Untitled

ANNUAL AND

SUSTAINABILITY

REPORT 

We drive

the future

of welfare

This is Humana ............................... 3

Humana – Nordic welfare provider ......4

Humana in 2021 .................................5

Comments from the CEO .....................6

Trends and market ........................8

Several trends are driving demand ......9

The need for care is increasing .......... 11

Sustainable strategy .................... 13

Strategy for sustainable care .............. 14

Quality operations ...............................17

Attractive employer ..............................21

Profitable growth ..................................25

Responsible provider ............................27

Humana actively supports the UN’s

sustainable development goals ..........23

Oering ........................................ 33

Individual & Family ............................34

Personal Assistance ...........................35

Elderly Care ....................................... 37

Finland ..............................................38

Norway .............................................40

Humana as an investment .......... 41

Humana – a sustainable investment ... 42

The Humana share ............................44

Corporate governance................. 46

Corporate governance report ............46

Chairman’s statement ..........................47

Regulations, control model

and internal control ..............................49

Board ..................................................59

Group executive management ............. 60

Risks and risk management ...............62

Financial reports .......................... 70

Board of Directors’ Report..................71

Appropriation of profits ........................75

Financial statements ..........................76

Accounting policies ............................85

Notes ................................................89

The Board of Directors’ signatures ...103

Auditor’s Report ............................... 104

Other

Reconciliation with IFRS

financial statements .........................109

Financial performance measures ..... 110

Quarterly overview .......................... 111

GRI Index ......................................... 112

Five-year overview ........................... 115

MEET JÖRGEN,

HEAD OF METHODS

PAGE 

MEET KUBRA,

PERSONAL ASSISTANT

PAGE 

The legal annual report is found on pages 13–32, 46–62, 67–68 and 71–103. Humana’s statutory sustain-

ability report is on pages 13–32, 62 and 67–68. Humana also prepares a Sustainability Report according

to the GRI Standards, Alternative Core, whose scope is defined on pages 112–114.

MEET JENNI AND TONI,

ASSISTANT NURSES

PAGE 

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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We drive the future

of welfare

H   for people with functional impairment,

psychosocial disorders and mental illness as well as for the elderly.

Our vision is Everyone is entitled to a good life.

With assignments in hundreds of municipalities, 9,000 custo-

mers and clients, 18,000 employees and several hundred units in

Sweden, Finland, Norway and Denmark, we play a significant

role in Nordic welfare today.

Continuous development to maintain the highest quality is an

essential aspect for us. Our work is based on the individual’s

circumstances and needs. Our care is grounded in scientific

evidence and the best available know-how, and is provided by

knowledgeable, dedicated employees.

Our ambition is to establish a new and higher standard of care

– we want to drive the future of Nordic care and welfare!

Everyone is entitled to a good life.

Humana works to make this a reality.

is is Humana

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Large provider of personal assistance

Humana provides personal assistance to individuals

with functional impairments. The ambition is to give

more people an opportunity to live a good life. Our

customers are of all ages and can be found all over

Sweden and Norway.

Specialised services in

individual and family care

Humana oers a range of care services that include

housing, health care and treatment for individuals

with psychosocial disorders and mental illness in

Sweden, Norway, Finland and Denmark. We also

oer housing with special service, both under contract

and under our own management.

Growing in elderly care

Humana provides elderly care through its high-

quality homes for the elderly, both under its own

management and under contract, in Sweden and

Finland.

18, 329 employees

9,38 4 customers

8 ,188 revenue, SEK million

Sweden 73%

Finland 16%

Norway 11%

Denmark 0%

The diagram shows revenue breakdown.

In Sweden.

Operations in four countries

Personal Assistance

37%

Individual & Family

28%

Elderly Care

Finland 16%

Norway 11%

Organised into five business areas

Humana – Nordic welfare provider

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | THIS IS HUMANA

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Humana in 2021

Opening of eleven

new-built Humana homes

During the year, Humana opened

five new-built elderly care homes,

operated under own management.

We have also started a further six

new-built group homes.

› Read about Elderly Care on page 37

› Read about Individual & Family on

page 34.

2021

Humana

Quality Index

2021

Customer

satisfaction index

2021

Employee

Satisfaction Index

Key ratios 2021 Vs 2020 (%)

Operating revenue, SEK million 8,188 5.0

Operating profit, SEK million 493 4.7

Operating margin, % 6.0 0

Profit for the year, SEK million 276 5.3

Operating cash flow, SEK million 785 0.8

Interest-bearing net debt, SEK million 4,226 20.4

Interest-bearing net debt/adjusted EBITDA, times 4.6 0.3

Average number of employees, full-time equivalents 10,996 3.8

Average number of customers 9,102 3.5

Four acquisitions and more assistance customers

In 2021, four newly acquired businesses were welcomed into the Humana

Group: three in individual and family care and one in personal assistance – all

in Sweden. In Norway, the number of customers within the personal assistance

market increased and made a positive contribution to organic growth.

› Read about Humana’s oering on pages 33–40.

Top-ranking sustainability

The Sustainability Brand Index 2021

ranked Humana as the most sustainable

brand among healthcare providers in

Sweden. “Sustainability is at the core

of Humana, and we are pleased it has

been noticed”, says Maria Jansson,

Sustainability Manager.

› Read about the sustainable strategy

on pages 14–30.

The pandemic still in focus

The challenges brought about by

the Covid-19 pandemic continued

within all of Humana’s operations and

countries in 2021. Despite this, the

procedures for preventing the virus to

spread, proved to be eective.

› Read about Quality operations and the

response to the pandemic on page17.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | THIS IS HUMANA

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Strong performance and

stability despite challenges

Every year has its milestones. I would

like to highlight a few examples from

2021. I can state with pride that in

early December we passed 1,000 ﬂats

at our elderly care homes. Hard work

went into that, as during the year we

completed and opened five new

homes under our own management

while entering several additional con-

tracted operations. In the area of

group homes, we reached close to 100

units in Sweden. For the first time in

many years, 2021 saw a reasonable

increase in the state reimbursement

allowance for personal assistance. In

addition, there are now political pro-

posals in the assistance area that could

give thousands more people the right

to personal assistance in the future.

Humana is equipped to help more

people lead a good life.

Recruitment is becoming increasingly

challenging, but the fact that we

received almost 90,000 job applica-

tions in 2021 is proof that we are

attractive as an employer – and this

will be crucial for success as a care

provider in the future.

Increasingly complex

client needs altering demand

More generally, I note that our con-

tractors are seeking support for

increasingly comprehensive and com-

plex client needs. During the year we

worked hard to restructure and quali-

ty-assure operations to meet this

changing demand even more eec-

tively in the coming years.

In the autumn, the National Board

of Health and Welfare announced that

it recommends one of the treatment

methods for which Humana is a

method guarantor, namely TFCO,

Treatment Foster Care Oregon for

treatment families, as a method that

all municipalities should have in their

toolbox for young people at high risk

of norm-breaking behaviour, such as

criminality. The Swedish Agency for

Health Technology Assessment and

Assessment of Social Services, SBU,

previously conducted a research study

into TFCO with positive results, and the

fact that the National Board of Health

and Welfare now followed this up with

a recommendation was thus a very

positive announcement.

Focus on research

Throughout my years in the care indus-

try, I have learned the importance of

continuous learning and ongoing

improvement. Research and develop-

ment are needed to achieve this over

In 2021, Humana was able to demonstrate strength and adaptability as a leading Nordic care

group. Managing the pandemic that continued to rage across the globe was an important aspect

– especially the successful eﬀorts to reduce the risk of infection for our residents and employees.

But it was also a year in which we opened five new elderly care homes and six new group homes,

made a number of important acquisitions, strengthened our quality organisation and intensified

quality initiatives.

As the political rhetoric

subsides and care needs have

to be met, Humana and

other providers are standing

ready with solutions to meet

the challenges.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | MESSAGE FROM THE CEO

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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the long term. As the largest provider

of individual and family care in the

Nordic region, we have a responsibility

to make a contribution. We do this in

various ways, but we want to do more.

In early 2022, it was announced that

Humana will enter a collaboration with

Linnaeus University on a research

study of Humana’s self-developed

treatment method – IHF (Intensive

Home-Based Family Treatment).

Expansion of quality initiatives

Humana’s vision is to set a new and

higher standard for Nordic care, and

quality issues are naturally key to

achieving this. In recent years we have

become better at measuring quality

and handling situations when things

go wrong despite our best eorts, in

order to reduce the risk of them hap-

pening again. The tragic event last

summer in Hagfors in which a boy

died aected the entire organisation

and accelerated both the development

of our quality initiatives generally and

enhanced monitoring of the Group’s

systematic quality initiatives . Although

everyone at Humana was deeply

aected by the accident, it hit the boy’s

closest relatives hardest. Our thoughts

continue to be with the boy, his par-

ents, and relatives.

Focus on social and financial

sustainability

There was a strong focus on sustain-

ability in 2021, and rightly so. In the

public debate, much revolves around

environmental and climate issues.

Doing what we can to reduce our cli-

mate impact is, in my view, a hygiene

factor. For Humana, this could involve

building in an energy-ecient and cli-

mate-smart way, avoiding unnecessary

travel and ensuring that our cars are

climate-smart. Our biggest contribu-

tion and impact in the area of sustain-

ability relates, of course, to social and

economic sustainability. In short,

Humana’s raison d’être is social sus-

tainability and contributing to societal

development. We do this by helping

individual clients and customers be the

best versions of themselves every day

and by making health and social care

accessible that without our oering

might not otherwise have been possi-

ble. We also create attractive jobs with

decent conditions and a good working

environment.

Proof of the fact that our sustainabil-

ity initiatives are reaching people came

in the spring when the Sustainable

Brand Index for 2021 was presented.

This is the largest independent brand

study focused on sustainability in

Europe and describes how consumers

feel about a company’s sustainability

performance. It ranked Humana as

the most sustainable brand in the

health care providers category in Swe-

den for 2021.

Sincere thanks to all employees

I am extremely proud of what Humana

achieved during the year. 2021 was a

tough year, but despite this we made a

great success of it. It goes without say-

ing that we would never have suc-

ceeded without Humana’s 18,000 fan-

tastic employees. A heartfelt thank you

to everyone from both me and former

CEO Rasmus Nerman, whom I suc-

ceeded at the end of the year

(17December).

As I write this, it is March 2022. Rus-

sia has invaded Ukraina and we are

nothing but chocked and follow the sit-

uation with with dismay.

Humana, which has extensive expe-

rience in helping vulnerable people, is

now doing everything in its power to

contribute by doing what we know

best: oering those who are ﬂeeing

accommodation and support, finding

more family-based care homes,

recruiting employees with specific lan-

guage skills and reviewing the possi-

bility of helping those who have ﬂed to

later find work within the care sector.

Humana oers solutions

I am both grateful and humbled to

have been entrusted to take over the

role of Group CEO after a few years in

other positions within Humana.

Finally, I would like to take the

opportunity to direct attention to the

path ahead. The need for Humana's

services is increasing, not least in light

of increasing demographic and psy-

chosocial challenges. Given there is

very broad support for preserving and

developing the Nordic welfare model,

despite limited public resources, there

is a need for providers who are able to

deliver the necessary high-quality care

services in an economically prudent

way. As the political rhetoric subsides

and care needs have to be met,

Humana and other providers are

standing ready with solutions to meet

the challenges.

Everyone is entitled to a good life, and

Humana does all it can to enable that.

Stockholm, 30 March 2022

Johanna Rastad

President and CEO

Our biggest

contribution and impact in

the area of sustainability

relates, of course, to social

and economic

sustainability.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | MESSAGE FROM THE CEO

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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e need for care in the Nordics

is increasing, driven mainly by

demographic factors and increasing

psychosocial challenges in society.

If the extensive needs and challenges

in the Nordic welfare system are to

be met, every provider – whether

private, public or non-profit – will

have to play a vital role.

Trends

and

market

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Several trends are driving demand

for care services

e need for care is increasing,

which in turn is leading to an

increase in the demand for

innovative and cost-eﬀective

care services. Several under-

lying trends are driving this

development.

Demographic changes

in the Nordics

The number of elderly people will

increase dramatically over the next ten

years. The reasons for this are better

living conditions, medical advance-

ments and a large population group

born during the 1940s. This is greatly

increasing the need for elderly care.

However, the population at large is

also growing, which on the whole

means more people in need of care,

e.g. within the framework of LSS. At

the same time, the number of people

of working age is not increasing to the

same extent. A changed demographic

composition in which there are fewer

people to provide for greater numbers

applies to all Nordic countries. How-

ever, there are certain dierences. For

example, due to more immigration of

mostly younger people, Sweden’s dif-

fering age distribution could mean

better access to a workforce in areas

like the health and social care

professions.

Humana elderly care and special ser-

vice housing operations are growing, so

we will be able to meet some of the

increased needs with our care facilities.

A tougher social climate

and mental health problems

Serious mental health problems have

been increasing for many consecutive

years now. To this can be added other

major societal challenges such as

gang criminality, honour-related vio-

lence and drug abuse, all of which

lead to new care needs. Demand in

the area of individual and family care

has gradually shifted over the past few

years, with both the number and pro-

portion of clients with very complex

problems increasing. The need for psy-

chiatric and social care services will

continue to be substantial – and likely

will increase – while few municipalities

are able to meet every psychosocial

need since they often lack both

breadth and expertise in the area.

Humana has considerable expertise in

the individual and family area and

enables more individuals to get the right

help and support through its various

care services. We work continuously on

restructuring and quality assurance to

adapt our operations to needs and

developments in society.

Greater demand

for quality, specialisation

and personalisation

More prosperity also means more

demands on the welfare system,

including expectations for high-quality

care. One key trend that is changing

the very foundations of care is the view

of the individual and their right to par-

ticipate in decisions about their own

health and social care. Person-centred

care represents a transition from a

model in which the client is the recipi-

ent of a medical or social intervention

determined by the care sta, to one in

which an agreement is made with the

client, often in collaboration with their

family, for active participation in plan-

ning and implementation of the

patient’s own health and social care.

The National Board of Health and

Welfare has developed a working

method called IBIC that entails basing

help and support on individual needs,

not on the existing selection of ser-

vices. This is increasing the need for

specialist interventions.

Today, Humana has one of the Nordic

region’s largest combined oerings of

specialist expertise in mental health care

and psychosocial change management.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | TRENDS AND MARKET

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Public finances under

pressure and inadequate

capacity

Municipalities are facing major finan-

cial challenges, especially in Sweden

and Finland. For example, demand

for, and the costs associated with,

health and social care are rising, while

tax revenues are not expected to

increase at the same rate. The pan-

demic has also had a negative impact

on the economy. So far, the state has

compensated the municipalities to

avoid them having to make massive

cuts. However, if unemployment rates

were to increase and tax revenues fall,

pressure on both the state and munici-

palities would increase further.

Infrastructure in many municipalities

has been neglected, and their property

holdings are showing their age. There

is an extensive need for more elderly

care homes and housing for people

with functional impairments. The other

Nordics have similar needs. The munic-

ipalities will not be able to build and

operate the care homes required. The

need for innovative and cost-eective

care will increase going forward.

Humana is contributing to this by build-

ing new elderly care homes and group

homes for people with functional

impairments. Humana’s care services

also contribute to healthy competition

which saves the state and municipalities

large amounts each year.

Shortage of qualified

health and social care sta

There is a great need for recruitment in

the welfare system, and the lack of

qualified care personnel is a growing

problem in the Nordics. There is a

great shortage of nurses with specialist

skills, assistant nurses and treatment

assistants.

During the remainder of the 2020s,

the Swedish welfare system is expected

to need to recruit several hundred

thousand people, many of them to

replace people retiring, but also to

meet an increasing demand. The fore-

casts for Finland, Norway and Den-

mark are comparable. Ensuring access

to skilled labour is crucial in terms of

securing society's long-term ability to

deliver the care that its citizens need

and expect. Being an attractive

employer will be critical for success in

the care system of the future.

Humana has great potential for attract-

ing employees with the right skills. Sur-

veys show that Humana’s employees are

more motivated, more satisfied with

their managers and healthier than care

sector employees in general. In 2021,

Humana received almost

90,000 job applications.

Sustainability,

digitalisation and

technological innovation

The world expects all companies to take

considerable responsibility for sustain-

ability, and requirements are increasing

continuously. Pressure is coming from all

sides: legislators, contractors, customers

and clients, banks, shareholders, inves-

tors and employees. The UN’s Global

Goals for Sustainable Development and

the Paris Agreement have been two

important catalysts, which have led, for

instance, to the EU developing an action

plan for sustainable finance that places

high demands on investors and compa-

nies going forward.

The Covid-19 pandemic has accel-

erated digitalisation and driven alter-

native ways of working, even in the

health and social care sector. Techno-

logical innovations and digital solu-

tions have also resulted in many

opportunities to bolster residents’ and

clients’ independence and allow them

to inﬂuence their own care.

Humana’s vision and overarching objec-

tive encompass sustainability for individ-

uals and society, and we run our opera-

tions based on a sustainable strategy.

Humana partners with technology

and software companies and academia

to implement new technology when

constructing new elderly care and group

homes and to implement new digital

tools in our care operations.

Politics and regulations

There is currently a public debate

about profits within welfare in both

Sweden and Norway. The issue was in

focus in the Norwegian parliamentary

elections during the autumn of 2021

and will be so again in the Swedish

parliamentary elections. There is also

a push for increased regulatory pres-

sure on providers of care services,

which could involve changes in stang

requirements, increased monitoring

and changes in conditions.

Despite the political rhetoric sur-

rounding profits within welfare, munici-

palities need private providers for both

financial and logistical reasons.

Increased regulations can be a chal-

lenge in the short term, but contribute

to continued consolidation of the care

market.

Humana has an ongoing dialogue with

politicians and advocacy groups, and

regularly acts as a consultation body. As

a company, Humana welcomes a stron-

ger focus on quality, social economics

and long-term sustainability.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | TRENDS AND MARKET

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Sweden

In 2021 elderly care continued to be

impacted by the Covid-19 pandemic.

Both occupancy rates and the avail-

ability of sta were negatively aected.

However, there is still a substantial

underlying need for elderly care.

The trend in personal assistance of

fewer hours of assistance continued

nation-wide. May 2021 saw the publi-

cation of the ocial government report

entitled ‘Expanded assistance’, which

proposes changes in legislation that

would make more people eligible for

more personal assistance. Even before

the period of consultation had ended,

the Minister for Health and Social

Aairs announced that the government

intended to proceed with all the pro-

posed changes. Should this be the

case, the market for personal assis-

tance will grow in the coming years.

Demand for accommodation with

special services and initiatives for chil-

dren within individual and family care

increased faster than in prior years

and more than in other segments. The

pandemic is continuing to have a neg-

ative impact on children’s and young

people’s mental health and although

waiting times have decreased, quali-

fied support initiatives do not suce.

The Swedish care sector is expected

to grow faster in the coming years than

its equivalent in Finland and Denmark,

and the private market share will also

grow. Market consolidation continued

in 2021.

Following the fall of the January

agreement, the Social Democratic-led

government has had to lean more

towards the Left Party in terms of bud-

get, which has somewhat increased the

risk of market restrictions in the welfare

sector. The political debate is intense

when it comes to privately run care,

but in practice it is dicult to see how

the public sector could meet the needs

of welfare services in a suciently

eective way in the foreseeable future.

To meet demand, all providers are

needed.

Market size SEK 260 billion (2020)

Of which private

providers

26%

Humana’s position #1 in individual and family care as well as personal

assistance. A growing provider in elderly care.

Competitors Ambea, Attendo, Team Olivia, Norlandia, Frösunda

e care sector is a vital component of the Nordic welfare system. An ageing population and

various societal challenges are leading to greater demands for care services. e total care sector

in the Nordics is worth approximately SEK 650 billion, with private providers accounting for

SEK 165 billion. Market growth is expected to be stable or increasing and focus on quality and

eﬃciency is expected to increase. ese factors benefit major, serious providers such as Humana.

e need for care is increasing

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | TRENDS AND MARKET

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Finland

An ageing population and increasing

mental health problems are significant

health and social welfare issues in Fin-

land too, which has led to an increase

in demand for care services. Private

providers are expected to continue to

play an important role to reduce the

gap between supply and demand.

Even though a small number of pro-

viders dominate the market, it is still

fragmented, and there will probably be

further consolidation going forward.

Several significant legislative reforms

were introduced 2021. Finland’s health

care reform, the SOTE reform, was

finally approved in June. As of 2023,

responsibility for health and social care

in Finland will be transferred from the

municipalities to welfare counties.

Stang requirements within elderly

care began to increase during the

year.

Increased legislative requirements

as regards stang and specialist skills

reduce the availability of qualified care

sta. Recruitment initiatives and the

ability to retain qualified sta are key

factors for care providers. In Finland,

the care market is also moving more

and more towards greater participa-

tion, autonomy and freedom of choice

for the individual along with more

open forms of care.

Norway

Norway has the lowest proportion of

privately run care among the Nordic

countries, and the debate about free-

dom of choice still polarises the politi-

cal scene.

The care market stagnated during

2020, but is expected to grow more

rapidly than the market in Sweden.

During the pandemic, the greatest

growth was seen in home care service

and personal assistance. Demand for

these services is expected to increase

due to an ageing population, but also

due to increasing mental health prob-

lems. The child social services segment

decreased in 2020 but is expected to

increase as an eect of the pandemic

on child and youth mental health.

Denmark

The Danish care system is primarily

state-funded and highly centralised,

which constrains private providers.

The local elections in 2021 indicated

that freedom of choice and market

liberalisation are becoming even more

relevant.

The market in Denmark has grown

more slowly than in Sweden and Nor-

way, and the ageing population is the

main driver of demand. Growth is

expected to accelerate up to 2025

against a background of increasing

demand for home care service, elderly

care and child social services.

Market size SEK 100 billion (2019)

Of which private

providers

43%

Humana’s position #1–2 in individual and family care,

#4 in elderly care

Competitors Attendo, Mehiläinen, Esperi

Market size SEK 154 billion

(2020)

Of which pri-

vate providers

15%

Humana’s

position

#1 personal

assistance

#2–3 within indivi-

dual and family care

Competitors Stendi/Ambea,

Ecura, Norlandia/

Aberia Team Olivia

Market size SEK 132 billion

(2020)

Of which pri-

vate providers

23%

Humana’s

position

Minor provider

Competitors Altiden/Ambea,

TeamOlivia

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | TRENDS AND MARKET

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Humana provides high-quality,

cost-eﬀective care to the Nordic

welfare system. We govern

activities using a sustainable

strategy that focuses on quality,

attractiveness as an employer,

profitable growth and social

responsibility. e strategy rests

on strong core values.

Sustainable

strategy

Humana’s statutory sustainability report is on

pages 13–32, 62 and 67–68. The sustainability

report was prepared in accordance with the GRI

Standards, Core option. The GRI Index can be

found on pages 112–114.

CONTENTS

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TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Strategy for sustainable care

Humana’s vision and objective deal with sustainability at an individual and societal level.

Sustainability is therefore an integral part of our strategy. Only by working with sustainability

for our customers, employees and company, alongside the society, we can we achieve our goals.

Four strategic target areas, together

with strong core values, steer Huma-

na’s operations towards the vision that

everyone is entitled to a good life.

Customers – Quality operations

High quality is central to Humana’s

strategy and operations. It is only when

customers, clients and contractors feel

that our care services are of a high

standard that we are getting closer to

the vision of everyone being entitled to

a good life.

