Berlin, 5 August 2003 – As expected PSI improved its operative results (EBIT) by 71.6% compared to the first quarter and by 76% compared to the same quarter of the previous year (Q1-2003: –0.97 million Euro, Q2-2002: –1.15 million Euro). At
–1.25 million Euro, the operative resultr of the first six months was within the projected range (2002: –0.64 million Euro). The group result improved to –50,000 Euro in the second quarter and to –1.1 million Euro in the first six months (2002:
–1.1 million Euro and –1.8 million Euro). Earnings went down in the first half-year by 14.8% to 65.84 million Euro (2002: 77.25 million Euro). This was particularly due to the 42% decrease in hardware sales, the spin-off of PSI Infrastructure from the year before and licenses revenues, which decreased to 2.3 million Euro (2002: 4.7 million Euro). The group’s liquidity was 20.4 million Euro as of 30 June 2003.
The network management segment (energy, telecommunications, transport) had earnings of 35.2 million Euro in the first half-year (2002: 37.8 million Euro) and an operative result of 1.6 million Euro (2002: 3.0 million Euro). In the second quarter network management was strongly influenced by investment in the future MCCM technology for integrating GSM and UMTS mobile telecommunication standards.
In production management (production, logistics) earnings dropped to 22.3 million Euro (2002: 26.1 million Euro), while the operative result increased to –2.4 million Euro (2002: –3.7 million Euro). This includes the development costs of the new manufacturing control systems. At the same time there was a positive impact from the improvement in PSIPENTA’s earnings and the fact that the subsidiaries PSI logistics and PSI Schweiz broke even. New business processes were implemented to refinance PSIPENTA product innovations and will lead to further improvement in results.
Earnings in information management (public sector, service providers) decreased to 8.4 million Euro in the first half-year (2002: 13.4 million Euro) and the operative result dropped to -0.5 million Euro (2002: 0.1 million Euro). Political developments effecting unemployment and social welfare had a negative impact on PK Software orders. PSI Infrastructure GmbH was not consolidated over the course of this year due to its merger with Schindler Technik AG.
At 64 million Euro, orders received in the first half-year were below the 68 million Euro of the previous year. This primarily was the result of the breakdown of a large energy contract into partial contracts. The energy segment currently has orders spanning far beyond a year. After a decrease in the months of April and May the number of incoming orders has again stabilized since June. The overall order backlog at the PSI group was 84 million Euro as of 30 June 2003.
The number of employees at the PSI group as of 30 June 2003 was 1,242, as planned (30 June 2002: 1,356). The structure of the group was further streamlined through the consolidation of the Internet subsidiary front2back with UBIS and the elimination of minority holdings. Investments made at the start of the year in optimizing working processes throughout the group were continued in the second quarter. Further administrative adjustments will be undertaken through the end of the year. In light of the measures implemented to improve cost structures, synergies between business units and the positive developments in the product management segment, the managing board of PSI foresees meeting the projected profit target with an annual revenue of at least 130 million Euro.
PSI AG develops and integrates individual solutions, on the basis of its own software, for the management of large networks (electricity, gas, oil, telecommunications, transport), cross-company production management (steel, chemicals, machinery, automotive, logistics) and information management for government and service providers. PSI was founded in 1969 and currently employs 1,250 persons in the group.
