Interim / Quarterly Report • Aug 31, 2017
Interim / Quarterly Report
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REPORT ON THE 1ST SIX MONTHS OF 2017
| mpf=dêçìé=a~í~=~ë=éÉê=PM=gìåÉ=OMNT=~í=~=dä~åÅÉ=EfcopF= | ||||||
|---|---|---|---|---|---|---|
| -------------------------------------------------------- | -- | -- | -- | -- | -- | -- |
| 01/01-30/06/17 in KEUR |
01/01-30/06/16 in KEUR |
Change in KEUR |
Change in % |
|
|---|---|---|---|---|
| Revenues | 87,568 | 85,102 | +2,466 | +2.9 |
| Operating Result | 5,684 | 4,534 | +1,150 | +25.4 |
| Result before income taxes | 5,376 | 4,391 | +985 | +22.4 |
| Net result | 3,043 | 2,414 | +629 | +26.1 |
| Cash and cash equivalents | 34,632 | 34,755 | –123 | –0.4 |
| Employees on 30 June | 1,626 | 1,650 | –24 | –1.5 |
| Revenue/Employee | 53.9 | 51.6 | +2.3 | +4.4 |
PSI Group increased new orders by 11 % to 111 million euros in the first six months of 2017 (30 June 2016: 100 million euros), the order backlog was, with 148 million euros on 30 June 2017, 3 % above the value of the previous year (30 June 2016: 144 million euros). Group sales increased primarily as a consequence of the industry business by 3 % to 87.6 million euros (30 June 2016: 85.1 million euros). The EBIT was increased by 25 % to 5.7 million euros (30 June 2016: 4.5 million euros), the group net result improved by 26 % to 3 million euros (30 June 2016: 2.4 million euros).
Energy Management (energy networks, energy trading) achieved, despite the regulatory "shadow year", slightly increased sales of 32.2 million euros (30 June 2016: 32 million euros) in the first six months. The EBIT for the segment improved to 3.1 million euros compared to the previous year (30 June 2016: 2.6 million euros). The Electrical Grid Business received an important milestone acceptance in a major distribution grid project, obtained an entry into the US market with two small initial contracts and expanded its position in the domestic market with additional upgrade contracts. The Gas and Oil Business increased its volume of new orders, primarily on the basis of upgrade orders from its existing German customers and received the acceptance for the software provided by PSI for the central Gazprom control system in Russia.
In Production Management (raw materials, industry, logistics) sales grew by 8 % to 44.8 million euros in the first six months (30 June 2016: 41.5 million euros). The EBIT was increased by 27 % to 3.5 million euros (30 June 2016: 2.8 million euros), which includes a risk prevention for a project at an Indian steel producer that has liquidity problems. The segment profited from the end of the investment backlog in the steel industry after the week metal prices in 2015/2016 and the beginning of a new growth phase in mechanical engineering and logistics. Now that all of the products in the business have been converted to the group java interface, the software products can be integrated better into cross-corporate process chains. This includes, in particular, the automatic supply of machines with supplies, materials and spare parts on the basis of machine data transmitted via Internet-of-Things chips. The Metals Business will obtain an important new order from a Chinese customer in the third quarter.
In Infrastructure Management (transportation and security) sales decreased by 8 % to 10.6 million euros (30 June 2016: 11.5 million euros), the EBIT improved to –0.2 million euros (30 June 2016: –0.3 million euros). The segment is suffering under the weak economic situation of the general contractors in oil and gas-dependent countries of South-East Asia and the Arab Gulf. PSI has significantly reduced the working capital tied to the region in the last 24 months, even avoiding business opportunities and instead invested in the training of software specialists at the Malaysian site who are intended to assume development and overnight testing tasks. Many oil and gas-dependent economies are now privatising vertically integrated energy utilities to reduce prices, subsidies and costs. PSI has the right software and many references for all stages of this unbundling process.
The cash flow from operating activities was characterised by changes in working capital and decreased –5.7 million euros (30 June 2016: 0.2 million euros). With 34.6 million euros liquidity was at about the same level as the previous year (30 June 2016: 34.8 million euros), despite the higher dividend payment.
Compared to 31 December 2016, there have not been any material changes in the Group's assets.
