020 – 80 percent of Spanish citizens urgently want to reduce emissions from road traffic. 82 percent blame noise, air pollution and other burdens for health problems – these are findings of the representative survey “Kapsch TrafficCom Index 2020”. New concepts such as the “15-minute City“ in Paris point the way to prolonging people's experiences with cleaner air and less traffic in post-corona times. The negative effects of road traffic have returned very quickly to the political agenda after the lockdown during the corona crisis. While Spain is gradually moving towards zero-emissions mobility, Paris Mayor Anne Hidalgo is pursuing nothing less than an urban planning revolution with her concept of the "15-minute City": Parisians should be able to reach everything they need for life from their doorstep within fifteen minutes on foot or by bike: grocery stores, health centers, schools, parks and workplaces. To make this possible, Hidalgo’s first step was to block central traffic routes for cars and convert them into bicycle expressways. What we can learn from the “15-minute City”. “Paris has managed to react quickly to the pandemic with a new concept of mobility, facilitating social distancing for the population,” says Javier Aguirre, President of Kapsch TrafficCom for Spain and Portugal. “The concept of the 15-minute City is a good one, but it is a very long-term approach that needs a lot of time to be implemented. To keep traffic-related emissions at current levels and to reduce them even further in the future, intelligent transport systems are now available. They allow rapid improvements and at the same time lay the foundation for flexible long-term changes.” Digital technology provides opportunities. Many future-oriented cities are pursuing the goal of clearing the streets for bicycles and pedestrians. “But if the main traffic only moves to other districts of the city, there is no significant impact,” explains Javier Aguirre. For this reason, he recommends introducing digitally connected mobility management. This includes, for example, traffic light control systems which automatically adapt to the current traffic situation. In cities, this would reduce congestion times by up to 25 percent. The widespread use of SIM cards and vehicle-based GPS also makes it possible to capture and use real-time traffic data from all road users to manage mobility intelligently. “To be successful, politicians should work to develop a strategy that takes advantage of the opportunities of digitally connected mobility. Instead of introducing driving bans for cars, it is more important to holistically manage and thus improve people's mobility. There are intelligent solutions for cities that help to ensure cleaner air and less traffic in the post-Coronavirus era.”  

Road traffic largest source of air pollution in cities according to WHO 73% of UK citizens see quality of life as being impaired by emissions London. October 15, 2020 – 78 percent of UK citizens urgently want to reduce emissions from road traffic. 76 percent blame noise, air pollution and other burdens for health problems – these are findings of the representative survey “Kapsch TrafficCom Index 2020”. New concepts such as the “15-minute City“ in Paris point the way to prolonging people's experiences with cleaner air and less traffic in post-corona times. The negative effects of road traffic have returned very quickly to the political agenda after the lockdown during the corona crisis. Councils in England are introducing clean air zones while, in Germany, city tolling is currently being discussed. Paris Mayor Anne Hidalgo is pursuing nothing less than an urban planning revolution with her concept of the "15-minute City": Parisians should be able to reach everything they need for life from their doorstep within fifteen minutes on foot or by bike: grocery stores, health centres, schools, parks and workplaces. To make this possible, Hidalgo’s first step was to block central traffic routes for cars and convert them into bicycle expressways. What we can learn from the “15-minute City”. “It’s essential that cities react quickly in order to minimise the impact of COVID-19 and improve urban mobility”, says Steve Parsons, Head of Sales for UK & Ireland. “Many components of the 15-minute City are correct – but it is a long-term concept, and cities need quicker wins that will have an immediate impact. Intelligent transportation systems are already available today to reduce congestion, resulting in fewer emissions, less noise and improvements in air quality. By working together, we can lay the basis for sustainable improvements that truly benefit the health and social wellbeing of us all.” Digital technology provides opportunities. Many future-oriented cities are pursuing the goal of clearing the streets for bicycles. “But we cannot simply push the problem down the road. Instead, we have to adopt a holistic approach”, explains Parsons. That is why the expert recommends introducing a digitally connected mobility management platform. This includes, for example, traffic light control systems which automatically adapt to the current traffic situation. In pilot cities, this would reduce congestion times by up to 25 percent. The widespread use of SIM cards and vehicle-based GPS also makes it possible to capture and use real-time traffic data from all road users to manage mobility intelligently. “I want to once again stress that it is about us all working together – politicians, authorities, suppliers and the public – to develop a strategy that harnesses the tremendous opportunities of digitally connected mobility. We have the tools to prolong people’s experience with cleaner air and less traffic in post-corona times.”  

