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  • Annual Report 2018

  • Contents Introduction 1 Humana in brief 2 The year in brief 4 CEO comment

    Our market and strategy for better care 8 The market 10 Market trends 12 Strategy 14 Financial targets Our sustainability work 18 Value-creating sustainability work 20 Quality 22 Employees 24 Our impact on society

    Our care operations 28 Individual & Family 30 Personal Assistance 32 Elderly Care 34 Other Nordics

    Humana as an investment 36 Humana as an investment 38 The Humana share

    Legal annual report

    42 Board of Directors’ report 47 Appropriation of profits 48 Risks and risk management

    54 Corporate governance report 55 Chairman’s statement 64 Board of Directors 66 Group management

    68 Financial statements 68 Consolidated financial statements 72 Multi-year overview 73 Key ratios 74 Parent Company financial statements 78 Accounting policies 82 Notes Group 96 Notes Parent Company

    Other 98 Auditor's report 101 Reconciliation with IFRS financial statements 102 Financial performance measures

    About the Annual Report The Annual Report describes Humana's operations and financial results for 2018 and includes a Corporate Governance Report and Sustainability Report. The legal Annual Report is on pages 16–25 and 40–98. The statutory Sustainability Report is published to comply with the Annual Accounts Act and is on pages 16–25.

  • “Everyone is entitled to a good life”

    Our business areas

    Individual & Family Humana offers a unique dynamic care concept that provides expertise in housing, care and treatment under own management for individuals with psychosocial problems and mental illness. We also offer special service housing under LSS, under contract and under own management.

    Percentage of Group revenues:

    32 %

    Personal Assistance Humana provides personal assistance to individuals with disabilities to em- power them to live life the way others do. Our clients represent all ages and are spread across 250 different municipalities in Sweden.

    Percentage of Group revenues:

    40 % Other Nordics In Norway, Finland and Denmark, most of Humana’s operations are in individu- al and family care for children, adoles- cents and adults. In Norway, Humana also offers personal assistance through customer choice. In Finland, services such as elderly homes and other resi- dential care homes are also offered.

    Percentage of Group revenues:

    21 %

    Elderly Care Humana provides elderly care through homes for the elderly, either under own management or under contract. The number of places under own management is growing rapidly.

    Percentage of Group revenues:

    7 %

    Humana in brief Humana is a leading Nordic care company dedicated to give people a good life. Humana’s services include individual and family care, personal assistance, elderly care and housing with special services. In Sweden, Humana is the market leader in individual and family care and personal assistance. In Norway and Finland, Humana is the second largest provider of individual and family care services and in Norway also the second largest provider of personal assistance. Humana also has a small care operation in Denmark since 2018.

    customers 7,466

    employees 14,657

    operating profit SEK M

    391 operating revenue

    SEK M

    6,725

    Humana Annual Report 2018 | 1

  • The year in brief

    TFCO as a method draws attention The Swedish Agency for Health Technology Assessment and Assessment of Social Services (SBU) presents a report on the Treatment Foster Care Oregon (TFCO) method in fam- ily homes and at residential care homes that shows very good treatment results and cost savings for society. Humana holds a license for the method in the Nordic countries.

    Humana Norway in Arendalsuka We participate in Arendalsuka 2018, Norway’s equivalent of the Swedish Almedalsveckan. Humana conducts nine seminars and round table talks with a total of 550 participants to increase awareness of Humana’s services and our contribution as a corporate citizen.

    Norwegian health minister Bent Høie together with Ola Skavhaug at Humana during Arendalsuka 2018.

    Assistance podcast spreads knowledge Since personal assistance as a reform is much debated, Humana wants to help sort out the concepts. The assistance podcast, headed by our lawyers Anthony and Antonia, was launched during the year and is released once a month. The podcast is for everyone, regardless of prior knowledge.

    High ratings from customers and clients The satisfaction among Humana customers and clients during ongoing placement has risen during the year. For 2018, the customer and client satisfaction totalled 84 on a scale of 1–100. This is an increase from last year, when the satisfaction index was 80.

