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
Performance indicators (KEUR)1 Jan. – Dec. 31 20231 Jan. – Dec. 31 2022
Sales269,891247,938+8.9 %
EBIT5,56220,186−72.4 %
Group net result3249,694−96.7 %
Earnings per share (EUR)0.020.62−96.8 %

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.