RCS - PSI Software SE - Quarterly / Interim Statement / Quarter Results

PSI Software SEAnnouncement

27/10/2023 09:00

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RNS Number : 5473R  PSI Software SE  27 October 2023

 PSI Software SE / Key word(s): Quarterly / Interim Statement/Quarter Results

PSI with strong new business and stabilization of earnings in third quarter

27.10.2023 / 08:56 CET/CEST

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

PSI with strong new business and stabilization of earnings in third quarter

- New orders 16.1% above previous year at 238 million euros

- Sales increase by 2.7% to 184.5 million euros

- Annual targets for PSI App Store already achieved after nine months

 

Performance indicators (KEUR)  Jan. 1 - Sept. 30, 2023  Jan. 1 - Sept. 30, 2022  Change
 Sales                          184,459                  179,680                  +2.7 %
 EBIT                           −2,714                   14,311                   >100 %
 Group net result               −7,128                   7,973                    >100 %
 Earnings per share (EUR)       −0.46                    0.51                     >100 %

Berlin, October 27, 2023 - The PSI Group increased sales by 2.7% to 184.5
 million euros in the first nine months of 2023 (Sept. 30, 2022: 179.7 million
 euros). The operating result (EBIT) was positive in the third quarter at 2.65
 million euros, but for the first nine months of 2023 it was still negative at
 −2.7 million euros after the one-time expenses of the second quarter (Sept.
 30, 2022: 14.3 million euros). Accordingly, the group net result was −7.1
 million euros (Sept. 30, 2022: 8.0 million euros). New orders improved by
 16.1% year-on-year to 238 million euros (Sept. 30, 2022: 205 million euros).
 At 199 million euros, the order backlog at Sept. 30, 2023 exceeded the
 prior-year figure by 9.3% (Sept. 30, 2022: 182 million euros).

The Energy Management segment (energy grids, energy trading, public transport)
 achieved 0.7% lower sales of 91.8 million euros (Sept. 30, 2022: 92.4 million
 euros) and a significantly deteriorated operating result of −7.5 million
 euros (Sept. 30, 2022: 1 million euros). In the Electrical Grids business
 unit, earnings were still impacted by legacy projects. The new management
 established effective July 1, 2023, started to clear up the risks from legacy
 projects in the third quarter and is working towards the turnaround of the
 business unit in the fourth quarter. Further lucrative new orders were won in
 the third quarter, which are subject to the new process for order acceptance
 that minimizes risks. Among them is the major contract from a leading European
 transmission system operator, which PSI won at the beginning of the third
 quarter. In Southeast Asia, the strong order trend of the first half the year
 continues. Here PSI is benefiting from the increased gas price and was able to
 significantly increase new orders, sales and earnings.

Sales in the Production Management segment (metals, industry, logistics)
 increased by 6.2% to 92.7 million euros (Sept. 30, 2022: 87.3 million euros).
 The segment's operating profit decreased by 22.3% to 11.1 million euros (Sept.
 30, 2022: 14.3 million euros). In contrast to the previous year, major
 licenses, particularly in the metals-producing industry business, are not
 recognized until the fourth quarter. The Logistics division in particular
 continued to develop positively, winning an important major order and
 significantly increasing incoming orders, sales and earnings. Sales generated
 via the cloud-based PSI App Store more than doubled in the first nine months
 of 2023 compared to the same period of the previous year, thus exceeding the
 annual target for the PSI App Store ahead of schedule.

The number of employees in the Group increased slightly to 2,279 (Sept. 30,
 2022: 2,256). Cash flow from operating activities changed only marginally
 compared with the prior-year period to −7.1 million euros (Sept. 30, 2022:
 −7.3 million euros). At 47.0 million euros, cash and cash equivalents were
 5.6 million euros higher than in the previous year (Sept. 30, 2022: 41.4
 million euros), offset by higher current financial liabilities of 27.2 million
 euros (Dec. 31, 2022: 4.7 million euros).

In the Production Management segment, PSI continues to benefit from strong
 demand in North America, South America and increasingly also in India and
 Australia. At the same time, the trend towards sustainable industrial
 production is creating increasing demand for optimization solutions based on
 industrial artificial intelligence. In the Energy Management segment, PSI
 continues to see high demand for solutions for the digitalization of energy
 grids. Since the law to restart the digitalization of the energy transition
 came into force in May 2023, this increasingly concerns inquiries in the area
 of smart micro-grid solutions for the active and intelligent management of
 low-voltage grids.

