Annual Report • Feb 10, 2021
Annual Report
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| Change | Jan-Dec | Jan-Dec | Change | |||
|---|---|---|---|---|---|---|
| Mkr | Q4 2020 | Q4 2019 | (%) | 2020 | 2019 | (%) |
| Net sales | 3,065 | 3,054 | 0 | 12,288 | 11,935 | 3 |
| Operating profit (EBITA)1 | 193 | 139 | 39 | 797 | 812 | -2 |
| Operating margin (EBITA)1 , % |
6.3 | 4.6 | - | 6.5 | 6.8 | - |
| Adjusted operating profit (EBITA)1 | 87 | 35 | 149 | 375 | 441 | -15 |
| Adjusted operating margin (EBITA)1 , % |
2.8 | 1.1 | - | 3.1 | 3.7 | - |
| Profit for the period | 4 | -40 | - | -904 | 81 | - |
| Earnings per share diluted, SEK | 0.02 | -0.25 | - | -5.63 | 0.51 | - |
| Adjusted earnings per share diluted1,2 , SEK |
0.31 | 0,04 | 675 | 1.43 | 1,71 | -16 |
| Free cash flow | 132 | 141 | - | 428 | 196 | - |
1) Note that unless otherwise stated, EBITA and adjusted EBITA in this report refer to EBITA/adjusted EBITA excluding items affecting comparability. As of the first quarter of 2020, Attendo also reports adjusted diluted earnings per share in order to improve comparability. See also definitions of key data and alternative performance measures on pages 34-35.
2) Profit for the period attributable to the parent company shareholders excluding amortization of acquisition related intangible assets, IFRS 16 and items affecting comparability and related tax effects divided with the average number of shares outstanding, after dilution.
We continued to sell more beds in the fourth quarter and are reporting organic growth of five percent. The action programme in Finland is progressing as planned and we maintained stable development in Sweden despite the strong second wave of the pandemic. During the Christmas holidays, we began vaccinating customers at nursing homes, which is a prerequisite for normalising operations. Vaccination of customers at nursing homes in Sweden, which has been hit the hardest by the pandemic, is largely complete and vaccination of employees is in progress. Over the next few years, we expect to continue regaining profitability, primarily through the action programme in Finland, operational improvements and organic growth. In conjunction with this report, we are presenting new financial targets, including adjusted earnings per share of SEK 4 or better by 2023.
The positive effects of the action programme in Finland continued in the fourth quarter of 2020 as higher occupancy and price effects compensated for the sharper staffing requirements previously imposed. The combination of the planned low rate of opening new units and high sales pace improved the occupancy rate to 82 percent, up 1 percentage point over the preceding quarter. The second wave of the pandemic had limited impact on Attendo Finland. Net sales in Attendo Finland rose by about 9 percent in the fourth quarter compared to the comparison quarter in 2019. In parallel, EBITA rose to SEK 48 million, an improvement of SEK 68 million over the corresponding quarter in 2019.
We renegotiated parts of our framework contracts in Finland during the quarter with regard to 2021, resulting in an average price adjustment of about 10 percent. For Attendo Finland as a whole, this entailed positive price effects amounting to about 3 percent of net sales. However, as a result of underlying cost inflation combined with costs related to the new staffing law, the net effect of the price adjustment on the margin is expected to be limited in 2021.
The second wave of the pandemic has affected Sweden more severely than the other Nordic countries. Notwithstanding, we have kept the infection out of most care homes in Sweden and the number of customers who have deceased of covid-19 has been significantly lower than during the first wave. Demand of nursing home beds have been subdued and the average occupancy is clearly lower in the beginning 2021 versus the first quarter of 2020.
Net sales in Attendo Scandinavia declined by 8 percent as a consequence of the sale of the Norwegian operations, lower occupancy in relation to the comparison quarter due to concerns about the pandemic and discontinued home care operations. EBITA amounted to SEK 155 million, down 10 percent compared to the fourth quarter of 2019. Positive effects from outsourcing and home care operations have been offset by corona-related effects.
"The positive effects of the action programme in Finland continued during the fourth quarter and occupancy rose as a consequence of a low rate of openings and high sales pace."
In spite of the ongoing pandemic and weak customer inflow in Scandinavia, we delivered stable results overall. Organic growth was 4.8 percent during the quarter, driven primarily by more sold beds in Finland and positive price effects. In a clear improvement over 2019, EBITA for the fourth quarter amounted to SEK 193 million. Profit in Finland recovered due to higher customer inflow and price adjustments, but we are reporting somewhat lower profits in Scandinavia. The pandemic had significant negative financial impact on Attendo in the fourth quarter, but this has been fully offset for the quarter by government compensation for additional costs incurred earlier in the year. For the full year, the pandemic is estimated to have reduced profits by about SEK -120 million, including government compensation.
Moving into 2021, we expect continued effects on sales during the first quarter and we enter 2021 with low occupancy in the Swedish operations. As the vaccination programme progresses, we expect customer inflow to gradually normalise during the year. Extraordinary costs for PPE and other direct costs related to the pandemic are expected to be covered by government support schemes.
Attendo's value creation model is built on three fundamental principles: a scalable platform and common tools, an operational model for the best methods at the local level and a values-driven culture among leaders and employees. We further developed our operational model in 2020 under the name "Attendo Way" to provide support to local operations in their work to ensure high-quality care while encouraging local commitment. As an aspect of Attendo Way, we have launched several digital tools to strengthen internal communication, planning and documentation and dialogue with relatives to our customers. In so doing, we have strengthened the company's capacity to increase customer satisfaction, quality and occupancy.
The next few years will be a period of profit growth linked to the changes in Finland, an improved operational model, organic growth within current and planned capacity and minor acquisitions. The target is adjusted earnings per share of SEK 4 or better by 2023.
Satisfied, committed employees are our greatest asset and in 2020, the year of the pandemic, it became more important than ever to show our employees how much we appreciate them and to strengthen our efforts with leadership, values and internal communication. As part of this work, we are putting the spotlight on talented Attendo employees who are making a difference. We celebrated Attendo's Care Hero of the Year in the fourth quarter and launched a magazine in which we highlight the extraordinary efforts of our employees during the pandemic. The result was a marked increase in employee satisfaction and commitment in 2020. The greatest improvement is shown in the employee net promoter score. It is also gratifying to see that we have increased customer satisfaction in all Attendo markets, despite the pandemic.
Finally, I would like to express my sincere thanks to our employees and customers. I am proud of the efforts of all employees during the pandemic to provide good, safe care to our customers and spread joy. As well, I am deeply grateful to our customers and their families for the support they have shown during a challenging time.
Martin Tivéus, President and CEO
Net sales increased by 0.4 percent to SEK 3,065m (3,054) during the quarter. Adjusted for currency effects, net sales increased by 2.3 percent. Organic growth accounted for 4.8 percent and the net change due to acquisitions and divestments was -2.5 percent. The latter is mainly attributable to the sale of Attendo's operations in Norway. Own homes demonstrated sustained strong growth due primarily to units opened in Finland in 2020 and 2019. Price increases had positive effect on organic growth, particularly in Attendo Finland, while the pandemic has negatively affected organic growth. Attendo is working actively to close down operations where the conditions for quality and profitability are lacking. Since the comparison quarter, Attendo has closed several own homes and home care operations, which has constrained organic growth. The loss of net sales from ended outsourcing contracts was greater than net sales under new outsourcing contracts.
The own operations contract model accounted for 87 percent of total consolidated net sales during the quarter and the outsourcing contract model accounted for 13 percent.
Operating profit (EBITA)1 amounted to SEK 193m (139) and the operating margin was 6.3 percent (4.6). Profit increased in Attendo Finland, but decreased in Attendo Scandinavia. Currency effects had marginal impact on profits.
Operating profit was positively affected by price effects and higher occupancy in own homes that opened in 2019 and 2018. EBITA was negatively affected by new own homes opened in 2020, as occupancy is initially low in new units. In the fourth quarter, Attendo received around SEK 50m in public compensation related to certain of the higher costs due to the pandemic that have affected Attendo during previous quarters. The net effect on profits due to the pandemic in the isolated quarter therefore is estimated to zero. Attendo has applied for additional compensation for higher costs in 2020 of about SEK 70m (not recognised in P&L).
Adjusted EBITA1 , i.e. EBITA according to the earlier IAS 17 accounting standard, was SEK 87m (35). The adjusted operating margin (EBITA) was 2.8 percent (1.1).
The total number of beds in operation in own homes was 17,668 (16,618), an increase by 6 percent. Occupancy in these homes was 80 percent (80). Mature units – those opened in 2017 or earlier, excluding Mikeva units – had an occupancy rate of about 87 percent (90) and showed an adjusted operating margin (EBITA)1 of 6.0 percent on a rolling 12 months' basis (r12), including all of Attendo's administrative expenses but excluding capital gains. The number of beds under construction in own operations was 1,036 across 16 homes. Attendo opened 31 homes during the year with a total of 1,349 beds, closed 367 beds and began construction on 8 homes with a total of 424 beds.
Operating profit (EBITA)* per business area, Q4 2020
Attendo Finland
operations, care for older people, care for people with disabilities and social psychiatry.
Operating profit (EBIT)1 amounted to SEK 162m (104), corresponding to an operating margin (EBIT) excluding items affecting comparability of 5.3 percent (3.4). The change is explained mainly by the change in operating profit (EBITA), as commented upon above.
