PSI Software SE

Quarterly Report • Nov 11, 2016

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Report on the 3rd Quarter of 2016

	01/01-30/09/16 in KEUR	01/01-30/09/15 in KEUR	Change in KEUR	Change in %
Revenues	127,861	136,614	–8,753	–6.4
Operating Result	6,920	7,271	–351	–4.8
Result before income taxes	6,450	5,771	+679	+11.8
Net result	3,900	3,801	+99	+2.6
Cash and cash equivalents	35,931	29,441	+6,490	+22.0
Employees on 30 September	1,650	1,677	–27	–1.6
Revenue/Employee	78.3.6	82.1	–3.7	–4.5

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Interim Management Report

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PSI Group attained 6 % lower sales of 127.9 million Euros (30 September 2015: 136.6 million Euros) in the first nine months of 2016 due to adjustments of capacity in Southeast Asia. The EBIT was, at 6.9 million Euros (30 September 2015: 7.3 million Euros), 5 % below the level of the previous year, the earnings before taxes were improved by better financial earnings by 12 % to 6.5 million Euros (30 September 2015: 5.8 million Euros).

With 3.9 million Euros, the Group net result was 3 % above the level of the previous year (30 September 2015: 3.8 million Euros), the earnings per share improved accordingly to 25 Eurocents (30 September 2015: 24 eurocents). Due to sales price discipline despite weak market environment and due to regulatory effects, the level of new orders was, at 134 million Euros, 10 % lower (30 September 2015: 149 million Euros). The order book volume on 30 September 2016 was, at 132 million Euros, 3 % above the volume of the previous year (30 September 2015: 128 million Euros).

Energy Management (energy networks, energy trading) achieved 2 % lower sales of 48.3 million Euros in the first nine months (30 September 2015: 49.1 million Euros), the EBIT for the segment remained constant at 3.5 million Euros. The electrical energy business continued to increase sales and earnings. Important contracts were won in neighbouring European countries. The power suppliers of two million cities were equipped with the new Field Force software with big success. This software is further migrated to the Group Java platform to connect it to Industry 4.0 production management applications. In the gas and oil business, demand recovers slowly following the drop in commodity prices in the first quarter, in particular with an upgrade order from the German market leader as well as with new orders from Russia. In energy trading, an important license order by a gas and hydro power operator is only booked in the fourth quarter so the sales and EBIT for 30 September was slightly below the level of the previous year.

Sales in Production Management (raw materials, metals production, automotive, logistics) during the first nine months were, at 63.0 million Euros, 4 % below the value for the previous year (30 September 2015: 65.6 million Euros). The EBIT was increased by 15 % to 5.2 million Euros (30 September 2015: 4.5 million Euros). In the mines and roads business, new orders were processed in traffic management. The metals business attained additional rollout contracts from major steel companies despite the ongoing global steel crisis and improved the margin on the basis of slightly lower sales. The automotive and industry business won important major contracts in the field of rail vehicle construction and vehicle maintenance and improved the result. Logistics increased sales and invested in a new SaaS/Cloud version of its logistics software migrated to the Group Java platform.

In Infrastructure Management (transportation and security) there was a distinct decrease in sales to 16.5 million Euros (30 September 2015: 21.9 million Euros). The EBIT decreased to –0.9 million Euros (30 September 2015: 0 million Euros) despite the good result of the public transportation business. In Southeast Asia PSI is moving the expansion of the software share of sales after adjustments in the capital-intensive hardware business forward. A SaaS/Cloud standard, based on the Group's Java platform, was developed for a large telecommunications company for the rapidly growing smart city market as well as a web portal for grid shutdown requests for an energy utility.

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The cash flow from operating activities improved by 3.3 million Euros to 4.2 million Euros (30 September 2015: 0.9 million Euros). Liquidity on 30 September 2016 increased to 35.9 million Euros (30 September 2015: 29.4 million Euros). PSI is actively seeking and examines targets for acquisition in the fields of energy grids and automotive and logistics.

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Compared to 31 December 2015, there have not been any material changes in the Group's assets.

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The number of employees in the group decreased to 1,632 on 30 September 2016 as a result of capacity adjustments in Asia (30 September 2015: 1,665). PSI is particularly looking for software salespeople in the energy network and automotive business.

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The PSI stock ended the 3rd quarter of 2016 with a final price of 13.25 Euros 2.7 % above the final 2015 price of 12.90 Euros. In the same period the technology index TecDAX declined by 1.6 %.

