Medicover Ab Class B · OMXSTO:MCOV_B
Medicover Ab Class B — Q1 2022 Earnings Presentation
17 slides from Medicover Ab Class B's earnings presentation, Apr 27, 2022
Slide 1: Q1 results presentation
WEB CAST PRESENTATION Q1 results presentation Fredrik Rågmark CEO & Joe Ryan CFO Stockholm, 27 April 2022
Slide 2: Disclaimer regarding forward-looking statements
DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS This presentation may contain certain forward-looking statements and opinions. Forward-looking statements are statements that do not relate to historical facts and events and such statements and opinions pertaining to the future that, by example, conta
Slide 3: Solid revenue growth and profit margin despite a war and major investments
Solid revenue growth and profit margin despite a war and major investments Historically strong member growth, +84,000 members. Investing for growth - €27.3m in organic capital investment and €106.1m in acquisitions, total €133.4m, 96% growth. Cash flow (CF) from operations before working capit
Slide 4: Highlights
Highlights Continued strong growth in existing 400 Revenue development markets and expanded service 350 offering. 300 250 +40% Overshadowed by Russian invasion 200 of Ukraine; inevitable impact on 150 revenue and profit. 100 50 Revenue amounted to €381.7m 0 (€317.2m), up 20.3% with an Q1 Q2 Q3
Slide 5: Q1 cont.
Q1 cont. EBITDA amounted to €62.6m (€65.5m), decreased by 4.4%, a margin of 16.4% 80 EBITDA and EBITDA margin development 25% (20.6%). 70 +40% Adjusted EBITDA at €67.5m (€66.9m), 20% 60 slightly increased, a margin of 17.7% 50 (21.1%). 40 15% Higher medical costs reduced margin as 30 10% well
Slide 6: Healthcare Services
Healthcare Services Revenue was €208.1m (€157.3m), up Revenue development 32.3% with an organic growth of 22.6%. 200 Revenue from Covid-19 was €11.5m 150 (€10.2m). FFS* represented 54% of divisional 100 revenue, grew by 46.3%. 50 Very strong member growth of 14.1% to 1,579K members. 84,000 n
Slide 7: Healthcare Services
Healthcare Services EBITDA amounted to €25.7m (€22.5m), a EBITDA and EBITDA margin development margin of 12.4% (14.3%). 40 25% Fast expansion pace and operations at 35 an earlier development phase are short- 20% 30 term dilutive to margin. 25 15% Added ~200,000m2 or an increase of 20 10% >50%,
Slide 8: Diagnostic Services
Diagnostic Services Revenue grew 7.9% to €178.5m 200 Revenue development (€165.5m) with an organic growth of 4.6%. 150 Revenue from Covid-19 was €54.0m 100 (€42.7m) with strong demand in Germany. 50 FFS* represented 64% of divisional 0 revenue, grew by 3.0%. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 9: Diagnostic Services
Diagnostic Services EBITDA amounted to €44.2m 60 EBITDA and EBITDA margin development 35% (€47.3m), a margin of 24.7% (28.6%). 50 30% 25% Covid-19 contributed to profitability. 40 20% 30 Impacted negative by the conflict in 20 15% Ukraine and increased costs. 10% 10 5% Number of BDPs amounts
Slide 10: Ukraine
Ukraine A nationwide network of 346 BDPs (217 owned and 129 franchised), 8 laboratories, 3 fertility and 4 medical clinics. More than 3,500 employees. Representing 9% of total revenue in 2021, fifth largest market. In 2021 EBITDA amounted to €26m. Focus on how to support employees and thei
Slide 11: Ukraine cont.
Ukraine cont. Kyiv lab site to reopen early May. Essential nature of services lead us to maintain service in difficult circumstances. Recognised an impairment of €5.1m relating to damaged and destroyed assets as well as assets outside Medicover’s control. Net assets amount to €35.3m (after i
Slide 12: Financial overview
oo, wr MEDICOVER Financial overview CARING FOR YOUR HEALTH IS ALL WE DO
Slide 13: Financials
Financials Net interest cost of €6.9m, interest charge for leases €4.8m, underlying debt interest of €2.1m. FX losses €2.2m: €1.4m due to euro denominated leases in Poland, non-cash. Q1 tax charge of €4.8m (€10.2m). ETR 28.2% (28.0%). Tax paid €4.0m (€2.6m) for the Q. Cash flow (CF) from ope
Slide 14: Financials cont.
Financials cont. 2nd SSD under social finance framework, €277m, with €35m retired for net issue of €242m. Settled with €216m received at year-end, €42m received in Jan 2022 and €19m received in April 2022. Early repayment of €40m existing SSD with a gain of €2.4m in other financial income/(exp
Slide 15: Investing for growth
Investing for growth In addition to the €27.3m organic capital investment in 2022, Medicover has invested €106.1m in Q1 in: − Two laboratories (CY, B&H) EV 2022 acquisitions (€m) Business area Country Q1 − Four hospitals (PL, IN, RO) Laboratory Cyprus / Bosnia-Herzegovina 67,4 − Medical clinics an
Slide 16: Financial targets – ahead of our 2022 targets
Financial targets – ahead of our 2022 targets Organic revenue growth of Q1 13.8% Growth 9–12% Adjusted EBITDA-margin Q1 17.7% Profit (year-end 2022) of 15.5-16.5% Loans payable net of cash and liquid Capital Structure short-term investments/adjusted Q1 1.2x EBITDAaL ≤3.5x Definition and reconciliati
Slide 17: Q&A
oo, wr MEDICOVER Q&A CARING FOR YOUR HEALTH IS ALL WE DO