Kapsch TrafficCom 1H 20/21 - 2Q the low point, but recovery next year at the earliest only
Kapsch TrafficCom's 1H results were in line with preliminaries published in October, suffering from the expiry of contracts (EUR 63.6 mn revenue impact), a drop in onboard unit sales and a delay in tenders on the top line. EBIT was further affected by goodwill and intangibles impairments (EUR 21.3 mn), provisioning for lower margins and onerous contracts (EUR 32.3 mn) and negative FX effects of EUR 6 mn. Currencies and hyperinflation adjustment (EUR -4.2 mn net deteriorated) also accelerated the financial results decline and only the positive tax impact slowed down the net loss to EUR -55.6 mn. On a positive note, operating cash flow improved sequentially to EUR -0.6 mn (EUR -22.6 mn in 1Q 20/21) thanks to an improvement in working capital of EUR 22.4 mn.Kapsch TrafficCom is an international supplier of superior intelligent transportation systems (ITS). Co. subdivided into the following three segments: Road Solution Projects; Services, System Extensions, Components Sales; and Others. The segment Road Solution Projects relates to the installation of ITS solutions. The segment Services, System Extensions, Components Sales relates to the sale of services and components in the area of ITS solutions. The segment Others relates to non-core business activities conducted by Kapsch Components KG. In this segment, Co. offers engineering solutions, electronic manufacturing and logistics services to affiliated entities and third parties.
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