PSI Software SE

Earnings Release • Aug 24, 2015

Report on the 1st Six Months of 2015 qê~åëÑçêãáåÖ= íÜÉ=_ìëáåÉëë=

mpf=dêçìé=a~í~=~ë=éÉê=PM=gìåÉ=OMNR=~í=~=dä~åÅÉ=EfcopF=

	01/01-30/06/15 in KEUR	01/01-30/06/14 in KEUR	Change in KEUR	Change in %
Revenues	90,522	84,224	+6,298	+7.5
Operating Result	4,233	2,782	+1,451	+52.2
Result before income taxes	3,747	1,986	+1,761	+88.7
Net result	2,364	1,210	+1,154	+95.4
Cash and cash equivalents	27,805	17,118	+10,687	+62.4
Employees on 30 June	1,677	1,687	–10	–0.6
Revenue/Employee	54.0	49.9	+4.1	+8.1

Interim Management Report

_ìëáåÉëë=aÉîÉäçéãÉåí=

b~êåáåÖë=

The PSI Group obtained 7.5 % higher sales of 90.5 million Euros in the first six months of 2015. The EBIT for the first six months, which was encumbered by special effects in the previous year, increased by 52 % to 4.2 million Euros. The group net result doubled to 2.4 million Euros. The volume of new orders improved by 17 % to 104 million Euros, the volume of orders on 30 June 2015 was, at 131 million Euros, 8 % above the figure for the previous year.

Energy Management (gas, oil, electricity, heat) had 5 % higher sales of 31.8 million Euros in the first six months. The EBIT for the segment was increased by 20 % to 1.7 million Euros compared to the previous year. The electrical energy business had a very strong increase in the volume of new orders in the second quarter and went into trial operation in the groundbreaking pilot project "multi-client capability control system for municipal utility cooperations". Despite weak oil and gas prices, the oil and gas business confirmed the positive trend and managed to further increase its earnings. The energy trading systems business was awarded a research project for the trade of energy flexibilities of industrial production and won further contracts for the trading software for gas and electricity, which was newly implemented and integrated based on the group technology platform.

Sales in Production Management (raw materials, industry, logistics) during the first six months were, at 44.2 million Euros, 13 % above the figure for the previous year. The segment's EBIT more than doubled to 2.7 million Euros compared to the previous year despite the continuing investment in software for raw material extraction till the end of the year. The automotive business is gaining important licensing orders in Germany. The logistics business was able to significantly increase the EBIT and the volume of new orders compared to the previous year. In the steel industry, a stabilisation of new orders is beginning to make itself apparent primarily in Europe.

In Infrastructure Management (transportation and security), sales were, with 14.5 million Euros, 2 % below the level of the previous year. The segment's EBIT decreased as a result of the continued weak development in Southeast Asia to 0.4 million Euros. The public transportation business in Germany continued to make a positive contribution to the result. In Poland, PSI won an important contract from a pipeline operator; in Southeast Asia there are signs of a recovery in the new orders.

cáå~åÅá~ä=mçëáíáçå=

The cash flow from operations amounted to –3.4 million Euros (30 June 2014: –2.4 million Euros). Liquidity, which increased to 27.8 million Euros (30 June 2014: 17.1 million Euros), is still of high importance for the financing of sales.

^ëëÉíë=

Compared to 31 December 2014, there have not been any material changes in the Group's assets.

mÉêëçååÉä=aÉîÉäçéãÉåí=

The number of employees in the group was reduced by 10 to 1,677 compared to the same quarter last year (30 June 2014: 1,687).

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The PSI stock ended the 1st six months of 2015 with a final price of 10.35 Euros 13 % below the final 2014 price of 11.91 Euros. In the same period the technology index TecDAX rose by 19.8 %. On 22 June 2015 PSI started a further share buyback.

oáëâ=oÉéçêí=

The estimate of the corporate risk has not changed since the Annual Report for 31 December 2014.

lìíäççâ=

In the coming quarters, PSI expects continued growth in the home market in the energy business. The new mining control room has successfully commenced test operations in China and is now going to be expanded by further excavation areas. Additional opportunities are arising in the energy business with the planned discontinuation of the sanctions against Iran, where PSI has numerous older installations. Within the course of the Industry 4.0 boom the demand for our new solutions in the automotive and logistics businesses continues to pick up. The management continues to strive for the annual targets set in the 2014 annual report and will decide on the finalisation of the goals in the third quarter.