Items affecting comparability during the quarter refer to currency effects related to the impairment of goodwill and right-of-use assets in the Finnish operations recognised in the second quarter of 2020.
Operating profit (EBIT) amounted to SEK 168m (104), corresponding to an operating margin (EBIT) of 5.5 percent (3.4).
Net financial items amounted to SEK -164m (-156) for the quarter, including net interest expense of SEK -13m (-13). Interest expense related to the lease liability for land and buildings in accordance with IFRS 16 amounted to SEK -141m (-127).
Income tax for the period amounted to SEK 0m (+12), corresponding to a tax rate of 0 percent (24.1). The tax rate for the period has been affected by the low result and temporary differences in the result. The effective tax rate for the full year is 20.9%.
Profit for the period amounted to SEK 4m (-40), corresponding to basic and diluted earnings per share for shareholders in the parent company of SEK 0.02 (-0.25). Adjusted earnings per share after dilution and excluding items affecting comparability were SEK 0.31 (0.04).
Net sales for the period increased by 3.0 percent to SEK 12,288m (11,935). Adjusted for currency effects, net sales increased by 3.7 percent. Organic growth accounted for 4.4 percent and acquired growth for -0.7 percent. Own homes demonstrated sustained strong growth, driven primarily by homes opened in Finland in 2019 and 2020. Price increases, particularly in Attendo Finland, and the leap day in 2020 had positive effect on organic growth. The pandemic has negatively affected organic growth. Attendo is working actively to close down operations where the conditions for quality and profitability are lacking. Since the comparison period, Attendo has closed several own homes and home care operations, which has constrained organic growth.
Operating profit (EBITA)1 amounted to SEK 797m (812) and the operating margin was 6.5 percent (6.8). Profit increased in Attendo Finland, but decreased in Attendo Scandinavia. Currency effects had marginal impact on profits.
In relation to the comparison period, EBITA was affected negatively by higher costs due to increased staffing requirements and other related costs that only partially affected the comparison period in the Attendo Finland business area. In addition, EBITA was negatively affected by new own homes opened in 2020, as occupancy is initially low in new units.
Attendo is investing in strengthening the organisation and has expanded central and regional managerial and support functions, which has entailed increased costs in Attendo Finland. The pandemic has reduced profit by an estimated SEK -120m due to the profit impact of the sales loss and cost increases, including public compensation.
Price effects, better financial performance in outsourcing and home care operations and higher occupancy in own homes opened in 2017-2019 had positive impact on operating profit.
Adjusted EBITA1 , i.e. EBITA according to the earlier IAS 17 accounting standard, was SEK 375m (441). The adjusted operating margin (EBITA)1 was 3.1 percent (3.7).
Operating profit (EBIT) 1 amounted to SEK 673m (672), corresponding to an operating margin (EBIT) excluding items affecting comparability of 5.5 percent (5.6). The change is explained by lower amortisation of acquisitionrelated intangible assets.
Items affecting comparability refer to the impairment of goodwill and right-ofuse assets related to operations in Finland. Impairment losses were taken in the second quarter on goodwill and right-of-use assets, which reduced profit for the period by SEK -955m.
The operating loss (EBIT) amounted to SEK -282m (672), corresponding to an operating margin (EBIT) of -2.3 percent (5.6).
Net financial items amounted to SEK -644m (-565) for the period, including net interest expense of SEK -57m (-57). Interest expense related to the lease liability for land and buildings in accordance with IFRS 16 amounted to SEK -559m (-473).
Tax expense for the period amounted to SEK +22m (-26), corresponding to a tax rate of 20.9 percent (24.1), adjusted for the impairment of goodwill during the period.
The loss for the period was SEK -904m (81), corresponding to basic and diluted earnings per share for shareholders in the parent company of SEK -5.63 (0.51). Adjusted earnings per share after dilution and excluding items affecting comparability were SEK 1.43 (1.71).
1) Excluding items affecting comparability
| Jan-Dec | Jan-Dec | |||
|---|---|---|---|---|
| SEKm | Q4 2020 | Q4 2019 | 2020 | 2019 |
| Net sales | 1,475 | 1,596 | 6,027 | 6,305 |
| Operating profit (EBITA) | 155 | 172 | 658 | 715 |
| Operating margin (EBITA), % | 10.5 | 10.8 | 10.9 | 11.3 |
| Adjusted EBITA | 112 | 125 | 481 | 555 |
| Adjusted EBITA margin, % | 7.6 | 7.8 | 8.0 | 8.8 |
Net sales in Attendo Scandinavia amounted to SEK 1,475m (1,596), corresponding to a change of -7.6 percent. Adjusted for currency effects, the decrease in sales was -7.5 percent. The decline in sales is attributable mainly to the divestment of the operations in Norway (approximately 100m), lower sales as a consequence of the pandemic and discontinued operations within home care. The loss of net sales from ended outsourcing contracts was greater than net sales under new outsourcing contracts. Total occupancy and occupancy in mature units in own operations were lower than in the comparison quarter, but increased compared to the third quarter of 2020.
Operating profit (EBITA) amounted to SEK 155m (172), corresponding to an operating margin (EBITA) of 10.5 percent (10.8). Currency effects had marginal impact on profits.
Underlying operations were stable in comparison with the same quarter in 2019. EBITA was negatively affected by the opening of several own homes in Attendo Scandinavia since the beginning of the year, which significantly reduced profits because initial occupancy is low. This was offset by underlying profit growth in home care and outsourcing operations. During the quarter Attendo Scandinavia received about SEK 30m in public compensation for a part of certain additional costs incurred in earlier quarters. As a result, the net effect of the pandemic on operating profit for the quarter is less negative than in earlier quarters and is estimated to SEK -20m.
Adjusted EBITA, i.e. EBITA according to the earlier IAS 17 accounting standard, was SEK 112m (125), corresponding to an operating margin of 7.6 percent (7.8).
Two nursing homes for older people with a total of 108 beds were opened during the quarter. The number of beds opened in the last twelve months amounts to 548, a historically high level. A high percentage of new units has negative effect on the average occupancy rate. Construction of a 6-bed care home began during the quarter. At the end of the quarter, there were 796 beds under construction. Attendo won two outsourcing contracts in care for older people with estimated annual revenues of SEK 112m and lost two not yet ended contracts with estimated revenues of SEK 28m. Attendo Scandinavia acquired a few home care businesses during the quarter with a total of about 200 customers in the Stockholm area and the region around lake Mälaren in Sweden.
of net sales Operations in Sweden and Denmark.
Net sales per service offering, Q4 2020
Net sales in Attendo Scandinavia amounted to SEK 6,027m (6,305), corresponding to a change of -4.4 percent. Adjusted for currency effects, the change was -4.1 percent. The decline in sales is attributable mainly to lower sales due to the pandemic, divestment of the Norwegian operations and discontinued operations within home care. Total occupancy and occupancy in mature units in own operations decreased during the year due to the pandemic.
Operating profit (EBITA) amounted to SEK 658m (715), corresponding to an operating margin (EBITA) of 10.9 percent (11.3). Currency effects had marginal impact on profits.
Underlying EBITA excluding the effects of the pandemic and capital gains improved due to better financial performance in outsourcing and home care operations through improved planning and processes and discontinued operations in Denmark, as well as improved occupancy in own homes opened in 2018. Attendo Scandinavia has opened several own homes since the beginning of the year, which significantly reduced profits because initial occupancy is low. The estimated profit impact of the pandemic was SEK - 120m related to effect on profits due to the sales loss and cost increases, including public compensation.
Adjusted EBITA, i.e. EBITA according to the earlier IAS 17 accounting standard, was SEK 481m (555), corresponding to an adjusted operating margin of 8.0 percent (8.8).
| Q4 | Q1 | Q2 | Q3 | Q4 | |
|---|---|---|---|---|---|
| Attendo Scandinavia | 2019 | 2020 | 2020 | 2020 | 2020 |
| Number of beds in operation in own homes | 3,689 | 3,940 | 4,121 | 4,025 | 4,133 |
| Number of opened beds in own homes (r12) | 330 | 525 | 626 | 614 | 548 |
| Occupancy in own homes, % | 86 | 83 | 75 | 74 | 75 |
| Number of beds in own homes under construction | 1,110 | 965 | 898 | 898 | 796 |
| Number of beds in operation in outsourcing | 2,557 | 2,579 | 2,508 | 2,185 | 2,230 |
| Net outsourcing contracts won/lost, SEKm | -44 | 29 | -10 | -61 | 84 |
| Home care customers | 11,889 | 11,250 | 10,289 | 10,110 | 10,327 |
Beds refer to nursing homes for older people, homes for people with disabilities and social psychiatry.
| SEKm | Q4 2020 | Q4 2019 | Jan-Dec 2020 |
Jan-Dec 2019 |
|---|---|---|---|---|
| Net sales | 1,590 | 1,458 | 6,261 | 5,630 |
| Operating profit (EBITA)1 | 48 | -20 | 200 | 163 |
| Operating margin (EBITA)1 , % |
3.0 | -1.4 | 3.2 | 2.9 |
| Adjusted EBITA1 | -15 | -76 | -45 | -48 |
| Adjusted EBITA margin1 , % |
-0.9 | -5.2 | -0.7 | -0.9 |
Net sales in Attendo Finland amounted to SEK 1,590m (1,458) corresponding to growth of 9.1 percent. Adjusted for currency effects, net sales increased by 13.0 percent. The growth is primarily attributable to new own homes opened in 2019 and 2020, price increases and acquisitions. The price increases correspond to about 3 percent of total net sales. Since the comparison quarter, Attendo Finland has discontinued several own homes and most residents have been moved to newly built and modern Attendo homes, although a few units were discontinued entirely.