Road traffic largest source of air pollution in cities according to WHO 83% of German citizens see quality of life as being impaired by emissions Berlin. October 15, 2020 – 88 percent of German citizens urgently want to reduce emissions from road traffic. 83 percent blame noise, air pollution and other burdens for health problems – these are findings of the representative survey “Kapsch TrafficCom Index 2020”. New concepts such as the “15-minute City“ in Paris point the way to prolonging people's experiences with cleaner air and less traffic in post-corona times. The negative effects of road traffic have returned very quickly to the political agenda after the lockdown during the corona crisis. While city tolling is being discussed in Germany, other countries are opting for low emission zones. Paris Mayor Anne Hidalgo is pursuing nothing less than an urban planning revolution with her concept of the "15-minute City": Parisians should be able to reach everything they need for life from their doorstep within fifteen minutes on foot or by bike: grocery stores, health centers, schools, parks and workplaces. To make this possible, Hidalgo’s first step was to block central traffic routes for cars and convert them into bicycle expressways. What we can learn from the “15-minute City”. “The city of Paris has succeeded in reacting quickly to the corona crisis with a new mobility concept, making social distancing easier for the population,” says Gerd Gröbminger, Vice President Sales Kapsch TrafficCom. “The concept of the 15-minute City contains many important cornerstones – but it is a very long-term approach that takes a long time to implement. In order to keep traffic-related emissions at the current levels and further reduce them in the future, intelligent transportation systems are already available today. They enable quick improvements and, at the same time lay, the basis for flexible long-term changes.” Digital technology provides opportunities. Many future-oriented cities are pursuing the goal of clearing the streets for bicycles and pedestrians. “But if traffic is only shifted to other city districts through car-free zones, there is no significant impact,” explains Gröbminger. For this reason, the expert recommends introducing digitally connected mobility management. This includes, for example, traffic light control systems which automatically adapt to the current traffic situation. In pilot cities, this would reduce congestion times by up to 25 percent. The widespread use of SIM cards and vehicle-based GPS also makes it possible to capture and use real-time traffic data from all road users to manage mobility intelligently. “For quick success, politicians should work with the authorities to develop a strategy that harnesses the opportunities of digitally connected mobility. Instead of introducing driving bans for cars, it is important to holistically manage and improve people's mobility. There are smart city solutions available today to prolong people's experiences with cleaner air and less traffic in post-corona times.”  

Tolling services for trucks now available nationwide in six countries Compliance check for EETS-enabled on-board unit completed in Germany Vienna. October 7 th , 2020 – Kapsch TrafficCom acquired the remaining 35% interests in the German toll services provider tolltickets GmbH. Since July 2016, Kapsch has been holding a 65% stake in tolltickets. “With the combination of the unique experience of Kapsch TrafficCom as a pioneer and technology leader in electronic toll collection and the know-how of tolltickets in delivering tolling services, we have been paving the way for an interoperable tolling services offering across Europe for more than four years,” says Georg Kapsch, Chief Executive Officer of Kapsch TrafficCom. “Because of the high strategic importance of tolling services, we have decided to take over tolltickets completely. Our long-term goal is to establish ourselves among the leading EETS providers. Tolltickets will step-by-step expand its current portfolio to provide white-labeled tolling services for partner companies such as fleet card providers, vehicle manufacturers, or rental car companies.” Important compliance check in Germany completed In an important step forward on the way to expanding the services in Europe, tolltickets has successfully completed the so-called Compliance Checking Communication (CCC) in accordance with the specifications of the German Federal Office for Freight Transport (BAG). This confirms the prescribed functionality of the Kapsch on-board unit and clears the way for the following test phases. Passing these tests will ultimately allow Kapsch TrafficCom to offer toll services in Germany. Interoperable tolling solution for trucks now available nationwide in six European countries Kapsch TrafficCom and tolltickets are continuously expanding their services across the continent. A Western connection covering the entire highway networks in France, Spain and Portugal as well as some tunnels and bridges is now effective. In Central & Eastern Europe, tolltickets is the pioneer in providing tolling services for heavy-goods vehicles in Austria, Hungary and Bulgaria. The addition of Germany to this list would represent an important milestone on the way to providing full coverage of the corridors in Europe and delivering a unique customer experience. Other countries which are in preparation