We monitor Humana’s progress

towards delivering high-quality care in

all operational areas through internal

and external surveys. The purpose of

our quality index, Humana Quality

Index (HQI), is to measure the result of

the care initiative for the individual cus-

tomer/client.

Employees – Attractive employer

Delivering high quality to customers

and clients requires knowledgeable

and dedicated employees. Attractive-

ness as an employer is essential to

attracting the best employees.

Humana wants to be the first choice

for everyone working in the care sector

and strives to oer all employees a

nice working environment, good lead-

ership and exciting career develop-

ment opportunities.

The company – Profitable growth

Humana is a growth company with a

focus on profitability. By continuing to

strengthen our position in the care

market, we can attract more customers

over time, thereby helping more peo-

ple to have a good life. Humana has

clear financial targets. To be a sustain-

able company, we grow with high

quality and profitability in mind. Being

a Humana shareholder is to invest in

high-quality care services and a

responsible provider to the Nordic

welfare system.

CORE VALUES

JOY – ENGAGEMENT – RESPONSIBILITY

VISION

EVERYONE IS ENTITLED TO A GOOD LIFE

ATTRACTIVE

EMPLOYER

HIGH QUALITY

OPERATIONS

PROFITABLE

GROWTH

RESPONSIBLE

PROVIDER

TARGET AREAS

OBJECTIVE

The provider of choice for care services among

customers, clients and contractors with high quality standards.

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CONTENTS

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TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Society – Responsible provider

Humana contributes meaningful values

to society through our core operations

but we also take responsibility beyond

that. Humana wants to help support a

sustainable welfare system and sound

public finances. We share our knowl-

edge and experience to help develop

and improve the quality of the care

industry. We demonstrate that

high-quality care can be combined with

sound public finances. Humana also

works to promote diversity and inclusiv-

ity. In addition, Humana takes respon-

sibility by reducing negative environ-

mental eects from its own operations.

Core values

Humana’s core values form the foun-

dation for our four strategic target

areas and they are one of the Group’s

most important assets. The key words

are commitment, happiness and

responsibility. Humana’s operations

are strictly regulated, but regulations

cannot solve everything. That is why it

is important that our employees are

empowered to take responsibility and

make decisions based on their own

skills and core values. Our core values

aect everything from employment

procedures and training to our view of

participation in the workplace. It is

mainly the commitment, happiness

and sense of responsibility of our

employees that make Humana a

leading care provider.

Business ethics and

anti-corruption approach

Every individual who represents

Humana must act ethically in every

relationship and situation. Operations

should be characterised by highly

ethical and sound business practices,

accountability and impartiality.

Humana’s code of conduct and our

values state that employees should

always avoid the risk of bribery and

other illegal or unsuitable inﬂuences

in their relationships. Price collusion,

cartels or abuse of market position

are not acceptable.

The code of conduct is included in

the compulsory onboarding pro-

gramme for new employees and in

every employment contract. Serious

breaches and deviations from Huma-

na’s code of conduct can be reported

through the company’s whistleblower

function.

The content of our code of conduct

for suppliers is based on the ten prin-

ciples of the UN Global Compact and

our suppliers must adhere to it.

Related sustainability policies:

Code of conduct and core values

Code of conduct for suppliers

Find out more at humanagroup.com.

Being genuine is

important, talking

is not enough.”

Fatima Alassaad

Business developer

Individual & Family, Sweden

Fatima, you’ve been engaged

in Humana’s core values for a

long time. Why?

Since Humana agreed on a vision and

three value words, everyone has to sign

o on them. Being genuine is important,

talking is not enough, we must actively

work on it.

In what way are you working

with the core values?

I write a monthly newsletter with content

regarding our core values that all employ-

ees and client groups in the Child and

Youth Division in Sweden work with. In

2022, the UN Convention on the Rights

of the Child will be a recurring theme.

Previously, I head a group of core value

leaders who met six times a year to

develop and root the core values in the

operations.

What made you interested?

It really took o in 2016 when we were

LGBTQ certified in the Uppland region.

Amongst other things, we looked at pay

dierences between the genders and

became aware of grounds for discrimina-

tion, and underwent training in norm

criticism. We then noticed what we had

learned and our discussions led to

improvements in the work environment.

How is the work relating to the

core values reﬂected in your

working day?

We are creating a better approach, for our

adolescents, each other and everyone we

meet when at work. We now always talk

about core values in connection with

issues relating to placements and

recruitments.

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CONTENTS

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TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Strategic targets

TARGET AREA

QUALITY

OPERATIONS

ATTRACTIVE

EMPLOYER

PROFITABLE GROWTH RESPONSIBLE PROVIDER CORE VALUES

INDICATORS

Humana Quality Index (HQI)

A high quality index that moves over

time towards the long-term target

value of 100.

Target 2021: 96

Outcome 2021: 94

Follow-up of individual plans

All customers and clients should

be oered an individual plan with

personal goals that are followed up

as scheduled. The long-term target

is for 100% to be fowllowed-up as

scheduled.

Target 2021: 95%

Outcome 2021: 88%

Satisfied and loyal employees

An industry-leading Employee Net

Promoter Score (eNPS), that is, the

percentage of employees that answer

9 or 10 on a scale of 1–10 whether

they would recommend their com-

pany as an employer. The long-term

eNPS should be >+25.

Target 2021: +20

Outcome 2021: +19

Gender equality

Gender balance in senior positions,

i.e. line managers at business area

level and in Group management.

Target 2021: 40–60%

(of either gender)

Outcome 2021: 64% (women)

Revenue growth

Strong annual organic revenue

increase of 5% over the medium

term that can also be complemented

with 2–3% from bolt-on acquisitions.

Target 2021: 5%

Outcome 2021: 3%

Profitability

Annual operating margin of 7% over

the medium term.

Target 2021: 7%

Outcome 2021: 6%

Capital structure

Interest-bearing net debt not excee-

ding 4.5 times EBITDA, i.e. opera-

ting profit before depreciation, amor-

tisation and impairment. Debt may

temporarily exceed the target level.

Target 2021: 4.5 times

Outcome 2021: 4.6 times

Inclusiveness

Create many employment opportuni-

ties annually in the Nordics for

people who stand furthest from the

labour market.

Target 2021: 200

Outcome 2021: 105

Reduced environmental

impact

Reduce environmental impact by

working on measurable activities.

Target 2021: Reduced

environmental

impact by

2022

Outcome 2021: -15% reduction

in greenhouse

gas emissions

Vision

Employees are well-informed about

the company’s vision. This should be

at least 95% over the long term.

Target 2021: 95%

Outcome 2021: 90%

Values

Employees should be aware that it

is values that guide Humana. Over

time, the awareness level should

exceed 4.2 on a scale of 1–5, with

5 being the highest score.

Target 2021: 4.0

Outcome 2021: 3.9

› Pages 17–20 › Pages 21–24 › Pages 25–26 › Pages 27–30

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CONTENTS

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TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Humana’s care is always based on the individual’s situation and

needs. Our approach is evidence-based, and care is provided by

proficient and dedicated employees. rough welfare technology

and by developing treatment methods, we improve quality for

our customers and clients. Both our own and external surveys

confirm that we succeed in what we do.

Humana’s opinion is that it takes

commitment and structure in equal

measure to achieve the best possible

results for our customers and clients,

and to ensure uniform high-quality

services. This work rests on four pillars:

Individualised solutions

Customers and clients always

come first. We believe everyone is entit-

led to autonomy, integrity and a good

life. Everyone is dierent, so our solu-

tions must reﬂect this. Each client

should have an individual plan with

personal goals and should participate

in preparing and reviewing the plan.

In elderly care, the targets are aimed

mainly at creating quality of life on the

individual’s terms. For young people in

residential or family-based care, the

targets define goals for the individual’s

development. For example, they may

focus on completing their education or

eliminating self-harming behaviours.

Common core values

Humana’s shared core values

are the basis for both our strategic

planning and our day-to-day contact

with customers, clients and contractors.

The commitment, sense of responsibility

and happiness of our employees make

Humana a leading care provider.

Evidence-based practices

For Humana, an evidence-based

approach is central to ensuring high-

quality care for customers and clients.

A common organisational structure

for quality and methods ensures that

Humana’s specialists work in accor-

dance with the best available know -

ledge and evidence-based methods.

A high level of expertise

Humana is a business made by

people, for people. We recruit dedica-

ted individuals and oer continuous

development. Our sta includes expe-

rienced social workers, nurses, assistant

nurses, treatment assistants, psycholo-

gists, legal experts and doctors.

Quality operations

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CONTENTS

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TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Treatment methods based

on studies and evidence

Two examples of methods that

Humana works with are Treatment

Foster Care Oregon (TFCO) and

Connect. Humana is the licence holder

in the Nordics for both methods.

TFCO is designed for young people

and families with serious problems that

may call for placement in a residential

care home. Within the framework of

Humana’s use of TFCO, a study is

being done in which we follow 50

young people from treatment start to

treatment finish. We measure school

attendance, frequency of doing home-

work and the person’s mental and

physical health. TFCO is now on the

National Board of Health and Wel-

fare’s list of recommended treatment

methods that all municipalities should

be able to oer.

Connect is a structured programme

with the aim of helping parents and

other caregivers find a new under-

standing of both the child’s and their

own behaviours and reactions. The

eects on children and the fami-

ly-based care after the family-based

caregivers have gone through Connect

training are currently being studied in

a randomised controlled trial (RCT) of

Connect. The project is a collaboration

involving Humana, Simon Fraser Uni-

versity in Canada and the School of

Social Work at Lund University in

Sweden.

Humana contributes to research

Humana conducts and contributes

to research projects at universities

and colleges. This gives us a stronger

scientific basis for the methods we use,

and helps expand knowledge gener-

ally within our fields. Humana’s own

method developers play a vital role in

collaborations with researchers and

projects.

Control through

quality measurement

Since 2017, Humana has worked with

the Humana Quality Index, HQI, which

is an aggregate quality metric for the

Group, alongside the follow-up of

individual plans, which are aimed at

ensuring the fulfilment of the goals of

individual customers and clients.

HQI takes account of seven quality

indicators. (From 2022, twelve indica-

tors will be covered, see the table to

the right.) At the beginning of 2017, the

result of HQI was 89. Humana’s long-

term target is 100. The result has

improved since then, and in 2021, HQI

was 94.

HQI includes the Group-wide Cus-

tomer satisfaction index (CSI). In 2021,

the CSI reached 86, three percentage

points better than in 2020 and 2019,

and one percentage point above our

long-term target of 85. Over the past

two years, the major focus has been

on handling the Covid-19 pandemic

and it is pleaseing to see a confirma-

The new Humana Quality Index is based on twelve parameters

What we want to achieve What we measure

1. Satisfied customers and clients Customer/client satisfaction index

2. The right support, care or service for

customers and clients

Proportion of individual plans

followed up

3. A safe service delivered The number of critical deviations

reported to the authorities

4. Delivery in accordance with legislation Proportion of official inspections which

contained serious criticisms

5. Ensure systematic learning Proportion of deviations repeated

6. Correct processing of personal data Proportion of personal data incidents

reported to the authorities

7. Satisfied employees Employee Satisfaction Index (ESI)

8. Employees’ health and well-being Sick leave rate

9. Safe work environment Number of incidents and occupational

injuries notified to the authorities

10. Ongoing professional development Proportion of employees who have

undergone training in the learning portal

11. High-quality training Follow-ups on the quality of each

training course

12. Employees contribute to operational

development

Number of suggestions for improvement

tion in the CSI that Humana coped

very well with this.

The percentage of clients whose

individual plan is followed up accord-

ing to schedule is monitored monthly.

Since we started measuring this in

2017 we have seen an increase in sev-

eral business areas, even though the

long term target of 98 percent has not

yet been achieved. For 2021, the pro-

portion of individual plans followed-up

according to schedule amounted to 88

percent for the Group.

Improving HQI

The introduction of HQI as an in-house

quality system for Humana has proved

very valuable, as it provides the oppor-

tunity to monitor the quality of the

services we deliver. Humana’s Quality

organisation continued to develop the

quality monitoring tool during 2021,

and has developed a new HQI. The

aim is to come closer to the result of

the intiative for the individual cus-

tomer/client.

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SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Multiple indicators make the

index more comprehensive

Humana’s operations vary: a satis-

factory result for a young person in a

residential care home is not directly

comparable with a good life for an

elderly person in elderly care. For that

reason, we have increased the number

of indicators in the index from seven

to twelve to enable us to take more

aspects into account. The indicators

reﬂect relevant and critical elements of

quality, and together provide a useful

picture of our activities.

Measuring does not in itself lead to

improvement, but it is an absolute pre-

requisite for identifying the areas in

which improvement is required. Huma-

na’s new HQI does not cover every

aspect, and we will continue to develop

the tool systematically. Our new HQI

represents a major step in the right

direction, and we aim to continue to

set new and higher standards for

social measures.

Management systems

for quality every day

Our quality control work is aided by

the management system Parus (pro-

cess, activity, routine, follow-up, team-

work). The management system makes

it easy for the user to navigate dierent

processes and find the activity that

needs to be carried out in each situa-

tion. Thanks to Parus, we can perform

risk analyses, follow up goals and

carry out internal inspections.

Quarterly quality reports

To promote continuous development,

Humana is meticulous about openly

communicating our quality and devia-

tions both internally and externally.

Since 2019, the quality of our care is

accounted for in quarterly quality

reports on our websites, humana.se or

humanagroup.com, as well as in the

company’s annual quality report.

Humana’s quality management

should help reduce serious deviations

in operations. Employees are encour-

aged to report deviations so that

events can be analysed, and repeated

mistakes be avioded. Serious breaches

and deviations can be reported

through the company’s whistleblower

function. Information about serious

deviations is reported on our website,

humana.se, in accordance with Lex

Sarah (Sarah’s Law) and Lex Maria

(Maria’s Law).

Privacy and information security

Given Humana’s area of operations,

information security is critical. Humana

has a special organisational structure

with data protection ocers in each

country and a coordinator at Group

level. Humana analyses incidents and

has an obligation to report serious

incidents to the Swedish Authority for

Privacy Protection within 72 hours.

In 2021 Humana experienced 58

personal data breaches in Sweden, of

which 11 were reported to the respon-

sible authority.

Norway had 39 incidents, Finland

35 and Denmark 0, of which 0, 1 and

0 incidents, respectively, were reported

to the responsible authority.

Related sustainability policies:

Quality Policy

Data Security Policy

Find out more at humanagroup.com.

Humana Quality Index, HQI

Key figures are measured on a scale of 1–100 and are weighted together into an index with a long-term target for

Humana of 100. In 2021, Humana’s HQI was 94, which was the same outcome as in 2019 and one percentage

point lower than for 2020.

Proportion of individual plans followed up

The follow-up rate diers between the business areas. The largest positive change in 2021 was measured in the

Norway business area, where the follow-up rate rose to 97 percent.

The numbers are monitored monthly. The long-term target is for all operations to achieve at least 98 percent.

100

Long-term target2020

2021

FinlandNorway Humana

Elderly

Care

Personal

Assistance

Individual

& Family

100

FinlandNorway Humana

Elderly

Care

Personal

Assistance

Individual

& Family

Long-term target2020

2021

100

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OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Evidence-based

treatment is key.”

Jörgen Andersson

Head of Methods,

Individual & Family, Sweden

Jörgen, you are Head of

Methods at Humana, what

does that mean?

I ensure that our individual and family

care employees in Sweden receive the

correct training and supervision for their

assigned tasks and that we underpin our

methods with scientific documentation so

they have the intended eect. I also have

the great pleasure of leading a team of

methods guarantors and supervisors.

What does a methods

guarantor do?

Methods guarantors are unique to

Humana. They are experts on various

methods and are responsible for methods

training and support in the operations.

The methods guarantors are crucial to us

being able to provide our clients with the

best possible support and treatment.

Tell us about the recently

launched criminality

programme.

It is a rehabilitation programme rooted in

evidence-based treatment protocols. We

call this particular protocol B12 since it’s

about behaviour modification over 12

structured sessions between the case

worker and the client. We are currently

implementing it in our residential care

homes for young people and adults.

What’s happening in 2022?

We’ll be taking a big step forward to

promote social work in Sweden by having

initiated two research services associated

with leading academic institutions like Lin-

naeus University and Uppsala University.

We want to create long-term, continuous

collaborations with researchers through

this initiative.

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THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Attractive employer

Humana aims to be the first choice for everyone who works

within the care sector. We prioritise a pleasant and safe

work environment, good leadership and career development

opportunities for all employees. Our work relating to our core

values permeates the organisation, and Humana promotes an

inclusive work environment that is characterised by gender

equality and diversity.

Humana’s employees

Humana has 18,000 employees, all of

whom strive to make a real dierence

for other people, every single day of

their working lives. Most are employed

as personal assistants, treatment assis-

tants and assistant nurses, others, for

example, as nurses, housing support

sta and family-based care consul-

tants. Collectively, our employees

possess both broad and in-depth

knowledge, and we work proactively

to encourage the transfer of skills, both

within and between our care areas.

We want our employees

to thrive and enjoy their work

Our ambition is to be the first choice

for everyone who wishes to work within

the care sector in the Nordic region.

We want our employees to thrive,

develop and stay with Humana.

Recruitment is a key priority area, as is

our proactive work relating to the work

environment, investments in leadership

development and skills development.

Providing care of the very highest

quality requires both expertise and

commitment. As care needs increase

across the Nordic region, demand for

employees within the care sector is

generally also rising. The attractiveness

of a care provider as an employer will,

therefore, be a decisive factor in the

quality of care and the chance that the

provider will succeed.

Humana receives

thousands of applications

In 2021 Humana received almost

90,000 job applications, an increase

of 26 percent since 2017. In Humana’s

annual employee survey, the employee

satisfaction index (ESI) was once again

high at 75 (75) , while the Employee

Net Promoter Score (eNPS) was +19

(+15). These are positive signs that our

employee initiatives are paying o. It

does not mean, however, that we

intend to rest on our laurels – we will

continue moving in the same positive

direction.

Lasting the course

During the year, the Covid-19 pan-

demic continued to have an impact on

Humana’s operations. We have estab-

lished procedures for managing the

spread of infection within the various

operations and handled the pandemic

in a responsible manner. We syste-

matically carry out risk assessments

with a focus on employee health and

safety, enabling us to implement the

right measures at the right time. We

are pleased to see that restrictions

have been eased, but our operations

have had to continue to implement

measures to ensure a safe and pleas-

ant work environment.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | SUSTAINABLE STRATEGY

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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We put safety first

Humana is working systematically to

oer a safe and enjoyable work envi-

ronment to our employees, both physi-

cally and mentally. Our workplaces

are spread geographically and vary

depending on the nature of the opera-

tion involved. Many people work at

one of the Group’s hundred or so care

units, at treatment homes or in an

oce environment. Humana’s more

than 10,000 personal assistants have

the assistance customers’ homes as

their workplace.

Work environment policies

Humana’s code of conduct, work

environment policy and diversity and

inclusion policy set out the basic princi-

ples for a safe and pleasant work

environment.

The Group-wide work environment

policies are supplemented by proce-

dures and guidelines which have been

collated and made available to all

employees via the management

system. These have been drawn up for

each business area and operation and

include procedures for the assessment

and management of occupational

health and safety risks, along with pro-

cedures for preventing and managing

crisis situations. Responsibility for the

occupational health and safety within

Humana rests with our managers and

is clearly delegated.

2021

Employee

Satisfaction Index (ESI)

2021

Leadership index

Our employees undergo

training relating to occupational

health and safety

The onboarding process for all our

employees includes training relating

to core values, sustainability and basic

hygiene procedures. An example of a

specific initiative aimed at improving

the employees’ work environment is

that we provide occupational health

and safety trainings throughout the

year. The focus of this training is on

managing occupational health and

safety issues in practice, carrying out

risk assessments and ensuring a

systematic approach to occupational

health and safety.

Humana’s annual employee survey,

WeYouMe, shows that a systematic

approach to occupational health and

safety is producing results. Amongst all

employees, 75 (74) percent stated in

2021 that they felt very involved at

work.

Leadership Lift continues

Good managers are very important

with regards to employee job satisfac-

tion and providing the right conditions

for doing a good job. In 2021,

Humana continued to invest in leader-

ship, mostly through Leadership Lift.

Leadership Lift includes a Group-wide

leadership programme, a web-based

manager school, a mentor programme

and an onboarding for new

managers.

Within the framework of Humana’s

manager school, we have covered

topics such as occupational health and

safety, gender equality, diversity and

inclusion, workplace bullying,

self-leadership, dicult conversations

and employment law. We have also

held a number of courses to improve

our managers’ digital knowledge, both

by learning more about new digital

working methods and by becoming

more ecient in our digital support

system. We have also reiterated the

importance of protecting personal

data through a new GDPR training

course in Humana Academy’s learning

portal.

Humana’s leaders

get good marks

Humana’s employees give our leaders

high marks – the leadership index for

the year was 79 (78).

We quite simply

have a good time,

even though we

are working.”

Stig-Olof Lundqvist,

Nursing assistant at Humana’s Lillsjö

Badväg elderly care home in Kungsängen.

Employee

Net Promoter Score

+19

2021

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | SUSTAINABLE STRATEGY

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Professional development

through Humana Academy’s

learning portal

Through Humana Academy’s learning

portal, our employees have free access

to quality-assured professional devel-

opment in areas such as occupational

health and safety, customer interac-

tion, quality, leadership and legisla-

tion. Around 100 of the courses are

web-based and can be taken as and

when the employees need them. In

addition, instructor-led courses are

oered for specific subject areas and

roles. A total of 20,206 training

courses were conducted throughout

the Group during the year, most of

them digital.

In order to promote the professional

development of our employees,

Humana encourages internal mobility,

both within and between business

areas and countries. Oering career

paths enables Humana to retain capa-

ble employees over a long time.

Core values promoting inclusion,

gender equality and diversity

Humana has a proactive approach to

promoting inclusion, gender equality

and diversity. In this regard, the

Group-wide work relating to core

values represents an important

cornerstone.

Our core value leaders are

appointed to continually bring to life

the core values in Humana’s opera-

tions. Issues relating to values are fre-

quently brought up at workplace meet-

ings amongst the various operations.

During 2021, we stepped up our work

relating to core values by appointing

senior core value leaders within the

business areas and working in net-

works in order to promote good

examples.

Our annual core value week is

a welcome feature to strengthen

Humana’s culture further.

Humana’s code of conduct is

covered as part of the compulsory

onboarding for new employees and

forms part of every employment

contract.

Gender equality at all levels

In its recruitment of managers,

Humana strives to include candidates

from both genders during the final

phase. The proportion of women

among top managerial positions in

2021 was 64 percent (65). In total, 70

(71) percent of Humana’s employees

are women and 30 (29) percent are

men. The company’s goal is to attract

more men to areas that are dominated

Age structure

<30 30–50 >50

Total 26% 45% 29%

Managers 5% 68% 27%

Sick leave (long-term)

Humana’s employees have a lower level of long-term sickness absence than the public sector, at 2.0percent for

2020, excluding Humana Finland. Possible reasons for this are clear leadership and far-reaching commitment,

areas in which Humana is given high marks in our employee survey.

Humana

Elderly

Care

Health

Care

Disabled

Care

Public

Private

Humana Finland not included.

by women. Humana’s approach to

gender equality has attracted attention

externally, e.g. by the AllBright Foun-

dation, which voted Humana the most

gender-equal company on the Swedish

stock exchange in 2017 and 2018. In

2020, we made the top three, while in

2021 we recruited women to no less

than 80 percent of the positions in

Group management and, for this rea-

son, were not amongst the top posi-

tions in the ranking. In 2021, Humana

gained its first female CEO through

the appointment of Johanna Rastad.

