DGAP-News: PSI Aktiengesellschaft / Key word(s): Final Results
PSI 2013 with Large Investments in the Product Base
20.03.2014 / 09:10
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PSI 2013 with Large Investments in the Product Base
- Transformation of the regular customer business slows new orders
- Complex pilot project in Logistics impedes sales and result
- Conversion of Electrical Energy from project to product business
The PSI Group obtained 2.5 % lower sales of 176.3 million Euros in
financial year 2013 (2012: 180.9 million Euros). New orders decreased by
1.6 % to 185 million Euros (2012: 188 million Euros), the volume of orders
at the end of the year was stable at 118 million Euros. Our campaign to
convert our regular customer business into maintenance and upgrade
contracts slowed the new orders. The drop in sales resulted from tied-up
capacity in Logistics. The EBIT fell due to one-off expenditures and
product investments over budget by 67 % to 4.2 million Euros (2012: 12.9
million Euros). The group net result decreased by 96 % to 0.4 million Euros
(2012: 9.4 million Euros), the earnings per share fell to 0.02 Euro (2012:
0.60 Euro).
Energy Management was again primarily carried by Gas and Oil in 2013, while
the structural crisis for the energy companies continues in the field of
Electrical Energy. Consequently, sales for the segment decreased by 2 % to
61.0 million Euros (2012: 62.3 million Euros). The area of electrical
energy has for the most part completed its conversion from project to
product business following one-off investments in the last two years. The
EBIT for this segment dropped to 0.6 million Euros (2012: 3.2 million
Euros).
In Production Management, sales decreased in 2013 by 6 % to 84.1 million
Euros (2012: 89.4 million Euros). The EBIT dropped as a result of large
losses in the Logistics business by 79 % from 6.6 million Euros in the
previous year to 1.4 million Euros. The Metal Industry business gained
additional market share and again provided the largest contribution to the
EBIT. The Raw Materials Extraction business won an additional large
contract from China at the end of the year, Mechanical Engineering and
Automotive confirmed its previous year's result, despite high product
investments.
Infrastructure Management achieved, with 31.3 million Euros, 7 % higher
sales in 2013 (2012: 29.2 million Euros). The EBIT increased by 39 % to 4.3
million Euros (2011: 3.1 million Euros). As in the previous year, the Asian
PSI Incontrol and PSI Poland provided the greatest contribution to the
EBIT, while the EBIT in the Public Transport business declined.
In 2013, PSI invested a total of 19.8 million Euros for research and
development (2012: 17.9 million Euros). The focus was on the conversion of
the field of Electrical Energy from project to product business, a very
complex pilot project in Logistics and the rollout of the group-wide
software platform in the PSI business segments. License sales, as a measure
for the product durability for the business increased in 2013 by 12 % to
19.4 million Euros (2012: 17.4 million Euros), maintenance sales grew by 6
% to 42.9 million Euros (2012: 40.6 million Euros).
The cash flow from operating activities decreased only slightly, despite
the poorer EBIT, to 0.1 million Euros (2012: 0.8 million Euros), liquidity
at the end of the year sank to 21.8 million Euros (31.12.2012: 33.3 million
Euros), which is still sufficient for the financing of the organic growth
and targeted takeovers. The Management Board will propose to the Annual
General Meeting that no dividend be distributed.
In the Electrical Energy and Logistics businesses PSI has taken the
precaution of streamlining sites, personnel and management. The project
risks after approvals have for the most part been adjusted so that as of
2014 should demonstrate good follow-up business with current and new
customers. Nevertheless, management is holding to the prognosis from the
third quarter whereby an EBIT of 12 million Euros and growth of 5 to 10 %
are the targets for 2014.
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 Communications and
Investor Relations
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
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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258583 20.03.2014
DGAP-News: PSI 2013 with Large Investments in the Product Base
| Source: EQS Group AG