16
Fourth Quarter 2015 Presentation Stockholm February 25, 2016 Henrik Borelius, CEO Tomas Björksiöö, CFO

Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February

  • Upload
    others

  • View
    0

  • Download
    0

Embed Size (px)

Citation preview

Page 1: Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February

Fourth Quarter 2015 – Presentation Stockholm – February 25, 2016

Henrik Borelius, CEO Tomas Björksiöö, CFO

Page 2: Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February

Introducing Attendo as a listed company

• First day of trading, 30 November 2015

• The share was well received by the market

• ~ 30,000 new shareholders – About 200 institutional investors

– Large number of retail investors

– Approximately 800 Attendo employees

• New well-renowned investors1)

– Nordstjernan

– Swedbank Robur

– Didner & Gerge

– Carve Capital

– Elo Mutual Pension Insur.

– SEB Investment Mgmt.

2

Nasdaq Stockholm welcomes Attendo

– Handelsbanken Fonder

– Verdipapirfond Odin Sverige

– Enter fonder

– Andra AP-fonden

– Nordea Bank Finland

– Skandinaviska Enskilda Banken

– AMF Försäkring och Fonder

– Mellon Omnibus

– Ilmarinen Mutual Pension Insur.

– Tredje AP-fonden

– UBS AG

– JP Morgan Chase N.A.

1) Attendo’s largest share holders as of 31 December 2015 excluding Board and Executive Management and Augustus International S.A.R.L who were owners already before listing

Page 3: Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February

Net sales (SEKbn) and EBITA margin development1)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Attendo is the leading company within care in the Nordics

1) Annual reports: 2006-2012 Attendo Utveckling AB (prior Group holding company), 2013-2014 Attendo AB. 2007 have been annualised . During 2013 Attendo AB acquired Attendo Utveckling AB. According to

accounting principles for acquisitions under common control the figures for the years 2011 and 2012 were restated in the annual report 2013. 2) Number of home care clients plus number of beds in care units

Company highlights Clear market leader in the Nordic region

• The leading company within care in the Nordics

− No. 1 in care for older people in Sweden and Finland

− No. 1 in own operations in Sweden and Finland with more than 8,600 own

beds

− Disabled care, other social care, publicly financed health care (Finland)

• Net sales SEK 9.8bn and operating profit (EBITA) SEK 933m in 2015

• Mainly publicly financed, broad customer base – 340 Local Authorities,

~24,000 clients2)

• 510 units with >19,000 employees

• Strong focus on quality

• Asset light, attractive growth profile and stable margins

57% 33%

10%

Net sales by contract model

Own operations

Outsourcing

Staffing

9.5%

EBITA

margin, 2015

3

59% 18%

23%

Net sales by service offering

Care for olderpeople

Care

Healthcare

52% 43%

3% 2%

Net sales by geography

Sweden

Finland

Norway

Denmark

Net sales LTM

2.9

9.8

Page 4: Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February

Summary – Q4 2015

4

Net sales SEK 2.6bn (2.3), growth +11%

- Strong performance in own operations

- Large number of new openings

Operating profit (EBITA) of SEK 215m (153), Operating margin (EBITA) of 8.4% (6.6)

- High occupancy

- Improved planning and processes

Operating cash flow of SEK 324m (312)

Continued focus on systematic quality work, employee

development and own nursing homes projects

Strong growth in net sales and operating profit, stable cash flow

Page 5: Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February

Business highlights Q4: Strong growth in own operations Net sales by contract model

5

-400

100

600

1 100

1 600

2 100

2 600

Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415

Own operations Outsourcing Staffing Attendo

SEKm Q4 2015 Q4 2014 Chg (%)

