Attendo care services are delivered almost exclusively as ordered by contracting local authorities. This places demands on us to run our business in an open and responsible manner. As a leading care provider, we must not only live up to the expectations of customers and their families, employees and local contracting authorities. We must also deserve public trust.
Sustainable finances for long-term business
Attendo’s revenues are based on long-term contracts with municipal contracting authorities, where care needs and shortterm customer choice affect occupancy and thus profitability in the local unit. At the same time, a substantial share of Attendo’s costs is of a more long-term nature, such as leases for the properties in which the business is operated.
In order to operate a care business that is resilient against fluctuations in occupancy while providing scope to invest in new capacity, innovations and methods, Attendo strives to generate stable earnings. Debt can facilitate strategic acquisitions or investments that increase the economic viability of Attendo’s business over the long term. In order to successfully carry the debt, Attendo has a financial target that net loan debt should not exceed 3.75 times reported EBITDA.
Attendo’s owners have set a target to distribute 30 percent of profits as dividends when financial circumstances otherwise allow. Accordingly, the majority of profit is, as a rule, reinvested in the business. There were no dividends distributed for the years 2019-2021 and all profits were reinvested.
A significant taxpayer
Attendo always pays taxes in the country it operates in and is one of the private providers of care services in the Nordic countries that pays the most tax. Tax payments mainly comprise wagerelated taxes and fees, non-deductible VAT on purchases and investments and corporation tax on the profit generated. Attendo also collects VAT and preliminary income taxes for all employees.
In 2021, Attendo had a tax footprint of about SEK 3.9Bn, including SEK 2.4Bn in paid tax. The majority of the tax footprint refers to wage-related taxes and fees and employees’ preliminary income tax. Corporation tax for 2021 amounted to SEK 74m.
Our operations are firmly regulated
Both Attendo and our employees must follow a comprehensive and complex collection of laws and regulations governing both the care business and being a listed company. All activities must be conducted so that they meet both current regulations such as Attendo’s own code of conduct and other policies and guidelines.
The business is operated in collaboration with public payors. The content of our services is governed by official permits, negotiated contracts with local authorities and customer choice systems in various forms. In our role as a partner to local authorities, we are always reliable, transparent and solutionoriented. We respect regulatory authority of government agencies, but also communicate information and opinions on matters that affect the care industry, conditions for providing care or our business. Transparency and openness guide all of our interactions with representatives of the public. As one aspect of this, we welcome representatives of government agencies and elected decision-makers who wish to visit our local operations.
The Code of Conduct guides all employees
In 2021, Attendo adopted an updated Code of Conduct based on our mission and values. The Code contains key principles for how Attendo as a company and all employees within Attendo must conduct themselves in relation to customers and their close ones, colleagues and the local authorities with which we cooperate. The Code also describes appropriate conduct when there is suspicion that something is amiss. This includes channels of communication and particularly important areas that all employees should be aware of, such as procedures for reporting risks of unsatisfactory conditions related to care and care-related injuries, the whistleblower function and whistleblower protection. The Code is an expression of Attendo’s position on openness. The Code of Conduct applies to all Attendo employees, regardless of form of employment. Efforts to train managers and employees in working with the Code will continue in 2022 with focus on digital training and annual certification.
Transparency in operations and deviations
Attendo has strict procedures for managing deviations in care delivery. 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 nursing care injuries to individuals (under the Swedish Lex Sarah and Lex Maria statutes).
Attendo’s operations are inspected and audited carefully by national authorities, such as the Regional State Administrative Agency (AVI) in Finland or the Health and Social Care Inspectorate (IVO) in Sweden. In 2021, 26 serious incidents were reported to Swedish authorities and 8 critical observations from national regulatory authorities in Finland were addressed.
High standards for privacy and reliability
Attendo works with people who are in a vulnerable position and whose conditions must be treated with great respect for personal privacy. We apply procedures that meet high standards regarding the processing of personal data and sensitive information. Managers and staff are continuously trained in mattes related to information security and protection of personal privacy.
As a listed company and partner to the public sector, Attendo strives to ensure that external reporting is reliable, informative and transparent. We do not accept the reporting of erroneous or misleading information in our systems to manipulate goal attainment, performance measures or information to be reported to municipalities or authorities.