FULLTEXT DEL 1 AV 1

Kvartalsrapport Q1 2023

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Attendo Interim report Q1, January-March 2023 1 (31)

INTERIM REPORT
JANUARY-MARCH 2023
Summary of the first quarter
• Net sales amounted to SEK 4,044m (3,482). Organic growth was 8.9 percent.
• Lease adjusted EBITA (EBITA according to the previous accounting standard) was SEK 116m (31), corresponding
to a lease adjusted operating margin of 2.9 percent (0.9).
• Operating profit (EBITA) amounted to SEK 241m (142), corresponding to an operating margin of 6.0 percent (4.1).
• The profit for the period amounted to SEK 28m (-32). Diluted earnings per share were SEK 0.17 (-0.20). Adjusted
earnings per share after dilution were SEK 0.43 (0.09).
• Free cash flow amounted to SEK 8m (57).
• There were 20,923 (21,155) beds in Attendo’s homes at the end of the period. Occupancy in the homes was 86
percent (84).

Group key figures

1) See also definitions of key data and alternative performance measures on pages 29-30.
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.

Jan-Dec
SEKm 2023 2022 Δ% 2022
Net sales 4,044 3,482 16% 14,496
Lease adjusted operating profit (EBITA) ¹ 116 31 274% 199
Lease adjusted operating margin (EBITA)¹, % 2.9 0.9 - 1.4
Operating profit (EBITA)¹ 241 142 70% 674
Operating margin (EBITA)¹, % 6.0 4.1 - 4.6
Profit for the period 28 -32 - -44
Earning per share diluted, SEK 0.17 -0.20 - -0.28
Adjusted earnings per share diluted¹ʼ ², SEK 0.43 0.09 383% 0.68
Free cash flow 8 57 -86% 24
Q1
Q1

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Attendo Interim report Q1, January-March 2023 2 (31)

CEO’s statement
Clear progress in Finland leads to improved result
The first quarter of the year was characterised by
preparations for the new staffing standard in Finland,
related to access to competence, quality improvement
and renegotiations of contracts in care for older people.
The new contracts provide the conditions going forward
to provide good care at lower cost than publicly
operated alternatives while once again turning to surplus
after several years in the red. The outcome of the new
contracts from April are in line with expectations and
previous communications. We see a clear improvement
in earnings already in the first quarter as an effect of
positive price effects already from the turn of the year in
combination with well-executed preparations ahead of
the new staffing standard.
Financial performance in the Scandinavian business was
flat, where improvements generated by higher
occupancy were offset by annual price adjustments that
did not fully compensate for cost increases.
With price and cost conditions clarified, we can assess
our capacity to achieve the financial targets we set in
early 2021 with greater certainty. Overall, we see good
potential to achieve SEK 4 per share in 2024, thus a
quarter or two later than originally planned.
Group: High growth and improved performance
We are reporting growth of 16 percent in the first quarter,
driven primarily by price adjustments in Finland,
acquisitions and higher occupancy in Scandinavia. Costs
have increased in both business areas, however, and sick-
leave rates remain elevated. Lease-adjusted EBITA for the
first quarter of 2023 increased by SEK 85 million
compared to the preceding year to SEK 116 million,
corresponding to an operating margin of 2.9 percent.
Finland: Clear turn-around already in Q1
Sales in Attendo Finland increased by around 17 per cent
in the quarter in local currency, mainly due to higher
prices and acquisitions, but also good growth in other
segments. Price increases of about 12 percent of sales
starting at the beginning of the year combined with
operational improvements have clearly improved
adjusted EBITA, which amounted to SEK 73m for Q1, an
increase of SEK 91m compared to Q1 2022. Operating
result is still being held back by high personnel costs
related primarily to preparing for higher staffing
requirements, overtime costs and high sick leave,
although these costs were somewhat lower than
expected. Rents increased by about 10 percent during the
quarter.
Staffing requirements and other regulatory requirements
have successively increased in Finland since 2019. As of 1
April 2023, the staffing requirement will increase from
0.60 to 0.65 care workers per resident. The costs of
providing Finnish care for older people have thus
increased dramatically, exceeding 50 percent across a
period of five years.
The renegotiations of contracts for our nursing homes in
Finland completed in Q1 were thus aimed at securing
reasonable compensation for previous and upcoming cost
increases due to higher regulatory requirements and the
high rate of inflation in the past year.
The contract negotiations resulted in an average price
adjustment of about 12 percent of total sales in Attendo
Finland in Q1. Additional price effects in Q2 are estimated
at 6-7 percent of total sales. Cost increases are estimated
to be 1-2 percentage points lower.

Martin Tivéus, CEO
‒ Attendo’s long-term goal is to have the most
satisfied customers in every location where we
operate. That ambition motivates every local
operation to do their utmost to deliver good care.

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Attendo Interim report Q1, January-March 2023 3 (31)

On the whole, the new contractual situation provides a
basis for recovery after several years of unsustainable
conditions in the Finnish nursing home business.
Scandinavia: Improvements in occupancy offset
by costs inflation
Sales in Attendo Scandinavia increased by about 5 percent
compared to the corresponding quarter last year,
primarily as a consequence of higher occupancy in nursing
homes in own operations and price adjustments. Lease-
adjusted EBITA was slightly lower at SEK 61m (66).
Operating result in nursing homes in own operations
increased as a result of higher occupancy compared to the
same period in 2022. Staffing costs remain high and no
compensation has been paid for higher sick-leave,
compared to the preceding year. Inflation has also had
significant impact, primarily in terms of higher costs for
rent, food and consumable supplies that had not been
fully compensated for by Swedish local authorities ahead
of 2023.
Consequently, the company and the industry as a whole
need to work actively with contracting local authorities to
create better understanding for sustainable terms and
conditions.
Favourable conditions for reaching SEK 4 per
share in 2024
Ahead of 2021, Attendo set a target to achieve adjusted
EPS of at least SEK 4 for the full year 2023. The turnaround
programme was based mainly on renegotiation of
contracts in Finland to secure compensation for increased
requirements, combined with post-pandemic recovery of
occupancy levels. As we have noted previously, the
challenging situation in the labour market for care
workers in Finland, as well as high inflation, have affected
our estimate of when the profit target will be reached.
Now that the renegotiations of contracts in care for older
people in Finland are by and large complete, we see good
potential to achieve SEK 4 per share in 2024, one or a few
quarters later than originally planned. Financial
performance improved in Q1 and we expect further
improvements in Q2.
Quarterly sustainability reporting from 2023
According to the UN's Agenda 2030, a sustainable society
is based on people with needs having good and equal
access to high-quality health and care services. As a large
care company, our focus areas for sustainability lie
primarily within the social dimension, with a focus on our
customers, quality and care solutions and employees. In
the past, we have reported sustainability data annually,
but starting in 2023, we will gradually increase reporting
quarterly as well.
This quarter we can see that customer satisfaction
increased in both Sweden and Finland. We are also
starting to report the measurements we make in the area
of quality of life starting in Finland, where the RAI
methodology gives us the opportunity to measure
perceived quality of life. Continuously measuring quality
of life is key to meeting the individual's needs in order to
provide person-centred care. It also supports the ambition
our company has had since the beginning in 1985 and
which we have been expressing for over 20 years as
"empowering the individual".
Commitment is the key to good care
We know that empowered and committed employees are
the single-most important factor in realising our ambition
to achieve high-quality care and the highest customer
satisfaction in every location of operation. We also know
that structural demand for care workers is increasing in
pace with an ageing population and higher staffing
requirements. There has been imbalance in the Finnish
labour market for several years.
We are working intensively to address this situation and
to attract and retain the best employees. We have made
major strides in the past year in Finland, where the
situation has been the most critical. Among other actions,
we have implemented and improved our induction
programme for all employees, expanded our internal
training academy and implemented an updated
leadership programme for all managers. We have also
expanded leadership training for all new managers in
Sweden and launched several initiatives to create clearer
career paths for our employees and position Attendo as a
preferred employer. We strongly believe that satisfied
employees are the key to delivering good care and
ensuring that more people choose Attendo in the future.
Martin Tivéus, President and CEO

