ANNUAL REPORT 2013 QSC IS WORKING.

Transcription

1 ANNUAL REPORT 2013 QSC IS WORKING.

2 Key Data All amounts in million Revenues EBITDA Depreciation / amortization EBIT Net profit Earnings per share 2 (in ) Return on revenue (in %) EBITDA margin (in %) EBIT margin (in %) Equity Longterm liabilities Shortterm liabilities Balance sheet total Equity ratio (in %) Return on equity (in %) Free cash flow Liquidity Capital expenditures (capex) Capex ratio 4 (in %) Dividend per share (in ) Xetra closing price 3 (in ) Number of shares 3 124,057, ,307, ,256, ,127, ,998,137 Market capitalization Employees 3 1,689 1,485 1, Consolidated Financial Statements 2009 to 2013 in accordance with IFRS 1 Including noncash sharebased remuneration 2 Basic 3 As of December 31 4 Ratio of capital expenditures to revenues 5 Proposed to the Annual Shareholders Meeting

3 The strategy is working: Growth in ICT business Since 2010, QSC has been working hard to drive its evolution from a telecommunications (TC) company into an integrated provider of information technology and telecommunications (ICT). In particular, the development of revenues in the individual business units illustrates the progress: While ICT revenues are growing significantly, principally in Direct Sales, predominantly conventional TC revenues with resellers are slumping as a result of market and regulatory conditions. DIRECT SALES REVENUES, DIRECT SALES (in million) Revenues in this largest business unit increased by 11 percent to million in fiscal This suc cess was achieved by winning any number of requests for proposals from new and existing customers for Outsourcing, Networking and Consulting projects. In spite of considerable investments in future growth, Direct Sales increased its EBITDA margin to 20 percent in INDIRECT SALES REVENUES, INDIRECT SALES (in million) In addition to innovative ICT products, the Company has tra ditionally also offered its sales partners conventional TC products; declining TC revenues are there fore still masking the successes here in ICT business. Revenues for fiscal 2013 tota led million. At 25 percent, QSC continued to earn its highest EBITDA margin in Indirect Sales RESELLERS REVENUES, RESELLERS (in million) Heightened regulation and the sustained stiff price war in the conventional TC market in fiscal 2013 again impacted business with resellers, who mainly address residential customers. Reve nues here fell by 27 percent to million. As expected, the EBITDA margin of 4 percent was down significantly from the year before

4 // CUSTOMERS REPORT // HOW QSC IS WORKING DAY IN AND DAY OUT.

5 << Key Data Business Units SIMPLER, FASTER, MORE FLEXIBLE OUR PRODUCTS AND SERVICES ARE STREAM LINING WORK IN MORE THAN 30,000 ENTERPRISES. SECURITY INCLUDED.

6 6 QSCGeschäftsbericht 2013 adfasdfasdf» QSC MAKES Odo odionsed modolor ipsum am iustrud do et augiametum nisl irit augait nim in ullutpat dolese consenim quat, vullum velestis nonsequipit alit euis estie et dolesto consequat iustincil ut la faccummy nis et veraesto eu feum venit venis nim vulput init luptat at. Ut irit praesse velit in ero odit enismod oloreet, quat, susto conulput THINGS acil delessed eu feu POSSIBLE facilit ad te dolorero odipit nos euis at prat, sequipsum iuscin velis non ea core dio consenisi te do od dionullut utpat aliquate dolenis acidunt praesectet ipit lore ming et ipis adit lum zzrilis dit, con ero digna faccum in volorer cincip eugiamc onsequisis dolore THAT vulpute feugiamcommy WOULD nulputat ullaor iuscips ummodolobore dolobore consed delestrud deliscipit adiam irillandre ea. BE IMPOSSIBLE Modolor ipsum am iustrud Um venisit wisi tie vel et lutpat praese vel estrud elisi bla adigna facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto ELSEWHERE essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. THAT S WHAT Ipsum odionsed modolor am iustrud Del ulputpate vulla ad ercin ut doloborem veliquatin eugue magnit nos adiam irilisit ullam eum ilit in vulput praesenim veniam aliquam. Dit niamcon ullamet am, vendit venis nulpute modolorero ese ming eugait wisi etummy non vel ea feugait, commy nibh ex enim quate vel ulla con henim I quat CALL nostrud diat, FLEXIBLE! core del ex eumsand iametum ing ex endrem iriliquis nulla faciliquis alit nos num quis autat ad euguerat, vullaor iniam irit vullam, summodo lorperiure facil duisi ea faccumm olobortin henim dolor. «facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. Boreet, suscilla adiam volore modit lut ate dolorti onsequat, conullummy // Eyeworks TV Production // Cologne // Hürth Studio //

