STOCKHOLM, Aug. 26, 2022 /PRNewswire/ — Quant releases the interim report for April – June 2022.
- Net sales for the quarter improved to EUR 43.6 (40.5) million. Organically, net sales increased by 6.0%
- During the quarter the contract portfolio value increased by net EUR 12.0 million. One contract was won, four contracts were renewed, and two contracts were lost. Portfolio run rate annualized net sales at the end of the quarter was EUR 188.8 million, compared to EUR 176.8 million at the end of the first quarter of 2022
- Operating loss for the quarter improved compared to prior year and amounted to EUR -0.2 (-1.4) million
- Adjusted EBITDA amounted to EUR 0.8 million compared to EUR 1.3 million prior year, excluding the effect of implementation of IFRS 16 Leases. In constant currencies, Adjusted EBITDA for the quarter was EUR 0.8 (1.3) million. Adjusted EBITDA with IFRS 16 implementation was EUR 1.4 (2.0) million
- Cash flow from operating activities amounted to EUR -0.5 (1.9) million, of which change in working capital amounted to EUR -0.2 (2.0) million
- Net loss for the continuing business amounted to EUR -5.8 million compared to a loss of EUR -3.6 million prior year
- The Adjusted EBITDA for Discontinued operations was EUR -0.1 (-0.2) million and the net loss was EUR -0.1 (-0.5) million, which is not included in the reported numbers above
- Group net loss for the quarter, including discontinued operations, was EUR -5.9 (-4.0) million
- Net sales for the period amounted to EUR 84.4 (81.3) million. Organically, net sales increased by 2.9%
- Operating profit amounted to EUR 1.2 million, compared to EUR -1.2 million prior year
- Adjusted EBITDA amounted to EUR 3.2 million compared to EUR 3.9 million prior year, excluding the effect of implementation of IFRS 16 Leases. In constant currencies, Adjusted EBITDA for the period was EUR 3.3 (3.9) million. Adjusted EBITDA with IFRS 16 implementation was EUR 4.4 (5.3) million
- Cash flow from operating activities amounted to EUR 2.3 (-0.7) million, of which change in working capital amounted to EUR 3.0 (-1.3) million
- Net loss for the continuing business amounted to EUR -5.0 million compared to a loss of EUR -5.6 million prior year
- The Adjusted EBITDA for Discontinued operations was EUR -0.2 (-0.9) million and the net loss was EUR -0.2 (-7.4) million, which is not included in the reported numbers above
- Group net loss for the period, including discontinued operations, was EUR -5.2 (-13.0) million
Significant events during the quarter
On 16 June 2022 it was announced that the final amendments to Quant’s Senior Bonds became effective, following the approval of the written procedure initiated pursuant to a notice of written procedure dated 24 March 2022 in respect of its up to EUR 120 million Senior Secured Floating Rate Bonds. The conditions precedent to the effectiveness of the Final Proposals relating to the terms and conditions were satisfied and became effective as of 16 June 2022.
On 16 June 2022 it was announced that Permira Credit acquired a majority shareholding in Quant from Nordic Capital, who remains a minority shareholder, as contemplated in the notice of written procedure dated 24 March 2022 in respect of Quant’s up to EUR 120 million Senior Secured Floating Rate Bonds.
On 22 June 2022 it was announced that Quant Brazil signed a maintenance service contract with an international mining company. The estimated contract revenue totals BRL 72 million (EUR 13 million) per year for two years and Quant’s contract portfolio value is increased with EUR 13 million.
Significant events after the end of the quarter
On 29 July 2022 it was announced that Quant Chile signed a ten-year total maintenance partnership contract with Arauco, a global manufacturer of forest products. The contract encompasses two mills, Licancel and Constitucion, and the contact scope includes maintenance execution, subcontracted services and shutdowns. In Quant’s interim report for the third quarter of 2022, the contract portfolio value will be increased by EUR 30 million, which is an estimate of the average yearly revenue for the first years of the contract.
A telephone conference where management comment on the report is held at 10:00 CEST on August 26, 2022. Details for participation by telephone are found ahead of the call on www.quantservice.com/investor
Stockholm, 26 August 2022
Quant AB (publ)
For further information, please contact:
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 2,700 people. The parent company is located in Stockholm, Sweden. 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 and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CEST on 26 August 2022.
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The following files are available for download:
Quant Interim Report Q2 2022