Berlin, April 27, 2023 - The PSI Group achieved constant sales of 58.2 million euros in the first quarter of 2023 (March 31, 2022, adjusted: 58.0 million euros). The operating result (EBIT) of 4.0 million euros included about 0.5 million euros in costs from the preparations for the intended change of legal form to a European stock corporation (Societas Europaeas, SE) as well as further burdens from long-running fixed-price projects in the business with municipal utilities (March 31, 2022, adjusted: 4.5 million euros). Group net income improved by 27.7% to 3.3 million euros due to the absence of charges from the Russian business activities (March 31, 2022: 2.6 million euros). At 118 million euros, new orders were 19.2% higher than in the prior-year quarter (March 31, 2022: 99 million euros). At 212 million euros, the order book volume at March 31, 2023 exceeded the prior-year figure by 5% (March 31, 2022: 202 million euros).
- Increasing demand for industrial artificial intelligence
- Sales constant at 58.2 million euros
- Group result increases by 28% to 3.3 million euros
| Performance indicators (KEUR) | 1 Jan. – March 31, 2023 | 1 Jan. – March 31, 2022 (adjusted) | Change |
|---|---|---|---|
| Sales | 58,230 | 57,981 | +0.4 % |
| EBIT | 4,008 | 4,481 | -10.6 % |
| Group net result | 3,282 | 2,570 | +27.7 % |
| Earnings per share (EUR) | 0.21 | 0.16 | +31.3 % |
The Energy Management segment (energy grids, energy trading, public transport) achieved 7.6% lower sales of 29.4 million euros (March 31, 2022, adjusted: 31.9 million euros) and a significantly lower operating result of 0.7 million euros (March 31, 2022, adjusted: 2.0 million euros). The Electrical Grids business was able to significantly increase new orders compared to the same quarter of the previous year, while sales and earnings were still burdened by long-running fixed-price projects in the municipal utility business. The preparation of the market-leading product PSIcontrol for higher volumes and better upgradeability continues to make progress; for example, the sizing will be dynamically configurable in the future. An important pilot order is being processed for the energy data portal based on the new PSI platform-based control system. In Southeast Asia, PSI is benefiting from the increased gas price and was able to significantly increase new orders, sales and earnings.
Sales in the Production Management segment (metals, industry, logistics) grew further by 10.2% to 28.8 million euros (March 31, 2022, adjusted: 26.1 million euros). The segment's operating profit increased by 42% to 3.9 million euro (March 31, 2022, adjusted: 2.7 million euros). In particular, the metals producing industry, logistics, and automotive businesses developed strongly and significantly increased order intake, sales and earnings, although a large license in the metals sector was not booked until the beginning of the second quarter. In order to be able to meet demand more quickly, PSI will primarily prepare the software for the global steel industry for the cloud-based PSI App Store this year. Customers and partners will thus be able to take over larger shares of order processing and carry out their rollouts with workflow, PSI Click Design and e-learning in the PSI Virtual Factory with support or independently.
The number of employees in the Group increased to 2,257 (March 31, 2022: 2,182) due to targeted new hires in Germany, Poland and the USA. At 12.6 million euros, cash flow from operating activities was more than double the figure for the prior-year quarter (March 31, 2022: 4.9 million euros). Cash and cash equivalents of 61.0 million euros (March 31, 2022: 67.8 million euros) will be used for the proposed dividend payment and for seasonal sales financing.
PSI will continue to expand business with Group rollouts and integration partners as planned in the coming quarters. The fixed-price business, which is subject to inflation and fulfillment risks, was further reduced in the first quarter, while sales from time and material services, maintenance/upgrade contracts and licenses were again increased. PSI continues to benefit from the growth in the North American business, now also in the wake of the Inflation Reduction Act, and the strong demand for optimization solutions with industrial artificial intelligence, which make an important contribution in the transformation to sustainable industrial production.
For 2023, PSI is working on recovery in the Energy Management segment. Production Management will continue to grow and App Store sales in particular will exceed ten million euros this year. The PSI Executive Board is therefore still planning increases in new orders and sales of up to 10% and in the operating result of around 20% to 25 million euros for 2023. The strategic developments (cloud-based App Store and Collaboration Space) will be continued as planned, so that the PSI Executive Board continues to aim for the long-term target of 54 million euros EBIT for 2026.
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 cloud-based PSI App Store and can also be customized by customers and partners themselves. PSI was founded in 1969 and employs more than 2,200 people worldwide.
