PSI Software SE

Interim / Quarterly Report • Aug 23, 2012

Report on the 1st Six Months of 2012

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

	01/01-30/06/12 in KEUR	01/01-30/06/11 in KEUR	Change in KEUR	Change in %
Revenues	85,652	76,221	+9,431	+12.4
Operating Result	5,109	3,839	+1,270	+33.1
Result before income taxes	4,395	2,999	+1,396	+46.6
Net result	4,121	1,908	+2,213	116.0
Cash and cash equivalents	25,812	26,053	–241	–0.9
Employees on 30 June	1,552	1,441	+111	+7.7
Revenue/Employee	55.2	52.9	+2.3	+4.3

Interim Management Report

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PSI Group increased its sales by 12 % to 85.7 million Euros (30 June 2011: 76.2 million Euros) in the first six months of 2012. The EBIT improved by 33 % to 5.1 million Euros (30 June 2011: 3.8 million Euros), Group net result doubled to 4.1 million Euros (30 June 2011: 1.9 million Euros) as a result of tax effects. New orders increased compared to the same period last year by 18 % to 114 million Euros (30 June 2011: 97 million Euros), the order book volume as of 30 June 2012 increased by 14 % to 142 million Euros (30 June 2011: 125 million Euros).

Energy Management (electricity, gas, oil, heat) was again marked by the very good development in gas and oil while the electrical energy business continued to invest strongly in the development of new functions for the requirements of the energy transition. The energy trading business invested strongly in the functions for the multi-commodity trading and the integration of TS Energy software for energy storage operation acquired in the first quarter. Total sales for Energy Management dropped by 3 % to 30.7 million Euros (30 June 2011: 31.7 million Euros) in the first six months. Despite positive one-off effects from the sale of licenses, the EBIT for the segment was, at 1.7 million Euros, considerably below the value for the previous year (30 June 2011: 2.6 million Euros).

Sales in Production Management (raw materials, industry, logistics) were, at 43.7 million Euros, 22 % above the value for the previous year (30 June 2011: 35.8 million Euros). The EBIT was increased by 78 % to 3.0 million Euros (30 June 2011: 1.7 million Euros). The metals industry business once again provided the greatest contribution to the EBIT and was awarded major international orders.

In Infrastructure Management (transportation and security), sales increased by 29 % to 11.2 million Euros (30 June 2011: 8.7 million Euros). The EBIT for the business more than doubled to 1.1 million Euros (30 June 2011: 0.5 million Euros). PSI Poland expanded business in the Polish market with an important major contract and once again provided a major contribution to the result.

cáå~åÅá~ä=mçëáíáçå=

The cash flow from operating activities was, for project reasons, negative at –4.1 million Euros (30 June 2011: 1.8 million Euros), liquidity decreased slightly to 25.8 million Euros (30 June 2011: 26.1 million Euros).

^ëëÉíë=

Compared to 31 December 2011, there have not been any material changes in the Group's assets.

mÉêëçååÉä=aÉîÉäçéãÉåí=

The number of employees in the Group increased to 1,552 (30 June 2011: 1,441) as of 30 June 2012, primarily in Poland and as a result of the takeover in Logistics last year.

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The PSI stock ended the 1st six months of 2012 with a final price of 15.80 Euros, 7.3 % above the final 2011 price of 14.72 Euros. In the same period the technology index TecDAX rose by 8.6 %.

oáëâ=oÉéçêí=

The estimate of the corporate risk has not changed since the Annual Report for 31 December 2011.

lìíäççâ=

In the third quarter PSI expects continued encumbrances in the area of control systems for distribution grids in the electrical energy business as a result of the energy transition and the continuation of the dynamic development in Production Management. PSI is investing heavily in the migration of additional business units to the new, company-wide uniform software basis for the improvement of productivity and ergonomics and has taken the next step with the beginning of the server-side rollout.

As a result of the high volume of new orders since the beginning of the year, the management is still aiming for 190 million Euros in new orders, sales of 180 million Euros and an EBIT of 13-16 million Euros for the year.