7 An die Aktionäre Brief an die Aktionäre 7 adfasdfasdf Odo odionsed modolor ipsum am iustrud do et augiametum nisl irit augait nim in ullutpat dolese consenim quat, vullum velestis nonsequipit alit euis estie et dolesto consequat iustincil ut la faccummy nis et veraesto eu feum venit venis nim vulput init luptat at. Ut irit praesse velit in ero odit enismod oloreet, quat, susto conulput acil delessed eu feu facilit ad te dolorero odipit nos euis at prat, sequipsum iuscin velis non ea core dio consenisi te do od dionullut utpat aliquate dolenis acidunt praesectet ipit lore ming et ipis adit lum zzrilis dit, con ero digna faccum in volorer cincip eugiamc onsequisis dolore vulpute feugiamcommy nulputat ullaor iuscips ummodolobore dolobore consed delestrud deliscipit adiam irillandre ea. Modolor ipsum am iustrud Um venisit wisi tie vel et lutpat praese vel estrud elisi bla adigna facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. Boreet, suscilla adiam volore modit lut ate dolorti onsequat, conullummy Ipsum odionsed modolor am iustrud Del ulputpate vulla ad ercin ut doloborem veliquatin eugue magnit nos adiam irilisit ullam eum ilit in vulput praesenim veniam aliquam. Dit niamcon ullamet am, vendit venis nulpute modolorero ese ming eugait wisi etummy non vel ea feugait, commy nibh ex enim quate vel ulla con henim quat nostrud diat, core del ex eumsand iametum ing ex endrem iriliquis nulla faciliquis alit nos num quis autat ad euguerat, vullaor iniam irit vullam, summodo lorperiure facil duisi ea faccumm olobortin henim dolor. facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. QSC IS WORKING.

8 8 QSCGeschäftsbericht 2013 adfasdfasdf Odo odionsed modolor ipsum am iustrud do et augiametum nisl irit augait nim in ullutpat dolese consenim quat, vullum velestis nonsequipit alit euis estie et dolesto consequat iustincil ut la faccummy nis et veraesto eu feum venit venis nim vulput init luptat at. Ut irit praesse velit in ero odit enismod oloreet, quat, susto conulput acil delessed eu feu facilit ad te dolorero odipit nos euis at prat, sequipsum iuscin velis non ea core dio consenisi te do od dionullut utpat aliquate dolenis acidunt praesectet ipit lore ming et ipis adit lum zzrilis dit, con ero digna faccum in volorer cincip eugiamc onsequisis dolore vulpute feugiamcommy nulputat ullaor iuscips ummodolobore dolobore consed delestrud deliscipit adiam irillandre ea. Boreet, suscilla adiam volore modit lut ate dolorti onsequat, conullummy Modolor ipsum am iustrud Um venisit wisi tie vel et lutpat praese vel estrud elisi bla adigna facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. Ipsum odionsed modolor am iustrud Del ulputpate vulla ad ercin ut doloborem veliquatin eugue magnit nos adiam irilisit ullam eum ilit in vulput praesenim veniam aliquam. Dit niamcon ullamet am, vendit venis nulpute modolorero ese ming eugait wisi etummy non vel ea feugait, commy nibh ex enim quate vel ulla con henim quat nostrud diat, core del ex eumsand iametum ing ex endrem iriliquis nulla faciliquis alit nos num quis autat ad euguerat, vullaor iniam irit vullam, summodo lorperiure facil duisi ea faccumm olobortin henim dolor. facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. Nothing beats availability wherever we re shooting.

