Slide 1: Q1 January 1 – 31 March 2016
Q1 January 1 – 31 March 2016 19 May 2016
Slide 2: Humana at a glance
Humana at a glance Humana highlights Clear focus on full responsibility1 • Leading Nordic care company founded in 2001 with four strong Outsourcing business areas 7% • Focus on full responsibility and customer choice • Growth-oriented company with strong track-record – revenue CAGR of 22% since 2009
Slide 3: Underlying market and current trends
Underlying market and current trends Business area Market outlook per segment • Underlying market growth and demand continuously strong in all I&F segments Individual & • Demand for care for unaccompanied minors somewhat lower (limited impact on Family Humana) • No market growth and challenging mark
Slide 4: Q1 financial highlights
Q1 financial highlights Key highlights • Operating revenue grew 9% to SEK 1,471m (1,351) Revenue • Organic growth in the quarter 3.2% (2.1%) in constant currency 3.9% (2.1%) • Operating profit (EBIT) of SEK 41m (84) EBIT • Operating margin 2.8% (6.2%) • Adjusted for non-recurring IPO costs of SEK 3
Slide 5: Q1 operational highlights
Q1 operational highlights Including selected events after end of period • Strong revenue increase due to both acquisitions and organic growth – Mainly driven by Individual & Family growing with 25% – Despite high growth, newly established units and integration of acquisitions the segment reports ope
Slide 6: Humana expands into Finland
Humana expands into Finland • After the end of the first quarter Humana enters into Finland through a strategic acquisition of Arjessa, a leading provider of full responsibility psychosocial care • Drivers for the acquisition ü In line with Humana’s strategy to widen and expand its market leading p
Slide 7: Humana Q1 Operating revenue
Humana Q1 Operating revenue Operating revenue Comments • Operating revenue increased by SEK million 9% to SEK 1,471m, an increase of SEK 120m, mainly driven by Individual & Family 1,471 – Organic growth of 3.2% +9% – Organic growth at constant 1,351 currency of 3.9% • Acquisitions contributed with S
Slide 8: Humana Q1 Operating profit impacted from cost of IPO
Humana Q1 Operating profit impacted from cost of IPO Operating profit (EBIT) Comments SEK million 100 8 • EBIT decreased to SEK 41m in 84 -51% Q1 2016 (84) due to non- 6.2% 80 6 recurring costs of SEK 38m from IPO. (Total effect SEK 46m of 60 which SEK 38m over P&L). EBIT 41 2.8% 4 Acquisitions cont
Slide 9: Individual & Family
Individual & Family Operating revenue Comments SEK million • Operating revenue increased by +25% 508 25% in Q1 2016 driven by 26% 407 more clients – organic growth of 8.4% • Operating profit increased with 18% to SEK 55m (47) • Margin decreased slightly from Q1 2015 Q1 2016 11.5% in Q1 2015 to 10.9%
Slide 10: Personal Assistance
Personal Assistance Operating revenue Comments SEK million 800 +1.5% • Operating revenue increased by 656 666 1.5% explained by: 600 – increased standard state allowance by 1.4% 400 – more delivered assistance hours per client, but slightly 200 fewer clients 0 • Margin decreased from 7.4% in Q1 2015
Slide 11: Elderly Care
Elderly Care Operating revenue Comments SEK million -1% • Operating revenue decreased by 185 183 -1% in Q1 2016 due to: – transfer of three home care units impacting SEK 4m to revenues – lower volume within home care • Operating profit SEK -6m Q1 2015 Q1 2016 • Margin -3.0% (-0.3%), impacted by: Ope
Slide 12: Norway