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The estimate of the corporate risk has not changed since the Annual Report for 31 December 2015.

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Above all in Production Management, the implementation of a number of pilot projects based on the migration to the Java Group platform is well advanced so that from 2017 existing customers will be migrated and new customers will be addressed.

The PSI board is confident that the target range for the EBIT formulated in the 2015 annual report will be achieved. In the market weakened by commodity prices and regulation, PSI expects the order intake and sales to be slightly below the prior-year level after adjustment of the low-margin hardware business and with continued price discipline.

Group Balance Sheet

from 1 January 2016 until 30 September 2016 according to IFRS

	V=jçåíÜ=oÉéçêí=	^ååì~ä=oÉéçêí=
	MNLMNJPMLMVLNS	MNLMNJPNLNOLNR=
^ëëÉíë=	hbro	hbro=
kçå=ÅìêêÉåí=~ëëÉíë=
Property, plant and equipment	12,091	12,214
Intangible assets	58,130	59,418
Investments in associates	149	149
Deferred tax assets	6,742	6,999
	TTINNO	TUITUM=
`ìêêÉåí=~ëëÉíë=
Inventories	7,274	4,184
Trade accounts receivable, net	24,334	36,169
Receivables from long-term development contracts	41,916	36,366
Other current assets	7,876	5,192
Cash and cash equivalents	35,931	38,831
	NNTIPPN	NOMITQO=
qçí~ä=~ëëÉíë=	NVQIQQP	NVVIROO=

qçí~ä=bèìáíó=~åÇ=iá~ÄáäáíáÉë=

bèìáíó=
Subscribed capital	40,185	40,185
Capital reserves	35,137	35,137
Reserve for own stock	–1,193	–1,193
Other reserves	–14,387	–13,771
Net retained profits	13,417	12,794
	TPINRV	TPINRO=
kçåJÅìêêÉåí=äá~ÄáäáíáÉë=
Long-term financial liabilities	48	83
Pension provisions	46,572	46,981
Deferred tax liabilities	3,119	1,963
	QVITPV	QVIMOT=
`ìêêÉåí=äá~ÄáäáíáÉë=
Trade payables	11,095	14,929
Other current liabilities	32,295	30,221
Liabilities from long-tem development contracts	26,585	28,819
Short-term financial liabilities	1,570	3,374
	TNIRQR	TTIPQP=
qçí~ä=Éèìáíó=~åÇ=äá~ÄáäáíáÉë=	NVQIQQP	NVVIROO=

Group Income Statement

from 1 January 2016 until 30 September 2016 according to IFRS

=		nì~êíÉêäó=oÉéçêí=fff=	VJjçåíÜ=oÉéçêí=
	MNLMTLNSJ PMLMVLNS ======hbro	MNLMTLNRJ PMLMVLNR ======hbro	MNLMNLNSJ= PMLMVLNS= ======hbro=	MNLMNLNRJ= PMLMVLNR= ======hbro=
Sales Revenues	42,759	46,092	127,861	136,614
Other operating income	698	904	4,102	3,082
Cost of materials	–5,946	–9,416	–18,388	–23,608
Personnel expenses	–26,584	–25,858	–81,146	–80,096
Depreciation and amortisation	–1,066	–1,082	–3,173	–3,153
Other operating expenses	–7,475	–7,418	–22,336	–25,568
léÉê~íáåÖ=êÉëìäí=	OIPUS	PIOOO	SIVOM=	TIOTN=
Net finance result	–327	–1,198	–470	–1,500
oÉëìäí=ÄÉÑçêÉ=áåÅçãÉ=í~ñÉë=	OIMRV	OIMOQ	SIQRM=	RITTN=
Income tax	–573	–587	–2,550	–1,970
kÉí=êÉëìäí=	NIQUS	NIQPT	PIVMM=	PIUMN=
Earnings per share (in Euro per share, basic)	0.09	0.09	0.25	0.24
Earnings per share (in Euro per share, diluted)	0.09	0.09	0.25	0.24
Weighted average shares outstanding (basic)	15,604,847	15,604,937	15,604,847	15,625,272
Weighted average shares outstanding (diluted)	15,604,847	15,604,937	15,604,847	15,625,272

