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PSI Still with Strong Industry Business after Nine Months

28.10.2011

Group’s new orders increased by 13 % to 138 million Euros, Group sales increased by 3 % to 117.3 million Euros, EBIT improved by 16 % to 6.3 million Euros

PSI Group increased its EBIT in the first nine months of 2011 by 16 % to 6.3 million Euros (30 September 2010: 5.4 million Euros). The EBT increased by 22 % to 5.1 million Euros compared to the previous year (30 September 2010: 4.1 million Euros), the Group earnings after interest and taxes were, as a result of temporary effects from deferred taxes, at 3.4 million Euros slightly below the previous year (30 September 2010: 3.6 million Euros). Group sales increased by 3 % to 117.3 million Euros compared to the previous year (30 September 2010: 113.5 million Euros), the volume of new orders increased by 13 % to 138 million Euros (30 September 2010: 122 million Euros). The Group’s new orders and sales last year each contained 4.5 million Euros from the telecommunications business, which in the meantime has been sold.

Energy Management (electricity, gas, oil, heat) attained 4 % higher sales of 47.0 million Euros in the first nine months (30 September 2010: 45.1 million Euros). The EBIT decreased as a result of the continued high project expenses in exports and investments in systems for electrical distribution grids to 3.1 million Euros (30 September 2010: 4.7 million Euros). In the field of electrical distribution many grid operators are in the midst of a planning phase as a result of regulatory changes so that increasing investments are expected in the course of 2012.

Sales in Production Management (raw materials, industry, logistics) increased by 15 % to 56.1 million Euros in the first nine months (30 September 2010: 48.7 million Euros). The EBIT increased significantly to 3.6 million Euros (30 September 2010: 0.2 million Euros). The improvement in the EBIT was primarily due to the sequence optimisation and logistics businesses. With a first order, the area of raw materials excavation managed to gain entry to the Asian market.

In Infrastructure Management (transportation and security), sales decreased by 28 % to 14.2 million Euros (30 September 2010: 19.7 million Euros) as a result of the sale of the telecommunications business at the end of last year. The EBIT for the segment decreased by 23 % to 1.0 million Euros (30 September 2010: 1.3 million Euros). In this segment PSI expects sales and profit increases in the fourth quarter as a result of the high order backlog in Southeast Asia.

The number of employees in the Group increased as of 30 September 2011 to 1,466 (30 September 2010: 1,407), the order backlog in the Group increased to 124 million Euros compared to the previous year (30 September 2010: 122 million Euros). The cash flow from operating activities improved by 35 % to 6.6 million Euros (30 September 2010: 4.9 million Euros), so that liquid funds rose to 29.6 million Euros (30 September 2010: 18.9 million Euros).

PSI pushed the divisionalisation and improvement of the product character in the Electrical Energy business in the third quarter. With the new product version, whose completion is planned for the end of the year, the associated upgrade and update process will be improved and the maintenance ratio increased. Consequently, PSI will be able to profit from the increased investment needs for smart grid control as a result of the energy shift in Germany starting in 2012.

The current insecurity in the field of electrical networks in Germany and the market entry costs in Asia have caused the PSI management to reduce the expectations for the EBIT to a range of 10 to 11 million Euros. The management continues to assume that the goals of 185 million Euros for new orders and 170 million Euros for Group sales will be achieved. For 2012, PSI expects further growth and a significant improvement of the margin.



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