Strong quarter with growing demand.
A look back on the third quarter confirms that occupancy and demand in elderly care in Sweden is continuing to rise. We can also see how social challenges such as demographic shifts, a lack of care placements and mental illness are once again becoming evident.
How society will be affected in the long term by this difficult period we have experienced is anybody's guess, but we are now seeing some consequences with impact on Ambea's operational areas. Mental health problems have increased in the community, while the expansion of new nursing homes has not kept pace with the demographic shift. These challenges have existed for some time but are once again becoming evident. Ambea has a high level of expertise and experience in social care and elderly care, and we are ready to help the society with this important task.
In the third quarter, Ambea's net sales rose 7 per cent to SEK 2,912 (2,732) million. This trend was attributable to increased occupancy in Vardaga, acquisitions and contracts won in Altiden. Adjusted EBITA, rose 8 per cent to SEK 344 (319) million.
In Altiden in Denmark, the integration of EKKOfonden is ongoing, and creating a leading position for Altiden in social care. In the third quarter, sales rose 57 per cent due to the acquisition and contracts won.
In the years to come, Ambea will undoubtedly play a very important role in ensuring that society can provide enough care for everyone. Together with our clients, we will continue our efforts to ensure that all people have access to effective, personalised and high-quality care.
Highlights of the third quarter 2021:
- Net sales rose 7 per cent to SEK 2,912 million (2,732)
- Operating profit (EBIT) totalled SEK 316 million (264)
- EBITA rose 18 per cent to SEK 344 million (291), corresponding to a margin of 11.8 per cent (10.7)
- Adjusted EBITA, which excludes items affecting comparability, rose 8 per cent to SEK 344 million (319)
- The adjusted EBITA margin was 11.8 per cent (11.7)
- Profit for the period totalled SEK 190 million (152)
- Earnings per share were SEK 2.01 (1.61) before and after dilution.
- Free cash flow totalled SEK 186 million (274).
Ambea will host a telephone conference at 10:00 (CET) today. The presentation will be held in English and also available as webcast on www.ambea.com or direct link: https://edge.media-server.com/mmc/p/5xt39jum
To ensure that you are connected to the conference call, please dial in at least ten minutes before the start of the conference call to register your attendance. Code for registration: 5381787.
Sweden: +46 (0)8 50 69 21 80
United Kingdom: +44 (0)20 71 92 80 00
United States: +1 63 15 10 74 95
The quarterly earnings report and associated presentation will be available on www.ambea.com
This disclosure contains information that Ambea is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 04-11-2021 07:00 CET.
For more information, contact:
Benno Eliasson, CFO
Ambea press contact
Telephone: +46 (0)10 33 00 501
Ambea is the market leading care provider in Sweden, Norway and Denmark respectively, with over 900 care units and around 26,000 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. The company was founded in 1996 and its head office is located in Solna, Sweden. Ambea is listed on Nasdaq Stockholm.
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