PSI Software SE

Earnings Release • Aug 28, 2014

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	01/01-30/06/14 in KEUR	01/01-30/06/13 in KEUR	Change in KEUR	Change in %
Revenues	84,224	87,675	–3,451	–3.9
Operating Result	2,782	3,534	–752	–21.3
Result before income taxes	1,986	3,125	–1,139	–36.5
Net result	1,210	1,685	–475	–28.2
Cash and cash equivalents	17,118	23,910	–6,792	–28.4
Employees on 30 June	1,687	1,667	+20	+1.2
Revenue/Employee	49.9	52.6	–2.7	–5.1

Interim Management Report

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PSI Group attained 4 % lower sales of 84.2 million Euros in the first half of 2014. The EBIT in the first six months of 2014 was encumbered by special effects from the previous year in logistics and, at 2.8 million Euros, was 20 % below the EBIT of the same period for the previous year. This includes a percentage-of-completion adjustment of one million Euros for a logistics project from 2013 and restructuring costs of about 0.5 million Euros. The group net result was, at 1.2 million Euros, 28 % below the figure for the previous year. The previous year figure included special earnings of 0.5 million Euros from the sale of shares in the Moscow sales joint venture PSI Energo. New orders, which were characterised by a number of major international orders in the previous year, decreased to 89 million Euros, the order book volume on 30 June 2014 was, with 121 million Euros, 12 % below the figure for the previous year. By the end of the year management expects new orders of about 180 million Euros.

Energy Management (gas, oil, electricity, heat) attained 2 % higher sales of 30.3 million Euros in the first half year. The EBIT for the segment more than doubled to 1.4 million Euros compared to the previous year. The electrical energy business could improve its result after the successful acceptance of an encumbering major project and the higher product investments of the previous year and expects additional rollout contracts for the new control system in the coming quarters. The oil and gas business was able to increase sales and profits; energy trading completed a generation change in management and made further investments in modernisation and standardisation of the product base.

Sales in Production Management (raw materials, industry, logistics) during the first six months were, at 39.1 million Euros, 9 % below the value for the previous year. The EBIT decreased as a result of the special effects in logistics by 40 % to 1.1 million Euros. The automotive und mechanical engineering business won important licensing orders in Germany and China, the logistics business was able to continue to improve operations, but was slowed once again by an adjustment and restructuring costs. In the metals industry business, new orders decreased compared to the previous year; for the coming quarters major orders are expected from the North American aluminium and steel industries.

In Infrastructure Management (transportation and security), sales were constant at 14.8 million Euros. The EBIT for the segment decreased to 0.9 million Euros. In Southeast Asia sales and profits were below expectations, major contracts are expected here in the second half of the year.

cáå~åÅá~ä=mçëáíáçå=

As a result of the weaker group result, the cash flow from operating activities was, at –2.4 million Euros, below the figure for the previous year (30 June 2013: –1.6 million Euros). Liquidity decreased to 17.1 million Euros (30 June 2013: 23.9 million Euros).

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Compared to 31 December 2013, there have not been any material changes in the Group's assets.

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The number of employees in the group was reduced by 17 to 1,687 in the course of the second quarter (31 March 2014: 1,704, 30 June 2013: 1,667).

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The PSI stock ended the first six months of 2014 with a final price of 13.01 Euros, 4 % below the final 2013 price of 13.55 Euros. In the same period the technology index TecDAX rose by 12.2 %.

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The estimate of the corporate risk has not changed since the Annual Report for 31 December 2013.

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In the first half year the PSI Group invested 0.9 million Euros in a new release of the group platform that allows the customer to configure user interfaces, menus and data views themselves. In addition, preparations for the next major release and tests for the web and cloud capability of the PSI products based on these were made. PSI expects a further recovery of Energy in the coming quarters on the basis of control systems products, encumbrances from the first Chinese mine project and additional orders from the booming metals industry in the USA. The management is conducting intensive negotiations about the acquisition of a competitor (about 70 employees and 9 million Euros sales) in the Production Management segment and has signed a letter of intent on 30 July 2014.

