Ambea interim report January-June 2017
”During the second quarter, we experienced a favourable increase in net sales. The operating profit, EBITA, which increased by 15 per cent (including repaid pension premiums), was positively impacted by start-ups and acquisitions, whilst the contract management operations, the temporary closure of assisted living units pending permits and the effect of the Easter holiday had a negative impact.
The growth in net sales of 7 per cent was driven by increased sales under own management, while the contract management operations declined compared with the year-earlier period. The share of total sales under own management amounted to 64 per cent (59) compared with the year-earlier period, an increase attributable to minor acquisitions and start-up units. Our staffing operations also continued to grow with improved profitabaility.
The future organic growth of our operations under own management was strengthened during the quarter through the addition of 243 new, signed and commenced beds/placements, giving Ambea a record-breaking pipeline of 844 beds/ placements at the end of the quarter. Following the IPO on 31 March, we resumed our acquisition activity, which resulted in the acquisition of the LSS company Resursteamet as well as a minor acquisition in Norway after the end of the quarter”.
Highlights of the second quarter:
- Net sales rose 7 per cent to SEK 1,442 million (1,352)
- Adjusted EBITA, excluding items affecting comparability totalling SEK -6 million (-29), increased 15 per cent to SEK 110 million (96). The adjusted EBITA margin was 7.6 per cent (7.1)
- EBITA and adjusted EBITA were impacted positively in an amount of SEK 18 million attributable to a repayment of previously paid pension premiums
- Profit for the period amounted to SEK 20 million (13)
- Earnings per share before and after dilution totalled SEK 0.3 (0.2)
- Operating cash flow amounted to SEK 118 million (80)
- Free cash flow totalled SEK 80 million (58)
- 243 new signed/commenced beds/placements in the quarter adds up to a total of 844 at the end of the quarter
Ambea will host a presentation with the possibility to attend through a telephone conference at 10:00 (CET) today. The presentation will be held in English and will also be available as webcast on: http://edge.media-server.com/m/p/asztjnii
To ensure that you are connected to the conference call, please dial in a few minutes before the conference call to register your attendance by stating “Ambea”.
Sweden: +46 (0) 8 5065 3936
UK: +44 (0) 20 3427 1906
US: +1 212 444 0896
The interim report, presentation and other material are available on www.ambea.com
For more information, contact:
Louise Tjeder, Head of IR and Strategy
Telefon: +46 731 43 17 68
Nanna Wedar, Director Communictations
Telefon: +46 70 166 58 88
This information is information that Ambea AB (publ.) 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 persons set out above, at 07:00 CET on August 17, 2017.
Ambea, is present in care services, and has approximately 14,000 employees. We offer services in disabled care, individual and family care, and elderly care with a focus on residential care and own management. We aim to be the quality leader in all that we do and our vision is to make the world a better place, one person at a time. At the end of the second quarter of 2017, Ambea had approximately 6,200 beds and 2,000 school and daily operation placements at around 500 units in Sweden and Norway. Total revenue and adjusted EBITA for the 2016 financial year amounted to SEK 5,409 million and SEK 456 million, respectively. The company was founded in 1996, is headquartered in Solna and is listed on Nasdaq Stockholm.