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Humana reports fourth quarter and full year 2022 results

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Improved profitability and good organic growth

Fourth quarter, October–December 2022

  • Operating revenue totalled SEK 2,480 million (2,110) an increase of 17.5 percent. Adjusted operating revenue amounted to SEK 2,442m (2,110). Organic growth was 5.5 percent (3.4).
  • Operating profit amounted to SEK 127m (82), an increase of 54.0 percent. Adjusted operating profit amounted to SEK 89m (85).
  • Net profit after tax for the period amounted to SEK 59m (33).
  • Basic and diluted earnings per share for the period amounted to SEK 1.24 (0.68).
  • Cash flow for the period amounted to SEK 90m (15). Operating cash flow totalled SEK 215m (157), an increase of 37.6 percent

Full year, January–December 2022

  • Operating revenue was SEK 9,241m (8,188), an increase of 12.9 percent. Adjusted operating revenue amounted to SEK 9,203m (8,188). Organic growth was 3.2 percent (3.1).
  • Operating profit amounted to SEK 439m (493), a decline of 11.0 percent. Adjusted operating profit amounted to SEK 405m (495).
  • Net profit after tax for the period amounted to SEK 210m (276).
  • Basic and diluted earnings per share for the period amounted to SEK 4.36 (5.67).
  • Cash flow for the period amounted to SEK -38m (-92). Operating cash flow amounted to SEK 697m (795).

Significant events after the reporting period

  • On 31 January 2023, the Swedish Health and Social Care Inspectorate (IVO) revoked Humana Assistans AB’s permit to conduct operations. According to IVO’s decision, Humana Assistans AB must cease its operations 10 February 2023 at the latest. The company appealed IVO’s decision to the Administrative Court and received suspension on 7 February. IVO may appeal the received suspension to the Court of Appeal. On February 7, the Swedish Social Insurance Board announced that payments of assistance compensation will be made directly to the customer, which increases administration and delays payments. The situation that has arisen may, in the event of a negative development from this situation, such as major customer losses or a revoked permit, affect the terms and conditions and/or the structure of the company's financing. See page 13 in the report for more information. 
  • In February 2023, the MAT (medication-assisted treatment) company Solstenen i Skåne AB was acquired. Full year revenues amount to approximately SEK 46m.
  • Humana’s Board proposes to the 2023 AGM that no dividend be paid for the 2021 financial year.

President and CEO Johanna Rastad comments

” The year has passed, and although this report mainly refers to the last quarter of 2022, we must commence with IVO’s revocation of our permit in Humana Assistans AB on the last of January 2023. The announcement shocked both Humana's organisation as well as assistant recipients outside of the organisation. The Administrative Court has granted our request for suspension, which means that we can continue to pursue the assistance operations while the issue is decided in court. We believe that the decision is deeply unfair and wrong for both our customers and employees. As the industry's largest provider, we have taken, and continue to take great responsibility in quality assuring and developing our business.”

Read the full comment in the report.

Conference call

A webcast will be held on 9 February 2023 at 09:00 CET at which President and CEO Johanna Rastad will present the report and answer questions. If you wish to take part via the webcast, use the following link.

If you wish to participate via conference call, please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the conference call. 

Registration teleconference

For more information, please contact:

Fredrik Larsson
CFO
070 994 20 64, fredrik.larsson1@humana.se

Ewelina Pettersson 
Ansvarig investerarrelationer 
073 074 79 12, ewelina.pettersson@humana.se

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 09-02-2023 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 operating revenue was SEK 9,241m. Humana is listed on Nasdaq Stockholm and the company’s headquarters are located in Stockholm. Read more about Humana on: https://www.humanagroup.com/

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