The number of employees in the Group on 30 June 2017 was, with 1,626, below the number for the previous year (30 June 2016: 1,650). The growth initiative with 50 new hires in Europe counteracts negative effects from increased retirements and last year's adjustments in capacity in the Southeast Asian hardware business.
The PSI stock ended the 1st six months of 2017 with a final price of 14.09 euros 15.5 % above the final 2016 price of 12.20 euros. In the same period the technology index TecDAX rose by 20.8 %.
The estimate of the corporate risk has not changed since the Annual Report for 31 December 2016.
In general, PSI saw a growth in demand in every business segment. In the energy business the major German utilities, following company spin-offs and reorganisations, concentrated once again on growth and developing new digital business models.
The group technology platform has been migrated to the graphic standard JavaFX, which allows for support of modern user concepts such as gesture control. Other development highlights are the hardening of software products and greater independence from the price policy of operating system and database providers. The ISO 27001 information security certification held since 2016 was extended to other subsidiaries in the group in the first six months of the year. The demand for cloud installations for demonstration, training, data collection, tests and backups continued to develop equally well as the current upgrading business.
Despite the encumbrances from the reduction of market risks in Asia, the management continues to remain optimistic of achieving a target in the upper range of the EBIT target corridor of 12 to 15 million euros. After major investments in technology, great attention is now being paid to further growth.
from 1 January 2017 until 30 June 2017 according to IFRS
| S=jçåíÜ=oÉéçêí= | ^ååì~ä=oÉéçêí= | |
|---|---|---|
| ^ëëÉíë= | MNLMNJPMLMSLNT hbro |
MNLMNJPNLNOLNS= hbro= |
| kçå=ÅìêêÉåí=~ëëÉíë= | ||
| Property, plant and equipment | 12,631 | 12,153 |
| Intangible assets | 56,331 | 57,751 |
| Investments in associates | 150 | 150 |
| Deferred tax assets | 7,321 | 8,663 |
| TSIQPP | TUITNT= | |
| `ìêêÉåí=~ëëÉíë= | ||
| Inventories | 9,122 | 6,421 |
| Trade accounts receivable, net | 29,579 | 27,466 |
| Receivables from long-term development contracts | 38,779 | 38,184 |
| Other current assets | 9,644 | 5,631 |
| Cash and cash equivalents | 34,632 | 43,008 |
| NONITRS | NOMITNM= | |
| qçí~ä=~ëëÉíë= | NVUINUV | NVVIQOT= |
| bèìáíó= | ||
|---|---|---|
| Subscribed capital | 40,185 | 40,185 |
| Capital reserves | 35,137 | 35,137 |
| Reserve for own stock | –825 | –528 |
| Other reserves | –19,006 | –17,588 |
| Net retained profits | 17,672 | 18,068 |
| TPINSP | TRIOTQ= | |
| kçåJÅìêêÉåí=äá~ÄáäáíáÉë= | ||
| Pension provisions and similar obligations | 51,600 | 52,037 |
