Ambea interim report January-September 2017

CEO comment:

”In the third quarter, we continued to see positive results from our strategy, which is to grow the number of our Own Management units both by opening new residential care units and through acquisitions. During the quarter, we opened two new LSS residential care units in Sweden one new unit in Norway, and completed one acquisition in each market. Our organic growth in Norway is proceeding well, but the weak tender market in Sweden and the supported living units that were closed down – and for which we are still awaiting permits – are posing a challenge.

Net sales for the quarter amounted to SEK 1,488 million (1,376) and adjusted EBITA, excluding items affecting comparability, rose 4 per cent to SEK 184 million (177).

Sales growth of 8 per cent was driven by growth in Own Management which, in turn, was attributable to acquisitions and start-up units. In the third quarter, the Contract Management market continued to weaken due to few new tendering processes while interest in Own Management remained high. We saw a favourable trend in staffing operations during the quarter, with positive contributions to sales growth by Rent a Nurse and Careteam, in particular”.

Highlights of the third quarter:

  • Net sales rose 8 per cent to SEK 1,488 million (1,376)
  • Operating profit (EBIT) increased to SEK 169 million (145)
  • EBITA increased 12 per cent to SEK 184 million (164), corresponding to a margin of 12.4 per cent (11.9)
  • Adjusted EBITA, excluding items affecting comparability of SEK 0 million (-13), increased 4 per cent to SEK 184 million (177). The adjusted EBITA margin was 12.4 per cent (12.9)
  • Profit for the period was SEK 119 million (87)
  • Earnings per share before and after dilution totalled SEK 1.75 (1.34)
  • Operating cash flow amounted to SEK 57 million (102)
  • Free cash flow totaled SEK 49 million (98)

Telephone conference:

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: https://edge.media-server.com/m6/p/qh3p7x6p

Dial-in information:

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”.

Sverige:                              +46 (0) 8 5065 3938
Storbritannien:                    +44 (0) 20 3427 1904 
USA:                                   +1646 254 3361

The interim report, presentation and other material are available on www.ambea.com

For more information, contact:

Louise Tjeder, Director IR and Strategy
Telephone: +46 731 43 17 68

E-mail: louise.tjeder@ambea.se

Nanna Wedar, Communications Director
Telephone: +46 70 166 58 88

E-mail: nanna.wedar@ambea.se

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, on November 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. As of December 31, 2016, Ambea had approximately 6,200 beds and 1,300 school-/daily activity-placements in around 460 units across 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.