Norway Operating revenue Comments SEK million 113 • Operating revenue increased 9% in 2015 Q4 primarily driven +9% by increased sales within personal assistance 104 • Organic growth at constant currency of 10.5% • Operating profit SEK 4m (5) Q1 2015 Q1 2016 • Margin decreased from 4.4% in Q1 2015 to
Slide 13: Central costs/other
Central costs/other Breakdown of central costs/other Comments SEK million • Central costs/other increased from SEK 15m in Q1 2015 to Costs Q1 2015 Q1 2016 SEK 51m in Q1 2016. – SEK 38m in costs in Total other costs 15 51 conjunction with IPO IPO (P&L impact) - 38 – underlying central overhead costs
Slide 14: Financing post IPO
Financing post IPO Description • Benefits of new financing: – Lower leverage in line with levels for comparable listed companies – Greater headroom to covenants – Lower interest cost • Humana’s financing consist of: – Two term loan facilities of a total of SEK 1,400m – One multicurrency revolving cr
Slide 15: Balance sheet post IPO
Balance sheet post IPO Assets – 31 March 2016 Equity & liabilities – 31 March 2016 % % 15.7 22.5 37.9 14.4 1.6 5.4 64.5 1.7 36.3 Intangible assets Other fixed assets Equity Deferred tax liabilities Interest bearing liabilities Accounts payable Other current assets Cash and cash equivalents Other cur
Slide 16: Cash bridge and net debt
Cash bridge and net debt Cash bridge (SEK million) 631 -254 501 -58 +442 Cash and New share Repayment of Other cash Cash and cash issue borrowings flow items cash equivalents (operations equivalents at beginning and net at end of of period investments) period • Change in working capital rolling (LTM
Slide 17: 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 18: Q&A
Q&A
Slide 19: Appendix
Appendix
Slide 20: Leading care company focused on full responsibility and customer choice
Leading care company focused on full responsibility and customer choice 1 Large and stable market with fundamental STABLE MARKET growth drivers and consolidation potential 2 MARKET LEADER – Market leading positions in attractive market FULL segments with focus on full responsibility and RESPONSIBILI
Slide 21: Income statement
Income statement Consolidated income statement Jan-‐Mar Jan-‐Mar Apr-‐Mar Jan-‐Dec SEK M 2016 2015 2015/16 2015 Net revenue 1 471 1 351 5 712 5 593 Other revenue 0 0 62 62 Operating revenue 1 471 1 351 5 774 5 655 Other external costs -‐211 -‐182 -‐823 -‐794 Personnel costs -‐1 171 -‐1 074
Slide 22: Key ratios
Key ratios Jan-‐M ar Jan-‐M ar Apr-‐M ar Jan-‐Dec 2016 2015 2015/16 2015 Operating revenue 1 471 1 351 5 774 5 655 EBIT, % 2,8% 6,2% 4,7% 5,5% Interest-‐bearing net debt, SEK M 832 1 463 832 1 174 Return on c apital employed, % 1,5% 3,1% 9,1% 11,3% Equity/assets ratio, % 37,9% 28,0% 37,9% 28,5%
Slide 23: Balance sheet
Balance sheet Mar 3 1 Mar 3 1 Dec 3 1 SEK M 2016 2015 2015 Assets Non-current assets Goodwill 2 590 2 570 2 584 Other intangible assets 8 6 9 Property, plant and equipment 214 303 200 Financial assets 5 3 4 Total non-current assets 2 817 2 881 2 797 Current assets Trade receivables 427 396 440 Oth
Slide 24: Cash flow statement
Cash flow statement Jan-‐M ar Jan-‐M ar Apr-‐M ar Jan-‐Dec SEK M 2016 2015 2015/16 2015 Operating profit -‐2 1 55 73 149 Adjustment for: Depreciation and i mpairment 10 11 81 82 Financial i tems, net 62 29 196 163 Other non-‐c ash i tems 0 0 -‐2 7 -‐2 7 Cash flow from operating activities be
Slide 25: Segment financials
Segment financials Operating revenue by business area Jan-‐M ar Jan-‐M ar Apr-‐M ar Jan-‐Dec SEK M 2016 2015 % 2015/16 2015 % Individual & Family 508 407 25% 1 852 1 750 6% Personal Assistance 666 656 2% 2 699 2 689 0% Elderly Care 183 185 -‐1 % 736 738 0% Norway 113 104 9% 425 416 2% Total ope