Operating profit (EBITA)1 increased to SEK 48m (-20) and the operating margin (EBITA) increased to 3.0 percent (-1.4). Currency effects had marginal impact.
The profit growth is attributable to higher occupancy in homes opened in 2019 and 2018 and price increases. EBITA was negatively affected by new own homes opened this year, for which occupancy is initially low, and by higher operating costs in local units in relation to the comparison quarter, mainly as a consequence of the new law. Compared to the same quarter in 2019, calendar effects had positive effect on profits. During the quarter, Attendo Finland received public compensation of about SEK 20m for certain additional costs incurred due to the pandemic in earlier quarters, which entailed an estimated effect of the pandemic on profits of SEK +20m for the isolated quarter.
Adjusted EBITA1 amounted to SEK -15m (-76) and the adjusted EBITA margin was -0.9 percent (-5.2).
Two own homes with a total of 90 beds were opened during the quarter, bringing the number of beds opened in the last twelve months to 801. 20 beds were discontinued during the quarter. At the end of the quarter, there were 240 beds under construction. At the end of the quarter, Attendo Finland had fewer unsold beds than in the comparison quarter. Attendo Finland acquired an individual and family care business during the quarter. Attendo Finland also divested a subsidiary, Attendo Suomen Hoiva ja Asunto Oy, which owns 11 properties and related debt. Attendo continues to run care operations in the premises.
The new law covering staffing in care for older people entered into force on 1 October 2020. The new law regulates how staffing should be calculated and causes a general increase in the staffing ratio from 0.5 care workers per resident to 0.7, to be fully implemented from April 2023. The increases will take effect in the following stages:
The Finnish state is responsible for ensuring that local authorities receive the necessary funding to implement the new law. Private providers must negotiate with each local authority or region, which entails uncertainty about how compensation to private providers will be calculated. Costs related to the new law, such as hiring of new employees, are incurred some time before each of the various phases, meaning that it is likely that compensation will be delayed.
Net sales in Attendo Finland during the period amounted to SEK 6,261m (5,630) corresponding to growth of 11.2 percent. Adjusted for currency effects, net sales increased by 12.3 percent. The growth is primarily attributable to new own homes opened in 2019 and 2020, price increases and acquisitions. The price increases correspond to about 3 percent of total net sales. Since the comparison period, Attendo Finland has discontinued several units in own operations and most residents have been moved to newly built and modern Attendo homes, although a few units were discontinued entirely. The leap day in 2020 had positive impact on growth.
Operating profit (EBITA)1 amounted to SEK 200m (163) and the operating margin (EBITA)* was 3.2 percent (2.9). Currency effects had marginal impact. Price effects and higher occupancy in own homes opened in 2017-2019 had positive impact on EBITA. Following the increased staffing requirements imposed by public authorities, Attendo Finland has since the comparison period increased staffing which has entailed significantly higher costs in relation to the comparison period. Profit in relation to the comparison period was therefore negatively affected by increased staffing, but also by new own homes, where occupancy is initially low. Attendo's investments in strengthening central and regional managerial and support functions have entailed increased costs. The estimated net impact on profit of the pandemic during the year is zero, as the profit impact of the sales loss and higher costs has been offset by public compensation.
Adjusted EBITA1 amounted to SEK -45m (-48) and the adjusted EBITA margin was -0.7 percent (-0.9).
| Q4 | Q1 | Q2 | Q3 | Q4 | |
|---|---|---|---|---|---|
| Attendo Finland | 2019 | 2020 | 2020 | 2020 | 2020 |
| Number of beds in operation in own homes | 12,929 | 13,320 | 13,529 | 13,460 | 13,535 |
| Number of opened beds in own homes (r12) | 1,620 | 1,661 | 1,416 | 1,016 | 801 |
| Occupancy in own homes, % | 79 | 80 | 79 | 81 | 82 |
| Number of beds in own homes under construction | 870 | 458 | 212 | 330 | 240 |
| Number of beds in operation in outsourcing | 244 | 244 | 244 | 161 | 161 |
| Home care customers | 596 | 584 | 835 | 677 | 674 |
Beds refer to nursing homes for older people, homes for people with disabilities and social psychiatry.
Free cash flow was SEK 132m (141) during the quarter, whereof changes in working capital amounted to SEK 47m (129). The change in working capital is attributable mainly to an increase in employee-related costs and an increase in trade payables during the quarter.
Cash flow from operations was SEK 397m (456). Cash used for net investments in non-current assets was SEK -40m (-109) and cash flow from assets and liabilities held for sale amounted to SEK 0m (-52). Business acquisitions made a positive contribution to cash flow of SEK 6m (-39). Divestment of a subsidiary reduced cash flow during the quarter by SEK -9m (-). Cash flow from investing activities thus amounted to SEK -43m (-200). Cash flow from financing activities was SEK -403m (-468). Loans of SEK - 250m (-3,051) were repaid during the quarter and new loans of SEK 72m (2,789) were raised. Total cash flow amounted to SEK -49m (-212).
Free cash flow during the period was SEK 428m (196), whereof changes in working capital amounted to SEK 246m (-60).
Cash flow from operations was SEK 1,645m (1,227). Cash used for net investments in non-current assets was SEK -319m (-241) and cash flow from assets and liabilities held for sale amounted to SEK 196m (260). Business acquisitions reduced cash flow by SEK -114m (-239). Divestment of subsidiaries reduced cash flow by SEK -22m (87). Cash flow from investing activities thus amounted to SEK -259m (-133). Cash flow from financing activities was SEK -1,172m (-3,485). Financing activities include loan repayments of SEK -475m (-5,388) and new borrowings of SEK 199m (2,789), Total cash flow amounted to SEK 214m (-2,391).
Equity attributable to shareholders in the parent company amounted to SEK 4,849m (5,831) as of 31 December 2020, representing diluted equity per share attributable to shareholders in the parent company of SEK 30.13 (36.24). Net debt amounted to SEK 12,268m (11,831). Adjusted net debt, excluding lease liability for land and buildings, amounted to SEK 1,573m (2,360). Loans of SEK 475m were repaid during the year, of which SEK 225m on the revolving credit facility and SEK 250m on long-term loan facilities. Loans in the amount of SEK 297m were also divested in conjunction with the divestment of the wholly owned subsidiary Suomen Hoiva ja Asunto Oy.
| SEKm | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|
| Interest-bearing liabilities | 12,976 | 12,339 |
| Provisions for post-employment benefits | 8 | 15 |
| Cash and cash equivalents | -716 | -523 |
| Net debt | 12,268 | 11,831 |
| Lease liability real estate | -10,695 | -9,471 |
| Adjusted net debt | 1,573 | 2,360 |
Interest-bearing liabilities as of 31 December 2020 amounted to SEK 12,976m (12,339). Cash and cash equivalents as of 31 December 2020 amounted to SEK 716m (523) and Attendo had SEK 1,800m (1,575) in unutilised credit facilities.
Net debt/EBITDA1 was 6.0 (6.1). Net debt/Adjusted EBITDA1 was 2.6 (3.6).
| SEKm | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|
| Net debt / EBITDA1 | 6.0 | 6.1 |
| Adjusted net debt / adjusted EBITDA1 | 2.6 | 3.6 |
1) Excluding items affecting comparability.
Vaccinations of customers and employees against covid-19 began in all countries during the quarter. The order of priority differs by country. In Sweden, residents of nursing homes have first priority, while in Finland, care workers will be vaccinated before residents. Attendo expects the absolute majority of residents and employees in all markets to have been offered vaccines by no later than the end of February 2021. In several locations in Sweden including Linköping and Stockholm, Attendo's customers were the first people to be vaccinated in those cities. This was covered by the media and instilled a sense hope and happiness in customers, their relatives and employees of Attendo.
The Swedish Coronavirus Commission presented its first partial report in December, which focused on transmission within care for older people. The Coronavirus Commission is an investigatory commission appointed by the Swedish Government. Its remit is to evaluate the management of the ongoing pandemic by authorities, regions, local authorities and the Government. The Commission identifies the general rate of transmission in society as the most important cause of transmission in nursing homes. The Commission furthermore writes that the strategy to protect older people has failed and that decisions on protective measures in care for older people were too little and too late. Attendo has provided the Commission with input information and data on the corona pandemic in Sweden and the other Nordic countries.
Our employees were able to nominate employees who have gone above and beyond during the year to be celebrated as Care Heroes. Nurse Lovelyn Buking in Västerås was named Attendo's Care Hero of the Year after receiving the most votes in Appendo – Attendo's employee app. Attendo's new magazine, Magasinet Omsorg, was launched in conjunction with the announcement. The issue celebrates Lovelyn Buking and all the other employees nominated as Care Heroes. In the magazine, we are able to follow our employees as they go about their days in the workplace and see what they are doing to exceed expectations and create peace of mind among the customers.
The past year has put tremendous pressure on Attendo's employees. Attendo's management has taken initiatives in various ways to show appreciation for the sacrifices that have been and are still being made during the pandemic. Christmas concerts starring famous performers were arranged in Finland and Sweden and live-streamed to an audience of thousands of employees and customers.