| Deferred tax liabilities | 3,642 | 2,916 |
| RRIOQO | RQIVRP= | |
| `ìêêÉåí=äá~ÄáäáíáÉë= | ||
| Trade payables | 10,770 | 12,553 |
| Other current liabilities | 36,411 | 30,919 |
| Liabilities from long-tem development contracts | 19,673 | 25,728 |
| Short-term financial liabilities | 2,930 | 0 |
| SVITUQ | SVIOMM= | |
| qçí~ä=Éèìáíó=~åÇ=äá~ÄáäáíáÉë= | NVUINUV | NVVIQOT= |
from 1 January 2017 until 30 June 2017 according to IFRS
| = | nì~êíÉêäó=oÉéçêí=ff= | S=jçåíÜ=oÉéçêí= | ||
|---|---|---|---|---|
| MNLMQLNTJ PMLMSLNT ======hbro |
MNLMQLNSJ PMLMSLNS ======hbro |
MNLMNLNTJ= PMLMSLNT= ======hbro= |
MNLMNLNSJ= PMLMSLNS= ======hbro= |
|
| Sales Revenues | 43,784 | 42,513 | 87,568 | 85,102 |
| Other operating income | 1,345 | 1,600 | 3,032 | 3,404 |
| Cost of materials | –5,644 | –5,950 | –10,767 | –12,442 |
| Personnel expenses | –27,777 | –27,552 | –56,417 | –54,562 |
| Depreciation and amortisation | –1,054 | –1,048 | –2,089 | –2,107 |
| Other operating expenses | –7,577 | –7,210 | –15,643 | –14,861 |
| léÉê~íáåÖ=êÉëìäí= | PIMTT | OIPRP | RISUQ= | QIRPQ= |
| Net finance result | –212 | –6 | –308 | –143 |
| oÉëìäí=ÄÉÑçêÉ=áåÅçãÉ=í~ñÉë= | OIUSR | OIPQT | RIPTS= | QIPVN= |
| Income tax | –1,597 | –1,329 | –2,333 | –1,977 |
| kÉí=êÉëìäí= | NIOSU | NIMNU | PIMQP= | OIQNQ= |
| Earnings per share (in Euro per share, basic) | 0.08 | 0.07 | 0.19 | 0.16 |
| Earnings per share (in Euro per share, diluted) | 0.08 | 0.07 | 0.19 | 0.16 |
| Weighted average shares outstanding (basic) | 15,636,994 | 15,604,847 | 15,636,994 | 15,604,847 |
| Weighted average shares outstanding (diluted) | 15,636,994 | 15,604,847 | 15,636,994 | 15,604,847 |
from 1 January 2017 until 30 June 2017 according to IFRS
| MNLMQLNTJ PMLMSLNT ======hbro |
MNLMQLNSJ PMLMSLNS ======hbro |
MNLMNLNTJ= PMLMSLNT= ======hbro= |
MNLMNLNSJ= PMLMSLNS= ======hbro= |
|
|---|---|---|---|---|
| kÉí=êÉëìäí= | NIOSU | NIMNU | PIMQP= | OIQNQ= |
| Currency translation foreign operations | –1,232 | –190 | –1,418 | 663 |
| Net losses from cash flows hedges | 0 | 0 | 0 | 0 |
| Income tax effects | 0 | 0 | 0 | 0 |
| dêçìé=ÅçãéêÉÜÉåëáîÉ=êÉëìäí= | PS | UOU | NISOR= | PIMTT= |
from 1 January 2017 until 30 June 2017 according to IFRS
| S=jçåíÜ=oÉéçêí MNLMNJPMLMSLNT hbro |
S=jçåíÜ=oÉéçêí= MNLMNJPMLMSLNS= hbro= |
|
|---|---|---|
^pecilt=colj=lmbo^qfkd=^qfsfqfbp= |
||
| oÉëìäí=ÄÉÑçêÉ=áåÅçãÉ=í~ñÉë= | RIPTS | QIPVN= |
| ^ÇàìëíãÉåíë=Ñçê=åçåJÅ~ëÜ=ÉñéÉåëÉë= | ||
| Amortisation on intangible assets | 839 | 769 |
| Depreciation of property, plant and equipment | 1,250 | 1,338 |
| Earnings from investments in associated companies | –142 | 0 |
| Interest income | –91 | –107 |
| Interest expenses | 434 | 628 |
| TISSS | TIMNV= | |
| `Ü~åÖÉë=çÑ=ïçêâáåÖ=Å~éáí~ä= | ||
| Inventories | –2,832 | –2,439 |
| Trade receivables | –2,831 | –94 |
| Other current assets | –4,105 | –3,190 |
| Provisions | –491 | –715 |
