Kapsch TrafficCom

Profit Statement 2012 2013 2014
Sales EUR mil 489 487 456
Gross Profit EUR mil 231 253 283
EBITDA EUR mil 32.9 36.9 61.5
EBIT EUR mil 15.3 20.3 32.7
Financing Cost EUR mil -1.30 14.9 13.1
Pre-Tax Profit EUR mil 16.9 5.49 19.9
Net Profit EUR mil 9.68 -4.30 3.63
Dividends EUR mil 0 5.20 0
Balance Sheet 2012 2013 2014
Total Assets EUR mil 567 567 516
Non-Current Assets EUR mil 164 236 160
Current Assets EUR mil 403 330 355
Working Capital EUR mil 58.6 200 205
Shareholders' Equity EUR mil 241 213 219
Liabilities EUR mil 327 354 296
Total Debt EUR mil 124 156 138
Net Debt EUR mil 45.0 98.3 41.2
Ratios 2012 2013 2014
ROE % 3.90 -1.89 1.68
ROCE % 4.20 -1.30 0.905
Gross Margin % 47.3 51.9 62.0
EBITDA Margin % 6.74 7.57 13.5
EBIT Margin % 3.12 4.16 7.18
Net Margin % 1.98 -0.883 0.795
Net Debt/EBITDA 1.37 2.67 0.669
Net Debt/Equity 0.187 0.461 0.188
Cost of Financing % -1.03 10.7 8.88
Valuation 2012 2013 2014
Market Capitalisation USD mil 622 702 368
Enterprise Value (EV) USD mil 682 838 418
Number Of Shares mil 12.7 12.7 12.7
Share Price EUR 37.0 40.0 23.9
EV/EBITDA 16.1 17.1 5.27
EV/Sales 1.09 1.30 0.710
Price/Earnings (P/E) 48.7 -118 83.7
Price/Book Value (P/BV) 1.96 2.39 1.39
Dividend Yield % 0 1.02 0

