Quarterly Report • Aug 6, 2018
Quarterly Report
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| 01/04/ – 30/06/ | 01/04/ – 30/06/ | 01/01/ – 30/06/ | 01/01/ – 30/06/ | |
|---|---|---|---|---|
| € million 2015 |
2018 | 2017 | 2018 | 2017 |
| Revenues | 92.1 | 87.2 | 186.2 | 175.9 |
| EBITDA | 9.0 | 9.7 | 18.2 | 20.2 |
| Depreciation and amortisation 1 | 6.8 | 8.0 | 13.6 | 15.8 |
| EBIT | 2.3 | 1.7 | 4.6 | 4.4 |
| Net income | 0.5 | 0.5 | 1.3 | 1.1 |
| Earnings per share 2 (in €) |
0.00 | 0.00 | 0.01 | 0.01 |
| Free cash fl ow | 3.6 | 2.8 | 2.8 | 6.4 |
| Capital expenditure (capex) | 5.0 | 5.6 | 7.9 | 9.8 |
| Capex ratio 3 (in %) |
5.4 | 6.4 | 4.2 | 5.6 |
| Liquidity | 4 58.0 |
5 61.9 |
||
| Shareholders' equity | 91.3 4 |
89.5 5 |
||
| Long-term liabilities | 47.9 4 |
147.9 5 |
||
| Short-term liabilities | 4 146.5 |
5 59.6 |
||
| Balance sheet total | 285.7 4 |
297.1 5 |
||
| Equity ratio (in %) | 32.0 4 |
30.1 5 |
||
| Xetra closing price as of 30 June (in €) | 1.40 | 1.74 | ||
| Number of shares as of 30 June | 124,172,487 | 124,172,487 | ||
| Market capitalisation as of 30 June | 173.8 | 216.1 | ||
| Number of employees as of 30 June | 1,305 | 1,371 | ||
Including non-cash share-based compensation.
Basic and diluted.
Ratio of capital expenditure to revenues.
4 As of 30 June 2018.
As of 31 December 2017.
02
Revenues up to € 186.2 million. Like in the first quarter, QSC also generated year- on-year revenue growth in the second quarter of 2018. At the end of the fi rst six months, this key fi gure totalled € 186.2 million, as against € 175.9 million in the fi rst half of 2017.
36% growth in Cloud business. The Cloud segment showed the strongest growth in percentage terms once again in the fi rst half of 2018. Revenues here rose to € 15.6 million, up from € 11.5 million in the previous year, with both areas of activity – cloud services and Internet of Things (IoT) – making major contributions to this growth.
Revenues with TC services up € 13.1 million. The Telecommunications (TC) segment stood out from the rest in terms of its absolute growth volumes: Revenues here rose to € 103.8 million in the fi rst half of 2018, up from € 90.7 million in the previous year. QSC particularly benefi ted from high demand in the international voice termination business.
Annual General Meeting approves spin-off of TC business. A large majority of shareholders at the Annual General Meeting on 12 July 2018 approved the spin-off of the TC business to a standalone company. Plusnet GmbH, a wholly owned subsidiary, can now focus all of its energies on its core business and, working together with strategic partners, access new potential.
Consolidated net income up 18%. QSC improved its consolidated net income year-on-year from € 1.1 million to € 1.3 million in the fi rst half of 2018. Over the same period, EBIT rose from € 4.4 million to € 4.6 million. As expected, EBITDA came to € 18.2 million, compared with € 20.2 million in the fi rst half of 2017.
QSC expects revenues at least at upper end of € 345 million to € 355 million range. Given its robust fi rst-half performance, QSC now expects its full-year revenues for 2018 to at least reach the upper end of the € 345 million to € 355 million range. The Company still expects to post EBITDA of between € 35 million and € 40 million and free cash fl ow of more than € 10 million.
"Our operating business is benefi ting from implementation of the new vertical organisational structure. We now expect the spin-off of our TC business into a standalone subsidiary to provide additional momentum."
Jürgen Hermann, Chief Executive Off icer
"Our key earnings and fi nancial fi gures are developing in line with expectations. But we are continuing to reorganise our structures, particularly in the Outsourcing business. In this respect, we will have to maintain strict cost discipline in the future as well."
Stefan A. Baustert, Chief Financial Off icer
With year-on-year growth of 6%, QSC's total revenues for the fi rst six months pointed in the right direction! Growth was driven above all by success in the Cloud and Telecommunications segments. In our Cloud business we are attracting new customers, such as most recently the fi nancial services provider PEAC Germany, previously IKB Leasing, and also gradually extending the range of services we off er to existing customers. Our advantage here is that our multi-cloud enables us to combine individually structured private cloud platforms, such as our Pure Enterprise Cloud, with standardised public clouds solutions from major providers such as Microsoft, Amazon and Google, and all that in line with customers' specifi c wishes. QSC was very early to detect this trend and founded its own multi-cloud unit at the beginning of 2017 already. That move is now paying off .
Q-loud, our IoT subsidiary, is also positioning itself ever more successfully with its extensive range of software and hardware expertise. This is refl ected not least in rising demand and growing numbers of satisfi ed customers. The "retrofi t" approach, which draws on easy solutions to make older appliances fi t for digitisation, is especially popular. Furthermore, our experts at Q-loud are also in demand as partners when it comes to connecting IoT solutions with SAP systems. This enables data collected via sensors to be evaluated for business management purposes, and that in real time. Links of this kind are of great interest, especially for smart energy management at large properties.
The growth in the Telecommunications segment shows that demand for traditional data and voice services remains robust. Not only that, it underlines the increasing attractiveness of new markets. At QSC, this latter factor is illustrated above all by cooperation agreements signed with municipal utility companies that are expanding their fi bre optic networks. In June 2018, for example, the regional energy supplier "eins" in Saxony opted to work with QSC. In future, we will there fore be supplying voice services for the fi bre optic broadband network in Chemnitz, to which around half of that city's companies and households are already connected. At present, however, the high volumes in the TC business are due above all to increased demand from resellers for international voice termination services. Corporate customers are also showing ever greater interest in TC services.
Against this backdrop, the spin-off of the TC business into a standalone company marks the beginning of a new era. This way, our TC unit can focus all of its energies on its core business and, together with strategic partners, access completely new potential – potential that will benefi t Plusnet, and thus QSC as well.
Despite these positive developments, QSC has yet to achieve a turnaround in its revenue performance. We expect the higher level of demand shown by resellers for international voice termination services to weaken. In our Outsourcing business, the restructuring process aimed at achieving greater eff iciency will have to continue as two major customers have opted to change IT service provider. The associated revenues will no longer be included in the fi gures for the second half and from early 2019 respectively.
