DGAP-News: QSC grows revenues and operating profit significantly in second quarter of 2011
(firmenpresse) - DGAP-News: QSC AG / Key word(s): Half Year Results
QSC grows revenues and operating profit significantly in second
quarter of 2011
08.08.2011 / 07:30
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QSC grows revenues and operating profit significantly in second quarter of
2011
- Revenues advance by 16 percent to EUR 121.8 million
- IP-based revenues now account for 79 percent of total revenues
- EBIT improves by 25 percent to EUR 6.4 million
- Initial consolidation of INFO AG
- Forecast reiterated for full 2011 fiscal year
Cologne, August 8, 2011. Cologne-based QSC AG returned to its growth course
in the second quarter of 2011, with revenues rising to EUR 121.8 million,
as opposed to EUR 104.9 million for the same quarter the year before. The
Company's two new subsidiaries, IT Outsourcing and IT Consulting provider
INFO AG and Housing and Hosting specialist IP Partner, played a major role
in this positive development. They made a key contribution toward enabling
QSC to significantly boost the share of total revenues accounted for by
IP-based revenues year on year from 67 percent to 79 percent; the Company
generated only 21 percent of its revenues in the conventional lines of
business of a telecommunications provider, such as Call by Call offerings
and reselling DSL lines.
For the first time, the quarterly financial statements include a pro rata
share of the numbers of INFO AG, in which QSC acquired a majority interest
on May 2, 2011. In addition to the non-recurring acquisition costs in the
amount of EUR 0.8 million that were necessary in this connection, further
costs were incurred in the second quarter of fiscal 2011 for the emerging
collaboration with INFO AG and with IP Partner, which had already been
acquired in early 2011. The total acquisition-related costs are in the low
single-digit million euro range.
Stable EBITDA and significantly higher EBIT
In spite of temporarily higher costs, the Company's EBITDA of EUR 19.3
million came close to matching the EUR 19.7-million level for the same
quarter the year before. And, in fact, QSC was able to grow its operating
profit from EUR 5.1 million to EUR 6.4 million. As a result of both
provisions for income taxes as well as a change in deferred taxes following
the acquisition of INFO AG, on the other hand, consolidated net income of
EUR 3.9 million fell slightly short of this key metric of EUR 4.3 million
for the same quarter one year earlier.
Totaling EUR 7.0 million, QSC again earned a sustained positive free cash
flow in the second quarter of 2011. Both this free cash flow as well as
available liquid assets served QSC as major sources of financing for its
latest acquisitions, as well as for ongoing capital investments. Capital
expenditures rose to EUR 12.7 million in the second quarter of 2011, as
opposed to EUR 6.5 million for the comparable quarter the year before. The
major reason: IP Partner is doubling the floor space available for Housing
and Hosting projects this year.
QSC anticipates free cash flow of between EUR 35 and EUR 45 million in 2011
July 26, 2011, marked the end of the public tender offer for INFO AG; QSC
now already holds a 91.90-percent interest in this subsidiary. During the
coming months, QSC will be focusing on intensifying collaboration with both
this company as well as with IP Partner. Particular attention is being paid
to opening up possibilities for collaboration in sales and marketing. QSC
anticipates that these preparations will culminate in a significant
contribution to revenues and profitability during the course of the coming
fiscal year.
In spite of the time and costs that this will involve, QSC is reiterating
its forecast for the full 2011 fiscal year: The Company anticipates that
free cash flow will rise to between EUR 35 and EUR 45 million. Moreover,
plans call for the first distribution of a dividend for the current fiscal
year.
In EUR million Q2 2011 Q2 2010 H1 2011 H1 2010Queries to:
Revenues 121.8 104.9 226.9 210.8
EBITDA 19.3 19.7 39.8 39.3
EBIT 6.4 5.1 14.5 9.1
Consolidated net income 3.9 4.3 10.4 7.5
Free cash flow 7.0 7.6 28.9 12.1
CAPEX 12.7 6.5 19.1 13.7
Workforce 1,258 633
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 6-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. The
assumptions that may involve material deviations due to unforeseeable
developments include, but are not limited to, the demand for our products
and services, the competitive situation, the development, dissemination and
technical performance of DSL technology and its prices, the development and
dissemination of alternative broadband technologies and their respective
prices, changes in respect of telecommunications regulation, legislation
and adjudication, prices and timely availability of essential third-party
services and products, the timely development of additional marketable
value-added services, the ability to maintain and enlarge upon marketing
and distribution agreements and to conclude new marketing and distribution
agreements, the ability to obtain additional financing in the event that
management's planning targets are not attained, the punctual and full
payment of outstanding debts by sales partners and resellers of QSC AG, and
the availability of sufficient skilled personnel.
End of Corporate News
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08.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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
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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Datum: 08.08.2011 - 07:30 Uhr
Sprache: Deutsch
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