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PSI Software AG

28 April 2020

PSI with Stable New Orders and Strong Cashflow Despite Corona Crisis

 
DGAP-News: PSI Software AG / Key word(s): Quarter Results/Quarterly / Interim Statement 
 28.04.2020 / 08:56 CEST 
 The issuer is solely responsible for the content of this announcement. 
 PSI with Stable New Orders and Strong Cashflow Despite Corona Crisis 
 - Previous year's sales almost reached 
 - EBIT, at minus 16.7% to 2.5 million euros, within forecast 
 - Operating cash flow improves by 43% to 8.6 million eurosKPIs (TEUR)                Jan. 1 - March 31, 2020  Jan. 1 - March 31, 2019  Change 
 Sales                                       50.888                   51.993   -2.1% 
 EBIT                                         2.459                    2.952  -16.7% 
 Group EBIT                                   1.512                    1.999  -24.4% 
 Earnings per share (EUR)                      0.10                     0.13  -23.1% 
 
 
 Berlin - Despite the emerging Corona crisis, the PSI Group, with 96 million euros in the 
 first quarter of 2020 (March 31, 2019: 97 million euros), almost reached the record new orders 
 of the same quarter of the previous year. The order book volume on March 31, 2020 was, at 
 187 million euros, 2% above the previous year's value (March 31, 2019: 184 million euros). 
 Group sales of 50.9 million euros were also almost on a par with the previous year's figure 
 (March 31, 2019: 52.0 million euros), although this year's sales are more strongly influenced 
 by the energy sector. The operating result (EBIT) of 2.5 million euros was around 17% below 
 the previous year's figure and thus in line with the forecast (March 31, 2019: 3.0 million 
 euros). The steel crisis in Europe, Corona in China and a restructuring in Malaysia had a 
 negative impact. The Corona crisis led to lower productive hours in March. Group net income 
 fell to 1.5 million euros as of March 31 due to significant currency fluctuations (March 31, 
 2019: 2.0 million euros). 
 
 Energy Management (energy grids, energy trading, public transportation) achieved 14% higher 
 sales of 28.8 million euros in the first quarter (March 31, 2019: 25.3 million euros) and 
 a roughly constant operating result of 1.2 million euros (March 31, 2019: 1.1 million euros). 
 The BTC Smart Grid division acquired in the previous year made a positive contribution to 
 sales and earnings. Major orders from Russia in the areas of high-pressure gas grids and extra-high-voltage 
 grids are noteworthy. The subsidiary PSI Incontrol in Malaysia restructured the hardware business 
 and encumbered with 0.6 million euros. 
 Sales in Production Management (metals, industry, logistics) in the first three months of 
 the year amounted to EUR 22.1 million, down about 17% from the previous year (March 31, 2019: 
 EUR 26.7 million). The segment's EBIT fell by 23% to 1.5 million euros (March 31, 2019: 1.9 
 million euros). The metals production business continued to suffer from the CO(2) price-related 
 steel crisis in Europe. The processing of major projects in China suffered from reduced working 
 hours (reduction of holidays etc.) during the Corona crisis. In the USA, PSI received a major 
 contract from a US steel producer. The weaker sales and earnings with production and logistics 
 in Germany was offset by major contracts in Poland from the gas industry and e-commerce logistics. 
 PSI had already equipped all 2,000 employees with notebooks and remote access for home office 
 work in the run-up to the Corona crisis, with the exception of the 70 employees of the hardware 
 integration in Malaysia. Sales presentations, contract negotiations, project meetings and 
 acceptance tests were also conducted via video conferencing with over 95% of the customers. 
 Overall, home office efficiency is 75 to 85%, saving travel time and travel expenses. In addition, 
 further savings were achieved through controlled reduction of vacation days, reduction of 
 working hours and overtime. The Group's headcount was reduced by a hiring freeze in the first 
 months, but increased year-on-year to 2,005 (March 31, 2019: 1,931) due to new hires and the 
 acquisition of the smart grid business of BTC in Poland as of May 31, 2019. At 8.6 million, 
 cash flow from operating activities was 43% higher than in the same quarter of the previous 
 year (March 31, 2019: 6.0 million euros). The cash and cash equivalents of 42.7 million euros 
 (March 31, 2019: 45.0 million euros) will be used for the proposed dividend payment and for 
 sales financing in the seasonal course. 
 PSI will participate in the climate protection program of the German federal government (energy 
 shift, heating shift, transportation shift) and the Green Deal in the European Union. PSI 
 software contributes significantly to the integration of renewable energy into the electricity 
 networks. The gas network will become the sole failure guarantor and will be expanded in the 
 future to include green gases and a hydrogen network. 
 Before the Corona crisis, PSI aimed for a continuation of growth in 2020 and a further increase 
 in the EBIT by 10%. In a scenario forecasting this year as a normal operating mode under Corona 
 conditions for industrial and energy network companies, PSI management expects only a slight 
 decrease in sales by 5% and a 20% lower EBIT due to the high order book volume which could 
 be maintained in the first quarter. The second quarter will be more strongly affected by Corona, 
 in the third and fourth quarters a revival should begin in order to achieve the annual goals. 
 A catastrophically low oil price throughout the year could lead to delays in the award of 
 contracts in Russian gas network projects, in pipe steel projects and in energy trading software 
 that exceed the previous forecast. 
 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 (metals production, automotive, mechanical 
 engineering, logistics). PSI was founded in 1969 and employs 2,000 persons worldwide. www.psi.de 
 Contact 
 PSI Software AG 
 Karsten Pierschke 
 Head of Investor Relations and 
 Corporate Communication 
 Dircksenstraße 42-44 
 10178 Berlin 
 Germany 
 Phone +49 30 2801-2727 
 Fax +49 30 2801-1000 
 Email: KPierschke@psi.de 
 
 
 28.04.2020 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 
               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 
EQS News ID:   1031261 
 
 
 
 
 
 
End of News  DGAP News Service 
 

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