Group Balance Sheet

from 1 January 2015 until 30 June 2015 according to IFRS

	S=jçåíÜ=oÉéçêí=	^ååì~ä=oÉéçêí=
	MNLMNJPMLMSLNR	MNLMNJPNLNOLNQG=
^ëëÉíë=	hbro	E~ÇàìëíÉÇF=hbro=
kçåJÅìêêÉåí=~ëëÉíë=
Property, plant and equipment	12,511	12,949
Intangible assets	61,243	61,502
Investments in associates	149	149
Deferred tax assets	5,464	5,657
	TVIPST	UMIORT=
`ìêêÉåí=~ëëÉíë=
Inventories	5,105	3,468
Trade accounts receivable, net	36,901	33,708
Receivables from long-term development contracts	46,074	39,865
Other current assets	7,645	5,661
Cash and cash equivalents	27,805	29,314
	NOPIRPM	NNOIMNS=
qçí~ä=~ëëÉíë=	OMOIUVT	NVOIOTP=

qçí~ä=bèìáíó=~åÇ=iá~ÄáäáíáÉë=

bèìáíó=
Subscribed capital	40,185	40,185
Capital reserves	35,137	35,137
Reserve for own stock	–1,023	-890
Other reserves	–10,346	–11,473
Net retained profits	7,699	5,335
	TNISRO	SUIOVQ=
kçåJÅìêêÉåí=äá~ÄáäáíáÉë=
Long-term financial liabilities	245	188
Pension provisions	46,860	47,080
Deferred tax liabilities	1,469	1,016
	QUIRTQ	QUIOUQ=
`ìêêÉåí=äá~ÄáäáíáÉë=
Trade payables	14,660	15,113
Other current liabilities	34,211	29,489
Liabilities from long-tem development contracts	26,734	26,011
Short-term financial liabilities	7,066	5,082
	UOISTN	TRISVR=
qçí~ä=Éèìáíó=~åÇ=äá~ÄáäáíáÉë=	OMOIUVT	NVOIOTP=

* Some of the amounts presented vary from the amounts in the Group accounts for the 2014 financial year

due to adjustments (see Notes page 8, Changes in the Consolidation Group)

Group Income Statement

from 1 January 2015 until 30 June 2015 according to IFRS

=		nì~êíÉêäó=oÉéçêí=ff=		SJjçåíÜ=oÉéçêí=
	MNLMQLNRJ PMLMSLNR ======hbro	MNLMQLNQJ PMLMSLNQ ======hbro	MNLMNLNRJ= PMLMSLNR= ======hbro=	MNLMNLNQJ= PMLMSLNQ= ======hbro=
Sales Revenues	47,334	43,422	90,522	84,224
Other operating income	1,241	1,861	2,362	4,162
Cost of materials	–7,926	–8,179	–14,192	–14,893
Personnel expenses	–27,172	–26,206	–54,238	–52,122
Depreciation and amortisation	–856	–915	–2,071	–1,825
Other operating expenses	–10,552	–9,274	–18,150	–16,764
léÉê~íáåÖ=êÉëìäí=	OIMSV	TMV	QIOPP=	OITUO=
Interest income	19	12	34	24
Interest expenses	–321	–401	–660	–820
Result from equity investments	0	0	140	0
oÉëìäí=ÄÉÑçêÉ=áåÅçãÉ=í~ñÉë=	NITST	POM	PITQT=	NIVUS=
Income tax	–770	–264	–1,383	–776
kÉí=êÉëìäí=	VVT	RS	OIPSQ=	NIONM=
Earnings per share (in Euro per share, basic)	0.06	0.00	0.15	0.08
Earnings per share (in Euro per share, diluted)	0.06	0.00	0.15	0.08
Weighted average shares outstanding (basic)	15,620,560	15,653,023	15,632,633	15,655,780
Weighted average shares outstanding (diluted)	15,620,560	15,653,023	15,632,633	15,655,780

