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PSI Software SE / Key word(s):
Annual Results/Annual Report
PSI with Significant Growth in 2023 after Strong Final Quarter
04.06.2024 /
The issuer is solely responsible for the content of this
announcement.
PSI
with Significant Growth in 2023 after Strong Final
Quarter
- New orders up 17.7% on the previous year at 297.3 million
euros
- Sales increase by 8.9% to 269.9 million euros
- Operating cash flow significantly improved to 16.8 million
euros
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Performance indicators (KEUR)
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1 Jan. - Dec. 31
2023
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1 Jan. - Dec. 31
2022
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Change
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Sales
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269,891
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247,938
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+8.9 %
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EBIT
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5,562
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20,186
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−72.4 %
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Group net result
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324
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9,694
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−96.7 %
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Earnings per share (EUR)
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0.02
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0.62
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−96.8 %
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Berlin, June 4, 2024 - PSI Group
increased its sales by 8.9% to 269.9 million euros in the 2023
financial year (Dec. 31, 2022: 247.9 million euros). At 5.6 million
euros, the operating result, which was burdened by one-off effects,
was significantly below the previous year's figure (Dec. 31, 2022:
20.2 million euros) and within the target corridor, which was
reduced in the middle of 2023. Consolidated net income decreased to
0.3 million euros (Dec. 31, 2022: 9.7 million euros). New orders
improved by 17.7% year-on-year to EUR 297.3 million (Dec. 31, 2022:
EUR 252.5 million), primarily due to the increase in Malaysia, in
the Electrical Grids division and in Logistics. At 170.2 million
euros, the order backlog as at 31.12.2023 exceeded the previous
year's figure by 9.9% (Dec. 31, 2022: 154.9 million
euros).
The Energy Management segment (energy grids, energy trading, public
transport) achieved 6.5% higher sales of 138.9 million euros (Dec.
31, 2022: 130.4 million euros) and a a significantly lower
operating result of -7.8 million euros (Dec. 31, 2022: 1.4 million
euros). In the Electrical Grids division, earnings were still
negatively impacted by individual projects that required follow-up
and additional work that could not be passed on to end customers.
Even the significantly more positive earnings performance in
Malaysia and stable results in the other areas of the segment were
unable to fully compensate for these effects.
Sales in the Production Management segment (metals, industry,
logistics) increased by 11.5% to 131.0 million euros (Dec. 31,
2022: 117.5 million euros). The segment's operating result improved
slightly to 20.4 million euros (Dec. 31, 2022: 20.2 million euros).
PSI Metals once again made the largest contribution to earnings,
but the Logistics division also developed very positively and
significantly increased new orders, sales and earnings.
The number of employees in the Group increased slightly to 2,310
(Dec. 31, 2022: 2,251). Cash flow from operating activities
increased significantly year-on-year to 16.8 million euros (Dec.
31, 2022, adjusted: 3.5 million euros). At 50.5 million euros, cash
and cash equivalents were 5.1 million euros higher than the
previous year's figure (Dec. 31, 2022: 45.4 million euros), offset
by higher current and non-current financial liabilities of 15.3
million euros (Dec. 31, 2022: 4.7 million euros).
The PSI Group was the target of a cyberattack in February 2024. The
majority of the PSI Group's IT systems were taken offline and had
to be shut down. The PSI Group was only able to carry out central
activities of its business model with restrictions. Prior to the
cyberattack, we expected a further stabilization of business in the
Electrical Grids segment in Energy Management and moderate growth
in the other business units of the segment in 2024, as well as
increases in new orders and sales in Production Management and a
further stabilization of the high earnings level.
The economic impact of the cyberattack cannot be conclusively
assessed at the moment, as the restart of our IT systems has not
yet been fully completed. According to our current estimates, it
cannot be ruled out that originally planned incoming orders and
sales of around 20 to 30 million euros can no longer be recorded or
processed in 2024. We assume that all costs incurred directly as a
result of the cyberattack, such as emergency management or support
from third parties during the restart, can largely be compensated
for by existing insurance policies.
Taking into account all available and assessable information to
date, we assume that the negative effects on earnings from the
cyberattack will lead to a negative operating result in the upper
single-digit to lower double-digit million range in 2024.
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 2,200 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 are sold both directly and via the
cloud-based PSI App Store. 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
04.06.2024 CET/CEST Dissemination of
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AG.
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announcement.
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