Slide 1: Web cast presentation
Web cast presentation Q4 results presentation Fredrik Rågmark, CEO & Joe Ryan, CFO 9 February 2024
Slide 2: Disclaimer regarding forward-looking statements
DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS This presentation may contain certain forward-looking statements and opinions. Forward-looking statements are statements that do not relate to historical facts and events and such statements and opinions pertaining to the future that, by example, conta
Slide 3: Q4 Summary
Q4 Summary Continued strong growth 16.1%, organic growth of 13.5%. Organic growth excluding Covid-19 was 16.7%. Improving profit trend continues, confirming path towards reaching 3-year financial targets for 2025. While immature hospital units and no price increases in Germany hold back pace o
Slide 4: Revenue Q4
Revenue Q4 Revenue split per country / payer2 Consolidated revenue -11% Revenue €461.9m (€397.7m), +32% 6% 500 461.9 up 16.1%, organic growth of +9% 4% +18%3 6.5 13.5%. 10% 397.7 +30% 400 376.3 50% 11.6 +19% 12% Acquired revenue €6.5m. 61,5 +23%3 300 18% -2% Fee-For-Service* (FFS) 454.8 repres
Slide 5: Improved profitability
Improved profitability 80 25% EBITDA €66.4m1 (€53.2m), increased by 25.3%, a margin of 14.4% (13.3%). 20% 60 Adj EBITDA €68.3m1 (€57.9m), a margin of 14.8% (14.5%). 15% 40 Adj EBITDAaL €42.7m1 (€34.8m), a margin of 10% 9.2% (8.7%). 20 EBIT increased strongly by 117.2% to €19.0m 5% (€8.9m), a
Slide 6: Healthcare Services – strong growth continues
Healthcare Services – strong growth continues 350 300 Revenue Q4 was €324.4m (€259.0m), up 25.2% with an organic growth of 19.1%, price representing ~8.9pp of the 250 growth. 200 Revenue FY up 31% to €1,197.7m (€917.1m), organic 150 growth was 21.0%. 100 Acquired revenue was €5.3m in Q4 and €8
Slide 7: Healthcare Services
Healthcare Services 50 25% EBITDA Q4 amounted to €46.2m (€38.4m), grew by 21%, a margin of 14.3% (14.8%). 45 40 20% EBITDA FY amounted to €171.8m (€125.6m), 35 grew by 37%, a margin of 14.3% (13.7%). 30 15% EBITDAaL Q4 of €27.1m (€21.9m), a margin of 25 8.4% (8.4%). 20 10% EBITDAaL FY grew 5
Slide 8: Diagnostic Services
Diagnostic Services 200 Revenue Q4 was €143.1m (€143.9m), with an 150 organic growth of 3.2%.Organic growth excl Covid-19 was strong at 11.5%, price 100 representing ~3.7pp. 50 Revenue FY of €571.2m (€612.5m), down 6.7% with an organic growth of -2.5%. Excluding Covid-19 organic growth was very
Slide 9: Diagnostic Services – healthy organic development in underlying EBITDA
Diagnostic Services – healthy organic development in underlying EBITDA EBITDA Q4 of €20.4m (€23.0m), a margin of 60 35% 14.3% (15.9%). 30% 50 EBITDA FY was €88.1m (€118.7m), a margin of 15.4% (19.4%). 25% 40 Ex Covid-19 FY EBITDA margin remains 20% unchanged at 15.4% (15.4%), despite still no
Slide 10: 2023 Summary
2023 Summary Very strong growth. More than doubled revenue and EBITDA over 4-years (2019-2023), despite arguably the worst trading years for decades in Europe. Organic capital investments back down around 6%, in line with historic levels. Inorganic significantly reduced in line with guidance
Slide 11: Full-year 2023
Full-year 2023 Revenue split per country / payer** Consolidated revenue -18% Revenue €1,746.4m +26% 7% +30% (€1,510.2m), up 15.6%, organic 4% 19.9% 4-year CAGR growth of 11.6%. +11% 11% 1800 1,746 48% 1,510 1600 12% 1,377 Acquired revenue €86.2m. +21% 1400 1200 18% 998 Fee-For-Service* (FFS) -
Slide 12: Full-year 2023
Full-year 2023 EBITDA €243.8m (€217.1m), increased by 12.3%, a margin of 14.0% (14.4%). 300 20% Adj EBITDA €253.9m (€233.9m), a margin of 250 14.5% (15.5%). 16% 200 Adj EBITDAaL €155.0m (€147.7m), a margin of 12% 8.9% (9.8%). 150 EBIT increased by 11% to €61.4m (€55.2m), a 8% margin of 3.5%
Slide 13: Financial overview
a > a MEDICOVER Financial overview
Slide 14: Financials
Financials Adjusted EBITDAaL (EBITDA adjusted for lease costs) – more like cashflow. Good growth. Qualitatively significant improvement – Covid-19 replaced by organic recurring revenue/profits HS – margin slightly lower due to several larger new and immature hospital units 8.5% (8.7%). DS
Slide 15: Financials
Financials 600 5,0 Average duration of debt portfolio 3.8 years 4,5 500 Net debt increased by €31.2m Q4 & €38.6m FY €300m undrawn facilities 4,0 3,5 Net working capital €11.1m increase Q4 & €14.4m FY 400 + cash and ST inv 3,0 Net inorganic investment €10.4m1 Q4 & €13.2m FY 300 2,5 2,0 200 1,5
Slide 16: Financials
Financials Capex slightly higher in Q4 at €36.6m (€40.8m) vs earlier Q’s this year, 6.3% (9.3%) of revenue FY 852k m² medical space +30K m² 2023 +239k m² over 2022 & 2023 Capex, €m 160 160 Maintenance Growth Healthcare Diagnotic 9.3% 140 140 % of revenue 120 120 6.3% 31% 100 100 31% 10.3% 80 80
Slide 17: Financial targets 2023-2025
Financial targets 2023-2025 Organic revenue, €m Adjusted EBITDA (organic), €m Leverage 2 200 350 3.3x Year-end 2023 1 744 255 1 510 234 ≤3.5x Can exceed over 2022 base 2023 2024 2025 target 2022 base 2023 2024 2025 target shorter periods An adjusted organic EBITDA Dividend policy, Organic revenue ex
Slide 18: Thank you!
=~ MEDICOVER Thank you! CARING FOR YOUR HEALTH IS ALL WE DO
Slide 19: Financial calendar
Financial calendar Report Date Webcast Q1-report 26 April 2024, 07.45 CEST 09.30 CEST AGM 26 April 2024 Q2-report 25 July 2024, 07.45 CEST 09.30 CEST Q3-report 30 October 2024, 07.45 CET 09.30 CET 19