RCS - PSI Software SE - PSI with Significant Growth in 2023

PSI Software SEAnnouncement

04/06/2024 08:45

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RNS Number : 0275R  PSI Software SE  04 June 2024

 PSI Software SE / Key word(s): Annual Results/Annual Report

PSI with Significant Growth in 2023 after Strong Final Quarter

04.06.2024 /

The issuer is solely responsible for the content of this announcement.

PSI with Significant Growth in 2023 after Strong Final Quarter

- New orders up 17.7% on the previous year at 297.3 million euros

- Sales increase by 8.9% to 269.9 million euros

- Operating cash flow significantly improved to 16.8 million euros

 

Performance indicators (KEUR)  1 Jan. - Dec. 31 2023  1 Jan. - Dec. 31 2022  Change
 Sales                          269,891                247,938                +8.9 %
 EBIT                           5,562                  20,186                 −72.4 %
 Group net result               324                    9,694                  −96.7 %
 Earnings per share (EUR)       0.02                   0.62                   −96.8 %

Berlin, June 4, 2024 - PSI Group increased its sales by 8.9% to 269.9 million
 euros in the 2023 financial year (Dec. 31, 2022: 247.9 million euros). At 5.6
 million euros, the operating result, which was burdened by one-off effects,
 was significantly below the previous year's figure (Dec. 31, 2022: 20.2
 million euros) and within the target corridor, which was reduced in the middle
 of 2023. Consolidated net income decreased to 0.3 million euros (Dec. 31,
 2022: 9.7 million euros). New orders improved by 17.7% year-on-year to EUR
 297.3 million (Dec. 31, 2022: EUR 252.5 million), primarily due to the
 increase in Malaysia, in the Electrical Grids division and in Logistics. At
 170.2 million euros, the order backlog as at 31.12.2023 exceeded the previous
 year's figure by 9.9% (Dec. 31, 2022: 154.9 million euros).

The Energy Management segment (energy grids, energy trading, public transport)
 achieved 6.5% higher sales of 138.9 million euros (Dec. 31, 2022: 130.4
 million euros) and a a significantly lower operating result of -7.8 million
 euros (Dec. 31, 2022: 1.4 million euros). In the Electrical Grids division,
 earnings were still negatively impacted by individual projects that required
 follow-up and additional work that could not be passed on to end customers.
 Even the significantly more positive earnings performance in Malaysia and
 stable results in the other areas of the segment were unable to fully
 compensate for these effects.

Sales in the Production Management segment (metals, industry, logistics)
 increased by 11.5% to 131.0 million euros (Dec. 31, 2022: 117.5 million
 euros). The segment's operating result improved slightly to 20.4 million euros
 (Dec. 31, 2022: 20.2 million euros). PSI Metals once again made the largest
 contribution to earnings, but the Logistics division also developed very
 positively and significantly increased new orders, sales and earnings.

The number of employees in the Group increased slightly to 2,310 (Dec. 31,
 2022: 2,251). Cash flow from operating activities increased significantly
 year-on-year to 16.8 million euros (Dec. 31, 2022, adjusted: 3.5 million
 euros). At 50.5 million euros, cash and cash equivalents were 5.1 million
 euros higher than the previous year's figure (Dec. 31, 2022: 45.4 million
 euros), offset by higher current and non-current financial liabilities of 15.3
 million euros (Dec. 31, 2022: 4.7 million euros).

The PSI Group was the target of a cyberattack in February 2024. The majority
 of the PSI Group's IT systems were taken offline and had to be shut down. The
 PSI Group was only able to carry out central activities of its business model
 with restrictions. Prior to the cyberattack, we expected a further
 stabilization of business in the Electrical Grids segment in Energy Management
 and moderate growth in the other business units of the segment in 2024, as
 well as increases in new orders and sales in Production Management and a
 further stabilization of the high earnings level.

The economic impact of the cyberattack cannot be conclusively assessed at the
 moment, as the restart of our IT systems has not yet been fully completed.
 According to our current estimates, it cannot be ruled out that originally
 planned incoming orders and sales of around 20 to 30 million euros can no
 longer be recorded or processed in 2024. We assume that all costs incurred
 directly as a result of the cyberattack, such as emergency management or
 support from third parties during the restart, can largely be compensated for
 by existing insurance policies.

Taking into account all available and assessable information to date, we
 assume that the negative effects on earnings from the cyberattack will lead to
 a negative operating result in the upper single-digit to lower double-digit
 million range in 2024.

