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PSI Software SE / Key word(s): 9 Month
figures/Quarter Results
PSI with Balanced EBIT in the Third Quarter
31.10.2024 /
The issuer is solely responsible for the content of this
announcement.
PSI with
Balanced EBIT in the Third Quarter
- Order backlog of EUR 188 million on September 30, 2024, 5.5%
below the previous year's figure
- Sales in the third quarter at previous year's level of 65 million
euros
- Group operating result balanced in the third quarter, in
Production Management segment 23% above the same quarter of the
previous year at 3.7 million euros
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Performance
indicators (KEUR)
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Jan. 1 - Sept.
30, 2024
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Jan. 1 - Sept.
30, 2023
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Change
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Sales
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177,424
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184,459
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−3.8 %
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EBIT
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−19,399
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−2,714
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>100%
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Group net result
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−24,142
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−7,128
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>100%
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Earnings per share (EUR)
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−1.56
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−0.46
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>100%
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Berlin, October 31, 2024 - PSI Group
achieved 3.8% lower sales of 177.4 million euros in the first nine
months of 2024 (Sept. 30, 2023: 184.5 million euros). In the third
quarter of 2024, sales were stable at 65.1 million euros (July
1-Sept. 30, 2023: 65.2 million euros). The operating result (EBIT)
was balanced at 13,000 euros in the third quarter (July 1-Sept. 30,
2023: 2.6 million euros) and continued to improve compared to the
first two quarters of 2024. In the first nine months of 2024, it
was clearly negative at −19.4 million euros (Sept. 30, 2023: −2.7
million euros) following the negative impact of the cyberattack.
The consolidated result was correspondingly −24.1 million euros
(Sept. 30, 2023: EUR −7.1 million). Incoming orders decreased by
16.8% compared to the same period of the previous year to 198
million euros (Sept. 30, 2023: 238 million euros). In the previous
year, the third quarter in particular was characterized by very
large orders in the areas of electrical grids, logistics and in
Malaysia. At 188 million euros, the order backlog as at Sept. 30,
2024 was 5.5% below the previous year's figure (Sept. 30, 2023: 199
million euros).
The Energy Management segment (energy grids, energy trading, public
transport) achieved 7.6% lower sales of 84.8 million euros (Sept.
30, 2023: 91.8 million euros) and a significant deterioration in
the operating result to −19.5 million euros (Sept. 30, 2023: −7.5
million euros). Although the segment's business continued to
normalize, fixed-price projects in particular were still
significantly impacted by the lower productivity following the
cyberattack.
Sales in the Production Management segment (metals, industry,
logistics) remained constant in the first nine months at 92.6
million euros (Sept. 30, 2023: 92.7 million euros). The segment's
operating result deteriorated to 2.3 million euros (Sept. 30, 2023:
11.1 million euros), but in the third quarter the segment achieved
a 23% year-on-year improvement in its operating result to 3.7
million euros. Due to the more product-based business, Production
Management recovered much faster from the consequences of the
cyberattack than Energy Management.
The number of employees in the Group increased slightly to 2,316
(Sept. 30, 2023: 2,279). Cash flow from operating activities was
clearly negative at −34.2 million euros (Sept. 30, 2023: −6.5
million euros) as a result of the cyberattack and one-off working
capital changes, which will be reversed in subsequent quarters. At
27.4 million euros, cash and cash equivalents were 19.6 million
euros below the previous year's figure (Sept. 30, 2023: 47.0
million euros), offset by higher current financial liabilities of
24.7 million euros (Dec. 31, 2023: 2.1 million euros). The Group
has sufficient funds available for financing and a significant
improvement in cash and cash equivalents is expected in the fourth
quarter.
Following the cyberattack in February 2024 and the restart of the
renewed IT systems, productive operations have largely resumed
since the beginning of May and are now almost completely back to
normal. In the course of the restart, further measures were adopted
that will significantly increase the security of the IT systems as
part of a revised IT strategy and are currently being implemented.
No further costs are expected from the cyber attack in the fourth
quarter of 2024.
The simplification of the Group structures was already initiated in
the middle of the year with the merger of the German subsidiaries
into PSI Software SE. In future, PSI's business will be divided
into the five industry segments Grid & Energy Management,
Process Industries, Discrete Manufacturing, Logistics and Mobility,
which will also form the basis for financial reporting from the
fourth quarter of 2024. With the cloud transformation of the
product portfolio, which was initiated with three specific
proof-of-concept projects, PSI is laying the foundations for the
future development of the SaaS business
(Software-as-a-Service).
Taking into account the negative effects from the cyberattack, the
PSI Executive Board continues to expect a reduction in sales of up
to 25 million euros for the full year and a negative EBIT of up to
−15 million euros.
The PSI
Group develops software products for optimizing the
flow of energy and materials for utilities and industry. As an
independent software producer with more than 2,300 employees, PSI
has been a technology leader since 1969 for process control systems
that ensure sustainable energy supply, mobility and production by
combining AI methods with industrially proven optimization methods.
The innovative industry products can be operated on-premises or in
the cloud. www.psi.de
Contact:
PSI Software SE
Karsten Pierschke
Head of Investor Relations and Corporate Communication
Dircksenstraße 42-44
10178 Berlin
Germany
Tel. +49 30 2801-2727
Email: KPierschke@psi.de
31.10.2024 CET/CEST
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