PSI Increases Sales in Third Quarter
PSI Group improved its sales in the first nine months of 2013 by 2 % to €129.1 million (30 September 2012: €126.7 million). The EBIT decreased, as previously announced in September, to € 0.8 million (30 September 2012: €7.5 million) as a result of one-off expenditures. The group net result dropped significantly to €–2.8 million (30 September 2012: €5.5 million). Along with the operative one-off encumbrances, this also includes high deferred taxes and a one-off tax expenditure of €0.6 million resulting from probable dissipation of losses carried forward from the short-term shareholding of above 25 % in PSI AG by an investor in 2009. The volume of new orders, at €143 million, was approximately equivalent to the level of the previous year (30 September 2012: €145 million), the order book volume on 30 September decreased to €124 million (30 September 2012: €132 million).
Energy Management (gas, oil, electricity, heat, energy trading) attained 3 % lower sales of €43.1 million in the first nine months (30 September 2012: €44.5 million). The segment’s EBIT was, at €–1 million, significantly below the result for the previous year (30 September 2012: €2.1 million). The gas and oil business confirmed the good results of the previous quarters; the energy trading systems business was able to continue to improve its result. The electrical energy business continues to suffer under the investment backlog in energy grids and was also encumbered by a value adjustment of €0.8 million from a latent risk from 2009 and increased one-off expenditures for the development of an energy management system for rail electricity.
Sales in Production Management (raw materials, industry, logistics) were, at €63.3 million in the first nine months, slightly below those of the previous year (30 September 2012: €64.2 million). The EBIT decreased to €0.3 million (30 September 2012: €4.5 million) as a result of the development of a transportation management system for logistics service providers. The good development continued especially in the metals industry business, while PSI Logistics encumbered the segment with higher development costs. In the metals industry, PSI profited from the strong market position and the reduced energy costs from shale gas that have resulted in significant investments in the steel and aluminum industry in the USA.
Infrastructure Management (transportation and security) increased sales by 26 % to €22.7 million (30 September 2012: €18 million ). The EBIT for the segment increased by 22 % to €2.4 million (30 September 2012: €2 million ). Activities in Southeast Asia and Poland again served as the drivers of both sales and profits.
The number of employees in the Group increased to 1,701 (30 September 2012: 1,577) as of 30 September 2013 due to the expansion of capacity in the export markets. Cash flow from operating activities improved by 36 % to €–2.8 million (30 September 2012: €–4.4 million). Liquidity decreased as a result of, amongst other things, the repayment of a short-term loan and by the €0.8 million higher dividend to €21.5 million (30 September 2012: €24.2 million).
In the third quarter PSI invested significantly in an energy management system for rail electricity and a transportation management system for logistics providers. The pilot orders have required a faster investment tempo than originally planned. In particular a business process management (BPM) is being developed that should be integrated throughout the Group in PSI software so as to significantly reduce the costs in the adaption of the business processes in standard software to the customers’ needs. The Management Board projects a positive result of €4.5 million for the fourth quarter of 2013 so that an EBIT of only €5.2 million is expected for the entire year.
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.