Humana reports first quarter 2023 results
2023 starts with good organic growth and profitability
Summary of the first quarter
- Net revenue was SEK 2,435 million (2,147), an increase of 13 percent.
- Organic growth was 5.5 percent (2.5)
- Operating profit amounted to SEK 117m (77), an increase of 53 percent. Adjusted operating profit amounted to SEK 100m (77), an increase of 30 percent.
- Net profit after tax for the period amounted to SEK 50m (29).
- Earnings per share before and after dilution for the period amounted to SEK 1.04 (0.60).
- Cash flow for the period amounted to SEK -120m (-123). Operating cash flow amounted to SEK 68m (115).
Significant events in the first quarter of 2023
- On 31 January 2023, the Swedish Health and Social Care Inspectorate (’IVO’) announced that it revoked Humana Assistans AB's permit to carry out personal assistance, among other services. Suspension is granted, which means that Humana Assistans AB can continue to operate while IVO’s decision to revoke the permit is tried in court. The Swedish Social Insurance Agency announced on 7 February 2023 that assistance compensation was to be paid directly to customers. IVO’s decision and subsequent events have had negative effects in the form of a reduction in the number of assistance customers. As of the reporting date, the reduction amounts to approximately 15 percent, corresponding to a reduction in annual net revenue of approximately SEK 565m.
- The MAT (medication-assisted treatment) company Solstenen i Skåne AB was acquired in February 2023. Full-year net revenue amounts to approximately SEK 46m.
- On 7 March 2023, Humana announced that its internal security system had detected data intrusions into the company’s file archive by a third party. The incident has not had any impact on the operations of the business.
President and CEO Johanna Rastad comments
” The first quarter of 2023 was, partly overshadowed by the process subsequent to the revoking of Humana Assistans AB’s permit. At the time of writing, we are preparing for the oral hearing in the Administrative Court. We believe that the permit issue in personal assistance is crucial for the assistance reform's survival in terms of freedom of choice and the survival of competitive and qualitative actors. With the rights of assistance recipients as our starting point, we are doing everything we can to safeguard our customers’ right to autonomy and freedom of choice.
Thanks to a clear focus and diligent teamwork, we are meeting demand for our services within other business areas, which has resulted in strong organic growth and a marked improvement in the Group’s operating profit. A clear turnaround is seen in Finland and Individual & Family continues the clear improvement journey we have seen in recent quarters.”
Read the full comment in the report.
A webcast will be held on 4 May 2023 at 09:00 CET at which President and CEO Johanna Rastad and CFO Fredrik Larsson will present the report and answer questions. If you wish to take part via the webcast, use the following link.
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This disclosure contains information that Humana AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 04-05-2023 08:00 CET.
Humana is a leading Nordic care company providing services within individual and family care, personal assistance, elderly care and special service housing in accordance with LSS. Humana has 20,000 employees in Sweden, Norway, Finland and Denmark providing care for 10,000 individuals and working to achieve the vision “Everyone is entitled to a good life”. In 2022, Humana’s net revenue was SEK 9,199m. Humana is listed on Nasdaq Stockholm and the company’s headquarters are located in Stockholm. Read more about Humana on: https://www.humanagroup.com/