We are nevertheless optimistic for the current fi nancial year. We now expect our full-year revenues to at least reach the upper end of the € 345 million to € 355 million range communicated at the beginning of the year. Our EBITDA should amount to between € 35 million and € 40 million and our free cash fl ow should exceed € 10 million. That all marks a further step on the way to sustainably positive growth.
Cologne, August 2018
Jürgen Hermann Stefan A. Baustert Chief Executive Off icer Chief Financial Off icer
Revenues up 6% to € 186.2 million in fi rst half of 2018. Like in the fi rst quarter, QSC generated year-on-year revenue growth in the second quarter of 2018. This was driven by the two segments of Cloud and Telecommunications. At the end of the fi rst six months, the Company's revenues totalled € 186.2 million, as against € 175.9 million in the fi rst half of 2017. Given this robust performance in the fi rst half of 2018, QSC now expects to generate full-year revenues at least at the upper end of the € 345 million to € 355 million range.
(€ million)
36% growth in Cloud business. Revenues in the Cloud segment increased from € 11.5 million to € 15.6 million in the fi rst half of 2018. This growth was due to success in both of the segment's areas of activity, namely cloud services and IoT.
In early June 2018, for example, PEAC Germany, formerly IKB Leasing, commissioned QSC to migrate its existing IT landscape to a multi-cloud environment. In future, this company will be centrally procuring traditional IT applications and sector-specifi c applications from QSC's Pure Enterprise Cloud. By contrast, Microsoft applications will be provided from the global Microsoft Off ice 365 Cloud. As a certifi ed Cloud Solution Partner to Microsoft, QSC will also see to integrating and managing these applications. This way, QSC will orchestrate and be responsible for PEAC Germany's multi-cloud IT operations model in future. Other customers are also increasingly drawing on QSC's multi-cloud expertise and combining bespoke solutions from the Pure Enterprise Cloud with public cloud applications.
Q-loud, QSC's IoT subsidiary, demonstrated its all-round software and hardware expertise in numerous projects in the high-growth areas of smart home and smart city in the fi rst half of 2018. This company provides hardware such as sensors and chips on the one hand and its own software- based cloud platform on the other, as well as individually developed products, all of which on a turnkey basis. This way, it off ers easy solutions to make traditional appliances fi t for the digital age. The EnergyCam, for example, photographs the current status of analogue meters on heating sys tems, converts these readings into digital data and thus enables them to be used in all IT proces ses. This easy "retrofi t" has, for example, provided a convincing solution at Munich Airport since April 2018.
(€ million)
| H1 / 2018 | 15.6 |
|---|---|
| H1 / 2017 | 11.5 |
Gradual introduction of Cloud services at large Outsourcing customer. Consistent with expectations, the Outsourcing revenues of € 47.6 million reported for the fi rst half of 2018 fell short of the previous year's fi gure of € 53.0 million. This reduction was due in part to changes in the customer base. In 2017, one major customer opted to work in future with an IT services provider with global operations. Not only that, the process of migrating existing customers to the Cloud has continued.
The extent to which traditional Outsourcing and Cloud services are gradually merging is underlined by the extension of the contract with QSC's longstanding customer Imperial Tobacco in June 2018. QSC will be taking care of major aspects of the company's IT operations and IT support in the next five years as well. This includes networking all German locations, providing applications and SAP services. Furthermore, QSC will in future be supporting Imperial Tobacco in implement ing its global digitisation strategy. To this end, QSC will gradually be introducing cloud and multi- cloud services and optimising the group's proprietary IT resources in a data centre and hosting environment.
Specialist staff in short supply in Consulting business. The Consulting segment generated revenues of € 19.2 million in the fi rst half of 2018, as against € 20.7 million in the previous year's period. Business activities here remain focused on consulting services for SAP software, and especially on introducing the new S/4HANA software generation. At present, insuff icient numbers of experts are available in the market for this area in particular. The year-on-year decline in revenues is due not least to the noticeable shortage of specialists. QSC is therefore increasingly relying on in-house training and development measures and is training rising numbers of employees for S/4HANA consulting.
TC business grows by 14%. TC revenues rose to € 103.8 million in the fi rst half of 2018, up from € 90.7 million in the previous year. This growth was driven above all by QSC's success in the international termination business with resellers, an area where it has benefi ted from a temporary favourable market constellation and the permanent benefi ts off ered by the extremely eff icient cost structure of its proprietary next generation network. Not only that, there is growing demand for TC services from corporate customers.
One increasingly important area of activity is QSC's cooperation with regional energy suppliers and municipal utility companies as they expand their fi bre optic networks. Most recently, for example, QSC reached agreement with the energy supplier "eins" to supply voice services in Chemnitz, a city where around half of companies and households already have access to a fi bre optic network.
By agreeing a new cooperation with Zattoo TV Solutions, in the fi rst half of 2018 QSC also extend ed its range of services for regional energy suppliers and municipal utility companies. These are now able to provide a triple play off ering of IP-based data, voice and TV services. To this end, QSC is supplementing its existing white label solutions with the IPTV services off ered by Zattoo, Europe's leading provider.
(€ million)
Annual General Meeting approves spin-off of TC business. A large majority of shareholders at the Annual General Meeting on 12 July 2018 approved the spin-off of the TC business to a standalone company. Plusnet GmbH, a wholly owned subsidiary, can now focus all of its energies on its core business and, working together with strategic partners, access new potential.
Robust developments in ICT sector. The threat of a global trade war is a factor that, more than any other, is unsettling ever more companies in Germany. The ifo Business Climate Index, one of the country's key economic indicators, fell in all three categories, namely "Climate", "Situation" and "Expectations", in the fi rst half of 2018. By July 2018, the ZEW Economic Expectations Index had even reached its lowest level since August 2012.
To date, the ICT sector has hardly felt any eff ects of this uncertainty. Demand is on the increase and is being driven above all by the ongoing digitisation of the Germany economy. The Bitkom sector association expects IT revenues in Germany this year to grow by 3.1% to € 88.8 billion.
62% of SMEs building on multi-cloud scenarios. Key growth drivers include cloud services and IoT, i.e. the two areas of activity in QSC's Cloud segment. Within the cloud business, multi-cloud solutions combining the benefi ts of public and private clouds are increasingly gaining ground. In a study compiled by the market research institute Crisp Research, 62% of small and medium enterprises (SMEs) stated that they were drawing on multi-cloud scenarios. The crucial motivation here was to ensure the availability of fl exible and scalable IT that was capable of being adapt ed to new business models more quickly than in the past.