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Attendo Interim report Q1, January-March 2023 4 (31)

Group
January - March 2023
Net sales and operating profit
Net sales increased by 16.1 percent to SEK 4,044m (3,482) during the quarter.
Adjusted for currency effects, net sales increased by 11.7 percent. Organic growth
accounted for 8.9 percent and the net change due to acquisitions and divestments
was 2.9 percent. Organic growth increased significantly and it was attributable
mainly to increased net sales in Attendo Finland arising primarily from price
increases.
Lease adjusted operating profit (EBITA) amounted to SEK 116m (31). The lease
adjusted operating margin (EBITA) was 2.9 percent (0.9). Profits increased sharply in
Attendo Finland, but decreased slightly in Attendo Scandinavia. Profit growth in
Attendo Finland is explained mainly by price increases that exceeded cost increases
in care for older people nursing homes, as well as generally lower sick leave. The
profit decline in Scandinavia was explained mainly by weaker financial performance
in home care, as well as received public compensation in the comparison quarter
related to increased sick leave costs. Sick leave in the business areas was significantly
lower than in the comparison quarter and also decreased compared to Q4 2022, but
remains at a high level.
Effects on operating profit (EBITA) related to IFRS 16 amounted to SEK 125m (111).
Operating profit (EBITA) amounted to SEK 241m (142) and the operating margin was
6.0 percent (4.1). Currency effects amounted to SEK 9m.
Operating profit (EBIT) amounted to SEK 226m (127), corresponding to an operating
margin (EBIT) of 5.6 percent (3.6). The change is attributable to the same factors
described above.
The total number of beds in operation in all homes was 20,923 (21,155) at the end of
the quarter. The reason for the lower number of beds is related to ended outsourcing
units in Sweden and to closed down nursing homes in Finland. Occupancy in all
homes was 86 percent (84) at the end of the quarter. The number of beds under
construction in own operations was 325 across 6 homes.

Net sales per business area,
Q1 2023 (SEKm)

Lease adjusted operating profit (EBITA)
per business area, Q1 2023 (SEKm)

Lease adjusted operating profit (EBITA)
per quarter (SEKm)

Adjusted earnings per share, r12 (SEK)

1,607
1,8751,692
2,352
Scandinavia Finland
Q1 2022 Q1 2023
66
-18
61
73
Scandinavia Finland
Q1 2022 Q1 2023
53
208
65
-11
171
8 31
116
Q2 Q3 Q4 Q1
2021 2022 2023
1.31
0.98 0.96
0.68
1.03
Q1
22
Q2
22
Q3
22
Q4
22
Q1
23

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Attendo Interim report Q1, January-March 2023 5 (31)

Net financial items
Net financial items amounted to SEK -190m (-169) for
the quarter, including net interest expense of SEK -30m
(-9). Interest expense related to the lease liability real
estate in accordance with IFRS 16 amounted to SEK
-163m (-153).
Tax
Income tax for the period amounted to SEK -8m (10),
corresponding to a tax rate of 22.3 percent (23.1).
Profit and earnings per share for the period
Profit for the period was SEK 28m (-32), corresponding
to basic and diluted earnings per share for shareholders
in the parent company of SEK 0.17 (-0.20). Adjusted
earnings per share after dilution were SEK 0.43 (0.09).

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Attendo Interim report Q1, January-March 2023 6 (31)

Business area:
ATTENDO SCANDINAVIA
More sold own nursing home beds
Net sales by service offering,
Q1 2023

January–March 2023

Net sales in Attendo Scandinavia amounted to SEK 1,692m
(1,607), corresponding to growth of 5.3 percent including
currency effects and 5.1 percent excluding currency
effects. The increase is attributable primarily to higher net
sales in nursing homes, mainly a result of more sold beds.
Net sales in home care and outsourced nursing homes
decreased.
The number of sold beds and occupancy in homes
increased sharply in relation to the comparison quarter
and occupancy also increased compared to Q4 2022.
Lease adjusted EBITA amounted to SEK 61m (66),
corresponding to a lease-adjusted operating margin of 3.6
percent (4.1). Profits in home care decreased due to fewer
performed hours and lower efficiency. Price increases in
2023 do not fully compensate for the historically high cost
increases. Attendo Scandinavia received public
compensation for costs related to sick leave in the
comparison quarter. Sick leave was lower than in the
comparison quarter and Q4 2022, but remains at a high
level. Profits were positively affected by the significant
increase of sold beds in own nursing homes (CoP).
Calendar effects had minor positive effect on profits.

Effects on operating profit related to IFRS 16 amounted to
SEK 48m (47).
Operating profit (EBITA) amounted to SEK 109m (113),
corresponding to an operating margin (EBITA) of 6.4
percent (7.0).
Beds and contracts
Attendo Scandinavia opened one nursing home with 58
beds in Denmark and closed one nursing home in Sweden.
At the end of the quarter, there were 83 beds under
construction in own operations. Attendo Scandinavia lost
a large outsourcing contract during the quarter and
annual sales for outsourcing contracts won but not yet
started and outsourcing contracts lost but not yet ended
are thus estimated to SEK -250m.