One in three born outside Sweden

When it comes to diversity, Humana is

aiming for at least 20 percent of our

managers to have an international

background. By international back-

ground, we mean being born outside

the Nordics, having at least one parent

who was born outside the Nordics or

having lived outside their home country

for more than three years. At present,

30 (20) percent of employees in Group

management have an international

background. We estimate that about

one third of all employees were born

outside the Nordics or have parents

who come from outside the Nordics.

Systematic eorts to counter

harassment and discrimination

Humana works actively to counteract

harassment, workplace bullying and

discrimination. We have specialist

expertise in HR to detect and investi-

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | SUSTAINABLE STRATEGY

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Enjoyment and

humour is

important!”

Anna Duedahl

Administration Coordinator

Family-based Care, Norway

Anna, you work with family-

based care, what is the best

thing about your job?

No question, it’s when I get to hear that a

child has received a safe and permanent

home through our family-based care. It’s

also a real delight to see the whole pro-

cess from when I get a phone call from an

adult who wants to be a family-based

caregiver, through to the finish

with an actual placement. I have so much

respect for these warm-hearted and com-

mitted people who open their homes to

new children.

What is the atmosphere

like at your workplace?

One reason that I enjoy working at

Humana so much is the company of all

the positive and dedicated managers and

colleagues who always have an ‘onwards

and upwards’ attitude. They give me

energy, determination and a belief that I

do a good job. And even though we have

a working day which revolves around seri-

ous matters and tasks, we can still laugh

and joke a lot with each other. Enjoyment

and humour is important!

Why do you want

to work at Humana?

I am proud to work here since every single

day I see people with professional gravity

and genuine dedication do their utmost to

ensure that both young and old have a

better life. Don’t forget that every day we

actually help other people have a better

outcome than their situation would sug-

gest. I have to stop occasionally and think

about that when the day is going a little

too fast.

gate deviations and ensure systematic

work is carried out on these issues. We

see inclusion as normal practice and

believe that nobody should be discrim-

inated against or harassed.

Certain aspects of our Individ-

ual & Family business area are

LGBTQ-certified.

Oering a path to work

In Sweden, Humana oers jobs (for

example, with employment subsidies)

to people who are excluded from the

labour market. This is done in collabo-

ration with organisations like the Swed-

ish Public Employment Service and

Samhall. In 2021 we created 105 new

jobs within the framework of this initia-

tive, despite the ongoing pandemic.

The aim was to create 200 jobs. Work-

ing actively to create jobs for people

excluded from the labour market is

one of Humana’s corporate goals.

Lower levels of sick leave

than within the public sector

During the year, short-term sick leave

within Humana amounted to 4.6 (4.1)

percent, while long-term sick leave

amounted to 2.3 (2.0) percent (exclud-

ing Finland for 2020). Overall sick

leave during the year was 6.9 percent.

The fact that short-term sick leave went

up compared with the previous year is

primarily linked to the pandemic.

Humana’s employees have lower levels

of long-term sick leave than those in

public health and social care, which

benefits not only the employees, but

also customers and clients, the compa-

ny’s productivity and profitability and,

ultimately, taxpayers.

Cohesive management

Group Management and, specifically,

the Director of Human Resources are

responsible for employee manage-

ment matters at Humana. This respon-

sibility is then delegated to the opera-

tional managers who have direct per-

sonnel responsibility. The Director of

Quality and the quality function are

responsible for the Humana Academy

and most of the Group’s continuing

professional development.

Related sustainability policies:

Work Environment Policy

Diversity and Inclusion Policy

Find out more at humanagroup.com.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | SUSTAINABLE STRATEGY

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Profitable growth

rough growth, Humana can help more people lead a good life.

e company has clear financial targets and growth presupposes

maintaining high quality of care services and profitability.

Organic growth is based on society’s increasing need for care

in combination with a demand for contractors that guarantee

high quality. In addition, the company continuously evaluates

opportunities for acquisitions.

Profitability

Humana is a company focused on

profitable growth and has presented

stable margins over time. Over the last

five years, the Group has had total

annual revenue growth of 5.7 percent

with an average operating margin of

5.6 percent. The target is to continue

growing with stable profitability while

maintaining quality. In the medium

term, the aim is for profitability of 7

percent annually.

Pandemic impacted profit

Operations continued to focus on

managing the pandemic in 2021. The

pandemic aected the Group in a

number of ways. Lower occupancy had

a negative eect on revenue while a

high number of sickness absences and

greater use of PPE increased costs.

Overall, the financial impact on the

Group was somewhat negative for the

full year.

Organic growth

Primarily, Humana’s growth is to occur

organically and over the medium term

should amount to 5 percent annually.

Humana is growing organically by

developing the existing range of ser-

vices and by starting new operations.

Organic growth derives from soci-

ety’s increasing care needs and is

explained by a growing population

with more elderly people, an increase

in serious mental illness and major

societal challenges, for example

related to gang crime, honor killings

and drug abuse. This, combined with

the municipalities’ demand for larger

contractors who can guarantee high

quality and help solve the municipali-

ties’ care challenges, leaves room for

Humana to grow organically.

There is a clear growth strategy for

growing organically for all of Huma-

na’s five business areas.

Five new Humana elderly care

homes were opened during the year in

Vallentuna, Ängelholm, Falkenberg

and Norrtälje (two homes). The new

homes can accommodate 320 resi-

dents. The construction of a new

elderly care home in Täby with 90 bed

vacancies was launched during the

year and is scheduled to open in 2022.

Acquisition-driven growth

Humana complements and accelerates

organic growth through acquisitions

that could increase revenue by 2–3

percent. The acquisition strategy has

three primary aims:

• to strengthen geographical presence,

existing operations and/or the

degree of specialisation in the

oering

• to drive innovation and complement

existing operations with new service

areas where there is growth potential

• to achieve volume and economies of

scale.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | SUSTAINABLE STRATEGY

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Humana evaluates opportunities for

acquisitions in line with the Group’s

strategy. Humana looks for operations

that have growth potential and whose

values, leadership and quality are in

line with those of Humana. Four busi-

nesses were acquired during the year:

• Team J-son was acquired in Febru-

ary, an operation in Jönköping with

residential care homes and group

homes, a school and a health team.

The company’s full-year earnings are

approximately SEK 90m and it has

around 120 employees.

• Fideli Omsorg AB was acquired in

September, a company that man-

ages care facilities for adults in

Småland and the Stockholm area

whose full-year earnings are approx-

imately SEK 73 million with 160

employees.

• Balans Behandling AB was acquired

in October, a care provider in

Norrland that principally provides

enhanced family-based care.

The company’s full-year earnings are

approximately SEK 60m and it has

around 20 employees.

• In November, the assistance com-

pany Enigheten personlig assistans

AB was also acquired. The company

is headquartered in Borlänge and

has full-year earnings of approxi-

mately SEK 50m with around 150

employees.

The acquired operations contributed

SEK146 million to consolidated reve-

nue in 2021.

Debt

Humana’s leverage ratio, measured

as interest-bearing net debt in relation

to adjusted EBITDA, increased to 4.6

times (4.3) in 2021. The financial

target is for the leverage ratio to not

exceed 4.5 times, even if it may be

temporarily higher, for example in

connection with acquisitions.

Risks

Humana’s risk management is

described on pages 62–69.

Financial targets

Target Outcome 2021 (2020)

Profitability (operating margin) 7% 6.0% (6.0%)

Revenue growth (organic growth,

acquisitions can add 2–3%)

5% 3.1% (4.1%)

Capital structure (interest-bearing net

debt relative to adjusted EBITDA) 4.5 times 4.6 times (4.3 times)

Humana creates sustainable value for its stakeholders. The economic value is generated through revenue

from customers and contractors. This is further distributed to various stakeholders: suppliers through the

purchase of food, consumables and other products needed for operations as well as various services,

employees via salaries, other remuneration and social security contributions, lenders through interest on

lent capital, the public sector through taxes and shareholders through dividends. Some of the earned

value is retained by the company for further development of new methods, acquisitions, capital invest-

ments and as payment for balancing the exposure to the capital market.

Economic value created and distributed, SEK million

2021 Percent 2020 Percent

Economic value created

Customers and contractors 8,192 7,803

Economic value distributed

Suppliers

1,362 17% 1,287 16%

Employees

6,333 77% 6,039 77%

Lenders 143 2% 145 2%

Public sector

78 1% 70 1%

Shareholders

0 0% 0 0%

Economic value retained in the

company 276 3% 262 3%

Amounts paid to suppliers including VAT.

Employee salaries and pensions. This also includes amounts

paid to the public sector in the form of payroll tax, social

security fees, etc. on behalf of employees.

Corporate tax

The Board’s proposal to the 2022 AGM is that no dividend

be paid for the 2021 financial year.

A history of revenue growth and stable profitability

2000

4000

6000

8000

10000

2021202020192018201720162015

SEKm %

Operating revenue

Operating margin

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | SUSTAINABLE STRATEGY

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Responsible provider

Humana’s core operations contribute important values on

both the individual and societal levels. Our social responsibility

also entails that we inspire and drive development towards better

quality throughout the care sector, act as a driving force for

diversity and inclusivity, support sound public finances and

work to reduce our impact on the environment and climate.

Humana’s vision is about everyone

being entitled to a good life. We work

to attain this vision through all our

operations: personal assistance, indi-

vidual and family care and elderly

care. Focus is on the core operations,

but we also work actively to spread

knowledge gained from our areas of

expertise outside the company, inﬂu-

ence significant industry issues, oer

jobs to people who stand furthest from

the labour market and help reduce

negative inﬂuences on the environment

and climate.

Mental health services

As the leading Nordic provider of care

for individuals and families, Humana

focuses on providing care and treat-

ment in psychosocial change and

social psychiatry to families and indi-

viduals. Our services promote mental

health and well-being. We often help

individuals that find themselves on the

fringes of society to re-enter and

become part of it again, which is good

for them, their loved ones and the

community.

Spreading knowledge

throughout the care sector

By providing contractors and other

stakeholders access to Humana’s com-

prehensive knowledge, we strengthen

collective knowledge about care and

social work. Our aim is to inspire and

help improve the quality of the entire

care industry. In 2021, we gave 90

digital webinars that attracted more

than 6,000 participants. Since 2021,

we have also published a magazine

called

Humant

that spreads knowledge

about our business areas in Sweden.

Inﬂuence in industry issues

Humana acts to inﬂuence industry

issues to create the right conditions for

the company, and industry, to fulfil

their commitments throughout the Nor-

dics. We meet regularly with politicians

at a national and local level as well as

with municipal and state ocials.

Humana also participates in trade

associations such as the Association of

Private Care Providers, for which Eva

Nilsson Bågenholm, Humana’s quality

director, is the chairperson. Since

2021, Mona Lien, Humana’s CEO in

Norway, has been chairperson of the

health and welfare industry sector

within NHO Service and Commerce.

Humana is also active in other associ-

ations such as Svenska Vård in Swe-

den, Proentlig-nettverket in Norway

and Hyvinvointiala HALI ry in Finland.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | SUSTAINABLE STRATEGY

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Stronger right to

personal assistance

In Sweden, the focus has been on

pressing for entitlement to personal

assistance for individuals with great

need. Several years of stricter interpre-

tations of the rules have led to increas-

ingly fewer chances for receiving per-

sonal assistance, even though the need

has not decreased. Humana has

worked to both change legislation

and revise interpretation of regula-

tions, and has acted as a consultant

in government studies.

An important win

In 2021, Humana won an important

victory in the Supreme Administrative

Court where we drove the issue of

whether municipalities should have the

right to deduct for parental responsibil-

ity in cases of temporarily expanded

need due to absence from school. The

Supreme Administrative Court held, in

line with Humana’s appeal, that they

would not conduct a new examination

of the scope of parental responsibility

if the child is home from school tempo-

rarily, which is very positive news for

many families entitled to personal

assistance in Sweden.

Humana’s care saves

taxpayers money

Humana shows that it is possible to

combine high-quality care with cost-

eectiveness. As a large Nordic care

group, we can both invest in method

and quality development to an extent

and at a level that is dicult for indi-

e ruling sets

a precedent.”

Hanna Brundin

Lawyer

Personal Assistance, Sweden

Hanna, you drove the parental

responsibility issue to the

Supreme Administrative Court

and won. How does that feel?

It feels fantastic! As the verdict sets a

precedent, it will aect all children who

have been granted personal assistance

with deductions for any time they spend in

school. All municipalities now need to

comply with what the Supreme

Administrative Court has established,

which means that children's right to

personal assistance has finally been

clarified and reinforced. In brief, it is an

incredibly important win and proof that

it’s possible to make a dierence!

Humana saved Nordic taxpayers SEK 1.0 billion

in 2021

compared to if states, regions and

municipalities had run the operations themselves.

We achieve this through an ecient use of

resources and eective treatment methods.

 . .. . .. .. . .

SEK BN

SAVINGS FOR NORDIC TAXPAYERS

SEK BN

PERSONAL ASSISTANCE

INDIVIDUAL AND FAMILY

ELDERLY CARE

FINLAND

NORWAY

DENMARK

CORPORATION TAX

Sources used are: Swedish Association of Local Authorities and

Regions, Statistics Sweden, NHO Service in Norway, Statistics Nor-

way, Norwegian Directorate for Children, Youth and Family Aairs,

Kuusikko in Finland, Swedish Prison and Probation Service,

Swedish National Board of Institutional Care, Swedish Agency for

Health Technology Assessment and Assessment of Social Services,

Grant Thornton, Menon Economics, HALI ry, accessible municipal and

regional financial reports and Humana’s own calculations.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | SUSTAINABLE STRATEGY

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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vidual municipalities to compete with,

and at the same time benefit from the

cost-eective economies of scale that

large-scale operations give rise to.

Both aspects make us competitive in

procurement.

Besides our expertise in care ser-

vices, we also have years of experience

in establishing and planning opera-

tions. We build care homes together

with property developers, which also

reduces the municipalities’ capital

needs. When Humana builds care

homes, we optimise them logistically

to reduce unnecessary transports and

take care to ensure that employees

have a good working environment.

Our knowledge of good scheduling is

also key to planning resources e-

ciently. In 2021, the public sector in

the Nordics saved an estimated SEK1

billion by using Humana compared

with if they had run the operations

themselves.

Inclusiveness in

the labour market

In Sweden, Humana oers jobs (for

example with employment subsidies) to

people who stand furthest from the

labour market. This is done in collabo-

ration with organisations like the Swed-

ish Public Employment Service and

Samhall. In 2021, we created 105 new

jobs within the framework of this initia-

tive, despite the ongoing pandemic.

The aim was to create 200 jobs.

Environmental policy guides

environmental work

Humana's environmental work is

based on the company’s environmen-

tal policy. Here, climate and resource

eciency are defined as guiding crite-

ria. Our environmental eorts are

based on the principles of precaution

and substitution. Each of Humana’s

units strives continuously to work

resource-eciently and to minimise

environmental impact and lower costs.

It is mandatory for all of Humana’s

employees to undergo the company’s

digital sustainability training.

Humana impacts the environment

and climate mostly through road trans-

port and through the development and

operation of care homes. In opera-

tions, this includes heating and elec-

tricity as well as purchases and han-

dling of for example food, beverages

and consumables.

Environmentally

aware new builds

Humana requires that energy use in all

new builds is at least 20percent lower

than legal requirements, that solar

panels are installed where possible

and that all lighting uses low-energy

technology.

Humana’s new elderly care home in

Norrtälje Hamn, which opened in

2021, is certified at the Silver level by

the Green Building Council, meaning

that it meets strict standards for acous-

tic environment, ventilation and sun

shading.

All five elderly care homes that

Humana opened under own manage-

ment in 2021 are equipped with com-

fort cooling to keep the living environ-

ment comfortable during heat waves.

They also have charging points for

electric vehicles. Several existing

elderly care and group homes already

have solar panels and charging points.

Humana’s elderly care home in

Växjö is a nearly-zero energy building

certified to LEED Platinum and Dark

Green in Skanska’s own environmental

system.

All of Humana’s operations work to

reduce food waste and rubbish.

Environmental

and quality certification

The management teams in the Individ-

ual & Family business area have

Humana’s greenhouse gas emissions, CO

e (tonnes)

2021 2020

Scope1 Emissions from own vehicles and own

energy generation (company cars and oil)

3,911 3,753

Scope2 Indirect emissions from purchased electricity

and district heating

2,619 3,931

Scope3 Emissions from business travel (air)

91 85

TOTAL 6,621 7,769

Based on actual fuel volume for own vehicles. Oil consumption is based on actual and estimated fuel volumes.

Based on actual and estimated electricity and district heating consumption.

Based on business travel suppliers’ calculations of emissions generated from air travel that was booked centrally in Sweden and

Norway.

4) Compared with the total figure of 5,781 CO2e reported for 2020 in the 2020 annual and sustainability report, updates of the fol-

lowing data have been made in the calculations, which have changed the total figure: the emission factor for electricity has changed

in line with the GHG protocol and has been calculated using a market-based method. The emission factor for vehicle emissions has

been adjusted to correspond to direct emissions, while an RFI factor has been added for business trips by air.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | SUSTAINABLE STRATEGY

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

ISO14001 management system

certification for the environment and

ISO9001 certification for quality. We

are also working on structures and

processes for our units where they

develop their own environmental

plans.

Environmental impact

Humana strives to reduce the climate

impact of our operations. We mea-

sures and report on our greenhouse

gas emissions according to the Green-

house Gas Protocol (GHG). The calcu-

lations are based on measured and

estimated data from all operations and

countries in the Group and emission

factors.

The table illustrates emissions

divided according to the GHG Proto-

col’s three scopes. Scope1 covers

direct emissions from car travel within

Humana’s operations and from heat-

ing with fuel oil. Scope2 covers indi-

rect emissions from purchased electric-

ity and district heating. Scope 3 covers

indirect emissions from centrally

booked air travel.

In 2021 we screened other areas

within scope3 and started a measures

and target analysis for our continued

work on climate issues.

According to the data collection and

delimitations made, Humana’s emis-

sions for 2021 total 6,621 tonnes of

carbon dioxide equivalents compared

to 7,769 tonnes in 2020. This is a

reduction of 15 percent, primarily

thanks to new agreements on renew-

able electricity in Norway and the

phasing out of oil-fired boilers. The

goal is to reduce emissions further in

2022.

Humana encourages employees to

travel climate-smart and to use com-

pany vehicles eciently. Besides reduc-

ing travel, Humana wants to facilitate

remote working as much as possible.

Humana has agreements for

renewal electricity in Sweden and Nor-

way. In all countries, heating systems

that use oil are continuing to be

replaced.

Code of conduct for suppliers

The content of Humana’s code of con-

duct for suppliers is based on the ten

principles of the UN Global Compact

and our suppliers must adhere to it.

Most sustainable brand

Humana was ranked as the most

sustainable brand among healthcare

providers in Sweden in 2021, by the

largest independent brand

study on sustainability in

Europe, the Sustainable

Brand Index.

Related sustainability policies:

Diversity and Inclusion Policy

Environmental policy

Code of conduct for suppliers

Find out more at humanagroup.com.

EU taxonomy reporting

The EU taxonomy is a tool for

achieving the EU’s climate targets.

Through the introduction of a com-

mon classification system, the pur-

pose is to be able to identify and

compare environmentally sustain-

able investments.

As of the 2021 reporting year, all

companies with more than 500

employees aected by the EU’s cor-

porate sustainability reporting direc-

tive, Humana being one of them,

must state the proportion of its busi-

ness’s economic activities that are

EU taxonomy eligible, expressed in

turnover, capital expenditure and

operating expenditure. As of the

2022 reporting year, the eligible

activities’ significant contributions to

climate change mitigation and/or cli-

mate change adaptation must also

be reported.

Humana in relation to the

EU taxonomy

Humana provides care services and

social services in the form of per-

sonal assistance, individual and

family care and elderly care. Many

of the company's care recipients live

in properties leased to Humana. In

the EU taxonomy, “residential care

activities“ is listed as an economic

activity, as are property-related

activities.

To ensure that Humana complies

with the legal reporting require-

ments, an in-depth inventory and

analysis of the company’s operations

has been carried out in relation to

the economic activities described in

the EU taxonomy, as well as in rela-

tion to the taxonomy’s reporting

requirements and criteria.

Zero reporting

The result of the analysis is that

Humana's financial activities are not

applicable for reporting based on

the taxonomy's definitions. There-

fore, Humana's reported proportion

of eligible economic activities will be

zero percent for turnover, as well as

for capital expenditures and operat-

ing expenditures for 2021.

The main reason for this is that

“residential care activities” are not

classified as “enabling activities” in

the EU taxonomy, which, according

to the criteria, excludes reporting of

turnover.

Despite the fact that Humana

takes active measures to limit climate

change, for example by replacing

energy systems, the extent of this is

not deemed to be significant in

terms of the business’s total turnover

or expenditures.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | SUSTAINABLE STRATEGY

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Stakeholder engagement

Humana’s sustainability initiatives are

based on the company’s clear ambition

to contribute to the sustainable devel-

opment of society. We continuously

analyse where and how our operations

aect people, society and the environ-

ment. The purpose is to be able to inte-

grate the most material areas into our

strategy.

Understanding what our stakehold-

ers consider to be important regarding

their judgments about Humana is cen-

tral to these eorts. We have an ongo-

ing dialogue with our key stakeholders,

who are customers and contractors,

clients, employees, shareholders and

investors, credit institutions and

authorities.

Our monitoring includes internal

and external surveys. Focus is on the

quality of the care and how Humana is

perceived as an employer. Supported

by annual customer surveys, we

develop a Group-wide Customer/Client

Satisfaction Index (CSI). In addition,

each business area conducts its own

more in-depth customer surveys. We

use Humana’s annual employee survey

WeYouMe to monitor the Employee

Satisfaction Index (ESI). We also collect

employee observations to help

Humana evolve as an employer.

Dialogue with our stakeholders

Stakeholder group Channel for dialogue Issues highlighted as especially important

CUSTOMERS AND CLIENTS Continuous dialogue in operations, annual customer/client surveys,

surveys specific to operations, comment function on Humana’s website.

High-quality care services, including safety and security of care

recipients, choice that meets individual needs, continuous dialogue

between caregiver and care recipient.

CONTRACTORS IN MUNICIPALITY,

REGION AND STATE

Procurements, meetings, contract follow-ups, Humana’s website,

customer surveys from social services

High-quality care services, including safety and security of care

recipients, help solve social challenges, systematic occupational

health and safety management, various environmental requirements

including environmental management system.

EMPLOYEES Continuous dialogue in operations, annual employee survey and

performance appraisal, various manager and meeting forums, intranet

Safe and secure working environment, professional development

opportunities, opportunity to contribute to better social welfare,

compliance with core values, sustainability.

SHAREHOLDERS AND INVESTORS Annual general meeting, individual meetings and group meetings with

shareholders, investors and the banks’ analysts, for example in connection

with interim reports and investor conferences.

High margins and increasing profits. High-quality care services, deve-

lopment and innovation to meet society’s increasing needs. Sustainabi-

lity/ESG issues are raised regularly.

AUTHORITIES Rules and regulations, reports, inspections, reviews,

incident reporting, inquiries

Compliance with regulations, high quality and safety in care services,

meet individual requirements and needs, transparency.