9 An die Aktionäre Brief an die Aktionäre 9 adfasdfasdf Boreet, suscilla adiam volore modit lut ate dolorti onsequat, conullummy Odo odionsed modolor ipsum am iustrud do et augiametum nisl irit augait nim in ullutpat dolese consenim quat, vullum velestis nonsequipit alit euis estie et dolesto consequat iustincil ut la faccummy nis et veraesto eu feum venit venis nim vulput init luptat at. Ut irit praesse velit in ero odit enismod oloreet, quat, susto conulput acil delessed eu feu facilit ad te dolorero odipit nos euis at prat, sequipsum iuscin velis non ea core dio consenisi te do od dionullut utpat aliquate dolenis Manager acidunt Postproduction, praesectet Eyeworks ipit lore Germany ming et ipis adit lum zzrilis dit, con ero digna faccum Marc Gerschewski in volorer cincip eugiamc onsequisis dolore vulpute feugiamcommy nulputat ullaor iuscips ummodolobore dolobore consed delestrud deliscipit adiam irillandre ea. For years, IPfonie centraflex, the Cloud telephone system, has been in service at Eyeworks Germany GmbH. Users can control all functions online and from anywhere, making them available in the office, on the set or at the customer. The man responsible for IT, Marc Gerschewski, is satisfied: We just make phone calls and the rest simply takes care of itself. Modolor ipsum am iustrud Um venisit wisi tie vel et lutpat praese vel estrud elisi bla adigna facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. Ipsum odionsed modolor am iustrud Del ulputpate vulla ad ercin ut doloborem veliquatin eugue magnit nos adiam irilisit ullam eum ilit in vulput praesenim veniam aliquam. Dit niamcon ullamet am, vendit venis nulpute modolorero ese ming eugait wisi etummy non vel ea feugait, commy nibh ex enim quate vel ulla con henim quat nostrud diat, core del ex eumsand iametum ing ex endrem iriliquis nulla faciliquis alit nos num quis autat ad euguerat, vullaor iniam irit vullam, summodo lorperiure facil duisi ea faccumm olobortin henim dolor. Eyeworks Germany GmbH Eyeworks Germany is a member of the globally operating Eyeworks Group. In Germany, it produces, shows, series and films for all major TV stations, including The Restaurant Tester, Cash for Rarities, Nate light with Philip Simon, as well as Wilsberg, Marie Brand and The Lotto Kings. WORKFORCE: facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. More information about QSC IPfonie centraflex

10 10 QSCGeschäftsbericht 2013 adfasdfasdf» Odo odionsed modolor ipsum am iustrud do et augiametum nisl irit augait nim in ullutpat dolese consenim quat, vullum velestis nonsequipit alit euis estie et dolesto consequat iustincil ut la faccummy nis et veraesto eu feum venit venis nim vulput init luptat at. Ut irit praesse velit in ero odit enismod oloreet, quat, susto conulput WE acil delessed CAN eu feu facilit ad te dolorero odipit nos euis at prat, sequipsum iuscin velis non ea core dio consenisi te do od dionullut utpat aliquate dolenis acidunt praesectet ipit lore ming et ipis adit lum zzrilis dit, con ero digna faccum in volorer cincip eugiamc onsequisis dolore NOW vulpute feugiamcommy DEPLOY nulputat ullaor iuscips ummodolobore dolobore consed delestrud deliscipit adiam irillandre ea. NEW IT SERVICES Modolor ipsum am iustrud Um venisit wisi tie vel et lutpat praese vel estrud elisi bla adigna facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit SIGNIFICANTLY velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. FASTER. Ipsum odionsed modolor am iustrud Del ulputpate vulla ad ercin ut doloborem veliquatin eugue magnit nos adiam irilisit ullam eum ilit in vulput praesenim veniam aliquam. Dit niamcon ullamet am, vendit venis nulpute modolorero ese ming eugait wisi etummy non vel ea feugait, «commy nibh ex enim quate vel ulla con henim quat nostrud diat, core del ex eumsand iametum ing ex endrem iriliquis nulla faciliquis alit nos num quis autat ad euguerat, vullaor iniam irit vullam, summodo lorperiure facil duisi ea faccumm olobortin henim dolor. Boreet, suscilla adiam volore modit lut ate dolorti onsequat, conullummy facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. // Amprion // Bergheim // Transformer Substation //