Jan-Dec
SEKm 2023 2022 2022
Net sales 1,692 1,607 6,599
Lease adjusted EBITA 61 66 380
Lease adjusted EBITA margin, % 3.6 4.1 5.8
Operating profit (EBITA) 109 113 577
Operating margin (EBITA), % 6.4 7.0 8.7
Q1
60%
18%
14%
5%
2%
Nursing homes (CoP)
Home care
Disabled care
Individual and family care
Social psychiatry

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Attendo Interim report Q1, January-March 2023 7 (31)

Business area:
ATTENDO SCANDINAVIA
Beds and customers

Attendo Scandinavia Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023
Number of beds in homes in operation¹ 7,078 7,129 7,070 6,986 6,961
Occupancy in homes¹, % 81 82 85 85 86

Number of opened beds² 60 84 - - 58
Number of beds, construction start in the quarter² 60 5 - - -
Number of beds under construction² 220 141 141 141 83

Number of home care customers n.i. n.i. 8,235 8,230 8,180

1) All homes.
2) Own homes.
Attendo’s definition of home care customers was changed 2023. Historical periods with available data have
been adjusted.

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Attendo Interim report Q1, January-March 2023 8 (31)

Business area:
ATTENDO FINLAND
Significant progress during the quarter
Net sales by service offering,
Q1 2023

January - March 2023

Net sales in Attendo Finland amounted to SEK 2,352m
(1,875) corresponding to growth of 25.5 percent. Adjusted
for currency effects, net sales increased by 17.5 percent.
The growth is attributable to higher net sales, primarily in
nursing homes due to price increases, and acquisitions.
Total price increases amounted to about 12 percent.
Subsequent to the comparison quarter, Attendo has
closed a number of homes due to staff shortages or
problems related to occupancy.
Occupancy in homes increased in relation to the
comparison quarter and to Q4 2022, in spite of the
challenging staffing situation.
Lease adjusted EBITA amounted to SEK 73m (-18) and
lease adjusted EBITA margin was 3.1 percent (-1.0). The
profit increase is explained primarily by higher price
increases than cost increases, but also by lower sick leave
costs, as well as positive profit contribution from
acquisitions. Sick leave was significantly lower than in the

comparison quarter and also lower than in Q4 2022. Price
increases in care for people with disabilities and
social psychiatry did not fully compensate for the high
cost increases. Calendar effects had minor positive effect
on profits.
Effects on operating profit (EBITA) related to IFRS 16
amounted to SEK 77m (64).
Operating profit (EBITA) amounted to SEK 150m (46) and
the operating margin (EBITA) was 6.4 percent (2.5).
Currency effects amounted to SEK 10m.
Beds and contracts
Construction of one nursing home started during the
quarter and the total number of beds under construction
in own operations at the end of the quarter was 242.

x
x

Jan-Dec
SEKm 2023 2022 2022
Net sales 2,352 1,875 7,897
Lease adjusted EBITA 73 -18 -111
Lease adjusted EBITA margin, % 3.1 -1.0 -1.4
Operating profit (EBITA) 150 46 167
Operating margin (EBITA), % 6.4 2.5 2.1
Q1
70%
11%
9%
10%
Nursing homes (CoP)
Social psychiatry
Disabled care
Other (Rehab, food svcs., etc.)

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Attendo Interim report Q1, January-March 2023 9 (31)

Business area:
ATTENDO FINLAND
Beds and customers

Attendo Finland Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023
Number of beds in homes in operation¹ 14,077 13,933 14,012 13,946 13,962
Occupancy in homes¹, % 85 85 85 85 86
Number of opened beds² - - 130 - -
Number of beds, construction start in the quarter² - - - 101 58
Number of beds under construction² 213 213 83 184 242

Number of home care customers 550 607 590 586 493

1) All homes.
2) Own homes.

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Attendo Interim report Q1, January-March 2023 10 (31)

Cash flow
January - March 2023
Free cash flow was SEK 8m (57) during the quarter,
whereof changes in working capital amounted to
SEK -103m (67). The negative effect in working capital is
due partly to an increase in trade receivables following
new administrative procedures in the new welfare regions
in Finland.
Cash flow from operations was SEK 361m (384). Cash used
for net investments in non-current assets was SEK -28m
(-59). Cash flow from investing activities thus amounted to
SEK -32m (-65).
Cash flow from financing activities was SEK -263m (-318).
Bank loans of SEK 112m (-) were raised during the quarter
and bank loans of SEK 50m (50) were repaid. Total cash
flow amounted to SEK 66m (1).

Financial position
Equity attributable to shareholders in the parent company
amounted to SEK 5,037m (4,925) as of 31 March 2023,
representing diluted equity per share attributable to
shareholders in the parent of SEK 31.30 (30.77). Net debt
amounted to SEK 15,249m (13,752). Lease adjusted net
debt, excluding lease liability real estate, amounted to SEK
1,878m (1,536).
Interest-bearing liabilities amounted to SEK 15,827m
(14,278) on 31 March 2023. Cash and cash equivalents as
of 31 March 2023 amounted to SEK 575m (517) and
Attendo had SEK 1,488m (1,750) in unutilised credit
facilities.
Net debt/EBITDA was 6.5 (6.3). Lease adjusted net
debt/lease adjusted EBITDA was 3.6 (2.7).

31 Dec
SEKm 2023 2022 2022
Interest-bearing liabilities 15,827 14,278 14,805
Provision for post-
employment benefits -3 -9 0
Cash and cash equivalents -575 -517 -507
Net debt 15,249 13,752 14,298
Lease liability real estate -13,371 -12,216 -12,440
Lease adjusted net debt 1,878 1,536 1,858
31 Mar
31 Dec
SEKm 2023 2022 2022
Net debt / EBITDA 6.5 6.3 6.6
Lease adjusted net debt /
Lease adjusted EBITDA 3.6 2.7 4.4
31 Mar

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Attendo Interim report Q1, January-March 2023 11 (31)

Sustainablity:
SUSTAINABLE CARE
Sustainability in quarterly reporting
Attendo works systematically and purposefully
with sustainability within five focus areas. These
focus areas - Quality of life, Value-adding care
solutions, Empowered employees, Environment
in mind and Responsible operations are based on
Attendo's business strategy and guiding
objectives. As a large care company, our focus
areas for sustainability lie primarily within the
social dimension, with customers and employees
in particular focus of our work to create better
care for more people.

During 2022, Attendo established a number of
new KPIs for the focus areas, with the aim to
ensure measurable outcomes of our work. These
key figures were presented in the annual report
for 2022. From the first quarter onwards, the KPIs
will also be reported on a quarterly basis,
together with important activities and progress in
each focus area.

