Quarterly Report • May 6, 2021
Quarterly Report
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| Q1 | Jan-Dec | |||
|---|---|---|---|---|
| SEKm | 2021 | 2020 | Δ% | 2020 |
| Net sales | 3,062 | 3,128 | -2% | 12,288 |
| Lease adjusted operating profit (EBITA) ¹ | 75 | 84 | -11% | 375 |
| Lease adjusted operating profit margin (EBITA)¹, % | 2.4 | 2.7 | - | 3.1 |
| Operating profit (EBITA)¹ | 183 | 182 | 1% | 797 |
| Operating margin (EBITA)¹, % | 6.0 | 5.8 | - | 6.5 |
| Profit for the period | -9 | 3 | -400% | -904 |
| Earning per share diluted, SEK | -0.06 | 0.02 | -400% | -5.63 |
| Adjusted earnings per share diluted¹' ², SEK | 0.26 | 0.37 | -30% | 1.43 |
| Free cash flow | 138 | 226 | - | 428 |
1). Note that unless otherwise stated, EBITA and lease adjusted EBITA in this report refer to EBITA/ lease adjusted EBITA excluding items affecting comparability. See also definitions of key data and alternative performance measures on pages 28-29.
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.
3) From the first quarter of 2021, Attendo reports beds and occupancy for all Attendo homes in own operations and outsourcing and in all service offerings. Historical periods have been restated.
Development in the first quarter was divided. Fortunately, the vaccination programme for our customers in care for older people has been completed. As planned, we are continuing the positive development of the business in Finland, while Scandinavia is still suffering the impact of the pandemic. We are steadily improving occupancy in Finland and demonstrating good underlying organic growth. Occupancy in Sweden is still affected by weak customer inflow. The long-term prerequisites for high occupancy remain good and we estimate that move-ins to nursing homes in Sweden will gradually normalise in the second half of the year.
The positive effects of the action programme persisted in the first quarter, which resulted in a higher number of occupied beds. Occupancy is now around 83 percent, compared to 80 percent during the same period in 2020. Net sales in Attendo Finland rose by about 5 percent in the first quarter compared to the comparison quarter in 2020. Occupancy is expected to continue to improve, as Attendo will be opening few new beds during the year. Lease adjusted operating profit (EBITA) amounted to SEK 2 million during the quarter, up by SEK 24 million in relation to the same quarter in 2020, primarily driven by higher occupancy. As we have communicated earlier, the positive price effects of renegotiated contracts in 2020 have been largely offset by higher costs due to increased staffing requirements.
The second wave of the corona pandemic affected Sweden much more seriously than the other Nordic countries. Within care for older people, this caused clear impact on demand for nursing homes and home care, with a downturn of eight percent in the number of decisions to grant benefits during the year of the pandemic. This combined with lower occupancy in municipal care is the likely explanation for the sharp slowdown in new customer inflow that continued in the first quarter.
Occupancy in our nursing homes in own operations has declined by 10 percentage points since the pandemic
"Despite these difficult conditions, our thousands of employees in Attendo's around 350 nursing homes in the Nordic region have made great efforts to fight the infection and protect life and health."
began, related mainly to lower inflow and a high rate of openings. Now that all customers have been vaccinated, we expect a gradual normalisation of inflow in the second half of the year as worries about moving into a nursing home subside and the municipal occupancy rate improves.
Net sales in Attendo Scandinavia declined by 9 percent as a consequence of the sale of the Norwegian operations and lower occupancy in relation to the comparison quarter. Lease adjusted EBITA amounted to SEK 91 million, down 27 percent compared to the first quarter of 2020. In addition to Corona-effects, the decrease in profit is attributable to negative non-recurring items and the fact that there was an extra day in the comparison quarter.
The occupancy development within nursing homes in Sweden, with a lower result (EBITA) of SEK 40 million compared to the same period last year, is clearly visible in the result. The lease adjusted operating profit (EBITA) for the first quarter was SEK 75 million, down by SEK 20 million adjusted for effects of a non-recurring nature. The negative financial impact of the Covid pandemic on Attendo persisted in the first quarter, but this has been offset by government compensation for additional costs incurred in 2020. The organic growth, adjusted for the leap-day, amounted to 3 percent, driven by higher customer inflow in Finland and positive price effects.
We are following our strategic plan and feel confident that we will deliver on our new financial targets for 2023. In line with the strategy, we have recently carried out two complementary acquisitions – UMSK, which strengthens our position in the capital region and Nyland, and Tjust Behandlingsfamiljer in central Sweden, which strengthens our offering and expertise in enhanced family care.
In the spring of 2020, both society and elderly care were unprepared for the pandemic, with a global shortage of protective equipment, limited test capacity and insufficient knowledge of how the virus was transmitted. Despite these difficult conditions, our thousands of employees in Attendo's around 350 nursing homes in the Nordic region have made great efforts to fight the infection and protect life and health.
In the past week, Attendo has received criticism in the media linked to one of our nursing homes in Stockholm. In addition to challenges when it comes to conducting socalled cohort care in the dementia wards, the criticism concerns not least how managers handled an individual employee who alerted about the situation at the nursing home during the most critical weeks at the beginning of the pandemic. I, and the management team I lead, take the events that has emerged very seriously. No employee should be made subjected to reprisals for pointing out shortcomings, that should be made very clear. Our preliminary investigations showed that we handled the employee incorrectly and that the cohort care had shortcomings initially.
We will now learn from this event to get better, among other things through extensive training work for managers and employees on protection for whistle blowers. For some time now, we have been carrying out extensive work to document lessons learned from the management of the pandemic, in which all employees have the opportunity to participate. Only then can we show that Attendo is an open and learning company.