Numerous new business models, especially in industry, are drawing on the Internet of Things. As a result, this market is likely to explode in the years ahead. The latest forecasts assume a volume of € 50 billion for the German business customer market by 2020. According to a Bitkom survey, IoT platforms are now a topic at 8 out of 10 companies. SMEs in particular are now beginning to look into introducing the new technology. Here, QSC can draw on its advantages as a mediumsized player and build partnerships of equals. With its extensive IoT hardware and software expertise, the Q-loud subsidiary is already promoting numerous projects in an SME environment.
Growth necessitates higher cost of revenues. Given the increase in revenues, the cost of revenues rose from € 129.6 million in the previous year's period to € 141.5 million in the fi rst half of 2018. This rise chiefl y refl ects the increased weighting of TC revenues with resellers in the international voice termination business. These revenues are characterized by preliminary services procured from other grid operators. Gross profi t amounted to € 44.7 million in the fi rst half of the current fi nancial year, as against € 46.3 million in the previous year's period. Sales and marketing expenses rose by € 1.0 million year-on-year to € 13.8 million. This increase was due to the stepping up of sales eff orts in the new vertical organisational structure. By contrast, general and administrative expenses fell by € 0.9 million to € 12.4 million. Due to the higher cost of revenues, EBITDA decreased from € 20.2 million in the previous year's period to € 18.2 million in the fi rst half of the current fi nancial year. EBITDA is defi ned as earnings before interest, taxes, amortisation of deferred non-cash share-based compensation, depreciation/amortisation and impairment losses on customer-related inventories and depreciation/ amortisation of property, plant and equipment and intangible assets.
Consolidated net income rises by 18%. As planned, depreciation and amortisation fell to € 13.6 million in the fi rst half of 2018, down from € 15.8 million in the previous year's period. As a result, operating earnings (EBIT) improved to € 4.6 million, compared with € 4.4 million in the fi rst half of 2017. Consolidated net income rose over the same period from € 1.1 million to € 1.3 million.
(€ million)
Cloud segment posts its fi rst double-digit margin. Substantial revenue growth enabled the Cloud business to demonstrate its scalability in the first half of 2018. Additional revenues of € 4.1 million only required additional cost of revenues amounting to € 1.4 million. The latter key fi gure rose from € 9.5 million year-on-year to € 10.9 million. This enabled the segment to more than double its gross profi t to € 4.7 million, up from € 1.9 million in the fi rst half of 2017. As sales and marketing expenses also only rose slightly, the segment contribution improved to € 1.8 million, as against € -0.8 million in the previous year's period. This corresponds to a segment margin of 12%.
Ongoing restructuring of Outsourcing business. Given the decline in revenues, QSC pressed ahead with restructuring its Outsourcing business in the fi rst half of 2018. Among other measures, the Company reduced the number of employees working in this area. The non-recurring expenses associated with this measure were one reason why the cost of revenues only fell by € 0.7 million compared with the previous year to € 39.0 million in the fi rst half of 2018. As a result, gross profi t fell from € 13.3 million year-on-year to € 8.6 million. The segment contribution decreased from € 10.5 million to € 6.0 million and the segment margin now amounts to 13%.
Rising margin in Consulting business. In its personnel-intensive Consulting business, QSC was able to generate a convincing segment margin of 17% in the fi rst half of 2018. This was due in particular to ongoing eff orts to optimise capacity utilisation levels among existing employees. The segment contribution rose to € 3.3 million, as against € 2.9 million in the fi rst half of 2017. Notwithstanding the decline in revenues, gross profi t also increased, improving from € 3.4 million year-on-year to € 3.8 million in the fi rst half of 2018.
Telecommunications generates highest segment margin. The substantial TC revenue growth seen in the fi rst half of 2018 was accompanied by a higher cost of revenues, which rose from € 63.0 million year-on-year to € 76.2 million. This signifi cant increase was due to the greater share of revenues with resellers in the international voice termination business, an area characterised by high preliminary services. In view of this, the gross profi t € 27.6 million in the fi rst half of 2018 was virtually unchanged on the previous year's fi gure of € 27.7 million. Given increased sales eff orts, the segment contribution came to € 19.8 million in the fi rst half of 2018, as against € 20.9 million in the previous year. At 19%, however, the segment margin was still higher than in any other segment.
QSC generates free cash fl ow of € 2.8 million in fi rst half of 2018. In line with expectations, the free cash fl ow amounted to € 2.8 million in the fi rst six months of the current fi nancial year, as against € 6.4 million in the previous year. QSC calculates this key management fi gure as the change in net liquidity/debt before acquisitions and distributions. The table below shows the relevant parameters at the two balance sheet dates on 30 June 2018 and 31 December 2017:
| € million | 30/06/2018 | 31/12/2017 |
|---|---|---|
| Liquidity | 58.0 | 61.9 |
| Long-term other fi nancial liabilities | (35.0) | (135.2) |
| Short-term other fi nancial liabilities | (95.1) | (1.6) |
| Interest-bearing liabilities | (130.1) | (136.8) |
| Net debt | (72.1) | (74.9) |
It can be seen that that liquidity fell by € 3.9 million to € 58.0 million in the fi rst half of 2018. Over the same period, QSC reduced its interest-bearing fi nancial liabilities by € 6.7 million. Within this item, the tranches of the promissory note loan due for repayment in the second quarter of 2019 were reclassifi ed from the long-term to the short-term portion of other fi nancial liabilities. Net debt fell by € 2.8 million to € -72.1 million as of 30 June 2018.
Capital expenditure still at moderate level. QSC invested € 7.9 million in the fi rst half of 2018, as against € 9.8 million in the previous year's period. Of this total, 45% involved customer-related investments, including connections for new customers. A further total of 45% was channelled into technology, and thus into the ongoing process of modernising and optimising the Company's infrastructure. The remaining 10% related to other items of property, plant and equipment and other intangible assets.
Equity ratio rises to 32%. QSC's balance sheet as of 30 June 2018 was characterised by higher equity and one reclassification of liabilities. The increase in equity to € 91.3 million, up from € 89.5 million as of 31 December 2017, was due above all to the rise in consolidated net income. The equity ratio rose by 2 percentage points over the same period to 32%.