For the full year 2023, the PSI Executive Board continues to expect, despite
 the still burdened result in the third quarter, to achieve the planned
 year-on-year increases in new orders and sales of 10% and an EBIT in the
 corridor between 5 and 7 million euros with a seasonally very strong fourth
 quarter. In the long term, the management is maintaining its growth strategy
 for the PSI Group.

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 2,200 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 are sold both directly and via the
 cloud-based PSI App Store. www.psi.de

Contact:

PSI Software AG

Karsten Pierschke

Head of Investor Relations and Corporate Communication

Dircksenstraße 42-44

10178 Berlin

Germany

Tel. +49 30 2801-2727

Email: KPierschke@psi.de

27.10.2023 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 27, 2023 - The PSI Group increased sales by 2.7% to 184.5
million euros in the first nine months of 2023 (Sept. 30, 2022: 179.7 million
euros). The operating result (EBIT) was positive in the third quarter at 2.65
million euros, but for the first nine months of 2023 it was still negative at
−2.7 million euros after the one-time expenses of the second quarter (Sept.
30, 2022: 14.3 million euros). Accordingly, the group net result was −7.1
million euros (Sept. 30, 2022: 8.0 million euros). New orders improved by
16.1% year-on-year to 238 million euros (Sept. 30, 2022: 205 million euros).
At 199 million euros, the order backlog at Sept. 30, 2023 exceeded the
prior-year figure by 9.3% (Sept. 30, 2022: 182 million euros).

The Energy Management segment (energy grids, energy trading, public transport)
achieved 0.7% lower sales of 91.8 million euros (Sept. 30, 2022: 92.4 million
euros) and a significantly deteriorated operating result of −7.5 million
euros (Sept. 30, 2022: 1 million euros). In the Electrical Grids business
unit, earnings were still impacted by legacy projects. The new management
established effective July 1, 2023, started to clear up the risks from legacy
projects in the third quarter and is working towards the turnaround of the
business unit in the fourth quarter. Further lucrative new orders were won in
the third quarter, which are subject to the new process for order acceptance
that minimizes risks. Among them is the major contract from a leading European
transmission system operator, which PSI won at the beginning of the third
quarter. In Southeast Asia, the strong order trend of the first half the year
continues. Here PSI is benefiting from the increased gas price and was able to
significantly increase new orders, sales and earnings.

Sales in the Production Management segment (metals, industry, logistics)
increased by 6.2% to 92.7 million euros (Sept. 30, 2022: 87.3 million euros).
The segment's operating profit decreased by 22.3% to 11.1 million euros (Sept.
30, 2022: 14.3 million euros). In contrast to the previous year, major
licenses, particularly in the metals-producing industry business, are not
recognized until the fourth quarter. The Logistics division in particular
continued to develop positively, winning an important major order and
significantly increasing incoming orders, sales and earnings. Sales generated
via the cloud-based PSI App Store more than doubled in the first nine months
of 2023 compared to the same period of the previous year, thus exceeding the
annual target for the PSI App Store ahead of schedule.

The number of employees in the Group increased slightly to 2,279 (Sept. 30,
2022: 2,256). Cash flow from operating activities changed only marginally
compared with the prior-year period to −7.1 million euros (Sept. 30, 2022:
−7.3 million euros). At 47.0 million euros, cash and cash equivalents were
5.6 million euros higher than in the previous year (Sept. 30, 2022: 41.4
million euros), offset by higher current financial liabilities of 27.2 million
euros (Dec. 31, 2022: 4.7 million euros).

In the Production Management segment, PSI continues to benefit from strong
demand in North America, South America and increasingly also in India and
Australia. At the same time, the trend towards sustainable industrial
production is creating increasing demand for optimization solutions based on
industrial artificial intelligence. In the Energy Management segment, PSI
continues to see high demand for solutions for the digitalization of energy
grids. Since the law to restart the digitalization of the energy transition
came into force in May 2023, this increasingly concerns inquiries in the area
of smart micro-grid solutions for the active and intelligent management of
low-voltage grids.

For the full year 2023, the PSI Executive Board continues to expect, despite
the still burdened result in the third quarter, to achieve the planned
year-on-year increases in new orders and sales of 10% and an EBIT in the
corridor between 5 and 7 million euros with a seasonally very strong fourth
quarter. In the long term, the management is maintaining its growth strategy
for the PSI Group.

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 2,200 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 are sold both directly and via the
cloud-based PSI App Store. www.psi.de

Contact:

PSI Software AG

Karsten Pierschke

Head of Investor Relations and Corporate Communication

Dircksenstraße 42-44

10178 Berlin

Germany

Tel. +49 30 2801-2727

Email: KPierschke@psi.de

 

27.10.2023 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:  1758843

 

 End of News  EQS News Service

 

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