DGAP-News: PSI with Recovery in Energy, Value Adjustment and Restructuring in Logistics in First Six Months


DGAP-News: PSI Aktiengesellschaft für Produkte und Systeme der
Informationstechnologie / Key word(s): Half Year Results/Quarter
Results
PSI with Recovery in Energy, Value Adjustment and Restructuring in
Logistics in First Six Months

31.07.2014 / 08:57

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PSI with Recovery in Energy, Value Adjustment and Restructuring in
Logistics in First Six Months
- Growth and increased EBIT in Energy Management
- Group sales declines by 4 % to 84.2 million Euros 
- Group EBIT decreases 20 % through special effects to 2.8 million Euros

PSI Group attained 4 % lower sales of 84.2 million Euros (30 June 2013:
87.7 million Euros) in the first half of 2014. The EBIT in the first six
months of 2014 was encumbered by special effects from the previous year in
logistics and, at 2.8 million Euros, was 20 % below the EBIT of the same
period for the previous year (30 June 2013: 3.5 million Euros). This
includes a percentage-of-completion adjustment of one million Euros for a
logistics project from 2013 and restructuring costs of about 0.5 million
Euros. The group net result was, at 1.2 million Euros, 28 % below the
figure for the previous year (30 June 2013: 1.7 million Euros). The
previous year figure included special earnings of 0.5 million Euros from
the sale of shares in the Moscow sales joint venture PSI Energo. New
orders, which were characterised by a number of major international orders
in the previous year, decreased to 89 million Euros (30 June 2013: 109
million Euros), the order book volume on 30 June 2014 was, with 121 million
Euros, 12 % below the figure for the previous year (30 June 2013: 137
million Euros). By the end of the year management expects new orders of
about 180 million Euros.

Energy Management (gas, oil, electricity, heat) attained 2 % higher sales
of 30.3 million Euros (30 June 2013: 29.7 million Euros) in the first half
year. The EBIT for the segment more than doubled to 1.4 million Euros
compared to the previous year (30 June 2013: 0.6 million Euros). The
electrical energy business could improve its result after the successful
acceptance of an encumbering major project and the higher product
investments of the previous year and expects additional rollout contracts
for the new control system in the coming quarters. The oil and gas business
was able to increase sales and profits; energy trading completed a
generation change in management and made further investments in
modernisation and standardisation of the product base.

Sales in Production Management (raw materials, industry, logistics) during
the first six months were, at 39.1 million Euros, 9 % below the value for
the previous year (30 June 2013: 43.2 million Euros). The EBIT decreased as
a result of the special effects in logistics by 40 % to 1.1 million Euros
(30 June 2013: 1.9 million Euros). The automotive und mechanical
engineering business won important licensing orders in Germany
and China, the logistics business was able to continue to improve
operations, but was slowed once again by an adjustment and restructuring
costs. In the metals industry business, new orders decreased compared to
the previous year; for the coming quarters major orders are expected from
the North American aluminium and steel industries.

In Infrastructure Management (transportation and security), sales were
constant at 14.8 million Euros. The EBIT for the segment decreased to 0.9
million Euros (30 June 2013: 1.7 million Euros). In Southeast Asia sales
and profits were below expectations, major contracts are expected here in
the second half of the year.

The number of employees in the group was reduced by 17 to 1,687 in the
course of the second quarter (31 March 2014: 1,704, 30 June 2013: 1,667).
As a result of the weaker group result, the cash flow from operating
activities was, at -2.4 million Euros, below the figure for the previous
year (30 June 2013: -1.6 million Euros). Liquidity decreased to 17.1
million Euros (30 June 2013: 23.9 million Euros).

In the first half year the PSI Group invested 0.9 million Euros in a new
release of the group platform that allows the customer to configure user
interfaces, menus and data views themselves. In addition, preparations for
the next major release and tests for the web and cloud capability of the
PSI products based on these were made. PSI expects a further recovery of
Energy in the coming quarters on the basis of control systems products,
encumbrances from the first Chinese mine project and additional orders from
the booming metals industry in the USA. The management is conducting
intensive negotiations about the acquisition of a competitor (about 70
employees and 9 million Euros sales) in the Production Management Segment
and has signed a letter of intent on 30 July 2014.
 
On the basis of its own software products, PSI AG develops and integrates
complete solutions for energy management (gas, oil, electricity, heat,
energy trading), production management (mining, metals, automotive,
mechanical engineering, logistics) and infrastructure management for
transport and safety. PSI was founded in 1969 and employs 1,700 persons
worldwide. www.psi.de
 
PSI 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
E-Mail: KPierschke@psi.de



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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                                                
Indices:     TecDAX                                                
Listed:      Regulierter Markt in Frankfurt (Prime Standard);      
             Freiverkehr in Berlin, Düsseldorf, Hamburg, München,  
             Stuttgart                                             
 
 
End of News    DGAP News-Service  
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