PSI Software AG PSI adjusts Annual Targets
October 04 2022 - 12:40PM
RNS Non-Regulatory
TIDM0KUR
PSI Software AG
04 October 2022
PSI Software AG / Key word(s): Change in Forecast/Results Forecast
PSI adjusts Annual Targets due to Business Performance in the Electrical Grids business
04-Oct-2022 / 17:41 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014,
transmitted by EQS - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
PSI adjusts Annual Targets due to Business Performance in the Electrical Grids business
Berlin, October 4, 2022 - The Executive Board of PSI Software AG has decided to adjust the
annual target for the operating result from continuing operations (EBIT) to 20 million euros
due to the course of business in the Municipal Utilities business (current consensus estimate:
25.1 million euros). The Municipal Utilities business, which generates around 5% of Group
sales, was exposed to further cyclical declines in customer investments in the third quarter.
Losses from a newly developed Redispatch 2.0 software were already recorded in the second
quarter. This software helps distribution system operators and municipal utilities in particular
to play a greater role than before in the integration of renewable energy through balancing
measures and to relieve the transmission grids. In parallel with the development process of
the software, the regulatory basis for Redispatch 2.0 was changed many times by the regulation
authorities and the BDEW association, and the technical requirements were tripled in total
as a result. Compensation payments for these additional services caused by regulation are
being clarified, but clarification is expected to continue beyond the end of the year.
Against this background, the PSI Executive Board has decided to adjust the allocation of employees
in the PSI Group and to implement organizational measures to bundle sales and project execution
in the municipal utilities market segment under an experienced management team. In order to
deliver future projects in a more product-oriented and automated manner, development will
also be bundled and the division's development budget increased from 4 million to 10 million
euros.
The other business units of the Energy Management Segment (gas grids, energy trading, public
transport) are developing as planned. As expected, the Production Management segment will
increase order intake and sales by 15% and earnings by 10% in 2022. The North American business
in particular continues to develop very strongly. In total, new orders and sales of the PSI
Group are expected to be slightly above the previous year, as already forecast in the half-year
report. For the operating result (EBIT) from continuing operations (without Russia) the management
now expects 20 million euros.
For 2023, the PSI Executive Board plans a return to the long-term growth and earnings increase
trend. The strategic developments (PSI App Store/cloud platform) are not affected by the aforementioned
problems, so that the PSI Executive Board continues to aim for the long-term target of 54
million euros EBIT for 2026, irrespective of short-term economic fluctuations.
Contact:
PSI Software AG
Karsten Pierschke
Head of Investor Relations and Corporate Communications
Dircksenstraße 42-44
10178 Berlin
Germany
Phone +49 30 2801-2727
E-Mail: KPierschke@psi.de
End of Inside Information
Information and Explanation of the Issuer to this announcement:
The PSI Group develops its own software products for optimizing the flow of energy and materials
for utilities (energy grids, energy trading, public transport) and industry (metals production,
automotive, mechanical engineering, logistics). The industry-specific products, which are
built from standard components, are sold both directly and via the multi-cloud PSI App Store
and can also be customized by customers and partners themselves. PSI was founded in 1969 and
employs over 2,200 people worldwide. www.psi.de
04-Oct-2022 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate
News and Press Releases.
Archive at www.eqs-news.com
Language: English
Company: PSI Software AG
Dircksenstraße 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, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1456743
End of Announcement EQS News Service
1456743 04-Oct-2022 CET/CEST
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