11 An die Aktionäre Brief an die Aktionäre 11 adfasdfasdf Odo odionsed modolor ipsum am iustrud do et augiametum nisl irit augait nim in ullutpat dolese consenim quat, vullum velestis nonsequipit alit euis estie et dolesto consequat iustincil ut la faccummy nis et veraesto eu feum venit venis nim vulput init luptat at. Ut irit praesse velit in ero odit enismod oloreet, quat, susto conulput acil delessed eu feu facilit ad te dolorero odipit nos euis at prat, sequipsum iuscin velis non ea core dio consenisi te do od dionullut utpat aliquate dolenis acidunt praesectet ipit lore ming et ipis adit lum zzrilis dit, con ero digna faccum in volorer cincip eugiamc onsequisis dolore vulpute feugiamcommy nulputat ullaor iuscips ummodolobore dolobore consed delestrud deliscipit adiam irillandre ea. Modolor ipsum am iustrud Um venisit wisi tie vel et lutpat praese vel estrud elisi bla adigna facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. Boreet, suscilla adiam volore modit lut ate dolorti onsequat, conullummy Ipsum odionsed modolor am iustrud Del ulputpate vulla ad ercin ut doloborem veliquatin eugue magnit nos adiam irilisit ullam eum ilit in vulput praesenim veniam aliquam. Dit niamcon ullamet am, vendit venis nulpute modolorero ese ming eugait wisi etummy non vel ea feugait, commy nibh ex enim quate vel ulla con henim quat nostrud diat, core del ex eumsand iametum ing ex endrem iriliquis nulla faciliquis alit nos num quis autat ad euguerat, vullaor iniam irit vullam, summodo lorperiure facil duisi ea faccumm olobortin henim dolor. facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. QSC IS WORKING.

12 12 QSCGeschäftsbericht 2013 adfasdfasdf Amprion GmbH With a total length of some 11,000 kilometers as well as Odo odionsed modolor ipsum am iustrud around do et 160 augiametum switching and nisl irit augait nim in ullutpat dolese consenim quat, vullum velestis nonsequipit transformer alit euis substations, estie et dolesto consequat iustincil ut la faccummy nis et veraesto eu feum venit Amprion venis nim operates vulput Germany s init luptat at. Ut irit praesse velit in ero odit enismod oloreet, quat, susto conulput longest acil highvoltage delessed grid. eu feu facilit ad te dolorero odipit nos euis at prat, sequipsum iuscin velis non WORKFORCE: ea core Some dio consenisi 950 te do od dionullut utpat aliquate dolenis acidunt praesectet ipit lore ming et ipis adit lum zzrilis dit, con ero digna faccum POPULATION IN GRID SERVICE in volorer cincip eugiamc onsequisis dolore vulpute feugiamcommy nulputat ullaor iuscips ummodolobore dolobore consed delestrud deliscipit adiam irillandre AREA: 27 million ea. Boreet, suscilla adiam volore modit lut ate dolorti onsequat, conullummy Modolor ipsum am iustrud Um venisit wisi tie vel et lutpat praese vel estrud elisi bla adigna facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. Ipsum odionsed modolor am iustrud Del ulputpate vulla ad ercin ut doloborem veliquatin eugue magnit nos adiam irilisit ullam eum ilit in vulput praesenim veniam aliquam. Dit niamcon ullamet am, vendit venis nulpute modolorero ese ming eugait wisi etummy non vel ea feugait, commy nibh ex enim quate vel ulla con henim quat nostrud diat, core del ex eumsand iametum ing ex endrem iriliquis nulla faciliquis alit nos num quis autat ad euguerat, vullaor iniam irit vullam, summodo lorperiure facil duisi ea faccumm olobortin henim dolor. facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. High voltage: Both electricity transmission and IT have to run smoothly around the clock.

