Passenger, Baggage and Cargo Handling Airport Solutions

• New orders increase by 20 % to 54 million Euros
• Group sales increase by 4 % to 38.8 million Euros
• EBIT increases by 19 % to 2.1 million Euros

The PSI Group increased its EBIT by 19 % to 2.1 million Euros in the first quarter of 2011 (31 March 2010: 1.8 million Euros). Its group net earnings after interest and taxes were, at 1.4 million Euros, 21 % above the value for the previous year (31 March 2010: 1.2 million Euros). Group sales increased by 4 % to 38.8 million Euros (31 March 2010: 37.1 million Euros). New orders increased compared to the previous year by 20 % to 54 million Euros (31 March 2010: 45 million Euros).

Energy Management (electricity, gas, oil, heat) achieved 3 % higher sales of 16 million Euros in the first quarter (31 March 2010: 15.5 million Euros). The EBIT for the segment was 1.5 million Euros, as in the previous year. The gas and oil business continued its good development from the previous year and again obtained important follow-up contracts in Russia. The electrical energy business continued to invest in functions for the intelligent grid control and obtained an important new customer in the German market.

Sales in Production Management (raw materials, industry, logistics) were, at 18.5 million Euros, 19 % above the value for the previous year (31 March 2010: 15.5 million Euros). The EBIT increased to 0.8 million Euros (31 March 2010: 0.2 million Euros). PSI expects further increases in sales and improvements in the EBIT in this segment as a result of follow-up contracts and sales of licenses for the new raw materials extraction control system.

In Infrastructure Management (transportation and security) sales decreased by 29 % to 4.3 million Euros (31 March 2010: 6.1 million Euros) due to project cycles and the sale of the telecommunications business at the end of the year. As in the previous year, the segment had an EBIT of 0.3 million Euros. In this segment PSI has been awarded major contracts in Thailand and Malaysia, which will lead to increases in sales and EBIT in the coming quarters.

The number of employees in the Group increased slightly as of 31 March 2011 to 1,419 (31 March 2010: 1,398), the order book volume in the Group increased to 116 million Euros compared to the same quarter last year (31 March 2010: 105 million Euros). The cash flow from operating activities improved to 2.6 million Euros (31 March 2010: –0.8 million Euros), so that cash and cash equivalents rose to 32.2 million Euros (31 March 2010: 19.6 million Euros).

In the first quarter PSI continued to invest in products for the upcoming technical revolution in the medium and low-voltage grids of customers in the electrical industry. The management is currently investigating acquisition targets and investment opportunities in the fields of intelligent electrical grids and energy efficiency.

In the first quarter PSI enjoyed a continued increase in the number of sales enquiries domestically and in exports to Asia. As a result of the increased demand and the higher volume of orders, the management has reinforced its annual goals and expects continued increases in sales and EBIT in the coming quarters.

PSI AG develops and integrates complete solutions, on the basis of its own software products, for the management of energy networks (electricity, gas, oil, heat, water), cross-company production management (metals, automotive, mechanical and plant engineering, mining, logistics) and infrastructure management for transport and safety. PSI was founded in 1969 and employs 1,400 persons in the group.