There are still few generally accepted standards
for measuring quality and outcomes in social
care. Our ambition is to develop and report
outcome measures that both put the customer at
the center and contribute to standardization
within the sector. This is a long-term
commitment and the measures we work with
today will be continuously developed.

Value-adding care solutions: New tool for
systematic quality development
In the beginning of March, Attendo Scandinavia
introduced a new support tool for systematic
quality assurance. The new tool will simplify and
even better support planning and follow-up of
the quality work at local, regional and segment
level. It will also provide enhanced analytics
capabilities, supporting the development of best
practices.
Quality of life: the RAI method and ASCOT
Attendo Finland started applying the RAI method,
which has been statutory since April 2023, on a
smaller scale already in 2015. RAI is used to
assess customers' health status and has been
developed to increase each individual's self-
determination and to adapt the care to the
individual's needs and wishes, very well in line
with Attendo's vision. The work to implement RAI
in all relevant units in Attendo Finland is ongoing
and will gradually provide both comparability and
increased insights into how the care can be
developed.
In the spring, another 24 operations in Attendo
Scandinavia begin to use the ASCOT method for
quality of life interviews, after which the method
is introduced in approximately one third of
Attendo's nursing homes. In parallel, Attendo's
quality index, which measures e.g. process quality
in Attendo's operations, is being developed.
Attendo’s focus areas and ambitions
Focus area Ambition
Quality of life Attendo should create wellbeing and meaning in day-to-day life and be a leader in
customer satisfaction.
Value-adding care solutions Attendo should make reliable, innovative and cost-effective care available as a
preferred partner to local authorities.
Empowered employees Attendo should be a preferred employer that exhibits outstanding leadership and
encourages personal growth and equal opportunities.
Environment in mind Attendo should be a resource-efficient care provider on a path towards net zero
greenhouse gas emissions.
Responsible operations Attendo should be a reliable care provider that delivers values-driven care that is
robust and transparent.

===== SIDA 12 =====

Attendo Interim report Q1, January-March 2023 12 (31)

Sustainablity:
SUSTAINABLE CARE
Key sustainability figures for Q1 2023
Focus area Key figures Outcome Comments
Quality of life
Customer satisfaction, cNPS
(-100 to +100) 38
Percentage of customers that answered 9 or 10 (0-10) when
asked how likely it is that they would recommend Attendo
minus the percentage that answered 6 or below. The
measurement refers to Q1 2023. The outcome in Q4 2022
was 36.
Relatives satisfaction, rNPS
(-100 till +100) 29
Percentage of relatives of customers that answered 9 or 10
(0-10) when asked how likely it is that they would
recommend Attendo minus the percentage that answered 6
or below. The measurement was carried out in Q4 2022.
AQ quality index
(0-100, Scandinavia only) 90
The Attendo Quality Thermometer (AQ23). The outcome
refers to reported AQ23 indicators in Q1 2023. The outcome
in Q4 2022 was 89. This measure is intended to be replaced
with ASCOT (quality of life) outcomes as soon as possible.
RAI index
(0-10, Finland only) 5.5 Measured quality of life based on weighted average of
reported RAI indicators in Attendo Finland in Q1 2023.
Value-adding care
solutions
Number of customers who
receive care from Attendo 27,600
Refers to beds sold in homes, daily activities, rehabilitation,
family care home placements and home care services
customers in Q1 2023. Note that Attendo updated the
definition of home care services customers in 2023. The
number of customers in Q4 2022 was 27,500 (according to
the new definition).
Beds opened in own
operations (capacity made
available), r12
272 Refers to beds in residential homes in own operations
opened in the past twelve months.
Beds under construction in
own operations
(investment in new
capacity), r12
164 Refers to beds in residential homes in own operations for
which construction began in the past twelve months.
Empowered
employees
Employee satisfaction,
eNPS
(-100 till +100)
6
Percentage of employees that answered 9 or 10 (0-10) when
asked how likely it is that they would recommend Attendo
minus the percentage that answered 6 or below.
Measurement in Q4 2022 (AF) and Q1 2023 (AS)
Short-term sick leave, % 6.5 Percentage short-term sick leave. Average in Q1 2023. The
outcome in Q4 2022 was 7.6%.
Environment in
mind
Emissions of climate gases,
g/SEK 1.5 Emissions of climate gases, grams CO2e per SEK in turnover.
Refers to the full year 2022.
Responsible
operations N/A - Key figures for this focus area are being developed.

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Attendo Interim report Q1, January-March 2023 13 (31)

Sustainablity:
SUSTAINABLE CARE
Quality audits and deviations
Attendo has strict procedures for managing care
deviations. This includes procedures for reporting,
managing and following up deviations from internal
guidelines or methods, as well as serious incidents
that led to or risked leading to health and care
injuries to individuals (under the Swedish Lex Sarah
and Lex Maria statutes in Sweden).
Attendo’s operations are supervised and
comprehensively audited by national regulatory
authorities, such as the Regional State
Administrative Agency (AVI) in Finland and the
Health and Social Care Inspectorate (IVO) in
Sweden, as well as by contracting local authorities.
As a leading care provider, Attendo attaches great
importance to both learning from and transparency
regarding
reported deviations, various types of inspections
and their outcomes.
Procedures for self-reporting to and supervision by
regulators and the classification of deviations and
supervisory cases differ between Attendo's
markets. Attendo reports both cases of a serious
nature (Sweden) and the number of official cases in
progress (Finland).
Scandinavia
A total of seven cases were reported in Q1 to IVO
in Sweden according to Lex Sarah or Lex Maria.
Finland
Two cases were opened by AVI in Finland during Q1
and 24 cases were closed. The total number of
cases opened was about 50 at the end of Q1.

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Attendo Interim report Q1, January-March 2023 14 (31)

Other information

Acquisitions
There were no acquisitions during the quarter.
Changes in executive management
Attendo has appointed Mikael Malmgren Chief Financial
Officer (CFO) and member of executive management. His
most recent role prior to joining Attendo was Senior Vice
President at McKinsey. Mikael will assume the role of CFO
of Attendo in June. Attendo’s current CFO Fredrik
Lagercrantz will continue in his role until Mikael takes
over.
Number of shares
The total number of shares is 161,386,592. Attendo holds
453,697 treasury shares and the total number of shares
outstanding as of 31 March 2023 was thus 160,932,895.
Number of employees
The average number of employees in Q1 was 20,699
(19,749).
Related party transactions
Transactions with related parties are described in the
annual report. Related-party transactions take place on
market terms. There were no significant transactions with
related parties during the period.
Parent company, Attendo AB (publ)
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 of January–March amounted to
SEK 5m (4), and were entirely related to services provided
to subsidiaries. The loss for the period after net financial
items was SEK -8m (-8). At the end of the quarter, cash
and cash equivalents amounted to SEK 0 (0), shares in
subsidiaries to SEK 6,494m (6,494), and non-restricted
equity to SEK 6,658m (6,564).

