Quant AB : Interim Report October - December 2019

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Quant AB

28 Feb, 2020, 07:43 GMT

STOCKHOLM, Feb. 28, 2020 /PRNewswire/ -- October-December

  • Net sales for the period decreased by 4.1% to EUR 50.3 (52.4) million. Organically, net sales decreased by 8.6%
  • During the quarter the contract portfolio developed positively. One contract was won, four contracts were renewed, and no contracts were lost, which on balance affected the contract portfolio positively. Portfolio run rate annualized net sales at the end of the quarter was EUR 187.0 million, compared to EUR 178.4 million during the third quarter of 2019
  • Operating profit amounted to EUR 0.8 million, compared to a loss of EUR -2.3 million prior year
  • Adjusted EBITDA increased to EUR 4.0 million from EUR 2.3 million prior year, excluding the effect of implementation of IFRS 16 Leases. Adjusted EBITDA with IFRS 16 implementation was EUR 5.0 million. Currency effects had a minor negative effect in the period
  • Cash flow from operating activities amounted to EUR -2.0 (-1.8) million, of which change in working capital amounted to EUR -5.2 (-0.7) million
  • Net profit amounted to EUR -0.4 million compared to a loss of EUR -3.8 million prior year
  • The Adjusted EBITDA for Discontinued operations was EUR -0.4 (-0.4) million and the net loss was EUR -0.4 (-1.7) million, which is not included in the reported numbers above
  • Group net loss for the quarter, including discontinued operations, was EUR -0.8 (-5.5) million

January-December

  • Net sales for the period increased by 10.6% to EUR 196.6 (177.8) million due primarily to the full year impact of the acquisition of Sataservice in August 2018. Organically, net sales decreased by 2.8%
  • Operating loss amounted to EUR -0.9 million, up from a loss of EUR -4.2 million prior year
  • Adjusted EBITDA increased to EUR 14.0 million from EUR 11.4 million prior year, excluding the effect of implementation of IFRS 16 Leases. In constant currency Adjusted EBITDA would have been EUR 14.4 million. Adjusted EBITDA with IFRS 16 implementation was EUR 18.3 million
  • Cash flow from operating activities amounted to EUR 8.4 (-5.7) million, of which change in working capital amounted to EUR 3.7 (-4.3) million
  • Net loss amounted to EUR -7.1 million compared to EUR -18.1 million prior year
  • The Adjusted EBITDA for Discontinued operations was EUR -2.1 (-1.1) million and the net loss was EUR -17.4 (-3.5) million, which is not included in the reported numbers above. Group net loss for the year, including discontinued operations, was EUR -24.5 (-21.5) million

Significant events during the quarter

  • On December 23rd, Quant announced the appointment of a new CEO, Tomas Rönn, who joined on February 1st, 2020
  • On the same date, Quant also announced an updated organizational structure for the Group, with Finland and Baltics carved out as a separate region, and Scandinavia merging with the remaining European countries to form a new region Europe. The segment financials will be restated to reflect this updated organization before the release of the first quarter report of 2020

Telephone conference

A telephone conference is held at 10:00 CET on March 3rd, 2020. Linda Höljö, CFO, will comment on the report. Details for participation by telephone are as follows:

Participants in Sweden: +46-8-505-218-06

Participants in Finland: +358-9-85626318

Participants in UK and Europe: +44-20-3321-5191

Conference ID: 136 897 809#

Stockholm, 28 February 2020

Quant AB (publ) 

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 2,400 people. The parent company is located in Stockholm, Sweden.

Quant AB (publ) is privately held by Nordic Capital since 2014. For additional 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 CET on 28 February 2020.

For further information, please contact:

Linda Höljö, CFO:
+46-72-507-40-85

André Strömgren, SVP
Transformation & Investor Relations:
+46-708-410-796
E-mail: ir@quantservice.com

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