Group Balance Sheet

from 1 January 2012 until 30 June 2012 according to IFRS

	S=jçåíÜ=oÉéçêí=	^ååì~ä=oÉéçêí=
	MNLMNJPMLMSLNO	MNLMNJPNLNOLNN=
^ëëÉíë=	hbro	hbro=
kçå=ÅìêêÉåí=~ëëÉíë=
Property, plant and equipment	14,453	14,464
Intangible assets	47,507	46,188
Other financial assets	208	208
Deferred tax assets	4,580	4,333
	SSITQU	SRINVP=
`ìêêÉåí=~ëëÉíë=
Inventories	4,075	4,048
Trade accounts receivable, net	29,870	31,163
Receivables from long-term development contracts	48,284	37,551
Other current assets	5,342	3,860
Cash and cash equivalents	25,812	33,846
	NNPIPUP	NNMIQSU=
qçí~ä=~ëëÉíë=	NUMINPN	NTRISSN=

qçí~ä=bèìáíó=~åÇ=iá~ÄáäáíáÉë=

bèìáíó=
Subscribed capital	40,185	40,185
Capital reserves	35,137	35,137
Reserve for treasury stock	–368	–368
Other reserves	–1,904	–2,172
Net retained profits	330	128
	TPIPUM	TOIVNM=
kçåJÅìêêÉåí=äá~ÄáäáíáÉë=
Long-term debt	509	795
Pension provisions	32,287	32,104
Deferred tax liabilities	2,662	2,356
	PRIQRU	PRIORR=
`ìêêÉåí=äá~ÄáäáíáÉë=
Trade payables	17,287	16,979
Other current liabilities	30,501	27,705
Liabilities from long-tem development contracts	19,241	20,233
Short-term debt	4,022	2,336
Provisions	242	243
	TNIOVP	STIQVS=
qçí~ä=Éèìáíó=~åÇ=äá~ÄáäáíáÉë=	NUMINPN	NTRISSN=

Group Income Statement

from 1 January 2012 until 30 June 2012 according to IFRS

=		nì~êíÉêäó=oÉéçêí=ff=	SJjçåíÜ=oÉéçêí=
	MNLMQLNOJ PMLMSLNO ======hbro	MNLMQLNNJ PMLMSLNN ======hbro	MNLMNLNOJ= PMLMSLNO= ======hbro=	MNLMNLNNJ= PMLMSLNN= ======hbro=
Sales Revenues	44,811	37,442	85,652	76,221
Other operating income	2,652	1,425	4,482	3,602
Changes in inventories of work in progress	5	–34	10	–17
Cost of materials	–8,872	–6,571	–15,091	–11,964
Personnel expenses	–25,448	–22,675	–50,128	–47,232
Depreciation and amortisation	–1,001	–882	–1,956	–1,876
Other operating expenses	–9,082	–6,960	–17,860	–14,895
léÉê~íáåÖ=êÉëìäí=	PIMSR	NITQR	RINMV=	PIUPV=
Interest income	145	61	174	87
Interest expenses	–468	–464	–941	–927
Result from equity investments	53	0	53	0
oÉëìäí=ÄÉÑçêÉ=áåÅçãÉ=í~ñÉë=	OITVR	NIPQO	QIPVR=	OIVVV=
Income tax	13	–829	–274	–1,091
kÉí=êÉëìäí=	OIUMU	RNP	QINON=	NIVMU=
Earnings per share (in Euro per share, basic)	0.18	0.03	0.26	0.12
Earnings per share (in Euro per share, diluted)	0.18	0.03	0.26	0.12
Weighted average shares outstanding (basic)	15,676,698	15,696,157	15,676,698	15,696,758
Weighted average shares outstanding (diluted)	15,676,698	15,696,157	15,676,698	15,696,758

Group comprehensive Income Statement

from 1 January 2012 until 30 June 2012 according to IFRS

	MNLMQLNOJ PMLMSLNO ======hbro	MNLMQLNNJ PMLMSLNN ======hbro	MNLMNLNOJ= PMLMSLNO= ======hbro=	MNLMNLNNJ= PMLMSLNN= ======hbro=
kÉí=êÉëìäí=	OIUMU	RNP	QINON=	NIVMU=
Currency translation foreign operations	156	–677	317	–471
Net losses from cash flows hedges	–14	–794	–70	–304
Income tax effects	4	240	21	94
dêçìé=ÅçãéêÉÜÉåëáîÉ=êÉëìäí=	OIVRQ	ÓTNU	QIPUV=	NIOOT=