RESEARCHERS/ACADEMIA Joint meetings and research projects Development of social services, treatment methods.

SUPPLIERS Procurements, orders, purchases and meetings with suppliers Business integrity, highly ethical and objective with procurements and

purchases. Transparency with requirements and sustainability aspects.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | SUSTAINABLE STRATEGY

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Humana actively supports the UN’s

global goals for sustainable development

Goal 3 – Good health

and well-being

Humana’s overarching goal is to

improve people’s lives based on their

individual circumstances.

We make an active contribution to

sub-goal 3.4 Promote mental health

and well-being through our various

care services, expertise and employ-

ees, thus making a dierence for peo-

ple’s mental health and well-being. As

the leading Nordic provider of care for

individuals and families, we focus on

providing care in psychosocial change

processes and social psychiatry to fam-

ilies and individuals of all ages.

Goal 5 – Gender equality

Humana’s core values are rooted in

the equal value of all human beings.

Being an attractive and good employer

is a strategic goal area for Humana.

We are working towards gender bal-

ance in all leadership positions in the

company, thereby contributing to sub-

goal 5.5. Ensure women’s full and

eective participation. We also work

with visible and invisible structures in

order to unlock our employees’ full

potential and to reﬂect our customers

and clients in the best way possible.

Goal 8 – Decent work and

economic growth

As a socially responsible provider,

Humana wants to inspire others to

help raise the standards and quality of

the entire care industry. By developing

welfare techniques and methods,

Humana develops operational e-

ciency and quality, and actively con-

tributes to sub-goal 8.2. Achieve

higher levels of economic productiv-

ity through diversification, technolog-

ical upgrading and innovation. In

Individual & Family, we ensure that the

right treatment methods are used and

that they are based on science and

proven experience.

Humana also contributes to sub-

goal 8.5 Full employment and decent

work with equal pay. We have collec-

tive agreements and conduct salary

analyses to uncover any unfair wage

dierences. Several of Humana’s busi-

nesses oer jobs to those who are fur-

thest from the labour market.

Goal 10 – Reduced inequalities

Humana works for an inclusive society

where everyone is entitled to a good

life. We therefore actively contribute to

sub-goal 10.2 Empower and promote

the social, economic and political

inclusion of all, irrespective of age,

sex, disability, race, ethnicity, origin,

religion or economic or other status.

Regardless of the individual circum-

stances of our customers and clients,

our employees work for our customers’

and clients’ right to a better life.

Goal 12 – Responsible

consumption and production

Being a socially responsible provider is

a strategic goal area and considering

the environment in our operations is

part of that. We aim to reduce our neg-

ative impact on the environment by

actively contributing to sub-goals 12.5

substantially reduce waste generation

and 12.8 ensure that people every-

where have the relevant information

and awareness for sustainable devel-

opment and lifestyles in harmony

with nature. Humana sets central poli-

cies for our environmental initiatives.

The work is performed mainly in our

local units and care homes throughout

the Nordics. The units are encouraged

to reduce waste. We encourage

employees’ knowledge of and commit-

ment to sustainable development

through good organisation and com-

munication. Employees, customers and

contractors can inﬂuence Humana’s

direction and tempo when it comes to

the company’s sustainability issues.

Goal 13 – Climate action

Humana contributes to goal 13

Climate action by striving to reduce

the climate impact of our operations

through climate-smart travel and by

enabling remote work, installing solar

panels and switching to more environ-

mentally-friendly heating systems. We

are able to monitor our initiatives by

measuring our greenhouse gas

emissions.

Humana’s goal to be the provider of choice for care services among customers, clients and

contractors with high quality standards means that we work actively on six of the global goals

adopted by the UN.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | SUSTAINABLE STRATEGY

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Humana provides care services in

four Nordic countries: Sweden,

Finland, Norway and Denmark.

We provide individual and family

care in all countries, while personal

assistance is provided in Sweden and

Norway and elderly care in Sweden

and Finland. Humana’s operations

are split into five business areas.

Care is our

oﬀering

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Individual & Family

Oering

We oer residential care homes,

special service housing, assisted living

homes, family-based care, outpatient

care, homes with special service in

accordance with the Act concerning

Support and Service for Persons with

Certain Functional Impairments (LSS),

schools and healthcare operations.

The type of support and how much

support a person needs varies over

time. The aim of our dynamic care is to

meet the individual needs of clients

and provide integrated care so that

they can be transferred smoothly from

one service to another. Humana’s size,

extensive expertise and internal coordi-

nation allow us to customise interven-

tions and ease the burden on the

welfare system and the planning of

other public authorities.

Child and Youth

For children and young people with

psychosocial disorders and mental

health issues, we assist in areas such

as self-harm, neuropsychiatric func-

tional impairments, abuse, criminality

and substance abuse. We have around

60 residential care homes and assisted

living homes that can accommodate

approximately 500 clients.

Family-based and Outpatient Care

We oer interventions in family-based

care supported by contracted consul-

tants, in treatment centres and in

outpatient care for children and young

people from families with dicult

challenges and complex needs, or

who have problems with criminality

and substance abuse. We can accom-

modate just over 650 children and

adolescents. Adults in family-based

care and outpatient care are also

oered support.

Adults

For adults with health and care needs,

we oer special service housing, short-

term housing and residential care

homes. In all, we have around 30 units

with space for just over 600 clients. We

also oer housing for young people

and adults with functional impairment

along with occupational initiatives for

adults covered by LSS. 72 of our hous-

ing units are run under own manage-

ment and fifteen under contract. We

also have four day care facilities.

Developments in 2021

The Covid-19 pandemic also had a

significant impact on 2021. We

acquired three new operations and

continued to give digital talks to share

our extensive knowledge and help to

shape opinions regarding key issues

linked to individual and family care. In

2021, the Family-based care and Out-

patient care service area focused on

meeting the needs of municipalities

regarding solutions for complex cases.

Outlook

Mental illness continues to increase in

society, especially due to the pan-

demic. The need and demand for our

services is increasing at the same time

as municipalities are increasingly trying

to come up with their own solutions.

Demand is increasing most in terms of

more complex cases. The importance

of procurements and framework

agreements also continues to increase.

In LSS day care, we are aiming for

continued organic growth and are

planning several start-ups in 2022.

Humana is a leading individual and family care provider in Sweden. We oﬀer substantial expertise

in psychosocial disorders, mental illness and functional impairment. By coordinating and planning

the client’s health and social care, we work for everyone’s right to a good life.

Key ratios 2021 2020

Operating revenue,

SEK million 2,257 2,101

Revenue growth, % 7.4 0

Organic growth, % 0.9 0.4

Share of Humana’s revenue, % 28 27

Operating profit, SEK million 168 190

Operating margin, % 7.5 9.0

Average number of employ-

ees, full-time equivalents 2,169 2,065

Operating revenue

and operating margin

500

1000

1500

2000

2500

20212020

SEKm %

Operating revenue

Operating margin

Percentage

of Group

revenue 2021

28 %

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | OFFERING

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Personal Assistance

Oering

Personal Assistance is a service within

the framework for LSS, the Act Con-

cerning Support and Service for Per-

sons with Certain Functional Impair-

ments. It gives many people the

opportunity to live an independent life

and to participate in society.

Personal Assistance is a client-choice

market, where the customer decides

who will provide the assistance.

Roughly 19,000 people in Sweden are

entitled to receive personal assistance.

Humana was chosen as the provider

for almost 1,900 of them. This makes

us Sweden's largest assistance coordi-

nator, with operations across the

country.

Humana provides individualised

assistance. Our specialist expertise in

recruitment and law is reassuring to

the customers and gives the best pros-

pects for allocating the correct amount

of assistance hours. Besides assistants,

the team includes an assignment man-

ager responsible for coordinating all

aspects of the customer’s needs,

finances, recruitment and assistants.

Large working groups also have a

supervisor.

Developments in 2021

Since fewer people are being granted

personal assistance in Sweden, the

market for personal assistance shrank

over the past year. Despite this,

Humana continued to grow and take a

bigger share of the market. At the end

of the year, Humana acquired the

company Enigheten Personlig assistans

AB. This acquisition strengthened our

presence in the county of Dalarna.

May 2021 saw the release of the

report

Stärkt assistans

(“Consolidated

assistance”) (SOU 2021:37). The

report sets out proposals aimed at

strengthening the right to personal

assistance within self-care and supervi-

sion, and reducing ‘parental authority’.

The proposals were distributed for con-

sultation and, like other consultation

bodies, Humana was largely positive.

In September 2021, the government

commissioned a study to review bene-

ficial ownership with regard to per-

sonal assistance. This beneficial own-

ership is currently shared between

national and local governments. The

results of the study will be presented by

1 March 2023. During the year, there

was inevitably a strong focus on cus-

tomer and employee health and safety

due to the Covid-19 pandemic. We

have worked purposefully to improve

the working environment through

occupational health and safety train-

ing, expanded risk assessments, lin-

guistic support, more safety inspec-

tions and skills development. We also

ensured that protective equipment was

available at every workplace.

Outlook

The

Stärkt assistans

report suggests

law changes to take eect on 1 Janu-

ary 2023. If this happens, the number

of people entitled to assistance is

expected to increase by 2,000. The

sector’s margins will continue to be

challenged due to low increases in the

state reimbursement amount that do

not cover increases in business costs.

Humana’s goal is to win a bigger

share of the market. Growth will be

achieved by encouraging more people

to choose Humana, and through

acquisitions. The challenging operating

environment in the assistance industry

will require further consolidation of

companies, and Humana plans to take

an active approach.

Personal assistance enables people with functional impairments to live independently on their

own terms. Humana is Sweden’s largest provider of personal assistance. Our expertise is extensive

and we continue to grow while maintaining high quality.

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Percentage

of Group

revenue 2021

37 %

Operating revenue

and operating margin

500

1000

1500

2000

2500

3000

3500

20212020

SEKm %

Operating revenue

Operating margin

Key ratios 2021 2020

Operating revenue,

SEK million 3,042 2,931

Revenue growth, % 3.8 5

Organic growth, % 1.9 4.1

Share of Humana’s revenue, % 37 38

Operating profit, SEK million 208 160

Operating margin, % 6.8 5.5

Average number of employ-

ees, full-time equivalents 5,209 5,099

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | OFFERING

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

I feel confident

having Humana

as an employer.”

Kubra Mohammad Akram

Personal assistant, Sweden

Kubra, you are both a mum

and a personal assistant. What

is that like?

When I help my son, I do not think of

myself as his mother. I am his assistant and

meeting his needs is governing everything

I do. He knows a bit of sign language and

can say whether he wants to listen to music

or maybe dance a bit – then we do that. He

can also say things like that he is in pain,

but I can’t always be sure I understand

where the pain is, then it’s tough. When I

help my son, I’m really happy. I feel like a

strong person and forget everything else

around me.

How does it work with Humana

as assistance coordinator?

I got in touch with Humana in 2014. It

works great and when I have a question

I just make a call to them. We get help

whenever we need and Humana’s sta

members are very kind. I feel confident

having Humana as an employer and I am

happy that they understand me.

What does it mean to you that

Humana has many language-

skilled employees?

It means that I can speak both Persian and

Swedish with Humana and this makes it a

lot easier for us. It simply makes it easier to

communicate. I haven’t had the chance to

go to school so much, and the fact that I

can’t speak Swedish very well has given

me plenty of sleepless nights. I can speak

freely from the heart with Humana’s sta

members, both in Persian and in Swedish.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | OFFERING

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Oering

Humana operates 23 elderly care

homes in 16 municipalities in Sweden.

We strive to oer comprehensive care

in every home in a safe, secure and

comfortable environment. Those who

move into our elderly care homes have

their own ﬂats. They also have access

to a dining room, sitting room and

other common areas. Various activities

are oered daily. Humana’s meal con-

cept includes good, nutritious food

eaten together with others.

Residents of Humana’s elderly care

homes often have several diagnoses,

such as dementia, diabetes, heart

failure or dierent types of functional

impairments. This places high

demands on the sta. We have experi-

enced managers and dedicated assis-

tant nurses, nurses, physiotherapists

and occupational therapists. We use

evidence-based methods and oer

employees continual opportunities for

professional development, including

via the Humana Academy.

Developments in 2021

The Covid-19 pandemic continued to

impact on elderly care in 2021, partic-

ularly regarding bed vacancies.

The abolition of the ban on visitors

at all elderly care homes during spring

2021 enabled certain aspects of the

operations to return to a more normal

everyday life. Most employees have a

positive attitude towards vaccination

and levels of sick leave fell sharply

during the year. However, occupancy

and sick leave levels did not return to

the pre-pandemic levels of early 2020.

From April to September, Humana

opened five new elderly care homes

under own management with a total of

320 ﬂats. These properties are located

in Falkenberg, Ängelholm, Vallentuna

and Norrtälje (two homes). The open-

ing of these operations proceeded

entirely according to plan, and around

70 percent of bed vacancies had

already been filled by December.

During the year, we also took over the

operation of two elderly care homes in

Kalmar and one in Örebro.

Two more Humana elderly care

homes received Silviahem certification

in 2021. This means that all sta have

taken supplementary courses in good

dementia care so they can provide the

best possible quality of life for people

with dementia and their families.

Outlook

Humana has an ongoing project in

Täby municipality concerning 90 ﬂats,

which is scheduled for completion by

autumn 2022. This property will be run

under own management and has a

favourable geographical location close

to a communication-hub.

Humana is planning to further

expand its elderly care operations. The

market is substantial and the number

of persons aged over 80 will rise by

around 50 percent over the coming ten

years. This will result in strong demand

for many new elderly care homes

which can be operated both eciently

and with a high level of quality. Given

the falling tax revenues amongst the

municipalities, private alternatives able

to run the operations cost-eectively

while oering a stimulating and event-

ful daily life for the residents, will

become even more important.

Elderly Care

Humana provides elderly care homes run under own management and under contract. In 2021,

we opened five newly built homes and took over three contracts. e care we provide is characterised

by high quality, sustainability and innovation. Repeatedly, our elderly care homes receive high marks.

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Percentage

of Group

revenue 2021

Operating revenue

and operating margin

Key ratios 2021 2020

Operating revenue,

SEK million 669 608

Revenue growth, % 10.1 8

Organic growth, % 10.1 7.7

Share of Humana’s revenue, % 8 8

Operating profit, SEK million -3 10

Operating margin, % -0.4 1.6

Average number of employ-

ees, full-time equivalents 955 862

100

200

300

400

500

600

700

2020 2021

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

SEKm %

Operating revenue

Operating margin

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | OFFERING

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Oering

In Finland, Humana oers institutional

care for children and young people,

outpatient care for families and chil-

dren, as well as housing services for

the elderly, individuals with functional

impairments and individuals with men-

tal illness and/or substance abuse

problems.

Humana Finland operates approxi-

mately 95 care units and has 41 teams

providing outpatient care. In total,

Humana Finland serves approximately

4,000 clients and customers.

Developments in 2021

For Humana Finland, the year was

characterised by positive growth initia-

tives and several new openings,

although Covid-19 continued to aect

the business as the waves of the pan-

demic swept the country. Humana’s

employees were very well-equipped to

handle the pandemic.

The market for child institutional

services was aected by the pandemic

during the summer and autumn.

Exceptionally low demand led to lower

occupancy, though the occupancy rate

normalised towards the end of the year.

Humana expanded its outpatient care

services during the year and retained

its position as Finland’s largest pro-

vider of individual and family outpa-

tient care. Demand remained strong,

as preventive health and social care is

prioritised by the social services.

The need for child and youth care

homes ﬂuctuated during the year due

to the Covid-19 pandemic. The under-

lying need for the services remained

strong, and a number of investment

decisions were made during the year

regarding the opening of new units.

Humana opened several new child

and youth operations during 2021.

Two new institutional care homes

opened in central Finland. Humana’s

care services for other target groups

also grew organically during the year,

with the addition of one new unit.

Outlook

Humana’s goal is to strengthen its

position as a provider of high-quality

care services in Finland. This includes

improving growth and profitability.

Humana’s outpatient care services are

increasingly important. They include

supporting parents with the challenges

they face, serious mental illness and

substance abuse problems.

By providing support on time, it is

possible to rectify problems before

they require more comprehensive

measures. Humana leads the way in

this area in Finland.

The need for institutional child and

youth health and social care is

expected to remain strong going for-

ward. There will be a particular need

for specialist expertise to support

children who are suering from neuro-

psychiatric functional impairment or

mental illness, or who show symptoms

through drug abuse or violent

behaviour. Humana will continue to

oer extensive services for children

with complex problems.

Finland

Humana oﬀers individual and family care as well as elderly care in Finland. In 2021, several new

openings and growth initiatives took place. e focus is on securing growth and continuing to

improve profitability, with a particular focus on sustainability and branding.

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Percentage

of Group

revenue 2021

16 %

Operating revenue and operating

margin

Key ratios 2021 2020

Operating revenue,

SEK million 1,284 1,327

Revenue growth, % -3.2 10

Organic growth, % -0.5 7.4

Share of Humana’s revenue, % 16 17

Operating profit, SEK million 56 62

Operating margin, % 4.3 4.6

Average number of employ-

ees, full-time equivalents 1,605 1,669

200

400

600

800

1000

1200

1400

20212020

SEKm %

Operating revenue

Operating margin

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | OFFERING

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

We want to give

the elderly

a healthier

day-to-day life.”

Jenni Lepistö and Toni

Savolainen

Assistant nurses, Elderly Care,

Finland

Jenni and Toni, you have been

recognised as rehabilitation

team ’JETO’. What is that?

JETO is an abbreviation of our names,

Jenni and Toni, and is our own way of

helping the elderly at our unit to have a

good, more active life in their old age.

What lies behind your

commitment to the elderly?

We are both assistant nurses specialised

in elderly care. We have worked

extensively with rehabilitation and wanted

to try to see whether we could do more to

give the elderly a healthier day-to-day

life, something Humana encouraged.

What is the key to successful

rehabilitation?

We start with the aids the elderly already

use in their day-to-day lives, like

a rollator. Then we customise the pro-

grammes for each individual person. In

the end, good interaction, warmth and

humour are a must. That might include

winning their trust several times during the

same shift if they have dementia.

How has it been received?

We see clear positive results – the elderly

have become more active and their family

members are really pleased. This in turn

has given the entire work team a lot of

positive energy because we have been

able to share the success of the eorts

with our colleagues.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | OFFERING

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Oering

Humana Norway oers social care

services for children and young peo-

ple, personal assistance (self-directed

personal assistance/BPA), outpatient

care, family-based care and special

service housing for people with func-

tional impairments and/or mental

health problems.

Humana is one of the two largest

care providers in Norway, with a

growing number of customers.

Developments in 2021

Despite the Covid-19 pandemic, the

Humana Norway business area has

yet another successful year behind it,

with both the reputation and the posi-

tion of the Norwegian market being

strengthened further. Growth was

especially strong in the personal assis-

tance segment, and many new cus-

tomers are queuing up to use our ser-

vices. Humana is now Norway’s larg-

est provider of personal assistance.

The segment for special service

housing for people with functional

impairments and/or mental health

problems is also growing fast. Huma-

na’s operations in this sphere have

contributed very good results, both

qualitatively and financially. Institu-

tional and family-based care opera-

tions continue to be a challenging seg-

ment for all providers. This area is also

under political pressure.

Throughout 2021, Humana Norway

has invested in marketing via digital

channels, and achieved considerable

success within recruitment and other

areas. A national family-based care

campaign was viewed over half a mil-

lion times on social media, helping to

raise awareness of Humana and all

the good work we are doing. The cam-

paign also resulted in many potential

new family-based care homes. Fur-

thermore, we have never had as many

participants in our webinars as we had

this year. The fact that we are sharing

our knowledge is attracting more and

more interest in our work and making

people aware of how Humana can

help to meet their needs.

Outlook

Humana’s Norwegian operations are

stable and profitable. At the same

time, there is great growth potential

since the need for health and social

care in Norway, as in the rest of the

Nordics, continues to increase.

We work systematically to develop

good managers and ensure satisfied

employees over the long term. One

sign that our investments in profes-

sional development, leadership devel-

opment and high-quality services have

succeeded is that more and more peo-

ple are applying for jobs at Humana.

During 2021, Humana Norway con-

tinued to deliver excellent results with

regard to quality. This positive trend is

gratifying and increases our motivation

to continue to develop our services.

Humana Norway will continue to

work to take a bigger share of the

market based on high quality and an

understanding of the market’s needs.

Norway

In Norway, Humana provides services in personal assistance and individual and family care,

as well as special service housing. Every day, Humana Norway helps its customers and clients

to live a life like everyone else.

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Percentage

of Group

revenue 2021

11 %

Operating revenue

and operating margin

Key ratios 2021 2020

Operating revenue,

SEK million 916 788

Revenue growth, % 16.4 -0.8

Organic growth, % 13.8 8.9

Share of Humana’s revenue, % 11 10

Operating profit, SEK million 103 69

Operating margin, % 11.3 8.7

Average number of employ-

ees, full-time equivalents 994 838

200

400

600

800

1000

20212020

SEKm %

Operating revenue

Operating margin

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | OFFERING

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Humana has been listed on Nasdaq

Stockholm since 2016. An invest-

ment in Humana is an investment in

sustainable welfare. Humana creates

great value at an individual level and

socio-economically. Clear financial

targets, together with our commit-

ment to continuous development and

quality assurance, promote a long-

term sustainable return.

Humana

as an

investment

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Humana – a sustainable investment

Several underlying trends in the world

at large show that the need for care is

increasing and is expected to continue

to increase over the coming years.

Thus, demand for innovative, cost-

eective and high-quality care services

will also increase. These trends include,

among other things, an ageing popu-

lation, increasing mental illness, old

property holdings and increased

demand for quality, specialisation

and individual adaptation.

Meanwhile, the increased need,

combined with a changed demo-

graphic structure with fewer people in

the labour market, leads to economic

pressure on states and municipalities,

which in turn increases the need for

cost-eective care services. Another

challenge is finding skilled labour in

the care industry.

All providers – public, private and

non-profit alike – will be essential to

meeting the need and coping with

these major welfare challenges. As a

long-term, high-quality care provider,

Humana is part of the solution. The

company has a clear strategy for how

its operations will continue to develop,

and clear financial targets that focus

on growing profitably and sustainably

– socially, economically and environ-

mentally. Through investments in

research and constant development to

meet the changing needs of the mar-

ket, Humana wants to set a new and

higher standard of care in the Nordic

region.

An investment in Humana is an investment in sustainable welfare. Humana creates great value for

society, at an individual level and socio-economically. e company has a strong position in the

growing care market and a clear strategy for achieving its overall goal of being the obvious provider

of care services in the Nordics for customers, clients and contractors who demand high quality.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | HUMANA AS AN INVESTMENT

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Care is a stable

and growing market

The market. The care market in the

Nordics totals SEK650 billion, of which

about a quarter is private.

Continued growth. A growing and

ageing population along with increased

mental illness is expanding the market.

Non-cyclical market. The care market is

less aected by business cycles.

Humana wants to grow and help

more people have a good life

Growth-oriented. Humana is a growth-

oriented company. We are proud of our

business and the care we oer. Growing

means that we help more people have

a good life. In 2021, Humana gained

around 600 new customers and clients.

Our oering must be in line with under-

lying growth trends and meet the needs

of a growing market.

Conslidation. The market is fragmented

and consists of thousands of companies.

The ongoing consolidation creates

opportunities for a company like

Humana to grow through acquisitions.

