Ad-hoc announcements

The management board, with the approval of the supervisory board, determined the final number of new shares to be 1,300,000 ordinary no-par value bearer shares.

The Management Board resolved to pursue a capital increase from authorized capital by issuing up to 1,300,000 new ordinary voting shares.

The settlement is expected to be formally finalized and executed in the coming days and thus becomes effective.

Kapsch TrafficCom AG announces that it has reached an agreement with its major financial creditors on a comprehensive restructuring of the financing. 

The Executive Board of Kapsch TrafficCom AG announces that the outlook to the financial year 2022/23, which ended on March 31, 2023, will probably not be met.

Vienna, March 25, 2022 – According to the decision of the competent arbitral tribunal, autoTicket   GmbH is entitled to damages and reimbursement of expenses against the Federal Republic of Germany. This is apparent from the interim arbitral award delivered to the contractor parties today. Following the termination of the operating agreement for the collection of the infrastructure charge ("passenger car toll") in Germany, autoTicket GmbH, the joint venture of Kapsch TrafficCom AG and CTS Eventim AG Co. KGaA, has asserted claims for compensation in the amount of approximately EUR 560 million against the Federal Republic of Germany. The arbitral tribunal confirmed that the claims asserted by autoTicket GmbH in the arbitration proceedings for compensation of the gross enterprise value and for reimbursement of the costs incurred in the execution of the operating agreement exist on the merits. Accordingly, the Federal Republic of Germany, represented by the German Federal Ministry of Transport and Digital Infrastructure, was not allowed to unilaterally withdraw from the contract without compensation. The arbitral award also rejected poor performance, as alleged by the Federal Republic of Germany, as a reason for termination. The first phase of the two-stage arbitral proceedings has thus been concluded. In the second phase of the arbitral proceedings that now follows, a decision is made on the amount of the claim.

10:47 CEST The financial year 2020/21 of Kapsch TrafficCom ended on March 31, 2021. Based on preliminary figures, the company expects revenues of about EUR 500 million. The operating result (EBIT) including negative special effects will be a loss of about EUR 124 million. The most relevant negative special effects account for an EBIT impact of about EUR 139 million and include: Despite the significantly negative result, the equity ratio still amounts to about 14%. As of March 31, 2021, Kapsch TrafficCom held liquid funds in excess of EUR 100 million.

15:20 CEST The main result is a EUR 21 million impairment of goodwill. In addition, for some projects in particular in North America, the project margin had to be adjusted and provisions for impending losses had to be made in the first half of the financial year. This had a negative impact on the operating result (EBIT) in the amount of EUR 32 million. In addition, negative currency effects reduced the EBIT by EUR 6 million. As a result of these effects, revenues will amount to about EUR 258 million and EBIT to about EUR -58 million in the first half of the 2020/21 financial year. Consequently, the company currently expects a negative EBIT in the higher two-digit area as well as a year-on-year fall of revenues of about 25% for financial year 2020/21.

12:48 CEST Based on initial indications for the second quarter the company expects no improvement of the revenue and earnings situation compared to the first quarter of financial year 2020/21. Consequently, the operating result (EBIT) of the financial year will likely be clearly negative. A negative two-digit million value is expected. An important reason for this is COVID-19: Revenues in the profitable components business strongly suffer from decreased traffic volumes. In addition – in spite of some pleasing project wins – there are more delays in tender processes and the award of contracts. Catch-up effects in a relevant scale are expected not before the next financial year. Possible impairments of non-current assets cannot be ruled out for financial year 2020/21. For the annual revenues, precise forecasts are also still difficult. Currently the company assumes a decline of 15 to 20%. As a result of the expected clearly negative results, the current dividend policy is being suspended until further notice. No dividend shall be expected for financial year 2020/21.