Group Cash Flow Statement

from 1 January 2012 until 30 June 2012 according to IFRS

	S=jçåíÜ=oÉéçêí MNLMNJPMLMSLNO hbro	S=jçåíÜ=oÉéçêí= MNLMNJPMLMSLNN= hbro=
^pecilt=colj=lmbo^qfkd=^qfsfqfbp=
oÉëìäí=ÄÉÑçêÉ=áåÅçãÉ=í~ñÉë=	QIPVR	OIVVV=
^ÇàìëíãÉåíë=Ñçê=åçåJÅ~ëÜ=ÉñéÉåëÉë=
Amortisation on intangible assets	523	770
Depreciation of property, plant and equipment	1,433	1,106
Earnings from investments in associated companies	–53	0
Interest income	–174	–87
Interest expenses	941	927
	TIMSR	RITNR=
`Ü~åÖÉë=çÑ=ïçêâáåÖ=Å~éáí~ä=
Inventories	–27	–1,263
Trade receivables	–9,427	–4,585
Other current assets	–2,126	–107
Provisions	–532	–487
Trade payables	298	–951
Other current liabilities	1,198	4,174
	ÓNMISNS	ÓPIONVU=
Interest paid	–114	–141
Income taxes paid	–418	–599
`~ëÜ=Ñäçï=Ñêçã=çéÉê~íáåÖ=~ÅíáîáíáÉë=	ÓQIMUP	NITRS=
^pecilt=colj=fksbpqfkd=^qfsfqfbp=
Additions to intangible assets	–687	–240
Additions to property, plant and equipment	–1,409	–1,354
Additions to associated companies	0	–3
Additions to investments in subsidiaries minus cash acquired	–556	0
Disposals of subsidiaries	746	1,973
Interest received	227	87
`~ëÜ=Ñäçï=Ñêçã=áåîÉëíáåÖ=~ÅíáîáíáÉë=	ÓNISTV	QSP=
^pecilt=colj=cfk^kfkd=^`qfsfqfbp=
Dividends paid	–3,919	–3,610
Proceeds/repayments from/of borrowings	1,330	–769
Outflows for share buybacks	0	–198
`~ëÜ=Ñäçï=Ñêçã=Ñáå~åÅáåÖ=~ÅíáîáíáÉë=	ÓOIRUV	ÓQIRTT=
^pe=^ka=^pe=bnrfs^ibkqp= ^q=qeb=bka=lc=qeb=mbofla=
`Ü~åÖÉë=áå=Å~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=	ÓUIPRN	ÓOIPRU=
s~äì~íáçåJêÉä~íÉÇ=ÅÜ~åÖÉë=áå=Å~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=	PNT	ÓQTN=
`~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=~í=ÄÉÖáååáåÖ=çÑ=íÜÉ=éÉêáçÇ=	PPIUQS	OUIUUO=
`~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=éÉêáçÇ=	ORIUNO	OSIMRP=

Statement of Changes in Equity

from 1 January 2012 until 30 June 2012 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=OMNM=	NRISVTIPSS=	QMINUR	PRINPT	M	ÓPIROS	ÓPITMS=	SUIMVM=
Group comprehensive result after tax					1,354	7,444	8,798
Share buybacks	–30,000			–503			–503
Issue of own shares	9,332			135			135
Dividend distributions						–3,610	–3,610
^ë=çÑ=PN=aÉÅÉãÄÉê=OMNN=	NRISTSISVU=	QMINUR	PRINPT	ÓPSU	ÓOINTO	NOU=	TOIVNM=
Group comprehensive result after tax					268	4.121	4.389
Dividend distributions						–3.919	–3.919
^ë=çÑ=PM=gìåÉ=OMNO=	NRKSTSKSVU=	QMKNUR	PRKNPT	ÓPSU	ÓNKVMQ	PPM=	TPKPUM=

Shares and Options held by Management Board and Supervisory Board as of 30 June 2012

	pÜ~êÉë	léíáçåë=
j~å~ÖÉãÉåí=_ç~êÇ=
Dr. Harald Schrimpf	60,000	0
Armin Stein	23,300	0
pìéÉêîáëçêó=_ç~êÇ=
Dr. Ralf Becherer	1,281	0
Wilfried Götze	54,683	0
Elena Günzler	1,013	0
Bernd Haus	1,000	0
Karsten Trippel	109,750	0
Prof. Dr. Rolf Windmöller	6,305	0

The Management Board of PSI had earnings of KEUR 618 in the first three months of 2012, which consist of a fixed component of KEUR 232 and variable component of KEUR 386.

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 2012.