Long-term liabilities fell to € 47.9 million as of 30 June 2018, down from € 147.9 million at the end of 2017. This reduction was solely due to the reclassifi cation of tranches of the promissory note loan maturing in May 2019 and previously reported under other fi nancial liabilities. Conversely, short-term liabilities rose to € 146.5 million, up from € 59.6 million as of 31 December 2017.
QSC increases syndicated loan. QSC successfully negotiated an increase in its syndicated loan facility with the lending banks in the fi rst half of 2018. Originally agreed at € 70 million in 2016, this facility has now been raised to € 100 million, thus prematurely safeguarding fi nancing for the tranches of the promissory note loan due to mature next year.
On the asset side of the balance sheet, depreciation and amortisation reduced the value of longterm assets by € 5.0 million to € 169.9 million. Short-term assets decreased by € 6.3 million to € 115.9 million as of 30 June 2018.
1,305 employees as of 30 June 2018. The overall workforce contracted to 1,305 employees as of 30 June 2018, compared with 1,371 one year earlier, a development mainly due to the ongoing process of restructuring the organisation. By contrast, QSC also recruited additional experts, above all in its Cloud business. Personnel expenses fell to € 50.4 million in the fi rst half of 2018, down from € 51.5 million in the previous year.
(€ million)
No material change in opportunity and risk situation. The first half of 2018 did not witness any material changes in the opportunities and risks presented in the 2017 Annual Report. Just like other risks or erroneous assumptions, however, the risks listed there could lead future ac tual earnings to deviate from QSC's expectations. Unless they constitute historic facts, all disclo sures in this unaudited group interim report represent forward-looking statements. They are based on current expectations and forecasts concerning future events and may therefore change over time.
QSC expects revenues at least at upper end of € 345 million to € 355 million range. Given its robust fi rst-half performance, QSC now expects its full-year revenues for 2018 to at least reach the upper end of the € 345 million to € 355 million range. The Company still expects to post EBITDA of between € 35 million and € 40 million and a free cash fl ow of more than € 10 million. The highest revenue growth in the second half of the year will once again be in the Cloud business. On the other hand, the TC business is expected to normalise once more after the 14% growth reported for the fi rst six months. Demand for international voice termination services from resellers already declined in the second quarter of 2018. In line with expectations, the loss of a major customer already announced previously will reduce second-half revenues in the Outsourc ing segment. This will require the Company to make further organisational adjustments. QSC expects to see a further stabilisation in its Consulting business.
| 01/04/ – 30/06/ | 01/04/ – 30/06/ | 01/01/ – 30/06/ | 01/01/ – 30/06/ | |
|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | |
| Net revenues | 92,086 | 87,160 | 186,165 | 175,891 |
| Cost of revenues | (68,808) | (64,240) | (141,492) | (129,555) |
| Gross profi t | 23,278 | 22,920 | 44,673 | 46,336 |
| Sales and marketing expenses | (7,763) | (6,873) | (13,772) | (12,845) |
| General and administrative expenses | (6,422) | (6,412) | (12,393) | (13,262) |
| Depreciation and amortisation | ||||
| (including non-cash share-based compensation) | (6,758) | (7,963) | (13,595) | (15,843) |
| Other operating income | 299 | 368 | 580 | 1,027 |
| Other operating expenses | (371) | (313) | (850) | (1,056) |
| Operating profi t (EBIT) | 2,263 | 1,727 | 4,643 | 4,357 |
| Financial income | 20 | 23 | 92 | 70 |
| Financial expenses | (1,086) | (1,166) | (2,165) | (2,350) |
| Net income before income taxes | 1,197 | 584 | 2,570 | 2,077 |
| Income taxes | (744) | (92) | (1,265) | (950) |
| Net income | 453 | 492 | 1,305 | 1,127 |
| Attribution of net income | ||||
| Owners of the parent company | 516 | 550 | 1,432 | 1,243 |
| Non-controlling interests | (63) | (58) | (127) | (116) |
| Earnings per share (basic) in € | 0.00 | 0.00 | 0.01 | 0.01 |
| Earnings per share (diluted) in € | 0.00 | 0.00 | 0.01 | 0,01 |
| 01/04/ – 30/06/ | 01/04/ – 30/06/ | 01/01/ – 30/06/ | 01/01/ – 30/06/ | |
|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | |
| Net income for the period | 453 | 492 | 1,305 | 1,127 |
| Other comprehensive income | ||||
| Line items that are not reclassifi ed in the income statement | ||||
| Actuarial gains (losses) from defi ned benefi t pension plans | - | - | - | - |
| Tax eff ect | - | - | - | - |
| Line items that are not reclassifi ed in the income statement | - | - | - | - |
| Line items that might subsequently be reclassifi ed | ||||
| in the income statement | ||||
| Fair value measurement of cash fl ow hedge | 207 | 204 | 402 | 498 |
| Tax eff ect | (67) | (66) | (130) | (163) |
| Line items that might subsequently be reclassifi ed | ||||
| in the income statement | 140 | 138 | 272 | 335 |
| Total fair value changes (net of tax) recognised directly | 140 | 138 | 272 | 335 |
| Total comprehensive income for the period | 593 | 630 | 1,577 | 1,462 |
| Attribution of total comprehensive income | ||||
| Owners of the parent company | 656 | 688 | 1,704 | 1,578 |
| Non-controlling interests | (63) | (58) | (127) | (116) |
| 30/06/2018 (unaudited) |
31/12/2017 (audited) |
|
|---|---|---|
| ASSETS | ||
| Long-term assets | ||
| Property, plant and equipment | 54,482 | 57,481 |
| Land and buildings | 22,701 | 23,528 |
| Goodwill | 55,568 | 55,568 |
| Other intangible assets | 23,579 | 25,349 |
| Trade receivables | 2,124 | 2,461 |
| Prepayments | 3,745 | 2,549 |
| Other long-term assets | 158 | 156 |
| Deferred tax assets | 7,536 | 7,806 |
| Long-term assets | 169,893 | 174,898 |
| Short-term assets | ||
| Trade receivables | 49,107 | 52,278 |
| Prepayments | 7,326 | 6,809 |
| Inventories | 402 | 649 |
| Other short-term assets | 1,032 | 569 |
