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PSI increases sales and profit in the first nine months of the year


The PSI Group has increased its operating result (EBIT) in the first nine months of 2009 by 11 percent to 4.65 million Euros in comparison to the previous fiscal year (30 September 2008: 4.18 million Euros).

  • Group net result increased by 39 percent to 3.8 million Euros
  • Sales up by 9 percent to 100.1 million Euros
  • An upturn of orders and an increase in profit is expected for the 4th quarter of 2009

The group net result was enhanced by 39 percent to 3.8 million Euros (30 September 2008: 2.8 million Euros) and group sales rose by 9 percent to 100.1 million Euros (30 September 2008: 92.0 million Euros). The volume of new orders at 115 million Euros was slightly below that of the previous year (30 September 2008: 119 million Euros) and order backlog increased by 10 percent to 116 million Euros (30 September 2008: 105 million Euros).

The segment of Energy Management (electricity, gas, oil, heating, water) attained 11 percent more sales at 43.5 million Euros (30 September 2008: 39.3 million Euros); with an operating profit of 3.0 million Euros, this segment delivered the largest contribution to operating income (30 September 2008: 2.5 million Euros). In particular, the sectors of electrical energy and gas/oil were again the most prolific towards these earnings. The energy trading and distribution systems produced improved earnings results as well, despite non-recurrent expenses in previous quarters due to the product convergence.

Sales in the Production Management segment (industry, logistics) were 4 percent higher than last year at 43.5 million Euros (30 September 2008: 41.9 million Euros). Operating result was almost the same as the year before, in spite of the economic situation and higher write-offs, at 1.7 million Euros (30 September 2008: 1.7 million Euros). The industrial sectors of metal production and mining above all developed positively while the recognition of license revenues from the sectors manufacturing and logistics was shifted partially into the fourth quarter.

Infrastructure Management (transportation, safety, telecommunications) saw an increase of 21 percent to 13.1 million Euros (30 September 2008: 10.8 million Euros). Operating profit of 0.3 million Euros was slightly more than the previous year (30 September 2008: 0.2 million Euros). Subsidiaries in the growth markets of Poland and Southeast Asia were the main contributors in infrastructure management, whereas development expenditures for the new group communications system for mobile telephone networks continued to exist.

The number of employees went up as of 30 September 2009 to 1,387 (30 September 2008: 1,109), primarily due to the acquisition of inControl Tech in May and the AIS Group in August.

Incoming orders in the Energy Management sector were significantly lower in the third quarter as opposed to the previous year, which was characterised by quite large individual orders. Processing very large order backlogs particularly improves the situation in meeting deadlines for demanding projects in the export business. The specialist teams in the Smart Grids business are to be reinforced since PSI expects larger orders in this segment for the fourth quarter. Orders received for Production Management were slightly higher than last year and orders received for Infrastructure Management were significantly higher than last year. The number of incoming orders for the entire fiscal year is expected to be as high as that of last year’s strong performance.

The management of PSI expects a fourth quarter EBIT increase to achieve a record-high of about 3 million Euros. Due to anticipated expenses for the accelerated convergence of Java software platforms and costs in the Smart Watts research project, operating earnings (EBIT) are estimated for the entire fiscal year to be somewhat less than 8 million Euros, slightly less than previous forecasts. These previous prognoses can be however achieved when pending placements of orders are positively processed by year’s end, and indeed can be surpassed by up to 3 million Euros.

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 and plant engineering, logistics) and infrastructure management for telecommunications, transport and safety. PSI was founded in 1969 and employs 1,400 persons in the group.

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