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PSI Software SE

Interim / Quarterly Report Sep 16, 2016

340_10-q_2016-09-16_247b2ac7-66d2-43cf-a036-2a56dcf95509.pdf

Interim / Quarterly Report

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Report on the 1st Six Months of 2016

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-------------------------------------------------------- -- -- -- -- -- -- -- -- -- --
01/01-30/06/16
in KEUR
01/01-30/06/15
in KEUR
Change
in KEUR
Change
in %
Revenues 85,102 90,522 –5,420 –6.0
Operating Result 4,534 4,049* +485 +12.0
Result before income taxes 4,391 3,747 +644 +17.2
Net result 2,414 2,364 +50 +2.1
Cash and cash equivalents 34,755 27,805 +6,950 +25.0
Employees on 30 June 1,650 1,677 –27 –1.6
Revenue/Employee 51.6 54.0 –2.4 –4.4
*adjusted

Interim Management Report

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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.

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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.

^ëëÉíë=

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

mÉêëçååÉä=aÉîÉäçéãÉåí=

The number of employees in the group decreased to 1,650 on 30 June 2016 as a result of capacity adjustments in exports (30 June 2015: 1,677).

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The PSI stock ended the 1st six months of 2016 with a final price of 12.65 Euros 1.9 % below the final 2015 price of 12.90 Euros. In the same period the technology index TecDAX declined by 12.6 %.

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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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Development investments and first product migrations are aimed at application server-based three-layer architecture and on the extension of the new graphics generation. Especially in Production Management many migrated and newly implemented products on the basis of the java group platform are being introduced to pilot customers so that new and regular customers are waiting for the broad marketing of the software. We are going to address fastgrowing online shops with a cloud/SaaS offer of our logistics solutions, which has been migrated to the java platform as well. PSI is looking even more intense for sales engineers and integration partners to work with existing and new customers to increase new orders and sales.

PSI does not expect any negative effects from the Brexit decision in the short term, due to the fact that Broner Metals, located near London, primarily handles US dollar contracts, while the personnel expenses are paid in British pounds, a weakened currency. In the mid term PSI expects a further growing demand in the fields of information security in energy and production networks, decentralised energy supply and Industry 4.0. The PSI board is optimistic for the second half of the year and will decide about making more concrete statements about the annual goals formulated in the 2015 annual report in the course of the third quarter.

Group Balance Sheet

from 1 January 2016 until 30 June 2016 according to IFRS

MNLMNJPMLMSLNS
hbro
11,786
59,258
149
7,050
MNLMNJPNLNOLNR=
hbro=
12,214
59,418
149
6,999
TUIOQP TUITUM=
6,708 4,184
27,236 36,169
45,396 36,366
8,492 5,192
34,755 38,831
NOMITQO=
NVVIROO=
NOOIRUT
OMMIUPM

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bèìáíó=
Subscribed capital 40,185 40,185
Capital reserves 35,137 35,137
Reserve for own stock –1,193 –1,193
Other reserves –13,108 –13,771
Net retained profits 11,931 12,794
TOIVRO TPINRO=
kçåJÅìêêÉåí=äá~ÄáäáíáÉë=
Long-term financial liabilities 58 83
Pension provisions 46,706 46,981
Deferred tax liabilities 3,231 1,963
QVIVVR QVIMOT=
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Trade payables 12,365 14,929
Other current liabilities 34,309 30,221
Liabilities from long-tem development contracts 27,842 28,819
Short-term financial liabilities 3,367 3,374
TTIUUP TTIPQP=
qçí~ä=Éèìáíó=~åÇ=äá~ÄáäáíáÉë= OMMIUPM NVVIROO=