Attendo continuously monitors employee satisfaction in all markets. The trend was highly positive in 2020 in Sweden, Finland and Denmark. Likewise, the employee net promoter score – the extent to which they would recommend Attendo as an employer – increased to record levels. It is gratifying to know that Attendo's employees felt pride and faith in Attendo as an employer during the profoundly trying year.
The partnership between Attendo and Samhall intensified during the year. Samhall is a state-owned enterprise whose mission is to create jobs for people with disabilities and thus make room for them in the labour market. We were told during the quarter that Attendo recruited more employees from Samhall in 2020 than any other employer. Attendo is an inclusive workplace and welcomes everyone with a passion for care work and who wants to make a difference. This is a key aspect in the selection of employees, to which Samhall makes a valuable contribution.
Attendo's quality model rests on three pillars: satisfied customers, systematic improvements (safety and peace of mind) and best available knowledge. Ongoing development and monitoring of the necessary procedures, processes and documentation are essential to the quality of all health and social care. The work is led by local quality coordinators with the support of specialised quality functions. Recurring quality audits are conducted by Attendo, customers and government authorities.
Read more about quality work at Attendo at: www.attendo.com
The total number of shares is 161,386,592. Attendo holds 473,744 treasury shares and the total number of shares outstanding as of 31 December 2020 was thus 160,912,848.
The average number of employees was 17,523 (16,163) in the fourth quarter and 18,178 (16,499) for the period of January–December.
Transactions with related parties had a value of SEK 0m (0) during the period. All related-party transactions take place on market terms.
For further details, please refer to page 69 of Attendo's 2019 annual report.
The business of the parent company is to provide services to the subsidiaries and manage shares in subsidiaries. The company's expenses relate mainly to executive salaries, directors' fees and costs for external consultants.
Net sales for the period were SEK 13m (13), and were entirely related to services provided to subsidiaries. The loss for the year after net financial items was SEK -34m (-31). At the end of the quarter, cash and cash equivalents amounted to SEK 0m (0), shares in subsidiaries to SEK 6,494m (6,494) and non-restricted equity to SEK 6,010m (5,992).
Attendo's profitability is affected by factors including seasonal variations, weekends and national public holidays. For Attendo, public holidays and weekends have a negative effect on profitability mainly due to wage compensation for unsocial working hours. For example, profitability is affected by Easter in either the first or second quarter, depending on the quarter in which Easter falls, while the first and fourth quarters are affected by the Christmas and New Year's holidays.
Ammy Wehlin stepped down as Business Area Director for Attendo Scandinavia at year-end 2020 and was succeeded by Ulrika Eriksson. Ulrika Eriksson was born in 1969 and holds a master's degree in economics from the Stockholm School of Economics. She has served in several executive roles, most recently as CEO of KungSängen Sverige. Eriksson joined the company during the fourth quarter of 2020 to ensure a smooth transition and began as Business Area Director and member of executive management for Attendo AB on 1 January 2021.
The annual general meeting of shareholders in Attendo AB will be held 14 April 2021. Further information about the AGM will be published on Attendo's website. The annual report will be available at Attendo's head office and on the website no later than on 24 March 2021.
Dividends must be balanced with regard to the business's goals, scope and risk, including investment opportunities, and the company's financial position. In both financial and operational terms, 2020 was a challenging year for Attendo that was characterised by the pandemic. In addition, an impairment loss on goodwill was taken in the Finnish operations. In the light of these circumstances, the board of directors is therefore proposing to the 2021 annual general meeting that no dividend should be distributed for the 2020 financial year.
In connection with Attendo's IPO (initial public offering) in 2015, financial targets were set, linked to growth, margins, dividend policy and debt. Attendo has undergone major changes in recent years and conditions in Finland, Attendo's second-largest market, have changed. As a result of these factors combined with the new IFRS 16 accounting standard, the previous targets need to be revised based on current circumstances.
As the company is in a phase of turnaround in which successive profit recovery is expected, Attendo has established a profit target for three years ahead. Attendo expects profit growth linked to the changes in Finland, an improved operational model, organic growth within current and planned capacity and minor acquisitions.
Attendo's ambition is to achieve adjusted earnings per share of SEK 4 or better by 2023, calculated on the basis of the IAS 17 accounting standard (which provides better comparability) and excluding amortisation of acquisition-related intangible assets and items affecting comparability. A calculation of this key figure is provided on page 28.
Attendo's target is to distribute 30 percent of the company's adjusted profits as dividends. Like the profit target, this measurement is calculated based on the earlier IAS 17 accounting standard. Dividends must be balanced with regard to the business's goals, scope and risk, including investment opportunities, and the company's financial position.
Attendo's capital structure target is based on financial stability and the opportunity to execute long-term decisions. Attendo has set a target that adjusted net debt in relation to adjusted EBITDA should not exceed 3.75 over the long term (calculated based on IAS 17).
All business requires companies to take risks in various forms and to various extents. Risk management, defined as the work involved in identifying, managing and monitoring risks, is an important part of Attendo's strategy and its operations. Attendo takes a structured approach to managing risks, based on a framework that covers industry and market risks, operational risks and financial risks. External risks related to the conditions for private companies to operate care businesses, political risks, regulatory risks and reputational risks. Operational risks refer to risks linked directly to Attendo's operations, such as occupancy, pricing and access to skilled employees. Financial risks are related to factors including access to capital, exchange rates, interest rates and liquidity. The risks and how Attendo manages them are described in greater detail in Attendo's annual report (see the "Risks and risk management" section in the 2019 annual report, pages 24-27).
The corona pandemic had profound impact on Attendo's operations and financial performance in 2020. As a result of the pandemic, known risks such as occupancy in our units and access to qualified employees have become more apparent. Occupancy declined significantly during 2020 in Attendo Scandinavia, mainly due to the ban on visits to nursing homes for older people and concerns about the pandemic. In addition, the entire organisation has been forced to work under very challenging circumstances, with rapid changes of method and direction to protect our customers, many of whom are at high risk of contracting covid-19. From a risk perspective, the past year has thus been characterised by operational risks. Efforts to further develop Attendo also continued during 2020. In that context, the rate of expansion, regulatory conditions and risks and staffing and human capital risks have been assessed in the light of Attendo's overall business objectives.
In Finland, a comprehensive care reform has been implemented, where, among other things, staffing requirements are now being raised in several steps. Increased staffing requirements mean increased costs for all providers. The government is responsible to ensure that the local authorities receive the necessary funding to be able to implement the new law. Private providers must negotiate with each local authority or county, which means uncertainty about how the compensation to private providers will be handled. Costs linked to the new law, such as new recruitment, arise some time before the various steps, which means that compensation can be obtained with a time lag.
Vaccination of customers in nursing homes is ongoing in all markets, which is a prerequisite for the normalization of operations. In Sweden, which has been hardest hit by the pandemic, the vaccination of customers in nursing homes has largely been carried out and vaccination of employees is ongoing.
Lower occupancy is presently the risk that is having the most short-term financial impact on the business. Due to the rapid development that has characterised both the spread of the covid-19 virus and the measures that can and must be taken by Attendo and other social actors, there is significant uncertainty associated with all types of estimates of the operational or financial impact of the pandemic.
The group applies International Financial Reporting Standards (IFRS) and interpretations from IFRIC, as adopted by the European Union, the Swedish Financial Reporting Board's standard RFR 1 Supplementary Accounting Rules for Groups and related interpretations and the Swedish Annual Accounts Act.
This interim report has been prepared according to IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act and should be read together with the annual report for 2019. The most significant accounting policies under IFRS, the reporting norm applied in preparing this interim report, are set forth in Note C1 on pages 49-53 of the annual report for 2019, which were applied to the preparation of this interim report.
As of the second quarter of 2020, Attendo has added "Items affecting comparability" as a line item on the income statement. Items classified as items affecting comparability are those where it is important to observe the effects on profit when profit for the period is compared with earlier periods, such as significant impairment losses and other significant, non-recurrent costs or income. Tax on items affecting comparability and tax items that are specifically classified as items affecting comparability are reported under "Tax" on the consolidated income statement. Items accounted for as items affecting comparability in a period are accounted for consistently in future periods by also reporting any reversals of these items as items affecting comparability. Segment reporting is presented before items affecting comparability, but items affecting comparability are allocated to the segments to which they refer in the notes to the financial statements.
Related to the corona pandemic, Attendo has received government grants to compensate for increased costs for protective gear and increased wage costs as a result of increased sick leave and cohort care. The private support in the form of compensation for additional costs in Sweden can only be obtained by private operators by seeking compensation through municipalities and regions that grant compensation and which in turn receive compensation from the government. In the financial reporting, this is reported in accordance with IAS 20 Accounting for Government Grants and Disclosures of Government Aid and has reduced corresponding costs.
Other and eliminations in the segment tables refers to costs for the head office and group eliminations.
The interim information on pages 1-14 is an integrated part of this financial report. The parent company's financial statements are prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation, RFR 2 Accounting for Legal Entities.
The year-end report has not been reviewed by the company's auditors. This English report is an unofficial translation. In case of any discrepancy between the English version and the Swedish version, the Swedish text shall prevail.
Attendo does not publish forecasts.