The PSI Group develops software products for optimizing the flow of energy
 and materials for utilities and industry. As an independent software producer
 with more than 2,200 employees, PSI has been a technology leader since 1969
 for process control systems that ensure sustainable energy supply, mobility
 and production by combining AI methods with industrially proven optimization
 methods. The innovative industry products are sold both directly and via the
 cloud-based PSI App Store. www.psi.de

Contact:

PSI Software SE

Karsten Pierschke

Head of Investor Relations and Corporate Communication

Dircksenstraße 42-44

10178 Berlin

Germany

Tel. +49 30 2801-2727

Email: KPierschke@psi.de

04.06.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News
 - a service of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements,
 Financial/Corporate News and Press Releases.
 Archive at www.eqs-news.com

Berlin, June 4, 2024 - PSI Group increased its sales by 8.9% to 269.9 million
euros in the 2023 financial year (Dec. 31, 2022: 247.9 million euros). At 5.6
million euros, the operating result, which was burdened by one-off effects,
was significantly below the previous year's figure (Dec. 31, 2022: 20.2
million euros) and within the target corridor, which was reduced in the middle
of 2023. Consolidated net income decreased to 0.3 million euros (Dec. 31,
2022: 9.7 million euros). New orders improved by 17.7% year-on-year to EUR
297.3 million (Dec. 31, 2022: EUR 252.5 million), primarily due to the
increase in Malaysia, in the Electrical Grids division and in Logistics. At
170.2 million euros, the order backlog as at 31.12.2023 exceeded the previous
year's figure by 9.9% (Dec. 31, 2022: 154.9 million euros).

The Energy Management segment (energy grids, energy trading, public transport)
achieved 6.5% higher sales of 138.9 million euros (Dec. 31, 2022: 130.4
million euros) and a a significantly lower operating result of -7.8 million
euros (Dec. 31, 2022: 1.4 million euros). In the Electrical Grids division,
earnings were still negatively impacted by individual projects that required
follow-up and additional work that could not be passed on to end customers.
Even the significantly more positive earnings performance in Malaysia and
stable results in the other areas of the segment were unable to fully
compensate for these effects.

Sales in the Production Management segment (metals, industry, logistics)
increased by 11.5% to 131.0 million euros (Dec. 31, 2022: 117.5 million
euros). The segment's operating result improved slightly to 20.4 million euros
(Dec. 31, 2022: 20.2 million euros). PSI Metals once again made the largest
contribution to earnings, but the Logistics division also developed very
positively and significantly increased new orders, sales and earnings.

The number of employees in the Group increased slightly to 2,310 (Dec. 31,
2022: 2,251). Cash flow from operating activities increased significantly
year-on-year to 16.8 million euros (Dec. 31, 2022, adjusted: 3.5 million
euros). At 50.5 million euros, cash and cash equivalents were 5.1 million
euros higher than the previous year's figure (Dec. 31, 2022: 45.4 million
euros), offset by higher current and non-current financial liabilities of 15.3
million euros (Dec. 31, 2022: 4.7 million euros).

The PSI Group was the target of a cyberattack in February 2024. The majority
of the PSI Group's IT systems were taken offline and had to be shut down. The
PSI Group was only able to carry out central activities of its business model
with restrictions. Prior to the cyberattack, we expected a further
stabilization of business in the Electrical Grids segment in Energy Management
and moderate growth in the other business units of the segment in 2024, as
well as increases in new orders and sales in Production Management and a
further stabilization of the high earnings level.

The economic impact of the cyberattack cannot be conclusively assessed at the
moment, as the restart of our IT systems has not yet been fully completed.
According to our current estimates, it cannot be ruled out that originally
planned incoming orders and sales of around 20 to 30 million euros can no
longer be recorded or processed in 2024. We assume that all costs incurred
directly as a result of the cyberattack, such as emergency management or
support from third parties during the restart, can largely be compensated for
by existing insurance policies.

Taking into account all available and assessable information to date, we
assume that the negative effects on earnings from the cyberattack will lead to
a negative operating result in the upper single-digit to lower double-digit
million range in 2024.

The PSI Group develops software products for optimizing the flow of energy
and materials for utilities and industry. As an independent software producer
with more than 2,200 employees, PSI has been a technology leader since 1969
for process control systems that ensure sustainable energy supply, mobility
and production by combining AI methods with industrially proven optimization
methods. The innovative industry products are sold both directly and via the
cloud-based PSI App Store. www.psi.de

Contact:

PSI Software SE

Karsten Pierschke

Head of Investor Relations and Corporate Communication

Dircksenstraße 42-44

10178 Berlin

Germany

Tel. +49 30 2801-2727

Email: KPierschke@psi.de

 

04.06.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News
- a service of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

 Language:     English
 Company:      PSI Software SE
               Dircksenstraße 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
 Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in
               Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
 EQS News ID:  1917087

 

 End of News  EQS News Service

 

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