and available soon are Belgium, Norway, Denmark and Sweden. The European Electronic Toll Service (EETS) The European Electronic Toll Service (EETS) supplements the national electronic tolling systems of the member states and simplifies cross-border mobility for road users: Vehicles operating internationally no longer have to be equipped with a separate on-board unit (OBU) for each country, and only one contract with an EETS provider is needed. Kapsch TrafficCom is a globally renowned provider of transportation solutions for sustainable mobility. Innovative solutions in the application fields of tolling, tolling services, traffic management and demand management contribute to a healthy world without congestion. Kapsch has brought projects to fruition in more than 50 countries around the globe. With one-stop solutions, the company covers the entire value chain of customers, from components to design and implementation to the operation of systems. As part of the Kapsch Group and headquartered in Vienna, Kapsch TrafficCom has subsidiaries and branches in more than 30 countries. It has been listed in the Prime Market segment of the Vienna Stock Exchange since 2007 (ticker symbol: KTCG). In its 2019/20 financial year, around 5,100 employees generated revenues of EUR 731.2 million.

Kapsch TrafficCom (Kapsch) is the first manufacturer to submit its RIS-9260 roadside unit (RSU) for dual-use certification by the OmniAir Consortium, the global industry association promoting interoperability and certification for intelligent transportation systems, tolling, and connected vehicles. The Kapsch RIS-9260 is used in connected vehicle (V2X) applications and can operate within either or both the DSRC and C-V2X protocols as dual-mode/dual active. It is already OmniAir-certified for DSRC operation. The Kapsch dual-mode/dual-active RSU offers customers a versatile product that can be implemented in a variety of urban or highway applications including vehicle priority, pedestrian or driver warning systems, and wrong-way driving alerts. The dual-mode/dual-active capabilities protect customer investment against future FCC regulation changes by accommodating V2X connectivity regardless of the underlying radio protocol. They also enable automotive OEMs the ability to choose which short-range radio communication to use. The RIS-9260 has already been successfully deployed in the United States and Canada. In Calgary, Alberta the units are used at 12 intersections in the city’s downtown metropolitan area, where they pair with emergency vehicle (EV) on-board units to trigger green traffic lights when EV sirens are active. This allows the EVs to speed through the cleared intersections and save vital time, and in some cases, ultimately lives. In Florida, the RIS-9260 is deployed in the state’s District 7 Pinellas County Signal Phase and Timing (SPaT) Corridor at 23 signalized intersections and two onsite installs on the Florida Department of Transportation campus. The RSUs correspond with Kapsch in-vehicle on-board units and the Kapsch corridor management software to provide emergency vehicle preemption, transit signal priority, basic safety message collection, and to facilitate the eWalk pedestrian safety application. Additionally, in 2018 Kapsch installed 100+ RIS-9260 units along the I-70 Mountain Corridor highway in Colorado to support the world’s first dual-mode V2X deployment. The units were tested with snow plows and test vehicles to demonstrate safety and mobility use cases largely standardized by SAE J2735 and SAE J2945. This was a joint collaboration with Panasonic, Qualcomm, Ford, and the Colorado Department of Transportation to productize C-V2X while also proving the viability of dual-mode functionality and capabilities. Kapsch is a provider of intelligent transportation systems that have been implemented in traffic scenarios around the world. Its V2X technologies provide the technical infrastructure that enable critical safety and mobility applications, leading to optimized transportation operations. They integrate with the comprehensive Kapsch product portfolio which includes tolling, traffic management, and safety and security applications. “Our V2X products offer our customers a comprehensive range of potential connected vehicle solutions and applications,” said Chris Murray, president of Kapsch TrafficCom North America. “This variety is enhanced by the versatility of our dual-mode technology, which protects customer investment and ensures additional V2X integrations that will continue to develop in the future.” Kapsch TrafficCom is a globally renowned provider of transportation solutions for sustainable mobility. Innovative solutions in the application fields of tolling, tolling services, traffic management and demand management contribute to a healthy world without congestion. Kapsch has brought projects to fruition in more than 50 countries around the globe. With one-stop solutions, the company covers the entire value chain of customers, from components to design and implementation to the operation of systems. As part of the Kapsch Group and headquartered in Vienna, Kapsch TrafficCom has subsidiaries and branches in more than 30 countries. It has been listed in the Prime Market segment of the Vienna Stock Exchange since 2007 (ticker symbol: KTCG). In its 2019/20 financial year, around 5,100 employees generated revenues of EUR 731.2 million.