Group Income Statement

from 1 January 2016 until 30 June 2016 according to IFRS

= nì~êíÉêäó=oÉéçêí=ff= SJjçåíÜ=oÉéçêí=
MNLMQLNSJ
PMLMSLNS
======hbro
MNLMQLNRJ
PMLMSLNR
======hbro
MNLMNLNSJ=
PMLMSLNS=
======hbro=
MNLMNLNRJ=
PMLMSLNR=
======hbro=
Sales Revenues 42,513 47,334 85,102 90,522
Other operating income 1,600 1,220 3,404 2,286
Cost of materials –5,950 –7,926 –12,442 –14,192
Personnel expenses –27,552 –27,172 –54,562 –54,238
Depreciation and amortisation –1,048 –856 –2,107 –2,071
Other operating expenses –7,210 –10,295 –14,861 –18,258
léÉê~íáåÖ=êÉëìäí= OIPRP OIPMR QIRPQ= QIMQV=
Net finance result –6 –538 –143 –302
oÉëìäí=ÄÉÑçêÉ=áåÅçãÉ=í~ñÉë= OIPQT NITST QIPVN= PITQT=
Income tax –1,329 –770 –1,977 –1,383
kÉí=êÉëìäí= NIMNU VVT OIQNQ= OIPSQ=
Earnings per share (in Euro per share, basic) 0.07 0.06 0.16 0.15
Earnings per share (in Euro per share, diluted) 0.07 0.06 0.16 0.15
Weighted average shares outstanding (basic) 15,604,847 15,620,560 15,604,847 15,632,633
Weighted average shares outstanding (diluted) 15,604,847 15,620,560 15,604,847 15,632,633

* Some of the amounts presented vary from the amounts in the Group accounts for the 2015 six months report due to adjustments (see Notes page 9, Accounting and Valuation Principles)

Group comprehensive Income Statement

from 1 January 2016 until 30 June 2016 according to IFRS

MNLMQLNSJ
PMLMSLNS
======hbro
MNLMQLNRJ
PMLMSLNR
======hbro
MNLMNLNSJ=
PMLMSLNS=
======hbro=
MNLMNLNRJ=
PMLMSLNR=
======hbro=
kÉí=êÉëìäí= NIMNU VVT OIQNQ= OIPSQ=
Currency translation foreign operations –190 –532 663 1,127
Net losses from cash flows hedges 0 0 0 0
Income tax effects 0 0 0 0
dêçìé=ÅçãéêÉÜÉåëáîÉ=êÉëìäí= UOU QSR PIMTT= PIQVN=

Group Cash Flow Statement

from 1 January 2016 until 30 June 2016 according to IFRS

S=jçåíÜ=oÉéçêí
MNLMNJPMLMSLNS
hbro
S=jçåíÜ=oÉéçêí=
MNLMNJPMLMSLNR=
hbro=
^pecilt=colj=lmbo^qfkd=^qfsfqfbp=
oÉëìäí=ÄÉÑçêÉ=áåÅçãÉ=í~ñÉë= QIPVN PITQT=
^ÇàìëíãÉåíë=Ñçê=åçåJÅ~ëÜ=ÉñéÉåëÉë=
Amortisation on intangible assets 769 641
Depreciation of property, plant and equipment 1,338 1,430
Earnings from investments in associated companies 0 –140
Interest income –107 –34
Interest expenses 628 660
TIMNV SIPMQ=
`Ü~åÖÉë=çÑ=ïçêâáåÖ=Å~éáí~ä=
Inventories –2,439 –1,547
Trade receivables –94 –8,882
Other current assets –3,190 –2,526
Provisions –715 –822
Trade payables –2,477 –282
Other current liabilities 3,006 5,144
ÓRIVMU ÓUIVNQ=
Interest paid –94 –115
Income taxes paid –845 –662
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáåÖ=~ÅíáîáíáÉë= NTO ÓPIPUT=
^pecilt=colj=fksbpqfkd=^qfsfqfbp=
Additions to intangible assets –175 –528
Additions to property, plant and equipment –910 –991
Outflows for investments in subsidiaries 0 659
Cash inflow from distributions by associated companies 0 140
Interest received 107 34
`~ëÜ=Ñäçï=Ñêçã=áåîÉëíáåÖ=~ÅíáîáíáÉë= ÓVTU ÓSUS=
^pecilt=colj=cfk^kfkd=^`qfsfqfbp=
Dividends paid –3,277 0
Proceeds/repayments from/of borrowings –32 2,041
Outflows for share buybacks 0 –133
`~ëÜ=Ñäçï=Ñêçã=Ñáå~åÅáåÖ=~ÅíáîáíáÉë= ÓPIPMV NIVMU=
^pe=^ka=^pe=bnrfs^ibkqp=
^q=qeb=bka=lc=qeb=mbofla=
`Ü~åÖÉë=áå=Å~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë= ÓQINNR ÓOINSR=
s~äì~íáçåJêÉä~íÉÇ=ÅÜ~åÖÉë=áå=Å~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë= PV SRS=
`~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= PQITRR OTIUMR=

