DGAP-News: QSC increases EBITDA and free cash flow in third

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Nov 9, 2015 at 1:45 AM

DGAP-News: QSC increases EBITDA and free cash flow in third quarter of 2015 as well

DGAP-News: QSC AG / Key word(s): Quarter Results QSC increases EBITDA and free cash flow in third quarter of 2015 as well 09.11.2015 / 07:30 --------------------------------------------------------------------- QSC increases EBITDA and free cash flow in third quarter of 2015 as well - EBITDA improves by 36 percent to EUR 12.0 million - Free cash flow rises by 43 percent to EUR 5.3 million - Raised full-year forecast for 2015 confirmed Cologne, 9 November 2015. The consistent implementation of the cost-cutting programme introduced at the end of February 2015 is paying off for QSC: All key earnings figures for the third quarter of 2015 increased when compared both with the third quarter of the previous year and the second quarter of 2015. The Company is making rapid headway, particularly in terms of downsizing its workforce. By 30 September 2015, employment termination agreements had already been signed with 230 employees, corresponding to two thirds of the total aimed at by the end of 2016. Given the progress made, the Company can confirm the increase in the full-year forecast for 2015 issued in August 2015. QSC thus expects to generate EBITDA of more than EUR 42 million and a free cash flow of more than EUR 5 million based on revenues totalling more than EUR 400 million. Consistent with expectations, revenues for the third quarter of 2015 came to EUR 100.0 million, as against EUR 106.6 million in the previous year's quarter. Revenues in the two smaller segments of Consulting and Cloud rose substantially. In Telecommunications, its largest segment, QSC continues to report stable revenues with corporate customers and, due to market and regulatory factors, a further decrease in revenues with resellers targeting private customers. Revenues in the Outsourcing segment have been affected by the ongoing reorganisation programme, which is characterised by a focus on higher-margin revenues and the introduction of standardised cloud-based products. From 2016, QSC will enable its customers to gradually migrate to the cloud age with its Pure Enterprise Cloud. The progress made in reorganising the Outsourcing business is underlined by the renewed increase in order intake to EUR 58.8 million, compared with EUR 55.3 million in the third quarter of 2014. EBITDA margin rises to 12 percent Thanks to the focus on higher-margin revenues and success in reducing costs, gross profit for the third quarter of 2015 rose year-on-year by 6 percent to EUR 27.6 million. EBITDA for the same period improved by 36 percent to EUR 12.0 million, while EBIT increased by 85 percent to EUR -0.6 million, and consolidated net income by 73 percent to EUR -1.7 million. At 12 percent, the EBITDA margin has now regained the level seen at the beginning of 2014. The free cash also developed positively, rising from EUR 3.7 million in the previous year's period to EUR 5.3 million in the third quarter of 2015. <pre> EUR million Q3 2015 Q2 2015 Q1 2015 Q4 2014 Q3 2014 Revenues 100.0 100.9 104.7 106.4 106.6 Gross profit 27.6 27.2 27.1 20.3 26.1 EBITDA 12.0 10.6 9.1 2.3 8.8 EBIT -0.6 -2.2 -3.0 -29.2 -3.9 Consolidated net income -1.7 -2.7 -3.4 -24.1 -6.2 Free cash flow 5.3 1.5 -4.4 -38.2 3.7 Capital expenditure 7.2 3.9 3.5 10.8 6.3 Number of employees 1,507 1,585 1,666 1,697 1,709 </pre> Notes: The 9-month report can be downloaded at www.qsc.de/en/qsc-ag/investor-relations.html. This Corporate News contains forward-looking statements that are based on current expectations and forecasts on the part of the management QSC AG with regard to future events. Due to risks or erroneous assumptions, actual results may deviate materially from these forward-looking statements. Contact for enquiries: QSC AG Arne Thull Head of Investor Relations T +49 221 669-8724 F +49 221 669-8009 invest@qsc.de www.qsc.de --------------------------------------------------------------------- 09.11.2015 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: QSC AG Mathias-BrÃ¼ggen-StraÃe 55 50829 KÃ¶ln Germany Phone: +49-221-6698-724 Fax: +49-221-6698-009 E-mail: invest@qsc.de Internet: www.qsc.de ISIN: DE0005137004 WKN: 513700 Indices: TecDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart End of News DGAP News Service --------------------------------------------------------------------- 410011 09.11.2015

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