Highlights. Termination of several major projects, an ongoing personnel shortage in North America and additional expenses for the implementation of new software lead to a decline in revenues and earnings. No dividend for 2019/20. Program launched to reduce costs and increase efficiency. Still too many uncertainties for quantitative outlook on full year 2020/21. “We are currently in a period of weakness. However, I am convinced that we are taking the right steps to quickly put the company back on the road to success“, says Georg Kapsch, CEO of Kapsch TrafficCom. Unless otherwise stated, all values in EUR million Q1 2019/20 Q1 2020/21 +/- Revenues 186.2  138.5 -25.6 % EBIT 4.6  -11.3 > -100 % EBIT margin 2.4 %  -8.2 % -10,6 % Profit for the period  2.4 -10.0 > -100 % Earnings per share (EUR) 0.19 -0.77 > -100 % Vienna, August 12, 2020  – The final earnings for the first quarter of financial year 2020/21 published today by Kapsch TrafficCom hardly differ from the anticipated revenues and operating profit (EBIT) announced on July 24, 2020. Revenues decreased by approximately 26% to EUR 138 million in Q1. This decline is mainly due to developments in the EMEA region (Europe, Middle East, Africa). Last year, revenues still included projects that have been completed in the meantime: two projects for the German infrastructure charge, the operation of the nation-wide toll system in the Czech Republic and the implementation of the nation-wide toll system in Bulgaria. This alone explains a drop in revenues of around EUR 38 million. In South Africa, the COVID-19 situation in particular led to a drop in revenues of EUR 6 million. By contrast, revenues continued to rise in the Americas region (North, Central, and South America). The critical factor here was the strong implementation business. In the APAC region (Asia-Pacific), revenues fell by 7%. The EBIT was at EUR -11 million (previous year: EUR 5 million). It has not yet been possible to compensate for the loss of profitable major projects. At the same time, the company has not yet been able to adapt its cost base to the new circumstances. The implementation of new software in individual customer systems continued to result in additional costs. The difficult situation with staff in North America has also hurt profitability. In Q1 2020/21, Kapsch TrafficCom achieved earnings for the period attributable to equity holders of EUR -10 million (previous year: EUR 2 million). This corresponds to earnings per share of EUR -0.77 (previous year: EUR 0.19). Free cash flow was very negative at EUR 27 million. More than EUR 20 million of this amount resulted from changes in working capital. In particular, trade payables were reduced, which caused the balance sheet to decline. Total assets fell to EUR 677 million as of June 30, 2020 (March 31, 2020: EUR 727 million) and the net debt rose to EUR 205 million (March 31, 2020: EUR 176 million). The equity ratio increased slightly to 26% (March 31, 2020: 25%). In anticipation of a difficult financial year, Kapsch TrafficCom has launched a program to both define short-term cost reduction measures and to create the basis for sustainable growth. The goals include sustainable cost reductions in the double-digit million range and the cushioning of negative factors influencing earnings in the current financial year. The first measures are already being implemented and more will follow. As a sign of how seriously management takes this program, the members of the Executive Board and the 15 executives on the Global Leadership Team are waiving 10% of their fixed salary for at least six months. It is not yet possible to quantify the effects of COVID-19 on the business. In individual cases, there are delays within projects and in tenders. Moreover, visibility for the second half of the financial year remains low. For this reason, and due to the weak Q1 results, the Executive Board is stepping away from the original dividend proposal (EUR 0.25 per share) and will not be proposing a distribution at the Annual General Meeting on September 9, 2020. From today’s point of view, management expects profitability for financial year 2020/21 to be significantly better than in the previous year. Based on the performance in Q1, achieving a positive EBIT is expected to be much more challenging than originally anticipated, given the low visibility and uncertainties surrounding COVID-19. Segment results. In Q1 2020/21, 77% of the revenues were attributed to the ETC segment and 23% to the IMS segment. 