Martin Tivéus, President and CEO
Net sales decreased by 2.1 percent to SEK 3,062m (3,128) during the quarter. Adjusted for currency effects, net sales increased by 0.8 percent. Organic growth accounted for 2.0 percent and the net change due to acquisitions and divestments was -1.2 percent. The latter is mainly attributable to the sale of Attendo's operations in Norway. Adjusted for the leap day last year, organic growth amounted to approximately 3 percent. Higher net sales in Attendo Finland, particularly in care for older people, generated the increase in organic growth. The Covid pandemic, which only partially affected the comparison quarter, had significant negative impact on Attendo Scandinavia's business.
Lease adjusted operating profit (EBITA) amounted to SEK 75m (84). The lease adjusted operating margin (EBITA) was 2.4 percent (2.7). The negative effects of the Corona-pandemic is estimated to SEK 50m, mainly owing to lower occupancy in Attendo Scandinavia's nursing homes, which was offset by Attendo receiving SEK 50m in the quarter in compensation for additional costs in 2020 arising from the Covid pandemic. Lease adjusted operating profit rose in Attendo Finland in all service offerings. The profit impact of one less day in the current quarter compared to the same period last year was around SEK -20m. In addition, following a court judgement, Attendo was ordered to compensate a former property owner in the amount of SEK 20m.
Effects related to IFRS 16 on operating profit amounted to SEK 108m (98). The increase compared to the same quarter last year is attributable to both business areas.
Operating profit (EBITA) amounted to SEK 183m (182) and the operating margin was 6.0 percent (5.8). Currency effects had marginal impact on profits. The increase is attributable mainly to significant IFRS 16 effects arising from new homes.
The total number of beds in operation in all homes was 20,852 (20,391), an increase by 2 percent. Occupancy in all homes was 81 percent (82). Mature units showed lease adjusted operating profit margin (EBITA) on a rolling 12-month basis (r12) of 6.4 percent including a proportional share of Attendo's administrative expenses, but excluding capital gains. The number of beds under construction in own operations was 782 across 12 homes.
Net sales per business area, Q1 2021, (SEKm)
Net financial items amounted to SEK -164m (-146) for the quarter, including net interest expense of SEK -11m (-15). Interest expense related to the lease liability real estate in accordance with IFRS 16 amounted to SEK -143m (-136).
Income tax for the period amounted to SEK +1m (-1), corresponding to a tax rate of 10.4 percent (24.0). When income tax is close to zero the tax rate in percent is materially affected by non tax-deductible costs and revenue as well as differences in tax rate between countries.
The loss for the period was SEK -9m (3), corresponding to basic and diluted earnings per share for shareholders in the parent company of SEK -0.06 (0.02). Adjusted earnings per share after dilution were SEK 0.26 (0.37).
.
| Q1 | Jan-Dec | ||
|---|---|---|---|
| SEKm | 2021 | 2020 | 2020 |
| Net sales | 1,447 | 1,594 | 6,027 |
| Lease adjusted EBITA | 91 | 125 | 481 |
| Lease adjusted EBITA margin, % | 6.3 | 7.8 | 8.0 |
| Operating profit (EBITA) | 136 | 165 | 658 |
| Operating margin (EBITA), % | 9.4 | 10.4 | 10.9 |
Net sales in Attendo Scandinavia amounted to SEK 1,447m (1,594), corresponding to a change of -9.2 percent. The divestment of operations in Norway in the third quarter of 2020 decreased the net sales by approximately SEK 90m. Adjusted for the divestment, leap day and currency effects, the change was -2.5 percent. The decrease in sales is attributable mainly to lower net sales in existing nursing homes due to the Covid pandemic. Total occupancy in all homes and occupancy in mature own units were lower than in the comparison quarter. Sales and occupancy increased in newly opened nursing homes. Net sales were negatively affected by ended outsourcing contracts and ended units in home care.
Lease adjusted EBITA amounted to SEK 91m (125), corresponding to an operating margin of 6.3 percent (7.8). The decrease is due to lower profit in care for older people due to the Covid pandemic, estimated at SEK -40m. In addition the costs of nursing homes opened in 2020 and 2021 had a negative impact, as occupancy is initially low. The profit impact of one less day in the current quarter compared to the same period last year was around SEK -10m. In addition, following a court judgement, Attendo was ordered to compensate a former property owner in the amount of SEK 20m. Attendo Scandinavia received SEK 36m in the quarter in compensation for additional costs in 2020 due to the Covid pandemic.
Effects related to IFRS 16 on operating profit amounted to SEK 45m (40). The increase is attributable to new nursing homes.
Operating profit (EBITA) amounted to SEK 136m (165), corresponding to an operating margin (EBITA) of 9.4 percent (10.4). The decrease is attributable to the same factors described above for lease adjusted EBITA. Currency effects had marginal impact on profits.
Three nursing homes with a total of 204 beds were opened during the quarter. The number of beds opened in own operations in the last twelve months amounts to 497, which is a continued high historical level for Scandinavia.
A high percentage of new units has negative effect on the average occupancy rate. At the end of the quarter, there were 592 beds under construction in own operations.
Three outsourcing contracts covering around 100 beds ended during the quarter. Attendo won an outsourcing contract, not yet started, for a nursing home with estimated annual sales of SEK 25m. Since the comparison quarter, Attendo has ended home care operations in a number of municipalities, e.g. in Denmark.
| Attendo Scandinavia | Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 | ||||
|---|---|---|---|---|---|
| Number of beds in homes in operation¹ | 6,833 | 6,941 | 6,492 | 6,645 | 6,677 |
| Occupancy in homes¹, % | 87 | 82 | 80 | 80 | 77 |
| Number of opened beds in own homes (r12)² | 525 | 626 | 614 | 548 | 497 |
| Number of beds in own homes under construction² | 965 | 898 | 898 | 796 | 592 |
| Number of home care customers | 11,250 | 10,289 | 10,110 | 10,327 | 9,868 |
1) All homes.