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summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                        
Sales EUR mil ...         200 216 389 550 489    
Gross Profit EUR mil ...         122 118 197 263 231    
EBIT EUR mil ...         29.1 24.5 49.1 42.3 15.3    
Net Profit EUR mil ...         13.0 32.2 22.1 20.6 9.68    
ROE % ...         9.70 21.3 12.3 9.20 3.90    
EBIT Margin % ...         14.5 11.4 12.6 7.69 3.12    
Net Margin % ...         6.48 14.9 5.68 3.75 1.98    
Employees ...         946 1,023 2,167 2,705 3,013    
balance sheet                        
Total Assets EUR mil ...         325 295 450 558 567    
Non-Current Assets EUR mil ...         85.7 101 160 168 164    
Current Assets EUR mil ...         239 194 290 390 403    
Shareholders' Equity EUR mil ...         134 168 192 256 241    
Liabilities EUR mil ...         190 127 259 301 327    
Non-Current Liabilities EUR mil ...         41.4 37.6 117 114 138    
Current Liabilities EUR mil ...         149 89.2 141 188 189    
Net Debt/EBITDA ...         -0.027 -0.888 0.880 1.36 1.37    
Net Debt/Equity ...         -0.007 -0.169 0.288 0.322 0.187    
Cost of Financing % ... ...       8.48 6.73 5.87 5.23 -1.03    
cash flow                        
Total Cash From Operations EUR mil ...         42.1 46.5 -11.7 -37.8 67.2    
Total Cash From Investing EUR mil ...         -44.8 -15.3 -60.9 -16.7 -9.99    
Total Cash From Financing EUR mil ...         15.5 -43.6 66.8 57.5 -22.5    
Net Change In Cash EUR mil ...         12.8 -12.5 -5.74 2.93 34.7    
valuation                        
Market Capitalisation USD mil ... ... ... ... ... 517 259 409 988 622    
Number Of Shares mil ... ...       11.7 12.2 12.2 12.2 12.7    
Share Price EUR ... ... ... ... ... 31.8 14.8 25.3 62.5 37.0    
Earnings Per Share (EPS) EUR ... ...       1.11 2.64 1.81 1.69 0.760    
Book Value Per Share EUR ... ...       11.5 13.8 15.7 21.0 18.9    
Dividend Per Share EUR ... ...       0.522 0.750 1.07 0.959 0    
Price/Earnings (P/E) ... ... ... ... ... 28.6 5.60 14.0 37.0 48.7    
Price/Book Value (P/BV) ... ... ... ... ... 2.77 1.07 1.61 2.98 1.96    
Dividend Yield % ... ... ... ... ... 1.64 5.07 4.22 1.53 0    
Earnings Per Share Growth % ... ... ...     -63.5 138 -31.5 -6.63 -55.0    
Book Value Per Share Growth % ... ... ...     -13.9 20.0 13.8 33.8 -10.1    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                        
Sales EUR mil ...         200 216 389 550 489    
Cost of Goods & Services EUR mil ...         78.1 98.0 191 287 258    
Gross Profit EUR mil ...         122 118 197 263 231    
Staff Cost EUR mil ...         54.6 59.7 86.5 122 132    
Other Cost EUR mil ...         32.4 26.3 48.2 80.2 66.9    
EBITDA EUR mil ...         35.1 32.0 62.7 60.7 32.9    
Depreciation EUR mil ...         6.03 7.49 13.6 18.4 17.7    
EBIT EUR mil ...         29.1 24.5 49.1 42.3 15.3    
Financing Cost EUR mil ...         3.70 2.64 3.42 5.87 -1.30    
Extraordinary Cost EUR mil ...         3.49 -22.0 4.39 0.088 -0.327    
Pre-Tax Profit EUR mil ...         21.9 43.9 41.3 36.3 16.9    
Tax EUR mil ...         5.50 7.40 12.8 8.86 0.177    
Minorities EUR mil ...         3.39 4.30 6.37 6.85 7.02    
Net Profit EUR mil ...         13.0 32.2 22.1 20.6 9.68    
Dividends EUR mil           6.10 9.15 13.0 11.7 0    
growth rates                        
Total Revenue Growth % ... ...       7.83 7.85 79.9 41.5 -11.1    
Operating Cost Growth % ... ...       28.0 -1.26 56.6 50.0 -1.74    
EBITDA Growth % ... ...       -10.2 -8.74 95.8 -3.21 -45.7    
EBIT Growth % ... ...       -17.0 -15.6 100 -13.9 -63.9    
Pre-Tax Profit Growth % ... ...       -48.9 101 -6.03 -12.0 -53.5    
Net Profit Growth % ... ...       -57.3 148 -31.5 -6.63 -53.0    
ratios                        
ROE % ...         9.70 21.3 12.3 9.20 3.90    
ROCE % ... ...       6.84 17.2 11.1 9.07 4.20    
Gross Margin % ...         61.0 54.6 50.8 47.8 47.3    
EBITDA Margin % ...         17.5 14.8 16.1 11.0 6.74    
EBIT Margin % ...         14.5 11.4 12.6 7.69 3.12    
Net Margin % ...         6.48 14.9 5.68 3.75 1.98    
Payout Ratio % ...         47.0 28.4 58.9 56.8 0    
Cost of Financing % ... ...       8.48 6.73 5.87 5.23 -1.03    
Net Debt/EBITDA ...         -0.027 -0.888 0.880 1.36 1.37    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
balance sheet                        
Non-Current Assets EUR mil ...         85.7 101 160 168 164    
Property, Plant & Equipment EUR mil ...         16.9 15.8 19.4 21.8 24.7    
Intangible Assets EUR mil ...         26.1 28.5 88.7 80.4 79.2    
Current Assets EUR mil ...         239 194 290 390 403    
Inventories EUR mil ...         34.2 37.6 49.5 48.9 66.4    
Receivables EUR mil ...         130 84.0 79.3 80.5 72.4    
Cash & Cash Equivalents EUR mil ...         60.2 47.7 42.0 44.9 79.0    
Total Assets EUR mil ...         325 295 450 558 567    
Shareholders' Equity EUR mil ...         134 168 192 256 241    
Of Which Minority Interest EUR mil ...         4.19 5.03 15.2 13.6 12.1    
Liabilities EUR mil ...         190 127 259 301 327    
Non-Current Liabilities EUR mil ...         41.4 37.6 117 114 138    
Long-Term Debt EUR mil ...         10.1 10.1 74.1 74.3 104    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ...    
Current Liabilities EUR mil ...         149 89.2 141 188 189    
Short-Term Debt EUR mil ...         49.2 9.24 23.1 53.2 19.7    
Trade Payables EUR mil ...         56.3 41.3 72.5 59.0 80.2    
