Attendo Ab · OMXSTO:ATT
Attendo Ab — Q1 2021 Earnings Presentation
14 slides from Attendo Ab's earnings presentation, May 6, 2021
Slide 1: Q1 Report Presentation
Q1 REPORT PRESENTATION Martin Tiveus CEO / Fredrik Lagercrantz CFO 6 May 2021
Slide 2: Q1 highlights: Occupancy in focus
Q1 highlights: Occupancy in focus • Customer vaccination programme completed • Higher occupancy in Finland – Higher occupancy due to net customer inflow and low number of openings – Positive price year over year – Staffing law impacting cost level • Low customer inflow in Scandinavia – Entering 2021
Slide 3: Group highlights in Q1 2021
Group highlights in Q1 2021 Net Sales, growth1 Lease adjusted EBITA2, SEKm Adjusted Earnings Per Share, SEK 1% (3%org) 75 (2.4%) 0.26 Q4/20: 2% Q1/20: 8% Q4/20: 87 (2.8%) Q1/20: 84 (2.7%) Q4/20: 0.31 Q1/20: 0.37 Quality Index Leverage (Lease adj ND/Lease adj EBITDA2) 87% 2.8x Q4/20: 86% Q1/20: 83% Q
Slide 4: Towards a more balanced opening pace
Own operations: openings of new homes Towards a more balanced opening pace 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 2,0
Slide 5: Balanced portfolio of new projects with bias on Scandinavia
Beds in operation and under construction Balanced portfolio of new projects with bias on Scandinavia No. of beds in operation (all homes)1 20,391 20,708 20,107 20,349 20,852 19,109 19,367 19,568 19,720 +2% 18,273 18,498 18,587 17,140 Own 11,186 11,539 11,905 12,543 12,808 13,090 13,160 13,558 13,767
Slide 6: Occupancy development by business area
Occupancy development by business area Mixed development; Finland positive while Scandinavia negative Occupancy in all homes1 95 90 Total 84 84 83 AS 85 82 83 82 82 82 82 81 81 83 80 81 AF 80 77 75 70 65 60 20 15 10 5 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2019 2020 2021 1. All own and outsou
Slide 7: Continued negative Corona impact in mature units, mainly Scandinavia
Occupancy development for own openings by vintage Continued negative Corona impact in mature units, mainly Scandinavia Occupancy in own homes1 100 93 94 93 93 92 92 92 92 92 90 89 88 90 87 2016 and earlier 84 84 2017 80 78 2018 70 2019 2020 60 2021 52 50 40 30 20 21 10 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q
Slide 8: Mature margin R12 stable despite corona situation
Mature units: margin and net sales development Mature margin R12 stable despite corona situation 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% 6.4% 6.5% 6.4% 7.8% 7.5% 6.0% 6.0% 6.0%
Slide 9: P&L: Positive organic growth while lower lease adjusted EBITA
P&L: Positive organic growth while lower lease adjusted EBITA SEKm Q1 2021 Q1 2020 Change (%) Net sales 3,062 3,128 -2 Organic, % 2.0 5.9 - Acquired, % -1.2 1.7 - Currency, % -2.9 1.1 - Lease adjusted operating profit (EBITA) 75 84 -11 Lease adjusted operating margin (EBITA), % 2.4 2.7 - IFRS16 adju
Slide 10: Attendo Scandinavia Q1 2021: Low customer inflow
Attendo Scandinavia Q1 2021 Low customer inflow Net sales Net sales per service offering, Q1 2021 • Sales negatively impacted by divestments of Norwegian operations and leap day effect Individual and family care Social psychiatry • Lower occupancy due to low customer inflow and high number of 5% ope
Slide 11: Attendo Finland Q1 2021: Positive effect of turn-around programme continues
Attendo Finland Q1 2021 Positive effect of turn-around programme continues Net sales Net sales per service offering, Q1 2021 • Growth due to sales in CoP nursing homes as well as price increases Other • Growth adjusted for leap day and currency ~12% Disabled care 10% 5% Profits Social psychiatry 12%
Slide 12: Cash flow: Positive free cash flow offset by acquisitions
Cash flow: Positive free cash flow offset by acquisitions SEKm Q1 2021 Q1 2020 Operating profit (EBITA) 183 182 Change in working capital, paid tax, non cash items and depreciation 378 524 Cash flow after changes in working capital 561 706 Net investments in tangible and intangible assets -33 -114 O
Slide 13: Summary
Summary • Continued progress in the turn-around programme in Finland in 2021 • Scandinavia have had a low inflow of customers in 2020 • Vaccination programme of customers completed – gradual normalization in operations • Improved customer satisfaction • Learnings from Covid pandemic initiative
Slide 14: Thank you
Thank you