| Cash and cash equivalents | 57,984 | 61,881 |
| Short-term assets | 115,851 | 122,186 |
| TOTAL ASSETS | 285,744 | 297,084 |
| 30/06/2018 (unaudited) |
31/12/2017 (audited) |
|
|---|---|---|
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||
| Shareholders' equity | ||
| Issued capital | 124,172 | 124,172 |
| Capital surplus | 143,971 | 143,787 |
| Other capital reserves | (2,009) | (2,281) |
| Accumulated defi cit | (174,180) | (175,612) |
| Equity attributable to owners of the parent company | 91,954 | 90,066 |
| Non-controlling interests | (665) | (538) |
| Shareholders' equity | 91,289 | 89,528 |
| Liabilities | ||
| Long-term liabilities | ||
| Other fi nancial liabilities | 35,037 | 135,244 |
| Accrued pensions | 5,745 | 5,924 |
| Other provisions | 3,032 | 3,031 |
| Trade payables and other liabilities | 3,785 | 3,357 |
| Deferred tax liabilities | 322 | 392 |
| Long-term liabilities | 47,921 | 147,948 |
| Short-term liabilities | ||
| Trade payables and other liabilities | 44,478 | 46,896 |
| Other fi nancial liabilities | 95,064 | 1,577 |
| Other provisions | 2,760 | 7,388 |
| Accrued taxes | 2,226 | 1,669 |
| Deferred income | 2,006 | 2,078 |
| Short-term liabilities | 146,534 | 59,608 |
| Liabilities | 194,455 | 207,556 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 285,744 | 297,084 |
| Equity attributable to equity holders of QSC AG | ||||||
|---|---|---|---|---|---|---|
| Other capital reserves | ||||||
| Issued capital | Capital surplus | Actuarial gains (losses) |
Cash fl ow hedge reserve |
|||
| Balance as of 1 January 2018 | 124,172 | 143,787 | (1,350) | (931) | ||
| Net income for the period | - | - | - | - | ||
| Other comprehensive income | ||||||
| for the period, net of tax | - | - | - | 272 | ||
| Total comprehensive income | - | - | - | 272 | ||
| Non-cash share-based compensation | - | 184 | - | - | ||
| Balance as of 30 June 2018 | 124,172 | 143,971 | (1,350) | (659) | ||
| Balance as of 1 January 2017 | 124,172 | 143,217 | (1,923) | (1,570) | ||
| Net income for the period | - | - | - | - | ||
| Other comprehensive income | ||||||
| for the period, net of tax | - | - | - | 335 | ||
| Total comprehensive income | - | - | - | 335 | ||
| Dividends | - | - | - | - | ||
| Non-cash share-based compensation | - | 274 | - | - | ||
| Balance as of 30 June 2017 | 124,172 | 143,491 | (1,923) | (1,235) |
| Accumulated | Total | Non-controlling | Total equity | |
|---|---|---|---|---|
| defi cit | interests | |||
| (175,612) | 90,066 | (538) | 89,528 | Balance as of 1 January 2018 |
| 1,432 | 1,432 | (127) | 1,305 | Net income for the period |
| Other comprehensive income | ||||
| - | 272 | - | 272 | for the period, net of tax |
| 1,432 | 1,704 | (127) | 1,577 | Total comprehensive income |
| - | 184 | - | 184 | Non-cash share-based compensation |
| (174,180) | 91,954 | (665) | 91,289 | Balance as of 30 June 2018 |
| (177,223) | 86,673 | (325) | 86,348 | Balance as of 1 January 2017 |
| 1,243 | 1,243 | (116) | 1,127 | Net income for the period |
| Other comprehensive income | ||||
| - | 335 | - | 335 | for the period, net of tax |
| 1,243 | 1,578 | (116) | 1,462 | Total comprehensive income |
| (3,725) | (3,725) | - | (3,725) | Dividends |
| - | 274 | - | 274 | Non-cash share-based compensation |
| (179,705) | 84,800 | (441) | 84,359 | Balance as of 30 June 2017 |
| 01/01/ – 30/06/ | 01/01/ – 30/06/ | |
|---|---|---|
| 2018 | 2017 | |
| Cash fl ow from operating activities | ||
| Net income before income taxes | 2,570 | 2,077 |
| Depreciation and amortisation of long-term assets | 13,411 | 15,569 |
| Other non-cash income and expenses | 919 | 402 |
| Gains from disposal of fi xed assets | (28) | (21) |
| Income tax paid | (459) | (2,645) |
| Income tax received | 9 | 2,058 |
| Interest received | 77 | 414 |
| Net fi nancial expenses | 2,073 | 2,280 |
| Changes in provisions | (4,936) | (2,496) |
| Changes in trade receivables | 2,773 | (468) |
| Changes in trade payables | 1,002 | 2,543 |
| Changes in other assets and liabilities | (4,247) | (618) |
| Cash fl ow from operating activities | 13,164 | 19,095 |
| Cash fl ow from investing activities | ||
| Purchase of intangible assets | (3,568) | (2,231) |
| Purchase of property, plant and equipment | (4,822) | (8,327) |
| Proceeds from sale of property, plant and equipment | 19 | 29 |
| Proceeds from sale of a subsidiary, | ||
| less liquid funds thereby disposed of | - | (430) |
| Cash fl ow from investing activities | (8,371) | (10,959) |
| Cash fl ow from fi nancing activities | ||
| Dividends paid | - | (3,725) |
| Issuance of convertible bonds | (1) | 5 |
| Repayment of loans | (5,912) | (12,683) |
| Interest paid | (2,631) | (3,058) |
| Repayment of liabilities under fi nancing | ||
| and fi nance lease arrangements | (146) | (1,163) |
| Cash fl ow from fi nancing activities | (8,690) | (20,624) |
| Change in cash and cash equivalents | (3,897) | (12,488) |
| Cash and cash equivalents as of 1 January | 61,881 | 67,781 |
| Cash and cash equivalents as of 30 June | 57,984 | 55,293 |
QSC AG is digitising the German SME sector. With decades of experience and expertise in its Cloud, Internet of Things, Consulting, Telecommunications and Colocation businesses, QSC accompanies its customers securely into the digital age. The cloud-based provision of all services off ers increased speed, fl exibility, and availability. The Company's TÜV and ISO-certifi ed data centres in Germany and its nationwide All-IP network form the basis for maximum end-to-end quality and security. QSC's customers benefi t from one-stop innovative products and services that are marketed both directly and via partners.
QSC is a stock corporation registered in the Federal Republic of Germany. Its legal domicile is Mathias-Brüggen-Strasse 55, 50829 Cologne, Germany. The Company is registered in the Commercial Register of Cologne District Court under number HRB 28281. QSC has been listed on the Deutsche Börse stock exchange since 19 April 2000 and, following the reorganisation of the stock market, in the Prime Standard since the beginning of 2003.
