Attendo Ab · OMXSTO:ATT
Attendo Ab — Q4 2023 Earnings Presentation
16 slides from Attendo Ab's earnings presentation, Feb 8, 2024
Slide 1: Q4 Report Presentation
Q4 REPORT PRESENTATION Martin Tivéus CEO / Mikael Malmgren CFO 8 February 2024
Slide 2: Several milestones reached in 2023
Several milestones reached in 2023 2023 vs 2022 LEASE ADJUSTED EBITA Successful turnaround in Finland SEK 745m vs 199m Improved occupancy in Scandinavia ADJUSTED EARNINGS PER SHARE SEK 3.0 vs SEK 0.7 Strengthened financial position LEVERAGE* 1.2x vs 4.4x Strong development in employee and customer s
Slide 3: Acquisition of Team Olivia Care
Acquisition of Team Olivia Care Sweden Sales SEK 1,350m Strengthened position in Disabled Care and Individual and Family care Home care 26% Disabled care 44% • Clear bolt-on logic with strong local care concepts in strategically important segments Individual and • Economies of scale: positioned to f
Slide 4: Continued progress in the turnaround
Net sales and EBITA (SEKm) Q4 2023 highlights: Q4 2022 Q4 2023 Continued progress in the turnaround +17% +128 4,422 136 3,789 • Sales SEK 4,4 bn - growth of +17%, whereof organic growth 13% • Lease adjusted EBITA 136m (8), whereof -15 MSEK one-offs and -15 MSEK in calendar effect 8 Net sales Lease a
Slide 5: Sustainability: Continuous work with leadership and culture behind positive trend
Sustainability: Continuous work with leadership and culture behind positive trend Employee satisfaction Customer satisfaction Relative satisfaction (eNPS) (cNPS) (rNPS) (Scale from -100 to + 100) (Scale from -100 to + 100) (Scale from -100 to + 100) 39 38 36 20 29 4 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q
Slide 6: Occupancy development
Occupancy development Finland: managed to keep occupancy in 2023 in spite of staffing reform Scandinavia: higher y/y but Q4 impacted by ended contracts and individual payors Occupancy in all homes1,% Total Attendo Scandinavia Attendo Finland 100 95 90 86 86 85 86 86 85 84 84 85 83 83 83 84 83 83 84
Slide 7: Margin and net sales development
Margin and net sales development Margin recovery driven by Finland. Scandinavia impacted by under-compensation for inflation and losses in Denmark R12 Net sales, SEK Billion 18 16.7 17.3 15.8 16 14.5 15.1 13.6 14.0 14 12.9 13.3 12.3 12.6 12 10.5 9.8 10 9.1 7.9 8.4 7.1 7.3 7.6 8 6.5 6.7 6.8 6 6.8 6.8
Slide 8: Sales development: High organic growth mainly due to improved terms in Finland
Sales development: High organic growth mainly due to improved terms in Finland Net sales; SEK million 17% 4,422 134 493 3,789 6 Q4 2022 AS - organic AF - organic Acquisitions Currency Q4 2023 AS = Attendo Scandinavia; AF = Attendo Finland 8
Slide 9: EBITA development
EBITA development Turnaround in Finland also drives improvement Reported EBITA, SEK million +144 6 275 -6 12 139 150 131 -18 123 136 8 Q4 2022 AS - lease AF - lease Other IFRS16 effect Currency Q4 2023 adjusted adjusted IFRS16 effect Lease adjusted 9
Slide 10: Attendo Finland Q4 2023
Attendo Finland Q4 2023 Continued progress in the turn-around High organic growth Net sales per service offering, Q4 2023 • High organic growth due to new terms Other • Flat occupancy versus last year 10% Disabled care 9% Continued positive profit development Social psychiatry 10% • New terms in eld
Slide 11: Attendo Scandinavia Q4 2023
Attendo Scandinavia Q4 2023 Improved result in own operations in Sweden Net sales per service offering, Q4 2023 Flat sales development • Higher price and occupancy Individual and family care Social psychiatry 5% • Ended outsourcing contracts Disabled care 14% 2% Slight profit decline 18% 61% Home ca
Slide 12: Cash flow: Improved profit and positive working capital
Cash flow: Improved profit and positive working capital SEKm Q4 2023 Q4 2022 R12 Operating profit (EBITA) 275 131 1,333 Change in working capital, paid tax, non cash items and depreciation 710 492 1,693 Cash flow after changes in working capital 985 623 3,026 Net investments in tangible and intangib
Slide 13: Key financial metrics
Key financial metrics Improved EPS and reduced net debt to EBITDA ratio EPS bridge; Q4 2023 vs Q4 2022; SEK Lease adjusted EBITA margin, % (R12) Adjusted EPS Q4 2022 -0.07 5 4.3% Changes in lease adjusted EBITA 0.79 4 3.7% 2.8% 3 Changes in financial items -0.10 1.9% 2 1.4% Changes in tax rate -0.09
Slide 14: Dividend and Share buy back program
Dividend and Share buy back program • The Board of Directors proposes to the Annual General Meeting 2023 that the company shall distribute SEK 1 in line with the dividend policy • The Board of Directors has decided to utilize the authorization by the 2023 AGM to acquire own shares in order to adjust
Slide 15: Summary
Summary • Turnaround in Finland drives profitability improvement • Strong cash flow generation • Financial position significantly improved • Board to propose a Dividend of SEK 1 • Share Buy-back program initiated • Value creating acquisition with Team Olivia • Target to reach SEK 4 per share during
Slide 16: our Me ut
our Me ut INTO IT