Attendo Ab · OMXSTO:ATT
Attendo Ab — Q1 2023 Earnings Presentation
16 slides from Attendo Ab's earnings presentation, Apr 26, 2023
Slide 1: Q1 Report Presentation
Q1 REPORT PRESENTATION Martin Tivéus CEO / Fredrik Lagercrantz CFO 26 April 2023
Slide 2: Clear improvement in Finland
Net sales and EBITA (SEKm) Q1 highlights: Q1 2022 Q1 2023 Clear improvement in Finland +16% +85 4,044 116 3,482 • Strong growth (+16%) driven by organic growth, currency and M&A 31 • Profit improvement of SEK 85m, mainly due to higher prices in Net sales Lease adjusted EBITA Finland Adjusted EPS, r1
Slide 3: Sustainable care: Improved customer satisfaction in Q1
Sustainable care: Improved customer satisfaction in Q1 Key KPI’s reported also in quarterly communication Focus area Ambition Q1 Highlights: Create wellbeing and meaning in day-to-day life Quality of life and be a leader in customer satisfaction. • Improved customer and employee satisfaction Make re
Slide 4: Occupancy development by business area
Occupancy development by business area Occupancy in all homes1 Total Attendo Scandinavia Attendo Finland 95 90 86 85 84 84 85 85 83 83 84 82 83 83 84 84 82 82 82 82 81 81 81 80 80 75 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2019 2020 2021 2022 2023 1. All own and outsour
Slide 5: Margin and net sales development
Margin and net sales development Strong top-line growth and margin recovery from historically low level R12 Net sales, SEK Billion 16 14.5 15.1 13.6 14.0 14 12.9 13.3 12.2 12.3 12.3 12.3 12.2 12.3 12.6 11.5 11.7 11.9 12 11.0 11.2 10 8.4 7.6 7.9 8 6.8 7.1 7.3 6.4 6.3 6.3 6.3 6.3 6.4 6.3 6.1 6.5 6.7 6
Slide 6: Sales development: high organic growth due to price adjustments and more sold beds
Sales development: high organic growth due to price adjustments and more sold beds Net sales; SEK million 16% 4,044 153 100 247 3,482 61 Q1 2022 AS - organic AF - organic Acquisitions Currency Q1 2023 6
Slide 7: EBITA development: turnaround in Finland
EBITA development: turnaround in Finland Reported EBITA, SEK million 70% 9 241 -1 9 86 125 142 -5 111 116 31 Q1 2022 AS - lease AF - lease Other IFRS16 effect Currency Q1 2023 adjusted adjusted IFRS16 effect Lease adjusted 7
Slide 8: Attendo Scandinavia Q1 2023: Good growth due to more sold beds
Attendo Scandinavia Q1 2023 Good growth due to more sold beds Net sales per service offering, Q1 2023 Sales higher due more sold beds • Good organic growth due to more sold beds Individual and family care Social psychiatry 5% • Total occupancy of 86% (81%) Disabled care 14% 2% Result in line with la
Slide 9: Attendo Finland Q1 2023: Large improvement
Attendo Finland Q1 2023 Large improvement High organic growth Net sales per service offering, Q1 2023 • High organic growth due to price increases from year-end Other • Impact of price adjustments ~12% of sales 10% Disabled care • Slightly higher occupancy 9% Social psychiatry 11% Significant profit
Slide 10: Cash flow: Improved profit while negative working capital
Cash flow: Improved profit while negative working capital SEKm Q1 2023 Q1 2022 R12 Operating profit (EBITA) 241 142 773 Change in working capital, paid tax, non cash items and depreciation 297 405 1,211 Cash flow after changes in working capital 538 547 1,984 Net investments in tangible and intangib
Slide 11: Improved adjusted EPS and lower leverage
Improved adjusted EPS and lower leverage Development of the finance net by quarter; MSEK Development of the tax rate; Percent Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 FY 2021 FY 2022 Q1 2023 7 4% 16 10 20 27 -22% -21% -27% -25% 159 160 169 170 190 -43% Reported Excluding IFRS16 Reported tax rate Tax
Slide 12: Turn-around visible in EBITA & adjusted EPS while not yet in cash flow
Turn-around visible in EBITA & adjusted EPS while not yet in cash flow Lease adjusted EBITA; R12; MSEK Adjusted EPS; R12; SEK Free cash flow; R12; MSEK 600 5.0 600 550 4.5 550 500 500 4.0 450 450 3.5 400 400 3.0 350 350 284 300 300 2.5 250 250 2.0 200 200 150 1.5 150 1.03 100 1.0 100 50 50 0.5 0 -25
Slide 13: Good progress in the turnaround program and path towards adjusted EPS target of SEK 4
We see good progress in the turnaround program and the path towards adjusted EPS target of SEK 4 per share 1 • Finland: New prices for 2023 negotiated. Stabilized occupancy trend Execute on turn-around & • Sweden: Sales rate normalizing post-covid. Ambition to increase occupancy 2023 recover post pa
Slide 14: Steps to reach adjusted EPS of > SEK 4 in run-rate
Steps to reach adjusted EPS of > SEK 4 kronor in run-rate (~SEK 950m in lease adjusted EBITA) Higher occupancy Increased market Lower leverage (volume and rates, partially allowing for M&A efficiency) offset by offset by or improved pricing lagging normalized tax rate capital allocation Largely driv
Slide 15: Summary
Summary • High organic growth driven by higher prices and more sold beds • Profit improvement from Finland due to impact from turnaround plan • Positive outlook for the year and additional improvements in Q2 in Finland • Expect to reach mid-term EPS* target of 4 SEK with a few quarters delay *adjust
Slide 16: Thank you
Thank you