Danderyd, February 10, 2021
Martin Tivéus
CEO
Attendo's financial reports are available on www.attendo.com
| SEKm | Q4 2020 | Q4 2019 Jan-Dec 2020 Jan-Dec 2019 | ||
|---|---|---|---|---|
| Net sales | 3,065 | 3,054 | 12,288 | 11,935 |
| Other operating income | 8 | 20 | 73 | 110 |
| Total revenue | 3,073 | 3,074 | 12,361 | 12,045 |
| Personnel costs | -2,052 | -2,127 | -8,285 | -8,133 |
| Other external costs | -512 | -512 | -2,023 | -1,972 |
| Operating profit before amortization and depreciations | ||||
| (EBITDA)* | 509 | 435 | 2,053 | 1,940 |
| Amortization and depreciation of tangible and intangible assets |
-316 | -296 | -1,256 | -1,128 |
| Operating profit after depreciation (EBITA)* | 193 | 139 | 797 | 812 |
| Operating margin (EBITA)*, % | 6.3 | 4.6 | 6.5 | 6.8 |
| Amortization of acquisition related intangible assets | -31 | -35 | -124 | -140 |
| Operating profit (EBIT), excluding items affecting | ||||
| comparability | 162 | 104 | 673 | 672 |
| Operating margin (EBIT), excluding items affecting | ||||
| comparability % | 5.3 | 3.4 | 5.5 | 5.6 |
| Items affecting comparability | 6 | - | -955 | - |
| Operating profit (EBIT) | 168 | 104 | -282 | 672 |
| Operating margin (EBIT), % | 5.5 | 3.4 | -2.3 | 5.6 |
| Net financial items | -164 | -156 | -644 | -565 |
| Profit before tax | 4 | -52 | -926 | 107 |
| Income tax | 0 | 12 | 22 | -26 |
| Profit for the period | 4 | -40 | -904 | 81 |
| Profit margin, % | 0.1 | -1.3 | -7.4 | 0.7 |
| Profit for the period attributable to: | ||||
| The parent company shareholders | 3 | -40 | -906 | 81 |
| Non-controlling interests | 1 | - | 2 | - |
| Basic earnings per share, SEK | 0.02 | -0.25 | -5.63 | 0.51 |
| Diluted earnings per share, SEK | 0.02 | -0.25 | -5.63 | 0.51 |
| Average number of shares outstanding, basic, thousands | 160,913 | 160,882 | 160,904 | 160,877 |
| Average number of shares outstanding, diluted, thousands | 160,924 | 160,904 | 160,920 | 160,899 |
*Excluding items affecting comparability.
| SEKm | Q4 2020 | Q4 2019 Jan-Dec 2020 Jan-Dec 2019 | ||
|---|---|---|---|---|
| Profit for the period | 4 | -40 | -904 | 81 |
| Other comprehensive income for the period | ||||
| Items that will not be reclassified to profit or loss Remeasurements of defined benefit pension plans, net of tax |
2 | 7 | -8 | -3 |
| Items that may be reclassified to profit or loss Exchange rate differences on translating foreign operations |
||||
| attributable to the parent company shareholders | -69 | -72 | -56 | 47 |
| Other comprehensive income for the period | -67 | -65 | -64 | 44 |
| Total comprehensive income for the period | -63 | -105 | -968 | 125 |
| Total comprehensive income attributable to: | ||||
| The Parent company shareholders | -64 | -105 | -970 | 125 |
| Non-controlling interests | 1 | - | 2 | - |
| SEKm | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Goodwill | 6,644 | 7,446 |
| Other intangible assets | 493 | 564 |
| Equipment | 562 | 874 |
| Right of use assets | 9,709 | 8,856 |
| Financial assets | 410 | 331 |
| Total non-current assets | 17,818 | 18,071 |
| Current assets | ||
| Trade receivables | 1,039 | 1,090 |
| Other current assets | 481 | 400 |
| Cash and cash equivalents | 716 | 523 |
| 2,236 | 2,013 | |
| Assets held for sale | 18 | 186 |
| Total current assets | 2,254 | 2,199 |
| Total assets | 20,072 | 20,270 |
| EQUITY AND LIABILITIES | ||
| Equity Equity attributable to the Parent company shareholders |
4,849 | 5,831 |
| Non-controlling interests | 22 | - |
| Total equity | 4,871 | 5,831 |
| Non-current liabilities | ||
| Liabilities to credit institutions | 2,246 | 2,836 |
| Long-term lease liabilities* | 9,811 | 8,640 |
| Provisions for post-employment benefits | 8 | 15 |
| Other provisions | 64 | 142 |
| Other non-current liabilities | 120 | 151 |
| Total non-current liabilities | 12,249 | 11,784 |
| Current liabilities | ||
| Liabilities to credit institutions | 0 | 2 |
| Short-term lease liabilities** | 919 | 862 |
| Trade payables | 358 | 256 |
| Short-term provisions | 117 | 85 |
| Other current liabilities | 1,554 | 1,431 |
| 2,948 | 2,636 | |
| Liabilities held for sale | 4 | 19 |
| Total current liabilities | 2,952 | 2,655 |
| Total equity and liabilities | 20,072 | 20,270 |
* Long-term lease liabilities include car leases amounting to SEK 16m (12m).
** Short-term lease liabilities include car leases amounting to SEK 19m (19m).
| SEKm | Q4 2020 | Q4 2019 Jan-Dec 2020 Jan-Dec 2019 | ||
|---|---|---|---|---|
| Operating profit (EBITA)* | 193 | 139 | 797 | 812 |
| Depreciation and amortization of tangible and intangible | ||||
| assets | 316 | 296 | 1,256 | 1,128 |
| Changes in working capital | 47 | 129 | 246 | -60 |
| Paid income tax | 16 | 44 | -37 | -88 |
| Other non-cash items | -10 | -2 | 15 | 8 |
| Cash flow after changes in working capital | 562 | 606 | 2,277 | 1,800 |
| Investments in tangible and intangible assets | -50 | -113 | -345 | -345 |
| Divestment of tangible and intangible assets | 10 | 4 | 26 | 104 |
| Operating cash flow | 522 | 497 | 1,958 | 1,559 |
| Interest received/paid | -24 | -23 | -73 | -100 |
| Interest expense for lease liabilities of real estate | -141 | -127 | -559 | -473 |
| Repayment of lease liabilities | -225 | -206 | -898 | -790 |
| Free cash flow | 132 | 141 | 428 | 196 |
| Net change in assets and liabilities held for sale | 0 | -52 | 196 | 260 |
| Acquisition of operations | 6 | -39 | -114 | -239 |
| Divestment of subsidiaries | -9 | - | -22 | 87 |
| Warrants | - | - | 2 | - |
| Dividends paid | - | - | - | -96 |
| Repayment of loans | -250 | -3,051 | -475 | -5,388 |
| New borrowings | 72 | 2,789 | 199 | 2,789 |
| Totalt kassaflöde | -49 | -212 | 214 | -2,391 |
| Cash and cash equivalents at the beginning of the period | 784 | 745 | 523 | 2,896 |
| Effect of exchange rate changes on cash | -19 | -10 | -21 | 18 |
| Cash and cash equivalents at the end of the period | 716 | 523 | 716 | 523 |
| Q4 2020 | |||
|---|---|---|---|
| 397 | 456 | 1,645 | 1,227 |
| -43 | -200 | -259 | -133 |
| -403 | -468 | -1,172 | -3,485 |
| -49 | -212 | 214 | -2,391 |
| Q4 2019 Jan-Dec 2020 Jan-Dec 2019 |
*Excluding items affecting comparability.
| Jan-dec | ||
|---|---|---|
| SEKm | Jan-Dec 2020 | 2019 |
| Opening balance | 5,831 | 5,801 |
| Total comprehensive income attributable to: | ||
| The Parent company shareholders | -970 | 125 |
| Non-controlling interests | 2 | - |
| Transactions with owners | ||
| Vested shares | 1 | 2 |
| Transactions with non-controlling interest | -14 | - |
| Warrants | 2 | - |
| Share-savings plan | -1 | -1 |
| Dividend | - | -96 |
| Total transactions with owners | -12 | -95 |
| Equity attributable to the Parent company shareholders | 4,849 | 5,831 |
| Non-controlling interests | 22 | - |
| Closing balance | 4,871 | 5,831 |
| SEKm | Attendo Scandinavia | Attendo Finland Other and eliminations |
Consolidated | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q4 2020 Q4 2019 | Q4 2020 Q4 2019 | Q4 2020 Q4 2019 | Q4 2020 Q4 2019 | ||||||||
| Net sales | 1,475 | 1,596 | 1,590 | 1,458 | - | - | 3,065 | 3,054 | |||
| Own operations | 1,115 | 1,136 | 1,553 | 1,419 | - | - | 2,668 | 2,555 | |||
| Outsourcing | 360 | 460 | 37 | 39 | - | - | 397 | 499 | |||
| Operating profit (EBITA)* |
155 | 172 | 48 | -20 | -10 | -14 | 193 | 139 | |||
| Operating margin | |||||||||||
| (EBITA)*, % | 10.5 | 10.8 | 3.0 | -1.4 | - | - | 6.3 | 4.6 | |||
| Adjusted EBITA* | 112 | 125 | -15 | -76 | -10 | -14 | 87 | 35 | |||
| Adjusted operating | |||||||||||
| margin (EBITA)*, % | 7.6 | 7.8 | -0.9 | -5.2 | - | - | 2.8 | 1.1 |
| SEKm | Attendo Scandinavia | Attendo Finland | Other and eliminations | Consolidated | ||||
|---|---|---|---|---|---|---|---|---|
| Jan Dec |
Jan Dec |
Jan Dec |
Jan Dec |
Jan Dec |
Jan Dec |
Jan Dec |
Jan Dec |
|
| 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |
| Net sales | 6,027 | 6,305 | 6,261 | 5,630 | - | - | 12,288 | 11,935 |
| Own operations | 4,425 | 4,497 | 6,102 | 5,460 | - | - | 10,527 | 9,957 |
| Outsourcing | 1,602 | 1,808 | 159 | 170 | - | - | 1,761 | 1,978 |
| Operating profit | ||||||||
| (EBITA)* | 658 | 715 | 200 | 163 | -61 | -66 | 797 | 812 |
| Operating margin | ||||||||
| (EBITA)*, % | 10.9 | 11.3 | 3.2 | 2.9 | - | - | 6.5 | 6.8 |
| Adjusted EBITA* | 481 | 555 | -45 | -48 | -61 | -66 | 375 | 441 |
| Adjusted operating | ||||||||
| margin (EBITA)*, % | 8.0 | 8.8 | -0.7 | -0.9 | - | - | 3.1 | 3.7 |
*Excluding items affecting comparability of SEK -955m.
