Attendo Ab · OMXSTO:ATT
Attendo Ab — Q3 2021 Earnings Presentation
15 slides from Attendo Ab's earnings presentation, Oct 26, 2021
Slide 1: Q3 Report Presentation
Q3 REPORT PRESENTATION Martin Tivéus CEO / Fredrik Lagercrantz CFO 26 October 2021
Slide 2: Update; Progress of key initiatives to reach financial targets 2023
Update; Progress of key initiatives to reach financial targets 2023 Area Progress 1 • Finland: Improved occupancy trend and price renegotiations ongoing Execute on turn-around & • Sweden: Sales rate normalizing post-covid, expected to continue recover Covid impact • R12 growth in sales and margins.
Slide 3: Q3 highlights: solid organic growth
Q3 highlights: solid organic growth • Overall profit improvement y/y due to development in Scandinavia • Customer inflow in Scandinavia normalized • Sales and cost in Finland impacted by lack of summer substitutes • Lower corona impact y/y and sequentially. For Q4 onwards very limited public reimbur
Slide 4: Group highlights in Q3 2021
Group highlights in Q3 2021 Net Sales, growth1 Lease adjusted EBITA2, SEKm Adjusted Earnings Per Share, SEK 10% (6%org.) 208 (6.4%) 0.83 Q2/21: 6% Q3/20: 1% Q2/21: 53 (1.7%) Q3/20: 162 (5.4%) Q2/21: 0.19 Q3/20: 0.64 Quality Index Leverage (Lease adj ND/Lease adj EBITDA2) 90% 2.8x Q2/21: 89% Q3/20: 8
Slide 5: Many openings in Scandinavia recent year
Own operations: openings of new homes Many openings in Scandinavia recent year 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 axis) 2,500 1,500
Slide 6: 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 19,367 19,568 19,720 20,107 18,498 18,587 19,109 +4% 18,273 17,140 Own Own 11,186 11,539 11,905 12,543 12,808 13,090 13,160 13,558 13,767 13,615
Slide 7: Scandinavia increasing, Finland stable due to summer effect
Occupancy development by business area Scandinavia increasing, Finland stable due to summer effect Occupancy in all homes1 95 Total 90 Attendo Scandinavia Attendo Finland 85 84 84 85 83 83 82 82 82 83 82 82 81 81 83 81 80 80 78 75 70 5 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018 2019 2020 20
Slide 8: Improvement hampered by summer effect in Finland
Occupancy development for own openings by vintage Improvement hampered by summer effect in Finland Occupancy in own homes1 100 94 95 92 92 93 93 93 92 92 92 90 90 89 88 87 88 88 2016 and earlier 85 86 2017 85 80 80 2018 75 2019 70 2020 65 64 2021 60 55 50 45 40 35 30 27 25 20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 9: Second quarter with positive development in both margin and net sales
Mature units: margin and net sales development Second quarter with positive development in both margin and net sales 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%
Slide 10: P&L: Solid organic growth and higher EBITA
P&L: Solid organic growth and higher EBITA1 SEKm Q3 2021 Q3 2020 Change (%) Net sales 3,260 2,983 9 Organic, % 5.6 3.0 - Acquired, % 4.6 -2.4 - Currency, % -1.0 -1.6 - Lease adjusted operating profit (EBITA)1 208 162 28 Lease adjusted operating margin (EBITA)1, % 6.4 5.4 - IFRS16 adjustment 111 107
Slide 11: Attendo Scandinavia Q3 2021: Recovering from Covid impact
Attendo Scandinavia Q3 2021 Recovering from Covid impact High rate of move-ins of new customers to nursing homes Net sales per service offering, Q3 2021 • Higher organic growth due to improved customer inflow Social psychiatry • Total occupancy on 78% - still on a low level, impacted by the Individu
Slide 12: Attendo Finland Q3 2021: Executing on the turn-around
Attendo Finland Q3 2021 Executing on the turn-around Good organic growth, but sales hampered by lack of staff Net sales per service offering, Q3 2021 • Continued good organic growth due to sales in nursing homes and Other price increases earlier in 2021 Disabled care • Good underlying demand for bed
Slide 13: Cash flow: seasonally low free cash flow
Cash flow: seasonally low free cash flow SEKm Q3 2021 Q3 2020 Operating profit (EBITA)1 319 269 Change in working capital, paid tax, non cash items and depreciation 15 39 Cash flow after changes in working capital 334 308 Net investments in tangible and intangible assets -41 -47 Operating cash flow
Slide 14: Summary
Summary • Solid organic growth • Scandinavia contributed to improved underlying profit for the Group • Higher sales rate in Scandinavia • Improvement in Finland hampered by shortage of substitute staff during the summer • Effects of the pandemic lasted longer than expected - still on the right track
Slide 15: Thank you
Thank you