Berlin, 20 March 2014 – The PSI Group obtained 2.5 % lower sales of 176.3 million Euros in financial year 2013 (2012: 180.9 million Euros). New orders decreased by 1.6 % to 185 million Euros (2012: 188 million Euros), the volume of orders at the end of the year was stable at 118 million Euros. Our campaign to convert our regular customer business into maintenance and upgrade contracts slowed the new orders. The drop in sales resulted from tied-up capacity in Logistics. The EBIT fell due to one-off expenditures and product investments over budget by 67 % to 4.2 million Euros (2012: 12.9 million Euros). The group net result decreased by 96 % to 0.4 million Euros (2012: 9.4 million Euros), the earnings per share fell to 0.02 Euro (2012: 0.60 Euro).
Energy Management was again primarily carried by Gas and Oil in 2013, while the structural crisis for the energy companies continues in the field of Electrical Energy. Consequently, sales for the segment decreased by 2 % to 61.0 million Euros (2012: 62.3 million Euros). The area of electrical energy has for the most part completed its conversion from project to product business following one-off investments in the last two years. The EBIT for this segment dropped to 0.6 million Euros (2012: 3.2 million Euros).
In Production Management, sales decreased in 2013 by 6 % to 84.1 million Euros (2012: 89.4 million Euros). The EBIT dropped as a result of large losses in the Logistics business by 79 % from 6.6 million Euros in the previous year to 1.4 million Euros. The Metal Industry business gained additional market share and again provided the largest contribution to the EBIT. The Raw Materials Extraction business won an additional large contract from China at the end of the year, Mechanical Engineering and Automotive confirmed its previous year’s result, despite high product investments.
Infrastructure Management achieved, with 31.3 million Euros, 7 % higher sales in 2013 (2012: 29.2 million Euros). The EBIT decreased by 25 % to 3.3 million Euros (2012: 4.4 million Euros). As in the previous year, the Asian PSI Incontrol and PSI Poland provided the greatest contribution to the EBIT, while the EBIT in the Public Transport business declined.
In 2013, PSI invested a total of 19.8 million Euros for research and development (2012: 17.9 million Euros). The focus was on the conversion of the field of Electrical Energy from project to product business, a very complex pilot project in Logistics and the rollout of the group-wide software platform in the PSI business segments. License sales, as a measure for the product durability for the business increased in 2013 by 12 % to 19.4 million Euros (2012: 17.4 million Euros), maintenance sales grew by 6 % to 42.9 million Euros (2012: 40.6 million Euros).
The cash flow from operating activities decreased only slightly, despite the poorer EBIT, to 0.1 million Euros (2012: 0.8 million Euros), liquidity at the end of the year sank to 21.8 million Euros (31.12.2012: 33.3 million Euros), which is still sufficient for the financing of the organic growth and targeted takeovers. The Management Board will propose to the Annual General Meeting that no dividend be distributed.
In the Electrical Energy and Logistics businesses PSI has taken the precaution of streamlining sites, personnel and management. The project risks after approvals have for the most part been adjusted so that as of 2014 should demonstrate good follow-up business with current and new customers. Nevertheless, management is holding to the prognosis from the third quarter whereby an EBIT of 12 million Euros and growth of 5 to 10 % are the targets for 2014.
On the basis of its own software products, PSI AG develops and integrates complete solutions for energy management (gas, oil, electricity, heat, energy trading), production management (mining, metals, automotive, mechanical engineering, logistics) and infrastructure management for transport and safety. PSI was founded in 1969 and em-ploys 1,700 persons worldwide.