PSI AG - Dr. Kalliwoda Capital Markets Conference
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Dr. Kalliwoda Capital Markets Conference

Dr. Kalliwoda Capital Markets Conference

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PSI AG - Dr. Kalliwoda Capital Markets Conference PSI AG - Dr. Kalliwoda Capital Markets Conference Presentation Transcript

  • © PSI AG 2014 PSI-Presentation Warsaw, 25 June 2014
  • © PSI AG 2014Page 2 Safe-Harbour-Statement This presentation contains forward-looking statements that are subject to risks and uncertainties. Such statements reflect current views of PSI AG with respect to future events and results. Actual results may vary materially from those projected here, due to factors including changes in general economic and business conditions, changes in currency exchange, the introduction of competing products, lack of market acceptance of new products, services or technologies and changes in business strategy. PSI AG does not intend or assume any obligation to update these forward-looking statements.
  • © PSI AG 2014Page 3 PSI – Process Control and Information Systems PSI is a leading supplier of control system software solutions for energy utilities and industry.
  • © PSI AG 2014Page 4 PSI segments and vertical markets Metals Assembling Logistics Production Management Public transport Public safety Traffic Infrastructure Management Gas/Oil Energy trading/sales Electrical energy Energy Management 2013:31.3millionEURsales,462employees 2013:84.1millionEURsales,673employees 2013:61.0millionEURsales,557employees
  • © PSI AG 2014Page 5 Reference customer Amprion System Management-Brauweiler: Control Systems for 380 kV and 220 kV transmission networks
  • © PSI AG 2014Page 6 Reference customer E.ON Control systems for high voltage as well as medium voltage for Bavaria, Thuringia, Lower Saxony, Saxony-Anhalt, Hesse
  • © PSI AG 2014Page 7 Reference customer Open Grid Europe DAISY - Dispatching Application and Information System 130 users
  • © PSI AG 2014Page 8 Reference customer Gazprom Control systems for gas transmission: Nord Stream, Blue Stream and East-Asian Pipeline
  • © PSI AG 2014Page 9 Production sequence optimisation Technical information systems Production management tool shop Production management maintenance Reference customer Volkswagen More than 20 Software solutions for different tasks in the Volkswagen Group Logistics systems Manufacturing information systems Complete solutions for special-purpose vehicles and Volkswagen Racing
  • © PSI AG 2014Page 10 Reference customer ArcelorMittal Dofasco, Canada: Planning, Scheduling and Execution with one MES Targets Overcome current limitations of several existing MES by implementing 1 MES Achieve significant improvements in all areas of production, business and IT Realization PSImetals plans & controls 47 automation systems, 2 tube mills , 120 external systems Benefits Business & production: • Uniform production planning/control for all business processes • Greater transparency, flexibility and speed for planning processes • Reduced inventories Information Technology: • Simplification of the IT landscape • Improved data quality PSImetals as heart of production - World's largest PSImetals installation at one plant
  • © PSI AG 2014Page 11 Vallourec Sumitomo do Brazil (VSB): Optimised production of Seamless Steel Tubes Targets Standard solution with high configurability, extensibility and flexibility Provide plant-specific features considering demands of VSB Realization PSImetals Production & Logistics Benefits Adapting VSB solution at a maximum to PSImetals-standard resulted in • minimal customizing efforts • fulfillment of time and costs targets Functional Benefits: • Piece-based tracking • Genealogic view for quality analysis • Harmonized processes by integrating automation and corporative systems 1st class Pipe Mill in favor for 1st class production management
  • © PSI AG 2014Page 12 Reference customer MPK Poznań One of the largest tram depots in Europe for 150 trams Optimisation of tram order and tram routes First fully automated tram depot in Poland Automated depot management system for the new Poznań Franowo tram depot
