2013 financial year results announced: Group revenues increase by 14%

In the first months of 2014, Norlandia Care Group AS made its first acquisitions in the Netherlands and in Finland with purchases of preschool operators in these markets. The Group managed a topline growth of 14% in 2013 with activities in the areas preschools, patient hotels and elderly care.  The increase is driven by acquisition and organic growth.

“I am pleased to report significant momentum in our growth in the first months of 2014.  This adds to the major accomplishments of our organization in 2013,” said Hilde Britt Mellbye, CEO of Norlandia Care Group AS. Group revenue increased to 1,417 MNOK (million Norwegian Kroner) in 2013 from 1,245 MNOK in 2012. Pre-tax profits for the Group in 2013 were 64 MNOK, with an EBITDA of 100 MNOK. Profits from operations, adjusted for other operating income, were at the same level as in 2012. The sale of real estate associated with preschool operations during 2012 and 2013 has increased external rent costs and decreased operation margins at the preschool division. Correspondingly, the sale has reduced external loans and finance expenses. At the close of 2013, the company had slightly more than 3,000 employees. Today, the company has a total of over 3,500 employees.

The group has annualized revenues of 1,900 MNOK based on its current business operations and known revenue streams from operations soon to commence. 2014 margins are expected to be at 2013 levels.

The following were the most important events of 2013:

  • We opened Årstaviken patient hotel at Søder hospital, Stockholm
  • Opening of Skoggata in Moss, Norway, a home for independent living of the elderly
  • Start of operations at Gullhaug nursing home in Bærum, Norway
  • Start of operations at Tåsenhjemmet nursing home in Oslo
  • Growth in the number of preschools in Norway and Sweden from 62 to 72
  • Launch of 500 MNOK bond financing

Some exciting events have already transpired in the early months of 2014:

  • We acquired Kindex, a company with 9 preschools outside of the Hague in the Netherlands
  • We acquired 59% of the shares in Tenava, the largest preschool operator in Finland with 30 units, with an option to purchase the remainder shares by 2017
  • We have acquired a total of 7 preschools in Sweden and 1 in Norway
  • We won tender process conducted by the city of Oslo to operate 3 preschools
  • We won 2 tenders in the elderly care market in Sweden: 1 continuation (Tapiren in Kristinehamn) and 1 new contract (Augustendal in Vallentuna outside of Stockholm)
  • We received our ISO certification in Norway

The company continues to be controlled by its found­ers from Northern Norway: Hospitality Invest AS (Kristian Adolfsen, Roger Adolfsen), Benn Eidissen and Even Carlsen each control 64, 18, and 18 percent, respectively.


Media contact: Hilde Britt Mellbye, CEO, +47 997 16 617

20.05.2014 09:13