Seasonal and calendar effects
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.
Roundings
Note that roundings occur in text, charts and tables.
Significant events after the
reporting date

Annual General Meeting
The annual general meeting of shareholders in Attendo
AB will be held 26 April 2023 at 16:30 CEST in Danderyd,
Sweden.

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Attendo Interim report Q1, January-March 2023 15 (31)

Risks and uncertainties
As a large company with a mission that is essential to
society – empowering every individual in our care – and
many stakeholders, Attendo is exposed to various types of
risks and uncertainties. The work to identify, analyse,
assess and manage these risks and uncertainties is a key
component of Attendo’s strategy and operations.
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 a key component 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
related to the conditions for private companies to operate
care businesses, political risks, regulatory risks and
reputational risks. Operational risks refer to risks directly
linked 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 2022 annual report, pages 57-60).
Current risks
Based on Attendo’s strategic focus areas and financial
targets, the reform of Finnish care for older people and its
effects, availability of qualified staff and the historically
high inflation rate are the most significant risks at present.
These risks, however, also entail opportunities for
Attendo, in its capacity as a large and leading provider in
Nordic care, to have favourable impact on long-term
conditions in the sector.
The Finnish reform in care for older people
A comprehensive care reform is ongoing in Finland. One
of the aspects of the reform is that staffing requirements
have been increased in several steps and are planned to
increase further in 2023. Higher staffing requirements
entail higher costs for all providers. Private providers must
negotiate with each local region on price compensation
for staffing changes, which entails uncertainty. Costs also
arise before each step (staffing requirements) takes effect
and there is consequently a lag before compensation is
received. Staff provision in Finnish care for older people is
generally strained and has been exacerbated by the
reform.
A challenging business environment
The Russian invasion of Ukraine has no direct impact on
Attendo, as Attendo does not operate in either country.
The company is, however, suffering indirect impact in the
form of higher prices for fuel, energy, food and
consumable supplies. There is high risk that it will not be
possible to cover increased purchasing costs by raising
prices during the year that the costs affect Attendo
because compensation for inflation and comparable
compensation is normally received after a delay according
to contracts with Attendo’s payors and is to a certain
extent dependent upon political decisions.
Continued impact of the Covid pandemic
The Corona pandemic remains a risk for Attendo, with
serious impact on Attendo’s business and financial
performance. At present, the primary effects of the
pandemic are increased personnel costs due to high
absenteeism due to illness among employees and lower
occupancy.

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Attendo Interim report Q1, January-March 2023 16 (31)

Accounting policies
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 2022. The most significant accounting policies under IFRS, the
reporting norm applied in preparing this interim report, are set forth in Note C1 on pages 72-76 of the annual report for
2022, which were applied to the preparation of this interim report.
The interim information on pages 1-15 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.

Outlook
Attendo does not publish forecasts.

Danderyd, April 26, 2023

Martin Tivéus
President and CEO

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Attendo Interim report Q1, January-March 2023 17 (31)

Financial reports
Consolidated Income Statement

Consolidated Statement of Comprehensive Income

Jan-Dec
SEKm 2023 2022 2022
Net sales 4,044 3,482 14,496
Other operating income 11 4 61
Total revenue 4,055 3,486 14,557
Personnel costs -2,665 -2,381 -9,929
Other external costs -725 -598 -2,454
Operating profit before amortization and depreciations (EBITDA) 665 507 2,174
Amortization and depreciation of tangible and intangible assets -424 -365 -1,500
Operating profit after depreciation (EBITA) 241 142 674
Operating margin (EBITA), % 6.0 4.1 4.6
Amortization and write-down of acquisition related intangible assets -15 -15 -58
Operating profit (EBIT) 226 127 616
Operating margin (EBIT), % 5.6 3.6 4.2
Net financial items -190 -169 -658
Profit before tax 36 -42 -42
Income tax -8 10 -2
Profit for the period 28 -32 -44
Profit margin, % 0.7 -0.9 -0.3
Profit for the period attributable to:
Parent company shareholders 28 -33 -45
Non-controlling interest - 1 1
Basic earnings per share, SEK 0.17 -0.20 -0.28
Diluted earnings per share, SEK 0.17 -0.20 -0.28
Average number of shares outstanding, basic, thousands 160,933 160,913 160,925
Average number of shares outstanding, diluted, thousands 160,940 160,932 160,938
Q1
Jan-Dec
SEKm 2023 2022 2022
Profit for the period 28 -32 -44

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 1 10 1

Items that may be reclassified to profit or loss
Exchange rate differences on translating foreign operations attributable to
the parent company shareholders 7 16 85
Other comprehensive income for the period 8 26 86

Total comprehensive income for the period 36 -6 42

Total comprehensive income attributable to:
Parent company shareholders 36 -7 41
Non-controlling interest - 1 1
Q1

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Attendo Interim report Q1, January-March 2023 18 (31)

Consolidated Balance Sheet

SEKm 31 Mar 2023 31 Mar 2022 31 Dec 2022
ASSETS
Non-current assets
Goodwill 7,238 6,906 7,204
Other intangible assets 496 487 504
Equipment 632 547 642
Right-of-use assets 12,017 10,910 11,118
Financial assets 533 457 512
Total non-current assets 20,916 19,307 19,980

Current assets
Trade receivables 1,558 1,303 1,400
Other current assets 464 472 437
Cash and cash equivalents 575 517 507
2,597 2,292 2,344

Assets held for sale 1 6 1
Total current assets 2,598 2,298 2,345

Total assets 23,514 21,605 22,325

EQUITY and LIABILITIES
Equity
Equity attributable to the parent company shareholders 5,037 4,925 5,001
Non-controlling interest - 26 -
Total equity 5,037 4,951 5,001

Non-current liabilities
Liabilities to credit institutions 2,414 2,034 2,330
Long-term lease liabilities¹ 12,039 11,102 11,246
Provisions for post-employment benefits 0 0 0
Long term provisions 101 76 88
Other non-current liabilities 166 107 165
Total non-current liabilities 14,720 13,319 13,829

Current liabilities
Liabilities to credit institutions - - -
Short-term lease liabilities² 1,374 1,141 1,229
Trade payables 347 411 462
Short-term provisions 36 39 49
Other current liabilities 2,000 1,740 1,755
3,757 3,331 3,495

Liabilities held for sale 0 4 0
Total current liabilities 3,757 3,335 3,495

Total equity and liabilities 23,514 21,605 22,325
1) Long-term lease liabilities include car leases amounting to SEK 10m (2m) and full year 2022 15.
2) Short-term lease liabilities include car leases amounting to SEK 32m (25m) and full year 2022 20.