48% of revenues were generated in the Europe, Middle East, and Africa (EMEA) region, 47% in the Americas region (North, Central, and South America), and 5% in the Asia-Pacific (APAC) region. ETC (Electronic Toll Collection). Unless otherwise stated, all values in EUR million Q1 2019/20 Q1 2020/21 +/- Revenues 147.0  106.0 -27.9 % EBIT 7.6  -8.9 > -100 % EBIT margin 5.2 %  -8.4 % -13.6 % In Q1 2020/21, ETC revenues fell to EUR 106 million (-28%). ETC EBIT was EUR -9 million (previous year: EUR 8 million). The EBIT margin reached -8% (previous year: 5%). IMS (Intelligent Mobility Solutions). Unless otherwise stated, all values in EUR million Q1 2019/20 Q1 2020/21 +/- Revenues 39.1  32.5 -17.0 % EBIT -3.1  -2.5 20.1 % EBIT margin -7.9 %  -7.6 % 0.3 % In Q1 2020/21, segment revenues totaled EUR 32 million (-17%). IMS EBIT was at EUR -2 million and thus better than the figure of the previous year (EUR -3 million). The highlights report of the first quarter 2020/21 as well as further materials will be available at www.kapsch.net/ktc/ir/downloadcenter .

Contract awarded to Austria´s Kapsch TrafficCom New Traffic and Road Safety Coordination Center Minsk/Vienna. July 23, 2020  – Republican Unitary Enterprise Minskavtodor-Center (RUE Minskavtodor-Center) has selected a joint venture of Kapsch TrafficCom Transportation S.A.U. and Kapsch TrafficCom AG to design, implement and maintain the new Traffic and Road Safety Coordination Center (TRSCC) and to deliver various Intelligent Transportation System (ITS) components in an international public tender held within a Transit Corridor Modernization Project and financed by the World Bank credit funds. The creation of the Traffic and Road Safety Coordinaton Center is a major step forward to a purposeful and structured deployment of ITS technologies in the road sector of Belarus. Within the awarded contract Kapsch will provide an intelligent mobility system and will be responsible for all project stages, from the detailed design to the training of staff and maintenance of the TRSCC. Besides, Kapsch will implement additional ITS equipment (cameras, traffic detectors, etc.) in several road sections. “We are really proud of being chosen by Belarus side as a partner to make another important nationwide project happen,” says Michael Gschnitzer, VP Stategic Sales, Kapsch TraficCom. “The new TRSCC will improve the safety, traffic flow and road users satisfaction. This project is a further success story and underlines the commitment of Kapsch in Belarus, where we have already proven to be a reliable partner with the implementation and operation of the Nationwide Electronic Toll Collection System (ETC-System ‘BelToll’).” Real-time traffic data to improve road safety. The creation of this new innovative system provides a broad set of functionalities for the management of interurban traffic and road infrastructure. The system automates the collection and visualization of real-time traffic data, allowing operators to detect and respond to dangerous road conditions, congestion, incidents, and emergency situations. The information can then be quickly disseminated to drivers, road maintenance teams and interested stakeholders. The system also enables the easy integration and operation of current and future ITS equipment into the TRSCC and provides the interoperability of traffic control systems. Kapsch TrafficCom is a globally renowned provider of transportation solutions for sustainable mobility. Innovative solutions in the application fields of tolling, tolling services, traffic management and demand management contribute to a healthy world without congestion. Kapsch has brought projects to fruition in more than 50 countries around the globe. With one-stop solutions, the company covers the entire value chain of customers, from components to design and implementation to the operation of systems. As part of the Kapsch Group and headquartered in Vienna, Kapsch TrafficCom has subsidiaries and branches in more than 30 countries. It has been listed in the Prime Market segment of the Vienna Stock Exchange since 2007 (ticker symbol: KTCG). In its 2019/20 financial year, around 5,100 employees generated revenues of EUR 731.2 million.