| Trade payables | –1,870 | –2,477 |
| Other current liabilities | –532 | 3,006 |
| ÓQIVVR | NINNN= | |
| Interest paid | –28 | –94 |
| Income taxes paid | –655 | –845 |
| `~ëÜ=Ñäçï=Ñêçã=çéÉê~íáåÖ=~ÅíáîáíáÉë= | ÓRISTU | NTO= |
^pecilt=colj=fksbpqfkd=^qfsfqfbp= |
||
| Additions to intangible assets | –125 | –175 |
| Additions to property, plant and equipment | –1,728 | –910 |
| Cash inflow from disposals of associated companies | 0 | 0 |
| Interest received | 91 | 107 |
| `~ëÜ=Ñäçï=Ñêçã=áåîÉëíáåÖ=~ÅíáîáíáÉë= | ÓNITSO | ÓVTU= |
^pecilt=colj=cfk^kfkd=^`qfsfqfbp= |
||
| Dividends paid | –3,439 | –3,277 |
| Proceeds/repayments from/of borrowings | 2,930 | –32 |
| Outflows for share buybacks | –297 | 0 |
| `~ëÜ=Ñäçï=Ñêçã=Ñáå~åÅáåÖ=~ÅíáîáíáÉë= | ÓUMS | ÓPIPMV= |
^pe=^ka=^pe=bnrfs^ibkqp=^q=qeb=bka=lc=qeb=mbofla= |
||
| `Ü~åÖÉë=áå=Å~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë= | ÓUIOQS | ÓQINNR= |
| s~äì~íáçåJêÉä~íÉÇ=ÅÜ~åÖÉë=áå=Å~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë= | ÓNPM | PV= |
| `~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=~í=ÄÉÖáååáåÖ=çÑ=íÜÉ=éÉêáçÇ= | QPIMMU | PUIUPN= |
| `~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=éÉêáçÇ= | PQISPO | PQITRR= |
from 1 January 2017 until 30 June 2017 according to IFRS
| kìãÄÉê=çÑ= ëÜ~êÉë=áëëìÉÇ= |
pÜ~êÉ=Å~éáí~ä | ^ÇÇáíáçå~ä é~áÇJáå= Å~éáí~ä |
oÉëÉêîÉ=Ñçê íêÉ~ëìêó= ëíçÅâ |
líÜÉê= êÉëÉêîÉë |
^ÅÅìãìä~íÉÇ= äçëëÉë= |
qçí~ä= | |
|---|---|---|---|---|---|---|---|
| kìãÄÉê= | hbro | hbro | hbro | hbro | hbro= | hbro= | |
| ^ë=çÑ=N=g~åì~êó=OMNS= | NRISMQIUQT= | QMINUR | PRINPT | ÓNINVP | ÓNPITTN | NOITVQ= | TPINRO= |
| Group comprehensive result after tax |
–3,817 | 8,551 | 4,734 | ||||
| Issue of own shares | 51,169 | 665 | 665 | ||||
| Dividends paid | –3,277 | –3,277 | |||||
| ^ë=çÑ=PN=aÉÅÉãÄÉê=OMNS= | NRISRSIMNS= | QMINUR | PRINPT | ÓROU | ÓNTIRUU | NUIMSU= | TRIOTQ= |
| Group comprehensive result after tax |
–1,418 | 3,043 | 1,625 | ||||
| Share buybacks | –24,885 | –297 | –297 | ||||
| Dividends paid | –3,439 | –3,439 | |||||
| ^ë=çÑ=PM=gìåÉ=OMNT= | NRISPNINPN= | QMINUR | PRINPT | ÓUOR | ÓNVIMMS | NTISTO= | TPINSP= |
| pÜ~êÉë | léíáçåë= | |
|---|---|---|
| j~å~ÖÉãÉåí=_ç~êÇ= | ||
| Harald Fuchs | 6,023 | 0 |
| Dr. Harald Schrimpf | 68,800 | 0 |
| pìéÉêîáëçêó=_ç~êÇ= | ||
| Andreas Böwing | 0 | 0 |
| Elena Günzler | 1,427 | 0 |
| Prof. Dr. Uwe Hack | 0 | 0 |
| Prof. Dr. Wilhelm Jaroni | 0 | 0 |
| Uwe Seidel | 100 | 0 |
| Karsten Trippel | 111,322 | 0 |
| cáñÉÇ=êÉãìåÉê~íáçå hbro= |
s~êá~ÄäÉ=êÉãìåÉê~íáçå hbro= |
qçí~ä=êÉãìåÉê~íáçå= hbro= |
|
|---|---|---|---|
| Harald Fuchs | 158 | 50 | 208 |
| Dr. Harald Schrimpf | 191 | 60 | 251 |
| j~å~ÖÉãÉåí=_ç~êÇ=Ó=íçí~ä= | PQV= | NNM= | QRV= |
Because Supervisory Board payments are made in the 4th quarter of the year, the Supervisory Board did not obtain any remuneration in the first six months of 2017.
