PSI Software AG PSI Exceeds Guidance 2020

TIDM0KUR

PSI Software AG

24 March 2021

 
PSI Software AG / Key word(s): Annual Results 
 PSI Exceeds Guidance 2020 with Strong Final Quarter 
 
 
 The issuer is solely responsible for the content of this announcement. 
 
 PSI Exceeds Guidance 2020 with Strong Final Quarter 
 - Sales, at 217.8 million euros, attains just 3.3% under previous year 
 - EBIT 13.1% below previous year at 14.9 million euros 
 - Operating cash flow doubles to 24.8 million eurosKPIs (TEUR)                1 Jan. - 31 Dec. 2020  1 Jan. - 31 Dec. 2019  Change 
 Sales                                    217,795                225,180   -3.3% 
 EBIT                                      14,948                 17,205  -13.1% 
 Group net result                          10,280                 14.262  -27.9% 
 Earnings per share (EUR)                    0.66                   0.91  -27.5% 
 
 
 Berlin, March 24, 2021 - In financial year 2020, the PSI Group almost achieved the record 
 sales of the previous year lacking a mere 3.3%. The year 2019 had also included 5 million 
 euros first-time consolidation effects and 3 million euros in third-party goods. After risk 
 provisions in several emerging markets, the EBIT of 14.9 million euros was a good 13% below 
 the previous year's figure (31 Dec. 2019: 17.2 million euros). At 27.2 million euros, earnings 
 before interest, taxes, depreciation and amortization (EBITDA) almost matched the prior year 
 (31 Dec. 2019: 28.0 million euros). Net income declined by almost 28% to 10.3 million euros 
 (31 Dec. 2019: 14.3 million euros) due to tax effects, and earnings per share decreased accordingly 
 to 0.66 euros (31 Dec. 2019: 0.91 euros). At 229 million euros, new orders were 3% below the 
 record level of the previous year (31 Dec. 2019: 236 million euros), while the order book 
 volume at the end of the year increased by 4.9% to 149 million euros (31 Dec. 2019: 142 million 
 euros). 
 Energy Management (energy grids, energy trading, public transport) increased sales by 3.7% 
 to 120.0 million euros (31 Dec. 2019: 115.8 million euros), but the segment's EBIT softened 
 to 6.0 million euros (31 Dec. 2019: 7.2 million euros), impacted by risk provisions in emerging 
 markets, restructuring in Malaysia, and order deferrals in Russia. In the electrical grids 
 business, BTC Smart Grid, acquired in 2019, achieved a turnaround as market division for integrated 
 utilities and industry. In gas grids and pipelines, some Russian orders were postponed due 
 to weak energy prices in the summer. The acquisition of PSI Prognos strengthened the meteorological 
 competence with more accurate feed-in forecasts of renewable energy, and the takeover of the 
 Swiss network planning software NEPLAN in October added further network calculations and 500 
 customers worldwide. The public transport business is currently enjoying high demand for hardware 
 and software for electric bus depots. 
 Sales in Production Management (raw materials, metals production, industry, logistics) declined 
 by 10.6% to 97.8 million euros (31 Dec. 2019: 109.4 million euros), while the EBIT was stable 
 at 11.8 million euros (31 Dec. 2018: 11.8 million euros) thanks to PSI platform products and 
 despite risk provisions. Metals production was able to compensate for the weakness in Europe 
 with orders from the USA and China and increase the new orders over the previous year. Automotive 
 & Industry used the week markets in spring 2020 for pilot projects of the new manufacturing 
 execution system based on the PSI Group platform. Demand for industrial and airport logistics 
 software slowed, while demand for consumer and parcel logistics accelerated. 
 The group's headcount on 31 Dec. 2020 increased by 72 to 2,056 (31 Dec. 2019: 1,984) despite 
 staff reductions in Malaysia, with new hires in Germany, Poland and the USA. Cash flow from 
 operating activities almost doubled to 24.8 million euros (31 Dec. 2019: 12.5 million euros). 
 The revenue share of maintenance and upgrade subscriber contracts has further increased to 
 36.4%. Cash and cash equivalents at the end of the year increased to 40.5 million euros (31 
 Dec. 2019: 38.7 million euros) despite payment of the purchase price for NEPLAN AG. As approved 
 by the Supervisory Board, the Executive Board will propose a dividend of 0.30 euros (previous 
 year: 0.05 euros) at the annual general meeting. 
 In the reporting year, PSI once again increased its research and development expenditures 
 to 27.8 million euros, around one third of which was spent on the platform strategy and a 
 B2B multi-cloud technology which not only delivers from the App Store to the PSI Cloud, but 
 also to over 100 different private clouds held by large customers. After delivery, the software 
 products are adapted to the customer's operations by the customer's IT department and specialist 
 departments, by partners and PSI consultants using intuitive workflow and dialog design tools 
 at runtime, and then rolled out across all affected workstations and technical systems. Although 
 this technology is only being marketed for one fifth of the portfolio, more than 20 million 
 euros of project services had already been transferred to partners and end customers in 2020. 
 PSI software makes a significant contribution to the integration of renewable energy into 
 power grids, the decarbonization of the heating and transport sectors, and the switch to more 
 climate-friendly, efficient and flexible production and logistics processes. The Management 
 Board therefore expects a continuation of the increasing demand for intelligent software products. 
 Provided there are no further shocks to the global economy, the PSI Group is aiming for an 
 operating result of over 20 million euros and an increase in new orders and sales of around 
 5% in 2021. If the vaccination campaigns do accelerate and the economy recovers, PSI will 
 grow more strongly in the second half of the year. 
 The PSI Group develops its own software products for integrated solutions to optimize the 
 flow of energy and materials for utilities (energy grids, energy trading, public transport) 
 and industry (metals production, automotive, mechanical engineering, logistics). PSI was founded 
 in 1969 and employs more than 2,000 people worldwide. www.psi.de 
 Contact: 
 PSI Software AG 
 Karsten Pierschke 
 Head of Investor Relations and Corporate Communications 
 Dircksenstraße 42-44 
 10178 Berlin 
 Deutschland 
 Phone [phone] 
 Fax [phone] 
 E-Mail: [e-mail] 
 
 
 24.03.2021 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:         [phone] 
Fax:           [phone] 
E-mail:        [e-mail] 
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:   1177862 
 
 
 
 
 
 
End of News  DGAP News Service 
 

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March 24, 2021 04:28 ET (08:28 GMT)