RCS - PSI Software SE - PSI Shows First Signs of Stabilization

PSI Software SEAnnouncement

06/09/2024 08:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240906:nRSF2311Da&default-theme=true

RNS Number : 2311D  PSI Software SE  06 September 2024

 PSI Software SE / Key word(s): Half Year Results/Half Year Report

PSI Business Shows First Signs of Stabilization in the 2nd Quarter

06.09.2024

The issuer is solely responsible for the content of this announcement.

PSI Business Shows First Signs of Stabilization in the 2(nd) Quarter

- Incoming orders in the second quarter up 16% on the same quarter of the
 previous year at 59 million euros

- Sales stabilize at 62 million euros in the second quarter

- Operating result in the Production Management segment positive again in the
 second quarter, but still negative overall at -4.6 million euros

 

Performance indicators (KEUR)  Jan. 1 - June 30, 2024  Jan. 1 - June 30, 2023  Change
 Sales                          50,268                  58,230                  −13.7%
 EBIT                           −14,788                 4,008                   >100%
 Group net result               −16,410                 3,282                   >100%
 Earnings per share (EUR)       −1.06                   0.21                    >100%

Berlin, September 6, 2024 - PSI Group achieved 5.8 % lower sales of 112.3
 million euros in the first half of 2024 (June 30, 2023: 119.3 million euros).
 In the second quarter of 2024, sales improved slightly to 62.0 million euros
 (June 30, 2023: 61.0 million euros) despite the effects of the cyberattack in
 February 2024. The operating result (EBIT) was still negative in the second
 quarter at −4.6 million euros (April 1-June 30, 2023: −9.4 million euros),
 but improved compared to the same quarter of the previous year and the first
 quarter of 2024. In the first half of 2024, it was clearly negative at −19.4
 million euros (June 30, 2023: −5.4 million euros) following the impact of
 the cyberattack. The consolidated result was correspondingly −22.6 million
 (June 30, 2023: −8.7 million euros). Incoming orders decreased by 8.9%
 year-on-year to 154 million euros (June 30, 2023: 169 million euros) as a
 result of the cyberattack; in the second quarter, they improved by 15.7%
 year-on-year to 59 million euros (April 1-June 30, 2023: 51 million euros). At
 211 million euros, the order backlog as at June 30, 2024 exceeded the
 prior-year figure by 7.1% (June 30, 2023: EUR 197 million).

The Energy Management segment (energy grids, energy trading, public transport)
 achieved 7.6% lower sales of 53.4 million euros (June 30, 2023: 57.8 million
 euros) and a significantly lower operating result of −16.2 million euros
 (June 30, 2023: −8.2 million euros). Although the segment's business
 gradually returned to normal over the course of the quarter, it was still
 clearly impacted by the consequences of the cyberattack.

Sales in the Production Management segment (metals, industry, logistics)
 decreased by 4.2% to 58.9 million euros in the first half of the year (June
 30, 2023: 61.5 million euros). The segment's operating result deteriorated to
 −1.3 million euros (June 30, 2023: 8.1 million euros), but the segment
 returned to profit in the second quarter. Although Production Management also
 continued to suffer from the consequences of the cyberattack, the overall
 negative effect on sales and earnings was lower than in Energy Management due
 to the more product-based business.

The number of employees in the Group increased slightly to 2,324 (June 30,
 2023: 2,273). Cash flow from operating activities was negative at −17.6
 million euros as a result of the cyberattack (June 30, 2023: 2.1 million
 euros). At 38.0 million euros, cash and cash equivalents were 13.5 million
 euros below the previous year's figure (June 30, 2023: 51.5 million euros),
 offset by higher current financial liabilities of 14.4 million euros (December
 31, 2023: 2.1 million euros).

Following the cyberattack in February 2024 and the restart of the renewed IT
 systems, productive operations have largely resumed since the beginning of May
 and have continued to normalize since then. In the course of the restart,
 further measures were adopted that will significantly increase the security of
 the IT systems as part of a revised IT strategy. As announced in June 2024,
 the PSI Group intends to streamline its organizational structure by merging
 the German subsidiaries into PSI Software SE. The structural simplification
 will facilitate the PSI-wide harmonization of business processes, tap synergy
 potential and improve the overall scalability of the business.

As already announced at the beginning of June, the Executive Board expects,
 taking into account the negative effects of the cyberattack, a reduction in
 sales of around 20 to 30 million euros and a negative operating result in the
 upper single-digit to lower double-digit million range for the full year.

