Interim report Q3 2019
Good growth, improved customer satisfaction and better results
Third quarter, July-September 2019
- Operating revenue was SEK 1,928 million (1,677), an increase of 15%. The organic growth was 3.2%.
- Operating profit was SEK 176m (151), an increase of 17%. Excluding the effects of IFRS 16, the standard for recognising leases that applies from 1 January 2019, operating profit amounted to SEK 164m (151), an increase of 9%.
- Net profit after tax for the period amounted to SEK 128m (102). Excluding the effects of IFRS 16, profit after tax amounted to SEK 134m (102).
- Earnings per share for the period before and after dilution amounted to SEK 2.42 (1.92).
- Operating cash flow amounted to SEK 206m (35). Excluding the effects of IFRS 16, operating cash flow totalled SEK 121m (35).
The nine-month period, January-September 2019
- Operating revenue was SEK 5,554m (5,021), an increase of 11%. The organic growth was 2.4%.
- Operating profit was SEK 298m (310), a decrease of 4%. This amount includes acquisition expenses and revenues of SEK -28m (5) and integration costs for Coronaria Hoiva of SEK -8m (-). Excluding the effects of IFRS 16, operating profit amounted to SEK 269m (310), a decrease of 13%. The effects of IFRS 16 on operating profit amounted to SEK 30m (-).
- Net profit after tax for the period amounted to SEK 170m (194). Excluding the effects of IFRS 16, profit after tax amounted to SEK 186m (194).
- Earnings per share for the period before and after dilution amounted to SEK 3.21 (3.65). Excluding the effects of IFRS 16, earnings per share amounted to SEK 3.52 (3.65).
- Operating cash flow amounted to SEK 375m (149). Excluding the effects of IFRS 16, operating cash flow totalled SEK 159m (149).
Significant events in and after the third quarter
- Humana signed during the quarter agreements for two new elderly housing units under own management, one in Norrtälje and one in Ängelholm. The housing units will each have 60 apartments. Both operations are scheduled to open in the first half of 2021.
- During the quarter, Humana entered an agreement with Samhällsbyggnadsbolaget i Norden for the sale of 37 commercial properties in Finland, Sweden and Norway. The value of the property portfolio, which is transferred through a sale and leaseback transaction, amounts to SEK 468m. The average length of the leases for the properties is 14.2 years and the additional annual rental charge amounts to SEK 32m. Existing properties were transferred to Humana in July 2019. Properties where construction is ongoing will be transferred when they are completed, which is expected to be by Q2 2020.
- Anu Kallio was appointed new head of Humana in Finland during the quarter. She will start no later than 1 March 2020. Anu Kallio was previously CEO of the Finnish care company Rinnekoti.
President and CEO Rasmus Nerman comments on the quarter:
“The third quarter can be summed up by good growth, increased customer satisfaction and improved profitability. Both operating profit and operating margin finished high. All of Humana’s business areas are progressing in the right direction and there are also many reasons to be proud. For example at Humana’s elderly housing units, customer satisfaction – our most important parameter – has increased further in this year’s national survey by the National Board of Health and Welfare. Humana is high above the national average for all elderly housing in Sweden”, Rasmus Nerman said.
“During the autumn, we put considerable effort into reviewing our strategy together with our partially new Board of Directors. We determined that we are in attractive segments where we also have leading positions and that we are doing well, even in comparison to our competitors. However, there is clear potential to improve profitability and to create more stability and predictability in our operations. This work continues”, he said.
A conference call will be held 8 November 2019 at 09:00 CET, at which President and CEO Rasmus Nerman along with Vice President and CFO Ulf Bonnevier will present the report and answer questions. To participate, call:
SE: +46 8 505 583 66
UK: +44 333 300 92 60
USA: +1 844 625 15 70
This information is information that Humana AB 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 below, at 08:00 CET on 8 November 2019.
Humana är ett ledande nordiskt omsorgsföretag som erbjuder tjänster inom individ- och familjeomsorg, personlig assistans, äldreomsorg och bostäder med särskild service enligt LSS. Humana har cirka 16 000 engagerade medarbetare i Sverige, Norge, Finland och Danmark som utför omsorgstjänster till 9 000 människor. Vi arbetar efter visionen ”Alla har rätt till ett bra liv”. 2018 uppgick rörelseintäkterna till 6 725 Mkr. Humana är börsnoterat på Nasdaq Stockholm och har huvudkontor i Stockholm.