Slide 1: Q2 April – June 2017
Q2 April – June 2017 18 August 2017
Slide 2: Q2 financial highlights
Q2 financial highlights Key highlights • Operating revenue grew 9% to SEK 1,678m (1,534) Revenue • Organic decline in the quarter of 0.8% Operating • Operating profit (EBIT) of SEK 74m (56) profit • Operating margin 4.4% (3.7) Adjusted • Adjusting for capital gains of SEK 15m (sale-and-leaseback) op
Slide 3: Operational highlights in Q2 (I/II)
Operational highlights in Q2 (I/II) Individual & Family - Personal Assistance - “Focus on consolidation and efficiency” “Continued challenging market conditions” • Profitability and growth hampered by short term • Tough market conditions hampers revenues higher costs for unit conversion and lower •
Slide 4: Operational highlights in Q2 (II/II)
Operational highlights in Q2 (II/II) Elderly Care - Other Nordics - “Full focus on own managed elderly care homes” “Finland strong, Norway transitioning” • To further capture good opportunities within • Development in Norway impacted from declining own managed elderly care homes, Humana has demand f
Slide 5: Humana Q2 2017 - Operating revenue
Humana Q2 2017 - Operating revenue Operating revenue Comments • Operating revenue increased by SEK million 9% to SEK 1,678m driven by Other Nordics – organic decline of 0.8% is an improvement compared 1,678 with Q1 +9% • Acquisitions contributed with SEK 138m to revenue • Own managed operations 1,53
Slide 6: Humana six-month period - Operating revenue
Humana six-month period - Operating revenue Operating revenue Comments • Operating revenue increased by SEK million 11% to SEK 3,326m, an increase of SEK 321m, driven by Other Nordics – organic decline of 1.2% +11% 3,326 • Acquisitions contributed with SEK 336m to revenue 3,005 6M 2016 6M 2017 6
Slide 7: Humana Q2 2017 - Operating profit
Humana Q2 2017 - Operating profit Operating profit (EBIT) Comments SEK million % • Operating profit was SEK 74m 100 15 (56). Including capital gain from 74 sale and lease-back of SEK 15m. 56 10 Acquisitions contributed with 50 SEK 17m. 3.7% 4.4% 5 • Adjusted operating profit was SEK 60m (58 excl SEK
Slide 8: Humana six-month period 2017 - Operating profit
Humana six-month period 2017 - Operating profit Operating profit (EBIT) Comments SEK million % • Operating profit increased to 300 10 SEK 140m (98 incl. cost of IPO 250 SEK 40m) Acquisitions 8 contributed with SEK 32m 200 140 6 • Operating profit margin of 4.2% 150 4.2% EBIT 98 3.2% 4 (3.2) 100 EBIT
Slide 9: Individual & Family Q2 2017
Individual & Family Q2 2017 Operating revenue Comments SEK million • Operating revenue increased by 569 3% +3% 552 – organic decline of -0.2% explained by lower utilisation from conversion of migration units Q2 2016 Q2 2017 • Operating profit declined compared with last year to SEK 40m (43) Operatin
Slide 10: Personal Assistance Q2 2017
Personal Assistance Q2 2017 Operating revenue Comments SEK million • Operating revenue decreased by 656 652 1% to SEK 652m explained by: -1% – fewer clients and hours compared with last year – tough market conditions • Operating profit decreased to SEK 29m (35), operating margin 4.4% (5.4) Q2 2016 Q
Slide 11: Elderly Care Q2 2017
Elderly Care Q2 2017 Operating revenue Comments SEK million • Operating revenue increased by 2% in Q2 2017 to SEK 148m 144 2% 148 – positive effect from own managed elderly care home – home care operation under divestment was SEK 68m in revenue (67) • EBIT SEK -6m (-5) Q2 2016 Q2 2017 • Margin –4.0%
Slide 12: Other Nordics Q2 2017
Other Nordics Q2 2017 Operating revenue Comments SEK million • Operating revenue increased 294 62% to SEK 294m (182), driven +62% by acquisitions 182 • Organic development at constant currency of -8.6% • Acquisitions contributed with SEK 120m to revenue increase Q2 2016 Q2 2017 • Operating profit de
Slide 13: Central costs/other
Central costs/other Breakdown of central costs/other Comments SEK million Costs Q2 2016 Q2 2017 • Central costs in Q2 2017 includes SEK 15m in capital gain Underline central costs 17 20 from sale of real estates. Sale-and-leaseback - -15 • Central costs/other last year included SEK 40m in IPO costs.
