Quanmax was successful in further increasing the turnover and profits in the third quarter of the fiscal year 2011. The turnover during the first 9 months increased by 28.8 percent compared to the same period in 2010, i.e., from 51.4 to 66.2 million Euros. The positive growth was even more evident in the earnings: The operating earnings (EBITA) was 5.4 million Euros after the first nine months of 2011 and is more than twice that of the earnings compared to the same period in 2010 (2.6 million Euros). The net earnings was 3.9 million Euros as against 2.5 million Euros in the previous year. The profit (30.5 percent after nine months) has significantly increased because of the high gross margin which has crossed 30 percent for the first time and is 3.9 percentage points higher compared to the previous year (26.6 percent). The equity capital was 41.6 million Euros at the end of the third quarter compared to 33.4 million Euros at the beginning of the year. This corresponds to an equity ratio of 57.8 percent. The cash balance was 13.1 million Euros as on 30th September 2011.The strategic goal of tapping new sales markets in Eastern Europe has been achieved in the meantime. A binding agreement was signed with S&T AG, Vienna, in September to obtain a controlling majority. S&T AG generates most of its turnover by providing IT services in Eastern Europe and hence offers extensive synergies for Quanmax both in terms of the product portfolio as well as growing CEE sales markets. The acquisition is subject to deferred conditions, in which S&T's annual shareholders' meeting has consented to the acquisition on 25th October 2011.
The target turnover for the current fiscal year has now been significantly revised to 150 million Euros. The increase is due on two reasons: Firstly, the growth rate in the IT solutions segment for B2B customers has picked up further which is sufficient to exceed the initial target turnover of 100 million Euros. Secondly, the acquisition of S&T AG can be expedited earlier than planned so that the new subsidiary can be partially consolidated in the fourth quarter of 2011 itself. The net profit target is now 7 million Euros for 2011 (previously 5.6). Most of this profit will be achieved by Quanmax AG but even S&T will break even in the fourth quarter. The medium term and ambitious goal of Quanmax AG is to become one of the leading IT companies in the German-speaking countries and in Eastern Europe. About Quanmax AG:Quanmax AG (ISIN AT0000A0E9W5/WKN A0X9EJ) which is listed in the Prime Standard of the Frankfurt Stock Exchange with its brands of chiliGREEN, MAXDATA and SecureGUARD is one of the largest distributors of IT products in Austria and has been present for some time in the vertical markets of Germany and Switzerland with its new business segment of IT-Solutions. By acquiring the IT service provider S&T AG, Quanmax is now expanding its presence into the emerging regions of Eastern Europe.