Group Balance Sheet

from 1 January 2014 until 30 June 2014 according to IFRS

S=jçåíÜ=oÉéçêí=	^ååì~ä=oÉéçêí=
	MNLMNJPNLNOLNP=
	hbro=
13,273	13,781
49,103	49,103
298	298
6,249	6,073
SUIVOP	SVIORR=
4,799	3,888
36,713	39,908
42,039	37,893
6,883	5,290
17,118	21,800
NMTIRRO	NMUITTV=
NTSIQTR	NTUIMPQ=
	MNLMNJPMLMSLNQ hbro

qçí~ä=bèìáíó=~åÇ=iá~ÄáäáíáÉë=

bèìáíó=
Subscribed capital	40,185	40,185
Capital reserves	35,137	35,137
Reserve for own stock	-674	–402
Other reserves	–8,671	–8,835
Net retained profits	2,446	1,236
	SUIQOP	STIPON=
kçåJÅìêêÉåí=äá~ÄáäáíáÉë=
Long-term financial liabilities	3,252	3,387
Pension provisions	40,067	40,087
Deferred tax liabilities	2,517	2,463
	QRIUPS	QRIVPT=
`ìêêÉåí=äá~ÄáäáíáÉë=
Trade payables	14,487	15,400
Other current liabilities	30,610	25,726
Liabilities from long-tem development contracts	14,131	20,097
Short-term financial liabilities	2,978	3,544
Provisions	10	9
	SOIONS	SQITTS=
qçí~ä=Éèìáíó=~åÇ=äá~ÄáäáíáÉë=	NTSIQTR	NTUIMPQ=

Group Income Statement

from 1 January 2014 until 30 June 2014 according to IFRS

=		nì~êíÉêäó=oÉéçêí=ff=		SJjçåíÜ=oÉéçêí=
	MNLMQLNQJ PMLMSLNQ ======hbro	MNLMQLNPJ PMLMSLNP ======hbro	MNLMNLNQJ= PMLMSLNQ= ======hbro=	MNLMNLNPJ= PMLMSLNP= ======hbro=
Sales Revenues	43,422	42,317	84,224	87,675
Other operating income	1,861	2,862	4,162	4,964
Cost of materials	–8,179	–7,630	–14,893	–17,723
Personnel expenses	–26,206	–25,548	–52,122	–52,265
Depreciation and amortisation	–915	–960	–1,825	–1,862
Other operating expenses	–9,274	–9,600	–16,764	–17,255
léÉê~íáåÖ=êÉëìäí=	TMV	NIQQN	OITUO=	PIRPQ=
Interest income	12	6	24	19
Interest expenses	–401	–441	–820	–883
Result from equity investments	0	100	0	455
oÉëìäí=ÄÉÑçêÉ=áåÅçãÉ=í~ñÉë=	POM	NINMS	NIVUS=	PINOR=
Income tax	–264	–980	–776	–1,440
kÉí=êÉëìäí=	RS	NOS	NIONM=	NISUR=
Earnings per share (in Euro per share, basic)	0.00	0.01	0.08	0.11
Earnings per share (in Euro per share, diluted)	0.00	0.01	0.08	0.11
Weighted average shares outstanding (basic)	15,653,023	15,673,580	15,655,780	15,682,250
Weighted average shares outstanding (diluted)	15,653,023	15,673,580	15,655,780	15,682,250

Group comprehensive Income Statement

from 1 January 2014 until 30 June 2014 according to IFRS

	MNLMQLNQJ PMLMSLNQ ======hbro	MNLMQLNPJ PMLMSLNP ======hbro	MNLMNLNQJ= PMLMSLNQ= ======hbro=	MNLMNLNPJ= PMLMSLNP= ======hbro=
kÉí=êÉëìäí=	RS	NOS	NIONM=	NISUR=
Currency translation foreign operations	217	–303	59	93
Net losses from cash flows hedges	189	439	149	549
Income tax effects	–55	–131	–44	–164
dêçìé=ÅçãéêÉÜÉåëáîÉ=êÉëìäí=	QMT	NPN	NIPTQ=	OINSP=