13 An die Aktionäre Brief an die Aktionäre 13 adfasdfasdf Odo odionsed modolor ipsum am iustrud do et augiametum nisl irit augait nim in ullutpat dolese consenim quat, vullum velestis nonsequipit alit euis estie et dolesto consequat iustincil ut la faccummy nis et veraesto eu feum venit venis nim vulput init luptat at. Ut irit praesse velit in ero odit enismod oloreet, quat, susto conulput acil delessed eu feu facilit ad te dolorero odipit nos euis at prat, sequipsum iuscin velis non ea core dio consenisi te do od dionullut utpat aliquate dolenis acidunt praesectet ipit lore ming et ipis adit lum zzrilis dit, con ero digna faccum in volorer cincip eugiamc onsequisis dolore vulpute feugiamcommy nulputat ullaor iuscips ummodolobore dolobore consed delestrud deliscipit adiam irillandre ea. Modolor ipsum am iustrud Um venisit wisi tie vel et lutpat praese vel estrud elisi bla adigna facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod Amprion tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit FRANK BEULE Head of IT Management, velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. Security is extremely important to Amprion, stresses Frank Beule. Since May 2012, QSC has been responsible for smooth and secure Boreet, suscilla adiam IT operations. volore modit Within lut ate dolorti the framework of a major onsequat, conullummy IT Outsourcing project, Amprion outsourced all IT services from data network services to server services right through to applications management for SAP applications. Ipsum odionsed modolor am iustrud Del ulputpate vulla ad ercin ut doloborem veliquatin eugue magnit nos adiam irilisit ullam eum ilit in vulput praesenim veniam aliquam. Dit niamcon ullamet am, vendit venis nulpute modolorero ese ming eugait wisi etummy non vel ea feugait, commy nibh ex enim quate vel ulla con henim quat nostrud diat, core del ex eumsand iametum ing ex endrem iriliquis nulla faciliquis alit nos num quis autat ad euguerat, vullaor iniam irit vullam, summodo lorperiure facil duisi ea faccumm olobortin henim dolor. facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. More information about IT Outsourcing from QSC

14 14 QSCGeschäftsbericht 2013 adfasdfasdf // dkn group // Cologne // Lasisto Office // Odo odionsed modolor ipsum am iustrud do et augiametum nisl irit augait nim in ullutpat dolese consenim quat, vullum velestis nonsequipit alit euis estie et dolesto consequat iustincil ut la faccummy nis et veraesto eu feum venit venis nim vulput init luptat at. Ut irit praesse velit in ero odit enismod oloreet, quat, susto conulput acil delessed eu feu facilit ad te dolorero odipit nos euis at prat, sequipsum iuscin velis non ea core dio consenisi te do od dionullut utpat aliquate dolenis acidunt praesectet ipit lore ming et ipis adit lum zzrilis dit, con ero digna faccum in volorer cincip eugiamc onsequisis dolore vulpute feugiamcommy nulputat ullaor iuscips ummodolobore dolobore consed delestrud deliscipit adiam irillandre ea. Boreet, suscilla adiam volore modit lut ate dolorti onsequat, conullummy Modolor ipsum am iustrud Um venisit wisi tie vel et lutpat praese vel estrud elisi bla adigna facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit» velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. WE ARE ALWAYS Ipsum odionsed modolor am iustrud Del ulputpate vulla ad ercin ut doloborem veliquatin eugue magnit nos adiam irilisit ullam eum ilit in vulput praesenim veniam aliquam. Dit niamcon ullamet am, vendit venis nulpute modolorero ese ming eugait wisi etummy non vel ea feugait, commy nibh ex enim quate vel ulla con henim AVAILABLE quat nostrud diat, core del ex AND eumsand iametum ing ex endrem iriliquis nulla faciliquis alit nos num quis autat ad euguerat, vullaor iniam irit vullam, summodo lorperiure facil duisi ea faccumm olobortin henim dolor. DON T HAVE TO WORRY ABOUT THE TECHNOLOGY. «facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi.