| SEKm | Kv4 2020 | Kv4 2019 | Jan-dec 2020 | Jan-dec 2019 |
|---|---|---|---|---|
| Net interest expense (excluding lease liabilities for real estate) | -13 | -13 | -57 | -57 |
| Interest expense, lease liabilities for real estate | -141 | -127 | -559 | -473 |
| Other | -10 | -16 | -28 | -35 |
| Net financial items | -164 | -156 | -644 | -565 |
| Jan-Dec | ||||
|---|---|---|---|---|
| SEKm | Q4 2020 | Q4 2019 | Jan-Dec, 2020 | 2019 |
| Investments in intangible assets | ||||
| Investments in tangible assets | 5 | 6 | 13 | 18 |
| Divestments of tangible and intangible assets | 46 | 107 | 333 | 327 |
| Total net investments | -11 | -4 | -27 | -104 |
| Investments in intangible assets | 40 | 109 | 319 | 241 |
| Intangible assets acquired through business combination | ||||
| Goodwill | 32 | 55 | 129 | 148 |
| Customer relations | 25 | 56 | 82 | 87 |
| Other | 0 | 0 | 0 | 0 |
| Total intangible assets acquired through business | ||||
| combination | 57 | 111 | 211 | 235 |
| SEKm | Level | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|
| ASSETS Financial assets measured at fair value |
|||
| Trade receivables | 1,039 | 1,090 | |
| Cash and cash equivalents | 716 | 523 | |
| Total financial assets | 1,755 | 1,613 | |
| LIABILITIES Financial liabilities at fair value through profit or loss |
|||
| Contingent considerations | 3 | 0 | 0 |
| Financial liabilities measured at amortised cost | |||
| Borrowings | 2,246 | 2,838 | |
| Lease liabilities | 10,730 | 9,502 | |
| Trade payables | 358 | 256 | |
| Total financial liabilities | 13,334 | 12,596 |
The table shows the Group's significant financial assets and liabilities. Assets and liabilities recognized as loans and receivables, and other financial liabilities are valued at amortized cost. Fair value for all financial assets and liabilities are equal to the carrying value. For complete table and further information see Attendo's Annual report 2019, note C24.
Level 3: The fair value of contingent considerations is based on estimated outcome from the contractual clauses in the share purchase agreements.
| SEKm | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|
| Assets pledged as collateral | 64 | 73 |
| Contingent liabilities* | 4,615 | 5,040 |
* Leases of assets not yet in use are reported in contingent liabilities. Contingent liabilities also include a potential outflow of resources to complete
acquisitions of real estate and operations from a few local authorities in Finland.
The effects of the implementation of IFRS 16 leases on the income statement are shown below.
| Q4, 2020 | Q4, 2019 | |||||
|---|---|---|---|---|---|---|
| SEKm | Excl. IFRS 16- effect |
Exkl. IFRS 16-effekt |
Exkl. IFRS 16- effekt** |
Excl. IFRS 16- effect |
Exkl. IFRS 16-effekt |
Exkl. IFRS 16- effekt** |
| Net sales | 3,065 | 3,065 | 3,054 | 3,054 | ||
| Other operating income | 8 | -1 | 7 | 20 | -12 | 8 |
| Total revenue | 3,073 | -1 | 3,072 | 3,074 | -12 | 3,062 |
| Personnel costs | -2,052 | -2,052 | -2,127 | -2,127 | ||
| Other external costs | -512 | -366 | -878 | -512 | -333 | -845 |
| Operating profit before amortization and depreciation (EBITDA)* |
509 | -367 | 142 | 435 | -345 | 90 |
| Amortization and depreciation of tangible and intangible assets |
-316 | 261 | -55 | -296 | 241 | -55 |
| Operating profit (EBITA)* | 193 | -106 | 87 | 139 | -104 | 35 |
| Operating margin (EBITA)* % | 6.3 | 2.8 | 4.6 | 1.1 | ||
| Amortization of acquisition related intangible assets |
-31 | -31 | -35 | - | -35 | |
| Operating profit, excluding items affecting | ||||||
| comparability (EBIT) Operating margin (EBIT), excluding items |
162 | -106 | 56 | 104 | -104 | 0 |
| affecting comparability % | 5.3 | 1.8 | 3.4 | 0.0 | ||
| Items affecting comparability | 6 | -1 | 5 | - | - | - |
| Operating profit (EBIT) | 168 | -107 | 61 | 104 | -104 | 0 |
| Operating margin (EBIT) % | 5.5 | 2.0 | 3.4 | |||
| Net financial items | -164 | 140 | -24 | -156 | 127 | -29 |
| Profit before tax | 4 | 33 | 37 | -52 | 23 | -29 |
| Income tax | 0 | -6 | -6 | 12 | -4 | 8 |
| Profit for the period from continuing operations Profit margin % |
4 0.1 |
27 | 31 1.0 |
-40 -1.3 |
19 | -21 -0.7 |
* Excluding items affecting comparability.
** This column shows adjusted EBITDA and adjusted EBITA.
Jan-Dec, 2020 Jan-Dec, 2019
| SEKm | Reported | IFRS 16 effect |
Excl. IFRS 16- effect** |
Reported | IFRS 16 effect |
Excl. IFRS 16- effect** |
|---|---|---|---|---|---|---|
| Net sales | 12,288 | 12,288 | 11,935 | 11,935 | ||
| Other operating income | 73 | -2 | 71 | 110 | -21 | 89 |
| Total revenue | 12,361 | -2 | 12,359 | 12,045 | -21 | 12,024 |
| Personnel costs | -8,285 | -8,285 | -8,133 | -8,133 | ||
| Other external costs | -2,023 | -1 452 | -3,475 | -1,972 | -1,263 | -3,236 |
| Operating profit before amortization and | ||||||
| depreciation (EBITDA)* | 2,053 | -1 454 | 599 | 1,940 | -1,284 | 655 |
| Amortization and depreciation of tangible and | ||||||
| intangible assets | -1,256 | 1 032 | -224 | -1,128 | 913 | -215 |
| Operating profit (EBITA)* | 797 | -422 | 375 | 812 | -371 | 441 |
| Operating margin (EBITA)* % | 6.5 | 3.1 | 6.8 | 3.7 | ||
| Amortization of acquisition related intangible | ||||||
| assets | -124 | -124 | -140 | - | -140 | |
| Operating profit, excluding items affecting | ||||||
| comparability (EBIT) | 673 | -422 | 251 | 672 | -371 | 301 |
| Operating margin (EBIT), excluding items | ||||||
| affecting comparability % | 5.5 | 2.0 | 5.6 | 2.5 | ||
| Items affecting comparability | -955 | 134 | -821 | - | - | - |
| Operating profit (EBIT) | -282 | -288 | -570 | 672 | -371 | 301 |
| Operating margin (EBIT) % | -2.3 | -4.6 | 5,6 | 2.5 | ||
| Net financial items | -644 | 559 | -85 | -565 | 473 | -92 |
| Profit before tax | -926 | 271 | -655 | 107 | 102 | 209 |
| Income tax | ||||||
| Profit for the period | 22 -904 |
-54 217 |
-32 -687 |
-26 81 |
-20 82 |
-46 163 |
| Profit margin % | -7.4 | -5.6 | 0.7 | 1.4 |
* Excluding items affecting comparability.
