Q2 REPORT

90 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 EBITDA, rolling 12 months EBITDA is adjusted for capital loss from divestme...

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Quality through specialisation

Q2 REPORT July 13, 2018

Daniel Öhman, CEO Philip Delborn, CFO

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Agenda

CEO reflections on Q2

Financials – Q2

Vårdsamverkan

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17% organic growth in the second quarter MSEK

Revenues 287,6 (249,6)

EBITDA 21,1 (-6,8)

EBIT 14,3 (-13,6)

Organic growth 17,0% (-4,5%)

Margin 7,3% (-2,7%)

Margin 5,0% (-5,4%)



Continued strong organic growth based on strong demand and more efficient processes



Rolling 12 we are now principally back on our peak EBITDA



We continue to invest in business development and product development in International and Vårdsamverkan

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Major drivers behind the Q2 results General



Many small improvements on clinic level adds to significant improvement overall



Tenders won within gastro, arrhythmia, spine and ortho. Only concern is bariatric surgery.



Full schedule when back from vacation

Specifics •

Strong improvements from the large clinics in Stockholm



Denmark grows quickly but hasn’t been able to focus on the bottom line

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Agenda

CEO reflections on Q2

Financials – Q2

Vårdsamverkan

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The trend continues in the right direction EBITDA, rolling 12 months

Revenue, rolling 12 months 1100

90

81

1047 1050

81

78

80

71 1000

1009 984 972

950

975

70

65

991 59

60

955

59

66

51 900

913

50

884 850

40

800

30 Q2 2016

Q3 2016

Q4 2016

Q1 2017

Q2 2017

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q2 2016

Q3 2016

Q4 2016

Q1 2017

Q2 2017

Q3 2017

Q4 2017

Q1 2018

Q2 2018

EBITDA is adjusted for capital loss from divestments of -16,3 Msek

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Strong split between revenue sources Revenue Distribution %, quarter 120

100

2

10

12 11

80 35

34

60

7

6

11

10

33

35

40 51

45

47

51

2015

2016

2017

2018

County Councils

Insurance Companies

20

0

Private

International

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Segment Nordic •

High demand and production in most clinics gives an organic growth of 17%



Total revenue growth of 35 MSEK somewhat supported by Easter effect



Significant EBIT improvement compared to previous year, +12,2 MSEK compared to adjusted Q2 2017



Strong development in especially Stockholm and Gothenburg



Marketing efforts and focus on efficiency is the main driver behind the improvement

MSEK

Q2 2018

Q2 2017

Change %

Year 2017

Revenue

259,4

224,5

15,5

883,7

14,4

-14,1

7,1

5,6

-6,3

0,8

EBIT EBIT margin, %

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Segment International •

The KPI’s and the performance of the hospitals continue to have a positive trend



No significant adjustments from previous periods during Q2. However, the reimbursement model enables higher potential revenues in the fourth quarter



Changes in currencies has had a negative impact on revenues and EBIT of 0,6 MSEK and 0,1 MSEK, respectively in the quarter



We still have several business development opportunities in the pipeline

MSEK

Q2 2018

Q2 2017

Change %

Year 2017

Revenue

16,5

16,2

1,6

66,3

4,2

3,3

16,6

25,5

20,4

25,0

EBIT EBIT margin, %

10

Segment Vårdsamverkan •

The growth in the quarter is linked to the care planning contract with Trygg-Hansa, which started last summer



The new Trygg-Hansa contract started 1 July this year. The preparation for this contract has had a negative impact of 0,5 – 1,0 MSEK in Q2



Several initiatives to further develop our digital offer to patients and insurance companies

Q2 2018

Q2 2017

Change %

Year 2017

Revenue

11,7

8,9

30,5

40,8

EBIT

-4,3

-2,8

-7,4

-36,8

-31,5

-18,2

MSEK

EBIT margin, %

11

Key figures Comments •

The strong operational development improves our key figures



Stronger balance sheet compared to year-end 2017

MSEK

Year Q2 2018 Q2 2017 2017

EBITDA

21,1

-6,8

58,8*

EBT

17,1

-14,4

12,8

EPS

18 öre

-21 öre

8 öre

Net Debt

110,0

114,2

126,8

Net Debt / EBITDA

1,41*

1,95*

2,16*

51

51

51

Equity Ratio * Adjusted for capital loss

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Cash flow second quarter 2018 Cash flow Sek millions

Second quarter 2018 2017

Full Year 2017

Operating result * Depreciation/amortisation and write-downs Other investments Other adjustments – net * Change in working capital – net Operating Cashflow

14,3 6,8 -6,5 -1,4 -0,3 12,9

2,7 6,8 -5,7 -1,1 -7,6 -4,9

32,8 26,0 -23,5 -2,8 -19,4 13,1

Paid tax and financial net Free cash flow after financial items and tax

-4,0 8,9

-3,6 -8,5

-7,7 5,4

*Adjusted for Capital loss second quarter 2017 and full year 2017

Comments •

Improved, positive cash flow in the period



Investments in the period is mainly linked to expansion in Gothenburg



The cash flow has been positively impacted with 3,7 MSEK from a repaid investment in a minor holding

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Agenda

CEO reflections on Q2

Financials – Q2

Vårdsamverkan

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Vårdsamverkan - What we are able to do

Redesign care chains

Lower administration

Develop digital support

Focus on outcomes

Preventive management of population health

Vårdsamverkan – Digital tools

Big data layers Including analysis of patient data and outcomes

Preventive care app.

Patient Anamnesis app.

Consultation app.

Physiotherapy treatment app.

www.ghp.se

Contact: Daniel Öhman, CEO | +46 708 55 37 07 | [email protected] Philip Delborn, CFO | +46 702 12 52 64 | [email protected]

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