2) Own homes.
| Q1 | Jan-Dec | ||
|---|---|---|---|
| SEKm | 2021 | 2020 | 2020 |
| Net sales | 1,615 | 1,534 | 6,261 |
| Lease adjusted EBITA | 2 | -22 | -45 |
| Lease adjusted EBITA margin, % | 0.1 | -1.4 | -0.7 |
| Operating profit (EBITA) | 64 | 36 | 200 |
| Operating margin (EBITA), % | 4.0 | 2.3 | 3.2 |
Share of net sales Q1 2021
Net sales in Attendo Finland amounted to SEK 1,615m (1,534) corresponding to growth of 5.3 percent. Adjusted for currency effects and leap day, net sales increased by 12 percent. The growth is attributable mainly to higher net sales in care for older people as a result of more sold beds, price increases and acquisitions. The total price increases correspond to more than 3 percent of total net sales. Total occupancy in all homes was higher than in the comparison quarter and higher than in the fourth quarter of 2020. Since the comparison quarter, Attendo Finland has discontinued several units and most residents have moved to newly built and modern Attendo homes, although a few units have been discontinued entirely.
Lease adjusted EBITA amounted to SEK 2m (-22) and the adjusted EBITA margin was 0.1 percent (-1.4). The increase is due to improved profit in care for older people and care for people with disabilities arising from more sold beds and price effects. Price increases in care for older people were partially offset by higher operating costs in local units arising from the new law that took effect in 2020 and annual cost inflation. The profit impact of one less day in the current quarter compared to the same period last year was around SEK -10m. Attendo Finland received SEK 14m during the quarter in compensation for additional costs in 2020 due to the Covid pandemic, and had negative Corona-effects of estimated SEK 10m.
Effects related to IFRS 16 on operating profit amounted to SEK 63m (58). The increase is attributable to new homes.
Operating profit (EBITA) increased to SEK 64m (36) and the operating margin (EBITA) increased to 4.0 percent (2.3). Currency effects amounted to SEK -4m.
One own home with 50 beds was opened during the quarter, bringing the number of beds opened in the last twelve months to 458. One hundred beds were closed down during the quarter. At the end of the quarter, there were 190 beds under construction in own operations. Attendo Finland made several acquisitions during the quarter comprising a total of around 500 customers.
| Attendo Finland | Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 | ||||
|---|---|---|---|---|---|
| Number of beds in homes in operation¹ | 13,558 | 13,767 | 13,615 | 13,704 | 14,175 |
| Occupancy in homes¹, % | 80 | 79 | 81 | 82 | 83 |
| Number of opened beds in own homes (r12)² | 1,661 | 1,416 | 1,016 | 801 | 458 |
| Number of beds in own homes under construction² | 458 | 212 | 330 | 240 | 190 |
| Number of home care customers | 584 | 835 | 677 | 674 | 675 |
1) All homes.
2) Own homes.
Free cash flow was SEK 138m (226) during the quarter, whereof changes in working capital amounted to SEK 74m (199). The positive change in working capital is attributable mainly to an increase in employee-related liabilities during the quarter.
Cash flow from operating activities was SEK 404m (555). Cash used for net investments in non-current assets was SEK -33m (-114) and cash flow from assets and liabilities held for sale amounted to SEK 0m (47). Business acquisitions reduced cash flow by SEK -190m (-59). Cash flow from investing activities thus amounted to SEK -223m (-126).
Cash flow from financing activities was SEK -233m (-222). Total cash flow amounted to SEK -52m (-207).
Equity attributable to shareholders in the parent company amounted to SEK 4,872m (5,959) as of 31 March 2021, representing diluted equity per share attributable to shareholders in the parent company of SEK 30.27 (37.04). Net debt amounted to SEK 13,115m (13,162). Lease adjusted net debt, excluding lease liability real estate, amounted to SEK 1,643m (2,270).
Interest-bearing liabilities amounted to SEK 13,781m (13,882) on 31 March 2021. Cash and cash equivalents as of 31 March 2021 amounted to SEK 670m (747) and Attendo had SEK 1,800m (1,650) in unutilised credit facilities.
Net debt/EBITDA was 6.4 (6.9). Lease adjusted net debt / lease adjusted EBITDA was 2.8 (3.9).
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| SEKm | 2021 | 2020 | 2020 |
| Interest-bearing liabilities | 13,781 | 13,882 | 12,976 |
| Provisions for post-employment benefits | 4 | 27 | 8 |
| Cash and cash equivalents | -670 | -747 | -716 |
| Net debt | 13,115 | 13,162 | 12,268 |
| Lease liability real estate | -11,472 -10,892 | -10,695 | |
| Lease adjusted net debt | 1,643 | 2,270 | 1,573 |
| 31 Mar | 31 Dec | ||
|---|---|---|---|
| SEKm | 2021 | 2020 | 2020 |
| Net debt / EBITDA | 6.4 | 6.9 | 6.0 |
| Lease adjusted net debt / Lease adjusted | |||
| EBITDA | 2.8 | 3.9 | 2.6 |
Vaccination of customers and employees against Covid-19 continued during the quarter. By February, all residents who chose to be vaccinated had been offered and received both doses of the vaccine. The majority of Attendo's home care customers have been offered the vaccine, as well as employees and customers in other care segments. Attendo carried out targeted information campaigns to increase vaccine take-up among employees. Initiatives included a video featuring Fredrik Elgh, a professor of virology at Umeå University.
Preparations for resuming normal operations after the pandemic began during the quarter. This primarily involves returning to the normal activity schedule with chair fitness, musical interludes, dances and café activities, as well as increasing time outdoors in the spring sunshine. Several homes where customers have been vaccinated were able to welcome visits from children again, which was covered in the children's news programme "Lilla Aktuellt" on Swedish Television.
