DGAP-News: PSI Aktiengesellschaft für Produkte und Systeme der
Informationstechnologie / Key word(s): Quarter Results/Interim Report
PSI with Improved Cash Flow and Stable Results in First Quarter
30.04.2014 / 09:14
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PSI with Improved Cash Flow and Stable Results in First Quarter
- Stabilisation in Energy Management segment
- Group EBIT constant at 2.1 million Euros
- Operative cash flow increases by 25 % to 4.2 million Euros
The PSI Group attained 10 % lower sales of 40.1
million Euros (31 March 2013: 45.4 million Euros) in the first quarter of
2014. The EBIT in the first quarter was, at 2.1 million Euros, so that the
EBIT margin improved from 4.6 % to 5.1 %. Due to the poorer financial
result, the group net result was, at 1.2 million Euros, 26 % below the
level of the previous year (31 March 2013: 1.6 million Euros). In the
previous year, the financial result also included the profit from the sale
of shares in the Moscow sales joint venture PSI Energo. The volume of new
orders, which was marked by a number of major international orders in the
previous years quarter, decreased to 56 million Euros (31 March 2013: 73
million Euros), the order book volume on 31 March 2014 was, at 129 million
Euros, 11 % below the value for the previous year (31 March 2013: 145
million Euros).
Energy Management (gas, oil, electricity, heat) attained 3 % higher sales
of 15.3 million Euros (31 March 2013: 14.9 million Euros) in the first
quarter. The segment's EBIT doubled compared to the previous year to 0.8
million Euros (31 March 2013: 0.4 million Euros). The electrical energy
business was able to improve its result following increased product
investment in the previous year, as could the energy trading business. The
gas and oil business displayed fewer major international contracts, but
overall could confirm the good developments of the previous years.
Sales in Production Management (raw materials, industry, logistics) were,
at 18.9 million Euros in the first three months, 18 % below the figure for
the previous year (31 March 2013: 23.0 million Euros). The EBIT decreased
by 20 % to 1.0 million Euros (31 March 2013: 1.2 million Euros). The metals
industry and automotive businesses had shifts of licensing orders to the
second quarter; logistics received important acceptances for the new
transportation management software. In the metals industry, the business
has increasingly shifted from the Russian to the North American market.
In Infrastructure Management (transportation and security), sales decreased
as a reduction of the systems business by 12 % to 6.6 million Euros (31
March 2013: 7.5 million Euros). The segment's EBIT dropped to 0.6 million
Euros (31 March 2013: 0.8 million Euros). Business in Poland developed
especially well, while the sales in Southeast Asia decreased as a result of
the drop in the systems business.
The number of employees in the group increased to 1,704 as of 31 March 2014
due to the expansion of capacity in the export markets (31 March 2013:
1,622). Cash flow from operating activities, which at -0.1 million Euros
had been negative at the end of 2013, recovered to 4.2 million Euros and
was therefore significantly above the figure for the last year (31 March
2013: 3.4 million Euros). Liquidity decreased to 24.4 million Euros (31
March 2013: 36.1 million Euros).
PSI expects important decisions to be made in the coming quarters about
license contracts as well as follow-up orders in the fields of automotive
and logistics. The PSI solution for smart distribution grids has passed the
IT security acceptance test at the beginning of the year. PSI is now well
positioned to profit from increasing investments in the gas and power
distribution grids prior to the "photo years" 2015 and 2016. Overall,
management is holding to its annual goal of 12 million Euros for the EBIT
formulated in the 2013 Annual Report.
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
DircksenstraÃe 42-44
10178 Berlin
Germany
Phone +49 30 2801-2727
Fax +49 30 2801-1000
E-Mail: KPierschke@psi.de
End of Corporate News
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Language: English
Company: PSI Aktiengesellschaft für Produkte und Systeme der
Informationstechnologie
DircksenstraÃe 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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265532 30.04.2014
DGAP-News: PSI with Improved Cash Flow and Stable Results in First Quarter
| Source: EQS Group AG