QSC Annual Financial Statement for 2000: Sales and earnings on target
Cologne, March 29, 2001. QSC AG (Neuer Markt: QSC; Nasdaq: QSCG) generated almost EUR 5 million in the past financial year, compared to EUR 1.6 million in 1999. During the course of the year, the company invested EUR 85.8 million in constructing its broadband network infrastructure in Germany's 40 largest cities. Despite this substantial level of investment, as at December 31, 2000, QSC had cash and liquid assets of EUR 294.8 million. In line with projections, the company produced pre-tax earnings of minus EUR 89.2 million in its first full business year as a DSL provider (minus EUR 7.5 million in 1999).
For the current financial year, QSC expects a significant boost in revenues to an estimated 38 to 46 million EUR. Operative earnings before tax, interest, depreciation and amortization (EBITDA) is expected to be in a range between minus 90 and minus 120 million EUR. The company's plans are based on the assumption that break-even on an EBITDA basis will be reached in the course of 2003.
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