  • © PSI AG 2014Page 13 Selected PSI customers by segments Energy Management Production Management Infrastructure Management
  • © PSI AG 2014Page 14 New orders and order backlog 2009-2013 New Orders 2013 with 185 million EUR 2% below last years level Book-to-bill-ratio: 1.05 Order backlog 2013 with 118 million EUR stable Order coverage: approx. 8 months 150 177 174 188 185 97 108 112 118 118 2009 2010 2011 2012 2013 Auftragseingang Auftragsbestand am 31.12. IFRS in million EUR
  • © PSI AG 2014Page 15 3rd party products Services License revenues Maintenance Employees Sales revenues analysis 2009-2013 Group sales revenues decline by 2.5% License revenues grow by 12% Maintenance grows by 6% Service revenues reduced +100 employees in export countries 42.940.635.333.330.9 8.7 9.8 14.2 17.4 19.4 91.8 85.9 103.6 103.3 104.4 22.2 18.5 16.7 12.0 21.5 1,692 1,591 1,491 1,4221,411 0 30 60 90 120 150 180 2009 2010 2011 2012 2013 0 200 400 600 800 1.000 1.200 1.400 1.600 1.800 2.000 176.3 147.0 158.7 169.5 180.9 IFRS in million EUR employees
  • © PSI AG 2014Page 16 61.062.3 68.9 84.1 89.4 78.6 31.329.2 22.1 176.3 180.9 169.5 2011 2012 2013 Energy management Production management Infrastructure management PSI Group Sales revenues 2011-2013 by Segments Energy management stable after decline in 2012, but still affected by the energy transition Production management with lower sales revenues due to blocked capacities in logistics Infrastructure management grows mainly in exports IFRS in million EUR
  • © PSI AG 2014Page 17 Earnings 2009-2013 8.0 16.9 14.6 13.9 11.4 7.8 9.5 10.7 12.9 4.2 6.9 8.7 11.3 3.1 7.9 6.6 7.0 7.4 9.4 0.4 2009 2010 2011 2012 2013 EBITDA EBIT EBT Group net result EBITDA declines by 53% EBIT declines by 67% to 4.2 million EUR Net results additionally burdened by tax effect falls to 0.4 million EUR IFRS in million EUR
  • © PSI AG 2014Page 18 EBIT 2011-2013 by Segments 3.2 4.0 0.6 5.5 1.4 6.6 3.3 4.3 3.1 -1.2-1.3 -2.0 10.7 4.2 12.9 2011 2012 2013 Energy management Production management Infrastructure management Reconciliation PSI Group Energy management with change to product release and still affected by the energy transition Production management affected by pilot project in logistics Infrastructure management with weaker result in the public transport business IFRS in million EUR
  • © PSI AG 2014Page 19 Sales revenues and EBIT by Quarters 2009-2014 0 10 20 30 40 50 60 -4 -2 0 2 4 6 EBIT Sales revenues IFRS in million EUR 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014
  • © PSI AG 2014Page 20 15.314.9 15.8 18.9 23.0 20.8 6.6 7.5 4.2 40.8 45.4 40.8 1st Quarter 2012 1st Quarter 2013 1st Quarter 2014 Energy management Production management Infrastructure management PSI Group IFRS in million EUR Sales revenues 1st Quarter of 2014 by Segments Energy management with growth in gas/oil and PSI Energy Markets Production management with less licenses in metals and assembling, and with lower sales in logistics Infrastructure management with lower equipment sales in Southeast Asia and growth in Poland and Germany Overall decline of 10%
  • © PSI AG 2014Page 21 0.8 0.4 0.8 1.2 1.0 1.2 0.8 0.4 0.6 -0.4 -0.3 -0.3 2.12.1 2.0 1st Quarter 2012 1st Quarter 2013 1st Quarter 2014 Energy management Production management Infrastructure management Reconciliation PSI Group EBIT 1st Quarter of 2014 by Segments Energy management with improved result in electrical energy, but still affected by German energy transition Production management with better result in logistics, stable result in metals and lower result in assembling Infrastructure management with strong result in Poland and lower result in Southeast Asia IFRS in million EUR
  • © PSI AG 2014Page 22 Research and development million EUR 19.8 17.9 16.216.0 12.1 2009 2010 2011 2012 2013 Investments in products 11% higher In energy business expentitures for control system release and virtual power plants, in logistics combination of simulation and transport management system into a new integrated system Rollout of group-wide software platform
