Interim report Q2 2020
A quarter with continued focus on minimising the effects of the pandemic
Second quarter, April-June 2020
- Operating revenue was SEK 1,980 million (1,918), an increase of 3%. Organic growth was 3.4%.
- Operating profit was SEK 100m (45), an increase of 123%. Capital gain of SEK 17m from sale of properties is included. Adjusted operating profit was SEK 83m (45), an increase of 84%.
- Net profit after tax for the period amounted to SEK 50m (-2).
- Earnings per share for the period before and after dilution amounted to SEK 0.94 (-0.04).
- Operating cash flow amounted to SEK 221m (136).
Six-month period, January-June 2020
- Operating revenue was SEK 3,918m (3,626), an increase of 8%. Organic growth was 4.2%.
- Operating profit was SEK 198m (122), an increase of 63%. Capital gain of SEK 17m from sale of properties is included. Adjusted operating profit was SEK 181m (122), an increase of 48%.
- Net profit after tax for the period amounted to SEK 103m (42).
- Earnings per share for the period before and after dilution amounted to SEK 1.94 (0.79).
- Operating cash flow amounted to SEK 317m (169).
Significant events in and after the second quarter
- Anders Nyberg and Karita Bekkemellem were elected as new members of the Board of Directors at the 2020 Annual General Meeting.
- Humana signed an agreement for a new elderly housing unit under own management in Täby. The unit will have 90 flats. Construction will begin this year and the opening is planned for the autumn of 2022.
- Humana divested its ownership in Sommarsol, a property in Ängelholm, where earlier a rental agreement for an elderly care home was signed. The sales proceeds were SEK 90m, resulting in a capital gain of SEK 17m.
- Ulf Bonnevier, CFO since 2012 and Vice President since 2016, is leaving Humana and will be replaced by Noora Jayasekara, who will start as the new CFO on 1 September. Noora has held the position of Group finance director at Humana since 2018.
President and CEO Rasmus Nerman comments on the quarter and on the full year:
“The second quarter was characterised by the COVID-19 pandemic. The pandemic has tested our organisation and Humana’s employees have managed this challenging situation well so far. Financially, the quarter was strong. Humana’s revenue grew 3.4 percent organically and operating profit strengthened”, Rasmus Nerman writes in a comment.
“Humana’s crisis organisation for handling the COVID-19 pandemic in our operations has been active since February. During the second quarter, the situation seemed increasingly like a new normal: maintaining focus, preventing transmission of the virus and handling the situation that has arisen all hours of the day and night. Humana has been put to the test and has stood up to the pandemic. Our procedures are working, we have prioritised education and we have secured access to personal protective equipment, PPE. On a group level the transmission has been low in all countries and at the time of writing we have no infected in our elderly care homes in the Nordic countries. I am proud of the efforts of our employees over the last six months and grateful for the good relationships we have with clients, customers and their families who are all having a tough time due to limited visiting opportunities.
Despite having to deal with the pandemic, operationally it has been a quarter where we have made good progress. The main focus successfully remained on improving profitability, we continued to explore growth opportunities and we signed a contract for a new elderly care home under own management in Täby.
Financially, Humana’s operating revenue increased by 3 percent for the quarter and 8 percent for the half-year. The operating profit improved to SEK 100m for the quarter and SEK 198m for the half-year. The operating margin was 5.1 percent, both for the quarter and for the half-year and the net debt continued to decrease. I am pleased with the clear improvement from previous year.
The pandemic has had an effect on revenues as well as costs. The number of assistance hours was negatively affected, we had fewer outpatient visits and lower occupancy in our elderly care homes in and around Stockholm. More sickness absences than normal impacted costs and we had higher costs for PPE. However, we have been compensated for the increased costs to a great extent by state subsidies but there is still an effect on the occupancy.”
Read the full comment in the report.
A conference call will be held 20 August 2020 at 09:00 CET, at which President and CEO Rasmus Nerman and Vice President and CFO Ulf Bonnevier will present the report and answer questions. To participate, call:
SE: +46 8 5664 2692
UK: +44 33 3300 9267
US: +1 833 249 8403
This information is information that Humana AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was submitted for publication, through the agency of the contact persons set out below, at 08:00 CET on 20 August 2020.
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 15 000 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”. 2019 uppgick rörelseintäkterna till 7 467 Mkr. Humana är börsnoterat på Nasdaq Stockholm och har huvudkontor i Stockholm.