Actualités

PSI Also Increases Sales and EBIT After Three Quarters

28.10.2010

Group sales increase by 13 % to 113.5 million Euros - New orders increase by 6 % to 122 million Euros - EBITDA raises by 24 % to 8.5 million Euros

In the first nine months of 2010 the PSI Group increased its EBITDA by 24 % to 8.5 million Euros (30 September 2009: 6.8 million Euros) and the EBIT by 17 % to 5.4 million Euros (30 September 2009: 4.6 million Euros). The Group net result was, at 3.6 million Euros, slightly below the previous year (30 September 2009: 3.8 million Euros), as a result of the temporary effect of higher deferred taxes. Group sales increased by 13 % to 113.5 million Euros (30 September 2009: 100.1 million Euros). New orders increased by 6 % to 122 million Euros (30 September 2009: 115 million Euros) compared to the previous year.

Energy Management (electricity, gas, oil, heat) achieved 4 % higher sales of 45.1 million Euros (30 September 2009: 43.5 million Euros). The EBIT for the segment increased to 4.6 million Euros (30 September 2009: 3.0 million Euros). The business unit oil and gas continued to develop positively and managed to initiate new major projects in Russia. In the business unit electrical energy, investments were made in an export project for the development of protocols and interfaces for station technology and smart meters using the American standards.

Sales in Production Management (raw materials, industry, logistics) were, at 48.7 million Euros, 12 % over the figure for the previous year (30 September 2009: 43.5 million Euros). The EBIT decreased to 0.2 million Euros (30 September 2009: 1.7 million Euros) and was therefore significantly below the budget. The segment was primarily encumbered by investments in the new mining control system in the pilot project and accelerated depreciation from purchase price allocation. For the 4th quarter the management expects the initial licensing earnings from the marketing of the new product.

In Infrastructure Management (transportation, security, telecommunications) sales increased by 50 % to 19.7 million Euros (30 September 2009: 13.1 million Euros). The EBIT increased again to 1.3 million Euros (30 September 2009: 0.3 million Euros). Investments in the communication solution Cellls were concluded in the 3rd quarter; the talks with marketing partners were intensified. Above all, the subsidiaries in Southeast Asia and Poland and the transport and telecommunications business contributed to the results. PSI expects major contracts from the Middle East in the coming quarters.

As a result of targeted recruitment with an emphasis on export, the number of employees in the Group increased as of 30 September 2010 to 1,407 (30 September 2009: 1,387). The order book volume in the Group decreased to 107 million Euros (30 September 2009: 116 million Euros) compared to the previous year’s quarter, the cash flow from business operations improved to 4.9 million Euros (30 September 2009: 0.1 million Euros).

Within the framework of focusing and internationalization, PSI added the mining business in 2010, made initial investments for entering the growth market Turkey and began bundling US activities in a new company. With the new graphical user interface, the major portion of the Group’s new, uniform product platform has been released for use in customer projects.

Along with new developments and market entries, in the first three quarters of the year PSI also completed low margin projects from the first half of 2009, which was characterized by the crisis. Currently PSI is also noting a significant increase in requests for proposal in the domestic market and in exports to Asia. For that reason, the management also expects a strong 4th quarter for new orders, sales and earnings. For 2011, the management expects significant increases in the EBIT as a consequence of improved operating margins as well as the elimination of costs and depreciation.