15 An die Aktionäre Brief an die Aktionäre 15 adfasdfasdf Odo odionsed modolor ipsum am iustrud do et augiametum nisl irit augait nim in ullutpat dolese consenim quat, vullum velestis nonsequipit alit euis estie et dolesto consequat iustincil ut la faccummy nis et veraesto eu feum venit venis nim vulput init luptat at. Ut irit praesse velit in ero odit enismod oloreet, quat, susto conulput acil delessed eu feu facilit ad te dolorero odipit nos euis at prat, sequipsum iuscin velis non ea core dio consenisi te do od dionullut utpat aliquate dolenis acidunt praesectet ipit lore ming et ipis adit lum zzrilis dit, con ero digna faccum in volorer cincip eugiamc onsequisis dolore vulpute feugiamcommy nulputat ullaor iuscips ummodolobore dolobore consed delestrud deliscipit adiam irillandre ea. Modolor ipsum am iustrud Um venisit wisi tie vel et lutpat praese vel estrud elisi bla adigna facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. Boreet, suscilla adiam volore modit lut ate dolorti onsequat, conullummy Ipsum odionsed modolor am iustrud Del ulputpate vulla ad ercin ut doloborem veliquatin eugue magnit nos adiam irilisit ullam eum ilit in vulput praesenim veniam aliquam. Dit niamcon ullamet am, vendit venis nulpute modolorero ese ming eugait wisi etummy non vel ea feugait, commy nibh ex enim quate vel ulla con henim quat nostrud diat, core del ex eumsand iametum ing ex endrem iriliquis nulla faciliquis alit nos num quis autat ad euguerat, vullaor iniam irit vullam, summodo lorperiure facil duisi ea faccumm olobortin henim dolor. QSC IS WORKING. facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi.

16 16 QSCGeschäftsbericht 2013 adfasdfasdf Odo odionsed modolor ipsum am iustrud do et augiametum nisl irit augait nim in ullutpat dolese consenim quat, vullum velestis nonsequipit alit euis estie et dolesto consequat iustincil ut la faccummy nis et veraesto eu feum venit venis nim vulput init luptat at. Ut irit praesse velit in ero odit enismod oloreet, quat, susto conulput acil delessed eu feu facilit ad te dolorero odipit nos euis at prat, sequipsum iuscin velis non ea core dio consenisi te do od dionullut utpat aliquate dolenis acidunt praesectet ipit lore ming et ipis adit lum zzrilis dit, con ero digna faccum in volorer cincip eugiamc onsequisis dolore vulpute feugiamcommy nulputat ullaor iuscips ummodolobore dolobore consed delestrud deliscipit adiam irillandre ea. Boreet, suscilla adiam volore modit lut ate dolorti onsequat, conullummy Modolor ipsum am iustrud Um venisit wisi tie vel et lutpat praese vel estrud elisi bla adigna facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. Ipsum odionsed modolor am iustrud Del ulputpate vulla ad ercin ut doloborem veliquatin eugue magnit nos adiam irilisit ullam eum ilit in vulput praesenim veniam aliquam. Dit niamcon ullamet am, vendit venis nulpute modolorero ese ming eugait wisi etummy non vel ea feugait, commy nibh ex enim quate vel ulla con henim quat nostrud diat, core del ex eumsand iametum ing ex endrem iriliquis nulla faciliquis alit nos num quis autat ad euguerat, vullaor iniam irit vullam, summodo lorperiure facil duisi ea faccumm olobortin henim dolor. facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. dkn group Formed in 2004, Colognebased dkn group, an agen cy network, has deve lop ed into a point of contact for both national and international clients for communication in the analog and digital worlds. FOUNDED: 2004 WORKFORCE: 55

