Attendo Ab · OMXSTO:ATT
Attendo Ab — Q2 2022 Earnings Presentation
12 slides from Attendo Ab's earnings presentation, Jul 21, 2022
Slide 1: Q2 Report Presentation
Q2 REPORT PRESENTATION Martin Tivéus CEO / Fredrik Lagercrantz CFO 21 July 2022
Slide 2: Q2 highlights: Strong organic growth but weak Q2 result due to challenges in Finland
Q2 highlights: Strong organic growth, improved long Skrivit några förslag på term conditions but weak Q2 result due bullets to challenges in Finland • Scandinavia showed strong sales development and stable underlying result • Profits in Finland declined SEK 75m YoY as a result of increased staff req
Slide 3: Group highlights in Q2 2022
Group highlights in Q2 2022 Net Sales, growth1 Lease adjusted EBITA, SEKm Adjusted Earnings Per Share, SEK 9% (7%org.) -11 (-0.3%) -0.14 Q1/22: 11% Q2/21: 6% Q1/22: 31 (0.9%) Q2/21: 53 (1.7%) Q1/22: 0.09 Q2/21: 0.19 Quality Index Leverage (Lease adj ND/Lease adj EBITDA) 89% 3.2x Q1/22: 92% Q2/21: 89
Slide 4: Low number of openings in 2022 will support occupancy in H2
Own operations: openings of new homes Low number of openings in 2022 will support occupancy in H2 No. of opened beds in own operation1 , by quarter and rolling 12 months 2,000 3,000 Openings R12 (right axis) Openings by quarter Attendo Finland (left axis) Openings by quarter Attendo Scandinavia (lef
Slide 5: Strong top-line growth but margin pressure remains
Margin and net sales development Strong top-line growth but margin pressure remains R12 Net sales, SEK Billion 13.3 13.6 14 12.6 12.9 11.9 12.2 12.3 12.3 12.3 12.2 12.3 11.2 11.5 11.7 12 11.0 10 8 6.8 7.1 7.3 6.4 6.3 6.3 6.3 6.3 6.4 6.3 6.5 6.7 6.1 6.3 6.3 6 6.0 6.1 6.0 5.9 5.9 6.0 6.2 6.3 5.4 5.6 5
Slide 6: Continued progress in Scandinavia, Finland in line with Q1
Occupancy development by business area Continued progress in Scandinavia, Finland in line with Q1 Occupancy in all homes1 Total Attendo Scandinavia Attendo Finland Occupancy 95 development Finland: • Shortage of personnel 90 • On-going contract re- negotiations, some contracts cancelled 85 84 84 85
Slide 7: P&L: High organic growth but weak operating profit
P&L: High organic growth but weak operating profit SEKm Q2 2022 Q2 2021 Change (%) Net sales 3,546 3,207 11 Organic, % 6.7 4.8 - Acquired, % 1.9 1.2 - Currency, % 2.0 -2.9 - Lease adjusted operating profit (EBITA) -11 53 n/a Lease adjusted operating margin (EBITA), % -0.3 1.7 - IFRS16 adjustment 117
Slide 8: Attendo Scandinavia Q2 2022: Continued good customer inflow
Attendo Scandinavia Q2 2022 Continued good customer inflow Solid move in rate of new customers to nursing homes Net sales per service offering, Q2 2022 • Good organic growth due to strong customer inflow Social psychiatry • Total occupancy of 82% - still on a low level, impacted by the Individual an
Slide 9: Attendo Finland Q2 2022: High personnel costs, but positive indications for next year
Attendo Finland Q2 2022 High personnel costs, but positive indications for next year High organic growth Net sales per service offering, Q2 2022 • High organic growth due to price increases Other • Close-down of a number of homes Disabled care 7% 10% Price increases more than offset by personnel cos
Slide 10: Cash flow: higher free cash flow due to change in working capital
Cash flow: higher free cash flow due to change in working capital SEKm Q2 2022 Q2 2021 Operating profit (EBITA) 106 162 Change in working capital, paid tax, non cash items and depreciation 528 345 Cash flow after changes in working capital 634 507 Net investments in tangible and intangible assets -5
Slide 11: Summary
Summary • High organic growth driven by solid customer inflow in Scandinavia • Short-term, we expect challenges in Finland to remain, while we are working intensively to improve the situation • Positive progress in price negotiations in Finland for 2023 and a recently announced regulatory ease has i
Slide 12: Thank you
Thank you