Strong position through high

quality and specialised oering

Market position. Humana has a strong

market position in personal assistance

and individual and family care and is

growing in elderly care.

Specialisation. Our continuous reorga-

nisation eorts to adapt the business to

more complex customer oerings and

research initiatives give us competitive

advantages in a market with increased

demand for specialist expertise.

Quality. High quality care is a prere-

quisite for meeting demand and esta-

blishing a strong position in the market.

Humana has developed its quality

monitoring initiatives and implemented

a new Humana Quality Index, HQI.

This will give us the conditions to keep

contributing to a higher standard of

social care.

Entry barriers. Complex care services

with advanced specialisation, permit

requirements and investments create

high entry barriers.

We drive the future of welfare

A sustainable business concept.

Humana works to ensure sustainability

at an individual level as well as socio-

economic sustainability, which also

includes taking responsibility for its

environmental impact. Everyone is

entitled to a good life, and Humana

Seven reasons to invest in Humana

wants to contribute by establishing a

new and higher standard of care.

Social sustainability. An investment in

Humana is an investment in the care of

vulnerable individuals and a route for

employees into the labour market. We

help more people lead a good life by

delivering high-quality care services,

and invest in jobs for people who stand

furthest from the labour market.

Socio-economic sustainability.

In 2021, Nordic municipalities and

states saved SEK1 billion through

Humana’s cost-eective care services.

Continuous growth

and profitability

Growth. Humana has a history of sta-

ble growth and stable margins. We are

continuing to focus on growth through

a relevant oering and cost eciency.

Revenue. Over the last five years,

Humana has had an annual average

revenue growth of 5.7 percent.

Operating margin. Over the last five

years, Humana has had an annual

average operating margin of 5.6

percent.

Earnings per share. The average

annual increase in EPS during the last

five years has been 11.7 percent.

Stability. Demand for our operations

is independent of economic conditions

or other major socio-economic challen-

ges, which guarantees long-term,

sustainable returns.

Good cash conversion

reduces risk

Cash conversion. Humana’s revenues

come primarily from national and local

governments. They pay on time and

are creditworthy. Increasing revenue

and stable profitability help to

strengthen operating cash ﬂow and to

generate cash ﬂow, which is used partly

to invest in growth. For the last three

years, cash conversion (operating cash

ﬂow divided by EBITDA) amounted to

85percent in 2019, 93percent in 2020

and 86percent in 2021.

Attractive financial targets

Financial targets. Humana will create

good value for its shareholders.

Humana will be profitable and have

an operating margin of 7percent.

Humana will grow 5percent organi-

cally with an additional 2–3percent

possible from acquisitions. Humana

will have a good capital structure with

net debt not exceeding 4.5x EBITDA.

Dividend policy. Dividends may

amount to 30 percent of net profit for

the year. The Board has suggested that

no dividend should be paid for 2021.

Also for the years of 2019 and 2020,

no dividend was paid.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | HUMANA AS AN INVESTMENT

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

e Humana share

Trading and market

capitalisation

Since March 2016, the Humana share

has been listed on Nasdaq Stockholm

in the Mid Cap segment under the

ticker HUM.

In 2021, a total of 27.4million

shares were traded on Nasdaq Stock-

holm at a value of SEK1.9 billion. The

average daily share turnover totalled

SEK7.5 million. On all venues,

Humana shares traded for a total of

SEK 3.2 billion. The five venues with

the largest turnover were Nasdaq

Stockholm (59percent of trade clos-

ings), Cboe BXTR (16 percent), Cboe

BXE (9 percent), Cboe DXE (8 percent)

and Cboe BATS (3 procent).

Share price movement

On the last trading day of the year,

Humana’s share traded at a price per

share of SEK 72.20, an increase of 23

percent in 2021. This corresponded to

a market capitalisation of SEK3.9 bil-

lion and an increase of SEK717 mil-

lion for the year. The highest share

price paid for the year was SEK84.90

on 17November 2021. The lowest

share price paid for the year was

SEK57.00 on 28January 2021.

Share capital

The total number of shares on

31December 2021 was 53,140,064.

Each share has a quotient value of SEK

0.022, which means that share capital

amounts to SEK1,180,879. Humana’s

share capital consists of one class of

shares, with each share having equal

voting rights and equal entitlement to

receive dividends.

Ownership structure

Humana had 4,669 shareholders at

the end of the year. The proportion of

share ownership in Sweden was 58.5

percent. Foreign ownership totalled

41.5percent. Shareholders in the UK

held 14.2percent of the votes and

capital, shareholders in Luxembourg

held 6.8percent, shareholders in

Norway held 6.3percent and share-

holders in the US held 6.0percent.

The ten largest shareholders held

72.9 percent of the votes and capital.

Humana’s share price in 2021

500

1,000

1,500

2,000

2,500

DECNOVOCTSEPAUGJULJUNMAYAPRMARFEBJAN

100

SEK thousands

Traded number of shares in thousands per week.

Humana OMX Stockholm PI

Key ratios

2021 2020

Number of shares at end of year,

millions 53 53

Market capitalisation at end of year,

SEK million 3,863 3,146

Number of shareholders 4,669 4,375

Share price at end of year, SEK 72.70 59.20

Price change during the year, % 23 -3

Year’s high, SEK 84.90 64.80

Year’s low, SEK 57.00 34.20

Earnings per share, SEK 5.67 4.94

Dividend per share, SEK 0.00 0.00

Dividend as % of earnings per

share 0 0

Shares held in Sweden, % 58.5 54.5

Shares held by the 10

largest shareholders, % 72.9 70.4

Humana’s share is listed on Nasdaq Stockholm. Market capitalisation was SEK 3.9

billion at the end of 2021, an increase of 23 percent compared with the previous year.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | THE HUMANA SHARE

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Members of Humana’s Group

management owned a total of 58,029

shares as at 31December 2021,

corresponding to 0.1percent of the

votes and capital. Humana’s Board

members and related parties owned

10,866,054 shares, corresponding to

20.4percent of the votes and capital,

of which Impilo, the principal owner,

held 20.2percent.

Holdings of own shares

The company’s own shareholdings

totalled 4,247,859 as at 31 December

2021, corresponding to 8.0percent of

the votes and capital. See note G17

and note G24 for more information

concerning share buybacks.

Dividend and dividend policy

Humana’s target is for the dividend to

amount to 30 percent of profit for the

year and for the proposed dividend to

consider Humana’s long-term develop-

ment potential and financial position.

Due to the prevailing situation in 2021

caused by the Covid-19 pandemic, the

Board has proposed to the 2022 AGM

that no dividend be paid to sharehold-

ers from the profit for the year 2021.

Share-based incentive

programmes

At the end of 2021, Humana had no

ongoing long-term share-related

incentive programmes for senior exec-

utives or other employees.

In June 2020, Impilo Care AB,

Humana’s principal owner, made an

oer to Board members and senior

executives of Humana to acquire

synthetic options in Humana issued

by Impilo Care AB. Humana did not

participate in the oer and the pro-

gramme will not give rise to any costs

for Humana. A total of 461,000 syn-

thetic options were acquired. The total

market value of the options on the

transaction date is estimated at

approximately SEK 1.4 million. The

synthetic options are related to Huma-

na’s share and expire after three years.

The options can be exercised during

the period 1 April 2023 to 30 June

2023. The exercise price is SEK 77.90

per option.

Financial calendar

2022 5 May Interim report January–March

10 May Annual General Meeting

18 August Interim report January–June

10 November Interim report January–September

Banks monitoring Humana

Company Analysts / email address

ABG Sundal Collier Jakob Lembke

[email protected]

Carnegie Kristofer Liljeberg

kristofer[email protected]

DNB, Den Norske Bank Karl-Johan Bonnevier

[email protected]

SEB Mattias Vadsten

mattias.[email protected]

Kepler Cheuvreux Jon Berggren

[email protected]

Ten largest shareholders

31 December 2021

Number of

% of votes

and capital

Impilo Care AB 10,743,554 20.2

Incentive AS 7,674,523 14.6

Alcur fonder 5,229,566 9.8

Humana AB 4,247,859 8.0

SEB Investment Management 2,890,207 5.4

Nordea Investment Funds 2,657,031 5.0

Zirkona 1,990,127 3.8

Euroclear bank 1,629,623 3.1

Third Swedish National Pen-

sion Fund 938,609 1.8

MJM Invest 746,138 1.4

Total, 10 largest 38,747,237 72.9

Shareholders who are registered directly with Euroclear

Sweden or who have confirmed their ownership directly to

Humana.The shareholders list is continously updated on

Humanas web page.

Shareholder structure, 31 December 2021

Shareholding, number of

Number of

sharehold-

ers

% of votes

and capital

1 – 500 3,697 0.8

501 – 1,000 406 0.6

1,001 – 5,000 366 1.7

5,001 – 10,000 70 0.9

10,001 – 15,000 21 0.5

15,001 – 20,000 14 0.4

20,001 – 95 95.1

Total 4,669 100.0

Shareholder categories, 31 December 2021

Foreign shareholders 41.5

Swedish shareholders; financial companies

and other legal entities 52.4

Private individuals 6.1

Total 100.0

Share ownership by country

Sweden, 58.5% UK 14.2%

Luxembourg 6,8% Norway, 6.3%

US 6.0 % Other countries 8.2 %

Shareholder distribution

Swedish shareholders, 58.5 %

Foreign shareholders, 41.5%

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | THE HUMANA SHARE

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

e objective of Humana’s cor-

porate governance is to establish

eﬃcient procedures and eﬀective

control, ensuring that share-

holders’ interests are protected

and promoting a sustainable and

value-creating business.

Corporate

governance

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

The corporate governance report forms

part of the statutory administration report,

which can be found on pages 71–75.

Chairman’s statement

Many of us believed that the pandemic

would come to an end as early as

autumn 2020, with behavioural rules,

vaccinations and testing breaking the

back of it. Instead it ended up continu-

ing, shifting its form and becoming a

part of our daily lives. Humana has

played an important role as a care

provider during this period and our

organisation has continued to manage

a challenging situation, both for those

to whom the care relates and for our

employees. A developed quality sys-

tem, training initiatives and leadership

have provided important support in

these eorts.

Socially responsible provider

Humana's role is to provide care in dif-

ferent areas and across four countries

in the Nordic region – our core busi-

ness is about social sustainability in

society. As a socially responsible pro-

vider, we also actively contribute to

diversity and inclusion in society. For

several years now, we have also shown

how we can add significant value

purely through savings that contribute

to a healthy economy. When I meet

politicians and public ocials, they

also often emphasise the importance

of the freedom of choice provided by

private operators’ services and the

possibility of comparing publicly pro-

vided care with an alternative. There is

increasing freedom of choice in terms

of elderly care homes and group

homes, and that is valuable!

Two prerequisites of sustainable wel-

fare are monitoring and transparency

of quality. Humana also contributes in

these areas, and is a forerunner in

terms of measuring quality. We wel-

come clear and stated quality targets,

whether they concern procurement or

monitoring.

Implementation and target

achievement

2021 was a year in which Humana

took yet another step towards reaching

its medium-term targets, but we still

have a long way to go to fully achieve

them. In relation to our targets it

looked like this:

• An operating margin of 6.0 percent

(6.0), compared with the target of

7 percent.

• Organic growth of 3.1 percent (4.1) ,

compared with the target of 5

percent.

• Net debt/EBITDA ratio of 4.6 times

(4.3), compared with the target of

4.5 times.

For Humana, 2021 can be summed up in three parts. e pandemic maintained its grip on

society and continued to have a major inﬂuence on our daily work as caregivers. We took further

steps towards our targets, in line with the plans established by the Board a couple of years ago.

e end of the year saw a transition in the role of CEO, with Johanna Rastad taking the reins

from Rasmus Nerman, a change that will guarantee both continuity and create space for

expectations for the future.

Two prerquisites of

sustainable welfare are

monitoring and

transparency of quality.

Humana also contributes in

these areas, and is a

forerunner in terms of

measuring quality.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | CORPORATE GOVERNANCE

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

This is for the Group as a whole and

the situation in each country and busi-

ness varied to a relatively large extent.

Norway, which faced challenges a

few years ago, showed continued

improvements, not least in terms of

organic growth, and the currently

well-managed business continued to

win confidence in procurements.

Personal Assistance in Sweden,

which is an esteemed caregiver and

employer, continued to deliver stable

results. Individual & Family in Sweden

is also essentially a well-run business,

though during the year the operations

experienced multiple challenges relat-

ing to quality. The background to this

is the multi-year trend of increasing

complexity in the assignments we

receive, which in turn is a consequence

of greater challenges in society. Those

who need care from society today are

often in very dicult situations or have

more complicated issues compared to

previous periods, thus increasing

demands on us as caregivers. We have

invested heavily in quality assurance,

which in some cases has also meant

that we have chosen to close

operations.

Elderly care in Sweden invested in

growth during the year. We opened a

handful of newly built elderly care

homes under our own management,

which initially led to significant overca-

pacity. That business area also won

several procurements to run municipal-

ly-owned elderly care homes.

In Finland, where there has been an

unsatisfactory performance following

the major acquisition in 2019 and

where management was almost com-

pletely renewed in 2020, we saw

increasing results from the improve-

ment programmes.

Multiple tasks to

solve moving forward

As we sum up 2021, we have come a

long way on the journey that the board

mapped out in autumn 2019. The

tasks we need to solve in 2022 and

beyond are clear and concrete. The

targets relate to Group level, but their

implementation is of course the sum of

each business area’s programme, and

although the starting points vary, they

are pointing in a clearly positive direc-

tion. Humana operates in the Nordic

region and has three operational

branches: personal assistance, individ-

ual and family care and elderly care. It

is also in these areas that we should

expand and develop; we should grow

both organically and through comple-

mentary acquisitions, primarily in

areas with proven strength. Elderly

care in Sweden has struggled with a

lack of profitability, but is expected to

be in a position to increase occupancy

in the new housing units. Finland has

all the prerequisites to succeed in

bringing about the necessary improve-

ments to profitability with its new man-

agement and an acquisition in the

capital region, that took place in the

beginning of 2022.

Leadership transition

In December, Johanna Rastad took

over as CEO. It was very gratifying to

be able to recruit a new CEO with

unusually extensive knowledge of care

operations internally. This guarantees

continuity, but she has also shown that

she is skilled at driving change.

A change of leadership naturally

entails a review of the Group's central

functions, and Humana's management

team has been renewed in the areas of

HR and communication, as well as for

the Individual & Family business area.

In the area of quality, a new Director

of Quality and Development will take

up the role during the second quarter

of 2022. Extensive digitalisation eorts

are already underway and will acceler-

ate going forward. In order to be able

to focus on the task of providing care,

it must be easy and ecient for our

employees to carry out their adminis-

trative work. Companies that succeed

in this area can also stand out com-

pared with smaller private and larger

public employers.

To conclude, on behalf of the Board,

I would like to express a heartfelt

“thank you” to all of Humana's

employees for a well-run 2021 and for

their continuing ecient handling of

the pandemic. I would also like to

thank my colleagues on the Board for

a great collaboration during another

unusual year, where most of the meet-

ings were digital.

The outcome for 2021, our pro-

grammes for the future and the new

leadership team all provide a sound

basis for positive expectations for the

future. We will build on Humana’s

strengths and I look forward to a 2022

in which we make further improve-

ments and see even faster

developments.

Welcome!

Sören Mellstig

Chairman of the Board

e outcome for 2021, our

programmes for the future

and the new leadership

team all provide a sound

basis for positive

expectations for the future.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | CORPORATE GOVERNANCE

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Ecient and well-functioning corporate

governance creates better control while

providing scope for new business. The

aim is to ensure that Humana is eec-

tively governed and operated in accor-

dance with current laws and

regulations.

Regulatory framework and

governance model

Humana is a Swedish public limited

company listed on Nasdaq Stockholm.

The company, corporate ID number

556760-8475, has its registered oce

and head oce in Stockholm. The cor-

porate governance report is part of the

company’s Board of Directors’ Report

and is audited by the company’s

auditors.

The objective of Humana’s corpo-

rate governance is to ensure that the

Board and Group executive manage-

ment work to develop the company’s

operations so that long-term value is

created for all stakeholders, including

customers, clients, employees and

shareholders. The work involves ensur-

ing a well-functioning organisation,

clear operational goals, a system for

ecient management, eective moni-

toring, correct and transparent gover-

nance and internal control, and trans-

parent internal and external reporting.

The aim of corporate governance is to

ensure that Humana is eectively gov-

erned and operated in accordance

with current laws and regulations.

Responsibility for governance, man-

agement and control is distributed

between the Board, its elected commit-

tees, the CEO and the shareholders.

Humana’s governance is based on

external and internal governance

instruments.

External governance instruments

External governance instruments form

the framework for Humana’s corporate

governance. The external instruments

include the Swedish Companies Act,

the Swedish Annual Accounts Act, Nas-

daq Stockholm’s Rules for Issuers and

the Swedish Corporate Governance

Code (the Code).

Internal governance instruments

The internal control instruments

include the Articles of Association as

adopted by the Annual General Meet-

ing, the rules of procedure for the

company’s Board of Directors and the

CEO instruction, policies and internal

rules and guidelines. Humana’s Board

has adopted several policies and

guidelines that govern the company’s

operations. Humana has also adopted

a set of instructions for financial

reporting that are documented in the

company’s financial manual. Along-

side the above-mentioned internal

documentation, Humana follows a

Group-wide vision, a business concept

and four clearly defined target areas.

The structure and dierent compo-

nents of Humana’s corporate gover-

nance are shown in the illustration on

the next page.

Regulations, control model and internal control

Sustainability work and

governance at Humana

At Humana, sustainability is an

integral part of the company’s

business model and corporate

governance.

For Humana, sustainability is

closely connected with the compa-

ny’s value creation and acts as a

quality provider in the care indus-

try. Humana considers this work to

be about making a major contribu-

tion to society, the company’s cus-

tomers, clients, contractors,

employees and other stakeholders.

The work is based on Humana’s

core values, our strategic objectives

and our code of conduct. Respon-

sibility for overall strategies, objec-

tives, measures and monitoring lies

with Group executive manage-

ment. Management reports to the

Board, which monitors progress

and is involved in driving the work

forward.

Read more in Humana’s sustain-

ability report on pages 13–32, 62

and 67–68.

Humana’s corporate governance is aimed at long-term and sustainable value creation. Humana

endeavours to provide a clear and transparent governance model and division of responsibility,

along with good control of risks and a healthy corporate culture.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | CORPORATE GOVERNANCE

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Shareholders

Humana is listed on Nasdaq Stock-

holm. The total number of shares is

53,140,064. All shares carry the same

voting rights and rights to the compa-

ny’s earnings and capital. The compa-

ny’s registered share capital on 31

December 2021 amounted to SEK

1,180,879. There is no provision in

Humana AB’s articles of association

restricting the transfer of shares.

Since the 2021 Annual General

Meeting, there has been an outstand-

ing authorisation for the Board to issue

new shares corresponding to a maxi-

mum dilution of 10 percent of the total

number of outstanding shares in the

company at the time of the meeting’s

resolution concerning the authorisa-

tion, and to approve the buy-back of

own shares so that the company’s

overall holding of own shares amounts

to not more than one tenth of all

shares in the company. During the

year the company bought back shares

and took advantage of the opportunity

to use shares as valuable consideration

in an acquisition. Subsequently, the

company’s total own shareholding

amounts to 4,247,859 shares at year-

end, which is 8.0 percent of the total

number of outstanding shares and

votes. After the financial year of 2020,

the company has utilised the full

authorisation and bought back shares

totaling to a holding of 5,314,006

shares, corresponding to 10 %.

Humana had 4,669 shareholders at

the end of the year. The ten largest

shareholders registered with Euroclear

Sweden directly or as an owner group

accounted for 69.4 percent of the votes

and shares in the company. Swedish

investors owned 59.9 percent of the

votes and shares. The largest share-

holder as at 31 December 2021 was

Impilo Care AB with 20.2 percent of

the votes and shares.

General Meeting

The General Meeting is Humana’s

highest decision-making body, and all

shareholders are entitled to attend. By

exercising their voting rights, Huma-

na’s shareholders can participate and

decide on several important issues

such as the election of directors and

auditors, adoption of the financial

statements, discharge from liability for

the CEO and Board, and appropria-

tion of the company’s profit.

All shareholders listed in the share

fication of their intention to attend

according to the regulations contained

in the notice convening the meeting

are entitled to participate in Humana’s

meeting and vote their shares. Share-

holders may also be represented by

proxy at the meeting.

Humana’s Annual General Meeting

was held on 11 May 2021 and was

conducted through absentee voting

(postal voting).

Resolutions passed at the 2021 AGM

included:

• total available profits to be carried

forward, meaning no dividend pay-

ment for the 2020 financial year

• the Board of Directors and CEO to

be discharged from liability for the

2020 financial year

• the Board to be composed of seven

ordinary members without deputies

• Sören Mellstig to be re-elected as

Chairman of the Board, and Karita

Bekkemellem, Kirsi Komi, Monica

Lingegård, Anders Nyberg and

Fredrik Strömholm to be re-elected

as Board members

• payment of directors’ fees totalling

SEK 2,310,000

• election of KPMG AB as auditing

firm, with Helena Nilsson as chief

auditor

• adoption of the guidelines on sala-

ries and other remuneration of

senior executives in accordance with

the Board’s proposal

• authorisation for the Board to

acquire own shares

• authorisation for the Board to trans-

fer own shares

• authorisation for the Board to issue

new shares on one or more occa-

sions before the next AGM, but not

exceeding 10 percent of the total

Governance model

Humana’s shareholders ultimately decide on the Group’s governance by appointing the company’s Board at the

General Meeting. The Board, in turn, is responsible for ensuring that Humana’s corporate governance complies

with laws and other external and internal governance instruments.

1. Shareholders

2. General Meeting

8. President and CEO

8. Group executive management

4. Board of Directors 5. Audit Committee6. Remuneration Committee

3. Nomination Committee 7. Auditor

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | CORPORATE GOVERNANCE

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

number of shares outstanding in the

company.

• to amend the Articles of Association

regarding the company’s name to a

company name, and amendment of

the timing of notification of partici-

pation in the Annual General Meet-

ing. In addition, provisions were

incorporated into the Articles of

Association concerning the acquisi-

tion of powers ahead of an Annual

General Meeting, and an option for

shareholders to exercise their voting

rights by post.

Nomination Committee

The Nomination Committee’s task is to

ensure that members of Humana’s

Board of Directors together have the

relevant knowledge and experience to

promote and be part of Humana’s

optimum development over time. The

Nomination Committee assesses the

Board’s work, based on factors such

as the Board’s annual evaluation, the

requirements of the Code, compa-

ny-specific needs and comments pro-

vided to the Committee by Humana’s

Chairman.

The Nomination Committee’s work

also includes presenting proposals to

the AGM on the number of Board

members and the composition of the

Board, and making proposals on

remuneration of the Board, including

fees for committee work. The Nomina-

tion Committee also proposes candi-

2022 Annual General Meeting

Humana AB will hold its Annual Gen-

eral Meeting on Tuesday 10 May 2022

at the Lindhagen Conference Centre,

Linhagensgatan 126, in Stockholm.

The meeting will be held in person but

will oer the option of absentee voting

(postal voting).

Right to participate and notification

to the company

Anyone wishing to participate in the

meeting through absentee voting must:

• be registered as a shareholder in the

share register maintained by Euro-

clear Sweden AB on Monday 2 May

2022, and

• notify the company of their intention

to attend the meeting by Thursday

4 May 2022 at the latest.

A shareholder who exercises their

voting right through postal voting does

not need to specifically report their

participation in the meeting, see below

under ‘postal voting’.