Highlights. Despite the loss of two major projects (nation-wide toll system in the Czech Republic and infrastructure charge in Germany), revenues were just slightly below the previous year’s level. Significant one-time effects and operative challenges that resulted in huge costs led to a negative EBIT. Positive EBIT excluding one-time effects. Positive free cash flow. Dividend proposed to the AGM: probably EUR 0.25 per share. “2019/20 was a cursed year. We encountered more challenges than in previous years, and some of these challenges were rather unusual. It is not currently possible to quantify the effects of COVID-19 on our business. We only see a slight effect at present; however, things are being postponed in a few regions. I anticipate that 2020/21 will be better than the previous financial year and that we will manage to generate a clearly positive EBIT again“, says Georg Kapsch, CEO of Kapsch TrafficCom. Unless otherwise stated, all values in EUR million FY 2018/19 FY 2019/20 +/- Revenues 737.8  731.2 -0.9 % EBIT 57.0  -39.2 > -100 % EBIT margin  7.7 %  -5.4 % -13,1 % Profit for the period attributable to equity holders 47.8 -48.1 > -100 % Earnings per share (EUR) 3.68 -3.70 > -100 % Vienna, June 16, 2020  – The final earnings for financial year 2019/20 published today by Kapsch TrafficCom hardly deviate from the anticipated revenues and operating result (EBIT) announced on April 20, 2020. The Group revenues went down by about one percent to EUR 731 million. The operating result (EBIT) was EUR -39 million. (previous year: EUR 57 million), corresponding to an EBIT margin of 5% (previous year: 8%). The EBIT included about EUR 40 million of one-time effects. In addition, the profitability of the Group was burdened by operational issues, mainly the following two developments: The significant need for personnel in North America meant that sufficient capacities were not available for realizing projects normally. It should not be forgotten that the many new employees often need to first be trained by experienced colleagues. This means that productivity will fall along with a simultaneous increase in costs until it is possible to achieve the full potential of the expanded team. This must be partly compensated by outsourcing. It is therefore understandable that profitability of the Group will suffer temporarily.   Considerable additional expenses for the demanding implementation of new software in existing customer systems led to significant cost over-runs.   In 2019/20, the financial result amounted to EUR -23 million (previous year: EUR -2 million). This amount included losses from foreign currency of EUR -9 million (previous year: EUR -5 million). Moreover, the shares in Q-Free ASA, Norway, had to be written down (due to the decline of the stock price) by EUR 6 million. Income taxes amounted to EUR 8 million (previous year: EUR -8 million). Consequently, the earnings attributable to the shareholders of the company were significantly negative at EUR -48 million (previous year: EUR 48 million). This corresponds to earnings per share of EUR -3.70 (previous year: EUR 3.68). Despite the negative earnings for the period, the balance sheet total went up by 8% to EUR 727 million. The crucial factor for this was the capitalization of leasing liabilities due to the initial application of IFRS 16. For this reason and due to the negative earnings contribution, the equity capital ratio fell to 25%. Net debt reached EUR 176 million (March 31, 2019: EUR 73 million). This corresponds to a debt ratio of 96% (March 31, 2019 adjusted: 29%). The increase in the net debt resulted primarily from the initial application of IFRS 16, the increase in financial liabilities, the negative cash flow from investing activities, and the dividend payment (about EUR 20 million). Without the application of IFRS 16, the net debt would have been EUR 112 million, with a debt ratio of 61%. The net working capital amounted to EUR 168 million as of March 31, 2020 (March 31, 2019: EUR 193 million). This development was the main reason for Kapsch TrafficCom’s positive free cash flow of EUR 2 million in financial year 2019/20. Segment results. The ETC segment accounted for around 77% of total revenues in financial year 2019/20; the IMS segment for around 23%. 