PSI Software AG PSI Continues Strong Sales and EBIT
29 October 2021 - 7:00PM
RNS Non-Regulatory
TIDM0KUR
PSI Software AG
29 October 2021
PSI Software AG / Key word(s): Quarter Results/Quarterly / Interim Statement
PSI Continues Strong Sales and EBIT Trend in Third Quarter
29.10.2021 / 09:07
The issuer is solely responsible for the content of this announcement.
PSI Continues Strong Sales and EBIT Trend in Third Quarter
- New orders increased by 10.1% to 196 million euros
- Sales growth of 12.3% to 177.6 million euros
- EBIT leaps by 77% to 15.7 million eurosKPIs (TEUR) 1 Jan. - 30 Sept. 2021 1 Jan. - 30 Sept. 2020 Change
Sales 177,569 158,139 +12.3 %
EBIT 15,710 8,874 +77.0 %
Group net result 11,096 5,961 +86.1 %
Earnings per share (EUR) 0.71 0.38 +86.8 %
Berlin, 29 October 2021 - The PSI Group increased its new orders by 10.1% to 196 million
euros in the first nine months of 2021 (30 Sept. 2020: 178 million euros). The order backlog
on 30 September 2021 was, at 165 million euros, 3.8% above the level of the previous year
(30 Sept. 2020: 159 million euros). Group sales improved by 12.3% to 177.6 million euros (30
Sept. 2020: 158.1 million euros), whereby along with Energy, Production also contributed to
the growth in the third quarter. The EBIT leapt by 77% to 15.7 million euros (30 Sept. 2020:
8.9 million euros), the group net result even improved by as much as 86.1% to 11.1 million
euros (30 Sept. 2020: 6.0 million euros).
Energy Management (energy networks, energy trading, public transportation) achieved 15.4%
higher sales of 98.1 million euros (30 Sept. 2020: 85.0 million euros) and a 52% higher EBIT
of 6.0 million euros (30 Sept. 2020: 4.0 million euros) in the first three quarters. In the
electrical grid business, the new Redispatch 2.0 module was delivered to numerous distribution
system operators and, consequently, higher sales were attained than in the previous year.
Due to the fact that numerous regulatory changes were made just before the start date, further
sales are expected during the transition period that lasts until mid-2022. The configuration
management of the electrical grid control system should, like the gas control system, be converted
to faster upgrade services and the group's standard time-series module should be included.
The new, dispatch management for maintenance technicians based on the PSI platform has demonstrated
its significantly accelerated customization and automated installation in the cloud in the
course of a railway project. PSI will continue to support Germany's largest distribution system
operator as a strategic technology supplier in its ambitious digital future strategy. The
new control system, which is based on the PSI platform, is being optimized for high performance
and high availability in a nationwide distribution grid project. With the conversion to the
new control system technology, the future margins of Energy Management should approach those
of Production Management, which are twice as high. The gas grid business has an increasing
volume of new orders in Germany, while orders from Russia have been postponed to 2022. While
the rollout of upgrades for the German gas suppliers continues to be automated, the conversion
of the software to the time-series management of the PSI platform is now underway as well.
The energy trading business has obtained another major contract including optimization and
time-series management since the end of the third quarter.
Sales in Production Management (metals, industry, logistics) during the first nine months
was, at 79.4 million euros, 8.6% above the value for the previous year (30 Sept. 2020: 73.1
million euros). The EBIT for the segment, whose products are already completely based on the
PSI platform, increased by 68% to 10.4 million euros (30 Sept. 2020: 6.2 million euros). While
the carbon steel industry in Europe is preparing the conversion of its production to hydrogen,
the electro-steel plants in North America and Europe as well as the carbon steel plants in
Russia and Turkey continue investing in software. The metals business, with its consistent
internationalization strategy, continues to reliably generate increasing profit margins, due
to the fact that the PSI platform has become ever more successful in allowing local partners
to provide customization work and is therefore able to concentrate on licenses, upgrade fees
and consulting services. The metals production software has, for the first time, been delivered
through the PSI App Store as a simulation package for e-learning trainings. As of 2022, it
is planned to deliver real planning systems automated into customers' private clouds as well
as public clouds. In a further step, it is planned to offer the complete software systems
and upgrades including plant control. The automotive & industry as well as logistics businesses
had numerous orders from regular and new customers in both Germany and abroad. Combination
orders, where products from several business units were combined on the PSI platform, were
especially well-received. Additional orders in the eastern European region could be obtained
through the Polish PSI subsidiary.
The number of employees in the group increased to 2,186 (30 September 2020: 2,042), in particular
due to new hires in Poland, Germany and the USA. Cash flow from operating activities was,
at 16.3 million about 23% above the figure for the previous year (30 Sept. 2020: 13.2 million
euros). Cash and cash equivalents increased compared to the previous year's figure by 14%
to 47.3 million euros (30 Sept. 2020: 41.4 million euros).
The multi-cloud PSI App Store is now in productive use for pilot customers. Currently, mainly
simulation products and standard components are sold. These can be used both independently
as well as combined into industry products. The PSI App Store is intended primarily to accelerate
the regular customer business (after sales) with major customers and integration partners
as well as automate subsequent purchases and upgrades.
As of 2022, PSI will begin reporting repeating license sales from upgrade-as-a-service and
software-as-a-service contracts in addition to maintenance and license sales. Initial as well
as repeating licenses, which can be delivered automatically and with greater margins through
the PSI APP Store, will also be reported in the financial reporting as of 2022.
The outbreak of the COVID-19 pandemic in 2020 is still having an impact on new orders in 2021.
In view of the reduced uncertainties from the COVID-19 pandemic and an economic recovery,
numerous PSI customers have indicated more orders. Unfortunately, not all of the major orders
expected in the third quarter have materialized. In particular the major shifts in the raw
materials markets as well as supply bottlenecks in certain industries have resulted in postponements
of orders. The PSI management board expects the traditional strong final quarter and therefore
a clear exceeding of the EBIT target of more than 20 million euros announced in March. For
2022, the management expects an especially strong start with additional increases in new orders
and results as well as significantly increased sales from the PSI App Store.
The PSI Group develops its own software products for optimizing the flow of energy and materials
for utilities (energy grids, energy trading, public transport) and industry (metals production,
automotive, mechanical engineering, logistics). The industry-specific products, which are
built from standard components, are sold both directly and via the multi-cloud PSI App Store
and can also be customized by customers and partners themselves. PSI was founded in 1969 and
employs nearly 2,200 people worldwide. www.psi.de
Contact:
PSI Software AG
Karsten Pierschke
Head of Investor Relations and
Corporate Communications
Dircksenstraße 42-44
10178 Berlin
Germany
Phone +49 30 2801-2727
Fax +49 30 2801-1000
E-Mail: KPierschke@psi.de
29.10.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group
AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: PSI Software AG
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, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1244653
End of News DGAP News Service
1244653 29.10.2021
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