** This column shows adjusted EBITDA and adjusted EBITA.
| Items affecting | Total | Adjusted | ||||
|---|---|---|---|---|---|---|
| SEKm | Reported | Acquisitions 1 | IFRS 16 2 | comparability 3 | adjustments | earnings |
| Adjustments 2020 | ||||||
| Net sales | 12,288 | - | - | - | - | 12,288 |
| Operating profit before amortization and | ||||||
| depreciation (EBITDA)* | 2,053 | - | -1,454 | - | -1,454 | 599 |
| Amortization and depreciation of tangible and intangible assets |
- 1,256 | - | 1,032 | - | 1,032 | -224 |
| Operating profit (EBITA)* | 797 | - | -422 | - | -422 | 375 |
| Amortization of acquisition related intangible | ||||||
| assets | -124 | 124 | - | - | 124 | - |
| Operating profit, excluding items affecting | ||||||
| comparability (EBIT) | 673 | 124 | -422 | - | -298 | 375 |
| Items affecting comparability | -955 | - | 134 | 821 | 955 | - |
| Operating profit (EBIT) | -282 | 124 | -288 | 821 | 657 | 375 |
| Net financial items | -644 | - | 559 | - | 559 | -85 |
| Profit before tax | -926 | 124 | 271 | 821 | 1,216 | 290 |
| Income tax | 22 | -25 | -54 | - | -79 | -57 |
| Profit for the period | -904 | 99 | 217 | 821 | 1,137 | 233 |
| Profit for the period attributable to: | ||||||
| The parent company shareholders | -906 | 99 | 217 | 821 | 1,137 | 231 |
| Non-controlling interests | 2 | - | - | - | - | 2 |
| Average number of shares outstanding, diluted, | ||||||
| thousands | 160,920 | 160,920 | 160,920 | 160,920 | 160,920 | 160,920 |
| Earnings per share diluted, SEK | -5.63 | 0.61 | 1.35 | 5.10 | 7.06 | 1.43 |
| Items affecting | Total | Adjusted | ||||
| SEKm | Reported | Acquisitions 1 | IFRS 16 2 | comparability 3 | adjustments | earnings |
| Adjustments 2019 | ||||||
| Net sales | 11,935 | - | - | - | - | 11,935 |
| Operating profit before amortization and | ||||||
| depreciation (EBITDA)* | 1,940 | - | -1,284 | - | -1,284 | 656 |
| Amortization and depreciation of tangible and | ||||||
| intangible assets | - 1,128 | - | 913 | - | 913 | -215 |
| Operating profit (EBITA)* | 812 | - | -371 | - | -371 | 441 |
| Amortization of acquisition related intangible | ||||||
| assets | -140 | 140 | - | - | 140 | - |
| Operating profit, excluding items affecting | ||||||
| comparability (EBIT) | 672 | 140 | -371 | - | -232 | 441 |
| Items affecting comparability | - | - | - | - | - | - |
| Operating profit (EBIT) | 672 | 140 | -371 | - | -232 | 441 |
| Net financial items | -565 | - | 473 | - | 473 | -92 |
| Profit before tax | 107 | 140 | 102 | 242 | 349 | |
| Income tax | -26 | -28 | -20 | - | -48 | -74 |
| Profit for the period | 81 | 112 | 82 | - | 194 | 275 |
| Profit for the period attributable to: | ||||||
| The parent company shareholders | 81 | 112 | 82 | - | 194 | 275 |
| Non-controlling interests | - | - | - | - | - | - |
| Average number of shares outstanding diluted, | ||||||
| thousands Earnings per share diluted, SEK |
160,899 0.51 |
160,899 0.69 |
160,899 0.51 |
160,899 0.00 |
160,899 1.20 |
160,899 1.71 |
* Excluding items affecting comparability.
Profit for the period attributable to the parent company shareholders excluding amortization of acquisition related intangible assets (1), IFRS 16 (2) and items
affecting comparability (3) and related tax effects divided with the average number of shares outstanding, after dilution.
| Q4 2020 | Q4 2019 | Jan-Dec 2020 |
Jan-Dec 2019 |
||
|---|---|---|---|---|---|
| Organic growth | % | 4.8 | 3.6 | 4.4 | 2.1 |
| Acquired growth | % | -2.5 | 3.2 | -0.7 | 4.8 |
| Changes in currencies | % | -1.9 | 1.6 | -0.7 | 1.7 |
| Operating margin (EBITA margin) r12 * | % | - | 6.5 | 6.8 | |
| Adjusted operating margin (EBITA margin) r12 * | % | - | 3.1 | 3.7 | |
| Working capital** | SEKm | - | -508 | -283 | |
| Return on capital employed *, | % | - | 3.7 | 3.6 | |
| Net debt to equity ratio* | times | - | 2.5 | 2.0 | |
| Equity to asset ratio | % | - | 24 | 29 | |
| Net debt / EBITDA r12 *, | times | - | 6.0 | 6.1 | |
| Adjusted net debt / adjusted EBITDA r12 *, | times | - | 2.6 | 3.6 | |
| Free cash flow | SEKm | 132 | 141 | 428 | 196 |
| Net investments | SEKm | -40 | -109 | -319 | -241 |
| Average number of employees | 17,523 | 16,163 | 18,178 | 16,499 | |
| Key data per share | |||||
| Earnings per share, basic | SEK | 0.02 | -0.25 | -5.63 | 0.51 |
| Earnings per share, diluted | SEK | 0.02 | -0.25 | -5.63 | 0.51 |
| Adjusted earnings per share, diluted | SEK | 0.31 | 0.04 | 1.43 | 1.71 |
| Equity per share, basic | SEK | - | 36.24 | 30.14 | 36.24 |
| Equity per share, diluted | SEK | - | 36.24 | 30.13 | 36.24 |
| Average number of shares outstanding, basic | thousands | 160,913 | 160,882 | 160,904 | 160,877 |
| Average number of shares outstanding, diluted | thousands | 160,924 | 160,904 | 160,920 | 160,899 |
| Number of shares, end of period | thousands | 161,387 | 161,387 | 161,387 | 161,387 |
| Number of treasury shares, end of period | thousands | 474 | 496 | 474 | 496 |
| Number of shares outstanding, end of period | thousands | 160,913 | 160,890 | 160,913 | 160,890 |
* Excluding items affecting comparability
| SEKm | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 |
|---|---|---|---|---|---|---|---|---|
| Total net sales | 2,878 | 2,990 | 3,013 | 3,054 | 3,128 | 3,112 | 2,983 | 3,065 |
| – Net sales, own operations | 2,382 | 2,499 | 2,521 | 2,555 | 2,628 | 2,627 | 2,604 | 2,668 |
| – Net sales, outsourcing | 496 | 491 | 492 | 499 | 500 | 485 | 379 | 397 |
| SEKm | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 |
|---|---|---|---|---|---|---|---|---|
| Total net sales | 2,878 | 2,990 | 3,013 | 3,054 | 3,128 | 3,112 | 2,983 | 3,065 |
| – Net sales Scandinavia | 1,537 | 1,588 | 1,584 | 1,596 | 1,594 | 1,548 | 1,410 | 1,475 |
| – Net sales Finland | 1,341 | 1,402 | 1,429 | 1,458 | 1,534 | 1,564 | 1,573 | 1,590 |
| Operating profit (EBITDA) * Operating margin (EBITDA margin),% |
526 | 395 | 584 | 435 | 492 | 471 | 581 | 509 |
| * | 18.3 | 13.2 | 19.4 | 14.2 | 15.7 | 15.1 | 19.5 | 16.6 |
| Operating profit (EBITA) * | 258 | 121 | 294 | 139 | 182 | 153 | 269 | 193 |
| Operating margin (EBITA margin),% * | 9.0 | 4.0 | 9.8 | 4.6 | 5.8 | 4.9 | 9.0 | 6.3 |
| Profit for the period | 66 | -39 | 94 | -40 | 3 | -975 | 64 | 4 |
| Profit margin, % | 2.3 | -1.3 | 3.1 | -1.3 | 0.1 | -31.3 | 2.1 | 0.1 |
| Earnings per share basic, SEK | 0.41 | -0.24 | 0.58 | -0.25 | 0.02 | -6.06 | 0.40 | 0.02 |
| Earnings per share diluted, SEK | 0.41 | -0.24 | 0.58 | -0.25 | 0.02 | -6.06 | 0.40 | 0.02 |
| Adjusted operating profit (EBITDA) * Adjusted operating margin (EBITDA |
210 | 97 | 259 | 90 | 141 | 98 | 218 | 142 |
| margin),% * | 7.3 | 3.2 | 8.6 | 2.9 | 4.5 | 3.1 | 7.3 | 4.6 |
| Adjusted operating profit (EBITA) * Adjusted operating margin (EBITA |
160 | 42 | 204 | 35 | 84 | 42 | 162 | 87 |
| margin),% * | 5.5 | 1.4 | 6.8 | 1.1 | 2.7 | 1.3 | 5.4 | 2.8 |
| Average number of employees | 16,370 | 16,566 | 16,984 | 16,163 | 17,950 | 18,659 | 18,514 | 17,523 |
| Own operations | ||||||||
| Number of units in operation** | 598 | 599 | 604 | 604 | 610 | 619 | 613 | 621 |
| Number of beds in operation*** | 15,923 | 16,216 | 16,470 | 16,618 | 17,260 | 17,650 | 17,485 | 17,668 |
| Number of beds under construction*** | 2,401 | 2,335 | 2,094 | 1,980 | 1,423 | 1,110 | 1,228 | 1,036 |
| Number of opened beds (r12)*** | 2,282 | 1,752 | 1,867 | 1,950 | 2,186 | 2,042 | 1,630 | 1,349 |
| Occupancy in own homes,%*** | 81 | 79 | 80 | 80 | 80 | 78 | 79 | 80 |
* Excluding items affecting comparability
** Refers to all units in Own operations.
*** Nursing homes for older people, homes for people with disabilities and social psychiatry.
| SEKm | Q4 2020 | Q4 2019 Jan-Dec 2020 Jan-Dec 2019 | ||
|---|---|---|---|---|
| Net sales | 3 | 3 | 13 | 13 |
| Personnel costs | -6 | -6 | -28 | -26 |
| Other external costs | -3 | -1 | -10 | -9 |
| Operating profit | -6 | -4 | -25 | -22 |
| Net financial items | -2 | -3 | -9 | -9 |
| Profit after financial items | -8 | -7 | -34 | -31 |
| Group contributions | 54 | 48 | 54 | 48 |
| Profit before tax | 46 | 41 | 20 | 17 |
| Income tax | -5 | -4 | -5 | -4 |
| Profit for the period | 41 | 37 | 15 | 13 |
Profit for the period corresponds to total comprehensive income.
| SEKm | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Shares in subsidiaries | 6,494 | 6,494 |
| Total non-current assets | 6,494 | 6,494 |
| Current assets | 54 | 49 |
| Receivables to group companies | 1 | 1 |
| Other receivables | 0 | 0 |
| Cash and cash equivalents | 55 | 50 |
| Total current assets | 6,549 | 6,544 |
| EQUITY AND LIABILITIES | ||
| Equity | 6,011 | 5,993 |
| Current liabilities | ||
| Liabilities to group companies | 525 | 538 |
| Tax liabilities | 0 | - |
| Other liabilities | 13 | 13 |
| Total current liabilities | 538 | 551 |
| Total equity and liabilities | 6,549 | 6,544 |
Annual Report 2020 week 11, 2021 Interim report January-March 2021 6 May 2021 Interim report January-June 2021 22 July 2021 Interim report January-September 2021 26 October 2021
The annual general meeting of shareholders in Attendo AB will be held 14 April 2021. Further information about the AGM will be published on Attendo's website. The annual report will be available at Attendo's head office and on the website no later than on 24 March 2021.
