05.08.2019 07:30:07
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DGAP-News: QSC: High EBITDA and high free cash flow in Q2 2019 due to Plusnet sale
DGAP-News: QSC AG / Key word(s): Quarter Results/Half Year Results QSC: High EBITDA and high free cash flow in Q2 2019 due to Plusnet sale - QSC posts revenues of EUR 85.2 million and EBITDA of EUR 129.9 million Cologne, 5 August 2019. The sale of the Plusnet telecommunications subsidiary, closed at the end of June 2019, is a major milestone in QSC's realignment with a clear technology and sector focus. In the second quarter of 2019, QSC generated revenues of EUR 85.2 million and EBITDA of EUR 129.9 million. EBITDA mostly comprises the result of deconsolidation, which in turn mainly represents accounting gains resulting from the difference between the sale price achieved and the carrying amounts. The free cash flow amounts to EUR 156.7 million and is greatly influenced by the inflow of liquidity from the Plusnet sale. As previously announced, QSC fully repaid its debt of EUR 120.0 million. Together with one-off consolidated net income of EUR 106.1 million, this led the equity ratio to improve from 32% as of 31 December 2018 to 73% as of 30 June 2019. QSC confirms full-year 2019 forecast
Notes: * The current financial statements include a correction in revenues and in cost of revenues amounting to EUR 0.3 million in each case. An internal review carried out in advance established that revenues not meeting the requirements for recognition as such had been stated in the Cloud segment. The revenues and corresponding cost of revenues reported for the 2018 financial year as a whole were respectively EUR 3.5 million and EUR 3.4 million too high. In accordance with IAS 8, upon preparing its 2019 Half-Year Report QSC has retrospectively corrected this error made in the 2018 financial year.
05.08.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | QSC AG |
Mathias-Brüggen-Straße 55 | |
50829 Cologne | |
Germany | |
Phone: | +49-221-669-8724 |
Fax: | +49-221-669-8009 |
E-mail: | invest@qsc.de |
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, Tradegate Exchange |
EQS News ID: | 851415 |
End of News | DGAP News Service |
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851415 05.08.2019
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