In parallel with the restart after the pandemic, Attendo is working with the lessons learnt from the management of Covid-19. Several of the procedures applied during the year of the pandemic are going to be permanent features in Attendo's local units in order to reduce the spread of other infectious diseases for example. This includes increased use of PPE, isolation when people are symptomatic and cohort care planning when an infection has been discovered.
A comprehensive project is ongoing in Finland aimed at improving customer interaction and service and ensuring understanding and acceptance of the strategy and ongoing change process. More than 900 people have been trained as ambassadors for the programme, including 400 managers.
Attendo continuously measures customer satisfaction in its operations to identify what works well and to take action when satisfaction dips. In addition to the annual national user survey conducted by the Swedish National Board of Health and Welfare, a "temperature check" was carried out at Attendo Scandinavia in the first quarter, which showed record-high customer satisfaction scores of 85 percent in care for older people and 95 percent in home care. A similar temperature check in care for older people in Finland showed an NPS (net promoter score, referring to willingness to recommend Attendo to others) among customers of 39 and an NPS among customers' family members of 41, which is a significant increase compared to the preceding year.
Total sales in the acquired businesses amounts to approximately SEK 300m.
The total number of shares is 161,386,592. Attendo's holding of treasury shares amounts to 473,744, which means the number of shares outstanding at 31 March 2021 was 160,912,848.
The average number of employees in the first quarter was 18,012 (17,950).
The transactions 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 81 of Attendo's 2020 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 4m (3), and were entirely related to services provided to subsidiaries. The loss for the period after net financial items was SEK -9m (-8). 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 6,001m (5,985).
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. Leap day affects net sales and profits positively since net sales are mainly based on number of days, while the majority of costs are monthly based.
Attendo acquired Tjust Behandlingsfamiljer AB, which strengthens Attendo's existing business in the Individual and Family Care segment. Tjust Behandlingsfamiljer is a well-established company that provides enhanced family home care. The organisation has demonstrated good treatment outcomes for a long period and is a well-known brand in individual and family care in Sweden. Behandlingsfamiljer current has around 60 families who accept assignments only from the company. Sales amount to around SEK 75m annually.
Attendo held the Annual General Meeting on 14 April. As proposed by the Board of Directors, the Annual General Meeting decided that no dividend would be distributed.
The Annual General Meeting resolved that the board will be composed of seven directors and re-elected directors Ulf Lundahl (Chairman), Catarina Fagerholm, Alf Göransson, Tobias Lönnevall, Suvi-Anne Siimes and Anssi Soila. Margaret Danelius was elected as a new director.
The Annual General Meeting also resolved in favour of two long-term incentive plans. A warrants plan directed at members of group management and a performancebased employee stock options plan directed at certain key employees.
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 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 are related to the conditions for private companies to operate care operations, 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. 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 2020 annual report, pages 24-27).
As part of the development of Attendo, risks related to the opening rate of new establishments, regulatory conditions and staffing are continuously evaluated in the light of Attendo's strategy and financial goals.
The corona pandemic has had profound impact on Attendo's operations and financial performance. 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 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. Lower occupancy is currently the risk that has the greatest short-term financial impact on Attendo's operations. However, due to the rapid development that has characterized both the spread of the corona virus and the measures that can and need to be taken by both Attendo and other actors in society, all kinds of estimates of the operational or financial impact of the pandemic are associated with significant uncertainty.
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 for ensuring 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.
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 2020. The most significant accounting policies under IFRS, the reporting norm applied in preparing this interim report, are set forth in Note C1 on pages 61-65 of the annual report for 2020, which were applied to the preparation of this interim report.
The interim information on pages 1-13 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 interim 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, May 6, 2021
Martin Tivéus, President and CEO
Attendo's financial reports are available on www.attendo.com
| Q1 | Jan-Dec | ||
|---|---|---|---|
| SEKm | 2021 | 2020 | 2020 |
| Net sales | 3,062 | 3,128 | 12,288 |
