First quarter 2018 Presentation. 4 May, 2018

Transcription

1 First quarter 2018 Presentation 4 May, 2018 Pertti Karjalainen, CEO Fredrik Lagercrantz, CFO

2 2 Financial summary of Q1: Strong growth, driven by M&A and new own units Net sales of SEK 3,200m (2,661), growth increased by 18% adjusted for currency effects Operating profit (EBITA) of SEK 240m (279). Underlying EBITA, adjusted for write down of real estate related to integration care, amounted to SEK 260m (279) Operating margin (EBITA) adjusted for write down amounted to 8.1% (10.5) Earnings per share SEK 0.80 (1.13) Operating cash flow of SEK 101m (176) 13,812 own beds in operation (49% growth) and high number of beds under construction: 2,828

3 3 Business highlights: High growth in own operations Highlights by contract model Net sales by contract model Own operations High growth in net sales, +30% due to acquisitions and new nursing homes High number of new own homes opened, 19 units / 539 beds Construction of 14 new units started with 577 beds High number of beds under construction: 2,828 The majority of the integration care units have been discontinued. At end of Q1, only 100 beds remain in operation in integration care Outsourcing operations Net sales increased by 3% compared to Q1 2017, mainly due to currency and price adjustments Contracts won with estimated annual sales of SEK 120m, lost contract volumes of SEK 40m SEKm Q Q Chg (%) Own operations 2,143 1, Outsourcing Staffing SEKm Staffing operations 500 Net sales increased by 10 % compared to previous year due to currency, new contracts and better volumes in existing contracts 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Own operations Outsourcing Staffing Total

4 Own operations: ~50% increase of beds in own operation (Y/Y) No. of beds in own operation 1) New openings Attendo Loviisanhovi, Loviisa, Finland Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q No. of beds in own operation under construction 2) Attendo Keinula, Nakkila, Finland Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Attendo Pommeri, Loppi, Finland 1) Own nursing homes (CoP) and own care homes (care for people with disabilities, social psychiatry and individuals and families) 2) Own nursing homes (CoP) and own care homes (care for people with disabilities and social psychiatry) 4

5 5 Market highlights: Solid underlying demand for new nursing homes, SOTE reform moves forward Sweden Finland Solid demand for own operations solutions Market for outsourcing contract higher vs last year and sequentially The Swedish government has presented the bill about profit ban to the parliament Heavy criticism from Council on Legislation The bill expected to be up for voting in the parliament in June 2018 There is no parliamentary majority to support the proposal Solid demand for own operations solutions Staffing stable SOTE reform moves forward No major changes since 2017 proposal Attendo overall positive to the reform

6 6 P&L: High sales growth from M&A and new units SEKm Q Q Change (%) Net sales 3,200 2, Organic Acquired Currency Operating profit (EBITA) Operating margin (EBITA), % EBIT Financial net Income tax Profit for the period Diluted earnings per share, SEK

7 7 EBITA change: High number of start-up units impacts profits Q vs. Q1 2017: Net -39m + Acquisitions + Improved planning and processes + Improved occupancy in units that were under start-up during Q Own units under start-up/openings - Real estate write down - Calendar effect - Integration care

8 8 Cash flow: Positive cash flow impact from assets and liabilities held for sale SEKm Q Q Operating profit (EBITA) Change in working capital, paid tax and non cash items Cash flow after changes in working capital Net investments in tangible and intangible assets Operating cash flow Interest received/paid Free cash flow Net change in assets and liabilities held for sale Net of acquisitions/divestments Cash flow from financing Total cash flow Net debt 4,773 2,682 Net debt/ebitda 3.9x 2.2x

9 9 Quality & employees: New combined Quality and Sustainability report launched Examples from first quarter 2018 The first combined Quality and Sustainability Report for 2017 was published during the quarter. Attendo achieved a quality index in 2017 of 85% Implementation Client High employee satisfaction plan/methods survey Attendo shortens ques in care for older people Projects Values The pension fund Ilmarinen in Finland named Attendo s local manager Veera Boman-Martikainen the best manager for nursing homes in Finland. Attendo arranged a tour for the residents at nursing homes in the Oslo area to watch the iconic 50 km cross-country ski race in Holmenkollen. New music tour to start in Finland: the entertainer Joel Hallikainen will tour around 80 nursing homes.

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