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QSC foregoes separate statement of factoring in free cash flow

Cologne, 11 March 2015. Upon publication of its preliminary results for the 2014 financial year on 23 February 2015, QSC reported a figure of € -13.9 million for its free cash flow (internal definition). This included a positive amount of € 11.0 million resulting from the separate statement of a factoring transaction in connection with the INFO AG takeover. In the course of finalising the annual financial statements, it has been decided to forego the separate statement of this item. Accordingly, the free cash flow amounted to € -24.9 million. This amendment has no implications for the Company’s financial position, financial performance or cash flows or for its net debt as reported. For the current financial year, QSC continues to budget for a positive free cash flow figure, although implementation of the extensive cost-cutting and focusing programme will lead to inflows of liquidity, particularly in the second half of the year. QSC will be publishing its complete 2014 Annual Report on 31 March 2015.

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