The business activities of PSI AG and its subsidiaries relate to the development and sale of software systems and products fulfilling the specific needs and requirements of its customers, particularly in the following industries and service lines: utilities, manufacturing, logistics, transport and safety. In addition, the Group provides services of all kinds in the field of data processing, sells electronic devices and operates data processing systems.
The PSI Group is divided into the three core business segments energy management, production management and infrastructure management. The company is listed in the Prime Standard segment of the Frankfurt stock exchange.
The company is exposed to a wide range of risks that are similar to other companies active in the dynamic technology sector. Major risks for the development of the PSI Group lie in the success with which it markets its software systems and products, competition from larger companies, the ability to generate sufficient cash flows for future business development as well as in individual risks regarding the integration of subsidiaries, organisational changes and the cooperation with strategic partners.
The condensed interim consolidated financial statements for the period from 1 January 2017 to 30 June 2017 were released for publication by a decision of the management on 25 July 2017.
The condensed interim consolidated financial statements for the period from 1 January 2017 to 30 June 2017 were produced in compliance with IAS 34 "Interim Financial Reporting". The condensed interim consolidated financial statements do not contain all the data and notes prescribed for the annual financial statements and should be read in conjunction with the consolidated financial statements for 31 December 2016.
With regard to the principles of accounting and valuation and especially the application of International Financial Reporting Standards (IFRS) see the group consolidated financial statements for the financial year 2016.
Seasonal effects resulted in the PSI Group operations with regards to the receipt of maintenance revenues in the first quarter of the financial year (deferment of the influences on the result of corresponding incoming payments throughout the year) and significantly greater demand and project accounting in the fourth quarter of the financial year.
Ü~åÖÉë=áå=íÜÉ=çåëçäáÇ~íáçå=dêçìé=Effective 28 February 2017 PSIAG Scandinavia AB, based in Karlstad, Sweden, was founded. The main focus of the company is the distribution of energy grid software and network management as a service in Scandinavia.
| PM=gìåÉ=OMNT | PN=aÉÅÉãÄÉê=OMNS= | |
|---|---|---|
| hbro= | hbro= | |
| Bank balances | 30,976 | 40,269 |
| Fixed term deposits | 3,637 | 2,716 |
| Cash | 19 | 23 |
| PQISPO= | QPIMMU= |
Costs and estimated earnings in excess of billings on uncompleted contracts arise when revenues have been recorded but the amounts cannot be billed under the terms of the contracts. Such amounts are recoverable from customers upon various measures of performance, including achievement of certain milestones, completion of specified units or completion of the contract. Costs and estimated earnings contain directly allocable costs (labour cost and cost of services provided by third parties) as well as the appropriate portion of overheads including pro rata administrative expenses.
Costs and estimated earnings on uncompleted contracts and related amounts are billed as follows:
| PM=gìåÉ=OMNT | PN=aÉÅÉãÄÉê=OMNS= | |
|---|---|---|
| hbro= | hbro= | |
| Costs incurred on uncompleted contracts | 96,641 | 88,946 |
| Profit shares | 21,167 | 15,963 |
| `çåíê~Åí=êÉîÉåìÉ= | NNTIUMU= | NMQIVMV= |
| Payments on account | –98,702 | –92,453 |
| Set off against contract revenue | –79,029 | –66,725 |
| Receivables from long-term construction contracts | 38,779 | 38,184 |
| Liabilities from long-term construction contracts | 19,673 | 25,728 |
The sales revenues reported in the group income statement break down as follows:
| PM=gìåÉ=OMNT | PM=gìåÉ=OMNS= | |
|---|---|---|
| hbro= | hbro= | |
| Software development | 50,122 | 48,480 |
| Maintenance | 27,052 | 25,161 |
| License fees | 5,567 | 6,025 |
| Merchandise | 4,827 | 5,436 |
| UTIRSU= | URINMO= |
The main components of the income tax expenditure shown in the group income statement are added as follows:
| PM=gìåÉ=OMNT hbro= |
PM=gìåÉ=OMNS= hbro= |
|
|---|---|---|
| Effective taxes expenses | ||
| Effective tax expenses | –264 | –761 |
| Deferred taxes | ||
| Emergence and reversal of | ||
| temporary differences | –2,069 | –1,216 |
| q~ñ=ÉñéÉåëÉë= | ÓOIPPP= | ÓNIVTT= |
The development of the segment results can be found in the Group segment reporting.
