RCS - PSI Software SE - PSI with Balanced EBIT in the Third Quarter

PSI Software SEAnnouncement

31/10/2024 08:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241031:nRSe3912Ka&default-theme=true

RNS Number : 3912K  PSI Software SE  31 October 2024

 PSI Software SE / Key word(s): 9 Month figures/Quarter Results

PSI with Balanced EBIT in the Third Quarter

31.10.2024 /

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

PSI with Balanced EBIT in the Third Quarter

- Order backlog of EUR 188 million on September 30, 2024, 5.5% below the
 previous year's figure

- Sales in the third quarter at previous year's level of 65 million euros

- Group operating result balanced in the third quarter, in Production
 Management segment 23% above the same quarter of the previous year at 3.7
 million euros

Performance indicators (KEUR)  Jan. 1 - Sept. 30, 2024  Jan. 1 - Sept. 30, 2023  Change
 Sales                          177,424                  184,459                  −3.8 %
 EBIT                           −19,399                  −2,714                   >100%
 Group net result               −24,142                  −7,128                   >100%
 Earnings per share (EUR)       −1.56                    −0.46                    >100%

Berlin, October 31, 2024 - PSI Group achieved 3.8% lower sales of 177.4
 million euros in the first nine months of 2024 (Sept. 30, 2023: 184.5 million
 euros). In the third quarter of 2024, sales were stable at 65.1 million euros
 (July 1-Sept. 30, 2023: 65.2 million euros). The operating result (EBIT) was
 balanced at 13,000 euros in the third quarter (July 1-Sept. 30, 2023: 2.6
 million euros) and continued to improve compared to the first two quarters of
 2024. In the first nine months of 2024, it was clearly negative at −19.4
 million euros (Sept. 30, 2023: −2.7 million euros) following the negative
 impact of the cyberattack. The consolidated result was correspondingly −24.1
 million euros (Sept. 30, 2023: EUR −7.1 million). Incoming orders decreased
 by 16.8% compared to the same period of the previous year to 198 million euros
 (Sept. 30, 2023: 238 million euros). In the previous year, the third quarter
 in particular was characterized by very large orders in the areas of
 electrical grids, logistics and in Malaysia. At 188 million euros, the order
 backlog as at Sept. 30, 2024 was 5.5% below the previous year's figure (Sept.
 30, 2023: 199 million euros).

The Energy Management segment (energy grids, energy trading, public transport)
 achieved 7.6% lower sales of 84.8 million euros (Sept. 30, 2023: 91.8 million
 euros) and a significant deterioration in the operating result to −19.5
 million euros (Sept. 30, 2023: −7.5 million euros). Although the segment's
 business continued to normalize, fixed-price projects in particular were still
 significantly impacted by the lower productivity following the cyberattack.

Sales in the Production Management segment (metals, industry, logistics)
 remained constant in the first nine months at 92.6 million euros (Sept. 30,
 2023: 92.7 million euros). The segment's operating result deteriorated to 2.3
 million euros (Sept. 30, 2023: 11.1 million euros), but in the third quarter
 the segment achieved a 23% year-on-year improvement in its operating result to
 3.7 million euros. Due to the more product-based business, Production
 Management recovered much faster from the consequences of the cyberattack than
 Energy Management.

The number of employees in the Group increased slightly to 2,316 (Sept. 30,
 2023: 2,279). Cash flow from operating activities was clearly negative at
 −34.2 million euros (Sept. 30, 2023: −6.5 million euros) as a result of
 the cyberattack and one-off working capital changes, which will be reversed in
 subsequent quarters. At 27.4 million euros, cash and cash equivalents were
 19.6 million euros below the previous year's figure (Sept. 30, 2023: 47.0
 million euros), offset by higher current financial liabilities of 24.7 million
 euros (Dec. 31, 2023: 2.1 million euros). The Group has sufficient funds
 available for financing and a significant improvement in cash and cash
 equivalents is expected in the fourth quarter.

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 are now almost completely back to normal. 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 and are currently being
 implemented. No further costs are expected from the cyber attack in the fourth
 quarter of 2024.