Notes on the consolidated financial statements as of 30 June 2012

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 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 2012 to 30 June 2012 were released for publication by a decision of the management on 25 July 2012.

The condensed interim consolidated financial statements for the period from 1 January 2012 to 30 June 2012 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 2011.

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 2011.

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 3 February 2012, 100 % of the shares were acquired in Time-steps AG, headquartered in Switzerland. At the time of the acquisition the company had assets totalling KEUR 275 and liabilities of KEUR 116. Correspondingly, the net assets (at book values) were KEUR 159. In the course of breaking down the purchase price, these net assets will be offset by the costs of acquisition (KEUR 1,150). The resulting difference will be allocated to the intangible assets with limited utilisation and the goodwill. The intangible assets are thereby resulting primarily from the valuation of the product "stochastic optimisation". The goodwill resulted primarily from the position of Time-steps at Swiss energy storage operators and the technological know-how. A variable portion of the purchase price is agreed in the purchase contract.

The following table provides a preliminary breakdown of the costs of acquisition to the market values of the assets and liabilities acquired. A final breakdown of this cost could not be done yet, as various project-related information as of acquisition date are subject to further detailed analysis. It is planned to finalise this analysis by the date the consolidated financial statements of the PSI group for 31 December 2012 are produced.

	_ççâ=î~äìÉ= ÄÉÑçêÉ=íÜÉ= ~Åèìáëáíáçå= hbro	^ÇàìëíãÉåí hbro	_ççâ=î~äìÉ= ~ÑíÉê=íÜÉ= ~Åèìáëáíáçå= hbro
kçåJÅìêêÉåí=~ëëÉíë
Property, plant and equipment	13	0	13
Other intangible assets	0	550	550
Goodwill	0	605	605
`ìêêÉåí=~ëëÉíë
Trade receivables	13	0	13
Other Assets	155	0	155
Cash and cash equivalents	94	0	94
iá~ÄáäáíáÉë=
Deferred tax liabilities	0	164	164
Trade payables	10	0	10
Other liabilities	106	0	106
kÉí=~ëëÉíë=	NRV=	VVN=	NINRM=

Hidden reserves are recognizable for the acquired customer base and for products having an estimated useful life of 8 and 6 years respectively. Goodwill is recognized reflecting the present earnings outlook for Time-steps AG. If the newly acquired subsidiary was included in the consolidated financial statements of PSI AG effective 1 January 2012 group sales of KEUR 85,661 and a group net result of KEUR 4,105 would have resulted.

RK pÉäÉÅíÉÇ=fåÇáîáÇì~ä=fíÉãë=

`~ëÜ=~åÇ=Å~ëÜ=Éèìáî~äÉåíë=

	PM=gìåÉ=OMNO	PN=aÉÅÉãÄÉê=OMNN=
	hbro=	hbro=
Bank balances	17,376	16,800
Fixed term deposits	8,399	17,013
Cash	37	33
	ORIUNO=	PPIUQS=

`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=OMNO	PN=aÉÅÉãÄÉê=OMNN=
	hbro=	hbro=
Costs incurred on uncompleted contracts	104,036	93,556
Profit shares	24,934	28,454
`çåíê~Åí=êÉîÉåìÉ=	NOUIVTM=	NOOIMNM=
Payments on account	–99,927	–104,692
Set off against contract revenue	–80,686	–84,459
Receivables from long-term construction contracts	48,284	37,551
Liabilities from long-term construction contracts	19,241	20,233

q~ñÉë=çå=áåÅçãÉ=

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

	PM=gìåÉ=OMNO hbro=	PN=aÉÅÉãÄÉê=OMNN= hbro=
Effective taxes expenses
Effective tax expenses	–358	–1,294
Deferred taxes
Emergence and reversal of
temporary differences	84	14
q~ñ=ÉñéÉåëÉë=	ÓOTQ=	ÓNIOUM=