Group comprehensive Income Statement

from 1 January 2015 until 30 June 2015 according to IFRS

	MNLMQLNRJ PMLMSLNR ======hbro	MNLMQLNQJ PMLMSLNQ ======hbro	MNLMNLNRJ= PMLMSLNR= ======hbro=	MNLMNLNQJ= PMLMSLNQ= ======hbro=
kÉí=êÉëìäí=	VVT	RS	OIPSQ=	NIONM=
Currency translation foreign operations	–532	217	1,127	59
Net losses from cash flows hedges	0	189	0	149
Income tax effects	0	–55	0	–44
dêçìé=ÅçãéêÉÜÉåëáîÉ=êÉëìäí=	QSR	QMT	PIQVN=	NIPTQ=

Group Cash Flow Statement

from 1 January 2015 until 30 June 2015 according to IFRS

	S=jçåíÜ=oÉéçêí MNLMNJPMLMSLNR hbro	S=jçåíÜ=oÉéçêí= MNLMNJPMLMSLNQ= hbro=
^pecilt=colj=lmbo^qfkd=^qfsfqfbp=
oÉëìäí=ÄÉÑçêÉ=áåÅçãÉ=í~ñÉë=	PITQT	NIVUS=
^ÇàìëíãÉåíë=Ñçê=åçåJÅ~ëÜ=ÉñéÉåëÉë=
Amortisation on intangible assets	641	387
Depreciation of property, plant and equipment	1,430	1,438
Earnings from investments in associated companies	–140	0
Interest income	–34	–24
Interest expenses	660	820
	SIPMQ	QISMT=
`Ü~åÖÉë=çÑ=ïçêâáåÖ=Å~éáí~ä=
Inventories	–1,547	–877
Trade receivables	–8,882	–915
Other current assets	–2,526	–1,861
Provisions	–822	–623
Trade payables	–282	–878
Other current liabilities	5,144	–1,038
	ÓUIVNQ	ÓSINVO=
Interest paid	–115	–123
Income taxes paid	–662	–707
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáåÖ=~ÅíáîáíáÉë=	ÓPIPUT	ÓOIQNR=
^pecilt=colj=fksbpqfkd=^qfsfqfbp=
Additions to intangible assets	–528	–387
Additions to property, plant and equipment	–991	–930
Additions to investments in subsidiaries	659	0
Cash inflow from disposals of associated companies	140	0
Interest received	34	24
`~ëÜ=Ñäçï=Ñêçã=áåîÉëíáåÖ=~ÅíáîáíáÉë=	ÓSUS	ÓNIOVP=
^pecilt=colj=cfk^kfkd=^`qfsfqfbp=
Proceeds/repayments from/of borrowings	2,041	–552
Outflows for share buybacks	–133	–272
`~ëÜ=Ñäçï=Ñêçã=Ñáå~åÅáåÖ=~ÅíáîáíáÉë=	NIVMU	ÓUOQ=
^pe=^ka=^pe=bnrfs^ibkqp= ^q=qeb=bka=lc=qeb=mbofla=
`Ü~åÖÉë=áå=Å~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=	ÓOINSR	ÓQIRPO=
s~äì~íáçåJêÉä~íÉÇ=ÅÜ~åÖÉë=áå=Å~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=	SRS	ÓNRM=
`~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=~í=ÄÉÖáååáåÖ=çÑ=íÜÉ=éÉêáçÇ=	OVIPNQ	ONIUMM=
`~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=éÉêáçÇ=	OTIUMR	NTINNU=

Statement of Changes in Equity

from 1 January 2015 until 30 June 2015 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					1,127	2,364	3,491
Share buybacks	-12,463			–133			–133
^ë=çÑ=PM=gìåÉ=OMNR=	NRISOMIRSM=	QMINUR	PRINPT	ÓNIMOP	ÓNMIPQS	TISVV=	TNISRO=

Shares and Options held by Management Board and Supervisory Board as of 30 June 2015

	pÜ~êÉë	léíáçåë=
j~å~ÖÉãÉåí=_ç~êÇ=
Harald Fuchs	3,023	0
Dr. Harald Schrimpf	65,120	0
pìéÉêîáëçêó=_ç~êÇ=
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
Prof. Dr. Rolf Windmöller	7,805	0

Remuneration for the Management Board and Supervisory Board

	cáñÉÇ=êÉãìåÉê~íáçå hbro=	s~êá~ÄäÉ=êÉãìåÉê~íáçå hbro=	qçí~ä=êÉãìåÉê~íáçå= hbro=
Harald Fuchs	144	85	229
Dr. Harald Schrimpf	185	99	284
j~å~ÖÉãÉåí=_ç~êÇ=Ó=íçí~ä=	POV=	NUQ=	RNP=

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 2015.

