PSI Software AG PSI grows by 13 percent in the First Six Months

TIDM0KUR

PSI Software AG

26 July 2019

 
PSI Software AG / Key word(s): Half Year Results/Quarter Results 
 PSI grows by 13 percent in the First Six Months 
 
 26.07.2019 
 The issuer is solely responsible for the content of this announcement. 
 
 PSI grows by 13 percent in the First Six Months 
 - Integration of the smart grid business of BTC AG acquired on 1 January 
 - New orders up 5 % year-on-year to 142 million Euro 
 - EBIT increased by 5 % to 6.5 million euros 
 - Second stage of integration of the acquired BTC Smart Grid business commencedKPIs (KEUR)                1 Jan. - 30 June 2019  1 Jan. - 30 June 2018   Change 
 Sales                                    106,632                 94,571  +12.8 % 
 EBIT                                       6,478                  6,153   +5.3 % 
 Group EBIT                                 4,384                  4,277   +2.5 % 
 Earnings per share (EUR)                    0.28                   0.27   +3.7 % 
 
 
 PSI Group increased new orders by 5 % to the new record value of 142 million euros in the 
 first six months of 2019 (30 June 2018: 135 million euros). The order book volume on 30 June 
 2019 was, at 171 million euros, 4 % above the figure for the previous year (30 June 2018: 
 165 million euros). Group sales improved by just about 13 % to EUR 106.6 million thanks primarily 
 to organic growth in the Production segment and the takeover in the Energy segment (30 June 
 2018: 94.6 million euros). The EBIT increased by 5 % to 6.5 million euros (30 June 2018: 6.2 
 million euros), the group net result improved only slightly to 4.4 million euros due to a 
 lower financial result as a result of the application of IFRS 16 (30 June 2018: 4.3 million 
 euros). 
 
 Energy management (energy grids, energy trading, public transportation) attained 13 % higher 
 sales of 53.2 million euros (30 June 2018: 46.9 million euros) and a constant EBIT of 2.5 
 million euros in the first six months. The BTC Smart Grid division in Germany, which was taken 
 over on 1 January 2019, contributed incoming orders of 5.9 million euros in the first six 
 months, including 3.2 million euros in annual maintenance extensions, external sales of 3.3 
 million euros and a burden of -1.8 million euros (-1.1 million euros in the first quarter, 
 -0.7 million euros in the second quarter) due to underutilization and integration costs. In 
 view of the somewhat higher integration burden than planned, the Executive Board brought forward 
 the second stage of integration in the second quarter, in which the previously unutilized 
 employees were not only assigned to project work, but were now also disciplinarily assigned 
 to the responsible profit centers. While the first quarter was still characterized by extensions 
 of maintenance orders, customer confidence stabilized and led to important new and follow-up 
 orders, which mainly will be booked in the third quarter. For the third quarter, the Management 
 Board expects integration costs of a few hundred thousand euros. This special charge was offset 
 by better results with PSI control systems for gas and electricity networks in the first six 
 months. In the gas network business PSI increased incoming orders, sales and earnings due 
 to the further rollout of the upgrade subscription business and the further recovery of the 
 Russian business. The public transport business continues to benefit from emission-related 
 investments in electric buses. On the other hand, energy trading and the Asian business burdened 
 the result. 
 At 53.4 million euros, sales in production management (raw materials, metals, industry, logistics) 
 in the first six months were 12 % over the figure for the previous year (30 June 2018: 47.6 
 million euros). The business' EBIT of 4.5 million euros was 6 % above the figure for the previous 
 year (30 June 2018: 4.2 million euros). The metals business continues to feel uncertainty 
 among European customers about US customs duties, imports, energy costs and the CO(2) discussion. 
 By contrast, demand is rising in North America, China and Russia. The Automotive, Industry 
 and Logistics businesses continued the strong development in incoming orders, sales and earnings 
 based on the products for Industry 4.0, electric vehicle production and Internet logistics 
 migrated to the Group platform. Brexit is also driving industry and trade to make additional 
 investments in logistics. As announced, PSI Poland took over the Polish Smart Grid division 
 of BTC AG with 29 employees on 1 May 2019. 
 The number of employees in the group increased to 1,947 (30 June 2018: 1,722), due to new 
 hires and the acquisition of the BTC smart grid business. In the second quarter, a high six-digit 
 amount was spent on the anniversary and training. Cash flow from operating activities decreased 
 to -1.4 million euros (30 June 2018: 5.0 million euros) due to an increase of working capital. 
 Cash and cash equivalents decreased to 31.4 million euros (30. June 2018: 35.8 million euros), 
 also due to increased investments in the acquired business, and will be used for sales financing 
 in the seasonal course. 
 PSI continues to record strong demand, particularly for control technology for electricity 
 and gas grids as well as in the logistics and automotive sectors, and therefore expects further 
 increases in the high-margin license, maintenance, upgrade and cloud business in the coming 
 quarters. Despite the deteriorating economic forecasts in Germany and the integration burden, 
 the PSI Executive Board continues to expect sales growth of 10 % to 220 million euros and 
 an increase in the operating result to around 17 million euros for 2019. 
 On the basis of its own software products, the PSI Group develops and integrates complete 
 solutions for optimizing the flow of energy and material at suppliers (energy networks, energy 
 trading, public passenger transport) and industry (raw material extraction, metal production, 
 automotive, mechanical engineering, logistics). PSI was founded in 1969 and employs more than 
 1,900 persons worldwide. www.psi.de 
 Contact 
 PSI Software AG 
 Karsten Pierschke 
 Head of Investor Relations and 
 Corporate Communication 
 DircksenstraÃ e 42-44 
 10178 Berlin 
 Germany 
 Phone +49 30 2801-2727 
 Fax +49 30 2801-1000 
 Email: KPierschke@psi.de 
 
 
 26.07.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group 
 AG. 
 The issuer is solely responsible for the content of this announcement. 
 
 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News 
 and Press Releases. 
 Archive at www.dgap.de 
 
 
Language:      English 
Company:       PSI Software AG 
               DircksenstraÃ e 42-44 
               10178 Berlin 
               Germany 
Phone:         +49 (0)30 2801-0 
Fax:           +49 (0)30 2801-1000 
E-mail:        ir@psi.de 
Internet:      www.psi.de 
ISIN:          DE000A0Z1JH9 
WKN:           A0Z1JH 
Listed:        Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 
                Hamburg, Munich, Stuttgart, Tradegate Exchange 
EQS News ID:   847289 
 
 
 
 
 
 
End of News  DGAP News Service

847289 26.07.2019

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