These condensed interim consolidated fi nancial statements of QSC AG and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (IFRS) and the interpretations of the International Financial Reporting Interpretations Committee (IFRIC), taking due account of International Accounting Standard (IAS) 34 "Interim Financial Reporting". The interim consolidated fi nancial statements do not include all notes and disclosures required of full year-end fi nancial statements and should therefore be read in conjunction with the consolidated fi nancial statements as of 31 December 2017.
Based on the Management Board's assessment, the interim consolidated fi nancial statements contain all adjustments necessary to provide a true and fair view of the Group's net assets, fi nancial and earnings position. The results for the reporting period ending on 30 June 2018 do not necessarily provide an indication of the future development in results.
With the exception of the accounting standards IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers, both of which required application from 1 January 2018, the accounting policies applied in preparing these interim consolidated are basically consistent with those applied in the consolidated fi nancial statements for the 2017 fi nancial year. Income tax expenses for the interim reporting period have been calculated using the eff ective tax rate expected for the fi nancial year as a whole.
Those amendments to IFRSs requiring mandatory application from the 2018 fi nancial year onwards have not had any implications for the interim fi nancial statements as of 30 June 2018. The preparation of interim fi nancial statements in accordance with IFRS requires a certain degree of reference to estimates and judgements aff ecting the assets and liabilities as recognised and the disclosures made concerning contingent assets and liabilities as of the reporting date. The amounts actually arising may deviate from such estimates.
There have been no material changes in the Management Board's assessments concerning the application of accounting policies compared with the consolidated fi nancial statements as of 31 December 2017.
Unless otherwise stated, all amounts are rounded up or down to the nearest thousand euro amount (€ 000s).
These condensed interim consolidated fi nancial statements, including the interim management report, have neither been audited pursuant to § 317 of the German Commercial Code (HGB) nor subject to any audit review by any suitably qualifi ed person.
Alongside QSC AG, the scope of consolidation includes all of the subsidiaries it controls. These subsidiaries are fully consolidated.
Disclosures on the balance sheet. No separate disclosures are provided for fair values as the carrying amounts largely correspond to market values. This is not the case for the promissory note loan included in other fi nancial liabilities, whose market value as of 30 June 2018 exceeded its carrying amount by € 2.9 million.
| € 000s | Carrying amount |
Loans and receivables |
Fair value – hedging instruments |
Other fi nancial liabilities |
|---|---|---|---|---|
| 30 June 2018 | ||||
| Assets not measured at fair value | ||||
| Cash and cash equivalents | 57,984 | x | ||
| Long-term trade receivables | 2,124 | x | ||
| Short-term trade receivables | 49,107 | x | ||
| Liabilities measured at fair value | ||||
| Interest swaps – hedge accounting | 1,215 | x | ||
| Liabilities not measured at fair value | ||||
| Trade payables and other liabilities | 38,774 | x | ||
| Other fi nancial liabilities | 130,101 | x |
| € 000s | Carrying amount |
Loans and receivables |
Fair value – hedging instruments |
Other fi nancial liabilities |
|---|---|---|---|---|
| 31 December 2017 | ||||
| Assets not measured at fair value | ||||
| Cash and cash equivalents | 61,881 | x | ||
| Long-term trade receivables | 2,461 | x | ||
| Short-term trade receivables | 52,278 | x | ||
| Liabilities measured at fair value | ||||
| Interest swaps – hedge accounting | 1,617 | x | ||
| Liabilities not measured at fair value | ||||
| Trade payables and other liabilities | 37,330 | x | ||
| Other fi nancial liabilities | 136,820 | x |
Disclosures on fair values measured on a recurring basis. At the end of the reporting period, QSC AG determines whether any reclassifi cations between the measurement hierarchy levels are necessary. No reclassifi cations were made in the reporting period from 1 January 2018 to 30 June 2018.
| Class | Measurement hierarchy level |
Fair value in € 000s at 30 June 2018 |
Fair value in € 000s at 31 Dec. 2017 |
Description of measurement method |
|---|---|---|---|---|
| Liabilities due to banks | 2 | 132,758 | 140,049 | The liabilities are measured by fi rst forecasting the expected |
| cash fl ows based on the provisions of the respective contracts | ||||
| and then discounting these to account for risk. The risk-ad | ||||
| justed discount rate comprises an interbank interest rate | ||||
| (6M Euribor) and a QSC-specifi c risk premium derived from | ||||
| credit default swap rates for a peer group. The peer group has | ||||
| a BBB rating. | ||||
| Interest swaps – | 2 | 1,215 | 1,617 | The fair value of interest derivatives is determined on the |
| hedge accounting | basis of present value models including market information | |||
| (interest structure curves). The fair value measurement of | ||||
| interest swaps was performed by the intermediary bank; | ||||
| the fair value is derived either from the mid-market price or, | ||||
| if expressed as a bid and ask price, from the indicative price at | ||||
| which the bank would have bought back and sold the fi nan cial | ||||
| instrument at the close of business on the relevant market | ||||
| place on the respective measurement date. |
Breakdown of revenues. The tables below provide a breakdown of revenues by geographical region and distribution channel. Furthermore, the tables reconcile revenues with the segments presented in Note 5.
| € 000s | Geographical region | |||||||
|---|---|---|---|---|---|---|---|---|
| Germany | Outside Germany | Total | ||||||
| 01/01/ – 30/06/ | 01/01/ – 30/06/ 01/01/ – 30/06/ |
01/01/ – 30/06/ | 01/01/ – 30/06/ | 01/01/ – 30/06/ | ||||
| 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||
| Segments | ||||||||
| Telecommunications | 97,990 | 88,434 | 5,843 | 2,240 | 103,833 | 90,674 | ||
| Outsourcing | 47,240 | 52,588 | 338 | 421 | 47,578 | 53,009 | ||
| Consulting | 18,398 | 19,822 | 785 | 911 | 19,183 | 20,733 | ||
| Cloud | 15,380 | 11,325 | 191 | 150 | 15,571 | 11,475 | ||
| 179,008 | 172,169 | 7,157 | 3,722 | 186,165 | 175,891 |
| € 000s | Distribution channel | ||||||
|---|---|---|---|---|---|---|---|
| End customer | Reseller | Total | |||||
| 01/01/ – 30/06/ | 01/01/ – 30/06/ | 01/01/ – 30/06/ | 01/01/ – 30/06/ | 01/01/ – 30/06/ | 01/01/ – 30/06/ | ||
| 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||
| Segments | |||||||
| Telecommunications | 42,140 | 40,020 | 61,693 | 50,654 | 103,833 | 90,674 | |
| Outsourcing | 47,578 | 53,009 | - | - | 47,578 | 53,009 | |
| Consulting | 19,183 | 20,733 | - | - | 19,183 | 20,733 | |
| Cloud | 15,571 | 11,475 | - | - | 15,571 | 11,475 | |
| 124,472 | 125,237 | 61,693 | 50,654 | 186,165 | 175,891 |
In accordance with the provisions of IFRS 8, the basis for identifying segments consists of the Company's internal organisational structure as used by corporate management for business administration decisions and performance assessments. This results in the following segments: Cloud, Outsourcing, Consulting and Telecommunications.