Slide 14: Cash flow stable with positive impact from sale-and-leaseback
Cash flow stable with positive impact from sale-and-leaseback Breakdown of cash flow Comments SEK million Q2 2016 Q2 2017 • Cash flow for the quarter was SEK 99m vs. SEK -238m last Operating cash flow before changes year. The change is explained 67 89 in working capital by: Changes in working capita
Slide 15: Financial targets
Financial targets Revenue growth • Annual growth rate in the medium term of 8-10 percent, achieved through organic growth as well as bolt-on acquisitions Profitability • EBIT margin in the medium term of approximately 6 percent Capital structure • The net debt in relation to EBITDA is not to exceed
Slide 16: Q&A
Q&A
Slide 17: Appendix
Appendix
Slide 18: Consolidated income statement
Consolidated income statement Apr-‐Jun Apr-‐Jun Jan-‐Jun Jan-‐Jun Jul-‐Jun Jan-‐Dec SEK M 2017 2016 2017 2016 2016/17 2016 Net revenue 1 663 1 534 3 312 3 005 6 669 6 362 Other revenue 15 0 15 0 15 0 Opera9ng revenue 1 678 1 534 3 326 3 005 6 684 6 362 Other external costs -‐258 -‐234 -‐514
Slide 19: Consolidated balance sheet
Consolidated balance sheet Jun 30 Jun 30 Dec 31 SEK M 2017 2016 2016 Assets Non-current assets Goodwill 3 080 3 038 3 089 Other intangible assets 12 15 13 Property, plant and equipment 370 329 405 Financial assets 8 10 6 Total non-current assets 3 471 3 393 3 514 Current assets Trade receivables 483
Slide 20: Key ratios
Key ratios Apr-‐Jun Apr-‐Jun Jan-‐Jun Jan-‐Jun Jul-‐Jun Jan-‐Dec 2017 2016 2017 2016 2016/17 2016 Opera@ng revenue 1 678 1 534 3 326 3 005 6 684 6 362 EBIT, % 4,4% 3,7% 4,2% 3,2% 5,6% 5,2% Interest-‐bearing net debt, SEK M 1 561 1 314 1 561 1 314 1 561 1 628 Return on capital employed, % 1,9%
Slide 21: Consolidated cash flow statement
Consolidated cash flow statement Apr-‐Jun Apr-‐Jun Jan-‐Jun Jan-‐Jun Jul-‐Jun Jan-‐Dec SEK M 2017 2016 2017 2016 2016/17 2016 Profit before tax 58 49 109 28 309 228 Adjustment for: Deprecia@on 15 11 29 21 58 50 Financial items, net 17 7 31 70 62 101 Cash flow from opera9ng ac9vi9es before change
Slide 22: Segment financials
Segment financials Opera9ng revenue by business area Apr-‐Jun Apr-‐Jun Jan-‐Jun Jan-‐Jun Jul-‐Jun Jan-‐Dec SEK M 2017 2016 % 2017 2016 % 2016/17 2016 % Individual & Family 569 552 3% 1 123 1 101 2% 2 236 2 214 1% Personal Assistance 652 656 -‐1% 1 301 1 323 -‐2% 2 623 2 645 -‐1% Elderly Car