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Attendo Interim report Q1, January-March 2023 19 (31)

Consolidated Cash Flow Statement

Consolidated Statement of Changes in Equity

Jan-Dec
Operational cash flow (alternative performance measure), SEKm 2023 2022 2022
Operating profit (EBITA)¹ 241 142 674
Depreciation and amortization of tangible and intangible assets 424 365 1,500
Changes in working capital -103 67 -70
Paid income tax -19 -27 -60
Other non-cash items -5 0 -51
Cash flow after changes in working capital 538 547 1,993
Investments on tangible and intangible assets -34 -61 -204
Divestments of tangible and intangible assets 6 2 17
Operating cash flow 510 488 1,806
Interest received/paid -14 -10 -55
Interest expense for lease liabilities of real estate -163 -153 -605
Repayment of lease liabilities -325 -268 -1,122
Free cash flow 8 57 24
Net change in assets and liabilities held for sale - - 1
Acquisition of operations -4 -6 -204
Divestment of subsidiaries - - -
Warrants - - 2
Repayment of loans -50 -50 -100
New borrowings 112 - 250
Total cash flow 66 1 -27
Cash and cash equivalents at the beginning of the period 507 513 513
Effect of exchange rate changes on cash 2 3 21
Cash and cash equivalents at the end of the period 575 517 507

Jan-Dec
Cash flow according to IFRS, SEKm 2023 2022 2022
Cash flow from operations 361 384 1,333
Cash flow from investing activities -32 -65 -390
Cash flow from financing activities -263 -318 -970
Total cash flow 66 1 -27
Q1
Q1
SEKm 31 Mar 2023 31 Mar 2022 31 Dec 2022
Opening balance 5,001 4,957 4,957

Total comprehensive income attributable to:
The parent company shareholders 36 -7 41
Non-controlling interest - 1 1

Transactions with owners
Warrants - - 2
Share-savings plan - - 0
Total transactions with owners - - 2

Transactions with non-controlling interest - - 0
Closing balance 5,037 4,951 5,001
Equity attributable to:
Parent company shareholders 5,037 4,925 5,001
Non-controlling interests - 26 -

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Attendo Interim report Q1, January-March 2023 20 (31)

Segment in Summary

Net Financial Items

SEKm
Q1
2023
Q1
2022
Helår
2022
Q1
2023
Q1
2022
Helår
2022
Q1
2023
Q1
2022
Helår
2022
Q1
2023
Q1
2022
Helår
2022
Net sales 1,692 1,607 6,598 2,352 1,875 7,897 - - - 4,044 3,482 14,495
- Net sales, own operations 1,280 1,231 5,114 2,290 1,862 7,852 - - - 3,570 3,093 12,966
- Net sales, outsourcing 412 376 1,484 62 13 45 - - - 474 389 1,529

Lease adjusted EBITA 61 66 380 73 -18 -111 -18 -17 -70 116 31 199Lease adjusted operating
margin (EBITA), % 3.6 4.1 5.8 3.1 -1.0 -1.4 - - - 2.9 0.9 1.4

Operating profit (EBITA) 109 113 57 150 46 167 -18 -17 -70 241 142 154
Operating margin (EBITA), % 6.4 7.0 0.9 6.4 2.5 2.1 - - - 5.9 4.1 1.1

Other and
eliminations Group Scandinavia Finland
Jan-Dec
SEKm 2023 2022 2022
Net interest expense (excluding lease liabilities for real estate) -30 -9 -49
Interest expense, lease liabilities for real estate -163 -153 -605
Other 3 -7 -4
Net financial items -190 -169 -658
Q1

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Attendo Interim report Q1, January-March 2023 21 (31)

Investments

Financial Assets and Liabilities

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 2021, note C26.
Valuation technique
Level 3: The fair value of contingent considerations is based on estimated outcome from the contractual clauses in the
share purchase agreements.
Pledged Assets and Contingent Liabilities

Jan-Dec
SEKm 2023 2022 2022
Investments
Investments in intangible assets 3 22 36
Investments in tangible assets 34 39 168
Divestments of tangible and intangible assets -9 -2 -17
Total net investments 28 59 187

Intangible assets acquired through business combination
Goodwill 1 6 124
Customer relations 4 0 34
Other - - -
Total intangible assets acquired through business combination 5 6 158
Q1
SEKm 31 Mar 2023 31 Mar 2022 31 Dec 2022
ASSETS
Financial assets measured at fair value
Trade receivables 1,558 1,303 1,400
Cash and cash equivalents 575 517 507
Total financial assets 2,133 1,820 1,907

LIABILITIES
Contingent considerations 56 - 56

Purchase option from non-controlling interests - 21 -

Financial liabilities measured at amortised cost
Borrowings 2,414 2,034 2,330
Lease liabilities 13,413 12,243 12,475
Trade payables 347 411 462
Total financial liabilities 16,230 14,709 15,323
Financial liabilities at fair value through profit or loss
SEKm 31 Mar 2023 31 Mar 2022 31 Dec 2022
Assets pledged as collateral 72 53 64
Contingent liabilities¹ 2,494 3,013 2,510
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.

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Attendo Interim report Q1, January-March 2023 22 (31)

Adjusted Earnings and Adjusted Earnings per Share Q1 2023

SEKm
Reported Acq.¹ IFRS 16² Total adj. Adjusted
earnings
Net sales 4,044 - - - 4,044
Other operating income 11 - - - 11
Operating profit before amortization and
depreciation (EBITDA) 665 - -488 -488 177

Amortization and depreciation of tangible and
intangible assets -424 - 363 363 -61
Operating profit (EBITA) 241 - -125 -125 116

Amortization and write-down of acquisition related
intangible assets -15 15 - 15 -
Operating profit (EBIT) 226 15 -125 -110 116

Net financial items -190 - 163 163 -27
Profit before tax (EBT) 36 15 38 53 89

Income tax -8 -3 -8 -11 -19
Profit for the period 28 12 30 42 70

Profit for the period attributable to:
The parent company shareholders 28 12 30 42 70
Non-controlling interests - - - - -
Average number of shares outstanding, diluted,
thousands 160,940 160,940 160,940 160,940 160,940
Earnings per share diluted, SEK 0.17 0.07 0.19 0.26 0.43
Profit for the period attributable to the parent company shareholders excluding amortization of acquisition related intangible
assets (1)and IFRS 16 (2) and related tax effects divided with the average number of shares outstanding, after dilution.

