Attendo Ab · OMXSTO:ATT
Attendo Ab — Q4 2021 Earnings Presentation
17 slides from Attendo Ab's earnings presentation, Feb 10, 2022
Slide 1: Q4 Report Presentation
Q4 REPORT PRESENTATION Martin Tivéus CEO / Fredrik Lagercrantz CFO 10 February 2022
Slide 2: Q4 highlights: solid organic growth, result pressured by high personnel costs
Q4 highlights: solid organic growth, result pressured by high personnel costs Skrivit några förslag på • Overall solid organic growth y/y due to bullets occupancy and price development • Price renegotiations in Finland for 2022 completed in line with our expectations • Continued solid customer inflo
Slide 3: Group highlights in Q4 2021
Group highlights in Q4 2021 Net Sales, growth1 Lease adjusted EBITA2, SEKm Adjusted Earnings Per Share, SEK 10% (5%org.) 65 (2.0%) 0.21 Q3/21: 10% Q4/20: 2% Q3/21: 208 (6.4%) Q4/20: 87 (2.8%) Q3/21: 0.83 Q4/20: 0.31 Quality Index Leverage (Lease adj ND/Lease adj EBITDA2) 89% 2.6x Q3/21: 90% Q4/20: 8
Slide 4: Scandinavia accounts for main part of new openings in 2021
Own operations: openings of new homes Scandinavia accounts for main part of new openings in 2021 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 (left
Slide 5: Balanced portfolio of new projects
Beds in operation and under construction Balanced portfolio of new projects No. of beds in operation (all homes)1 20,391 20,708 20,349 20,852 20,858 20,935 21,093 19,367 19,568 19,720 20,107 +4% 18,498 18,587 19,109 18,273 17,140 Own 14,042 Own 11,186 11,539 11,905 12,543 12,808 13,090 13,160 13,558
Slide 6: Higher occupancy due to better inflow and lower number of openings
Occupancy development by business area Higher occupancy due to better inflow and lower number of openings Occupancy in all homes1 95 90 86 85 84 84 83 83 84 82 82 83 83 82 82 82 81 81 81 80 80 80 -14 ppts 75 70 Total 5 Attendo Scandinavia Attendo Finland 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 7: Improvement in all vintages during Q4
Occupancy development for own openings by vintage Improvement in all vintages during Q4 Occupancy in own homes1 100 94 95 92 92 93 93 93 92 92 92 90 90 89 88 87 88 88 89 2016 and earlier 88 85 85 2017 80 81 2018 75 2019 70 71 2020 65 2021 60 55 50 45 40 40 35 30 25 20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 8: Margin slightly down as Corona-support fades out
Mature units: margin and net sales development Margin slightly down as Corona-support fades out Group reported R12 adjusted EBITA margin (IAS17) development % Mature, excl Mikeva 1 2 12 10.7% Mature, proportional OH 10.6% 10.6% 10.1% 9.7% 10 8.4% 8 8.8% 7.3% 7.0% 6.4% 6.5% 6.4% 6.7% 6.7% 7.8% 7.5% 6
Slide 9: P&L: Good organic growth but lower operating margin
P&L: Good organic growth but lower operating margin SEKm Q4 2021 Q4 2020 Change (%) Net sales 3,338 3,065 9 Organic, % 5.4 4.8 - Acquired, % 4.5 -2.5 - Currency, % -0.9 -1.9 - Lease adjusted operating profit (EBITA)1 65 87 -25 Lease adjusted operating margin (EBITA)1, % 2.0 2.8 - IFRS16 adjustment 1
Slide 10: Attendo Scandinavia Q4 2021: Continued improvement in customer inflow
Attendo Scandinavia Q4 2021 Continued improvement in customer inflow Solid rate of move-ins of new customers to nursing homes Net sales per service offering, Q4 2021 • Good organic growth due to improved customer inflow Social psychiatry • Total occupancy on 80% - still on a low level, impacted by t
Slide 11: Attendo Finland Q4 2021: Profit impacted by high sick leave on back of Omicron
Attendo Finland Q4 2021 Profit impacted by high sick leave on back of Omicron Good organic growth Net sales per service offering, Q4 2021 • Continued good organic growth due to more occupied beds in Other nursing homes, earlier price increases and acquisitions Disabled care • Slight increase in occu
Slide 12: Cash flow: free cash flow in line with last year
Cash flow: free cash flow in line with last year SEKm Q4 2021 Q4 2020 Operating profit (EBITA)1 172 193 Change in working capital, paid tax, non cash items and depreciation 436 369 Cash flow after changes in working capital 608 562 Net investments in tangible and intangible assets -48 -40 Operating
Slide 13: In 2021 we set new financial targets
In 2021 we set new financial targets: Profit target Dividend policy Capital structure >4 SEK 30% >3.75 The ambition is to achieve adjusted The target is to distribute 30 percent Adjusted net debt in relation to earnings per share of of the company’s adjusted profits as adjusted EBITDA should not exc
Slide 14: Update: Progress of key initiatives to reach financial targets 2023
Update; Progress of key initiatives to reach financial targets 2023 Area Progress • Finland: Improved occupancy trend. Strong outcome of price renegotiations for 1 2022, important to continue for 2023. Execute on turn-around & • Sweden: Sales rate normalizing post-covid, current sales runrate on tra
Slide 15: Key drivers for adjusted EPS growth to 2023
Key drivers for adjusted EPS growth to 2023* >4.00 M&A and capital structure Sweden Efficiency Finland Pricing 1.43 1.48 Growth all markets 2020 2021 Improved Structural price Improved efficiency Improved capital 2023 occupancy and increases above as a consequence structure or M&A other growth expec
Slide 16: Summary
Summary • Solid organic growth • Continued solid customer inflow and occupancy development in Scandinavia • Sales and personnel costs impacted by high sick leave numbers on the back of Omicron. Although high transmission, few customers seriously ill • Expecting negative impact on personnel costs als
Slide 17: Thank you
Thank you