PSI Presentation. DZ Bank Conference Zurich, 5 June 2014

Transcription

1 PSI Presentation DZ Bank Conference Zurich, 5 June 2014

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. Page 2

3 PSI Process Control and Information Systems PSI is a leading supplier of control system software solutions for energy utilities and industry. Page 3

4 PSI segments and vertical markets Production Management Metals Assembling Logistics Page 4 Traffic Infrastructure Management 2013: 31.3 million EUR sales, 462 employees Energy Management Gas/Oil Electrical energy Energy trading/sales Public transport Public safety 2013: 61.0 million EUR sales, 557 employees 2013: 84.1 million EUR sales, 673 employees

5 PSI solutions - efficiency in 3 dimensions Energy Efficiency Work Efficiency Material Efficiency Page 5

6 Examples for energy efficiency Energy Management segment Network calculations for higher efficiency and reduced network losses Smart functions for line monitoring, smart balancing, feed and congestion management Reduction of technical gas consumption in gas networks Optimisation of pump operations in pipelines Production Management segment Energy consumption forecasting and power demand control for the metals industry Optimisation of logistics networks reduces transportation kilometres Infrastructure Management segment Energy-optimised operation of trains, tramways and buses Depot management with optimal routing and optimised refuelling Page 6

7 Examples for labour efficiency Energy Management segment Optimised fault-clearance and maintenance operations for energy supply networks Concentration of control technology for larger networks in fewer locations Combined control for electricity, gas and district heating raises synergies Production Management segment Optimised planning of production sequences in car manufacturing raises efficiency Up to 30% higher throughput due to overall planning and optimisation of a steel plant Higher throughput and less cost due to improved planning and optimisation of logistics processes Infrastructure Management segment Optimised deployment of vehicles for shortest possible parking times at the depot Optimised planning of periodic inspections, cleaning and maintenance for trams and buses Page 7

8 Examples for increased raw-material efficiency Energy Management segment Extended lifetime of grid elements by optimised treatment, e.g. avoiding of shocks Most accurate leak detection solution for long distance pipelines Production Management segment Significant yield rate improvement in hard coal production due to holistic coordination and optimisation Integrated production planning, optimisation and quality management for increased efficiency in metal smelting and processing Automation and standardisation for coking plants ensures a constant quality level of coke production Optimisation of maintenance, repair and overhaul processes saves material and extends equipment lifetime, e.g. in aerospace Page 8

9 New orders and order backlog 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 Auftragseingang Auftragsbestand am IFRS in million EUR Page 9

10 Sales revenues analysis IFRS in million EUR , , ,692 1,591 1, employees Group sales revenues decline by 2.5% License revenues grow by 12% Maintenance grows by 6% Service revenues reduced +100 employees in export countries 3 rd party products Services License revenues Maintenance Employees Page 10

11 Sales revenues by Segments Energy management Production management Infrastructure management PSI Group IFRS in million EUR 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 Page 11

12 Earnings 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 Page 12

13 EBIT by Segments Energy management with change to product release and still affected by the energy transition Energy management Production management Infrastructure management Reconciliation PSI Group Production management affected by pilot project in logistics Infrastructure management with weaker result in the public transport business IFRS in million EUR Page 13

14 Sales revenues and EBIT by Quarters Sales revenues EBIT IFRS in million EUR Page 14

15 Research and development 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 million EUR Page 15

16 Pilot project transport management system Logistics network optimisation and operative transport control in one system Saves up to 10% of transport costs and emissions Page 16

17 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 Page 17

18 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 Page 18

19 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 Page 19

20 PSI participation in research projects related to Industry 4.0 Industrie 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 Page 20

21 Structure of the PSI technology platform Industry solution: The standard software is enhanced with industryspecific 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 Page 21

22 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: Page 22

23 Position of PSI in the German control system market Transmission grid (380 kv, 220 kv) Distribution grid (110 kv, medium voltage) Municipal utilities (power, gas, heating, water) E.ON Netz E.ON Hanse Vattenfall Europe Hamburg Westnetz GmbH (RWE WWE) Westnetz Gmbh (RWE RR) KEVAG SYNA E.ON Mitte avacon MITNETZ Thüringer Energienetze VNB Pfalzwerke ERGIE N- SYNA Bayernwerk AG Netze BW GmbH LVN ELE Verteilnetz GmbH Gelsenkirchen EVV Essen SWK Krefeld STAWAG Aachen SWB Bonn Koblenz KEVAG NRM Frankfurt (Stuttgart) enercity Hannover Stadtwerke Duisburg Stadtwerke Düsseldorf AG Köln RheinEnergie EVO Offenbach AVG Aschaffenburg (Nürnberg) NETRION/ MVV Mannheim SWU Energie Ulm Vattenfall Europe Berlin REWAG Regensburg SWM München PSIcontrol functionality for intelligent power grids Overhead line monitoring Congestion management Generation management Network analysis Feed management Virtual power plants Smart Balancing Intelligent network agents AÜW Page 23

