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PSI with Double-digit Growth in Sales and Earnings in First Quarter


Group net result increases by 54 percent to 1.3 million Euros, Sales increases by 12 percent to 30.6 million Euros, New orders grow by 17 percent and order backlog by 30 percent

PSI Group increased its EBIT to 1.7 million Euros in the first quarter of 2009 (31 March 2008: 1.3 million Euros). The group net result improved to 1.3 million Euros (31 March 2008: 0.8 million Euros), group sales increased to 30.6 million Euros (31 March 2008: 27.4 million Euros). New orders increased by 17 percent to 42 million Euros (31 March 2008: 36 million Euros), the order backlog increased compared to the same quarter of last year by 30 percent to 112 million Euros (31 March 2008: 86 million Euros). Cash-flow from operations was once again positive so that liquidity increased to 27.0 million Euros (31 March 2008: 21.4 million Euros).

The Energy Management segment (electricity, gas, oil, heat, water) achieved 12 percent higher sales of 13.6 million Euros (31 March 2008: 12.2 million Euros). With an EBIT of 0.9 million Euros, the segment once again provided the greatest share of the contribution to earnings (31 March 2008: 0.9 million Euros). In the German-speaking market, PSI obtained numerous orders from the gas and oil industry. In the electrical energy segment orders were obtained from Germany, Eastern Europe and the Middle East. In this segment, PSI is expecting additional major contracts from the eastern exporting markets in the coming quarters.

Sales in the Production Management segment (industry, logistics) were, at 14.5 million Euros, 25 percent above the value for the previous year (31 March 2008: 11.6 million Euros). The EBIT increased significantly compared to the last year to 0.7 million Euros (31 March 2008: 0.4 million Euros). Especially the fields of metal production, extraction of raw materials and manufacturing have developed very positively. The focus here has primarily been on customer investments in efficiency of the industrial added-value processes, inventory optimisation and the shortening of throughput times.

In Infrastructure Management (traffic, safety, telecommunications) sales decreased to 2.4 million Euros (31 March 2008: 3.6 million Euros) due to advances for future projects and the lower portion of hardware. The EBIT doubled to 0.2 million Euros (31 March 2008: 0.1 million Euros).

The number of employees grew to 1,132 (31 March 2008: 1,030) on 31 March 2009 as a result of the acquisitions in the previous year and specific new hires.

PSI witnessed strong demand in Germany for solutions for rationalization and improvement of energy efficiency. For exports there are indications of a recovery in China and a selective and concrete demand from Russia. Due to the fact that major projects are currently being ordered in phases, a continuation of the tendencies toward economic recovery could set off a boom in new orders for PSI.

In view of the very good order situation, PSI is reiterating the annual goals of 160 million Euros for new orders, 140 million Euros in sales and 7.5 million Euros EBIT, despite the difficult economic conditions. The management will decide about increasing the forecasts in the third quarter or upon concluding strategically important major contracts.

PSI AG develops and integrates complete solutions, on the basis of its own software products, for the management of energy networks (electricity, gas, oil, heat, water), cross-company production management (metals, automotive, mechanical engineering, logistics) and infrastructure management for telecommunications, transport and safety. PSI was founded in 1969 and employs more than 1,100 persons in the group.

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