55% of the total revenues was generated in the Europe, Middle East, Africa (EMEA) region, 40% in the North, Central and South America (Americas) region, and 5% in the Asia Pacific (APAC) region. ETC (Electronic Toll Collection). Unless otherwise stated, all values in EUR million FJ 2018/19 FJ 2019/20 +/- Revenues 558.4  563.5 +0.9 % EBIT 64.9  1.5 -97.7 % EBIT margin 11.6 %  0.3% -11.4 % In financial year 2019/20 ETC revenues reached EUR 563 Mio. (+1%). The largest contribution to revenues at EUR 315 million (previous year: EUR 334 million) was once again generated in the EMEA region. Revenues in the Americas region increased substantially to EUR 221 million in the past financial year (+27%). In the APAC region, there was a decline in revenues from EUR 50 million to EUR 27.0 million relative to the comparable period of the previous year. This is primarily due to the decline in implementation revenues. The EBIT of the ETC segment was at EUR 1 million (previous year: EUR 65 million). The EBIT margin was slightly positive (previous year: 12%). This sharp decline is largely due to the higher cost of materials and other production services as well as due to higher staff costs. This related, in particular, to the Americas region where the volume of implementation projects increased sharply. Impairments, high legal and consulting fees as well as compensation for non-acceptance of financing due to early termination of the projects for the German infrastructure charge (passenger vehicle toll) had a negative impact on the segment’s EBIT of roughly EUR 8 million. In addition, one-time expenses of about EUR 2 million occurred in connection with the end of the toll project in the Czech Republic. In financial year 2019/20, Kapsch TrafficCom sold 13.2 million on-board units (previous year: 13.5 million). IMS (Intelligent Mobility Solutions). Unless otherwise stated, all values in EUR million FY 2018/19 FY 2019/20 +/- Revenues 179.4  167.7 -6.5 % EBIT -7.9  -40.7 -413.5 % EBIT margin -4.4 %  -24.2 % -19.8 % In financial year 2019/20 IMS revenues reached EUR 168 Mio. (-7%). This was mainly due to lower revenues from operations projects and components. Although the majority of the IMS projects were profitable, EBIT in the IMS segment totaled EUR -41 million in financial year 2019/20 (previous year: -8 million). Mainly one-off effects were responsible for these negative earnings. Impairment charges and allowances on trade receivables and contract assets in connection with updated estimates for the IMS segment, in particular with regard to the future course of business in Zambia, amounted to EUR -27 million. The costs for the termination of the activities of Streetline, USA (intelligent on-street parking solutions) had an impact of EUR 3 million. Outlook. A large number of negative effects came together in the 2019/20 financial year. Many challenges have already been taken care of, and other economically burdensome factors are known: The personnel shortage in North America will presumably last until the end of 2020. Additional expenses for the implementation of new software will probably be incurred up to the first half of the year. At the same time, the company is facing the challenge of making up for the loss of the nation-wide toll project in the Czech Republic – with a high revenue and result contribution – at the end of November 2019. In the US, Kapsch TrafficCom is currently rolling out a new mobility service that makes it possible to pay tolls using a cell phone. Development costs were already incurred for this in the last few years. The management plans to continue to invest in developing this service in the 2020/21 and 2021/22 financial years as well. In return, the management expects that this will contribute noticeably to revenues and results in the years to come. Because of the COVID-19 pandemic visibility, particularly with regard to invitations to tender, has come down. It is therefore too early to provide a quantitative outlook for the financial year 2020/21. The management anticipates that 2020/21 will be better than the previous year and that Kapsch TrafficCom will manage to generate a clearly positive EBIT again. The report on the fiscal year of 2019/20 along with other materials concerning the results will be available at www.kapsch.net/ktc/ir/downloadcenter .