The simplification of the Group structures was already initiated in the middle
 of the year with the merger of the German subsidiaries into PSI Software SE.
 In future, PSI's business will be divided into the five industry segments Grid
 & Energy Management, Process Industries, Discrete Manufacturing, Logistics
 and Mobility, which will also form the basis for financial reporting from the
 fourth quarter of 2024. With the cloud transformation of the product
 portfolio, which was initiated with three specific proof-of-concept projects,
 PSI is laying the foundations for the future development of the SaaS business
 (Software-as-a-Service).

Taking into account the negative effects from the cyberattack, the PSI
 Executive Board continues to expect a reduction in sales of up to 25 million
 euros for the full year and a negative EBIT of up to −15 million euros.

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

31.10.2024 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, October 31, 2024 - PSI Group achieved 3.8% lower sales of 177.4
million euros in the first nine months of 2024 (Sept. 30, 2023: 184.5 million
euros). In the third quarter of 2024, sales were stable at 65.1 million euros
(July 1-Sept. 30, 2023: 65.2 million euros). The operating result (EBIT) was
balanced at 13,000 euros in the third quarter (July 1-Sept. 30, 2023: 2.6
million euros) and continued to improve compared to the first two quarters of
2024. In the first nine months of 2024, it was clearly negative at −19.4
million euros (Sept. 30, 2023: −2.7 million euros) following the negative
impact of the cyberattack. The consolidated result was correspondingly −24.1
million euros (Sept. 30, 2023: EUR −7.1 million). Incoming orders decreased
by 16.8% compared to the same period of the previous year to 198 million euros
(Sept. 30, 2023: 238 million euros). In the previous year, the third quarter
in particular was characterized by very large orders in the areas of
electrical grids, logistics and in Malaysia. At 188 million euros, the order
backlog as at Sept. 30, 2024 was 5.5% below the previous year's figure (Sept.
30, 2023: 199 million euros).

The Energy Management segment (energy grids, energy trading, public transport)
achieved 7.6% lower sales of 84.8 million euros (Sept. 30, 2023: 91.8 million
euros) and a significant deterioration in the operating result to −19.5
million euros (Sept. 30, 2023: −7.5 million euros). Although the segment's
business continued to normalize, fixed-price projects in particular were still
significantly impacted by the lower productivity following the cyberattack.

Sales in the Production Management segment (metals, industry, logistics)
remained constant in the first nine months at 92.6 million euros (Sept. 30,
2023: 92.7 million euros). The segment's operating result deteriorated to 2.3
million euros (Sept. 30, 2023: 11.1 million euros), but in the third quarter
the segment achieved a 23% year-on-year improvement in its operating result to
3.7 million euros. Due to the more product-based business, Production
Management recovered much faster from the consequences of the cyberattack than
Energy Management.

The number of employees in the Group increased slightly to 2,316 (Sept. 30,
2023: 2,279). Cash flow from operating activities was clearly negative at
−34.2 million euros (Sept. 30, 2023: −6.5 million euros) as a result of
the cyberattack and one-off working capital changes, which will be reversed in
subsequent quarters. At 27.4 million euros, cash and cash equivalents were
19.6 million euros below the previous year's figure (Sept. 30, 2023: 47.0
million euros), offset by higher current financial liabilities of 24.7 million
euros (Dec. 31, 2023: 2.1 million euros). The Group has sufficient funds
available for financing and a significant improvement in cash and cash
equivalents is expected in the fourth quarter.

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 are now almost completely back to normal. 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 and are currently being
implemented. No further costs are expected from the cyber attack in the fourth
quarter of 2024.

The simplification of the Group structures was already initiated in the middle
of the year with the merger of the German subsidiaries into PSI Software SE.
In future, PSI's business will be divided into the five industry segments Grid
& Energy Management, Process Industries, Discrete Manufacturing, Logistics
and Mobility, which will also form the basis for financial reporting from the
fourth quarter of 2024. With the cloud transformation of the product
portfolio, which was initiated with three specific proof-of-concept projects,
PSI is laying the foundations for the future development of the SaaS business
(Software-as-a-Service).

Taking into account the negative effects from the cyberattack, the PSI
Executive Board continues to expect a reduction in sales of up to 25 million
euros for the full year and a negative EBIT of up to −15 million euros.

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

 

31.10.2024 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

 

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  NRAWPGCGUUPCURG