Quant reaches agreement to settle Oji Fibre Solutions
Quant has reached an agreement with Oji Fibre Solutions (NZ) Limited to settle a dispute arising from a contract expiry in 2017. Under the terms of the agreement Quant New Zealand Limited will receive NZD 1.2 million (EUR 0.7 million) of contract termination redundancy cost and Oji Fibre Solutions (NZ) Limited revokes its NZD 8.4 million (EUR 5.1 million) claim on Quant New Zealand Limited.
During 2017 a maintenance contract between Oji Fibre Solutions (NZ) Limited (”Oji”) and Quant New Zealand Limited (”Quant NZ”) expired, which led to the redundancy of a large number of Quant NZ employees. Oji disputed part of the redundancy payments and withheld payment of NZD 2.7 million (EUR 1.6 million) of the total sum claimed by Quant NZ. In addition, Oji claimed NZD 8.4 million (EUR 5.1 million) as reimbursement of redundancy payments already made on the basis that redundancy cost should be for the account of Quant NZ.
Quant NZ and Oji have reached an agreement to settle the disputes. Under the terms of the agreement Quant NZ will receive NZD 1.2 million (EUR 0.7 million) for contract termination redundancy costs and Oji revokes its claim of NZD 8.4 million (EUR 5.1 million). The settlement will be completed during March 2019. The full settlement amount, net of legal expenses, will impact gross profit and cash flow for Quant during March 2019. The settlement will be recorded as a non-recurring item in Quant’s profit and loss statement.
Interim report January – December 2018
October – December
- Net sales for the period increased with 19.4% to EUR 57.1 (47.8) million due to the acquisition of Sataservice from August 2018, partly offset by unfavorable currency effects and loss of a few contracts. Net sales declined organically with 1.9% compared to prior year
- During the quarter three contracts were won, eight contracts were lost, and four contracts were renewed, which on balance affected the contract portfolio negatively. Portfolio run rate annualized net sales at the end of the quarter was EUR 205.5 (187.8) million
- Operating loss improved to EUR -3.8 million from EUR -4.2 million prior year
- Adjusted EBITDA decreased to EUR 1.9 million from EUR 3.9 million prior year. In constant currency adjusted EBITDA decrease to EUR 1.7 million
- Cash flow from operating activities amounted to EUR 3.9 (6.6) million. Change in net working capital was positive by EUR 6.1 (10.4) million
- Net loss increased to EUR -5.5 million from EUR -5.4 million prior year due to higher interest expenses partly offset by decreased operating loss
January – December
- Net sales for 2018 increased by 6.3% to EUR 197.7 (186.1) million due to the acquisition of Sataservice from August 2018, partly offset by negative currency effects and the loss of contracts. Net sales grew organically by 1.1%
- During 2018 nine contracts were won, twelve contracts were lost, seven contracts were renewed, one contract was divested and Sataservice’s contract portfolio was added, which on balance affected the contract portfolio positively with EUR 17.7 million, taking it to EUR 205.5 (187.8) million
- Operating loss was EUR -7.2 million, compared to EUR -5.9 million prior year
- Adjusted EBITDA for 2018 was EUR 10.4 million, down from EUR 12.9 million prior year. In constant currency adjusted EBITDA would have decreased to EUR 10.6 million.
- Cash flow from operating activities 2018 amounted to EUR -0.6 (1.5) million. Change in net working capital was positive by EUR 2.4 (4.6) million
- Net loss increased to EUR -21.6 million from EUR -9.4 million prior year due to higher interest expenses, other financial expenses relating to financing and acquisitions and foreign exchange losses
Quant AB (publ) publishes bond prospectus and applies for listing of its bonds on Luxembourg Stock Exchange
Quant AB (publ) publishes bond prospectus and applies for listing of its bonds on the EU regulated market of Luxembourg Stock Exchange. The company’s senior secured bond and the junior secured bond, together totaling EUR 120 million, will be admitted to trading today, 7 February 2019.
Quant AB (publ) appoints Johan Eriksson as new CEO
Quant AB (publ) announce the appointment of Mr. Johan Eriksson as its new CEO. Mr. Eriksson most recently served as CEO of Transcom Worldwide and will join Quant on 14 January 2019. Mr. Olof Sand, CEO, will leave Quant on 31 January 2019 to pursue other business interests, but maintains links to the company as…