  • © PSI AG 2014Page 23 Pilot project transport management system Logistics network optimisation and operative transport control in one system Saves up to 10% of transport costs and emissions
  • © PSI AG 2014Page 24 Pilot project rail electricity SBB Two large control systems for high voltage and overhead lines New rail electricity functions New user dialogues based on the new group technology platform
  • © PSI AG 2014Page 25 Future topic Industry 4.0 Self organising, flexible production Internet paradigms and methods used for the production of goods Production islands instead of assembly lines Smart objects (intelligent work pieces) find their way through the production Automation markup language Just-in-time with artificial intelligence High definition supply chain management Logistics network simulation Production capacity simulation
  • © PSI AG 2014Page 26 Industry 4.0 pilot project StreetScooter New vehicle concept for affordable electric mobility PSI software for planning and control of production integrates all processes from ordering to design changes to purchasing and to the workshop level Reduction of development time by 50% and development costs by 90% Small series production at large series production prices The first 50 mail delivery vehicles are being tested under conditions of actual use since early 2014
  • © PSI AG 2014Page 27 Industrie 4.0 PSI participation in research projects related to Industry 4.0 Very small series production with fuzzy logic optimisation Adaptive production control with cybernetic support systems Adaptable multimodal logistics planning Software and system platform for monitoring systems Adaptable production systems for mechanical and plant engineering
  • © PSI AG 2014Page 28 Structure of the PSI technology platform Industry solution: The standard software is enhanced with industry- specific and partly customer-specific functions and algorithms Application: The application layer provides ready-to-use and useful functions with a standard software character for solving operational tasks Framework: Basic interfaces and tools that enable the fast and cost-effective development of applications entirely based on Java Infrastructure: Core elements that provide all components and services required for the operation of application software, e.g. Java Virtual Machine
  • © PSI AG 2014Page 29 Infrastructure Management Production Management Energy Management PSIjscada … PSIcommand PSIjscada PSImarket … PSImetals PSIqualicision PSItms PSIglobal PSIjis PSIpec … Rollout of the new technology platform in the Group PSIjscada … PSIcommand PSIjscada PSImarket … PSImetals PSIqualicision PSItms PSIglobal PSIjis …
  • © PSI AG 2014Page 30 Export orders and export sales revenues 2009-2013 50.2 49.8 64.1 91.6 84.4 79.1 85.9 91.2 90.193.0 34% 33% 40% 51% 50% 45% 47% 53% 49%48% 0 10 20 30 40 50 60 70 80 90 100 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 20132009 2010 2011 2012 million EUR Export sales Export orders in % of total
  • © PSI AG 2014Page 31 PSI strategy from 2012: Go for Growth! Concentration of forces active Market penetration (Investment) take along special chances (e.g. exclusive partners) avoid (only follow existing customers)
  • © PSI AG 2014Page 32 New orders and sales revenues by regions million EUR 83.3 95.094.497.0 26.2 32.6 26.0 30.0 14.9 14.7 14.619.9 34.9 29.2 32.7 31.5 8.7 11.0 7.7 13.2 2.5 0.5 5.0 4.4 2012 2013 2012 2013 Middle East North and South America China, Southeast Asia, Pacific Russia and Eastern Europe Western Europe Germany New orders Sales revenues
  • © PSI AG 2014Page 33 Grid Expansion and Investment Requirements for German Energy Concept 2020 Grid expansion requirements based on Energy Concept 2020: • 3,800 km transmission grid • 195,000 km distribution grid Investment volume for grid expansion and connection of offshore wind farms based on Energy Concept 2020: • 30 to 50 billion EUR Sources:
  • © PSI AG 2014Page 34 Investments of distribution grid operators for the grid infrastructure 2009-2013 350356462432448 3,025 2,919 3,2193,189 2,535 2009 2010 2011 2012 2013p Investments of 806 distribution system operators thereof metering, control and information technology In million EUR Source: Federal Grid Agency, Monitoring Report 2010-2013 Since 2011 decline of investments for metering, control and information technology by 25% Photo years*: 2015 (Gas) 2016 (Electricity) *Basis years for calculation of network fees
