09.05.2016
QSC AG DE0005137004
DGAP-News: QSC posts substantial earnings growth in first quarter of 2016
DGAP-News: QSC AG / Key word(s): Quarterly / Interim Statement
QSC posts substantial earnings growth in first quarter of 2016
09.05.2016 / 07:30
The issuer is solely responsible for the content of this announcement.
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QSC posts substantial earnings growth in first quarter of 2016
- EBITDA grows to EUR 9.7 million
- EBIT positive again for the first time in seven quarters
- Cloud business grows significantly
- Pure Enterprise Cloud positively received
Cologne, 9 May 2016. In 2015, QSC positioned itself as digitiser to the
German SME sector and initiated a comprehensive organisational
restructuring programme that will be completed by the end of 2016. The
measures taken in this context led to an improvement in the Company's
earnings position in the first quarter of 2016: EBITDA grew to EUR 9.7
million, up from EUR 9.1 million in the previous year's quarter. The EBITDA
margin rose by 1 percentage point to 10%. Due to lower depreciation and
amortisation, among other things, EBIT improved to EUR 0.6 million in the
first quarter of this year, up from EUR -3.0 million in the previous year's
quarter. Revenues came to EUR 98.9 million, as against EUR 104.7 million in
the first quarter of 2015. While cloud revenues virtually doubled, also in
connection with the market launch of the Pure Enterprise Cloud, the
conventional telecommunications business with resellers and the traditional
outsourcing business witnessed a decline in revenues - consistent with
expectations.
One core component of the organisational restructuring currently underway
involves consistently implementing the cost-cutting programme introduced at
the beginning of 2015. This also involves downsizing the workforce to
around 1,350 employees by the end of 2016. As of 31 March 2016, QSC still
had around 1,400 employees. At the same time, the Company has been
selectively recruiting cloud experts to boost the high-growth business
associated with the Pure Enterprise Cloud. The Company is thus pressing
ahead with its transformation into the digitiser of the German SME sector.
QSC confirms forecast for 2016
The current financial year began as planned and QSC can therefore confirm
the forecast published at the end of February. In 2016, the Company expects
to generate revenues of between EUR 380 million and EUR 390 million and a
positive free cash flow. Given the one-off costs incurred to expand the
Pure Enterprise Cloud and for the personnel restructuring measures still
underway, the Company expects to generate EBITDA in a range of EUR 34
million to EUR 38 million. This figure includes one-off costs in a medium
single-digit million euro range for the organisational restructuring
measures due above all in the second half of the year.
Comments CEO Jürgen Hermann: "QSC can report a good start to the year. I am
very satisfied with the progress in our Cloud business. The Pure Enterprise
Cloud has been positively received by SME companies - and that includes
both existing and new customers."
EUR million Q1 2016 Q1 2015 Change Revenues 98.9 104.7 -5.5% Cloud revenues 2.4 1.3 +84.6% Consulting revenues 10.0 9.8 +2.0% Outsourcing revenues 32.1 36.8 -12.8% Telecommunications revenues 54.4 56.8 -4.2% - with resellers 32.0 35.0 -8.6% - with corporate customers 22.4 21.8 +2.8% EBITDA 9.7 9.1 +6.6% EBIT 0.6 -3.0 +120.0% Consolidated net loss -0.1 -3.4 +97.1% Free cash flow -0.8 -4.4 +81.8% Capital expenditure 3.6 3.5 +2.9% Number of employees as of 31 March 1,409 1,666 -15.4%Notes: The complete Quarterly Statement can be downloaded at www.qsc.de/en/investor-relations. This Corporate News includes forward-looking statements. These are based on current expectations and forecasts as to future events made by the management of QSC AG. Due to risks or erroneous assumptions, actual results may deviate substantially 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 [email protected] www.qsc.de --------------------------------------------------------------------------- 09.05.2016 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-Brüggen-Straße 55 50829 Köln Germany Phone: +49-221-6698-724 Fax: +49-221-6698-009 E-mail: [email protected] Internet: www.qsc.de ISIN: DE0005137004 WKN: 513700 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart; Terminbörse EUREX End of News DGAP News Service --------------------------------------------------------------------------- 461233 09.05.2016
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