Interim report January - March 2021
STOCKHOLM, May 21, 2021 /PRNewswire/ -- January-March
- Net sales for the period decreased by 2.1% to EUR 40.9 (41.7) million. Organically, net sales decreased by 1.2%
- During the quarter, the contract portfolio developed positively. Three contracts were won, one contract was renewed, and no contracts were lost. Portfolio run rate annualized net sales at the end of the quarter was EUR 155.8 million, compared to EUR 140.5 million at the end of 2020
- Operating profit amounted to EUR 0.2 million, compared to a loss of EUR 1.6. million prior year
- Adjusted EBITDA increased to EUR 2.6 million from EUR 1.2 million prior year, excluding the effect of implementation of IFRS 16 Leases. The improvement in profitability is explained by large currency fluctuations in 2020, which had a significant impact on revaluations of internal receivables and payables, improved profitability for contracts in region Americas, and the start of new contracts. In constant currencies, Adjusted EBITDA for the quarter was EUR 2.7 (1.2) million. Adjusted EBITDA with IFRS 16 implementation was EUR 3.3 (2.2) million
- Cash flow from operating activities amounted to EUR -2.6 (-0.8) million, of which change in working capital amounted to EUR 3.3 (-1.5) million
- Net loss for the continuing business amounted to EUR -2 million compared to a loss of EUR -8.9. million prior year
- The Adjusted EBITDA for Discontinued operations was EUR -0.7 (-0.8) million and the net loss was EUR -6.9 (-1.1) million, which is not included in the reported numbers above
- Group net loss for the quarter, including discontinued operations, was EUR -9.0 (-10) million
Significant events during the quarter
- On 1 January 2021, Quant's organizational structure was changed. United Arab Emirates, previously reported in segment Rest of World, is now included in segment Europe. Quant has taken the decision to exit China, therefore China, previously reported under segment Rest of World, is reported in segment Other and reported as discontinued operations. The segment reporting has been updated to reflect the change in organizational structure, and the restated 2020 quarterly numbers are shown on page 9 in this report
- On 29 March 2021 it was announced that Quant has signed a six-year maintenance service contract with Exalmar, a leading company in the fishing industry in Peru, for maintenance execution at multiple plants dedicated to the production of fishmeal and fish oil for indirect human consumption. During the first year of the contract, starting 1 December 2020, Quant will review the current maintenance operations and prepare for full responsibility for maintenance execution. Starting 2022, Quant will be fully responsible for maintenance execution. The contract increased Quant's contract portfolio by EUR 12 million
Telephone conference
A telephone conference where management comment on the report is held at 10:00 CET on May 21st, 2021. Details for participation by telephone are found ahead of the call on www.quantservice.com/investor
Stockholm, 21 May 2021
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: [email protected]
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. 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 21 May 2021.
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