Statement of Changes in Equity

from 1 January 2016 until 30 June 2016 according to IFRS

kìãÄÉê=çÑ=
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pÜ~êÉ=Å~éáí~ä ^ÇÇáíáçå~ä
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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
663 2,414 3,077
Dividends paid –3,277 –3,277
^ë=çÑ=PM=gìåÉ=OMNS= NRISMQIUQT= QMINUR PRINPT ÓNINVP ÓNPINMU NNIVPN= TOIVRO=

Shares and Options held by Management Board and Supervisory Board as of 30 June 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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s~êá~ÄäÉ=êÉãìåÉê~íáçå
hbro=
qçí~ä=êÉãìåÉê~íáçå=
hbro=
Harald Fuchs 149 48 197
Dr. Harald Schrimpf 191 60 251
j~å~ÖÉãÉåí=_ç~êÇ=Ó=íçí~ä= PQM= NMU= QQU=

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 2016.

Notes on the consolidated financial statements as of 30 June 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 June 2016 were released for publication by a decision of the management on 25 July 2016.

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

In financial year 2015 the presentation of the currency conversion effects in the profit and loss account has been changed. While in the past all currency conversion effects reported in the profit and loss account were presented as other operating income or other operating expenses, PSI selected a more differentiated and therefore, for the target audience of the financial statements, more helpful presentation for decision-making. To the extent that the differences are related to the operative business, they will continue to be presented as other operating income or other operating expenses. If the conversion differences are, by contrast, related to financial activities, they will be presented within the financial result. The values for the previous year have been correspondingly adjusted. As a result of the new method, other operating income in the previous year changed by KEUR 76, other operating expenses by KEUR 108 and the conversion effects in the financial result by KEUR 184. In financial year 2016, conversion effects in the financial result have been KEUR 231 that would have been presented in the other operating expenses in the former presentation.

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.

QK Ü~åÖÉë=áå=íÜÉ=çåëçäáÇ~íáçå=dêçìé=

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

RK pÉäÉÅíÉÇ=fåÇáîáÇì~ä=fíÉãë=

`~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=

PM=gìåÉ=OMNS PN=aÉÅÉãÄÉê=OMNR=
hbro= hbro=
Bank balances 29,212 33,916
Fixed term deposits 5,517 4,890
Cash 26 25
PQITRR= 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=gìåÉ=OMNS PN=aÉÅÉãÄÉê=OMNR=
hbro= hbro=
Costs incurred on uncompleted contracts 95,770 79,253
Profit shares 17,388 12,537
`çåíê~Åí=êÉîÉåìÉ= NNPINRU= VNITVM=
Payments on account –95,604 –84,243
Set off against contract revenue –67,762 –55,424
Receivables from long-term construction contracts 45,396 36,366
Liabilities from long-term construction contracts 27,842 28,819

p~äÉë=êÉîÉåìÉë=

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

PM=gìåÉ=OMNS PM=gìåÉ=OMNR=
hbro= hbro=
Software development 48,480 52,615
Maintenance 25,161 25,172
License fees 6,025 6,667
Merchandise 5,436 6,068
URINMO= VMIROO=

q~ñÉë=çå=áåÅçãÉ=

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

PM=gìåÉ=OMNS
hbro=
PM=gìåÉ=OMNR=
hbro=
Effective taxes expenses
Effective tax expenses –761 –736
Deferred taxes
Emergence and reversal of
temporary differences –1,216 –647
q~ñ=ÉñéÉåëÉë= ÓNIVTT= ÓNIPUP=

pÉÖãÉåí=oÉéçêíáåÖ

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.