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Attendo Interim report Q1, January-March 2023 23 (31)

Adjusted Earnings and Adjusted Earnings per Share Q1 2022

SEKm
Reported Acq.¹ IFRS 16² Total adj. Adjusted
earnings
Net sales 3,482 - - - 3,482
Other operating income 4 - - - 4
Operating profit before amortization and
depreciation (EBITDA) 507 - -421 -421 86

Amortization and depreciation of tangible and
intangible assets -365 - 310 310 -55
Operating profit (EBITA) 142 - -111 -111 31

Amortization and write-down of acquisition related
intangible assets -15 15 - 15 -
Operating profit (EBIT) 127 15 -111 -96 31

Net financial items -169 - 153 153 -16
Profit before tax (EBT) -42 15 42 57 15

Income tax 10 -3 -8 -11 -1
Profit for the period -32 12 34 46 14

Profit for the period attributable to:
The parent company shareholders -33 12 34 46 13
Non-controlling interests 1 - - - 1
Average number of shares outstanding, diluted,
thousands 160,932 160,932 160,932 160,932 160,932
Earnings per share diluted, SEK -0.20 0.08 0.21 0.29 0.09

Profit for the period attributable to the parent company shareholders excluding amortization of acquisition related intangible
assets (1)and IFRS 16 (2) and related tax effects divided with the average number of shares outstanding, after dilution.

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Attendo Interim report Q1, January-March 2023 24 (31)

Adjusted Earnings and Adjusted Earnings per Share Jan-Dec 2022

SEKm
Reported Acq.¹ IFRS 16² Total adj. Adjusted
earnings
Net sales 14,496 - - - 14,496
Other operating income 61 - -19 -19 42
Operating profit before amortization and
depreciation (EBITDA) 2,174 - -1,748 -1,748 426

Amortization and depreciation of tangible and
intangible assets -1,500 - 1,273 1,273 -227
Operating profit (EBITA) 674 -475 -475 199

Amortization and write-down of acquisition related
intangible assets -58 58 - 58 -
Operating profit (EBIT) 616 58 -475 -417 199

Net financial items -658 - 605 605 -53
Profit before tax (EBT) -42 58 130 188 146

Income tax -2 -12 -23 -35 -37
Profit for the period -44 46 108 154 110

Profit for the period attributable to:
The parent company shareholders -45 46 108 154 109
Non-controlling interests 1 - - - 1
Average number of shares outstanding, diluted,
thousands 160,938 160,938 160,938 160,938 160,938
Earnings per share diluted, SEK -0.28 0.29 0.67 0.95 0.68

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Attendo Interim report Q1, January-March 2023 25 (31)

Key Data

Jan-Dec
2023 2022 2022
Organic growth % 8.9 8.2 6.8
Acquired growth % 2.9 3.3 3.0
Change in currencies % 4.4 2.2 2.9

Operating margin (EBITA margin) r12 % 5.1 6.0 4.7
Lease adjusted operating margin (lease adjusted
EBITA margin) r12 % 1.9 2.7 1.4
Working capital SEKm -360 -414 -429
Return on capital employed % 3.6 3.9 3.2

Net debt to equity ratio times 3.0 2.8 2.9
Equity to asset ratio % 21 23 22
Net debt/EBITDA r12 times 6.5 6.3 6.6
Lease adjusted net debt / Lease adjusted EBITDA times 3.6 2.7 4.4
Free cash flow SEKm 8 57 24
Net investments SEKm -28 -59 -187

Average number of employees 20,699 19,749 20,821

Key data per share
Earnings per share, basic SEK 0.17 -0.20 -0.28
Earnigns per share, diluted SEK 0.17 -0.20 -0.28
Adjusted earnings per share, diluted SEK 0.43 0.09 0.68
Equity per share, basic SEK 31.30 30.77 31.07
Equity per share, diluted SEK 31.30 30.77 31.07

Average number of shares outstanding, basic thousands 160,933 160,913 160,925
Average number of shares outstanding, diluted thousands 160,940 160,932 160,938
Number of shares, end of period thousands 161,387 161,387 161,387
Number of treasury shares, end of period thousands 454 474 454
Number of shares outstanding, end of period thousands 160,933 160,913 160,933

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Attendo Interim report Q1, January-March 2023 26 (31)

Quarterly Data

SEKm Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023
Total net sales 3,207 3,260 3,338 3,482 3,546 3,679 3,789 4,044
- Net sales, own operations 2,849 2,897 2,957 3,093 3,163 3,298 3,412 3,570
- Net sales, outsourcing 358 362 381 389 383 381 377 474

Total net sales 3,207 3,260 3,338 3,482 3,546 3,679 3,789 4,044
- Net sales, Scandinavia 1,489 1,516 1,584 1,607 1,631 1,670 1,691 1,692
- Net sales, Finland 1,718 1,744 1,754 1,875 1,915 2,009 2,098 2,352

Lease adjusted operating profit (EBITDA) 104 261 118 86 46 228 66 177
Lease adjusted operating margin (EBITDA
margin), % 3.2 8.0 3.5 2.5 1.3 6.2 1.7 4.4
Lease adjusted operating profit (EBITA) 53 208 65 31 -11 171 8 116
Lease adjusted operating margin (EBITA
margin), % 1.7 6.4 2.0 0.9 -0.3 4.7 0.2 2.9

Operating profit (EBITDA) 496 657 511 507 481 673 513 665
Operating margin (EBITDA margin), % 15.5 20.2 15.3 14.6 13.6 18.3 13.5 16.4
Operating profit (EBITA) 162 319 172 142 106 295 131 241
Operating margin (EBITA margin), % 5.1 9.8 5.2 4.1 3.0 8.0 3.5 6.0
Profit for the period -19 95 -8 -32 -63 95 -44 28
Profit margin, % -0.6 2.9 -0.2 -0.9 -1.8 2.6 -1.2 0.7

Earnings per share basic, SEK -0.12 0.58 -0.06 -0.20 -0.39 0.59 -0.27 0.17
Earnings per share diluted, SEK -0.12 0.58 -0.06 -0.20 -0.39 0.59 -0.27 0.17

Adjusted earnings per share diluted, SEK 0.19 0.83 0.21 0.09 -0.14 0.80 -0.07 0.43

Average number of employees 18,518 20,104 19,303 19,749 20,780 21,640 20,403 20,699

Operational data
Number of units in operation¹ 716 716 710 711 705 707 705 712
Number of beds in homes² 20,858 20,935 21,093 21,155 21,062 21,082 20,932 20,923
Occupancy in homes, %² 83 83 84 84 84 85 85 86
Number of opened beds³ 236 243 99 60 84 130 - 58
Number of beds, construction start in the quarter³ 52 96 83 60 5 - 101 58
Number of beds under construction³ 608 449 433 433 354 224 325 325
1) All units in all contract models and segments.
2) All homes.
3) Own homes.