Notes on the consolidated financial statements as of 30 June 2015

qÜÉ=`çãé~åó=

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 2015 to 30 June 2015 were released for publication by a decision of the management on 24 July 2015.

The condensed interim consolidated financial statements for the period from 1 January 2015 to 30 June 2015 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 2014.

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 2014.

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=

In a contract signed 12 November 2014, a 100 % stake was acquired in Broner Metals Solutions Limited headquartered in Watford, UK. A preliminary purchase price allocation of net assets was performed in the financial statements for 31 December 2014. The valuation was completed in June 2015; the fair values that were applicable at the time of acquisition were adjusted. As a result, the other intangible assets increased by KEUR 280, deferred tax liabilities increased by KEUR 56, while goodwill decreased by KEUR 476. The preliminary useful life was between six and eight years and now amounts to between two and nearly 13 years. The prior-year figures have been adjusted accordingly. The impact on the amortisation in the period between acquisition and 31 December 2014 was immaterial.

_êçåÉê=jÉí~äë=pçäìíáçåë=iáãáíÉÇI=NOLNNLOMNR=	c~áê=î~äìÉ=~í=íÜÉ=
	íáãÉ=çÑ=~Åèìáëáíáçå=
kçåJÅìêêÉåí=~ëëÉíë
Property, plant and equipment	66
Other intangible assets	6,084
`ìêêÉåí=~ëëÉíë
Receivables from long-term development contracts	2,661
Trade accounts receivable	1,511
Other current assets	280
Cash and cash equivalents	427
iá~ÄáäáíáÉë=
Deferred tax liabilities	1,223
Trade payables	875
Other current liabilities	1,400
Liabilities from long-tem development contracts	0
qçí~ä=áÇÉåíáÑá~ÄäÉ=åÉí=~ëëÉíë=~í=Ñ~áê=î~äìÉ=	TIRPN=
Goodwill resulting from the acquisition
of the Company	3,911
`çåëáÇÉê~íáçå=	NNIQQO=

RK pÉäÉÅíÉÇ=fåÇáîáÇì~ä=fíÉãë=

`~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=

	PM=gìåÉ=OMNR	PN=aÉÅÉãÄÉê=OMNQ=
	hbro=	hbro=
Bank balances	21,439	28,023
Fixed term deposits	6,333	1,258
Cash	32	33
	OTIUMR=	OVIPNQ=

`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=OMNR	PN=aÉÅÉãÄÉê=OMNQ=
	hbro=	hbro=
Costs incurred on uncompleted contracts	85,358	75,442
Profit shares	16,544	14,671
`çåíê~Åí=êÉîÉåìÉ=	NMNIVMO=	VMINNP=
Payments on account	–82,564	–76,259
Set off against contract revenue	–55,830	–50,248
Receivables from long-term construction contracts	46,072	39,865
Liabilities from long-term construction contracts	26,734	26,011

p~äÉë=êÉîÉåìÉë=

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

	PM=gìåÉ=OMNR hbro=	PM=gìåÉ=OMNQ= hbro=
Software development	52,615	47,150
Maintenance	25,172	22,051
License fees	6,667	7,052
Merchandise	6,068	7,971
	VMIROO=	UQIOOQ=

q~ñÉë=çå=áåÅçãÉ=

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

	PM=gìåÉ=OMNR	PM=gìåÉ=OMNQ=
	hbro=	hbro=
Effective taxes expenses
Effective tax expenses	–736	–943
Deferred taxes
Emergence and reversal of
temporary differences	–647	167
q~ñ=ÉñéÉåëÉë=	ÓNIPUP=	ÓTTS=

