DGAP-News: PSI Aktiengesellschaft für Produkte und Systeme der
Informationstechnologie / Key word(s): Quarter Results/9-month figures
PSI with Improved Net Result and Strong Cash Flow after Nine Months
31.10.2016 / 09:02
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
PSI with Improved Net Result and Strong Cash Flow after Nine Months
- Group net result increases by 3 % despite lower sales
- Sales 6 % below previous year due to capacity adjustments in Southeast
Asia
- Cash flow from operating activities improves by 370 %
<pre>
(TEUR) 1 Jan. - 30 Sept. 1 Jan. - 30 Sept. Change
2016 2015
Sales 127,861 136,614 -6 %
EBIT 6,920 7,271 -5 %
Group EBIT 3,900 3,801 +3 %
Earnings per share 0.25 0.24 +4 %
(EUR)
</pre>
PSI Group attained 6 % lower sales of 127.9
million Euros (30 September 2015: 136.6 million Euros) in the first nine
months of 2016 due to adjustments of capacity in Southeast Asia. The EBIT
was, at 6.9 million Euros (30 September 2015: 7.3 million Euros), 5 % below
the level of the previous year, the earnings before taxes were improved by
better financial earnings by 12 % to 6.5 million Euros (30 September 2015:
5.8 million Euros). With 3.9 million Euros, the Group net result was 3 %
above the level of the previous year (30 September 2015: 3.8 million
Euros), the earnings per share improved accordingly to 25 Eurocents (30
September 2015: 24 eurocents). Due to sales price discipline despite weak
market environment and due to regulatory effects, the level of new orders
was, at 134 million Euros, 10 % lower (30 September 2015: 149 million
Euros). The order book volume on 30 September 2016 was, at 132 million
Euros, 3 % above the volume of the previous year (30 September 2015: 128
million Euros).
Energy Management (energy networks, energy trading) achieved 2 % lower
sales of 48.3 million Euros in the first nine months (30 September 2015:
49.1 million Euros), the EBIT for the segment remained constant at 3.5
million Euros. The electrical energy business continued to increase sales
and earnings. Important contracts were won in neighbouring European
countries. The power suppliers of two million cities were equipped with the
new Field Force software with big success. This software is further
migrated to the Group Java platform to connect it to Industry 4.0
production management applications. In the gas and oil business, demand
recovers slowly following the drop in commodity prices in the first
quarter, in particular with an upgrade order from the German market leader
as well as with new orders from Russia. In energy trading, an important
license order by a gas and hydro power operator is only booked in the
fourth quarter so the sales and EBIT for 30 September was slightly below
the level of the previous year.
Sales in Production Management (raw materials, metals production,
automotive, logistics) during the first nine months were, at 63.0 million
Euros, 4 % below the value for the previous year (30 September 2015: 65.6
million Euros). The EBIT was increased by 15 % to 5.2 million Euros (30
September 2015: 4.5 million Euros). In the mines and roads business, new
orders were processed in traffic management. The metals business attained
additional rollout contracts from major steel companies despite the ongoing
global steel crisis and improved the margin on the basis of slightly lower
sales. The automotive and industry business won important major contracts
in the field of rail vehicle construction and vehicle maintenance and
improved the result. Logistics increased sales and invested in a new SaaS/
Cloud version of its logistics software migrated to the Group Java
platform.
In Infrastructure Management (transportation and security) there was a
distinct decrease in sales to 16.5 million Euros (30 September 2015: 21.9
million Euros). The EBIT decreased to -0.9 million Euros (30 September
2015: 0 million Euros) despite the good result of the public transportation
business. In Southeast Asia PSI is moving the expansion of the software
share of sales after adjustments in the capital-intensive hardware business
forward. A SaaS/Cloud standard, based on the Group's Java platform, was
developed for a large telecommunications company for the rapidly growing
smart city market as well as a web portal for grid shutdown requests for an
energy utility.
After capacity adjustments in Asia and despite new hires in Europe, the
number of employees in the Group decreased to 1,632 on 30 September 2016
(30 September 2015: 1,665). PSI is particularly looking for software
salespeople in the energy network and automotive business. The cash flow
from operating activities improved by 3.3 million Euros to 4.2 million
Euros (30 September 2015: 0.9 million Euros). Liquidity on 30 September
2016 increased to 35.9 million Euros (30 September 2015: 29.4 million
Euros). PSI is actively seeking and examines targets for acquisition in the
fields of energy grids and automotive and logistics.
Above all in Production Management, the implementation of a number of pilot
projects based on the migration to the Java Group platform is well advanced
so that from 2017 existing customers will be migrated and new customers
will be addressed. The PSI board is confident that the target range for the
EBIT formulated in the 2015 annual report will be achieved. In the market
weakened by commodity prices and regulation, PSI expects the order intake
and sales to be slightly below the prior-year level after adjustment of the
low-margin hardware business and with continued price discipline.
On the basis of its own software products, PSI AG develops and integrates
complete solutions for energy management (gas, oil, electricity, heat,
water, energy trading), production management (mining, metals, automotive,
mechanical engineering, logistics) and infrastructure management for
transport and safety. PSI was founded in 1969 and employs 1,650 persons
worldwide. www.psi.de
PSI AG
Karsten Pierschke
Head of Investor Relations and
Corporate Communication
Dircksenstraße 42-44
10178 Berlin
Phone +49 30 2801-2727
Fax +49 30 2801-1000
E-Mail: KPierschke@psi.de
---------------------------------------------------------------------------
31.10.2016 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 Aktiengesellschaft für Produkte und Systeme der
Informationstechnologie
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, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
---------------------------------------------------------------------------
515833 31.10.2016
DGAP-News: PSI with Improved Net Result and Strong Cash Flow after Nine Months
| Source: EQS Group AG