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Attendo Interim report Q1, January-March 2023 27 (31)

Parent Company Income Statement

Profit for the period corresponds to total comprehensive income.

Parent Company Balance Sheet

Jan-Dec
SEKm 2023 2022 2022
Net sales 5 4 17

Personnel costs -9 -8 -35
Other external costs -4 -4 -13
Operating profit -8 -8 -31

Net financial items - 0 -
Profit after financial items -8 -8 -31

Group contributions - - -98
Profit before tax -8 -8 -129

Results of commission 55 46 243
Income tax -12 -9 -29
Profit for the period 35 29 85
Q1
SEKm 31 Mar 2023 31 Mar 2022 31 Dec 2022
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 174 92 206
Other receivables 18 2 18
Cash and cash equivalents 0 0 0
Total current assets 192 94 224
Total assets 6,686 6,588 6,718

EQUITY AND LIABILITIES
Equity 6,659 6,565 6,623

Current liabilities
Liabilities to group companies 14 10 82
Other liabilities 13 13 13
Total current liabilities 27 23 95
Total equity and liabilities 6,686 6,588 6,718

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Attendo Interim report Q1, January-March 2023 28 (31)

Attendo’s operations
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 30,000 employees. With the purpose of
empowering the individual, Attendo provides services
within care for older people, care for people with
disabilities, social psychiatry and care for individuals and
relatives.
Attendo provides services through two business areas,
Attendo Scandinavia and Attendo Finland.
Attendo provides care services through two contract
models:
• Own operations, where Attendo provides services
in own controlled units/premises or provides home
care in customer choice models. Attendo has own
units within care for older people, people with
disabilities, social psychiatry and care for individuals
and relatives.
• Outsourcing operations, where Attendo provides
services in publicly controlled units/premises or
provides home care services based on outsourcing
contracts. Attendo has outsourced units for care for
older people, care for people with disabilities and
care for individuals and relatives.
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.

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Attendo Interim report Q1, January-March 2023 29 (31)

Definitions of key data and alternative
performance measures (APM)
Explanations of financial performance measures
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 in relation to the comparable
period’s net sales.
Adjusted earnings per share
(APM)
Profit or loss for the period attributable to
the parent company shareholders excluding
effects from amortization and impairment of
acquisition related intangible assets, IFRS 16
as well as items affecting comparability and
related tax items divided by the number of
outstanding shares after dilution. See the
tables Adjusted earnings and adjusted
earnings per share for more information.
Capital employed
Equity plus interest-bearing liabilities and
provisions for post-employment benefits. See
Note C34 Reconciliations of alternative
performance measures in the 2022 annual
report for a reconciliation of the
performance measure on a full year basis.
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. Calculated both
before (basic) and after dilution.
Equity/assets ratio
Equity divided by total assets.
Equity per share
Equity attributable to the parent company
shareholders divided by average shares
outstanding. Calculated both before (basic)
and after dilution.
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
operating cash flow after changes in working
capital, cash flow from investments in and
divestments of tangible and intangible
assets, received/paid interest as well as
interest expense for lease liabilities of real
estate and repayment of lease liabilities
according to IFRS 16. See the Consolidated
cash flow statement for reconciliation and
Note C34 Reconciliations of alternative
performance measures in the 2022 annual
report for a reconciliation of the
performance measure on a full year basis.
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.
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
(APM)
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.
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
(APM)
Net debt divided by operating profit (EBITDA)
r12.
Net debt to equity ratio
(APM)
Net debt divided by equity.
Net investments
(APM)
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.
Operating margin (EBIT margin)
Operating profit or loss (EBIT) divided by net
sales.
Operating margin (EBITA margin)
Operating profit (EBITA) divided by net sales.
Operating margin (EBITDA margin)
Operating profit (EBITDA) divided by net
sales.

===== SIDA 30 =====

Attendo Interim report Q1, January-March 2023 30 (31)

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. 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. 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. See the Consolidated income
statement for a reconciliation of EBITDA.
Organic growth
(APM)
Attendo reports organic growth as a
performance measure to show underlying
net sales development excluding
acquisitions/divestments and currency
effects. The performance measure is
calculated as net sales growth excluding
acquisitions / divestments and changes in
exchange rates.
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. See Note C34
Reconciliations of alternative performance
measures in the 2022 annual report for a
reconciliation of the performance measure
on a full year basis.
Working capital
(APM)
Working capital is a key performance
measure 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
C34 Reconciliations of alternative
performance measures in the 2022 annual
report for a reconciliation of the
performance measure on a full year basis.
Explanations of
operational measures
CoP
Care for older people.
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.

===== SIDA 31 =====

Attendo AB (publ) I Vendevägen 85B, 182 91 Danderyd I Tel +46 8 586 251 00 I Fax +46 8 586 250 01 I www.attendo.com

INFORMATION TO SHAREHOLDERS AND ANALYSTS
Financial Calendar
Annual General Meeting 26 April 2023
Interim report January-June 2023 20 July 2023
Interim report January-December 2023 24 October 2023
Year-end report January-December 2023 8 February 2024

Presentation
A webcasted presentation will be held on April 26 at 11:00 (CET). You can follow the presentation at the following web link:
https://ir.financialhearings.com/attendo-q1-2023

Analysts and investors have the opportunity to dial into the presentation to ask questions. Contact information is obtained b y
emailing to: kommunikation@attendo.se

The report and other information material will be made available at:
https://www.attendo.com/
For further information please contact:

Fredrik Lagercrantz
CFO
Phone +46 8 586 252 00

Andreas Koch
Communications and IR Director
Phone +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 on 16 April 2023 at
08.00 CET.

Forward-looking information
This report contains forward-looking information that reflects Attendo
management’s current assessments and expectations on certain future
circumstances and possible outcome. This type of forward-looking information
involves risks and uncertainties that may significantly impact future outcome.
The information is based on certain assumptions, including such attributable to
general economic conditions in the company’s markets and demand for the
company’s services.

Company number : 559026-7885