Own operations 1,498 1,280 17.0

Outsourcing 805 776 3.7

Staffing 261 260 0.4

SEKm

Highlights by contract model

Own operations

• Strong development of net sales, + 17%

• Large number of new openings. 8 new own developed

homes and new units in integration and daily activity

• Construction of 7 new units started

• Total number of beds under construction: 755

Outsourcing operations

• Net sales improved compared to previous year as a

result of contracts started early 2015

• Won contracts with estimated annual sales of SEK

20m, lost contracts of SEK -150m

Staffing operations

• Net sales in line with previous year

5

Page 6: Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February

Own operations: Strong growth in beds in operation

650

780

595 611 654

887 922 855

918 827

861

755

5 646 5 609 6 233 6 385 6 493 6 709 7 084 7 348 7 509 7 745 7 751

8 612

Q313 Q114 Q314 Q213 Q115 Q315 Q413 Q214 Q414 Q215

No. of beds under construction1)

No. of beds in operation2)

New own units

6 1) Own nursing homes (care for older people) and own care homes (care for people with disabilities and social psychiatry), end of quarter

2) Own nursing homes (care for older people) and own care homes (care for people with disabilities, social psychiatry and individuals and families), end of quarter

Q415

Attendo Ekebyvägen, Eskilstuna Sweden

Open December 2015

Attendo Stationsgatan, Kungälv Sweden

Open October 2015

Attendo Jaspis, Vantaa Finland

Open December 2015

Q113

Q313 Q114 Q314 Q213 Q115 Q315 Q413 Q214 Q414 Q215 Q415 Q113

Page 7: Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February

Q4 2015

Market highlights Q4: Continued strong interest in own units

7

52% 43%

3% 2%

Sweden Finland Norway Denmark

Net sales by country Market highlights

• Market trends remains

- strong demand within own units with continued

interest from LAs

- outsourcing and staffing markets still

challenging

• The Swedish profit inquiry

- shall no longer propose an abolition of

freedom of choice in primary care

- a stronger focus on quality and equal

conditions for care providers

• The Finnish government SOTE reform

- proposals to give private providers greater

opportunities to deliver welfare services

- a freedom of choice-model will be introduced

• Norwegian elections indicate that LAs will be governed by

politicians less positive to private care

• Demand on the Danish market remained good

Page 8: Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February

Increasing signs of nursing home shortage in Sweden

8

0

50

2015

27%

42%

Share of LAs

2014

Share of LAs that indicate a deficit of

Nursing Home beds (Boverket survey)

Not executed decisions on Nursing home

placement (IVO, June 2015) – largest deficits

101 80

80 69

42 36 36 35 34

31

31 30

27

Uppsala Kungälv

Sundsvall

Huddinge

Linköping

Hässleholm

Sollentuna

Stockholm

Göteborg

Eskilstuna

Norrköping

Västerås

Halmstad

• Nursing home shortage puts pressure on the care system

– Increased waiting times for nursing

homes in 110 LA’s

– Increasing challenges with hospital beds

blocked by older people,

LAs pay a penalty charge for bed

blocking to the regional authority

– Total loss of ~450 000 days of hospital

care per annum (Socialstyrelsen)

• Attendo’s solutions can alleviate the pressure – Industry leader in new own nursing

homes

– Close dialogue with our 340 LA customers to find optimal solutions

During the last three years around 50% of new nursing homes in both Sweden and

Finland have been built by private providers

Page 9: Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February

9

SEKm Q4 2015 Q4 2014 Change (%)

Net sales 2,564 2,316 11

Organic 8.8 1.2 -

Acquired 1.9 1.9 -

Currency 0.0 2.1 -

Operating profit (EBITA) 215 153 41

Operating margin (EBITA ) 8.4 6.6 -

EBIT 201 140 44

Financial net -231 -97 -

Income tax 21 -70 -

Profit for the period -9 -27 -

Profit for the period adjusted 114 -27 -

Diluted earnings per share, SEK -0.06 -0.17 -

Diluted adj. earnings per share, SEK 0.71 -0.17 -

Strong organic growth and strong operating margin (EBITA)

Page 10: Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February

10

+ Improved occupancy in units under start up Q4 2014

+ Improved planning and processes

+ Weak comparable quarter

Net +62m

Strong improvement in operating profit (EBITA)

