Quant AB: Interim report January - March 2022

STOCKHOLM, May 18, 2022 /PRNewswire/ -- Quant releases the interim report for January - March 2022.

January-March         

• Net sales for the quarter were in line with last year EUR 40.9 (40.9) million. Organically, net sales decreased by -0.3%         

• During the quarter the contract portfolio value increased by net EUR 4.0 million. Two contracts were won, seven contracts were renewed, and two contracts were lost. Portfolio run rate annualized net sales at the end of the quarter was EUR 176.8 million, compared to EUR 172.8 million at the end of the fourth quarter of 2021         

• Operating profit amounted to EUR 1.4 million, compared to EUR 0.2 million prior year        

• Adjusted EBITDA amounted to EUR 2.5 million compared to EUR 2.6 million prior year, excluding the effect of implemen­tation of IFRS 16 Leases. In constant currencies, Adjusted EBITDA for the quarter was EUR 2.5 (2.6) million. Adjusted EBITDA with IFRS 16 implementation was EUR 3.0 (3.3) million        

• Cash flow from operating activities amounted to EUR 2.8 (-2.6) million, of which change in working capital amounted to EUR 3.3 (-3.3) million        

• Net profit for the continuing business amounted to EUR 0.8 million compared to a loss of EUR -2.1 million prior year         

• The Adjusted EBITDA for Discontinued operations was EUR -0.2 (-0.7) million and the net loss was EUR -0.1 (-6.9) million, which is not included in the reported numbers above         

• Group net profit for the quarter, including discontinued operations, was EUR 0.7 (-9.0) million

Significant events during the quarter

On 8 February 2022 it was announced that Quant had signed a renewal of an existing Total Maintenance Partnership with Metsä Wood. The agreement covers industrial maintenance on five production sites in Finland and Estonia. The agreement renewal contains scope changes beneficial to both parties, which increase Quant's contract portfolio by EUR 2 million in the first quarter of 2022.

On 24 March 2022 Quant AB (publ) announced, as part of an initiation of a written procedure in respect of its senior bonds, that Permira Credit Solutions II Master Sub S.A. ("Permira Credit"), the holder of the junior bond, and Nordic Capital, the current majority owner of Quant, have agreed in principle to a conditional agreement under which Permira Credit is expected to become the new majority owner of Quant. Nordic Capital is expected to remain as a minority shareholder.

Significant events after the end of the quarter

On 7 April 2022 Quant received an approval from the holders of the senior bonds in the written procedure and on 21 April 2022 the Interim Amendment was fully and finally executed. At the time of the publication of the interim report the company awaits formal approval of merger control filings. For more information, see note Significant events after the end of the quarter in the notes section of the interim report or visit www.quantservice.com/investor.

Telephone conference

A telephone conference where management comment on the report is held at 13:00 CEST on 18 May 2022. Details for participation by telephone are found ahead of the call on www.quantservice.com/investor

Stockholm, 18 May 2022

Quant AB (publ) 

For further information, please contact:

Tomas Rönn, CEO, +46 720 92 11 20
André Strömgren, CFO: +46 708 410 796
E-mail: ir@quantservice.com

Quant AB (publ) is a global leader in industrial maintenance. For over 30 years, we have been realizing the full potential of maintenance for our customers. From embedding superior safety practices and building a true maintenance culture, to optimizing maintenance cost and improving plant performance, our people make the difference. We are passionate about maintenance and proud of ensuring we achieve our customers' goals in the most professional way. The group operates internationally in close to 20 countries world-wide, employing 2,300 people. The parent company is located in Stockholm, Sweden.

Quant AB (publ) is privately held by Nordic Capital since 2014. Quant has issued a Senior Bond (ISIN SE0010663260) and a Junior Bond (ISIN SE0010663278) and is listed on the Luxembourg Stock Exchange. For more information about the group, please visit www.quantservice.com.

This information is information that Quant is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CEST on 18 May 2022.

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https://news.cision.com/quant-ab/r/interim-report-january---march-2022,c3568933

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