Group Cash Flow Statement

from 1 January 2014 until 30 June 2014 according to IFRS

	S=jçåíÜ=oÉéçêí MNLMNJPMLMSLNQ hbro	S=jçåíÜ=oÉéçêí= MNLMNJPMLMSLNP= hbro=
^pecilt=colj=lmbo^qfkd=^qfsfqfbp=
oÉëìäí=ÄÉÑçêÉ=áåÅçãÉ=í~ñÉë=	NKVUS	PINOR=
^ÇàìëíãÉåíë=Ñçê=åçåJÅ~ëÜ=ÉñéÉåëÉë=
Amortisation on intangible assets	387	464
Depreciation of property, plant and equipment	1,438	1,398
Earnings from investments in associated companies	0	–455
Interest income	–24	–19
Interest expenses	820	883
	QISMT	RIPVS=
`Ü~åÖÉë=çÑ=ïçêâáåÖ=Å~éáí~ä=
Inventories	–877	–175
Trade receivables	–915	–7,113
Other current assets	–1,861	–2,730
Provisions	–623	–941
Trade payables	–878	–1,134
Other current liabilities	–1,038	5,892
	–6,192	ÓSIOMN=
Interest paid	–123	–168
Income taxes paid	–707	–642
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáåÖ=~ÅíáîáíáÉë=	–2,415	ÓNISNR=
^pecilt=colj=fksbpqfkd=^qfsfqfbp=
Additions to intangible assets	–387	–692
Additions to property, plant and equipment	–930	–1,621
Cash inflow from disposals of associated companies	0	509
Cash inflow from disposals of subsidiaries	0	479
Interest received	24	19
`~ëÜ=Ñäçï=Ñêçã=áåîÉëíáåÖ=~ÅíáîáíáÉë=	ÓNIOVP	ÓNIPMS=
^pecilt=colj=cfk^kfkd=^`qfsfqfbp=
Dividends paid	0	–4,702
Proceeds/repayments from/of borrowings	–552	–1,587
Outflows for share buybacks	–272	–320
`~ëÜ=Ñäçï=Ñêçã=Ñáå~åÅáåÖ=~ÅíáîáíáÉë=	ÓUOQ	ÓSISMV=
^pe=^ka=^pe=bnrfs^ibkqp= ^q=qeb=bka=lc=qeb=mbofla=
`Ü~åÖÉë=áå=Å~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=	–4,532	ÓVIRPM=
s~äì~íáçåJêÉä~íÉÇ=ÅÜ~åÖÉë=áå=Å~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=	ÓNRM	NMO=
`~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=~í=ÄÉÖáååáåÖ=çÑ=íÜÉ=éÉêáçÇ=	ONIUMM	PPIPPU=
`~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=éÉêáçÇ=	NTINNU	OPIVNM=

Statement of Changes in Equity

from 1 January 2014 until 30 June 2014 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=OMNO=	NRISVQIMOU=	QMINUR	PRINPT	ÓNMS	ÓTINQS	RIRST=	TPISPT=
Group comprehensive result after tax					–1,689	371	–1,318
Issue of own shares	19,657			272			272
Share buybacks	–40,662			–568			–568
Dividend distributions						–4,702	–4,702
^ë=çÑ=PN=aÉÅÉãÄÉê=OMNP=	NRISTPIMOP=	QMINUR	PRINPT	ÓQMO	ÓUIUPR	NIOPS=	STIPON=
Group comprehensive result after tax					164	1,210	1,374
Share buybacks	–20,000			–272			–272
^ë=çÑ=PM=gìåÉ=OMNQ=	NRISRPIMOP=	QMINUR	PRINPT	ÓSTQ	ÓUISTN	OIQQS=	SUIQOP=