17 An die Aktionäre Brief an die Aktionäre 17 < Always online: Communication experts from the dkn group use QSCWLL technology. adfasdfasdf Odo odionsed modolor ipsum am iustrud do et augiametum nisl irit augait nim in ullutpat dolese consenim quat, vullum velestis nonsequipit alit euis estie et dolesto consequat iustincil ut la faccummy nis et veraesto eu feum venit venis nim vulput init luptat at. Ut irit praesse velit in ero odit enismod oloreet, quat, susto conulput acil delessed eu feu facilit ad te dolorero odipit nos euis at prat, sequipsum iuscin velis non ea core dio consenisi te do od dionullut utpat aliquate dolenis acidunt praesectet ipit lore ming et ipis adit lum zzrilis dit, con ero digna faccum in volorer cincip eugiamc onsequisis dolore vulpute feugiamcommy nulputat ullaor iuscips ummodolobore dolobore consed delestrud deliscipit adiam irillandre ea. Boreet, suscilla adiam volore modit lut ate dolorti onsequat, conullummy Modolor ipsum am iustrud Um venisit wisi tie vel et lutpat praese vel estrud elisi bla adigna facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit Christian Felber velit volorem Head of in IT ut Services, ilisism dkn odolor groupipisim zzriuscin eugue mod tat. Isi. Ipsum odionsed modolor am iustrud Del ulputpate vulla ad ercin ut doloborem veliquatin eugue magnit nos adiam irilisit ullam eum ilit in vulput praesenim veniam aliquam. Dit niamcon ullamet am, vendit venis nulpute modolorero ese ming eugait wisi etummy non vel ea feugait, commy nibh ex enim quate vel ulla con henim quat nostrud diat, core del ex eumsand iametum ing ex endrem iriliquis nulla faciliquis alit nos num quis autat ad euguerat, vullaor iniam irit vullam, summodo lorperiure facil duisi ea faccumm olobortin henim dolor. You have to be swift and straightforward, especially in interactive marketing, says Christian Felber. That s why technology shouldn t be an end in its own right at the dkn group, but has to provide the best possible support for its daily business. And that s precisely what we get with QSC s Wireless Local Loop technology. facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. More information about QSCWLL business

18 18 QSCGeschäftsbericht 2013 adfasdfasdf // Fressnapf // Krefeld // Headquarters // Odo odionsed modolor ipsum am iustrud do et augiametum nisl irit augait nim in ullutpat dolese consenim quat, vullum velestis nonsequipit alit euis estie et dolesto consequat iustincil ut la faccummy nis et veraesto eu feum venit venis nim vulput init luptat at. Ut irit praesse velit in ero odit enismod oloreet, quat, susto conulput acil delessed eu feu facilit ad te dolorero odipit nos euis at prat, sequipsum iuscin velis non ea core dio consenisi te do od dionullut utpat aliquate dolenis acidunt praesectet ipit lore ming» et ipis adit lum zzrilis dit, con ero digna faccum in volorer cincip eugiamc onsequisis dolore vulpute feugiamcommy nulputat ullaor iuscips ummodolobore dolobore consed delestrud deliscipit adiam irillandre ea. OUR WORK IS SIMPLER NOW THAT THE PROFESSIONALS Modolor ipsum am iustrud Um venisit wisi tie vel et lutpat praese vel estrud elisi bla adigna facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. Ipsum odionsed modolor am iustrud Del ulputpate vulla ad ercin ut doloborem veliquatin eugue magnit nos adiam irilisit ullam eum ilit in vulput praesenim veniam aliquam. Dit niamcon ullamet am, vendit venis nulpute modolorero ese ming eugait wisi etummy non vel ea feugait, commy nibh ex enim quate vel ulla con henim quat nostrud diat, core del ex eumsand iametum ing ex endrem iriliquis nulla faciliquis alit nos num quis autat ad euguerat, vullaor iniam irit FROM QSC ARE vullam, summodo lorperiure facil duisi ea faccumm olobortin henim dolor. HANDLING SAP OPERATIONS. «facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. Boreet, suscilla adiam volore modit lut ate dolorti onsequat, conullummy

