Quant AB: Interim Report January - March 2020

STOCKHOLM, May 29, 2020 /PRNewswire/ -- January-March

Net sales for the period decreased by 11.6% to EUR 43.6 (49.3) million. Organically, net sales decreased by 9.6%

During the quarter, the contract portfolio developed negatively. Four contracts were renewed, no contract was won and seven contracts were lost or exited. Portfolio run rate annualized net sales at the end of the quarter was EUR 175.1 million, compared to EUR 187.0 million during the fourth quarter of 2019

Operating loss amounted to EUR -1.7 million, compared to a loss of EUR -1.4 million prior year

Adjusted EBITDA decreased to EUR 1.1 million from EUR 3.2 million prior year, excluding the effect of implementation of IFRS 16 Leases. In constant currencies, Adjusted EBITDA was EUR 1.2 million. Currency fluctuations also had a significant impact on revaluations of internal receivables and payables, impacting Adjusted EBITDA by EUR -1.5 million (0.4). Adjusted EBITDA with IFRS 16 implementation was EUR 2.1 (4.4) million

Cash flow from operating activities amounted to EUR -0.4 (1.0) million, of which change in working capital amounted to EUR -0.9 (1.2) million

Net loss amounted to EUR -9.2 million compared to a loss of EUR -2.2 million prior year

The Adjusted EBITDA for Discontinued operations was EUR -0.6 (-0.5) million and the net loss was EUR -0.8 (-0.1) million, which is not included in the reported numbers above

Group net loss for the quarter, including discontinued operations, was EUR -10.0 (-2.3) million

Significant events during the quarter

On January 1st, a new organizational structure was launched for Quant, with Finland and Baltics split out as a separate region, and Scandinavia merging with the rest of the European countries forming a new region Europe. The segment reporting has been updated to reflect the new organizational structure, and the restated 2019 quarterly numbers are shown on page 8 in this report

In January 2020, the world received information about a new virus, COVID-19, spreading in China. Since then, the virus has spread across the globe infecting populations and causing many fatalities. At Quant, the health and safety of our employees and partners is our first priority. The general global slowdown that is resulting from the measures taken to stop the COVID-19 pandemic are also affecting some of our customer segments. As of yet, the impact for Quant remains limited, although the general slowdown, and the increased uncertainty in the market, may impact Quant's possibility to sell new contracts in the near future

Telephone conferenceA telephone conference where management comment on the report is held at 13:00 CET on June 2nd, 2020. Details for participation by telephone are found ahead of the call on, 29 May 2020
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