| Other operating income | 6 | 7 | 73 |
| Total revenue | 3,068 | 3,135 | 12,361 |
| Personnel costs | -2,086 | -2,130 | -8,285 |
| Other external costs | -480 | -513 | -2,023 |
| Operating profit before amortization and depreciations (EBITDA)¹ | 502 | 492 | 2,053 |
| Amortization and depreciation of tangible and intangible assets | -319 | -310 | -1,256 |
| Operating profit after depreciation (EBITA)¹ | 183 | 182 | 797 |
| Operating margin (EBITA)¹, % | 6.0 | 5.8 | 6.5 |
| Amortization of acquisition related intangible assets | -29 | -32 | -124 |
| Operating profit (EBIT), excluding items affecting comparability | 154 | 150 | 673 |
| Operating margin (EBIT), excluding items affecting comparability, % | 5.0 | 4.8 | 5.5 |
| Items affecting comparability | - | - | -955 |
| Operating profit (EBIT) | 154 | 150 | -282 |
| Operating margin (EBIT), % | 5.0 | 4.8 | -2.3 |
| Net financial items | -164 | -146 | -644 |
| Profit before tax | -10 | 4 | -926 |
| Income tax | 1 | -1 | 22 |
| Profit for the period | -9 | 3 | -904 |
| Profit margin, % | -0.3 | 0.1 | -7.4 |
| Profit for the period attributable to the parent company shareholders | -10 | 3 | -906 |
| Profit for the period attributable to non-controlling interest | 1 | - | 2 |
| Basic earnings per share, SEK | -0.06 | 0.02 | -5.63 |
| Diluted earnings per share, SEK | -0.06 | 0.02 | -5.63 |
| Average number of shares outstanding, basic, thousands | 160,913 | 160,893 | 160,904 |
| Average number of shares outstanding, diluted, thousands 1) Excluding items affecting comparability |
160,925 | 160,910 | 160,920 |
| Q1 | Jan-Dec | ||
|---|---|---|---|
| SEKm | 2021 | 2020 | 2020 |
| Profit for the period | -9 | 3 | -904 |
| Other comprehensive income for the period | |||
| Items that will not be reclassified to profit or loss | |||
| Remeasurements of defines benefit pension plans, net of tax | 5 | -11 | -8 |
| Items that may be reclassified to profit or loss | |||
| Exchange rate differences on translating foreign operations attributable to the parent | |||
| company shareholders | 29 | 136 | -56 |
| Other comprehensive income for the period | 34 | 125 | -64 |
| Total comprehensive income for the period | 25 | 128 | -968 |
| Total comprehensive income attributable to the parent company shareholders | 23 | 128 | -970 |
| Total comprehensive income attributable to non-controlling interest | 2 | - | 2 |
| SEKm | 31 Mar 2021 31 Mar 2020 | 31 Dec 2020 | |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 6,850 | 7,646 | 6,644 |
| Other intangible assets | 500 | 583 | 493 |
| Equipment | 571 | 1,034 | 562 |
| Right-of-use assets | 10,435 | 10,224 | 9,709 |
| Financial assets | 428 | 369 | 410 |
| Total non-current assets | 18,784 | 19,856 | 17,818 |
| Current assets | |||
| Trade receivables | 1,013 | 1,068 | 1,039 |
| Other current assets | 506 | 404 | 481 |
| Cash and cash equivalents | 670 | 747 | 716 |
| 2,189 | 2,219 | 2,236 | |
| Assets held for sale | 19 | 137 | 18 |
| Total current assets | 2,208 | 2,356 | 2,254 |
| Total assets | 20,992 | 22,212 | 20,072 |
| EQUITY and LIABILITIES | |||
| Equity | |||
| Equity attributable to the parent company shareholders | 4,872 | 5,959 | 4,849 |
| Non-controlling interest | 24 | - | 22 |
| Total equity | 4,896 | 5,959 | 4,871 |
| Non-current liabilities | |||
| Liabilities to credit institutions | 2,272 | 2,957 | 2,246 |
| Long-term lease liabilities¹ | 10,513 | 9,975 | 9,811 |
| Provisions for post-employment benefits | 4 | 27 | 8 |
| Other provisions | 76 | 171 | 64 |
| Other non-current liabilities | 121 | 152 | 120 |
| Total non-current liabilities | 12,986 | 13,282 | 12,249 |
| Current liabilities | |||
| Liabilities to credit institutions | 0 | 3 | 0 |
| Short-term lease liabilities² | 995 | 947 | 919 |
| Trade payables | 338 | 309 | 358 |
| Short-term provisions | 109 | 88 | 117 |
| Other current liabilities | 1,664 | 1,609 | 1,554 |
| 3,106 | 2,956 | 2,948 | |
| Liabilities held for sale | 4 | 15 | 4 |
| Total current liabilities | 3,110 | 2,971 | 2,952 |
| Total equity and liabilities | 20,992 | 22,212 | 20,072 |
1) Long-term lease liabilities include car leases amounting to SEK 7m (5m) and full year SEK 16m.
2) Short-term lease liabilities include car leases amounting to SEK 29m (25m) and full year SEK 19m.
| Q1 | Jan-Dec | ||
|---|---|---|---|
| Operational cash flow (alternative performance measure), SEKm | 2021 | 2020 | 2020 |
| Operating profit (EBITA)¹ | 183 | 182 | 797 |
| Depreciation and amortization of tangible and intangible assets | 319 | 310 | 1,256 |
| Changes in working capital | 74 | 199 | 246 |
| Paid income tax | -9 | 8 | -37 |
| Other non-cash items | -6 | 7 | 15 |
| Cash flow after changes in working capital | 561 | 706 | 2,277 |
| Investments on tangible and intangible assets | -40 | -118 | -345 |
| Divestments of tangible and intangible assets | 7 | 4 | 26 |
| Operating cash flow | 528 | 592 | 1,958 |
| Interest received/paid | -14 | -15 | -73 |
| Interest expense for lease liabilities of real estate | -143 | -136 | -559 |
| Repayment of lease liabilities | -233 | -215 | -898 |
| Free cash flow | 138 | 226 | 428 |
| Net change in assets and liabilities held for sale | - | 47 | 196 |
| Acquisition of operations | -190 | -59 | -114 |
| Divestment of subsidiaries | - | - | -22 |
| Warrants | - | - | 2 |
| Repayment of loans | - | -75 | -475 |
| New borrowings | - | 68 | 199 |
| Total cash flow | -52 | 207 | 214 |
| Cash and cash equivalents at the beginning of the period | 716 | 523 | 523 |
| Effect of exchange rate changes on cash | 6 | 17 | -21 |