The PSI Group develops software products for optimizing the flow of energy
 and materials for utilities and industry. As an independent software producer
 with more than 2,300 employees, PSI has been a technology leader since 1969
 for process control systems that ensure sustainable energy supply, mobility
 and production by combining AI methods with industrially proven optimization
 methods. The innovative industry products can be operated on-premises or in
 the cloud. www.psi.de

Contact:

PSI Software SE

Karsten Pierschke

Head of Investor Relations and Corporate Communication

Dircksenstraße 42-44

10178 Berlin

Germany

Tel. +49 30 2801-2727

Email: KPierschke@psi.de

06.09.2024 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

Berlin, September 6, 2024 - PSI Group achieved 5.8 % lower sales of 112.3
million euros in the first half of 2024 (June 30, 2023: 119.3 million euros).
In the second quarter of 2024, sales improved slightly to 62.0 million euros
(June 30, 2023: 61.0 million euros) despite the effects of the cyberattack in
February 2024. The operating result (EBIT) was still negative in the second
quarter at −4.6 million euros (April 1-June 30, 2023: −9.4 million euros),
but improved compared to the same quarter of the previous year and the first
quarter of 2024. In the first half of 2024, it was clearly negative at −19.4
million euros (June 30, 2023: −5.4 million euros) following the impact of
the cyberattack. The consolidated result was correspondingly −22.6 million
(June 30, 2023: −8.7 million euros). Incoming orders decreased by 8.9%
year-on-year to 154 million euros (June 30, 2023: 169 million euros) as a
result of the cyberattack; in the second quarter, they improved by 15.7%
year-on-year to 59 million euros (April 1-June 30, 2023: 51 million euros). At
211 million euros, the order backlog as at June 30, 2024 exceeded the
prior-year figure by 7.1% (June 30, 2023: EUR 197 million).

The Energy Management segment (energy grids, energy trading, public transport)
achieved 7.6% lower sales of 53.4 million euros (June 30, 2023: 57.8 million
euros) and a significantly lower operating result of −16.2 million euros
(June 30, 2023: −8.2 million euros). Although the segment's business
gradually returned to normal over the course of the quarter, it was still
clearly impacted by the consequences of the cyberattack.

Sales in the Production Management segment (metals, industry, logistics)
decreased by 4.2% to 58.9 million euros in the first half of the year (June
30, 2023: 61.5 million euros). The segment's operating result deteriorated to
−1.3 million euros (June 30, 2023: 8.1 million euros), but the segment
returned to profit in the second quarter. Although Production Management also
continued to suffer from the consequences of the cyberattack, the overall
negative effect on sales and earnings was lower than in Energy Management due
to the more product-based business.

The number of employees in the Group increased slightly to 2,324 (June 30,
2023: 2,273). Cash flow from operating activities was negative at −17.6
million euros as a result of the cyberattack (June 30, 2023: 2.1 million
euros). At 38.0 million euros, cash and cash equivalents were 13.5 million
euros below the previous year's figure (June 30, 2023: 51.5 million euros),
offset by higher current financial liabilities of 14.4 million euros (December
31, 2023: 2.1 million euros).

Following the cyberattack in February 2024 and the restart of the renewed IT
systems, productive operations have largely resumed since the beginning of May
and have continued to normalize since then. In the course of the restart,
further measures were adopted that will significantly increase the security of
the IT systems as part of a revised IT strategy. As announced in June 2024,
the PSI Group intends to streamline its organizational structure by merging
the German subsidiaries into PSI Software SE. The structural simplification
will facilitate the PSI-wide harmonization of business processes, tap synergy
potential and improve the overall scalability of the business.

As already announced at the beginning of June, the Executive Board expects,
taking into account the negative effects of the cyberattack, a reduction in
sales of around 20 to 30 million euros and a negative operating result in the
upper single-digit to lower double-digit million range for the full year.

The PSI Group develops software products for optimizing the flow of energy
and materials for utilities and industry. As an independent software producer
with more than 2,300 employees, PSI has been a technology leader since 1969
for process control systems that ensure sustainable energy supply, mobility
and production by combining AI methods with industrially proven optimization
methods. The innovative industry products can be operated on-premises or in
the cloud. www.psi.de

Contact:

PSI Software SE

Karsten Pierschke

Head of Investor Relations and Corporate Communication

Dircksenstraße 42-44

10178 Berlin

Germany

Tel. +49 30 2801-2727

Email: KPierschke@psi.de

 

06.09.2024 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 SE
               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:  1982871

 

 End of News  EQS News Service

1982871  06.09.2024 CET/CEST

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRASSASWMELSEDU