22.03.2017
PSI Aktiengesellschaft für Produkte und Systeme der Informationstechnologie DE000A0Z1JH9
DGAP-News: Following Strong 4th Quarter PSI with Better Margin and Strong Cash Flow
DGAP-News: PSI Aktiengesellschaft für Produkte und Systeme der
Informationstechnologie / Key word(s): Final Results
Following Strong 4th Quarter PSI with Better Margin and Strong Cash Flow
22.03.2017 / 08:35
The issuer is solely responsible for the content of this announcement.
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Following Strong 4th Quarter PSI with Better Margin and Strong Cash Flow
- Group Net Result improved by 14.6 %
- Sales 3.7 % below previous year following risk reduction in Southeast Asia
- Software products for industry 4.0 ready to launch
- Increase of dividends to 0.22 euro planned
KPI (TEUR) 1 Jan. - 31 Dec. 1 Jan. - 31 Dec. Change
2016 2015
Sales 176,854 183,682 -3.7 %
EBIT 11,835 11,109 +6.5 %
Group net result 8,551 7,459 +14.6
%
Earnings per share 0.55 0.48 +4 %
(EUR)
PSI Group attained an EBIT of 11.8 million euros in financial year 2016 (31
Dec. 2015: 11.1 million euros). Together with higher financial results due
to currency effects, group net result increased by 14.6 % to 8.5 million
euros (31 Dec. 2015: 7.5 million euros), the earnings per share improved
correspondingly to 0.55 euro (31 Dec. 2015: 0.48 euro). With 176.9 million
euros, sales were 3.7 % below the value for the previous year (31 Dec. 2015:
183.7 million euros). The decline in sales is largely the result of the
substation automation business in Southeast Asia. In view of the economic
and political environment in the region, the Management Board has
implemented a higher price discipline, adjusted capacities and reduced risks
and capital binding. In spring of 2016, provisions for risks in old and new
projects in the steel sector have been made in view of the commodity price
crisis. At 13.3 million euros, operating cash flow was again higher than the
operating result. New orders were, with 182 million euros, 6.7 %, below the
previous year (31 Dec. 2015: 195 million euros), the order backlog was
constant at 129 million euros.
Energy Management (energy networks, energy trading) increased sales by 3 %
to 69.2 million euros despite headwinds and considerable industry problems
(31 Dec. 2015: 67.2 million euros), the EBIT for the segment improved by 9.4
% to 5.8 million euros (31 Dec. 2015: 5.3 million euros). The electrical
grid business continued to increase sales and EBIT, while demand in the gas
grid and pipeline business only recovered slowly after the drop in raw
material prices in the first quarter and the ruble weakness. PSI has further
expanded the technical leadership by means of new developments. This applies
in particular to the topics of sector coupling, electro mobility, grid
management as a service and a new, artificial intelligence-based grid
autopilot, which dramatically improves the safety and profitability of
network operations. The energy trading business was able to slightly
increase its EBIT over the previous year.
Sales in Production Management (raw materials, metal production, automotive,
logistics) were, at 84.2 million euros, 2.5 % below the figure for the
previous year (31 Dec. 2015: 86.4 million euros), the EBIT increased by 14.5
% to 7.1 million euros (31 Dec. 2015: 6.2 million euros). Major and onerous
market launch projects were concluded successfully in China in the raw
material excavation business and production business.
The metals production business continued its rollouts for major customers
and increased, despite the dramatic situation in the steel market at the
beginning of 2016, new orders and EBIT. In the production and logistics
businesses, PSI successfully carried out important pilot projects for the
products migrated to the Group platform. The automotive and industry
business won important major contracts in the field of rolling stock
construction and vehicle maintenance and improved its EBIT significantly.
In Infrastructure Management (transportation and safety), sales decreased
significantly to 23.5 million euros (31 Dec. 2015: 30.1 million euros)
following reductions in capacity in the capital-intensive substation
automation business in Southeast Asia, the EBIT decreased to 0.1 million
euros (31 Dec. 2015: 0.8 million euros). In Malaysia, PSI moved the
expansion of the high-margin software business especially in the field of
smart cities forward and hired additional software engineers for this
business.
The number of employees on 31 Dec. 2016 was, after capacity adjustments in
Asia and new hires in Europe, 1,619 (31 Dec. 2015: 1,650). The cash flow
from operations was, at 13.3 million euros, once again very solid (31 Dec.
2015: 14 million euros). Liquidity at the end of the year increased to 43
million euros (31 Dec. 2015: 38.8 million euros) so that PSI has sufficient
funds for targeted acquisitions in the fields of energy grids and
automotive. The Board of Directors, with the approval of the Supervisory
Board, will recommend a dividend of 0.22 euros (previous year: 0.21 euros).
By the end of 2016, all the major software products in Production Management
had been converted to the new, group-wide Java platform and pilot projects
were successfully implemented with customers. Customers are enthusiastic
that they can now customise the user interfaces themselves by click & drop.
PSI will demonstrate the interaction of the uniform software products with
the Industry 4.0 swarm manufacturing at Hannover Fair from the cloud. As of
2017, regular customers will be increasingly migrated to the new product
versions and new customers approached with this feature. In view of the
stabilisation of many PSI target markets in recent months and with a sales
initiative for the renewed products, the PSI Board of Directors is
optimistic about financial year 2017. PSI is therefore striving for a sales
growth in the mid-single digits and an EBIT between 12 and 15 million euros.
On the basis of its own software products, PSI AG develops and integrates
complete solutions for energy management (energy networks, energy trading),
production management (mining, metals, automotive, mechanical engineering,
logistics) and infrastructure management for transport and safety. PSI was
founded in 1969 and employs more than 1,600 persons worldwide. www.psi.de
Contact:
PSI AG
Karsten Pierschke
Head of Investor Relations and
Corporate Communication
Dircksenstraße 42-44
10178 Berlin
Germany
Phone +49 30 2801-2727
Fax +49 30 2801-1000
E-mail: [email protected]
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22.03.2017 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.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: PSI Aktiengesellschaft für Produkte und Systeme der
Informationstechnologie
Dircksenstraße 42-44
10178 Berlin
Germany
Phone: +49 (0)30 2801-0
Fax: +49 (0)30 2801-1000
E-mail: [email protected]
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
End of News DGAP News Service
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556709 22.03.2017
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