Berlin, March 29, 2022 – PSI Group increased sales by 14% in fiscal 2021 to a new record value of 248.4 million euros (Dec. 31, 2020: 217.8 million euros). EBIT improved by almost 60% to 23.8 million euros (Dec. 31, 2020: 14.9 million euros), while guidance accounted for 20 million euros in 2021. Group net income rose by 54% to 15.8 million euros (Dec. 31, 2020: 10.3 million euros) and earnings per share increased accordingly to 1.01 euros (Dec. 31, 2020: 0.66 euros). New orders accounted for a record value of 266 million euros 16.2% above the previous year (Dec. 31, 2020: 229 million euros), while the order book volume at year-end increased by 7.4% to 160 million euros (Dec. 31, 2020: 149 million euros).
- Sales grow 14% in 2021 to 248.4 million euros
- EBIT increased by almost 60% to 23.8 million euros
- Operative cash flow jumps to 38.8 million euros
| Performance indicators (KEUR) | Jan. 1 – Dec. 31, 2021 | Jan. 1 – Dec. 31, 2020 | Change |
|---|---|---|---|
| Sales | 248,389 | 217,795 | +14,0% |
| EBIT | 23,809 | 14,948 | +59,3% |
| Group net result | 15,837 | 10,280 | +54,1% |
| Earnings per share (EUR) | 1.01 | 0.66 | +53,0% |
The Energy Management segment (energy networks, energy trading, public transport) recorded a 16.2% increase in sales to 139.4 million euros (Dec. 31, 2020: 120.0 million euros), while EBIT improved to 8.3 million euros (Dec. 31, 2020: 6.0 million euros). The Electrical Grids division received numerous orders for “Redispatch 2.0,” an EU regulation with the aim of having the distribution grids participate in balancing the wind and solar parks. As expected, the Swiss PSI Neplan contributed 4.1 million euros in sales with an 11% EBIT margin after amortization. The Gas Networks and Pipelines division has successfully converted German customers to Upgrade-as-a-Service. A nationwide energy network in Poland is supplied with the new control system based on the PSI platform. The Public Transport segment celebrated further successes with the market-leading software for electric bus depots.
Sales in the Production Management segment (metal production, industry, logistics) were increased by 11.5% to 109.0 million euros (Dec. 31, 2020: 97.8 million euros), while EBIT improved to 16.7 million euros thanks to improved results by all major divisions (Dec. 31, 2020: 11.8 million euros). The Metals Production division is converting its planning modules to PSI standard components and significantly increased all key performance indicators. The Automotive & Industry segment also contributed double-digit profit margins. In Logistics and the Polish market, the new multi-cloud app store was tested.
The Group’s headcount on December 31, 2021 increased by 167 year-on-year to 2,223 thanks to new hires in Germany, Poland and the US (Dec. 31, 2020: 2,056). Cash flow from operating activities increased significantly to 38.8 million euros (Dec. 31, 2020: 24.8 million euros). Cash and cash equivalents at year-end increased to 67.5 million euros despite the higher dividend payment (Dec. 31, 2020: 40.5 million euros). In agreement with the Supervisory Board, the Executive Board will propose to the Annual General Meeting a dividend of 0.40 euros (previous year: 0.30 euros).
In the reporting year, PSI once again increased expenditure on research and development to 32.3 million euros and, among other things, launched a multi-cloud app store for industrial applications, from which PSI platform-based standard products are delivered on premise or to the PSI cloud, but also to private clouds of our Group customers. After launch and adaptation to screens, the software is adapted to the customer’s operation at runtime using workflow technology, PSI Click Design and interface configurators by the customer’s specialist departments, by integration partners and PSI consultants, and later updated via upgrades. After 2 million euros of pilot project sales in 2021, over 5 million euros of regular sales are to be sold and delivered automatically via the PSI app store in 2022.
PSI Software makes a significant contribution to the integration of renewable energy into electricity grids, decarbonization of the heating and transport sectors, and the switch to more climate-friendly, efficient and flexible production and logistics processes. The Executive Board therefore expects demand for PSI’s intelligent software products to continue to rise in 2022.
In an environment of rising interest rates, raw material, and wage costs, as well as a green government agenda, PSI Group is also aiming for an increase in new orders and sales of more than 10% and just under 20% in the operating result in 2022, in line with the long-term trend.
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 about 2,200 people worldwide.
