DGAP-News: QSC sets new order intake record in third quarter of 2012
(firmenpresse) - DGAP-News: QSC AG / Key word(s): Quarter Results
QSC sets new order intake record in third quarter of 2012
05.11.2012 / 07:30
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QSC sets new order intake record in third quarter of 2012
- New ICT orders total EUR 89.2 million
- Transformation process continuing successfully from quarter to quarter
- ICT revenues in Direct Sales grow by 8 percent
- ICT revenues in Indirect Sales grow by 11 percent
- TC revenues with resellers contract by 7 percent
- EBITDA margin improves to 17 percent
- Guidance reiterated for full 2012 fiscal year
Cologne, November 5, 2012. At EUR 89.2 million, QSC AG recorded the highest
level of new orders in its history during the third quarter of 2012; after
nine months, total order intake already stands at EUR 166.0 million. The
contract the Company won from a nationwide energy service provider during
the past quarter to outsource its entire information and communications
technology played a major role in setting this record. This outsourcing
contract, which is valued at more than EUR 60 million over a 5-year term,
illustrates the QSC Group's successful process of transformation into an
ICT provider. The dynamics of this process can be seen from a comparison of
revenues at the three business units with the second quarter of 2012:
Revenues at Direct Sales, which together with Indirect Sales comprises the
ICT business, rose by 8 percent during this period to EUR 49.5 million; and
Indirect Sales advanced by an even stronger 11 percent to EUR 32.1 million.
On the other hand, there was a 7-percent decline in Reseller revenues,
which are generated by TC business, to EUR 38.9 million. Within the space
of a single quarter, the QSC Group grew its overall revenues by 3 percent,
or EUR 3.9 million, to EUR 120.5 million. However, due to the rapid
meltdown of conventional TC business, revenues remained, as expected, below
the previous year's level of EUR 128.3 million.
QSC Chief Executive Officer Dr. Bernd Schlobohm notes: 'Stiff pricing
competition and unfavorable regulation continue to narrow the
attractiveness of conventional TC business. With a view to the very good
development of our forward-looking ICT lines of business during the past
quarter, our decision to broaden ICT business is proving to be precisely
the right move.'
Higher profitability in ICT business
A comparison of EBITDA margins underscores the key significance the
transformation process has for the development of the QSC Group. In the
third quarter of 2012, the QSC Group earned an EBITDA margin of 17 percent
in Direct Sales and an EBITDA margin of 26 percent in Indirect Sales; by
contrast, the margin in conventional TC business was 10 percent. Overall,
QSC recorded an EBITDA margin of 17 percent in the third quarter of 2012,
increasing this metric by one percentage point over both the preceding
quarter as well as the third quarter of 2011. At EUR 20.4 million, EBITDA
nearly matched the previous year's level of EUR 20.8 million and
significantly surpassed the EUR 18.1-million level recorded in the second
quarter of 2012. As a result of a positive tax effect in the amount of EUR
0.9 million, consolidated net profit rose to EUR 7.3 million in the third
quarter of 2012, in contrast to EUR 6.4 million for the same quarter one
year earlier.
Reiterating guidance for full 2012 fiscal year
Given the gooddevelopment of ICT business in the third quarter of 2012,
the QSC Group is reiterating its existing guidance for the full 2012 fiscal
year: The Company anticipates revenues of between EUR 480 and EUR 490
million in operating business, as well as an EBITDA margin of 16 percent
and a free cash flow of between EUR 22 and EUR 26 million.
Expectations are that the German Federal Network Agency will further
heighten regulation in the TC market beginning December 1, 2012. Among
other things, QSC anticipates that the fees for utilizing the
infrastructure of other providers will be lowered by around one third for
fixed networks and by an even greater 40 percent for mobile communications.
According to initial internal estimates, these pending decisions are likely
to lead to a revenue shortfall on the order of between EUR 25 and EUR 30
million per year in the future, and could additionally have a minor impact
on profitability, depending upon their exact nature.
For Dr. Schlobohm, one thing is clear: 'Classical TC business will continue
to remain under considerable pressure beyond 2012. However, thanks to the
earlier-than-expected merger of INFO AG, we will already be able to largely
conclude our transformation process internally during the coming months and
then devote our full strength and power toward expanding ICT business.'
In EUR million Q3 2012 Q2 2012 Q1 2012 Q3 2011Queries to:
Revenues 120.5 116.6 116.0 128.3
EBITDA 20.4 18.1 17.5 20.8
EBIT 7.4 4.9 4.0 8.0
Consolidated net income 7.3 2.9 2.3 6.4
Free cash flow 5.9 6.6 5.8 6.1
CAPEX 9.8 10.9 8.7 6.8
Workforce 1,428 1,417 1,366 1,285
QSC AG
Arne Thull
Head of Investor Relations
Phone: +49 221 6698-724
Fax: +49 221 6698-009
E-mail: invest(at)qsc.de
Internet: www.qsc.de
Notes:
The 9-month report is available for download at
www.qsc.de/en/qsc-ag/investor-relations.html. This corporate news contains
forward-looking statements. These forward-looking statements are based on
current expectations and forecasts of future events by the management of
QSC AG. Due to risks or mistaken assumptions, actual results may deviate
substantially from those made in such forward-looking statements.
End of Corporate News
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Language: English
Company: QSC AG
Mathias-Brüggen-Straße 55
50829 Köln
Germany
Phone: +49-221-6698-724
Fax: +49-221-6698-009
E-mail: invest(at)qsc.de
Internet: www.qsc.de
ISIN: DE0005137004
WKN: 513700
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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