TIDM0KUR

PSI Software AG

29 March 2023

 
PSI Software AG / Key word(s): Annual Results/Annual Report 
 PSI with strong industrial business in 2022 
 
 29.03.2023 / 08:47 CET/CEST 
 The issuer is solely responsible for the content of this 
 announcement. 
 
 PSI with strong industrial business in 2022 
 - Sales roughly constant at 247.9 million euros 
 - EBIT as announced at 20.2 million euros 
 - PSI App Store sales reaches 7.5 million eurosPerformance indicators     1 Jan. - Dec.         1 Jan. - Dec.   Change 
  (KEUR)                         31, 2022   31, 2021 (adjusted) 
 Sales                            247,938               245,493    +1.0% 
 EBIT                              20,186                24,995  - 19.1% 
 Group net result                   9,694                15,837  - 38.8% 
 Earnings per share (EUR)            0.62                  1.01  - 38.6% 
 
 Berlin, March 29, 2023 - The PSI Group achieved stable 
 sales of 247.9 million euros in fiscal year 2022 (Dec. 31, 
 2021, adjusted: 245.5 million euros). Due to significant 
 project overruns in the business with municipal utilities, 
 the operating result (EBIT) of 20.2 million euros was 19% 
 below the previous year's value (Dec. 31, 2021, adjusted: 
 25.0 million euros), the consolidated result decreased even 
 more to 9.7 million euros (Dec. 31, 2021: 15.8 million euros) 
 due to the withdrawal from Russia. High gas prices over 
 the course of the year led to weak orders in the business 
 with gas importers and municipal utilities, with the result 
 that new orders were 4.9% down year-on-year at 253 million 
 euros (Dec. 31, 2021: 266 million euros). 
 
 The Energy Management segment (energy grids, energy trading, 
 public transport) achieved 5.6% lower sales of 130.4 million 
 euros (Dec. 31, 2021, adjusted: 138.1 million euros) and 
 a significantly lower operating result of 1.4 million euros 
 (Dec. 31, 2021, adjusted 9.7 million euros). New orders, 
 sales and in particular the segment's earnings were impacted 
 by weak municipal utility projects (7% of PSI sales). In 
 addition, there were losses from over one hundred regulatory 
 changes for the Redispatch 2.0 software, which helps municipal 
 utilities and distribution system operators intelligently 
 distribute renewable energy in their own grids and relieve 
 the transmission grids. Business with distribution and transmission 
 networks as well as industrial networks remained stable 
 in real terms (30% of PSI sales). In order to focus the 
 market-leading product PSIcontrol on more efficient customer 
 customization and higher volumes, PSI management tripled 
 product development capacity to 125 employees. In addition, 
 the new partner-capable control system PSIscada, which was 
 developed on the PSI platform, passed an important load 
 test in 2022 for the management of a nationwide gas network. 
 It will gradually take over more functional areas in combination 
 with PSIcontrol. PSI also continued to enjoy high demand 
 for software for electric bus depots. 
 
 Sales in the Production Management segment (metals, industry, 
 logistics) grew by 9.4% to 117.5 million euros (Dec. 31, 
 2021, adjusted: 107.4 million euros). The segment's operating 
 profit increased by 23% to 20.2 million euros (Dec. 31, 
 2021 adjusted: 16.4 million euros). In particular, the North 
 American business with customers in the metals producing 
 industry continues to develop very strongly. After 2.5 million 
 euros in precautionary provisions due to the payment behavior 
 of Chinese customers, PSI will limit itself even more to 
 reliable regular customers and partners. The strong demand 
 can be increasingly better served worldwide thanks to the 
 PSI platform, as customers and partners increasingly take 
 over order processing and independently carry out rollouts 
 with workflow, PSI Click Design and e-learning in the PSI 
 Virtual Factory and adapt the software to plant-specific 
 features. 
 
 With the decision to sell the Russian subsidiaries in the 
 4(th) quarter, the Russian subsidiaries were classified 
 as a business held for sale. This resulted in an earnings 
 effect of -7.1 million euros (previous year: -1.7 million 
 euros). 
 
 The number of employees in the Group was increased to 2,251 
 (Dec. 31, 2021: 2,223) due to new hires in Poland and the 
 USA despite the departures in Russia. At 3.4 million euros, 
 cash flow from operating activities was significantly lower 
 than in the previous year (Dec. 31, 2021: 38.8 million euros), 
 due to the lower consolidated net profit and the resumption 
 of liabilities from vacation accruals and sales tax after 
 the pandemic year. Cash and cash equivalents decreased to 
 45.4 million euros (Dec. 31, 2021: 67.5 million euros) also 
 due to the dividend payment and the share buyback. Although 
 only five product lines were available in the cloud-based 
 PSI App Store during the course of the year, licenses and 
 accompanying services were already ordered for 7.5 million 
 euros, in some cases with seven-digit order sums. Further 
 partnerships with international resellers and integrators 
 have been agreed, including Accenture and Tata Consulting. 
 PSI will further expand its business with Group rollouts 
 and integration partners in 2023. The share of fixed price 
 business, which is subject to inflation and fulfillment 
 risks, was further reduced to now 29%. The annually recurring 
 maintenance and upgrade fees were further increased to 97 
 million euros. 
 
 PSI expects a recovery in the Energy Management segment, 
 a continuation of growth in Production Management and a 
 significant increase in App Store sales in 2023. Without 
 taking into account a possible worsening of the geopolitical 
 situation, the management is planning increases in new orders 
 and sales of up to 10% and the operating result of around 
 20% to 25 million euros for 2023. The strategic developments 
 (cloud-based App Store and Collaboration Space) will be 
 continued as planned, so that the PSI Executive Board continues 
 to aim for the long-term target of 54 million euros EBIT 
 for 2026. 
 
 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 cloud-based PSI App Store 
 and can also be customized by customers and partners themselves. 
 PSI was founded in 1969 and employs more than 2,200 people 
 worldwide. www.psi.de 
 
 Contact: 
 
 PSI Software AG 
 Karsten Pierschke 
 Head of Investor Relations and Corporate Communication 
 Dircksenstraße 42-44 
 10178 Berlin 
 Germany 
 
 Tel. +49 30 2801-2727 
 Email: KPierschke@psi.de 
 
 
 29.03.2023 CET/CEST Dissemination of a Corporate News, transmitted 
 by EQS News - a service of EQS Group AG. 
 The issuer is solely responsible for the content of this 
 announcement. 
 
 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:        1594991 
 
 
 
 
 
 
End of News  EQS News Service

1594991 29.03.2023 CET/CEST

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