Cloud. QSC pools all activities relating to its Pure Enterprise Cloud (PEC) and the Internet of Things (IoT) in its Cloud segment. The Pure Enterprise Cloud, which has been developed on an in-house basis since 2015, comprises a modular system of cloud technologies, software solutions and service components, as well as network and infrastructure services. Furthermore, the Cloud segment also includes the IoT business activities pooled at Q-loud. This subsidiary of QSC off ers companies an extensive range of products and services enabling them to implement digital business models and network appliances in the Internet of Things. Its end-to-end range of services includes transformation consulting, software and hardware expertise, standard hardware, a proprietary IoT platform, security solutions and smart product manufacturing.
Outsourcing. This segment off ers traditional outsourcing services to companies wishing to outsource their IT and data storage to QSC. As soon as cloud-based outsourcing services are provid ed, the respective revenues are allocated to the Cloud segment. As well as IT service off erings, the Outsourcing segment also includes the underlying IP-VPNs necessary to guarantee end-toend quality.
Consulting. QSC advises companies on how to optimise their business processes with two key focuses on SAP and Microsoft. As an SAP full-service provider, in this segment QSC performs services in the fi elds of basic operations, application management, implementation, user support and maintenance, as well as in managing the necessary software licenses. The Microsoft consulting services range from needs analysis to consulting, design and implementation services through to operations and ongoing optimisation measures.
Telecommunications (TC). Here, QSC off ers a broad range of voice and data communication solu tions. These include internet connections with asymmetric ADSL2+ lines, symmetric SDSL lines and premium internet access via wireless local loop (WLL) networks. In this segment, QSC also off ers All-IP telephony connections (voice over IP) and corresponding telephony systems. Fur ther more, the range of services also includes further forms of voice telephony, including open call-by-call and preselect off erings and value added services.
The segment contribution is the key segment performance indicator referred to by the management. This is defined as EBITDA before general and administrative expenses and other operating income and expenses. For income statement purposes, the cost of revenues is thus allocated in full to the respective segment, as are sales and marketing expenses. The direct and indirect allocation of costs to individual segments is consistent with internal reporting and management structures. Indirect cost allocation is primarily based on resource utilisation by the respective segments. The Management Board does not receive any regular information about segment-specific capital expenditure, assets and liabilities, general and administrative expenses, depreciation and amortisation and other operating income and expenses as components of the respective segment earnings figures.
| € 000s | Telecom munications |
Outsourcing | Consulting | Cloud | Consolidated Group |
|---|---|---|---|---|---|
| 01/04/ – 30/06/2018 | |||||
| Net revenues | 50,431 | 23,853 | 9,356 | 8,446 | 92,086 |
| Cost of revenues | (36,777) | (18,819) | (7,675) | (5,537) | (68,808) |
| Gross profi t | 13,654 | 5,034 | 1,681 | 2,909 | 23,278 |
| Sales and marketing expenses | (4,186) | (1,592) | (371) | (1,614) | (7,763) |
| Segment contribution | 9,468 | 3,442 | 1,310 | 1,295 | 15,515 |
| General and administrative expenses | (6,422) | ||||
| Depreciation and amortisation (including | |||||
| non-cash share-based compensation) | (6,758) | ||||
| Other operating income and expenses | (72) | ||||
| Operating profi t (EBIT) | 2,263 | ||||
| Financial income | 20 | ||||
| Financial expenses | (1,086) | ||||
| Net income before income taxes | 1,197 | ||||
| Income taxes | (744) | ||||
| Net income | 453 |
| € 000s | Telecom munications |
Outsourcing | Consulting | Cloud | Consolidated Group |
|---|---|---|---|---|---|
| 01/04/ – 30/06/2017 | |||||
| Net revenues | 44,511 | 26,344 | 10,033 | 6,272 | 87,160 |
| Cost of revenues | (31,114) | (19,734) | (8,319) | (5,073) | (64,240) |
| Gross profi t | 13,397 | 6,610 | 1,714 | 1,199 | 22,920 |
| Sales and marketing expenses | (3,533) | (1,553) | (307) | (1,480) | (6,873) |
| Segment contribution | 9,864 | 5,057 | 1,407 | (281) | 16,047 |
| General and administrative expenses | (6,412) | ||||
| Depreciation and amortisation (including | |||||
| non-cash share-based compensation) | (7,963) | ||||
| Other operating income and expenses | 55 | ||||
| Operating profi t (EBIT) | 1,727 | ||||
| Financial income | 23 | ||||
| Financial expenses | (1,166) | ||||
| Net income before income taxes | 584 | ||||
| Income taxes | (92) | ||||
| Net income | 492 | ||||
| € 000s | Telecom munications |
Outsourcing | Consulting | Cloud | Consolidated Group |
|---|---|---|---|---|---|
| 01/01/ – 30/06/2018 | |||||
| Net revenues | 103,833 | 47,578 | 19,183 | 15,571 | 186,165 |
| Cost of revenues | (76,222) | (38,975) | (15,392) | (10,903) | (141,492) |
| Gross profi t | 27,611 | 8,603 | 3,791 | 4,668 | 44,673 |
| Sales and marketing expenses | (7,842) | (2,602) | (463) | (2,865) | (13,772) |
| Segment contribution | 19,769 | 6,001 | 3,328 | 1,803 | 30,901 |
| General and administrative expenses | (12,393) | ||||
| Depreciation and amortisation (including | |||||
| non-cash share-based compensation) | (13,595) | ||||
| Other operating income and expenses | (270) | ||||
| Operating profi t (EBIT) | 4,643 | ||||
| Financial income | 92 | ||||
| Financial expenses | (2,165) | ||||
| Net income before income taxes | 2,570 | ||||
| Income taxes | (1,265) | ||||
| Net income | 1,305 |
| € 000s | Telecom munications |
Outsourcing | Consulting | Cloud | Consolidated Group |
|---|---|---|---|---|---|
| 01/01/ – 30/06/2017 | |||||
| Net revenues | 90,674 | 53,009 | 20,733 | 11,475 | 175,891 |
| Cost of revenues | (62,975) | (39,714) | (17,335) | (9,531) | (129,555) |
| Gross profi t | 27,699 | 13,295 | 3,398 | 1,944 | 46,336 |
| Sales and marketing expenses | (6,811) | (2,778) | (482) | (2,774) | (12,845) |
| Segment contribution | 20,888 | 10,517 | 2,916 | (830) | 33,491 |
| General and administrative expenses | (13,262) | ||||
| Depreciation and amortisation (including | |||||
| non-cash share-based compensation) | (15,843) | ||||
| Other operating income and expenses | (29) | ||||
| Operating profi t (EBIT) | 4,357 | ||||
| Financial income | 70 | ||||
| Financial expenses | (2,350) | ||||
| Net loss before income taxes | 2,077 | ||||
| Income taxes | (950) | ||||
| Net income | 1,127 | ||||
Financial liabilities developed as follows:
| € 000s | 31 Dec. 2017 | Cash-eff ective changes | Non-cash-eff ective changes | 30 June 2018 | |
|---|---|---|---|---|---|
| Reclassifi cations |
Fair value | ||||
| Financial liabilities | |||||
| Long-term loans | 135,130 | (130) | (100,000) | - | 35,000 |
| Short-term loans | 281 | (5,781) | 100,000 | - | 94,500 |
| Lease liabilities | 371 | (147) | - | - | 224 |
| Assets to secure long-term loans | (931) | - | - | 271 | (660) |
| Financial liabilities | 134,851 | (6,058) | - | 271 | 129,064 |
The Annual Shareholders' Meeting of QSC AG held on 12 July 2018 approved the distribution of a dividend of € 0.03 per share with dividend entitlement. The dividend payment of € 3,725,174.61 was distributed by the depositary banks starting on 17 July 2018.
