fourth quarter 2015 presentation -...
Post on 01-Jun-2020
0 Views
Preview:
TRANSCRIPT
Fourth Quarter 2015 – Presentation Stockholm – February 25, 2016
Henrik Borelius, CEO Tomas Björksiöö, CFO
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
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
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
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
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
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
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
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)
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)
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
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
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
Q&A
14
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.
top related