Provisions EUR mil ... ... ... ... ... ... ... ... ... ...    
Equity And Liabilities EUR mil ...         325 295 450 558 567    
growth rates                        
Total Asset Growth % ... ...       8.77 -9.07 52.5 23.9 1.71    
Shareholders' Equity Growth % ... ...       0.647 25.3 13.8 33.8 -6.07    
Net Debt Growth % ... ...       -95.1 2,863 -294 49.6 -45.5    
Total Debt Growth % ... ...       112 -67.4 404 31.2 -2.73    
ratios                        
Total Debt EUR mil ...         59.3 19.3 97.2 128 124    
Net Debt EUR mil ...         -0.960 -28.4 55.2 82.6 45.0    
Working Capital EUR mil ...         108 80.2 56.3 70.4 58.6    
Capital Employed EUR mil ...         194 182 216 238 223    
Net Debt/Equity ...         -0.007 -0.169 0.288 0.322 0.187    
Cost of Financing % ... ...       8.48 6.73 5.87 5.23 -1.03    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
cash flow                        
Net Profit EUR mil ...         13.0 32.2 22.1 20.6 9.68    
Depreciation EUR mil ...         6.03 7.49 13.6 18.4 17.7    
Non-Cash Items EUR mil ... ...       25.6 -21.0 -71.3 -62.7 28.1    
Change in Working Capital EUR mil ... ...       -2.55 27.7 24.0 -14.1 11.7    
Total Cash From Operations EUR mil ...         42.1 46.5 -11.7 -37.8 67.2    
Capital Expenditures EUR mil ...         -17.5 -3.88 -6.36 -10.6 -12.7    
Other Investments EUR mil ...         -27.2 -11.4 -54.5 -6.04 2.69    
Total Cash From Investing EUR mil ...         -44.8 -15.3 -60.9 -16.7 -9.99    
Dividends Paid EUR mil           -6.10 -9.15 -13.0 -11.7 0    
Issuance Of Debt EUR mil ... ...       31.3 -40.0 77.9 30.3 -3.48    
Total Cash From Financing EUR mil ...         15.5 -43.6 66.8 57.5 -22.5    
Net Change In Cash EUR mil ...         12.8 -12.5 -5.74 2.93 34.7    
ratios                        
Days Sales Outstanding days ...         237 142 74.5 53.4 54.1    
Days Sales Of Inventory days ...         160 140 94.4 62.1 94.1    
Days Payable Outstanding days ...         263 154 138 75.0 114    
Cash Conversion Cycle days ...         134 128 30.5 40.6 34.5    
Cash Earnings EUR mil ...         19.0 39.7 35.7 39.0 27.4    
Cash Earnings Per Share EUR ... ...       1.63 3.25 2.92 3.20 2.15    
Price/Cash Earnings (P/CE) ... ... ... ... ... 19.6 4.55 8.64 19.6 17.2    
Free Cash Flow EUR mil ...         -2.67 31.2 -72.6 -54.5 57.2    
Free Cash Flow Yield % ... ... ... ... ... -0.756 16.7 -23.5 -7.67 11.8    
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
other data                        
ROA % ...         4.17 10.4 5.92 4.09 1.72    
Gross Margin % ...         61.0 54.6 50.8 47.8 47.3    
Employees ...         946 1,023 2,167 2,705 3,013    
Cost Per Employee USD per month ...         7,042 6,764 4,399 5,214 4,672    
Cost Per Employee (Local Currency) EUR per month ...         4,813 4,863 3,325 3,750 3,639    
Staff Cost (As % Of Total Cost) % ...         31.9 31.2 25.5 24.0 27.8    
Effective Tax Rate % ...         25.1 16.9 31.1 24.4 1.05    
Enterprise Value (EV) USD mil ... ... ... ... ... 516 218 482 1,095 682    
EV/EBITDA ... ... ... ... ... 10.1 4.90 5.81 13.0 16.1    
EV/Capital Employed ... ... ... ... ... 1.91 0.837 1.68 3.54 2.32    
EV/Sales ... ... ... ... ... 1.76 0.726 0.938 1.43 1.09    
EV/EBIT ... ... ... ... ... 12.1 6.39 7.43 18.6 34.8    
Capital Expenditures (As % of Sales) % ...         8.76 1.80 1.64 1.94 2.59    
Revenues From Abroad EUR mil ...         162 174 351 517 451    
Revenues From Abroad (As % Of Total) % ...         81.0 80.6 90.2 94.0 92.2    
Sales from Road Solution Projects EUR mil ...         57.0 46.0 159 230 128    
Sales from Services, System Extensions, Components EUR mil ...         136 162 223 308 342    
Sales from Other Services EUR mil ...         8.00 8.00 6.00 12.0 18.3    
EBIT from Road Solution Projects EUR mil ...         -2.00 -21.0 0 4.00 -51.7    
EBIT from Services, System Extensions, Components EUR mil ...         32.0 45.0 48.0 37.0 67.3    
EBIT from Other Services EUR mil ...         -1.00 0 0 1.00 0.900    
Sales in Austria EUR mil ...         38.0 42.0 38.0 33.0 38.0    
Sales in Europe EUR mil ...         123 117 182 341 289    
Sales in the Americas EUR mil ...         14.0 12.0 28.0 64.0 74.8    
Sales in the Rest Of World EUR mil ...         26.0 45.0 142 112 87.0    
EBIT Margin - Road Solution Projects % ...         -3.51 -45.7 0 1.74 -40.4    
EBIT Margin - Services, System Extensions, Components % ...         23.5 27.8 21.5 12.0 19.7    
EBIT Margin - Other Services % ...         -12.5 0 0 8.33 4.92    

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May 2014
Statistical Dossier

Kapsch TrafficCom AG is an Austria-based supplier of "intelligent road traffic telematic solutions". The Company develops and sells products, systems and services primarily for electronic toll collection (ETC) systems and specializes in solutions for open road tolling (ORT), multi-lane free-flow (MLFF) and high occupancy tolling (HOT). The company is based in Vienna, Austria, but has subsidiaries and interests in more than 20 countries. Until 2009, the Company has performed 210 installations in 35 countries in Europe, Australia, North America, Latin America, Middle East, Asia Pacific and in South Africa, and about 13 million on-board units (OBUs) and over 11,300 equipped lanes. Since 2007, Kapsch TrafficCom AG has been listed on the Vienna Stock Exchange.

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