  • © PSI AG 2014Page 35 Position of PSI in the German control system market Transmission grid (380 kV, 220 kV) Municipal utilities (power, gas, heating, water) Distribution grid (110 kV, medium voltage) PSIcontrol functionality for intelligent power grids Overhead line monitoring Generation management Feed management Smart Balancing Congestion management Network analysis Virtual power plants Intelligent network agents Westnetz Gmbh (RWE RR) E.ON Mitte MITNETZ Westnetz GmbH (RWE WWE) VNB KEVAG Pfalz- werke SYNA SYNA LVN Bayernwerk AG AÜW N- ERGIE Netze BW GmbH Thüringer Energienetze avacon E.ON Hanse E.ON | Netz ELE Verteilnetz GmbH Gelsenkirchen EVV Essen Koblenz KEVAG NRM Frankfurt (Stuttgart) (Nürnberg) enercity Hannover REWAG Regensburg NETRION/ MVV Mannheim SWM München SWK Krefeld Stadtwerke Düsseldorf AG Stadtwerke Duisburg EVO Offenbach SWU Energie Ulm AVG Aschaffenburg STAWAG Aachen SWB Bonn Köln RheinEnergie Vattenfall Europe Hamburg Vattenfall Europe Berlin
  • © PSI AG 2014Page 36 PSI customers electrical energy Europe and Asia Germany Slowenia Switzerland Austria France Luxembourg Netherlands Denmark Sweden Poland Russia MRSK+FSK 18 Systems Thailand METROPOLITAN ELECTRICITY AUTHORITY Malaysia - Metro - North / East / South Oman
  • © PSI AG 2014Page 37 PSI shares and shareholder structure Number of shares: 15.7 million shares Share price (23/06/14): 14.00 EUR Market capitalisation: 220 million EUR Market Segment/Index: Prime Standard/TecDAX Designated Sponsor: equinet Analyst coverage: Bankhaus Lampe, Berenberg Bank, Commerzbank, Deutsche Bank, DZ Bank, Edison, equinet, First Berlin, Dr. Kalliwoda, Montega, Solventis, WGZ Bank Management and employees approx. 15.5% Harvinder Singh 8.1% Other free float approx. 24% Institutional Investors < 3% approx. 24% RWE Deutschland AG 17.8% Institutional Investors > 3% 11.1% Investmentaktiengesellschaft für langfristige Investoren TGV Standard Life Investments Sterling Strategic Value
  • © PSI AG 2014Page 38 PSI share price 2009-2014 (vs. TecDAX) 31/12/2011 EUR 14.72 23/06/2014 EUR 14.00 31/12/2008 EUR 3.60 31/12/2012 EUR 15.41 31/12/2010 EUR 17.85 31/12/2009 EUR 8.85 31/12/2013 EUR 13.55
  • © PSI AG 2014Page 39 0 500 1000 1500 2000 2500 Gas/Oil Electrical Metals Assembling Logistics Competitive positions and targets 2014 Gas & Oil networks => export stabilisation, EDM synergies Electrical grids => profit, product migration Energy sales & trading => growth Metals production => growth USA, group licenses, M&A Mines & Roads => China projects Logistics => product migration Assembling => product migration PEC, focusing Transport, safety => profit, ? employees
  • © PSI AG 2014Page 40 Review 2013, targets 2014 and planning -2 0 2 4 6 8 10 12 14 16 18 20 2006 2007 2008 2009 2010 2011 2012 2013 2014p 2015e 2016e Konzern Energiemanagement Produktionsmanagement Infrastrukturmanagement Überleitung 2013 affected by one-off-costs and higher than planned product investments in logistics and electrical energy. Measures: Reduction of locations staff and management. Pilot projects accepted in early 2014, follow-on contracts expected. Targets 2014: 12 million EUR EBIT, 5-10% revenue growth 0 25 50 75 100 125 150 175 200 225 250 2006 2007 2008 2009 2010 2011 2012 2013 2014p 2015e 2016e Konzern Energiemanagement Produktionsmanagement Infrastrukturmanagement Sales revenues EBIT
  • © PSI AG 2014Page 41 Financial Calendar 2014 20 March 2014: Annual Report 2013 Analyst Conference, Frankfurt 30 April 2014: Report on the 1st Quarter of 2014 6 May 2014: Annual General Meeting, Berlin 31 July 2014: Report on the 1st Six Months of 2014 30 October 2014: Report on the 3rd Quarter of 2014 24-26 November 2014: German Equity Forum, Frankfurt
  • © PSI AG 2014Page 42 Contact www.psi.de Karsten Pierschke Head of Investor Relations and Corporate Communications Dircksenstrasse 42-44 10178 Berlin Germany Phone: +49/30/2801-2727 Fax: +49/30/2801-1000 E-Mail:kpierschke@psi.de