Outlook 2013

The current fiscal year will be characterized by a two-track development of operative business at the QSC Group: Significantly rising ICT revenues will again be offset by further declines in TC revenues. Moreover, various rulings by the German Federal Network Agency that were made in the autumn of 2012 will result in an additional year-on-year shortfall of some € 30 million in TC business. In November, the German Federal Network Agency had lowered mobile termination fees by 45 to 47 percent and fixed-network termination fees by 20 to 40 percent, while also modifying the fee structure.

Given this backdrop, QSC is planning on overall revenues of at least € 450 million for fiscal 2013. In spite of declining revenues, QSC anticipates higher profitability and a stronger financial position: The EBITDA margin in 2013 is likely to rise to at least 17 percent, with an increase to at least € 24 million planned for free cash flow.