Shares and Options held by Management Board and Supervisory Board as of 30 June 2014

	pÜ~êÉë	léíáçåë=
j~å~ÖÉãÉåí=_ç~êÇ=
Harald Fuchs	1,023	0
Dr. Harald Schrimpf	64,500	0
pìéÉêîáëçêó=_ç~êÇ=
Dr. Ralf Becherer	1,281	0
Elena Günzler	1,013	0
Bernd Haus	1,000	0
Prof. Dr. Wilhelm Jaroni	0	0
Karsten Trippel	110,322	0
Prof. Dr. Rolf Windmöller	6,305	0

Remuneration for the Management Board and Supervisory Board

	cáñÉÇ=êÉãìåÉê~íáçå	s~êá~ÄäÉ=	içåÖJíÉêã=ÑÉÉ=	qçí~ä=êÉãìåÉê~íáçå=
		êÉãìåÉê~íáçå	ÅçãéçåÉåí
	hbro	hbro	hbro	hbro=
Harald Fuchs	140	29	0	169
Dr. Harald Schrimpf	180	88	8	276
j~å~ÖÉãÉåí=_ç~êÇ=Ó=íçí~ä=	POM	NNT	U	QQR=

Because Supervisory Board payments are made in the 4th quarter of the year, the Supervisory Board did not obtain any remuneration in the first three months of 2014.

Notes on the consolidated financial statements as of 30 June 2014

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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 and listed there in the TecDAX.

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 2014 to 30 June 2014 were released for publication by a decision of the management on 29 July 2014.

The condensed interim consolidated financial statements for the period from 1 January 2014 to 30 June 2014 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 2013.

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 2013.

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 2013 there were no changes in the consolidation group.

RK pÉäÉÅíÉÇ=fåÇáîáÇì~ä=fíÉãë=

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	PM=gìåÉ=OMNQ	PN=aÉÅÉãÄÉê=OMNP=
	hbro=	hbro=
Bank balances	11,679	13,341
Fixed term deposits	5,404	8,427
Cash	35	32
	NTINNU=	ONIUMM=

`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=OMNQ	PN=aÉÅÉãÄÉê=OMNP=
	hbro=	hbro=
Costs incurred on uncompleted contracts	73,827	64,493
Profit shares	12,638	10,895
`çåíê~Åí=êÉîÉåìÉ=	USIQSR=	TRIPUU=
Payments on account	–58,557	–57,592
Set off against contract revenue	–44,426	–37,495
Receivables from long-term construction contracts	42,039	37,893
Liabilities from long-term construction contracts	14,131	20,097

p~äÉë=êÉîÉåìÉë=

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

	PM=gìåÉ=OMNQ	PM=gìåÉ=OMNP=
	hbro=	hbro=
Software development	47,150	45,138
Maintenance	22,051	21,469
License fees	7,052	10,512
Merchandise	7,971	10,556
	UQIOOQ=	UTISTR=

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

	PM=gìåÉ=OMNQ hbro=	PM=gìåÉ=OMNP= hbro=
Effective taxes expenses
Effective tax expenses	–943	–988
Deferred taxes
Emergence and reversal of
temporary differences	167	–452
q~ñ=ÉñéÉåëÉë=	ÓTTS=	ÓNIQQM=

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 2014 until 30 June 2014 according to IFRS

