President and CEO
"We continued to sell more beds in the fourth quarter and are reporting organic growth of five percent. The action programme in
Action programme in Finland progressing as planned
The positive effects of the action programme in
We renegotiated parts of our framework contracts in
Stable in Sweden despite the second wave
The second wave of the pandemic has affected
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
Stable results for the Group overall
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
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.
Value creation model and new financial targets
The next few years will be a period of profit growth linked to the changes in
Our greatest asset
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
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."
Summary of the fourth quarter 2020- Net sales amounted to
SEK 3,065m (3,054). Adjusted for currency effects, net sales increased by 2 percent. The divestment of the Norwegian operations reduced sales by approximately SEK 100m . Organic growth amounted to 5 percent. -
Operating profit (EBITA)* amounted to
SEK 193m (139), corresponding to an operating margin of 6.3 percent (4.6). The estimated financial impact of the pandemic during the quarter is SEK +/- 0m. -
Adjusted EBITA*, i.e. EBITA according to the previous IAS 17 accounting standard, was
SEK 87m (35), corresponding to an adjusted operating margin of 2.8 percent (1.1). -
Profit for the period amounted to
SEK 4m (-40). Diluted earnings per share were SEK 0.02 (-0.25). Adjusted diluted earnings per share* were SEK 0.31 (0.04). -
Free cash flow amounted to
SEK 132m (141). -
The total number of beds in operation in
Attendo's own homes was 17,668 (16,618), an increase by 6 percent. Occupancy in own homes was 80 percent (80). Attendo is presenting updated financial targets, where growth and margin targets have been replaced by a target of adjusted earnings per share of SEK 4 or better in 2023, driven by operational improvements and organic growth.
Summary of January-December 2020 - Net sales increased by 3 percent to
SEK 12,288m (11,935). Adjusted for currency effects, net sales increased by 4 percent. The divestment of the Norwegian operations reduced sales by approximately SEK 200m -
Operating profit (EBITA)* amounted to
SEK 797m (812), corresponding to an operating margin of 6.5 percent (6.8). The financial impact of the pandemic is estimated to SEK -120m . -
Adjusted EBITA*, i.e. EBITA according to the previous IAS 17 accounting standard, was
SEK 375m (441), corresponding to an adjusted operating margin of 3.1 percent (3.7). -
The loss for the period amounted to
SEK -904m (81). Impairment losses were taken in the second quarter on goodwill and right-of-use assets, which reduced profit for the period by SEK -955m . Diluted earnings per share were SEK -5.63 (0.51). Adjusted diluted earnings per share were SEK 1.43 (1.71). -
Free cash flow amounted to
SEK 428m (196). -
The board of directors is proposing no dividend for the 2020 financial year.
- Net sales increased by 3 percent to
SEK 12,288m (11,935). Adjusted for currency effects, net sales increased by 4 percent. The divestment of the Norwegian operations reduced sales by approximatelySEK 200m -
Operating profit (EBITA)* amounted to
SEK 797m (812), corresponding to an operating margin of 6.5 percent (6.8). The financial impact of the pandemic is estimated toSEK -120m . -
Adjusted EBITA*, i.e. EBITA according to the previous IAS 17 accounting standard, was
SEK 375m (441), corresponding to an adjusted operating margin of 3.1 percent (3.7). -
The loss for the period amounted to
SEK -904m (81). Impairment losses were taken in the second quarter on goodwill and right-of-use assets, which reduced profit for the period bySEK -955m . Diluted earnings per share wereSEK -5.63 (0.51). Adjusted diluted earnings per share wereSEK 1.43 (1.71). -
Free cash flow amounted to
SEK 428m (196). - The board of directors is proposing no dividend for the 2020 financial year.
* Excluding items affecting comparability
Invitation to teleconference
Investors, analysts and journalists are invited to participate in a teleconference at
SE: +46 8 505 583 51
FI: +358 9 817 105 21
You can follow the presentation and the conference on the following page:
https://tv.streamfabriken.com/attendo-q4-2020
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
E-mail: andreas.koch@attendo.com
Stefan Svanström, Head of Community Communications Attendo
Phone: +46 708 67 38 07
E-mail: stefan.svanstrom@attendo.com
This is information that
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