Page 11: Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February

11

Stable operating cash flow and significantly reduced net debt

SEKm Q4 2015 Q4 2014

Operating profit (EBITA) 215 153

Change in working capital and non cash items 155 207

Cash flow after change in working capital 370 360 Net investments in tangible and intangible assets -46 -48

Operating cash flow 324 312

Interest received/paid -74 -70

Free cash flow 250 242

Net of acquisitions / divestments -9 -17

Cash flow from financing -421 -10

Total cash flow -180 215

Net debt 2,827 4,142

Net debt/EBITDA 2.6x 4.3x

Page 12: Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February

Attendo’s quality definition

Satisfied individuals

Systematic quality work based on

continuous improvement

Best available knowledge

2

3

1

Solid progress on quality and employee development

Examples from fourth quarter 2015

Client

survey

Values Projects

Implementation

plan/methods

• Continued solid quality results throughout the

organisation. Attendo’s quality thermometer for the

fourth quarter increased to 85% (79)

• Continued investments in training for employees

– on managerial level as well as amongst auxiliary

nurses. In 2015 Attendo Academy delivered 140,000

hours of training, in addition 103 managers went

through a leadership training for managers

12

Client

survey

Values

External

inspections

Specific

events Internal

audit

Systematic

quality work

Risk

analysis

Projects

Implementation

plan/methods

Page 13: Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February

Summary – Full Year 2015

13

Solid development well in line with long term targets

Continued strong demand for new own homes. 17 new own developed homes were opened

and the construction of 15 new own homes started

Net sales of SEK 9.8bn (9.0), growth of 9% and 7% adjusted for currency

Operating profit (EBITA) of SEK 933m (822)

Operating margin (EBITA) of 9,5% (9,1)

Operating cash flow of SEK 765m (700)

The Board of Directors proposes a dividend of SEK 0.54 per share in

line with Attendo’s policy

Going forward:

Continued high activity in developing own nursing homes projects

Good progress on quality and employee development

Strong position on a growing market

Page 14: Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February

Q&A

14

Page 15: Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February
Page 16: Fourth Quarter 2015 Presentation - cominvestors.attendo.com/sites/default/files/report/160225_attendo_q4report_presentation.pdfFourth Quarter 2015 – Presentation Stockholm – February

16

Disclaimer

This presentation has been prepared by Attendo AB (publ) (the “Company”) solely for use at this presentation and is furnished to you

solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The presentation

does not constitute an invitation or offer to acquire, purchase or subscribe for securities. By attending the meeting where this

presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations.

This presentation is not for presentation or transmission into the United States or to any U.S. person, as that term is defined under

Regulation S promulgated under the Securities Act of 1933, as amended.

This presentation contains various forward-looking statements that reflect management’s current views with respect to future events

and financial and operational performance. The words “believe,” “expect,” “anticipate,” “intend,” “may,” “plan,” “estimate,” “should,”

“could,” “aim,” “target,” “might,” or, in each case, their negative, or similar expressions identify certain of these forward-looking

statements. Others can be identified from the context in which the statements are made. These forward-looking statements involve

known and unknown risks, uncertainties and other factors, which are in some cases beyond the Company’s control and may cause

actual results or performance to differ materially from those expressed or implied from such forward-looking statements. These risks

include but are not limited to the Company’s ability to operate profitably, maintain its competitive position, to promote and improve its

reputation and the awareness of the brands in its portfolio, to successfully operate its growth strategy and the impact of changes in

pricing policies, political and regulatory developments in the markets in which the Company operates, and other risks.

The information and opinions contained in this document are provided as at the date of this presentation and are subject to change

without notice.

No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or

completeness of the information contained herein. Accordingly, none of the Company, or any of its principal shareholders or

subsidiary undertakings or any of such person’s officers or employees accepts any liability whatsoever arising directly or indirectly

from the use of this document.