| Cash and cash equivalents at the end of the period | 670 | 747 | 716 |
| Q1 | Jan-Dec | ||
|---|---|---|---|
| Cash flow according to IFRS, SEKm | 2021 | 2020 | 2020 |
| Cash flow from operations | 404 | 555 | 1,645 |
| Cash flow from investing activities | -223 | -126 | -259 |
| Cash flow from financing activities | -233 | -222 | -1,172 |
| Total cash flow | -52 | 207 | 214 |
1) Excluding items affecting comparability
| SEKm | 31 Mar 2021 31 Mar 2020 | 31 Dec 2020 | |
|---|---|---|---|
| Opening balance | 4,871 | 5,831 | 5,831 |
| Total comprehensive income attributable to: | |||
| The parent company shareholders | 23 | 128 | -970 |
| Non-controlling interest | 2 | - | 2 |
| Transactions with owners | |||
| Warrants | - | - | 2 |
| Vested shares | - | - | 1 |
| Transactions with non-controlling interest | - | - | -14 |
| Share-savings plan | - | - | -1 |
| Total transactions with owners | - | - | -12 |
| Equity attributable to the parent company shareholders | 4,872 | 5,959 | 4,849 |
| Non-controlling interests | 24 | - | 22 |
| Closing balance | 4,896 | 5,959 | 4,871 |
| Other and | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Scandinavia | Finland | eliminations | Group | |||||||||
| Full | Full | Full | Full | |||||||||
| Q1 | Q1 | year | Q1 | Q1 | year | Q1 | Q1 | year | Q1 | Q1 | year | |
| SEKm | 2021 | 2020 | 2020 | 2021 | 2020 | 2020 | 2021 | 2020 | 2020 | 2021 | 2020 | 2020 |
| Net sales | 1,447 | 1,594 | 6,027 | 1,615 | 1,534 | 6,261 | - | - | - | 3,062 | 3,128 | 12,288 |
| - Net sales, own operations | 1,100 | 1,137 | 4,425 | 1,600 | 1,491 | 6,102 | - | - | - | 2,700 | 2,628 | 10,527 |
| - Net sales, outsourcing | 347 | 457 | 1,602 | 15 | 43 | 159 | - | - | - | 362 | 500 | 1,761 |
| Lease adjusted EBITA | 91 | 125 | 481 | 2 | -22 | -45 | -18 | -19 | -61 | 75 | 84 | 375 |
| Lease adjusted operating margin (EBITA), % |
6.3 | 7.8 | 8.0 | 0.1 | -1.4 | -0.7 | - | - | - | 2.4 | 2.7 | 3.1 |
| Operating profit (EBITA) | 136 | 165 | 658 | 64 | 36 | 200 | -18 | -19 | -61 | 183 | 182 | 797 |
| Operating margin (EBITA), % | 9.4 | 10.4 | 10.9 | 4.0 | 2.3 | 3.2 | - | - | - | 6.0 | 5.8 | 6.5 |
| Q1 | |||
|---|---|---|---|
| SEKm | 2021 | 2020 | 2020 |
| Net interest expense (excluding lease liabilities for real estate) | -11 | -15 | -57 |
| Interest expense, lease liabilities for real estate | -143 | -136 | -559 |
| Other | -10 | 5 | -28 |
| Net financial items | -164 | -146 | -644 |
| Q1 | Jan-Dec | ||
|---|---|---|---|
| SEKm | 2021 | 2020 | 2020 |
| Investments | |||
| Investments in intangible assets | 4 | 4 | 13 |
| Investments in tangible assets | 37 | 114 | 333 |
| Divestments of tangible and intangible assets | -8 | -4 | -27 |
| Total net investments | 33 | 114 | 319 |
| Intangible assets acquired through business combination | |||
| Goodwill | 163 | 25 | 129 |
| Customer relations | 29 | 26 | 82 |
| Other | - | - | - |
| Total intangible assets acquired through business combination | 192 | 51 | 211 |
| SEKm | 31 Mar 2021 31 Mar 2020 | 31 Dec 2020 | |
|---|---|---|---|
| ASSETS | |||
| Financial assets measured at fair value | |||
| Trade receivables | 1,013 | 1,068 | 1,039 |
| Cash and cash equivalents | 670 | 747 | 716 |
| Total financial assets | 1,683 | 1,815 | 1,755 |
| LIABILITIES | |||
| Financial liabilities at fair value through profit or loss | |||
| Contingent considerations | 0 | 0 | 0 |
| Financial liabilities measured at amortised cost | |||
| Borrowings | 2,272 | 2,960 | 2,246 |
| Lease liabilities | 11,508 | 10,922 | 10,730 |
| Trade payables | 338 | 309 | 358 |
| Total financial liabilities | 14,118 | 14,191 | 13,334 |
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 2020, note C26.
Level 3: The fair value of contingent considerations is based on estimated outcome from the contractual clauses in the share purchase agreements.
| SEKm | 31 Mar 2021 31 Mar 2020 | 31 Dec 2020 | |
|---|---|---|---|
| Assets pledged as collateral | 64 | 72 | 64 |
| Contingent liabilities¹ | 3,965 | 4,714 | 4,615 |
1) 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.
| SEKm | ||||||
|---|---|---|---|---|---|---|
| Net sales | 3,062 | - | - | - | - | 3,062 |
| Other operating income | 6 | - | 6 | - | 6 | 12 |
| Operating profit before amortization and | ||||||
| depreciation (EBITDA) | 502 | - | -377 | - | -377 | 125 |
| Amortization and depreciation of tangible and | ||||||
| intangible assets | -319 | - | 269 | - | 269 | -50 |
| Operating profit (EBITA) | 183 | - | -108 | - | -108 | 75 |
| Amortization of acquisition related intangible assets | -29 | 29 | - | - | 29 | - |
| Operating profit excluding items affecting | ||||||
| comparability (EBIT) | 154 | 29 | -108 | - | -79 | 75 |
| Items affecting comparability | - | - | - | - | - | - |
| Operating profit (EBIT) | 154 | 29 | -108 | - | -79 | 75 |
| Net financial items | -164 | - | 143 | - | 143 | -21 |
| Profit before tax (EBT) | -10 | 29 | 35 | - | 64 | 54 |
| Income tax | 1 | -6 | -7 | - | -13 | -12 |
| Profit for the period | -9 | 23 | 28 | - | 51 | 42 |
| Profit for the period attributable to: | ||||||
| The parent company shareholders | -10 | 23 | 28 | - | 51 | 41 |
| Non-controlling interests | 1 | - | - | - | - | 1 |
| Average number of shares outstanding, diluted, | ||||||
| thousands | 160,925 | 160,925 | 160,925 | 160,925 | 160,925 | 160,925 |
| Earnings per share diluted, SEK | -0.06 | 0.15 | 0.18 | - | 0.32 | 0.26 |
Reported Acquisitions¹ IFRS 16² Items affecting comparability³ Total adj. Adjusted earnings
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.