oÉëéçåëáÄáäáíó=pí~íÉãÉåí=

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 June 2016 according to IFRS

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oÉÅçåÅáäá~íáçå mpf=dêçìé=
PMLMSL=
OMNS=
hbro=
PMLMSL=
OMNRG=
hbro=
PMLMSL
OMNS
hbro
PMLMSL
OMNR
hbro
PMLMSL
OMNS
hbro
PMLMSL
OMNRG
hbro
PMLMSL
OMNS
hbro
PMLMSL
OMNR
hbro
PMLMSL=
OMNS=
hbro=
PMLMSL=
OMNRG=
hbro=
p~äÉë=êÉîÉåìÉë= = =
Sales to external
customers
32,037 31,806 41,524 44,197 11,541 14,519 0 0 85,102 90,522
Inter-segment sales 526 1,154 1,058 607 2,882 3,066 –4,466 -4,827 0 0
pÉÖãÉåí=êÉîÉåìÉë= POIRSP POIVSM QOIRUO QQIUMQ NQIQOP NTIRUR ÓQIQSS JQIUOT URINMO= VMIROO=
Other operating
income
3,985 2,442 3,422 3,602 865 1,050 –4,868 –4,808 3,404 2,286
Cost of purchased
services
–1,812 –3,193 –3,676 –5,392 –2,802 –4,386 421 4,603 –7,869 –8,368
Cost of purchased
materials
–2,008 –1,888 –779 –1,119 –3,190 –3,523 1,404 706 –4,573 –5,824
Personnel expenses –21,631 –20,550 –26,117 –26,446 –6,665 –7,180 –149 –62 –54,562 –54,238
Depreciation and
amortisation
–767 –712 –567 –645 –359 –416 –40 –30 –1,733 –1,803
Other operating
expenses
–7,663 –7,440 –11,771 –11,888 –2,564 –2,822 7,137 3,892 –14,861 –18,258
léÉê~íáåÖ=êÉëìäí==
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PIQPQ= OIPPN PISSN PIRSN ST TOQ ÓRON ÓQVS SISQN= SINOM=
léÉê~íáåÖ=êÉëìäí=
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OISST= NISNV PIMVQ OIVNS ÓOVO PMU ÓRSN ÓROS QIVMU= QIPNT=
Depreciation and
amortisation resulting
from purchase price
allocation
–43 –43 –331 –225 0 0 0 0 –374 –268
léÉê~íáåÖ=êÉëìäí= OISOQ= NIRTS OITSP OISVN ÓOVO PMU ÓRSN ÓROS QIRPQ= QIMQV=
Interest income 134 129 –294 –374 17 –35 0 –22 –143 –302
oÉëìäí=ÄÉÑçêÉ==
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OITRU= NITMR OIQSV OIPNT ÓOTR OTP ÓRSN ÓRQU QIPVN= PITQT=
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NQV= NQV M M M M M M NQV= NQV=
pÉÖãÉåí=~ëëÉíë= RPIMRM= QQITSR USIVNU UUIPTU ROIRSR RTITRN NIOQT SIRPV NVPITUM=NVTIQPP=
pÉÖãÉåí=äá~ÄáäáíáÉë= QSIVVO= QNIMPT RMIVPS RPIPOP NSIUUM OMIVVU UISVT NOIUVU NOPIRMR=NOUIORS=
pÉÖãÉåí=áåîÉëíãÉåíë= PPQ= OTN OOT QUO QU NQN QTS QTV NIMUR= NIPTP=

* Some of the amounts presented vary from the amounts in the Group accounts for the 2015 six months report due to adjustments (see Notes page 9, Accounting and Valuation Principles)

cáå~åÅá~ä=`~äÉåÇ~ê=

22 March 2016 Publication of Annual Result 2015
22 March 2016 Analyst Conference
28 April 2016 Report on the 1st Quarter of 2016
12 May 2016 Annual General Meeting
27 July 2016 Report on the 1st Six Months of 2016
31 October 2016 Report on the 3rd Quarter of 2016
21–23 November 2016 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: [email protected]

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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 [email protected] www.psi.de

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