Shares registered in the name of a

nominee

In order to participate in the meeting,

any party that has its shares registered

in the name of a nominee through a

bank or other nominee must register

the shares in their own name with

Euroclear Sweden AB by Wednesday

4 May 2022, and the nominee should

thus be notified in good time before

the aforementioned date. Such regis-

tration may be temporary.

Notification of participation

Participation in the annual general

meeting can be notified by phone,

+46 (0)84029160, work days

9:00–16:00, or by post to the address:

Årsstämman i Humana AB, c/o

Euroclear Sweden AB,

Box 191, 101 23 Stockholm, or

via the company’s website:

www.humanagroup.se.

The notification should include the

shareholder’s name or company

name, personal ID or company regis-

tration number, address, telephone

number and the number of advisors.

If participation is by proxy, the origi-

nal of the proxy (with any authorisation

documents, such as registration certifi-

cate) should be received by Humana

before the AGM.

Postal voting

Shareholders may exercise their voting

rights at the meeting through postal

voting.

A special form must be used for

postal voting. This form can be found

on the company’s website,

www.humanagroup.se.

The form for postal voting is valid as

notification.

The completed form, including any

appendices, must be received by Euro-

clear Sweden AB (which administers

the form on behalf of the company) by

no later than Wednesday 4 May 2022.

The form should be sent in good time

before the meeting, either by e-mail to

GeneralMeetingService@euroclear.

com or as the original example by post

to Humana AB, ”Årsstämma”, c/o

Euroclear Sweden AB, Box 191, 101 23

Stockholm. Shareholders may also cast

their absentee vote electronically

through verification by BankID via

Euroclear Sweden AB’s website, https://

anmalan.vpc.se/euroclearproxy.

Shareholders may not endorse their

postal vote with special instructions or

conditions. Any such endorsements will

render the vote (i.e. the postal vote in

its entirety) invalid.

If a shareholder casts a postal vote

through a proxy, a written, signed and

dated power of attorney shall be

enclosed with the postal voting form.

In the case of legal persons, a certified

copy of the legal person’s certificate of

incorporation or equivalent authorisa-

tion document for the legal person

shall be enclosed.

Further instructions and conditions

are given on the postal voting form.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | CORPORATE GOVERNANCE

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

dates for the positions of Chairman of

the Board and Chairman of the AGM

and makes proposals on the election

and remuneration of auditors. The

Nomination Committee’s proposals

regarding Board members, Board fees

and the election of auditors are pre-

sented in the notice convening the

meeting. A statement explaining the

Nomination Committee’s proposed

Board composition is published on

Humana’s website when the notice is

published.

In accordance with the Swedish

Corporate Governance Code,

Humana has a set of Nomination

Committee instructions. The instruc-

tions require the company to have a

Nomination Committee consisting of

one representative from each of the

four largest shareholders (in terms of

votes), based on information from

Euroclear Sweden AB on the last bank-

ing day in August, and the Chairman

of the Board (the convener). The mem-

ber representing the largest share-

holder in terms of votes shall be

appointed Chairman of the Nomina-

tion Committee. The Chairman of the

Board shall not be Chairman of the

Nomination Committee. Members of

the Nomination Committee do not

receive any remuneration.

Members of the Nomination Commit-

tee prior to the 2022 AGM:

• Fredrik Strömholm, representing

Impilo Care AB, Chair of the

Committee

• Alexander Kopp, representing Incen-

tive AS

• Mats Hellström, representing Nordea

Funds Ltd

• Simone Hirschvogl, representing SEB

Investment Management AB

• Sören Mellstig, Chairman of the

Board, Humana

The members of the Nomination

Committee prior to the 2022 AGM

represented approximately 44 percent

of the votes in the company (as at 31

December 2021).

Board of Directors

The Board of Humana has overall

responsibility for building a value-

creating and sustainable business for

shareholders with continuity and a

long-term perspective. The Board is

responsible for the company’s overall

strategy, ensuring well-informed deci-

sion-making processes and maintain-

ing a clear perception of trends in the

sector and Humana’s business envi-

ronment. Another important function

of the Board is to ensure that the com-

pany has good risk management,

control and business monitoring.

Board members

According to the Articles of Associa-

tion, the Board of Humana shall con-

sist of three to eight members.

Together, members of the Board must

possess key skills and experience to

ensure Humana’s optimum

development.

Since the 2021 AGM, Humana’s

Board has consisted of six elected

members (three female and three

male) without deputies. All Board

members are independent of the com-

pany and its management. Four of the

six are also independent of the compa-

ny’s principal owner, the exceptions

being Chairman Sören Mellstig and

Fredrik Strömholm. This means that

Humana fulfilled Nasdaq Stockholm’s

Humana’s Board in 2021 – Remuneration, independence, attendance, shareholdings and options

Independent of Meeting attendance

At 31 December

2021

Director’s fee

(annual), SEK

Fees for

committee work

(annual), SEK

the company and

its management

Principal

owner Board, (13)

Audit

Committee, (5)

Remuneration

Committee (4)

Shares,

number

Synthetic

options,

number

Sören Mellstig 700,000 100,000 Yes No 13 of 13 5 of 5 4 of 4 100,000 100,000

Karita Bekkemellem 250,000 – Yes Yes 12 of 13 – – 0 10,000

Magdalena Gerger

not current year not current year Yes Yes 2 of 3 – 2 of 2 not relevant not relevant

Kirsi Komi 250,000 40,000 Yes Yes 12 of 13 5 of 5 – 10,000 10,000

Monica Lingegård 250,000 60,000 Yes Yes 11 of 13 4 of 5 4 of 4 1,500 10,000

Anders Nyberg 250,000 20,000 Yes Yes 13 of 13 – 4 of 4 11,000 10,000

Fredrik Strömholm 250,000 140,000 Yes No 12 of 13 5 of 5 2 of 2 10,743,554 0

Resigned from the Board at the 2021 AGM (11 May).

Total shareholding – own, through related parties, endowment insurance and in companies.

The synthetic options are issued by Impilo Care AB. Humana did not participate in the oer and will not incur any costs for the programme.

The options are related to the Humana share, with a term of three years, and can be exercised in the period 1 April 2023 to 30 June 2023 at an exercise price of SEK 77.90.

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CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

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requirements for 2021 and the Swed-

ish Corporate Governance Code’s

rules on the independence of board

members.

A presentation of Board members

can be found on page 59. See also the

table on page 52.

The President and CEO attends all

Board meetings. Humana’s CFO also

attends Board meetings and is Secre-

tary to the Board.

The work of the Board

The Board’s duties and responsibilities

are regulated by the Swedish Compa-

nies Act and Humana’s Articles of

Association. The Board’s work is also

governed by annually defined rules of

procedure, which describe areas such

as the division of duties and responsi-

bility between Board members, the

Chairman and the CEO.

The Board also draws up instruc-

tions for the Board’s committees. The

Board of Humana continuously moni-

tors strategic direction, financial per-

formance and the company’s methods

and processes in order to maintain

well-functioning operations. Humana’s

Board is also responsible for ensuring

good quality financial reporting and

internal control and evaluating the

business in relation to goals and

guidelines defined by the Board. The

Chairman of the Board and the CEO

are responsible for monitoring the

company’s development, and for pre-

paring and leading Board meetings.

The Chairman is also responsible for

ensuring that Board members conduct

an annual evaluation of their work and

that they receive the information they

need to perform their duties eectively

and satisfactorily.

The Board held thirteen meetings in

2021: eight ordinary meetings and five

extra meetings. A report from the CEO

and a review of results are permanent

agenda items. The Board approves the

interim reports four times during the

year, at the meetings in February, May,

August and November. The annual

report and annual financial statements

were dealt with at the February meet-

ing. The Board also adopted and

revised several policies, dealt with

Humana’s sustainability work and dis-

cussed acquisition-related matters. The

Board held its annual strategy meeting

in September, with a review and situa-

tion analysis of the market segments in

which Humana operates and associ-

ated strategic action plans.

The Board regularly evaluates the

work of the CEO. At the February

Board meeting, Humana’s chief audi-

tor Helena Nilsson of KPMG reported

on her observations and the Board

also had a separate agenda item with

the auditor during which members of

Group management were not present.

In 2021, the Board focused on the

implementation of Humana’s strategy

with a focus on achieving the goals.

Examples of strategic issues which

have been considered by the Board:

organic expansion initiatives, acquisi-

tions, financing, capital structure and

Humana’s quality initiatives. The Board

also increased its focus on Humana’s

digitalisation. The Covid-19 pandemic

and its consequences have been

closely followed and discussed by the

Board. The Board also made decisions

regarding acquisitions and new expan-

sion investments. Other areas that

have been discussed on a continuous

basis as part of the Board's work are

how Humana and the sector are being

aected by politics and the political

debate in each market, with a focus on

elections in Norway, regional elections

in Finland and upcoming elections in

Sweden.

Evaluation of the work of the Board

Humana’s Chairman Sören Mellstig is

responsible for ensuring an annual

evaluation of the work of the Board

and its committees (audit and remu-

neration) is conducted. An evaluation

of the Board's work process, compe-

tence, background, experience and

composition was carried out during the

autumn. The results were presented to

the Nomination Committee.

Directors’ fees

Total remuneration for Board and

committee work in the period 2021–

2022 amounted to SEK 2,310,000

(2,278,500).

Board diversity policy

Humana’s Board has adopted a diversity policy, which the Nomination Com-

mittee considers in the preparation of its proposal for the Annual General

Meeting. The Nomination Committee also bases its work on Section 4.1 of the

Swedish Corporate Governance Code.

As a group, members of Humana’s Board should have the right expertise,

experience and background to contribute to the company’s development. The

aim is for the Board to consist of members of varying ages, with both male

and female representation, from varied geographical and ethnic backgrounds

and complementing each other in terms of educational and professional

backgrounds. The objective is for the Board to contribute independent and

critical challenges.

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CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

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Audit

Committee

The Audit Committee’s main task is to

support the Board in fulfilling its

responsibilities in the areas of financial

reporting, accounting, auditing, inter-

nal control and risk management. The

Audit Committee works according to

rules of procedure defined by the

Board. The Committee’s duties also

include reviewing internal audit proce-

dures as well as scrutinising and moni-

toring the auditor’s impartiality and

independence. The Audit Committee

has regular meetings with the auditors

in order to stay informed about the

focus and scope of the audit and

observations arising from the audit.

In 2021, the Audit Committee held

five minuted meetings. All Audit Com-

mittee meetings have been reported to

the Board.

Audit Committee members

2021–2022

• Fredrik Strömholm, Chair

• Kirsi Komi

• Monica Lingegård

• Sören Mellstig

The Chair of the Committee, Fredrik

Strömholm, has the accounting exper-

tise required by the Swedish Compa-

nies Act. All members of the Commit-

tee are independent of the company.

Kirsi Komi and Monica Lingegård are

independent of the company’s largest

owner; Fredrik Strömholm and Sören

Mellstig are not.

Remuneration

Committee

The Remuneration Committee works in

accordance with rules of procedure

adopted by the Board of Directors. The

Remuneration Committee’s main tasks

are to submit proposals to the Board

on remuneration and conditions of

employment for the President and

CEO, and remuneration policies for

Group management, and to monitor

and evaluate current and completed

incentive programmes. The Committee

also makes decisions on remuneration

and conditions of employment for

other members of Group

management.

Remuneration Committee members

are also responsible for monitoring

and evaluating application of the

guidelines for remuneration of senior

executives adopted by the AGM.

The Committee is also responsible

for succession planning and talent

management.

The Remuneration Committee held

four minuted meetings in 2021. The

meetings have been reported to the

Board.

Remuneration Committee members

2021–2022

• Sören Mellstig, Chair

• Monica Lingegård

• Anders Nyberg

• Fredrik Strömholm

All members are independent of the

company and its management. Mon-

ica Lingegård and Anders Nyberg are

independent of the company’s largest

owner; Fredrik Strömholm and Sören

Mellstig are not.

Auditor

The external auditor’s tasks are to

assess whether Humana’s annual

report has been prepared in accor-

dance with the Annual Accounts Act

and IFRS, and to examine the adminis-

tration of the company. The external

audit of the accounts of Humana AB,

including the administration by the

Board and Group management, is

performed in accordance with Interna-

tional Standards on Auditing and gen-

erally accepted auditing practice in

Sweden.

The auditor is appointed by the

AGM following a proposal from the

Nomination Committee and is elected

for the period up to the next AGM.

Humana’s AGM on 11 May 2021

adopted a resolution to elect KPMG AB

as the company’s auditor until the end

of the 2022 AGM.

KPMG has conducted its audit

engagement and provided some

related accounting advice, but no

other additional services.

KPMG AB has been the company’s

auditor since 2008. However, as

Humana was not listed until 2016,

KPMG can remain in charge of the

audit until 2026 and then be elected

for a further 10 years.

Authorised public accountant

Helena Nilsson has been chief auditor

since 2018.

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CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

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President and CEO

and Group executive

management

The President and CEO is responsible

for day-to-day management of

Humana in accordance with applica-

ble laws and regulations, including

Nasdaq Stockholm’s Rules for Issuers,

the Code and instructions and strate-

gies adopted by the Board.

The CEO ensures that the Board

receives the information it needs to be

able to make fully informed decisions.

The CEO monitors compliance with

Humana’s goals, policies and strategic

plans adopted by the Board and is

responsible for informing the Board

about Humana’s performance

between Board meetings.

The CEO leads the work of Group

executive management, which is

responsible for overall business

development.

The work and performance of the

CEO are regularly evaluated by the

Board.

Group executive management

Humana’s Group executive manage-

ment comprises the President and

CEO, the managers of Humana’s five

business areas, the CFO, Director of

Quality Assurance, Director of Market-

ing and Communication, and Director

of Human Resources.

At the end of the year, Group execu-

tive management had a gender distri-

bution of eight women and two men.

A presentation of members of Group

executive management can be found

on pages 60–61. See also the table

below.

To 16 December 2021 inclusive.

To 31 August 2021 inclusive.

From 12 November 2021 inclusive

From 1 September 2021 inclusive.

From 17 December 2021 inclusive. Formerly, from 2019 to

12November 2021 inclusive, Business Area Manager for

Individual & Family.

Total shareholding – own, through related parties, endowment

insurance and in companies.

The synthetic options are issued by Impilo Care AB. Humana did not participate

in the oer and will not incur any costs for the programme. The options are

related to the Humana share, with a term of three years, and can be exercised

in the period 1 April 2023 to 30 June 2023 at an exercise price of SEK 77.90.

Humana’s Group executive management in 2021 – Shareholdings and options

Name Position

Member of Group

management since

Employed by

Humana since

Number of shares

31 December 2021

Number of synthetic options

31 December 2021

Rasmus Nerman

President and CEO 2014 2014 not relevant not relevant

Anders Broberg Business Area Manager, Elderly Care 2018 2018 780 11,000

Anna Giertz Skablova

Director of Human Resources 2017 2017 not relevant not relevant

Noora Jayasekara CFO 2020 2018 1,021 15,000

Anu Kallio Country Manager, Finland 2020 2020 – 25,000

Mona Lien Country Manager, Norway 2014 2014 19,578 25,000

Titti Lilja

Business Area Manager Individual & Family 2021 2010 1,007 -

Nina Marklund Krantz

Director of Human Resources 2021 2017 4,512 -

Eva Nilsson Bågenholm Director of Quality Assurance 2015 2015 3,682 25,000

Helena Pharmanson

Director of Marketing and Communications 2010 2010 not relevant not relevant

Johanna Rastad

President and CEO 2019 2018 250 25,000

Anna Sönne

Director of Marketing and Communications 2021 2018 4,000 15,000

Andreas Westlund Business Area Manager, Personal Assistance 2018 2009 23,199 25,000

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | CORPORATE GOVERNANCE

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Guidelines on remuneration

of senior executives

Current guidelines on remuneration

of senior executives

The guidelines on remuneration of the

Board, the CEO and other senior exec-

utives were adopted at the Annual

General Meeting on 7 May 2020, and

also apply for 2021 and 2022. The

guidelines are shown in Note G5.

The Board’s report on

internal control

The purpose of internal control is to

look at the current situation with the

help of analyses and monitoring, and

to use this as a basis for identifying

which risks are significant and which

ones should be managed with eective

controls. Everything cannot, and

should not, be equally controlled in an

eective organisation. Internal control

is about managing relevant risks by

keeping one step ahead, thereby

reducing the company’s overall risk

exposure.

According to the Swedish Compa-

nies Act and the Swedish Corporate

Governance Code, Humana’s Board is

ultimately responsible for ensuring the

company’s organisation is structured in

such a way as to allow satisfactory

monitoring and control of financial

reporting, administration and

operations.

Humana’s CEO has delegated

responsibility to the CFO for imple-

menting and maintaining formal pro-

cedures that ensure compliance with

established principles on financial

reporting and internal control. How-

ever, it is each employee’s responsibil-

ity to participate in internal governance

and control. This includes complying

with the financial manual and per-

forming the controls that have been

established to prevent, discover and

deal with discrepancies and errors.

Responsibility for internal control

At Humana, internal governance and

control is an integral part of the com-

pany’s corporate governance. To clar-

ify and create a structure for how the

organisation manages its risks and

who is responsible for what in Huma-

na’s risk management, internal gover-

nance and controls, the company uses

a model based on three lines of

responsibility for its control work.

The Board is ultimately responsible

for the organisation and defines poli-

cies for risk management based on

owner preferences and directives. The

organisation’s President and CEO is

subordinate to the Board and formally

responsible for day-to-day

management.

First line of responsibility

Humana is a decentralised company

that allows the individual a large mea-

sure of responsibility and freedom on

a day-to-day basis to make decisions

that help to improve and make life

easier for the company’s customers

and clients. The first line of responsibil-

ity in the process of managing opera-

tional risks is therefore the organisa-

tion in day-to-day operations, which

includes regional managers, unit man-

agers, supervisors and employees in

the business operations. They are own-

ers of their own risks and are responsi-

ble for working on daily internal con-

trol by identifying, evaluating, con-

trolling and mitigating risks, as well as

ensuring that laws and rules are main-

tained and internal procedures and

guidelines are complied with. They set

up appropriate control activities and

ensure that these are carried out cor-

rectly. Operational managers bear a

significant responsibility. Both permits

and regulatory frameworks are linked

to the local leadership team. Opera-

tional eectiveness is dependent on

key factors such as corporate culture

and the sense of right and wrong that

management establishes in the busi-

ness, as well as the clarity of employ-

ees’ responsibility for their work.

Second line of

responsibility

The second line of responsibility is

more functionally orientated. This

involves Humana’s functions that work

specifically on monitoring risk-taking

and supporting the front line workers

in their assignments. Their task is to

ensure compliance with the Board’s

level of risk-taking in the first line,

which is achieved by setting require-

ments, defining instructions and poli-

cies, and monitoring compliance.

These functions serve in a support

and monitoring capacity and are not

responsible for operation of the busi-

Group executive management

Board/Audit Committee

Regulatory framework

External audit

First line of

responsibility

– Regular operational

monitoring

– Internal controls

– Compliance with laws

and rules

– Procedures and guide-

lines

– Manuals and instructions

– Risk assessments

Second line of

responsibility

– Operational controls

– Safety and security

– Quality controls

– Inspections

– Risk monitoring

Third line of

responsibility

– Internal audit

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CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

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ness. Humana has an ecient quality

assurance function that works continu-

ously to prevent and reduce risks in the

business and to support operations. In

its financial organisation, the company

also has a function that works on risk

control and compliance. This function

helps to develop processes related to

risk management and internal gover-

nance and control and is responsible

for monitoring the work of the first line.

Third line of responsibility

The third line includes the internal

audit function, which works on behalf

of the Board and reviews the work of

the first and second lines. Based on

the Audit Committee’s assessment, the

Board has decided against appointing

a separate internal audit function. The

company believes that the stronger

quality management system and the

controls in each business area and in

the financial function provide the

required control and monitoring. The

Board assesses the need for an inter-

nal audit function every year.

Internal control system

– COSO model

Humana’s internal control structure

follows the Committee of Sponsoring

Organisations of the Threadway Com-

mission (COSO) framework principles.

The framework is based on five main

components that together allow good

internal control: control environment,

risk assessment, control activities,

information and communication, and

monitoring. From the model’s compo-

nents, several development priority

areas have been identified in the inter-

nal control work.

Control environment

The Board is responsible for establish-

ing an eective system of internal con-

trol and manages the work through

the CEO. Members of Humana’s

Group executive management work

within their respective functions and

areas of responsibility to spread, inﬂu-

ence and increase employees’ knowl-

edge and responsibilities in the area of

control.

An ecient control environment

involves a clear organisational struc-

ture, clear decision-making channels,

shared values in terms of ethics,

morality and integrity, and authority is

clearly defined and communicated

through governing documents. Exam-

ples of Humana’s governing docu-

ments include policies, guidelines,

manuals, instructions and the code of

conduct.

Humana’s quality management

work is central to the business and

includes quality management systems,

systematic monitoring and control.

Humana systematically invests in

strengthening and developing its capi-

tal structure. With regular investments,

Humana increases its competitiveness,

while the company reduces its level of

operational risk.

Important elements of Humana’s

control environment and the process of

building long-term structural capital

include:

• Comprehensive quality assurance at

every level within the company – A

Group-wide management system

with guidelines, internal controls and

monitoring has been implemented

throughout the Group. The Humana

Quality Index (HQI), which is used

for quality monitoring, has been

developed, and a new model will be

introduced in 2022.

• Group-wide policies in several key

areas such as employees, communi-

cation, diversity and transparency.

These include a quality policy, envi-

ronmental policy, work environment

policy, and diversity & inclusion

policy.

• an organisational structure with a

clear delegation of powers and

responsibilities – responsibility for

day-to-day operations lies with local

teams who have a clear system of

regular monitoring at most levels;

region, division, business area and

Group executive management.

• harmonised HR processes within the

group that ensure succession plan-

ning for executive positions and key

central positions. A Group-wide

leadership development programme

has been under way over the past

few years. We are continuing to

refine our employee processes,

partly by developing our Group-wide

HR system.

• Constant skills supply – Humana

Academy’s learning portal provides

traditional training and web-based

interactive training, both for its own

employees and for municipalities

and colleagues in the sector.

• A strong corporate culture with well-

grounded values that permeate the

company – Through a well-estab-

lished corporate culture with shared

values, Humana’s employees are

given a clear direction and mandate

to work on personalised interaction

with a focus on solutions in everyday

life.

• Clear guidelines on ethics and

morality – To further strengthen the

work, a Group-wide code of conduct

has been drawn up and

implemented.

In addition, Humana has governing

documents designed to support and

help all employees to act in accor-

dance with Humana’s internal rules

and guidelines. Governing documents

on accounting and financial reporting

cover areas of importance in working

to establish correct, complete and

up-to-date accounting, reporting and

information disclosure. The financial

manual is Humana’s central governing

document with respect to guidelines

for achieving good internal gover-

nance and control over financial

reporting. In the case of acquisitions,

an essential part of the integration

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | CORPORATE GOVERNANCE

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

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process involves ensuring that values

and the control environment in general

are aligned with Humana’s guidelines.

Risk assessment

Risks and risk management in Huma-

na’s operations are described in more

detail in the section entitled Risks and

risk management on pages 62–69.

The specific financial risks are

described in more detail in note G20.

