Ambea Year-end report 2017
”During 2017, we increased our Own Management units through acquisitions and start-ups and expanded our operations in Norway, which generated favourable growth and profitability. We built up a strong Own Management pipeline ahead of the coming year, which will contribute to organic growth. Ambea’s focus on customer satisfaction and quality generated tangible results, in part through a number of quality awards.
Net sales rose in the fourth quarter to SEK 1,464 million (1,410). The share of net sales in Own Management was 65 per cent (60). Adjusted EBITA, excluding items affecting comparability, decreased 18 per cent to SEK 92 million (112).
Our profit performance in 2017 was favourable, mainly as a result of our increased share of Own Management units. Operating profit declined in the fourth quarter compared to the same period a year ago, primarily due to the termination of a number of management contracts, and to start-up and acquisition-related costs. The two biggest segments have improved profitability compared to the same quarter a year ago”.
Highlights of the fourth quarter:
- Net sales rose 4 per cent to SEK 1,464 million (1,410)
- Operating profit (EBIT) increased to SEK 70 million (49)
- EBITA increased 28 per cent to SEK 86 million (67), corresponding to a margin of 5.9 per cent (4.8)
- Adjusted EBITA, excluding items affecting comparability, decreased 18 per cent to SEK 92 million (112). The adjusted EBITA margin was 6.3 per cent (7.9)
- Items affecting comparability in the quarter amounted to SEK -6 million (-45), comprising a capital loss of SEK 23 million from the divestment of personal assistance operations and SEK 17 million received in compensation for damages from Vitale’s former owner.
- Profit for the period was SEK 54 million (6)
- Earnings per share amounted to SEK 0.80 (0.10) before and SEK 0.79 (0.10) after dilution
- Operating cash flow amounted to SEK 204 million (125)
- Free cash flow totalled SEK 179 million (79)
- High acquisition activity in the quarter with two acquisitions completed in Norway and one in Sweden
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/dkzhfjsm
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 5033 6574
UK: +44 (0) 330 336 9105
US: +1 323 794 2551
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
Ambea press contact
Telephone: +46 10 33 00 501
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 February 21, 2018.
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. Total revenue and adjusted EBITA for the 2017 financial year amounted to SEK 5,816 million and SEK 498 million. The company was founded in 1996 and its head office is located in Solna, Sweden. Ambea is listed on Nasdaq Stockholm.