	båÉêÖó= j~å~ÖÉãÉåí=		mêçÇìÅíáçå= j~å~ÖÉãÉåí=		fåÑê~ëíêìÅíìêÉ= j~å~ÖÉãÉåí=		oÉÅçåÅáäá~íáçå		mpf=dêçìé=
	PMLMSL= OMNQ= hbro=	PMLMSL= OMNP= hbro=	PMLMSL OMNQ hbro	PMLMSL OMNP hbro	PMLMSL OMNQ hbro	PMLMSL OMNP hbro	PMLMSL OMNQ hbro	PMLMSL OMNP hbro	PMLMSL= OMNQ= hbro=	PMLMSL= OMNP= hbro=
p~äÉë=êÉîÉåìÉë=									=	=
Sales to external customers		30,324 29,708	39,118	43,214	14,782	14,753	0	0	84,224	87,675
Inter-segment sales	480	661	1,034	888	2,665	3,601	–4,179	–5,150	0	0
pÉÖãÉåí=êÉîÉåìÉë=		PMIUMQ PMIPSV QMINRO QQINMO NTIQQT NUIPRQ ÓQINTV ÓRINNM								UQIOOQ= UTISTR=
Other operating income	2,620	4,015	4,554	3,849	1,051	1,081	–4,063	–3,981	4,162	4,964
Cost of purchased services		–1,575 –2,328	–5,148	–4,850	–3,518	–2,114	2,759	1,198	–7,482	–8,094
Cost of purchased materials		–1,775 –2,448	–800	–2,515	–5,084	–6,384	248	1,718	–7,411	–9,629
Personnel expenses		–20,866 –20,990 –25,330 –25,513			–6,009	–5,953	83		191 –52,122 –52,265
Depreciation and amortisation	–697	–712	–633	–674	–362	–343	–30	–30	–1,722	–1,759
Other operating expenses		–7,091 –7,285 –11,598 –12,456			–2,602	–2,936	4,527		5,422 –16,764 –17,255
léÉê~íáåÖ=êÉëìäí== ÄÉÑçêÉ=áåíÉêÉëíI=í~ñI= ÇÉéêÉÅá~íáçå=~åÇ= ~ãçêíáë~íáçå		OINNT= NIPPP	NIUPM	OISNT	NIOUR	OIMQU	ÓSOR	ÓSMO	QISMT=	RIPVS=
léÉê~íáåÖ=êÉëìäí= ÄÉÑçêÉ=ÇÉéêÉÅá~íáçå= ~åÇ=~ãçêíáë~íáçå= êÉëìäíáåÖ=Ñêçã= éìêÅÜ~ëÉ=éêáÅÉ= ~ääçÅ~íáçå=	NIQOM=	SON	NINVT	NIVQP	VOP	NITMR	ÓSRR	ÓSPO	OIUUR=	PISPT=
Depreciation and amortisation resulting from purchase price allocation	–43	–43	–60	–60	0	0	0	0	–103	–103
léÉê~íáåÖ=êÉëìäí=	NIPTT=	RTU	NINPT	NIUUP	VOP	NITMR	ÓSRR	ÓSPO	OITUO=	PIRPQ=
Interest income	–216	222	–378	–372	–202	–259	0	0	–796	–409
oÉëìäí=ÄÉÑçêÉ== áåÅçãÉ=í~ñÉë=	NINSN=	UMM	TRV	NIRNN	TON	NIQQS	ÓSRR	ÓSPO	NIVUS=	PINOR=
fåíÉêÉëí=áå=~ëëçÅá~íÉë= Å~êêáÉÇ=~í=Éèìáíó=	OVU=	OTP	M	M	M	M	M	M	OVU=	OTP=
pÉÖãÉåí=~ëëÉíë=		QSITSR= QRIVNU SVIMTP UMIVPO ROIMVN RNIPTT					OIOVT			PIRNM NTMIOOS=NUNITPT=
pÉÖãÉåí=äá~ÄáäáíáÉë=		OVKQVO PMISTP QTINQQ RQITQO NTIRRO NTIOMS								VITUT NMIROV NMPIVTR=NNPINRM=
pÉÖãÉåí=áåîÉëíãÉåíë=	OUR=	RMN	RRT	UNR	PTO	PQP	NMP	NISOR	NIPNT=	PIOUQ=

cáå~åÅá~ä=`~äÉåÇ~ê=

20 March 2014	Publication of Annual Result 2013
20 March 2014	Analyst Conference
30 April 2014	Report on the 1st Quarter of 2014
6 May 2014	Annual General Meeting
31 July 2014	Report on the 1st Six Months of 2014
30 October 2014	Report on the 3rd Quarter of 2014
25 November 2014	Analyst Presentation, German Equity Forum

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

Karsten Pierschke

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

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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 ir@psi.de www.psi.de