Ad-hoc | 18 November 2002 08:25

PSI AG english

PSI Drives Restructuring Forward Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– PSI Drives Restructuring Forward – Sales after nine months at 109.19 million euros (2001: 121.21 million euros) – EBIT as a result of special effects -10.69 million euros (2001: 0.72 million euros) – Cash increases to 21.82 million euros (2001: 13.17 million euros) – Capacity adjustment of 65 positions in the Production Management segment As announced in October, the PSI Group obtained sales of 109.19 million euros in the first nine months of financial year 2002, 9.9 % less than the previous year (2001: 121.21 million euros). The EBIT decreased to -10.69 million euros (2001: 0.72 million euros), whereby this figure includes 6.9 million euros in risk provisions, value adjustments and restructuring costs. The group net result on 30 September was -11.01 million euros (2001:-1.19 million euros). The operative cash-flow improved in the nine months of 2002 to 14.26 million euros (2001: – 5.04 million euros). Cash increased compared to the previous years quarter by 8.65 million euros and compared to 31 December 2001 by 8.94 million euros to 21.82 million euros. In the Network Management segment (energy, telecommunications, transportation) sales in the first nine months decreased by 3.3% to 54.31 million euros (2001: 56.14 million euros). This is primarily attributable to the basis effect of external licenses in the previous year’s quarter. The EBIT in Network Management improved by 100% to 3.37 million euros (2001: 1.68 million euros). In the Production Management segment (industry, logistics) sales decreased by 18.6% to 35.79 million (2001: 43.97 million euros) and the EBIT by 11.91 million euros to -12.30 million euros (2001: -0.4 million euros). In Information Management (government, services) sales decreased by 9.5% to 19.09 million euros (2001: 21.10 million euros) and the EBIT by 1.19 million euros to -1.76 million euros (2001: -0.57 million euros). New orders in the first nine months were 104 million euros, the order backlog on 30 September was 114 million euros. end of ad-hoc-announcement (c)DGAP 18.11.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: The number of employees decreased compared to the second quarter of 2001 by 83 to 1,324. At the beginning of November an agreement was reached with the work’s council of the PSIPENTA GmbH to cut 50 jobs from throughout the organization where the capacity is not required. The severance pay and restructuring costs will equal 0.8 million, the annual cost savings 2.5 million euros. After completing this and additional restructuring activities PSI will employ approx. 1,250 persons. At the same time the new Management Board has repositioned the Production Management business. Along with targeting medium-sized companies in this sector, PSI will increasingly offer tailor-made solutions for the support of complex manufacturing process in large industrial organizations. PSIPENTA GmbH will, to this end, be divided into three profit centers, SME products, service and industrial solutions. For the first time PSI will conduct a technology transfer from the Network segment to the Production Management segment so as to create a new performance class of Manufacturing Execution Systems (MES). As previously announced the PSI Management Board continues to expect 15 % lower sales in 2002 compared to the previous year and an EBIT of -12 million euros. For 2003 PSI plans, assuming that the economy remains weak and a positive effect from the restructuring measures, that sales will remain stable, a positive EBIT of 2-4 million euros and a balanced group result. Your contact person: PSI AG Karsten Pierschke Manager Investor Relations Dircksenstraße 42-44 D-10178 Berlin Tel. +49 30 2801-2727 Fax +49 30 2801-1000 eMail: KPierschke@psi.de ——————————————————————————– WKN: 696822; ISIN: DE0006968225; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Bremen, Hannover, Stuttgart 180825 Nov 02