Neither QSC AG nor its group companies are involved in any court or arbitration proceedings that could materially impact on their economic position.
In the fi rst six months of the 2018 fi nancial year, QSC maintained business relationships with companies whose shareholders include members of the Company's management and its Supervisory Board. Persons and companies count as related parties pursuant to IAS 24 when one party has the possibility of exercising control or signifi cant infl uence over the other party. All contracts with these companies require approval by the Supervisory Board and are agreed on customary market terms.
| € 000s | Net revenues | Expenses | Payments received |
Payments made |
|---|---|---|---|---|
| 01/01/ – 30/06/2018 | ||||
| IN-telegence GmbH | 95 | 57 | 120 | 67 |
| Teleport Köln GmbH | 6 | 1 | 9 | 1 |
| QS Communication Verwaltungs | ||||
| Service GmbH | - | 94 | - | 108 |
| 01/01/ – 30/06/2017 | ||||
| IN-telegence GmbH | 127 | 47 | 188 | 56 |
| Teleport Köln GmbH | 7 | 1 | 10 | 1 |
| QS Communication Verwaltungs | ||||
| Service GmbH | - | 81 | - | 111 |
| € 000s | Receivables | Payables |
|---|---|---|
| 30 June 2018 | ||
| IN-telegence GmbH | 31 | 12 |
| Teleport Köln GmbH | 1 | - |
| QS Communication Verwaltungs Service GmbH | - | 16 |
| 31 December 2017 | ||
| IN-telegence GmbH | 38 | 12 |
| Teleport Köln GmbH | 3 | - |
| QS Communication Verwaltungs Service GmbH | - | 12 |
IN-telegence GmbH is a provider of value added services in the telecommunications industry and mainly draws on network services from QSC. QSC in turn also draws on value added services from IN-telegence GmbH. Teleport Köln GmbH supports QSC in installing end customer connections and also draws on QSC's telecommunications services. QS Communication Verwaltungs Service GmbH advises QSC in the development of concepts and software for cloudbased services.
The following table presents individualised information about the number of shares and convertible bonds held by members of the Management Board:
| Shares | Conversion rights | ||||
|---|---|---|---|---|---|
| 30/06/2018 30/06/2017 |
30/06/2018 | 30/06/2017 | |||
| Jürgen Hermann | 500,000 | 400,000 | 350,000 | 350,000 | |
| Stefan A. Baustert | 40,000 | 40,000 | 200,000 | 200,000 | |
| Udo Faulhaber (until 31 December 2017) | 1 - |
100,000 | 150,000 | 150,000 | |
| Felix Höger (until 31 December 2017) | 1 - |
150,000 | 150,000 | 150,000 |
1 Holdings at the time of retirement from the Management Board.
The following table presents individualised information about the number of shares and convertible bonds held by members of the Supervisory Board:
-
| Shares | Conversion rights | ||||
|---|---|---|---|---|---|
| 30/06/2018 | 30/06/2017 | 30/06/2017 | |||
| Dr. Bernd Schlobohm, Chairman | 15,519,910 | 15,519,910 | 132,000 | 132,000 | |
| Dr. Frank Zurlino, Deputy Chairman | 10,000 | 10,000 | - | - | |
| Gerd Eickers | 15,577,484 | 15,577,484 | - | - | |
| Ina Schlie | - | - | - | - | |
| Anne-Dore Ahlers 1 | - | - | 2,700 | 2,700 | |
| Cora Hödl 1 | - | - | 4,100 | 4,100 |
1 Employee representative.
No events requiring report here have occurred after the reporting period.
Cologne, August 2018
QSC AG The Management Board
Jürgen Hermann Stefan A. Baustert
Chief Executive Off icer Chief Financial Off icer
To the best of our knowledge, and in accordance with the applicable reporting principles for interim fi nancial reporting, the Condensed Interim Consolidated Financial Statements give a true and fair view of the assets, liabilities, fi nancial position and profi t or loss of the Group, and the Interim Consolidated Management Report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the fi nancial year.
Cologne, August 2018
QSC AG The Management Board
Jürgen Hermann Stefan A. Baustert Chief Executive Off icer Chief Financial Off icer
Quarterly Statement 12 November 2018
Arne Thull Head of Investor Relations Mathias-Brüggen-Strasse 55 50829 Cologne T +49 221 669 – 8724 F +49 221 669 – 8009 [email protected] www.qsc.de
Editorial Responsibility QSC AG, Cologne
Design sitzgruppe, Düsseldorf
Photography Marcus Pietrek, Düsseldorf
This translation is provided as a convenience only. Please note that the German-language original of this Half-Year Report is defi nitive.
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