Humana continuously updates its ana-

lysis of risks that may lead to errors in

financial reporting. A Group-wide

analysis of risks of errors in financial

reporting is conducted annually. The

risk reviews identify items in the finan-

cial statements and administrative

ﬂows and processes where the risk of

errors is more substantial.

Control activities

Humana regularly conducts control

activities for the significant risks that

have been identified. The company’s

CFO is responsible for ensuring that

identified risks associated with finan-

cial reporting at Group level are man-

aged. The control activities follow the

structure of the reporting process and

financial organisation. Each unit’s

reporting is validated and checked at

the local accounting stage before

being transferred to the business areas

and Group finance for consolidation.

Controllers and financial managers in

each business area make budgets,

update estimates and analyse out-

comes. The checks and reports may

be subject to special investigations

where necessary. All business areas

submit their financial results in monthly

written reports.

Information & Communication

Humana’s Board receives monthly

financial statements on the Group’s

financial position, financial perfor-

mance and an activity report. The

Board deals with all quarterly and

annual reports before they are pub-

lished externally and monitors the

audit of internal control and financial

reports.

Humana’s communication and

information channels enable prompt

communication of information to rele-

vant employees. Governing documents

in the form of policies, guidelines and

manuals, in the case of financial

reporting, are primarily communicated

through the intranet and the Group’s

financial manual. In addition to written

communication, there are also verbal

discussions of news, risks, outcomes of

controls and other matters during reg-

ular meetings. Communication also

takes the form of monthly closing

accounts meetings which are attended

by financial managers.

Individual employees have a

responsibility to report discrepancies

and deviations that are discovered in

controls, even if they have been reme-

died. The aim is to provide a good pic-

ture of how the work is conducted and

to be able to make improvements to

the processes.

For communication with internal

and external parties, there is a com-

munication policy which provides

guidelines on how this communication

should take place. The purpose of the

policy is to ensure full and correct

compliance with all information obli-

gations. Up-to-date information is

communicated to external parties on

Humana’s company-wide website,

humanagroup.se, with the publication

of news and press releases. Quarterly

reports are published externally and

are supplemented by webcasts, pre-

sentations and investor meetings.

There is also an agenda for communi-

cation with shareholders in connection

with the Annual General Meeting.

Monitoring

Each unit manager and financial

organisation is ultimately responsible

for ongoing monitoring of the financial

information for the unit. The informa-

tion undergoes further monitoring at

the business area level, by corporate

functions, by Group executive man-

agement and finally by the Board. A

compilation of identified actions and

their status is reported to the Board as

part of the ongoing work of the Audit

Committee. Humana’s Audit Commit-

tee is responsible for ensuring compli-

ance with the company’s financial

reporting and internal control and

ensuring the company’s financial state-

ments are prepared in accordance

with the law, applicable financial

reporting standards and other listing

requirements.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | CORPORATE GOVERNANCE

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

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Board of Directors

Position and

year of election Education Other current appointments

Professional experience

and previous appointments

Sören

Mellstig

Born 1951. Chairman of

the Board since 2019.

Chair of Remuneration

Committee, member

of Audit Committee.

Bachelor of Applied

Science in Business

Administration and

General Management

from Uppsala University.

Chairperson of the Board, Remeo.

Industrial Partner and co-founder

of Impilo.

CEO of Gambro, managerial posi-

tions at Akzo Nobel and CFO and

Vice President of Incentive. Chair-

person, Trelleborg, Apotek Hjärtat,

Aleris, Cellavision, Ellevio, Ferrosan

Medical Devices, Textilia and Delivery

1 Ltd.

Karita

Bekkemellem

Born 1965.Board

member since 2020.

Studied at Forsvarets

Høgskole, Norway.

Since 2010, Managing Director,

Legemiddelindustrien (LMI), the

Norwegian pharmaceutical industry

trade association.

Minister for Gender Equality, Children

and Family, and Member of Parliament

for the Labour Party in Norway.

Kirsi Komi Born 1963. Board

member since 2017.

Member of Audit

Committee.

LLM Master of Laws,

University of Helsinki.

Chairperson, Docrates Cancer

Center in Helsinki and Liikennevirta

Oy.

Chairperson Lindström Invest Oy,

Veikkaus Oy and Blood Service under

the Finnish Red Cross; Directors’

Institute Finland, Deputy Chairper-

son, Patria Oyj; Board member,

Metsä Board Oyj, Bittium Oyj, City-

con Oyj, Martela Oyj and Finnvera

Oyj. Executive positions within the

Nokia Group.

Monica

Lingegård

Born 1962. Board

member since 2017.

Member of the Audit

Committee and Remu-

neration Committee.

MSc (Econ), Stockholm

University.

CEO, SJ. Chairman, Swedish Space

Corporation Group.

CEO, Samhall and G4S. Board

member, Nobina, Wireless Maingate,

Swedish International Development

Cooperation Agency (SIDA), Orio,

Confederation of Swedish Enterprise

and Almega.

Anders

Nyberg

Born 1956. Board

member since 2020.

Member of Remuneration

Committee.

Business Administration

and Economics at

Stockholm University.

Chairperson, Gordon delivery; Board

member, Apopro (Denmark) and

Centrofarm (Italy).

CEO, Apotek Hjärtat, Vice President,

ICA and Axfood.

Fredrik

Strömholm

Born 1965. Board

member since 2019.

Chair of Audit

Committee, member

of Remuneration

Committee.

MBA, Stockholm School

of Economics, with stu-

dies at the Ecole des

Hautes Etudes Commer-

ciales in Paris; studies in

French, Russian and East

European political sci-

ence at the universities of

Uppsala and Stockholm.

Co-founder of Impilo and Chairper-

son of its investment committee;

Board member, Ferrosan Medical

Devices, the Fertility Partnership,

Euro Accident and Ortic 3D; Chair-

person, Natur & Kultur; Board mem-

ber, Swedish School of Sport and

Health Sciences (GIH) and Skellefteå

AIK Hockey.

Founder of Altor Equity Partners and

partner for 14 years. Head of Corpo-

rate Finance, Nordic Region, at

Goldman Sachs for ten years. Inter-

national and Investment Manager at

Nordic Capital.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | CORPORATE GOVERNANCE

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Group executive management

Position Education Other current appointments

Professional experience

and previous appointments

Johanna

Rastad

Born 1980. President

and CEO since Decem-

ber 2021. Formerly,

from 2019, Business

Area Manager, Indivi-

dual & Family, and from

2018, Director of Busi-

ness Development.

M.Sc. (Econ), Stockholm

School of Economics.

– Several years of operational expe-

rience in executive positions in the

health and social care industry in

Sweden and the Nordic countries,

including as business area manager

at Team Oliva and Head of Medical

Operations at Kry between 2013 and

2017. Before this, various roles in

investments and banking.

Anders

Broberg

Born 1969. Business

Area Manager, Elderly

Care since 2018.

Nursing Degree, Örebro

University, M.A. Religious

Studies, Uppsala Univer-

sity, Leadership Pro-

gramme OWP, Institute

for Management Deve-

lopment (IMD)

Director of The Association of

Private Care Providers (Vårdföreta-

garna Bransch Äldreomsorg), Board

member of the regional programme

council for the Care Programme,

Greater Stockholm.

CEO and President of Temabo AB,

Administrative Director Elderly Care,

City of Stockholm, and Consultant at

Poolia Vård AB.

Noora

Jayasekara

Born 1978. CFO since

2020. Group Chief

Financial Ocer from

2018.

MSc (Econ), Business

Finance, at Södertörn

University, Stockholm.

– Previously, manager and consultant in

accounting for the consulting firm EY.

Anu Kallio Born 1968. Business

Area Manager in

Finland since 2020:

MSc in accounting and

finance, Helsinki School

of Economics, and eMBA

in insurance and finance,

University of Tammerfors.

Board member, Local Tapiola, Gene-

ral Mutual Insurance Company and

Association of Private Care Providers

in Finland. Chairperson of Kaisa

Kallio Foundation.

CEO, Rinnekoti Foundation; CFO,

Helsinki Deacones Institute and other

executive positions in finance.

Mona Lien Born 1962. Business

Area Manager in

Norway since 2015.

M.Sc.in Psychology, Oslo

University, Trondheim

and New York University.

Two-year management

programme at BI Norwe-

gian Business School.

Chairperson of the Board, Confede-

ration of Norwegian Enterprise

(Health and Welfare), and Board

member, Norwegian Federation of

Service Industries and Retail Trade.

CEO and owner, Løft AS, Head of

Business Development, INOM Nor-

way. Various public sector roles within

schools and psychiatry. Four years of

self-employment as owner of a train-

ing centre.

Titti Lilja Born 1967. Business

Area Manager, Indivi-

dual & Family, since

2021. Previously, from

2010, managerial posi-

tions within Humana’s

Elderly Care and Indivi-

dual & Family Care.

Registered nurse, trained

at Malmö University.

Health administration

studies at Lund Univer-

sity. Courses on leader-

ship and quality develop-

ment.

– Self-employment within quality mana-

gement systems and training. Many

years’ experience as a nurse.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | CORPORATE GOVERNANCE

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Position Education Other current appointments

Professional experience

and previous appointments

Nina Mark-

lund Krantz

Born 1974. Director of

Human Resources since

2021. From 2017,

Director of Human

Resources for the Indivi-

dual & Family business

area.

B.A. from the Personnel

and Working Life Pro-

gramme at Kristianstad

University.

Supplementary courses

relating to personnel and

leadership.

– Operational Manager, Human

Resources Strategist, Human Resour-

ces Specialist, and Director of Human

Resources at Attendo, 2006–2017.

Eva Nilsson

Bågenholm

Born 1960. Director of

Quality Assurance since

2015.

Nursing Degree, Umeå

University.

Medical Doctor degree,

University of Gothen-

burg; licensed physician,

specialist in internal

medicine.

Chairperson, Association of Private

Care Providers in Sweden; Board

member, Almega, Confederation of

Swedish Enterprise and Oriola Oy.

Specialised doctor at Sahlgrenska

University Hospital. Chairperson,

Swedish Medical Association. Swe-

dish government national coordinator

for the elderly 2011-2014. Govern-

ment investigator, Plastic Surgery

Study (Skönhetsutredningen) 2015.

Anna Sönne Born 1969. Director of

Marketing and Commu-

nications since 2021.

Formerly, from 2018,

Director of Investor

Relations, and from

2021, Director of Inves-

tor Relations and Sustai-

nability.

MSc (Econ), Stockholm

University. Studied jour-

nalism at Poppius journa-

lism school, and French

at Sorbonne University,

Paris.

– Vice President and Editor-in-Chief at

Dagens Samhälle, 2013–2018.

Director of Content at East Capital,

2011–2013.

Various editorial manager roles such

as Editor-in-Chief and Director of

News, and London correspondent

and reporter for the financial news-

paper Dagens industri, 1998–2011.

Andreas

Westlund

Born 1978. Business

Area Manager, Personal

Assistance, since 2018.

Previously (from 2009),

CFO of the Business

Area and Humana’s

Payroll Manager.

Trainee programme, stu-

dies at Företagsuniversi-

tetet, Executive Master of

Strategy, Mgruppen and

Orchestrating Winning

Performance, IMD.

Director of The Association of

Private Care Providers (Vårdföreta-

garna Bransch Personlig Assistans).

Various positions in economy and

finance at Strålfors AB, Elajo AB and

Admit AB. Founder of Eektiv Eko-

nomi. Professional ice hockey player

for Brynäs.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | CORPORATE GOVERNANCE

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Risks and risk management

A risk is defined as an uncertainty

about something that, if it occurred,

could aect the company’s ability to

achieve defined objectives. Risks are

natural parts of any business and it is

neither possible nor cost-eective to

entirely eliminate all risks. However, it is

essential for the organisation to con-

duct eective risk management in

order to control and mitigate risks and

prevent them from materialising as far

as possible. Humana’s risk manage-

ment process involves identifying, ana-

lysing, evaluating and managing risks

in a systematic way.

The purpose of Humana’s risk

work is to:

• create management and Board

awareness about the company’s risks

• create eective governance and

control of the business so that the

company can achieve its objectives

• provide data and processes that

support daily operations

• ensure investors and other stake-

holders have eective information

about the company’s risk exposure

In its risk analysis, Humana has identi-

fied conceivable events, scenarios and

activities that could have an impact on

the company’s operations and its ability

to achieve defined objectives. These

risks have been evaluated and con-

densed into a list of the risks consid-

ered to have the greatest potential

negative impact based on probability

and potential impact on the business,

assessed using a time frame of 1–3

years.

The risks are monitored by Huma-

na’s Group management and in the

Board’s work. As Humana conducts

operations in Sweden, Finland, Norway

and Denmark, the risk assessment is

based on the situation in the local

markets and is then compiled into a

Group-wide risk description.

Humana has decided to classify the

identified risks in four risk categories:

A External environment

B Operations

C Compliance, responsibility and sustainability

D Financial risks

As a large Nordic care group, Humana is exposed to various risks

and uncertainties. In order to conduct high-quality operations,

be a socially responsible provider and ensure long-term competi-

tiveness, Humana works actively on risk management.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | RISKS AND RISK MANAGEMENT

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

A External environment Probability Impact

Increased sector regulation

Political decisions aimed at restricting private welfare providers

Other political decisions and public sector economy

Climate risk

B Operations Probability Impact

Risk of being unable to recruit the right employees

Operations subject to permit

Risks associated with expansion and growth

External cyber threats

IT system limitations and unauthorised access to sensitive personal data

Legal processes and investigations

Infectious diseases, epidemics and pandemics

C Compliance, responsibility

and sustainability

Probability Impact

Data protection laws

Quality deficiencies aecting customers/clients

Occupational health and safety

Human rights violations

Corruption and fraud

D Financial risks Probability Impact

Financing and liquidity

Interest rate risk

Credit risk

Currency risk

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | RISKS AND RISK MANAGEMENT

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Risk Risk management

Increased sector regulation

The care sector is subject to an extensive regulatory appara-

tus in the form of laws and regulations at the national,

regional and local levels. Legislation, rules and regulations,

which vary in Humana’s countries of operation, cover areas

such as availability of services, access to services, quality of

services, sta qualifications and obligations and confidenti-

ality rules.

The trend is towards increased regulation, which generally

means increased administration and costs and, in specific

cases, sta shortages due to increased expertise require-

ments.

On the other hand, it is Humana’s opinion that clear

regulations help raise the quality and status of the care

sector and benefit quality providers.

Humana works on documentation, quality

monitoring and skills development to

ensure that the care services that the

company provides fulfil all requirements.

Humana is far ahead in this area and,

in some cases, engages in lobbying for

increased sector regulation.

Political decisions aimed at restricting private

welfare providers

Several political parties in the Nordic region are questioning

the privatisation of care and support services and advoca-

ting for restrictions on the ability to run private care compa-

nies for profit.

Humana’s business model would be adversely aected by

the introduction of legislation prohibiting profits, imposing

profit caps, reducing the rate of privatisation or restricting

the services eligible for privatisation. However, it is dicult

to see that there will be any stringent proposals in the area

of care during the coming year.

The political debate also increases the risk of negative

publicity linked to the issue. Welfare profits are expected to

be a prominent issue in the run-up to the Swedish elections

in 2022.

Humana adds important value to society

through our core business at the individual

level, through our contribution to a sustai-

nable society and also socio-economically.

Humana maintains regular dialogue with

key stakeholders. The company participa-

tes actively as a consultation body in

government investigations in the Nordic

region and engages in active lobbying

through representation in the relevant sec-

tor associations in Humana’s countries of

operation.

Risk Risk management

Other political decisions and public sector economy

The need for care is increasing in society. However, demand

for private care providers’ services is dependent on political

decisions made by municipalities, regions and government

authorities. In all the markets in which Humana operates,

the company is exposed to the risk of political decisions that

change conditions and aect demand. When municipalities’

tax revenues do not grow as fast as the costs of meeting

care needs, there is an increased risk of price pressure and

reduced demand. For example, Humana secures long-term

leases for premises used in its operations, while Humana’s

framework agreements for operations under our own

management do not normally include volume commitments

from the municipalities.

Humana’s Personal Assistance business area receives an

allowance from the Swedish Social Insurance Agency (För-

säkringskassan) and municipalities. The state reimburse-

ment allowance is set annually through the budget propo-

sal. There is a risk that the allowance will not compensate

for cost increases and that Humana will be adversely aec-

ted by price pressure.

Humana works continuously on knowledge-

gathering and relationship-building with key

stakeholders, including through sector asso-

ciations. Humana also regularly acts as a

consultation body in investigations.

The company also works constantly to

establish ﬂexibility and manoeuvrability in

the organisation to ensure preparedness for

significant changes in conditions. The com-

pany has a high level of expertise in care

and is also well placed to remain a strong

and significant care provider in the event of

any changes. Humana adds important value

to society through our core business at the

individual level, and through our contribu-

tion to a sustainable society and a healthy

social economy. Humana works to commu-

nicate about our activities and their contribu-

tion to society.

Climate risk

Humana provides care services throughout the Nordic

region. Many of the company’s customers and clients live in

properties owned by or leased to Humana. Climate change

is contributing to an increased risk of extreme weather,

including ﬂoods, heatwaves and snowstorms. We have seen

examples in our own localities.

Should any of Humana’s operations be aected, the con-

sequences could include a lack of electricity, heating and

water, sta shortages, a lack of food supplies and physical

and mental suering. The quality of the care service would

be negatively aected.

Humana endeavours to reduce the envi-

ronmental and climate impact of its opera-

tions, which is also one of the Group’s stra-

tegic objectives. Humana's environmental

work is based on our environmental policy.

Here, climate and resource eciency are

defined as guiding criteria. Our environ-

mental eorts are based on the principles

of precaution and substitution. Each of

Humana’s units strives continuously to work

resource-eciently to minimise environme-

ntal impact and lower costs. All sta

undergo the company’s digital sustainabi-

lity training.

In Humana’s elderly care, our homes

under own management have built-in com-

fort cooling, to avoid residents being aec-

ted by extreme heat during the summer.

A External environment

External environment risks concern external factors, events and changes that

could inﬂuence the conditions for achieving the company’s defined objectives. The

company has limited scope to inﬂuence these types of risks, but they remain risks

that Humana needs to address as a company. There are often two sides to every

external environment risk: a downside, i.e., a risk or a threat, and an upside, i.e., an

opportunity. The external environment risks identified by Humana are set out below:

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | RISKS AND RISK MANAGEMENT

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Risk Risk management

Risk of being unable to recruit the right employees

Humana’s operations are highly labour-intensive and the

company is dependent on its ability to attract, employ and

retain qualified personnel at market conditions. Expertise

requirements vary from business area to business area. In

Personal Assistance, the formal expertise requirements are

low, while some of the services oered in Individual &

Family operations require a high level of expertise and spe-

cialisation. Humana’s quality is dependent on employees’

ability to make the right decisions in their daily work. Should

Humana fail to attract the right personnel, this could aect

the quality of the company’s services and its growth oppor-

tunities.

Welfare is facing increasing recruitment needs as the

number of individuals in need of care increases. At the

same time, the retirement rate is high and the working age

population is declining in relative terms. Employee surveys

show that employees are happy at Humana and many tens

of thousands of job applications come in every year. Howe-

ver, the recruitment situation has become more challenging

in certain geographical regions and in specific occupational

categories.

In Finland, stang requirements in elderly care have

increased competition for labour, particularly for nurses.

Training requirements have also increased in Norway. In

some geographical areas, the shortage of the right employ-

ees is particularly evident.

Humana has a clear strategy for skills

supply, which is mainly based on active

work on core values, opportunities for

training, investments in leadership, auto-

nomy and future career paths in order to

attract new employees and retain qualified

sta.

By working to be an attractive employer

that is the first choice for anyone who

works in Nordic care, Humana can turn

risk into opportunity.

B Operations

Operational risks are mainly related to factors and events that could adversely

aect the company’s operating activities and brand. The operational risks

identified by Humana are set out below:

Risk Risk management

Operations subject to permit

Humana’s operations and growth are dependent on the

company’s ability to secure and retain permits from social

services and authorities to conduct care operations.

The permits are normally linked to people with the right

professional expertise and, if they leave the company,

Humana will need to apply for new permits. Several of the

permits for Humana’s operations are linked to specific pro-

perties and if these operations are moved, Humana will

need to apply for new permits. In Sweden, applications are

subject to an assessment, which also looks at ownership and

management, and an administration fee is required for

each permit application made to the Health and Social Care

Inspectorate (Inspektionen för vård och omsorg, IVO).

Humana’s operations in Finland, Norway and Denmark are

also subject to permit applications. Permit processing times

by authorities are often long.

This means a risk of start-up delays and an associated

increase in costs.

Humana works to ensure processes are

ecient and works closely with social

services and authorities to facilitate permit

processing.

Risks associated with expansion and growth

The underlying growth in most of Humana’s sub-markets, in

combination with increased sector requirements and a frag-

mented care market, create opportunities for both organic

growth and participation in a continuing consolidation of

the sector through selective acquisitions. Humana’s goal is

to continue to grow, both organically and through acquisi-

tions. Scope for growth through selective acquisitions is

aected by the company’s financial position and ability to

identify suitable acquisition candidates and negotiate

purchase prices and terms.

There are restructuring risks, business risks, tax risks and

financial risks associated with growing, acquiring and inte-

grating companies. Eective integration of acquisitions into

existing operations is also of key importance.

Humana evaluates the organic growth

process carefully and works actively to att-

ract customers and employees and secure

access to suitable properties in order to

grow organically.

We apply selectivity in the area of acqui-

sitions, with a strong focus on eective

integration processes.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | RISKS AND RISK MANAGEMENT

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Risk Risk management

External cyber threats

A cyber threat or cyber security threat is a malicious act

aimed at damaging data, stealing data or generally disrup-

ting digital life. Cyber threats include viruses, overload

attacks, blackmail programs (malware that encrypts files or

entire hard drives and then demands a ransom fee for

decryption) and other types of cyber attacks.

The number of cyber attacks and threats to companies’

information systems has increased significantly in recent

years. The consequences of cyber attacks can be extremely

damaging to the business.

Humana’s risk management includes work

on risk prevention, external monitoring,

regular system updates, training of users

and monitoring to ensure that suppliers

follow agreed security levels. There is also

continuous monitoring of logs, external

interfaces and the threat scenario.

IT system limitations and unauthorised access to

sensitive personal data

Humana handles a large amount of data in the form of per-

sonal information, social and medical information journals

and business-critical information.

Breakdowns or disruptions in IT systems, including sabo-

tage, computer viruses, operator error or software defects,

could have a negative impact on the Group’s operations.

There is a risk of operational restrictions in the case of IT

and system failures.

Humana works systematically to minimise

the risk of such disruptions by means of

administrative, logical and physical work

on IT security. This involves regular system

development and monitoring, streamlining

of systems and procedures with operating

partners and skills development. Improved

requirements management, project mana-

gement, testing, administration planning.

Logging and random checks are perfor-

med to control unauthorised access to sen-

sitive personal data.

Legal processes and investigations

Humana may be negatively aected by judicial rulings,

settlements and costs associated with legal processes and

investigations. There is a risk that Humana could be party to

legal action arising from, for example, alleged malpractice

or medication errors in its operations. In the event of incor-

rect processes or practice, Humana could be liable to pay

damages or compensation.

Humana has patient insurance and third-

party liability insurance for clients. The

company conducts systematic quality assu-

rance and regularly reviews procedures,

processes and its access to expertise. If

necessary, legal expertise is available

within the company and from partners

with specialist legal expertise.