Group comprehensive Income Statement

from 1 January 2016 until 30 September 2016 according to IFRS

	MNLMTLNSJ PMLMVLNS ======hbro	MNLMTLNRJ PMLMVLNR ======hbro	MNLMNLNSJ= PMLMVLNS= ======hbro=	MNLMNLNRJ= PMLMVLNR= ======hbro=
kÉí=êÉëìäí=	NIQUS	NIQPT	PIVMM=	PIUMN=
Currency translation foreign operations	–1,279	–1,009	–616	118
Net losses from cash flows hedges	0	0	0	0
Income tax effects	0	0	0	0
dêçìé=ÅçãéêÉÜÉåëáîÉ=êÉëìäí=	OMT	QOU	PIOUQ=	PIVNV=

Group Cash Flow Statement

from 1 January 2016 until 30 June 2016 according to IFRS

	V=jçåíÜ=oÉéçêí MNLMNJPMLMVLNS	V=jçåíÜ=oÉéçêí= MNLMNJPMLMVLNR=
	hbro	hbro=
^pecilt=colj=lmbo^qfkd=^qfsfqfbp=
oÉëìäí=ÄÉÑçêÉ=áåÅçãÉ=í~ñÉë=	SIQRM	RITTN=
^ÇàìëíãÉåíë=Ñçê=åçåJÅ~ëÜ=ÉñéÉåëÉë=
Amortisation on intangible assets	1,211	1,022
Depreciation of property, plant and equipment	1,962	2,131
Earnings from investments in associated companies	–146	–140
Interest income	–179	–56
Interest expenses	939	1,065
	NMIOPT	VITVP=
`Ü~åÖÉë=çÑ=ïçêâáåÖ=Å~éáí~ä=
Inventories	–3,231	–804
Trade receivables	6,571	–2,884
Other current assets	–2,069	–1,063
Provisions	–1,423	–583
Trade payables	–4,009	–1,205
Other current liabilities	–166	–266
	ÓQIPOS	ÓSIUMQ=
Interest paid	–137	–247
Income taxes paid	–1,536	–1,845
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáåÖ=~ÅíáîáíáÉë=	QIOPU	UVT=
^pecilt=colj=fksbpqfkd=^qfsfqfbp=
Additions to intangible assets	–279	–478
Additions to property, plant and equipment	–1,839	–1,567
Outflows for investments in subsidiaries	0	659
Cash inflow from distributions by associated companies	0	140
Interest received	179	56
`~ëÜ=Ñäçï=Ñêçã=áåîÉëíáåÖ=~ÅíáîáíáÉë=	ÓNIVPV	ÓNINVM=
^pecilt=colj=cfk^kfkd=^`qfsfqfbp=
Dividends paid	–3,277	0
Proceeds/repayments from/of borrowings	–1,839	532
Outflows for share buybacks	0	–303
`~ëÜ=Ñäçï=Ñêçã=Ñáå~åÅáåÖ=~ÅíáîáíáÉë=	ÓRINNS	OOV=
^pe=^ka=^pe=bnrfs^ibkqp= ^q=qeb=bka=lc=qeb=mbofla=
`Ü~åÖÉë=áå=Å~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=	ÓOIUNT	ÓSQ=
s~äì~íáçåJêÉä~íÉÇ=ÅÜ~åÖÉë=áå=Å~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=	ÓUP	NVN=
`~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=~í=ÄÉÖáååáåÖ=çÑ=íÜÉ=éÉêáçÇ=	PUIUPN	OVIPNQ=
`~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=éÉêáçÇ=	PRIVPN	OVIQQN=

Statement of Changes in Equity

from 1 January 2016 until 30 September 2016 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=PN=aÉÅÉãÄÉê=OMNQ=	NRISPPIMOP=	QMINUR	PRINPT	ÓUVM	ÓNNIQTP	RIPPR=	SUIOVQ=
Group comprehensive result after tax					–2,298	7,459	5,161
Share buybacks	–28,176			–303			–303
^ë=çÑ=PN=aÉÅÉãÄÉê=OMNR=	NRISMQIUQT=	QMINUR	PRINPT	ÓNINVP	ÓNPITTN	NOITVQ=	TPINRO=
Group comprehensive result after tax					–616	3,900	3,284
Dividends paid						–3,277	–3,277
^ë=çÑ=PM=pÉéíÉãÄÉê=OMNS=	NRISMQIUQT=	QMINUR	PRINPT	ÓNINVP	ÓNQIPUT	NPIQNT=	TPINRV=