| SEKm | ||||||
|---|---|---|---|---|---|---|
| Net sales | 3,128 | - | - | - | - | 3,128 |
| Other operating income | 7 | - | 7 | |||
| Operating profit before amortization and | ||||||
| depreciation (EBITDA) | 492 | - | -351 | - | -351 | 141 |
| Amortization and depreciation of tangible and | ||||||
| intangible assets | -310 | - | 253 | - | 253 | -57 |
| Operating profit (EBITA) | 182 | - | -98 | - | -98 | 84 |
| Amortization of acquisition related intangible assets | -32 | 32 | - | - | 32 | - |
| Operating profit excluding items affecting | ||||||
| comparability (EBIT) | 150 | 32 | -98 | - | -66 | 84 |
| Items affecting comparability | - | - | - | - | - | - |
| Operating profit (EBIT) | 150 | 32 | -98 | - | -66 | 84 |
| Net financial items | -146 | - | 136 | - | 136 | -10 |
| Profit before tax (EBT) | 4 | 32 | 38 | - | 70 | 74 |
| Income tax | -1 | -7 | -8 | - | -15 | -16 |
| Profit for the period | 3 | 25 | 30 | - | 55 | 58 |
| Profit for the period attributable to: | ||||||
| The parent company shareholders | 3 | 25 | 30 | - | 55 | 58 |
| Non-controlling interests | - | - | - | - | - | - |
| Average number of shares outstanding, diluted, | ||||||
| thousands | 160,910 | 160,910 | 160,910 | 160,910 | 160,910 | 160,910 |
| Earnings per share diluted, SEK | 0.02 | 0.16 | 0.19 | - | 0.35 | 0.37 |
Reported Acquisitions¹ IFRS 16² Items affecting comparability³ Total adj. Adjusted earnings
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.
Reported Acquisitions¹ IFRS 16² Items affecting comparability³ Total adj. Adjusted earnings
| SEKm | ||||||
|---|---|---|---|---|---|---|
| Net sales | 12,288 | - | - | - | - | 12,288 |
| Other operating income | 73 | - | 73 | |||
| 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 (EBT) | -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 |
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.
| Q1 | Jan-Dec | |||
|---|---|---|---|---|
| 2021 | 2020 | 2020 | ||
| Organic growth | % | 2.0 | 5.9 | 4.4 |
| Acquired growth | % | -1.2 | 1.7 | -0.7 |
| Change in currencies | % | -2.9 | 1.1 | -0.7 |
| Operating margin (EBITA margin) r12¹ | % | - 6.5 |
- 6.0 |
- 6.5 |
| Lease adjusted operating margin (lease adjusted EBITA margin) r12¹ | % | 3.0 | 3.0 | 3.1 |
| Working capital | SEKm | -590 | -534 | -508 |
| Return on capital employed | % | 3.5 | 3.2 | 3.7 |
| Net debt to equity ratio | times | 2.7 | 2.2 | 2.5 |
| Equity to asset ratio | % | 23 | 27 | 24 |
| Net debt/EBITDA r12¹ | times | 6.4 | 6.9 | 6.0 |
| Lease adjusted net debt / Lease adjusted EBITDA r12¹ | times | 2.8 | 3.9 | 2.6 |
| Free cash flow | SEKm | 138 | 226 | 428 |
| Net investments | SEKm | -33 | -114 | -319 |
| Average number of employees | 18,012 | 17,950 | 18,178 | |
| Key data per share | ||||
| Earnings per share, basic | SEK | -0.06 | 0.02 | -5.63 |
| Earnigns per share, diluted | SEK | -0.06 | 0.02 | -5.63 |
| Adjusted earnings per share, diluted | SEK | 0.26 | 0.37 | 1.43 |
| Equity per share, basic | SEK | 30.27 | 37.04 | 30.14 |
| Equity per share, diluted | SEK | 30.27 | 37.04 | 30.13 |
| Average number of shares outstanding, basic | thousands | 160,913 | 160,983 | 160,904 |
| Average number of shares outstanding, diluted | thousands | 160,925 | 160,910 | 160,920 |
| Number of shares, end of period | thousands | 160,387 | 161,387 | 161,387 |
| Number of treasury shares, end of period | thousands | 474 | 487 | 474 |
| Number of shares outstanding, end of period | thousands | 160,913 | 160,899 | 160,913 |
1) Excluding items affecting comparability.