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 2012 until 30 June 2012 according to IFRS

		båÉêÖó= j~å~ÖÉãÉåí=		mêçÇìÅíáçå= j~å~ÖÉãÉåí=		fåÑê~ëíêìÅíìêÉ= j~å~ÖÉãÉåí=		oÉÅçåÅáäá~íáçå	mpf=dêçìé=
	PMLMSL= OMNO= hbro=	PMLMSL= OMNN= hbro=	PMLMSL OMNO hbro	PMLMSL OMNN hbro	PMLMSL OMNO hbro	PMLMSL OMNN hbro	PMLMSL OMNO hbro	PMLMSL OMNN hbro	PMLMSL= OMNO= hbro=	PMLMSL= OMNN= hbro=
p~äÉë=êÉîÉåìÉë=									=	=
Sales to external customers		30,737 31,748	43,677	35,772	11,238	8,701	0	0	85,652	76,221
Inter-segment sales	1,019	911	424	556	3,381		2,264 –4,824	–3,731	0	0
pÉÖãÉåí=êÉîÉåìÉë=					PNITRS= POISRV QQINMN PSIPOU NQISNV NMIVSR ÓQIUOQ ÓPITPN					URISRO= TSIOON=
Other operating income	3,300	2,552	4,354	3,615	721		1,196 –3,893	–3,761	4,482	3,602
Changes in inventories of work in progress	0	0	0	–22	10	5	0	0	10	–17
Cost of purchased services		–2,796 –2,830	–5,256	–3,957	–2,462	–1,471	1,900	2,467	–8,614	–5,791
Cost of purchased materials		–1,938 –2,318	–2,625	–1,396	–3,391	–2,440	1,477	–19	–6,477	–6,173
Personnel expenses		–20,343 –20,312 –24,509 –21,999			–5,236	–4,765	–40			–156 –50,128 –47,232
Depreciation and amortisation	–704	–613	–629	–442	–331	–285	–31	–30	–1,695	–1,370
Other operating expenses		–7,489 –6,447 –12,252 –10,029			–2,812	–2,690	4,693			4,271 –17,860 –14,895
léÉê~íáåÖ=êÉëìäí== ÄÉÑçêÉ=áåíÉêÉëíI=í~ñI= ÇÉéêÉÅá~íáçå=~åÇ= ~ãçêíáë~íáçå	OIQVM=	PIPMQ	PIUNP	OIRQM	NIQQV	UMM	ÓSUT	ÓVOV	TIMSR=	RITNR=
léÉê~íáåÖ=êÉëìäí= ÄÉÑçêÉ=ÇÉéêÉÅá~íáçå= ~åÇ=~ãçêíáë~íáçå= êÉëìäíáåÖ=Ñêçã= éìêÅÜ~ëÉ=éêáÅÉ= ~ääçÅ~íáçå=	NITUS=	OISVN	PINUQ	OIMVU	NINNU	RNR	ÓTNU	ÓVRV	RIPTM=	QIPQR=
Depreciation and amortisation resulting from purchase price allocation	–68	–65	–184	–416	–9	–25	0	0	–261	–506
léÉê~íáåÖ=êÉëìäí=	NITNU=	OISOS	PIMMM	NISUO	NINMV	QVM	ÓTNU	ÓVRV	RINMV=	PIUPV=
Interest income	–213	–335	–326	–391	–175	–114	0	0	–714	–840
oÉëìäí=ÄÉÑçêÉ== áåÅçãÉ=í~ñÉë=	NIRMR=	OIOVN	OISTQ	NIOVN	VPQ	PTS	JTNU	ÓVRV	QIPVR=	OIVVV=
fåíÉêÉëí=áå=~ëëçÅá~íÉë= Å~êêáÉÇ=~í=Éèìáíó=	NVP=	QMQ	M	M	NR	M	M	M	OMU=	QMQ=
pÉÖãÉåí=~ëëÉíë=					RMIPVV= RMIVQO TUIPTU SSITPP QRIPOS QMIOQV NIQQU					TIUMM NTRIRRN=NSRITOQ=
pÉÖãÉåí=äá~ÄáäáíáÉë=										OUIVTT= OSIUPQ ROINTU QTISOM NRIUTU NQIURR SIMTU NOIQUP NMPINNN=NMNITVO=
pÉÖãÉåí=áåîÉëíãÉåíë=	NIUUS=	RPN	STU	PST	PNN	NQT	PUV	RRO	PIOSQ=	NIRVT=

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15 March 2012	Publication Annual Result 2011
15 March 2012	Analyst Conference
26 April 2012	Report on the 1st Quarter of 2012
3 May 2012	Annual General Meeting
27 July 2012	Report on the 1st Six Months of 2012
29 October 2012	Report on the 3rd Quarter of 2012
12 November 2012	Analyst Presentation, German Equity Forum

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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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For the latest IR information, please visit our website at www.psi.de/ir.

PSI Aktiengesellschaft für Produkte und Systeme der Informationstechnologie

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