Shares and Options held by Management Board and Supervisory Board as of 30 September 2016

	pÜ~êÉë	léíáçåë=
j~å~ÖÉãÉåí=_ç~êÇ=
Harald Fuchs	4,023	0
Dr. Harald Schrimpf	65.120	0
pìéÉêîáëçêó=_ç~êÇ=
Andreas Böwing	0	0
Elena Günzler	1.013	0
Bernd Haus	1.000	0
Prof. Dr. Wilhelm Jaroni	0	0
Uwe Seidel	62	0
Karsten Trippel	111.322	0

Remuneration for the Management Board and Supervisory Board

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Harald Fuchs	227	71	298
Dr. Harald Schrimpf	286	90	376
j~å~ÖÉãÉåí=_ç~êÇ=Ó=íçí~ä=	RNP=	NSN=	STQ=

Because Supervisory Board payments are made in the 4th quarter of the year, the Supervisory Board did not obtain any remuneration in the first nine months of 2016.

Notes on the consolidated financial statements as of 30 September 2016

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NK _ìëáåÉëë=^ÅíáîáíáÉë=~åÇ=iÉÖ~ä=_~ÅâÖêçìåÇ=

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 2016 to 30 September 2016 were released for publication by a decision of the management on 28 October 2016.

The condensed interim consolidated financial statements for the period from 1 January 2016 to 30 September 2016 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 2015.

OK ^ÅÅçìåíáåÖ=~åÇ=s~äì~íáçå=mêáåÅáéäÉë=

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 2015.

PK pÉ~ëçå~ä=fåÑäìÉåÅÉë=çå=íÜÉ=_ìëáåÉëë=^ÅíáîáíáÉë

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.

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Compared to 31 December 2015 there were no changes in the consolidation group.

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	PM=pÉéíÉãÄÉê=OMNS	PN=aÉÅÉãÄÉê=OMNR=
	hbro=	hbro=
Bank balances	31,974	33,916
Fixed term deposits	3,933	4,890
Cash	24	25
	PRIVPN=	PUIUPN=

`çëíë=~åÇ=Éëíáã~íÉÇ=É~êåáåÖë=áå=ÉñÅÉëë=çÑ=ÄáääáåÖë=çå=ìåÅçãéäÉíÉÇ=Åçåíê~Åíë=

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=pÉéíÉãÄÉê=OMNS	PN=aÉÅÉãÄÉê=OMNR=
	hbro=	hbro=
Costs incurred on uncompleted contracts	97,361	79,253
Profit shares	19,573	12,537
`çåíê~Åí=êÉîÉåìÉ=	NNSIVPQ=	VNITVM=
Payments on account	–101,603	–84,243
Set off against contract revenue	–75,018	–55,424
Receivables from long-term construction contracts	41,916	36,366
Liabilities from long-term construction contracts	26,585	28,819

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The sales revenues reported in the group income statement break down as follows:

	PM=pÉéíÉãÄÉê=OMNS	PM=pÉéíÉãÄÉê=OMNR=
	hbro=	hbro=
Software development	72,308	76,136
Maintenance	38,062	38,122
License fees	10,205	10,616
Merchandise	7,286	11,740
	NOTIUSN=	NPSISNQ=

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The main components of the income tax expenditure shown in the group income statement are added as follows:

	PM=pÉéíÉãÄÉê=OMNS hbro=	PM=pÉéíÉãÄÉê=OMNR= hbro=
Effective taxes expenses
Effective tax expenses	–1,137	–1,046
Deferred taxes
Emergence and reversal of
temporary differences	–1,413	–924
q~ñ=ÉñéÉåëÉë=	ÓOIRRM=	ÓNIVTM=

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The development of the segment results can be found in the Group segment reporting.

Segments of the PSI Group:

• Energy Management: Intelligent solutions for energy suppliers from the electricity, gas, oil, district heating and water markets. Focal points are reliable and economically sound solutions for intelligent network management and trade and sales management in the liberalised energy market.
• Production Management: Software products and solutions for production planning, special tasks in production control and efficient logistics. Focuses are the optimisation of the use of resources and the increase of efficiency, quality and profitability.
• Infrastructure Management: Control system solutions designed for monitoring and economically sound operation of infrastructures in the transportation and safety areas.

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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 German proper accounting principles of interim consolidated reporting.

