Attendo Ab · OMXSTO:ATT
Attendo Ab — Q3 2022 Earnings Presentation
13 slides from Attendo Ab's earnings presentation, Oct 26, 2022
Slide 1: Q3 Report Presentation
Q3 REPORT PRESENTATION Martin Tivéus CEO / Fredrik Lagercrantz CFO 26 October 2022
Slide 2: Q3 highlights: Strong organic growth but weak results, on track with turnaround in Finland
Q3 highlights: Strong organic growth but weak Skrivit några results, on track with turnaround in förslag på bullets Finland for 2023 • Strong move-in rate in nursing homes in Sweden and towards the end of the quarter also in Finland • Occupancy continues to rise and we show continued strong organic
Slide 3: Group highlights in Q3 2022
Group highlights in Q3 2022 Net Sales, growth1 Lease adjusted EBITA, SEKm Adjusted Earnings Per Share, SEK 10% (7%org.) 171 (4.6%) 0.80 Q2/22: 9% Q3/21: 10% Q2/22: -11 (-0.3%) Q3/21: 208 (6.4%) Q2/22: -0.14 Q3/21: 0.83 Quality Index Leverage (Lease adj ND/Lease adj EBITDA) 89% 4.1x Q2/22: 89% Q3/21:
Slide 4: Strong outcome in recent quality comparison
Strong outcome in recent quality comparison Unit survey 2022, The Swedish National Board of Health and Welfare. Summary of selected areas 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Nursing homes: access Nursing homes: Nursing homes: Service homes: existing Home care: existing to training & activiti
Slide 5: Low number of openings in 2022 supporting occupancy
Own operations: openings of new homes Low number of openings in 2022 supporting occupancy 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)
Slide 6: 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 15 13.6 14.0 12.9 13.3 12.2 12.3 12.3 12.3 12.2 12.3 12.6 11.5 11.7 11.9 11.0 11.2 10 7.1 7.3 7.6 6.4 6.3 6.3 6.3 6.4 6.3 6.5 6.7 6.8 6.3 6.1 6.3 6.3 5 6.0 6.1 6.0 6.0 6.2 6.3 6.5 5.4 5.6 5
Slide 7: Continued progress in Scandinavia, Finland in line with H1
Occupancy development by business area Continued progress in Scandinavia, Finland in line with H1 Occupancy in all homes1 Total Attendo Scandinavia Attendo Finland Occupancy 95 development Finland: • Shortage of personnel • On-going contract re- 90 negotiations Occupancy development Sweden: 85 84 84
Slide 8: P&L: High organic growth but weaker operating profit
P&L: High organic growth but weaker operating profit SEKm Q3 2022 Q3 2021 Change (%) Net sales 3,679 3,260 13 Organic, % 6.8 5.6 - Acquired, % 3.5 4.6 - Currency, % 2.5 -1.0 - Lease adjusted operating profit (EBITA) 171 208 -18 Lease adjusted operating margin (EBITA), % 4.6 6.4 - IFRS16 adjustment 1
Slide 9: Attendo Scandinavia Q3 2022: Higher occupancy rate due to solid inflow of new customers
Attendo Scandinavia Q3 2022 Higher occupancy rate due to solid inflow of new customers Net sales per service offering, Q3 2022 Solid customer inflow to nursing homes • Good organic growth due to strong customer inflow Individual and family care Social psychiatry 6% • Total occupancy of 85% Disabled
Slide 10: Attendo Finland Q3 2022: Better long-term conditions but still weak results
Attendo Finland Q3 2022 Better long-term conditions but still weak results High organic growth Net sales per service offering, Q3 2022 • High organic growth due to past price increases Other 10% Disabled care 10% Continued pressure on profit Social psychiatry 11% • The result is affected by high per
Slide 11: Cash flow: lower free cash flow due to change in working capital
Cash flow: lower free cash flow due to change in working capital SEKm Q3 2022 Q3 2021 Operating profit (EBITA) 295 319 Change in working capital, paid tax, non cash items and depreciation -106 15 Cash flow after changes in working capital 189 334 Net investments in tangible and intangible assets -30
Slide 12: Summary
Summary • High organic growth driven by solid customer inflow in Scandinavia and higher prices in Finland • Profits pressured by high personnel costs and impact of high inflation • We are working intensively to improve the situation short and long term • Positive outlook to achieve sustainable terms
Slide 13: Thank you
Thank you