    We are extremely proud and happy about the high quality rating from customers and clients. Eva Nilsson Bågenholm, Director of Quality Assurance

    High ratings from employees In WeYouMe, Humana’s annual employee survey, employees continue to rate Humana highly as an employer. Employees rated us particularly well on leadership and how our activities connect to our core values.

    Best sustainable elderly housing in the world Humana’s elderly care home Södra Järnvägs- gatan in Växjö was awarded environmental certification under LEED. This property was ranked second highest as a building in Sweden and was the elderly care home that received the highest score globally. The building is full of sustainable solutions and meets several tough criteria. For example, it is energy self-sufficient through well climate insulated outer walls, rooftop solar panels and environmentally effective faucets.

    Introduction Our sustainability work

    Humana as an investment

    Legal annual report

    2 | Humana Annual Report 2018

    Our market and strategy for better care

    Our care operations

  • MSEK %

    0

    2,000

    4,000

    6,000

    201820172016201520142013 0

    3

    6

    9

    3 %

    Operating revenue Operating margin*

    *Operating profit for 2016 was adjusted for SEK 40 million in IPO expenses. Figures for 2015 include cost adjustments amounting to SEK 27 million. Figures for 2013–2018 comply with IFRS accounting standards.

    Operating revenue and operating margin

    Operating revenue by business area

    Revenue growth: 3% Individual & Family: -1% Personal Assistance: 2% Elderly Care: -12% Other Nordics: 18%

    More employees At the end of 2018 Humana had 14,657 employees, com- pared to 14,438 employees one year earlier.

    Key ratios, SEK M

    2018 2017

    Operating revenue 6,725 6,556

    Operating profit 391 316

    Operating margin, % 5.8 4.8

    Profit for the year 245 194

    Operating cash flow 285 184

    Interest-bearing net debt 1,378 1,440

    Interest-bearing net debt/adjusted EBITDA ratio 3.0 3.8

    Average number of employees, full-time equivalents 9,782 10,003

    Average number of customers 7,466 8,316

    MSEK

    0

    500

    1,000

    1,500

    2,000

    2,500

    3,000

    Other NordicsElderly CarePersonal AssistanceIndividual & Family

    2017 2018

    219

    Humana enters the Danish market Through the acquisition of StøtteCompagniet, Humana took its first step into the grow- ing care market in Denmark. StøtteCompagniet is a company in the Copenhagen region spe- cialised in individual and family outpatient care. The company’s annual revenue is roughly SEK 20 million.

    Awarded eight contracts • Personal Assistance:

    Contractor for Kalmar Municipality

    • Elderly Care: Riddar- gården and Sjöstads- gården

    • Individual and Family: Four LSS group homes in Uppsala, one in Ljungby.

    Five acquisitions • Luotsimaja and Matiimi

    in Finland, with oper- ations in psychosocial problems

    • Västgöta Assistans and RIK Assistans, two personal assistance businesses

    • StøtteCompagniet in Denmark, which special- ises in outpatient care

    Three new elderly care homes During the year, Humana took over the operation of three elderly care homes: Åsengården, Sjöstadsgården and Riddargården. Humana operates 15 elderly care homes, where three are under own manage- ment. In 2019, two additional homes under own management were opened in Staffanstorp and Kungsängen, Sweden.

    The most gender-balanced listed company in Sweden For the second consecutive year, Humana won the AllBright Award for the most gender-bal- anced listed company. We continue to drive an agenda for diversity and gender equality based on Humana’s core values.

    Humana Annual Report 2018 | 3

    The year in brief

  • Introduction Our sustainability work

    Humana as an investment

    Legal annual report

    4 | Humana Annual Report 2018

    Our market and strategy for better care

    Our care operations

    A solid 2018 opens up new opportunities

    GROWTH IS NOT an end in itself, but a larger and stronger Humana can more easily meet tomorrow’s challenges and demands in the care sector. There will be greater demand for access to a wider range of services and increased specialisation in the future.

    I would say that today our company is better than ever. Whether you are a client, interested in becoming an inve

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