24 Investments of distribution grid operators for the grid infrastructure In million EUR 2,535 3,189 3,219 2,919 3,025 Since 2011 decline of investments for metering, control and information technology by 25% Photo years*: 2015 (Gas) 2016 (Electricity) p Investments of 806 distribution system operators thereof metering, control and information technology Source: Federal Grid Agency, Monitoring Report *Basis years for calculation of network fees Page 24

25 PSI customers electrical energy Europe and Asia Germany Denmark Sweden Poland MRSK+FSK 18 Systems Russia Netherlands Luxembourg METROPOLITAN ELECTRICITY AUTHORITY Thailand France -Metro - North / East / South Switzerland Malaysia Oman Austria Slowenia Page 25

26 PSI export strategy: Go for Growth! Concentration of forces active Market penetration (Investment) take along special chances (e.g. exclusive partners) avoid (only follow existing customers) Page 26

27 Export orders and export sales revenues million EUR Export sales Export orders in % of total 34% 33% % % % 45% 47% 48% 53% 49% % 50% 45% 40% 35% 30% 25% 20% 15% 10% 10 5% % Page 27

28 New orders and sales revenues by regions million EUR New orders Sales revenues Middle East North and South America China, Southeast Asia, Pacific Russia and Eastern Europe Western Europe Germany Page 28

29 Sales revenues 1 st Quarter of 2014 by Segments Energy management Production management Infrastructure management PSI Group IFRS in million EUR 40.8 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 1st Quarter st Quarter st Quarter 2014 Overall decline of 10% Page 29

30 EBIT 1 st Quarter of 2014 by Segments Energy management with improved result in electrical energy, but still affected by German energy transition Energy management Production management Infrastructure management Reconciliation PSI Group 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 st Quarter st Quarter st Quarter 2014 IFRS in million EUR Page 30

31 Review 2013, targets 2014 and planning 2013 affected by one-off-costs and higher than planned product investments in logistics and electrical energy Konzern Energiemanagement Produktionsmanagement Infrastrukturmanagement Sales revenues 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 p 2015e 2016e Konzern Energiemanagement Produktionsmanagement Infrastrukturmanagement Überleitung EBIT p 2015e 2016e Page 31

32 PSI shares and shareholder structure Number of shares: Share price (26/05/14): Market capitalisation: Market Segment/Index: Designated Sponsor: Analyst coverage: 15.7 million shares EUR 205 million EUR Prime Standard/TecDAX equinet Bankhaus Lampe, Berenberg Bank, Commerzbank, Deutsche Bank, DZ Bank, Edison, equinet, First Berlin, Dr. Kalliwoda, Montega, Solventis, WGZ Bank RWE Deutschland AG 17.8% Institutional Investors > 3% 11.1% Investmentaktiengesellschaft für langfristige Investoren TGV Standard Life Investments Sterling Strategic Value Management and employees approx. 15.5% Institutional Investors < 3% approx. 24% Harvinder Singh 8.1% Other free float approx. 24% Page 32

33 PSI share price (vs. TecDAX) 31/12/2010 EUR /12/2013 EUR /12/2009 EUR /12/2011 EUR /12/2012 EUR /05/2014 EUR /12/2008 EUR 3,60 Page 33

34 Financial Calendar March 2014: Annual Report 2013 Analyst Conference, Frankfurt 30 April 2014: Report on the 1 st Quarter of May 2014: Annual General Meeting, Berlin 31 July 2014: Report on the 1 st Six Months of October 2014: Report on the 3 rd Quarter of November 2014: German Equity Forum, Frankfurt Page 34

35 Contact Karsten Pierschke Head of Investor Relations and Corporate Communications Dircksenstrasse Berlin Germany Phone: +49/30/ Fax: +49/30/ Page 35