Comments from Martin Tivéus , Attendo 's CEO
"In 2023, we have been able to show strong growth and a recovery in terms of earnings after a weak 2022. We see the strongest development in our Finnish business area, as a result of our determined turnaround program recent years. Scandinavia developed somewhat weaker financially, but at the same time we were able to show good development in several operational key figures.
In early 2024, we were able to announce the acquisition of Team Oliva's Swedish care operations. The acquisition clearly strengthens our position in disabled care and individual and family care (I&F) in
Group: Higher earnings and cash flow
Group sales in the quarter amounted to
Finland: Continued positive trend
Sales in Attendo Finland increased by 24 percent in the quarter in local currency. Profit has strengthened significantly, driven by improvements in care for older people. The main factors behind the improvement are new terms and conditions and operational improvements that is partly explained by lower staff turnover.
Occupancy amounted to 85 percent in the fourth quarter, the same level as the comparison period but slightly lower than the third quarter, primarily an effect of higher mortality in November. Large parts of the price negotiations for 2024 have been completed and we expect to be able to compensate for inflation during the year through price adjustments. Stable surpluses are crucial for us to be able to invest in new nursing homes, which in turn is necessary to meet future needs, for the benefit of both customers and welfare regions.
Scandinavia: Profit increases in own operations
Sales in our Scandinavian care business were basically unchanged. As a number of outsourcing contracts have expired, the number of available beds has decreased slightly, while prices and occupancy are higher. Occupancy has increased two percentage points year over year but is unchanged from the third quarter.
We see an underlying improvement in results in both nursing homes and group homes under our own operations. At the same time, the reported result is down slightly compared to previous year. The lower result is mainly explained by ended outsourcing operations, losses in
Team Olivia strengthens Attendo's position within disabled care and I&F
We were pleased to announce the agreement to acquire parts of Team Oliva in
Stronger financial position
The stronger financial position enables both investments to develop care and to pay dividends to shareholders.
At the end of the year, we negotiated a new long-term financing agreement that also covers the acquisition of
Focus on employees
It is gratifying to see that our long-term efforts to create a stronger culture and greater engagement are also reflected in our employee surveys. The recommendation rate (eNPS) has increased from 4 to 20 in one year (scale -100 to +100).
An important part of our corporate culture is to recognize good efforts for our customers. One example of this is the Care Heroes award in Attendo Scandinavia. Our operations can nominate colleagues who go the extra mile in their care work, after which all employees are given the opportunity to read portraits of the nominees in our internal app and vote. Several of the nominees were recognized in the media and also by the Minister for the Elderly, Anna Tenje, who chose to celebrate one of the winners in person.
In
Summary of the fourth quarter - Net sales amounted to
SEK 4,422m (3,789). Total growth amounted to 16.7 percent, of which organic growth was 13.2 percent. -
Lease adjusted operating profit (EBITA) was
SEK 136m (8), corresponding to a margin of 3.1 percent (0.2). Non-recurring items amounted to approximately SEK -15m . -
Operating profit (EBITA) amounted to
SEK 275m (131), corresponding to an operating margin of 6.2 percent (3.5). The result was affected by non-recurring items of approximately SEK -5m . -
Profit for the period amounted to
SEK 58m (-44). Diluted earnings per share were SEK 0.36 (-0.27). Adjusted earnings per share after dilution amounted to SEK 0.54 (-0.07). -
Free cash flow amounted to
SEK 404m (106). -
The number of beds in
Attendo 's homes at the end of the period was 20,575 (20,932). The occupancy rate in homes was 86 percent (85).
Summary of the period January - December - Net sales amounted to
SEK 17,287m (14,496). Total growth amounted to 19.3 percent, of which organic growth was 12.7 percent. -
Lease adjusted EBITA was
SEK 745m (199), corresponding to a margin of 4.3 percent (1.4). -
Operating profit (EBITA) amounted to
SEK 1,333m (674), corresponding to an operating margin of 7.7 percent (4.6). -
Profit for the period amounted to
SEK 376m (-44). Diluted earnings per share were SEK 2.33 (-0.28). Adjusted earnings per share after dilution were SEK 3.02 (0.68). -
Free cash flow amounted to
SEK 724m (24). -
The Board of Directors proposes a dividend of
SEK 1 (0) per share for the financial year 2023, corresponding to approximately 30 percent of the adjusted profit for the year, in accordance with Attendo 's dividend policy.
Invitation to presentation
- Net sales amounted to
SEK 17,287m (14,496). Total growth amounted to 19.3 percent, of which organic growth was 12.7 percent. -
Lease adjusted EBITA was
SEK 745m (199), corresponding to a margin of 4.3 percent (1.4). -
Operating profit (EBITA) amounted to
SEK 1,333m (674), corresponding to an operating margin of 7.7 percent (4.6). -
Profit for the period amounted to
SEK 376m (-44). Diluted earnings per share wereSEK 2.33 (-0.28). Adjusted earnings per share after dilution wereSEK 3.02 (0.68). -
Free cash flow amounted to
SEK 724m (24). -
The Board of Directors proposes a dividend of
SEK 1 (0) per share for the financial year 2023, corresponding to approximately 30 percent of the adjusted profit for the year, in accordance withAttendo 's dividend policy.
Invitation to presentation
In connection with the release of the report, a webcast presentation will be held at
You can follow the presentation on the following page:
https://ir.financialhearings.com/attendo-q4-2023
Analysts and investors will have the opportunity to ask questions during the presentation by calling in. To obtain call-in details, please send your request to: kommunikation@attendo.se.
The quarterly report and other information material will be made public on:
https://www.attendo.com/
For further information, please contact:
Phone: +46 705 09 77 61 I email: andreas.koch@attendo.com
Stefan Svanström, Head of Community Communications Attendo
Phone: +46 708 67 38 07 I email:stefan.svanstrom@attendo.com
This is information that
attendo.com
https://news.cision.com/attendo/r/attendo-s-year-end-and-q4-report-for-2023-succesful-turnaround-provides-opportunities-for-new-initia,c3924171
https://mb.cision.com/Main/13398/3924171/2589430.pdf
https://mb.cision.com/Public/13398/3924171/ad107d3782c83d26.pdf
https://mb.cision.com/Public/13398/3924171/afa5195617ff9eed.pdf
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