To the best of our knowledge, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group, and the interim management report of the group includes a fair review of the group's development and performance of its position, together with a description of the principal opportunities and risks associated with the expected development of the group in the remaining months of the financial year, in accordance with proper accounting principles of interim consolidated reporting.
from 1 January 2017 until 30 June 2017 according to IFRS
| båÉêÖó= | mêçÇìÅíáçå= | fåÑê~ëíêìÅíìêÉ= | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| j~å~ÖÉãÉåí= | j~å~ÖÉãÉåí= | j~å~ÖÉãÉåí= | oÉÅçåÅáäá~íáçå | mpf=dêçìé= | ||||||
| PMLMSL= OMNT= hbro= |
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|
| p~äÉë=êÉîÉåìÉë= | = | = | ||||||||
| Sales to external customers |
32,214 32,037 | 44,775 | 41,524 | 10,579 | 11,541 | 0 | 0 | 87,568 | 85,102 | |
| Inter-segment sales | 652 | 526 | 1,115 | 1,058 | 2,998 | 2,882 | –4,765 | –4,466 | 0 | 0 |
| pÉÖãÉåí=êÉîÉåìÉë= | POIUSS POIRSP QRIUVM QOIRUO NPIRTT NQIQOP ÓQITSR ÓQIQSS | UTIRSU= URINMO= | ||||||||
| léÉê~íáåÖ=êÉëìäí== ÄÉÑçêÉ=áåíÉêÉëíI=í~ñI= ÇÉéêÉÅá~íáçå=~åÇ= ~ãçêíáë~íáçå |
PIVSR= PIQPQ | QIPVM | PISSN | TV | ST | ÓSSN | ÓRON | TITTP= | SISQN= | |
| léÉê~íáåÖ=êÉëìäí= ÄÉÑçêÉ=ÇÉéêÉÅá~íáçå= ~åÇ=~ãçêíáë~íáçå= êÉëìäíáåÖ=Ñêçã= éìêÅÜ~ëÉ=éêáÅÉ= ~ääçÅ~íáçå= |
PINMV= OISST | PITSM | PIMVQ | ÓNUM | ÓOVO | ÓTMM | ÓRSN | RIVUV= | QIVMU= | |
| Depreciation and amortisation resulting from purchase price |
||||||||||
| allocation | –43 | –43 | –262 | –331 | 0 | 0 | 0 | 0 | –305 | –374 |
| léÉê~íáåÖ=êÉëìäí= | PIMSS= OISOQ | PIQVU | OITSP | ÓNUM | ÓOVO | ÓTMM | ÓRSN | RISUQ= | QIRPQ= | |
| Net finance result | 87 | 134 | –159 | –294 | –248 | 17 | 12 | 0 | –308 | –143 |
| oÉëìäí=ÄÉÑçêÉ== áåÅçãÉ=í~ñÉë= |
PINRP= OITRU | PIPPV | OIQSV | ÓQOU | ÓOTR | ÓSUU | ÓRSN | RIPTS= | QIPVN= |
| 22 March 2017 | Publication of Annual Result 2016 |
|---|---|
| 22 March 2017 | Analyst Conference |
| 27 April 2017 | Report on the 1st Quarter of 2017 |
| 16 May 2017 | Annual General Meeting |
| 27 July 2017 | Report on the 1st Six Months of 2017 |
| 30 October 2017 | Report on the 3rd Quarter of 2017 |
| 27–29 November 2017 | German Equity Forum, Analyst Presentation |
Karsten Pierschke
| Telephone: | +49 30 2801-2727 |
|---|---|
| Fax: | +49 30 2801-1000 |
| E-Mail: | [email protected] |
We will be happy to include you in our distribution list for stockholder information. Please contact us should you require other information material.
For the latest IR information, please visit our website at www.psi.de/ir.
PSI Software AG
Dircksenstraße 42-44 10178 Berlin Germany Telephone: +49 30 2801-0 Fax: +49 30 2801-1000 [email protected] www.psi.de
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