Group Segment Reporting

from 1 January 2016 until 30 September 2016 according to IFRS

		båÉêÖó=		mêçÇìÅíáçå=	fåÑê~ëíêìÅíìêÉ=		oÉÅçåÅáäá~íáçå
		j~å~ÖÉãÉåí=		j~å~ÖÉãÉåí=		j~å~ÖÉãÉåí=				mpf=dêçìé=
	PMLMVL= OMNS= hbro=	PMLMVL= OMNRG= hbro=	PMLMVL OMNS hbro	PMLMVL OMNR hbro	PMLMVL OMNS hbro	PMLMVL OMNRG hbro	PMLMVL OMNS hbro	PMLMVL OMNR hbro	PMLMVL= OMNS= hbro=	PMLMVL= OMNRG= hbro=
p~äÉë=êÉîÉåìÉë=									=	=
Sales to external customers		48,281 49,080	63,042	65,613	16,538	21,921	0		0 127,861 136,614
Inter-segment sales	792	1,662	1,602	1,042	4,349	4,537	–6,743	-7,241	0	0
pÉÖãÉåí=êÉîÉåìÉë=									QVIMTP RMITQO SQISQQ SSISRR OMIUUT OSIQRU ÓSITQP JTIOQN NOTIUSN=NPSISNQ=
Other operating income	4,937	3,965	4,921	5,115	1,226	1,256	–6,982	–7,254	4,102	3,082
Cost of purchased services		–3,164 –3,822	–4,780	–7,488	–3,993	–5,560	46		4,326 –11,891 –12,544
Cost of purchased materials		–2,601 –2,943	–1,874	–1,702	–4,564	–6,902	2,542	483		–6,497 –11,064
Personnel expenses		–32,112 –30,399 –38,781 –38,946 –10,014 –10,584					–239		–167 –81,146 –80,096
Depreciation and amortisation		–1,171 –1,082	–852	–968	–531	–602	–60	–45	–2,614	–2,697
Other operating expenses		–11,420 –12,870 –17,568 –17,729			–3,878	–4,085	10,530		9,116 –22,336 –25,568
léÉê~íáåÖ=êÉëìäí== ÄÉÑçêÉ=áåíÉêÉëíI=í~ñI= ÇÉéêÉÅá~íáçå=~åÇ= ~ãçêíáë~íáçå		QITNP= QISTP	SIRSO	RIVMR	ÓPPS	RUP	ÓUQS	ÓTPT		NMIMVP= NMIQOQ=
léÉê~íáåÖ=êÉëìäí= ÄÉÑçêÉ=ÇÉéêÉÅá~íáçå= ~åÇ=~ãçêíáë~íáçå= êÉëìäíáåÖ=Ñêçã= éìêÅÜ~ëÉ=éêáÅÉ= ~ääçÅ~íáçå=		PIRQO= PIRVN	RITNM	QIVPT	ÓUST	ÓNV	ÓVMS	ÓTUO	TIQTV=	TITOT=
Depreciation and amortisation resulting from purchase price
allocation	–64	–64	–495	–392	0	0	0	0	–559	–456
léÉê~íáåÖ=êÉëìäí=		PIQTU= PIROT	RIONR	QIRQR	ÓUST	ÓNV	ÓVMS	ÓTUO	SIVOM=	TIOTN=
Interest income	54	13	–395	–636	–129	–837	0	–40	–470	–1,500
oÉëìäí=ÄÉÑçêÉ== áåÅçãÉ=í~ñÉë=		PIRPO= PIRQM	QIUOM	PIVMV	ÓVVS	ÓURS	ÓVMS	ÓUOO	SIQRM=	RITTN=

cáå~åÅá~ä=`~äÉåÇ~ê=

31 October 2016	Report on the 3rd Quarter of 2016
22 November 2016	German Equity Forum, Analyst Presentation
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
November 2017	German Equity Forum, Analyst Presentation

vçìê=fåîÉëíçê=oÉä~íáçåë=Åçåí~Åí=éÉêëçåW=

Karsten Pierschke

Telephone:	+49 30 2801-2727
Fax:	+49 30 2801-1000
E-Mail:	kpierschke@psi.de

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 Aktiengesellschaft für Produkte und Systeme der Informationstechnologie

Dircksenstraße 42-44 10178 Berlin Germany Telephone: +49 30 2801-0 Fax: +49 30 2801-1000 ir@psi.de www.psi.de