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 individual 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: High-availability control system solutions designed for monitoring and economically sound operation of infrastructures in the transportation, public safety, environmental protection and disaster prevention 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 2015 until 30 June 2015 according to IFRS

	båÉêÖó= j~å~ÖÉãÉåí=		mêçÇìÅíáçå= j~å~ÖÉãÉåí=		fåÑê~ëíêìÅíìêÉ= j~å~ÖÉãÉåí=		oÉÅçåÅáäá~íáçå		mpf=dêçìé=
	PMLMSL= OMNR= hbro=	PMLMSL= OMNQ= hbro=	PMLMSL OMNR hbro	PMLMSL OMNQ hbro	PMLMSL OMNR hbro	PMLMSL OMNQ hbro	PMLMSL OMNR hbro	PMLMSL OMNQ hbro	PMLMSL= OMNR= hbro=	PMLMSL= OMNQ= hbro=
p~äÉë=êÉîÉåìÉë=									=	=
Sales to external customers		31,806 30,324	44,197	39,118	14,519	14,782	0	0	90,522	84,224
Inter-segment sales	1,154	480	607	1,034	3,066	2,665	-4,827	–4,179	0	0
pÉÖãÉåí=êÉîÉåìÉë=						POIVSM= PMIUMQ QQIUMQ QMINRO NTIRUR NTIQQT JQIUOT ÓQINTV				VMIROO= UQIOOQ=
Other operating income	2,518	2,620	3,602	4,554	1,050	1,051	–4,808	–4,063	2,362	4,162
Cost of purchased services		–3,193 –1,575	–5,392	–5,148	–4,386	–3,518	4,603	2,759	–8,368	–7,482
Cost of purchased materials		–1,888 –1,775	–1,119	–800	–3,523	–5,084	706	248	–5,824	–7,411
Personnel expenses		–20,550 –20,866 –26,446 –25,330			–7,180	–6,009	–62		83 –54,238 –52,122
Depreciation and amortisation	–712	–697	–645	–633	–416	–362	–30	–30	–1,803	–1,722
Other operating expenses		–7,440 –7,091 –11,888 –11,598			–2,714	–2,602	3,892		4,527 –18,150 –16,764
léÉê~íáåÖ=êÉëìäí== ÄÉÑçêÉ=áåíÉêÉëíI=í~ñI= ÇÉéêÉÅá~íáçå=~åÇ= ~ãçêíáë~íáçå		OIQMT= OINNT	PIRSN	NIUPM	UPO	NIOUR	ÓQVS	ÓSOR	SIPMQ=	QISMT=
léÉê~íáåÖ=êÉëìäí= ÄÉÑçêÉ=ÇÉéêÉÅá~íáçå= ~åÇ=~ãçêíáë~íáçå= êÉëìäíáåÖ=Ñêçã= éìêÅÜ~ëÉ=éêáÅÉ= ~ääçÅ~íáçå=		NISVR= NIQOM	OIVNS	NINVT	QNS	VOP	ÓROS	ÓSRR	QIRMN=	OIUUR=
Depreciation and amortisation resulting from purchase price allocation	–43	–43	–225	–60	0	0	0	0	–268	–103
léÉê~íáåÖ=êÉëìäí=		NISRO= NIPTT	OISVN	NINPT	QNS	VOP	ÓROS	ÓSRR	QIOPP=	OITUO=
Interest income	53	–216	–374	–378	–143	–202	–22	0	–468	–796
oÉëìäí=ÄÉÑçêÉ== áåÅçãÉ=í~ñÉë=		NITMR= NINSN	OIPNT	TRV	OTP	TON	ÓRQU	ÓSRR	PITQT=	NIVUS=
fåíÉêÉëí=áå=~ëëçÅá~íÉë= Å~êêáÉÇ=~í=Éèìáíó=	NQV=	OVU	M	M	M	M	M	M	NQV=	OVU=
pÉÖãÉåí=~ëëÉíë=		QQITSR= QSITSR UUIPTU SVIMTP RTITRN RPIRUP					SIRPV		OIOVT NVTIQPP=NTNITNU=
pÉÖãÉåí=äá~ÄáäáíáÉë=						QNIMPT= OVIQVO RPIPOP QTINQQ OMIVVU NTIRRO NOIUVU			VITUT NOUIORS=NMPIVTR=
pÉÖãÉåí=áåîÉëíãÉåíë=	OTN=	OUR	QUO	RRT	NQN	PTO	QTV	NMP	NIPTP=	NIPNT=

cáå~åÅá~ä=`~äÉåÇ~ê=

19 March 2015	Publication of Annual Result 2014
19 March 2015	Analyst Conference
28 April 2015	Report on the 1st Quarter of 2015
12 May 2015	Annual General Meeting
28 July 2015	Report on the 1st Six Months of 2015
29 October 2015	Report on the 3rd Quarter of 2015
23–25 November 2015	German Equity Forum, Analyst Presentation

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Karsten Pierschke

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

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