19 An die Aktionäre Brief an die Aktionäre 19 adfasdfasdf Odo odionsed modolor ipsum am iustrud do et augiametum nisl irit augait nim in ullutpat dolese consenim quat, vullum velestis nonsequipit alit euis estie et dolesto consequat iustincil ut la faccummy nis et veraesto eu feum venit venis nim vulput init luptat at. Ut irit praesse velit in ero odit enismod oloreet, quat, susto conulput acil delessed eu feu facilit ad te dolorero odipit nos euis at prat, sequipsum iuscin velis non ea core dio consenisi te do od dionullut utpat aliquate dolenis acidunt praesectet ipit lore ming et ipis adit lum zzrilis dit, con ero digna faccum in volorer cincip eugiamc onsequisis dolore vulpute feugiamcommy nulputat ullaor iuscips ummodolobore dolobore consed delestrud deliscipit adiam irillandre ea. Modolor ipsum am iustrud Um venisit wisi tie vel et lutpat praese vel estrud elisi bla adigna facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. Boreet, suscilla adiam volore modit lut ate dolorti onsequat, conullummy Ipsum odionsed modolor am iustrud Del ulputpate vulla ad ercin ut doloborem veliquatin eugue magnit nos adiam irilisit ullam eum ilit in vulput praesenim veniam aliquam. Dit niamcon ullamet am, vendit venis nulpute modolorero ese ming eugait wisi etummy non vel ea feugait, commy nibh ex enim quate vel ulla con henim quat nostrud diat, core del ex eumsand iametum ing ex endrem iriliquis nulla faciliquis alit nos num quis autat ad euguerat, vullaor iniam irit vullam, summodo lorperiure facil duisi ea faccumm olobortin henim dolor. facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. QSC IS WORKING.

20 20 QSCGeschäftsbericht 2013 adfasdfasdf Fressnapf GmbH Odo odionsed modolor ipsum am iustrud do et augiametum nisl irit augait nim in ullutpat dolese consenim quat, vullum velestis nonsequipit Fressnapf alit MAXI euis ZOO estie is et the dolesto consequat iustincil ut la faccummy nis et veraesto eu feum venit market venis nim leader vulput for pet init supplies luptat at. Ut irit praesse velit in in Europe. Founded in 1990, ero odit enismod oloreet, quat, susto conulput acil delessed eu feu facilit ad te dolorero odipit the company today offers a nos euis at prat, sequipsum iuscin velis non comprehensive ea core dio line consenisi of products te do od dionullut utpat aliquate dolenis acidunt praesectet ipit lore ming for pet et owners ipis adit and lum friends zzrilis in dit, con ero digna faccum in volorer cincip eugiamc onsequisis dolore twelve vulpute European feugiamcommy countries. nulputat ullaor iuscips ummodolobore dolobore consed delestrud deliscipit adiam irillandre ea. STORES: More than 1,200 Boreet, suscilla adiam volore modit lut ate dolorti onsequat, conullummy WORKFORCE: Modolor ipsum am iustrud Um venisit wisi tie vel et More lutpat than praese 10,000 vel estrud elisi bla adigna facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi. Ipsum odionsed modolor am iustrud Del ulputpate vulla ad ercin ut doloborem veliquatin eugue magnit nos adiam irilisit ullam eum ilit in vulput praesenim veniam aliquam. Dit niamcon ullamet am, vendit venis nulpute modolorero ese ming eugait wisi etummy non vel ea feugait, commy nibh ex enim quate vel ulla con henim quat nostrud diat, core del ex eumsand iametum ing ex endrem iriliquis nulla faciliquis alit nos num quis autat ad euguerat, vullaor iniam irit vullam, summodo lorperiure facil duisi ea faccumm olobortin henim dolor. facil iure feugiamcon hent dolumsan hent ilit, conse tatem ipit amcommy nonseniat eraestrud dipsusc ipissis nulputat. Vercilis doluptatie vel dit lobore magna facipsummy nostie eraesed tetummod tin henim quis aut wis nit nos nosto essit velendre veliqui smodipis doleniam quiscilit velit volorem in ut ilisism odolor ipisim zzriuscin eugue mod tat. Isi.