PSI with Improved Result in First Six Months in Difficult Environment
- EBIT increases 12 % despite lower sales
- Sales after adjustment in Southeast Asia 6 % below previous year
- Volume of orders 10 % over previous year at 144 million Euros
Performance Indicator (TEUR)
1 Jan-30 June 2016
1 Jan - 30 June 2015 (adjusted)
|Earnings per share (EUR)
Berlin, 27 July 2016 – The PSI Group had 6 % lower sales of 85.1 million Euros (30 June 2015: 90.5 million Euros) in the first six months of 2016 due to adjustments in capacity in Southeast Asia. The EBIT increased by 12 % to 4.5 million Euros (30 June 2015, adjusted: 4.0 million Euros), the group net result was, as in the previous year 2.4 million Euros. The volume of new orders was, at 100 million Euros, 4 % below the level of the previous year (30 June 2015: 104 million Euros); the previous year contained a multi-year major contract from E.ON Deutschland. The order backlog on 30 June 2016 was, at 144 million Euros, 10 % above the level of the previous year (30 June 2015: 131 million Euros).
Energy Management (energy networks, energy trading) attained 1 % higher sales of 32.0 million Euros (30 June 2015: 31.8 million Euros) in the first six months of the year. The EBIT for the segment increased significantly compared to the previous year to 2.6 million Euros (30 June 2015, adjusted: 1.6 million Euros). The electrical energy business continued to improve sales and profits with its software products, while the customers’ willingness to invest in the field of gas and oil is recovering slowly following the slump in raw material prices in the first quarter. In the field of energy trading, new orders and sales improved following the high product and migration investments of the previous years and a positive result was achieved.
Sales in Production Management (raw materials, metals, automotive, logistics) for the first six months were, at 41.5 million Euros, 6 % below the figure for the previous year (30 June 2015: 44.2 million Euros), but the EBIT increased by 3 % to 2.8 million Euros (30 June 2015: 2.7 million Euros). The mining business, which is still affected by weak commodity prices, reduced encumbrances from the pilot project in China, which is now operational. The metals business was able to continue to increase new orders, but in sales and earning still felt the repercussions of the weak steel economy. In June major orders were acquired, among others, thyssenkrupp and Tata and an important partnership with the plant engineering company Primetals was closed. The automotive and industry business faced a slowdown in orders as a result of the diesel discussion, but was able to slightly increase sales and EBIT. Logistics confirmed the positive result of the previous year with continued strong new orders.
In Infrastructure Management (transportation and security), sales decreased noticeably to 11.5 million Euros (30 June 2015: 14.5 million Euros), the EBIT dropped to –0.3 million Euros (30 June 2015, adjusted: 0.3 million Euros). In Southeast Asia and in the Arabian Gulf region burdening long-running market entry projects have been commissioned successfully so that the maintenance and expansion phases can commence as of the second half of the year.
The number of employees in the group decreased to 1,650 on 30 June 2016 as a result of adjustments in capacity in the export (30 June 2015: 1.677). The cash flow from operating activities improved by 3.6 million to 0.2 million Euros (30 June 2015: –3.4 million Euros). After payment of dividends, the liquidity on 30 June 2016 was at 34.8 million Euros (30 June 2015: 27.8 million Euros) serving the seasonal sales financing and the possible financing of acquisitions. PSI is examining takeover targets in the fields of power distribution and discrete production.