HIGHLIGHTS
- Operating revenues of MNOK 116.8 in the third quarter 2011 (MNOK 114.1), an increase of 2.4 per cent. In the three first quarters 2011 operating revenue was MNOK 410.1 (MNOK 382.3), an increase of 7.3 per cent.- EBITDA of MNOK 9.0 in the third quarter 2011 (MNOK 12.1), a decrease of 25.8 per cent. So far this year the Group achieved a positive growth in EBITDA of MNOK 40.0 compared to MNOK 25.1 for the corresponding period in 2010, an increase of 59.8 per cent. EBITDA for the three first quarters 2011 has been charged with costs of MNOK 3.3 in connection with the sale process of the business area Cash Management CIT / ATM.
- Negative cash flow from operating activities of MNOK 5.6 (MNOK 8.0). In the three first quarters 2011 the cash flow from operating activities was MNOK 4.9 (MNOK 1.1).
- The sales agreement of MSEK 190 regarding business area Cash Management CIT/ATM was breached by the buyer, and PSI terminated the agreement 05.08.2011. The business area is again included in the Groups continued operations as of 3rd quarter.
- Successful completion of rights issue with net proceeds of MNOK 62.6.
THE GROUP
The Group had an increase in operating revenues of 2.4 per cent to NOK 116.8 million (NOK 114.1 million) in the third quarter 2011. So far this year the operating revenues show a positive development of 7.3 per cent to NOK 410.1 million (NOK 382.3 million).
Operating profit before depreciation (EBITDA) declined by NOK 3.1 million to NOK 9.0 million (NOK 12.1 million) in the third quarter 2011. EBITDA year to date shows a strong growth with an increase of NOK 14.9 million to NOK 40.0 million (NOK 25.1 million), mainly due to increased sales in Cash Management Retail and cost efficiency in Cash Management CIT/ATM.
The sales of business area Cash Management CIT/ATM is terminated, due to the buyers missing payment. The Group has made a claim against the buyer, in consultation with our legal advisors.
For further information, please contact:
Jørgen Waaler, CEO PSI Group ASA, Tel +47 905 90 010
About PSI Group
PSI Group is the leading global provider of closed and secure cash handling solutions wherever money moves.
PSI Group is head quartered at Rælingen (Norway) and has about 300 employees in Scandinavia and Europe. The company is listed on the Oslo Stock Exchange and Nasdaq OMX in Stockholm.
For more information please visit www.psigroup.no
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