| SEKm | Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Total net sales | 2,990 | 3,013 | 3,054 | 3,128 | 3,112 | 2,983 | 3,065 | 3,062 |
| - Net sales, own operations | 2,499 | 2,521 | 2,555 | 2,628 | 2,627 | 2,604 | 2,668 | 2,700 |
| - Net sales, outsourcing | 491 | 492 | 499 | 500 | 485 | 379 | 397 | 362 |
| Total net sales | 2,990 | 3,013 | 3,054 | 3,128 | 3,112 | 2,983 | 3,065 | 3,062 |
| - Net sales, Scandinavia | 1,588 | 1,584 | 1,596 | 1,594 | 1,548 | 1,410 | 1,475 | 1,447 |
| - Net sales, Finland | 1,402 | 1,429 | 1,458 | 1,534 | 1,564 | 1,573 | 1,590 | 1,615 |
| Lease adjusted operating profit (EBITDA) Lease adjusted operating margin (EBITDA |
97 | 259 | 90 | 141 | 98 | 218 | 142 | 125 |
| margin), % | 3.1 | 8.6 | 2.9 | 4.5 | 3.2 | 7.3 | 4.6 | 4.1 |
| Lease adjusted operating profit (EBITA) Lease adjusted operating margin (EBITA |
42 | 204 | 35 | 84 | 42 | 162 | 87 | 75 |
| margin), % | 1.4 | 6.8 | 1.1 | 2.7 | 1.4 | 5.4 | 2.8 | 2.4 |
| Operating profit (EBITDA) | 395 | 584 | 435 | 492 | 471 | 581 | 509 | 502 |
| Operating margin (EBITDA margin), % | 13.2 | 19.4 | 14.2 | 15.7 | 15.1 | 19.5 | 16.6 | 16.4 |
| Operating profit (EBITA) | 121 | 294 | 139 | 182 | 153 | 269 | 193 | 183 |
| Operating margin (EBITA margin), % | 4.0 | 9.8 | 4.5 | 5.8 | 4.9 | 9.0 | 6.3 | 6.0 |
| Profit for the period | -39 | 94 | -40 | 3 | -975 | 64 | 4 | -9 |
| Profit margin, % | -1.3 | 3.1 | -1.3 | 0.1 | -31.3 | 2.1 | 0.1 | -0.3 |
| Earnings per share basic, SEK | -0.24 | 0.58 | -0.25 | 0.02 | -6.06 | 0.40 | 0.02 | -0.06 |
| Earnings per share diluted, SEK | -0.24 | 0.58 | -0.25 | 0.02 | -6.06 | 0.40 | 0.02 | -0.06 |
| Adjusted earnings per share diluted, SEK | 0.13 | 0.90 | 0.04 | 0.37 | 0.11 | 0.65 | 0.32 | 0.26 |
| Average number of employees | 16,566 | 16,984 | 16,163 | 17,950 | 18,659 | 18,514 | 17,523 | 18,012 |
| Operational data | ||||||||
| Number of units in operation¹ | 690 | 697 | 698 | 706 | 709 | 700 | 707 | 716 |
| Number of beds in homes² | 19,367 | 19,568 | 19,720 | 20,391 | 20,708 | 20,107 | 20,349 | 20,852 |
| Occupancy in homes, %² | 82 | 82 | 82 | 82 | 80 | 81 | 81 | 81 |
| Number of beds under construction³ | 2,335 | 2,094 | 1,980 | 1,423 | 1,110 | 1,228 | 1,036 | 782 |
| Number of opened beds (r12)³ | 1,752 | 1,867 | 1,950 | 2,186 | 2,042 | 1,630 | 1,349 | 955 |
1) All units in all contract models and segments.
2) All homes.
3) Own homes.
| Q1 | ||||
|---|---|---|---|---|
| SEKm | 2021 | 2020 | 2020 | |
| Net sales | 4 | 3 | 13 | |
| Personnel costs | -9 | -7 | -28 | |
| Other external costs | -2 | -2 | -10 | |
| Operating profit | -7 | -6 | -25 | |
| Net financial items | -2 | -2 | -9 | |
| Profit after financial items | -9 | -8 | -34 | |
| Group contributions | - | - | 54 | |
| Profit before tax | -9 | -8 | 20 | |
| Income tax | - | - | -5 | |
| Profit for the period | -9 | -8 | 15 | |
| Profit for the period corresponds to total comprehensive income. | ||||
| Parent Company Balance Sheet | ||||
| SEKm | 31 Mar 2021 31 Mar 2020 | 31 Dec 2020 |
| ASSETS | |||
|---|---|---|---|
| Non-current assets | |||
| Shares in subsidiaries | 6,494 | 6,494 | 6,494 |
| Total non-current assets | 6,494 | 6,494 | 6,494 |
| Current assets | |||
| Receivables to group companies | 5 | 0 | 54 |
| Other receivables | 3 | 3 | 1 |
| Cash and cash equivalents | 0 | 0 | 0 |
| Total current assets | 8 | 3 | 55 |
| Total assets | 6,502 | 6,497 | 6,549 |
| EQUITY AND LIABILITIES | |||
| Equity | 6,002 | 5,986 | 6,011 |
| Current liabilities | |||
| Liabilities to group companies | 485 | 499 | 525 |
| Other liabilities | 15 | 12 | 13 |
| Total current liabilities | 500 | 511 | 538 |
| Total equity and liabilities | 6,502 | 6,497 | 6,549 |
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. |
| Lease adjusted EBITA (APM) | See the definition of operating profit (EBITA) below. Lease 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 lease adjusted operating profit. See the tables adjusted earnings and adjusted earnings per share for more information. |
| Lease adjusted EBITDA (APM) | See the definition of operating profit (EBITDA) below. Lease 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 lease adjusted operating profit. See the tables adjusted earnings and adjusted earnings per share for more information. |
| Lease adjusted net debt (APM) | See the definition of net debt below. Lease 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. |
| Lease adjusted net debt / lease adjusted EBITDA |
Lease adjusted net debt in relation to lease adjusted EBITDA r12. |
| Lease adjusted operating margin (EBITA) (APM) |
Lease adjusted operating profit (EBITA) divided by net sales. |
| Lease adjusted operating margin (EBITDA) (APM) |
Lease 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 / EBITDA | Net debt divided by EBITDA r12. |
| 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 C35 in the 2020 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 amortization and impairments of intangible assets from acquired companies and independently of financing. Operating profit (EBITA) refers to profit before amortization 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, amortization 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 C35 in the 2020 annual report for a reconciliation of the performance measure on a full year basis. |
| CoP | Care for older people |
|---|---|
| Mature unit | Own home in care for older people, care for people with disabilities and social psychiatry opened during the calendar year of 2017 or earlier, and units in other contract models and segments in operation for more than 12 months. |
| 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. |
Interim report January-June 2021 22 July 2021 Interim report 26 October 2021
Telephone conference A telephone conference will be held on 6 May 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 55 |
|---|---|
| FI: | +358 9 817 105 21 |
| UK: | +44 3 333 009 268 |
| US: | +1 8 33249 8403 |
You can follow the presentation and the conference on the following page: https://tv.streamfabriken.com/attendo-q1-2021
| Fredrik Lagercrantz | Andreas Koch |
|---|---|
| CFO | Communications and IR Director Tel. |
| Tel. +46 8 586 252 00 | +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 6 May 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.
Company number : 559026-7885
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