A telephone conference will be held on 10 February 2021 at 10.00 (CET) with Attendo's CEO Martin Tivéus and CFO Fredrik Lagercrantz. For participation please dial in on the following number:
| SE: | +46 8 505 583 51 |
|---|---|
| FI: | +358 9 817 105 21 |
| UK: | +44 3 333 009 271 |
| US: | +1 8 33249 8403 |
Fredrik Lagercrantz CFO Tel. +46 8 586 252 00
Andreas Koch Communications and IR Director Tel. +46 70 509 77 61
This is information that Attendo AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above at 08.00 CET on 10 February 2021.
This report contains forward-looking information based on current expectations of the Attendo's management. Although management deems that the expectations presented by such forward-looking information are reasonable, no guarantee can be given that these expectations will prove correct. Accordingly, the actual future outcome could vary considerably compared to what is stated in the forward-looking information, due to such factors as changed market conditions for Attendo's services and more general conditions regarding business cycles, market and competition, changes in legal requirements and other political measures, and fluctuation in exchange rates.
Attendo AB (publ) Vendevägen 85B 182 91 Danderyd
Tel +46 8 586 251 00 Fax +46 8 586 250 01 www.attendo.com
Company number: 559026-7885
Attendo is the leading private provider of care services in the Nordics. The company has operations in Sweden, Finland and Denmark. Attendo is the largest private care provider in Sweden and Finland. Attendo is a locally based company and has more than 700 units in operation in about 300 municipalities. The company has about 25,000 employees. With the vision of empowering the individual, Attendo provides services within care for older people, care for people with disabilities, social psychiatry and care for individuals and families.
Attendo provides services through two business areas, Attendo Scandinavia and Attendo Finland.
Attendo provides care services under two contract models:
Local authorities (mainly municipalities) are usually the contracting authorities for a large majority of Attendo's service offerings, but contract types and duration of contracts vary depending on the contract model and service offering. Own operations are normally based on framework agreements and outsourcing operations are based on outsourcing contracts, following a tender process. The contract period is typically 2-5 years.
| Acquired growth (APM) | The net between the increase in the company's net sales from businesses and operations acquired during the past 12 months and loss of net sales from businesses and operations divested during the past 12 months. |
|---|---|
| Adjusted earnings per share (APM) Profit or loss for the period attributable to the parent company shareholders excluding effects from amortization of acquisition-related intangible assets as well effects from the implementation of IFRS 16 and items affecting comparability and related tax items divided by the number of outstanding shares after dilution. |
|
| Adjusted EBITA (APM) | See the definition of operating profit (EBITA) below. Adjusted operating profit (EBITA) is operating profit according to the previous reporting standard IAS 17, i.e. excluding the effects of the implementation of IFRS 16. Car leases were reported as finance leases under the previous standard. Consequently, it is the effects of leases of real estate under IFRS 16 that differentiate operating profit from adjusted operating profit. See the income statement including effects of IFRS 16 for more information. |
| Adjusted EBITDA (APM) | See the definition of operating profit (EBITDA) below. Adjusted operating profit (EBITDA) is operating profit according to the previous accounting standard IAS 17, i.e., excluding the effects of the implementation of IFRS 16. Car leases were reported as finance leases under the previous standard. Consequently, it is the effects of leases of real estate under IFRS 16 that differentiate operating profit from adjusted operating profit. See the income statement including effects of IFRS 16 for more information. |
| Adjusted net debt (APM) | See the definition of net debt below. Adjusted net debt is net debt according to the previous reporting standard IAS 17, i.e., excluding the IFRS 16 effect on lease liabilities attributable to right-of-use assets for real estate. See the table showing net debt calculation for more information. |
| Adjusted operating margin (EBITA) (APM) |
Adjusted operating profit (EBITA) divided by net sales. |
| Adjusted operating margin (EBITDA) (APM) |
Adjusted operating profit (EBITDA) divided by net sales. |
| Capital employed | Equity plus interest-bearing liabilities and provisions for post-employment benefits. |
| Cash and cash equivalents | Cash and bank balances, short term investments and derivatives with a positive fair value. |
| Earnings per share | Profit or loss for the period attributable to the parent company shareholders divided by average shares outstanding. |
| Equity/assets ratio | Equity divided by total assets. |
| Equity per share | Equity attributable to the parent company shareholders divided by average shares outstanding. |
| Free cash flow (APM) | Free cash flow is a measure of the cash and cash equivalents the group generates in operating activities and investing activities. The performance measure is defined as operational cash flow after changes in working capital, cash flow from investments in and divestments of tangible and intangible assets, as well as received/paid interest, interest expense for lease liabilities of real estate and repayment of lease liabilities according to IFRS 16. See the Consolidated cash flow table for reconciliation. |
| Items affecting comparability | Items whose effects on profit are important to pay attention to when profit for the period is compared with earlier periods, such as significant impairment losses and other significant, non recurring costs or income. |
| Net debt (APM) | Net debt is a way of describing the group's indebtedness and its ability to repay its debt with cash and cash equivalents if all debts were to be due for payment today. Net debt is defined as interest bearing liabilities plus provisions for post-employment benefits minus cash and cash equivalents. Net debt is presented both including and excluding lease liabilities attributable to right-of-use |
| assets for real estate. See the section Financial position in this report for a reconciliation of net debt. |
|
|---|---|
| Net debt to equity ratio | Net debt divided by equity. |
| Net investments | The net of investments in and divestments of tangible and intangible assets, excluding acquisitions and divestment of operations as well as investments in and divestments of assets held for sale. |
| Organic growth (APM) | Attendo reports organic growth as a performance measure to show underlying sales development excluding acquisitions and currency effects. The performance measure is calculated as sales growth excluding acquisitions and changes in exchange rates. See Note C33 in the 2019 annual report for a reconciliation of the performance measure on a full year basis. |
| Operating margin (EBIT margin) | Operating profit or loss (EBIT) divided by net sales. Operating margin (EBIT margin) is presented including and excluding items affecting comparability. |
| Operating margin (EBITA margin) Operating profit (EBITA) divided by net sales. | |
| Operating profit (EBIT) (APM) | Attendo reports operating profit (EBIT) as a performance measure because it shows the development of operating activities independent of financing. Operating profit (EBIT) refers to profit before financial items and tax. Operating profit (EBIT) is presented including and excluding items affecting comparability. See the Consolidated income statement for a reconciliation of EBIT. |
| Operating profit (EBITA) (APM) | Operating profit (EBITA) is used as a performance measure because it shows the development of operating activities without the effect of amortisation and impairments of intangible assets from acquired companies and independently of financing. Operating profit (EBITA) refers to profit before amortisation of acquisition-related intangible assets, financial items and tax. Operating profit (EBITA) is excluding items affecting comparability. See the Consolidated income statement for a reconciliation of EBITA. |
| Operating profit (EBITDA) (APM) Attendo reports operating profit (EBITDA) as a performance measure because it shows the development of operating activities independent of financing and investments. Operating profit (EBITDA) refers to profit or loss before depreciation, amortisation and impairments. Operating profit (EBITDA) is excluding items affecting comparability. See the Consolidated income statement for a reconciliation of EBITDA. |
|
| Profit (-loss) for the period | Profit or loss for the period attributable to parent company shareholders and non-controlling interest. |
| Profit margin | Profit or loss for the period divided by net sales. |
| r12 "rolling 12 months" | The sum of the period's past 12 months. |
| Return on capital employed (APM) Attendo reports return on capital employed because it shows profits in relation to the capital used in operations. The definition of return on capital employed is operating profit (EBIT) excluding items affecting comparability for the past 12 months divided by average capital employed. |
|
| Working capital (APM) | Working capital is a key performance measurement for optimising cash generation. The performance measure is defined as current assets excluding cash and cash equivalents and current interest-bearing assets minus current non-interest-bearing liabilities and provisions. Assets and liabilities held for sale are not included in working capital. See Note C33 in the 2019 annual report for a reconciliation of the performance measure on a full year basis. |
| Mature unit | Unit opened during the calendar year of 2017 or earlier, excluding units from the acquisition of Mikeva. |
|---|---|
| Occupancy | The number of occupied beds divided by the number of available beds. Occupancy is a weighted average in the last month of each reporting period. |
Tel +46 8 586 251 00 Fax +46 8 586 250 01 www.attendo.com
Company number: 559026-7885
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