Risk Risk management

Infectious diseases, epidemics and pandemics

Infectious diseases happen in society. Common examples

are inﬂuenza and gastroenteritis (gastric ﬂu or Norovirus)

and, since early 2020, Covid-19. These diseases can infect

anyone, but the situation is most severe for people in risk

groups: frail elderly people, people with functional impair-

ments or people with multiple conditions.

In Humana’s operations, there are customers and clients

in risk groups who are in danger of being severely aected.

Infectious diseases may also mean that several employees

become sick at the same time, which can lead to diculties

in stang our facilities.

If there is an epidemic (more cases of an infectious

disease than expected) or a pandemic (an extensive spread

of contagious disease in multiple countries, like Covid-19),

this increases the risk of individuals being aected and the

risk of skills supply problems. There is also an increased risk

of impaired mental health, which may have a negative

eect on sta sickness absence. In the case of an epidemic/

pandemic, there is also a risk of revenue and expenses

being negatively aected, for example, as a result of lower

occupancy and incurring costs for sick leave.

Humana’s management system has guide-

lines and procedures for how operations

shall prevent and manage various infec-

tious diseases.

The company also has procedures to

establish a crisis management structure

when needed, in order to further minimise

the spread of disease and its impact on

individuals and the company.

Humana has managed the ongoing

Covid-19 pandemic primarily through

ongoing risk analysis and preventive mea-

sures to reduce the spread of the virus and

by measures such as cohort care if infec-

tion is detected. A special crisis manage-

ment structure has been established to

support the work.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | RISKS AND RISK MANAGEMENT

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Risk Risk management

Data protection laws

Humana handles large amounts of data and has a respon-

sibility to ensure that this is conducted in line with the EU’s

General Data Protection Regulation (GDPR) and accompa-

nying frameworks, such as the Swedish Patient Data Act.

Humana has processes, procedures and security measures

in place to protect the privacy of registered individuals. Fai-

lure to comply with the regulations can lead to violations of

individuals' privacy, damaged trust and significant penalties.

Humana has carried out a risk-based

review of compliance with GDPR to ensure

a higher level of control, awareness and

quality and to assess whether risks are

being managed eectively and appropria-

tely. Humans also works continuously to

improve processes, procedures and wor-

king methods; for example, the division of

responsibilities between operations and the

data protection ocers has been clarified.

Ongoing quality initiatives also include

sta training in data protection and infor-

mation security issues.

Quality deficiencies aecting customers/clients

Humana has over 18,000 employees, the majority of whom

work directly with the company's customers and clients.

There is a risk of sta not following Humana’s procedures,

but instead developing their own approach to clients and

customers. This may arise as a result of high sta turnover,

sta recruitment diculties or lack of leadership. A possible

consequence is that customers and clients do not receive the

treatment or intervention that has been decided.

Humana conducts extensive systematic

quality work through our management sys-

tem. This is followed up by the company’s

quality management department; the gui-

delines for quality management work can

be found in Humana’s quality policy. Inter-

nal controls are conducted in all opera-

tions. All employees have an obligation to

report deviations and irregularities, which

are then systematically followed up and

analysed by the relevant manager. Clients

can make complaints, both openly and

anonymously. There is a whistle-blower

function on Humana’s website.

C Compliance, responsibility and sustainability

Humana’s operations are subject to extensive regulatory requirements. The com-

pany must comply with laws, ordinances, rules and other regulations in Humana’s

countries of operation. The risks associated with compliance, responsibility and

sustainability identified by Humana are set out below:

Risk Risk management

Occupational health and safety

Care and healthcare are the sectors with the highest num-

ber of reported work injuries and illnesses caused by threats

and violence. Humana’s operations are covered by regula-

tions on occupational health and safety.

The Covid-19 pandemic increases risks in occupational

health and safety. Deficiencies in complying with such

regulations could lead to fines or penalties.

Humana conducts systematic health and

safety work, with action plans and controls

through regular safety inspections. The

work is based on Humana’s work environ-

ment policy, associated checklists and

documented safety procedures. The com-

pany makes regular risk assessments from

an occupational health and safety perspec-

tive and provides health and safety training

for managers, which includes areas related

to the current pandemic. To manage the

pandemic, Humana has also established a

special central crisis management structure

to support our operations. There are speci-

fic checklists and prevention procedures for

threats and violence. Employees are given

relevant training, access to existing safety

procedures and instructions on how to act

in situations of threats and violence. By

also working systematically to investigate,

analyse and follow up on occupational

injuries, the company can work preventively

with the aim of reducing the risk of threats

and violence and ill health.

Humana applies collective agreements

in all operations in the four countries in

which we operate.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | RISKS AND RISK MANAGEMENT

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Risk Risk management

Human rights violations

Humana is one of the largest care groups in the Nordic

region with a large volume of customers, employees, suppli-

ers and partners. We operate under stringent regulatory

requirements, including laws on working conditions, health

and safety and freedom of association in our countries of

operation, in order to ensure safe and secure care for our

customers and clients, but also for the sake of our employ-

ees. However, given the scale of operations, there is always

a risk that not all commitments will be met everywhere.

In relation to our suppliers, there is a risk that they will fail

to meet their commitments, use unethical business practices

and fail to comply with our labour law and human rights

requirements. Irregularities of this kind risk aecting people

in particular, but also Humana as a company and a brand.

Humana’s commitment to human rights is

underlined in our code of conduct and in

our supplier code of conduct which are

based on the ten principles of the UN

Global Compact. The Codes also provide

guidance on identifying, preventing and

mitigating risks related to human rights.

To reduce the risk of human rights viola-

tions, Humana works continuously to

ensure compliance with both national

legislation and regulations and internatio-

nal human rights provisions. Diversity,

inclusion and respect for human rights are

normal practice and are described in the

company’s policy for diversity and inclu-

sion. Humana conducts active internal core

value work, with internal training, establis-

hed procedures and a whistle-blower fun-

ction. All operations in Humana’s four

countries are regulated by collective agree-

ments and the Group's code of conduct

applies to all sta and operations.

Most of Humana’s suppliers and part-

ners are in the Nordic region.

Corruption and fraud

Humana’s extensive operations involve a large volume of

customer and supplier contracts. Agreements are signed

and decisions are made at dierent levels in the organisa-

tion. Individual customer contracts, framework agreements

or construction contracts are signed with the customers, who

are often municipalities. Supplier tendering normally arises

in strategic purchasing and new construction. There is a risk

of employees acting unethically in customer and supplier

relationships by, for example, taking or giving bribes. There

is also a risk of employees acting fraudulently. Corruption

and fraud may lead to legal penalties. Humana could suer

both financial and brand damage.

Humana counters corruption, bribery and

fraud through procedures and internal

control and has, for example, well-functio-

ning authorisation rights with system sup-

port. A clear decision-making and certifi-

cation system facilitates decentralised

responsibility for tenders and customer and

supplier contracts, and reduces the associ-

ated risk. The code of conduct for Humana

employees and, since the start of 2021, a

code of conduct for suppliers underpin the

anti-corruption work. Humana also has a

whistle-blower function.

Should a conﬂict of interest situation

arise, through an employee owning a

property in which Humana operates, for

example, there are clear processes for dea-

ling with the conﬂict of interest situation.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | RISKS AND RISK MANAGEMENT

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Risk Risk management

Liquidity and financing risk

Liquidity risk is the risk of the Group being unable to

discharge its payment obligations. Financing risk is the risk

of the Group encountering problems in meeting its obliga-

tions associated with the company’s financial liabilities.

The company’s CFO manages liquidity and

financing risk centrally for the Group. The

Group’s financial policy sets frameworks

and guidelines for risk mandates and limits

in financing activities. To facilitate liquidity

planning and control, the Group has credit

facilities, such as bank overdraft facilities

and a cash pool. Humana also works on its

liquidity through active working capital

measures. Focusing on cash ﬂow and

making adjustments in the event of chan-

ged market conditions reduces the risk of

being unable to discharge obligations

under financing agreements. In 2021, a

new financing agreement was signed with

more favourable terms than the previous

agreement, which has helped to reduce

financing costs.

Interest rate risk

Humana’s finance expenses are aected by market interest

rates. Changes in interest rates could increase Humana's

borrowing costs, which in turn could adversely aect the

Group’s earnings and cash ﬂow.

Derivative instruments may be used to

manage interest rate risk. With the new

financing agreement signed during the

year, Humana has better debt conditions,

including lower interest, resulting in slightly

lower interest rate risk.

Risk Risk management

Credit risk

Humana’s credit risks and credit losses are largely associa-

ted with trade receivables and the company’s excess liqui-

dity. The credit risk for receivables is the risk of non-pay-

ment of outstanding receivables and non-invoiced services

performed for Humana’s clients. The credit risk for excess

liquidity is the risk of the bank being unable to meet its

obligations.

Most of the Group’s receivables are from

state, municipal and county council entities,

which are considered to have good credit-

worthiness. The risk of credit losses is con-

sidered low. Humana’s excess liquidity is

invested at low risk in deposit accounts and

contracts are only entered into with banks

that have high credit ratings.

Currency risk

The Group operates in Sweden, Finland, Norway and Den-

mark and is, therefore, exposed to risks related to currency

translation from EUR and NOK to SEK and, to a lesser

extent, DKK to SEK. Amounts are translated at the average

rate for the financial year (in the balance sheet at the clo-

sing rate). Currency risk also arises through business trans-

actions, reported assets and liabilities, and net investments

in foreign operations.

Humana’s foreign currency exposure is

partly oset by borrowing in the local

currency.

D Financial risks

In the course of its operations, the Group is exposed to various financial risks. The

Group’s financial policy for financial risk management has been formulated by

the Board and provides a framework of guidelines and rules in the form of a risk

mandate and limits for financing activities. Responsibility for the Group’s financial

transactions and risk management is dealt with by the CFO in consultation with

the Board and CEO. The overall goal of the finance function is to provide cost-

eective financing and minimise adverse eects of market risks on consolidated

earnings. The company’s aggregate risks and measures are managed by the

audit committee, which reports to the Board for assessment and approval. The

financial risks identified by Humana are set out below:

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | RISKS AND RISK MANAGEMENT

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Financial

reports

Board of Directors’ Report ................................ 71

Appropriation of profits ............................................ 75

Financial statements .......................................... 76

Consolidated income and comprehensive

income statements .................................................... 76

Consolidated balance sheet .....................................77

Consolidated statement of changes in equity ............ 78

Consolidated statement of cash ﬂows .......................79

Multi-year overview ..................................................80

Key ratios ..................................................................80

Parent Company income statement .......................... 81

Parent Company balance sheet ................................82

Parent Company statement of changes

in equity ...................................................................83

Parent Company statement of cash ﬂows .................84

Accounting policies ............................................ 85

Notes ................................................................... 89

Notes, Group ........................................................89

Notes, Parent Company ...................................... 102

The Board of Directors’ signatures ................. 103

Audit report ...................................................... 104

Other

Reconciliation with IFRS financial statements ....... 109

Financial performance measures ........................ 110

Quarterly overview ..............................................111

GRI Index ............................................................ 112

Five-year overview .............................................. 115

The legal annual report can be found on pages 13–32, 46–62, 67–68 and

71–108, with the statutory sustainability report, presented in accordance

with the Annual Accounts Act, found on pages 13–32, 62 and 67–68.

The corporate governance report forms part of the statutory administration

report and can be found on pages 46–61.

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Board of Directors’ Report

Operations

Humana is one of the largest care

companies in the Nordic region. The

company’s vision is “Everyone is enti-

tled to a good life”. Humana has

approximately 18,000 employees, pro-

viding quality services to about 9,000

customers and clients in the areas of

individual and family care, personal

assistance, elderly care and special

service housing. Humana has a mar-

ket-leading position in individual and

family care and personal assistance in

Sweden and is growing in elderly care

and special service housing. In Finland

and Norway, Humana is the sec-

ond-largest provider of services in indi-

vidual and family care. In addition to

its activities in individual and family

care, Humana also oers elderly care

in Finland and personal assistance in

Norway. In Denmark, Humana has a

small operation in individual and fam-

ily care.

Market

The Nordic care sector is an important

component of Nordic welfare. The

total care sector is worth approximately

SEK 650 billion, with the private mar-

ket accounting for SEK 165 billion of

this figure. The degree of privatisation

diers from country to country and

segment to segment.

The care market in the Nordic

region is continuing to grow, driven in

part by demographic factors. The

same underlying drivers are present in

all Nordic markets, although growth

varies a little. The increasing needs are

expected to bring continuing market

growth. Political decisions can impact

on market growth in both negative and

positive ways.

The Covid-19 pandemic

The pandemic aected all of Huma-

na’s care operations in 2021 as well.

Revenue was negatively aected, pri-

marily through lower occupancy in

elderly care in Sweden and Finland but

also in other operations. This impact

increased during the fourth quarter

when the new omicron variant of the

virus spread rapidly, resulting in high

levels of sick leave and absence linked

to quarantine rules, which led to a

challenging stang situation. This in

turn aected the ability to receive cli-

ents in certain cases. Sick leave and

other related absences combined with

the need for PPE increased costs.

Overall, the financial impact of the

pandemic on the Group was some-

what negative for the full year.

Our procedures for managing the

infection, such as basic hygiene proce-

dures and routines for cohort care,

worked well during the year. This man-

agement also includes conducting

ongoing risk analyses and ensuring

that our procedures are adapted to the

current situation. A crisis management

structure also supported these eorts

within the operations.

Financial overview

Operating revenue and

operating profit

The Group’s operating revenue was

SEK 8,188 (7,797) million, an increase

of 5 percent. Organic revenue growth

for the year was 3.1 (4.1) percent.

Acquired operations contributed SEK

203 million to the organic growth.

Operations under own management

accounted for 95percent of total reve-

nue and contracted operations

accounted for 5percent. Operating

profit for 2021 was SEK 493 (471) mil-

lion, an increase of 4 percent. The

operating margin was 6.0(6.0) per-

cent. Adjusted operating profit

amounted to SEK 495 (453) million, an

increase of 9.3 percent. The adjusted

operating margin was 6.0percent

(5.8). Operating profit has been

adjusted to exclude retroactive repay-

ment of previously paid-in pension

premiums (SEK 11 million) in Personal

Assistance and the final settlement of a

dispute (SEK -13 million) in Finland,

while the comparative period has been

adjusted to exclude a capital gain from

the sale of property totalling SEK 17

million. Adjusted operating profit

increased despite a weak end to the

year, burdened by non-recurring

eects.

Depreciation increased to SEK -420

(-371) million. Profit before deprecia-

tion/amortisation, EBITDA, amounted

to SEK 913 (842) million, correspond-

ing to an EBITDA margin of 11.1 per-

cent (10.8). Adjusted EBITDA

amounted to SEK 916 (824) million,

and the adjusted EBITDA margin to

11.2 percent (10.6).

Individual & Family

Revenue for 2021 amounted to SEK

2,257 (2,101) million. Operating profit

was SEK 168 (190) million, a decline of

12 percent compared with the previous

e Board of Directors and CEO of Humana AB, corporate identity number 556760-8475, registered oﬃce

in Stockholm, hereby present the annual report and consolidated accounts for the 2021 financial year.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | BOARD OF DIRECTORS’ REPORT

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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year. The operating margin was

7.5percent (9.0). Closed operations

had a negative eect on the year, but

was partly compensated by acquired

operations. Furthermore, quality-en-

hancing measures in the operations

and within the properties had a nega-

tive eect on profit.

Personal Assistance

Operating revenue was SEK 3,042

(2,931) million, an increase of 4per-

cent. The increase in revenue was

mainly due to a higher attendance

allowance and acquired operations,

partly oset by fewer assistance hours.

Operating profit increased by 30per-

cent to SEK 208 (160) million. The

operating margin was 6.8percent

(5.5). Adjusted for retroactive repay-

ment of previously paid-in pension

premiums (SEK 11 million), operating

profit amounted to SEK 197 (160) mil-

lion and the adjusted operating mar-

gin was 6.5 percent (5.5). Operating

profit and the operating margin

increased due to more ecient cost

management, positive contributions

from acquisitions and lower social

security contributions for young

employees.

Elderly Care

Revenue amounted to SEK 669 (608)

million, with an organic growth of 10.1

percent (7.7). The revenue increase and

organic growth are entirely due to new

elderly care homes under own manage-

ment. Operating profit fell to SEK -3 (10)

million. The operating margin was

-0.4percent (1.6). Start-up costs for new

elderly care homes under own manage-

ment had a negative impact on profit.

The improved results for established

units under own management had a

positive impact on profit despite contin-

ued negative eects of the pandemic,

particularly later in the year.

Finland

Revenue amounted to SEK 1,284

(1,327) million, a decline of 3 percent.

Organic growth was -0.5percent (7.4).

A weaker Euro had a negative eect

on revenue during the year. The nega-

tive organic growth was mainly due to

decreased occupancy in institutional

care for children and young people.

Operating profit was SEK56 (62)

million. Adjusted for a settled dispute

SEK 13 million, operating profit

amounted to SEK 69 (62) million. The

operating margin was 4.3(4.6) per-

cent. The adjusted operating margin

was 5.3percent (4.6). The improved

results are mainly due to improved

contractual terms in elderly care and

better operational eciency.

Norway

Operating revenue was SEK 916 (788)

million, an increase of 16percent.

Organic revenue growth was 13.8 per-

cent (8.9). The increase in revenue and

organic growth is mainly explained by

an increased number of units in the

segment for housing with special ser-

vices and an increased number of cus-

tomers within personal assistance.

Operating profit increased by 50per-

cent to SEK 103 (69) million. The oper-

Key ratios by business area

Individual & Family Personal Assistance Elderly Care Finland Norway

SEK millions 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020

Operating revenue, SEK million 2,257 2,101 3,042 2,931 669 608 1,284 1,327 916 788

Organic revenue growth, % 0.9 0.4 1.9 4.1 10.1 7. 7 -0.5 7. 4 13.8 8.9

Operating profit, SEK million 168 190 208 160 -3 10 56 62 103 69

Operating margin, % 7. 5 9.0 6.8 5.5 -0.4 1. 6 4.3 4.6 4.3 8.7

Average number of customers/clients 1,789 1,746 1,874 1,893 894 825 4,079 3,947 406 317

Average number of employees, full-time equiva-

lents 2,169 2,065 5,209 5,099 955 862 1,605 1,669 994 838

ating margin increased to 11.3percent

(8.7). Operating profit and operating

margin rose due to an increased vol-

ume of personal assistance customers

and operational improvements, partic-

ularly within children and young

people.

Acquisitions during the year

Humana has made seven acquisitions

in the last three years, of which four

were in 2021:

• Team J-son AB (Individual & Family)

February 2021. The company pro-

vides care services for children and

young people with complex needs.

• Fideli Omsorg AB (Individual & Fam-

ily) September 2021. The company

provides care for individuals with

disabilities.

• Balans Behandling AB (Individual &

Family) October 2021. The company

provides enhanced family-based

care.

• Enigheten Personlig assistans AB

(Personal Assistance) November

2021. The company

provides personal assistance.

See note G3 for further information

about the above acquisitions. If the

acquisitions in 2021 had been made

as at 1 January 2021, the consolidated

revenue would total around SEK 8,308

million (SEK 120 million higher) for the

year, and profit for the period would

have been SEK 496 million (SEK 3 mil-

lion higher).

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | BOARD OF DIRECTORS’ REPORT

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Net financial items

The Group’s net financial items

amounted to SEK -139 (-139) million

in 2021. Financial expenses include

eects of IFRS 16 account of SEK -90

(-79) million and interest expenses of

SEK -49 (-62) million.

Profit before tax

Profit before tax was SEK 354 (332)

million, an increase of SEK 22 million,

corresponding to a profit margin

before tax of 4.3 percent (4.3).

Tax

The year’s recognised tax was SEK-78

(-70) million, corresponding to an

eective tax rate of 21.9 percent (21.1).

Profit for the year

and earnings per share

Profit for the year after tax for 2021

was SEK 276 (262) million, an increase

of SEK 14 million compared to previous

year. Basic and diluted earnings per

share for the year amounted to SEK

5.67 (4.94).

Balance sheet

Humana’s total assets were SEK 9,002

(8,044) million, an increase of SEK 958

million or 12 percent.

Non-current assets

Non-current assets include goodwill,

property, equipment and right-of-use

assets (leased property and cars).

Non-current assets increased during

the year by SEK 948 million, or 15

percent, to 7,243 (6,295) million. Right-

of-use assets amounted to SEK 2,669

(2,119) million and relates to leases

recognised as assets under IFRS 16.

Goodwill accounted for 57 percent of

non-current assets and amounted to

SEK 4,148 (3,815) million.

Current assets

Current assets amounted to SEK 1,759

(1,749) million, an increase of SEK 10

million. Trade receivables increased to

SEK 923 (852) million. Cash and cash

equivalents fell by SEK 64 million to SEK

695 (759) million during the year.

Financing

During the year, Humana entered a

new financing agreement for SEK 3 bil-

lions with an option for an additional

SEK 1 billion. The new agreement has

a threeyear term with two extension

options of one year each. The credit

facilities carry an annual interest rate

corresponding to the relevant IBOR

plus a variable marginal rate based on

Humana’s net debt in relation to

EBITDA. The weighted average interest

rate for the credit facilities was 1.6 per-

cent on 31 December 2021, most of

which is variable. The credit facilities

are conditional on Humana meeting

certain market financial conditions,

including certain financial key financial

indicators, such as net debt/EBITDA

and interest coverage ratio, which may

not deviate negatively from the levels

specified in the agreement. Under the

financing agreement, there are restric-

tions regarding the raising of new

financing and financial indebtedness.

Equity

Equity amounted to SEK 2,553 (2,354)

million as at 31 December 2021. The

equity/assets ratio was 28.4 percent

(29.3).

At the 2020 Annual General Meet-

ing the Board was authorised to

acquire shares as long as the compa-

ny’s total holdings of own shares does

not exceed one-tenth of all shares in

the company and to transfer own

shares in the company. On 4 Decem-

ber 2020, the Board decided to exer-

cise this mandate. In February and

March 2021, Humana repurchased

2,357,348 shares at a cost of SEK 159

million, corresponding to an average

price of SEK 67.51 per share. In Sep-

tember 2021, Humana used 769,200

shares as consideration in an acquisi-

tion. Subsequently, the company’s total

treasury shares amount to 4,247,859

shares, which is 8.0 percent of the total

number of outstanding shares and

votes. After the transactions, the total

number of shares excluding treasury

shares is 48,892,205.

Liabilities

The Group’s interest-bearing net debt

was SEK 4,226 (3,511) million at the

end of the year, an increase of 20 per-

cent compared to previous year. This

increase is mainly due to an increase

in lease liabilities.

The debt to EBITDA leverage ratio,

i.e. interest-bearing net debt in relation

to adjusted EBITDA, increased to 4.6x

(4.3). Without the eects of IFRS 16, the

ratio fell to SEK 2.6 times (2.8). The

increase in leverage was due to invest-

ments in new units, acquisitions and

share buybacks. The financial target

for the company’s capital structure for

2021 was a net debt to EBITDA ratio

of no more than 4.5 times. Debt may

temporarily exceed the target level,

which may happen during acquisitions.

Capital structure

SEK millions 2021 2020

Total assets 9,002 8,044

Capital employed 7,478 6,624

Equity 2,553 2,354

Interest-bearing net debt 4,226 3,511

Financial position

SEK millions 2021 2020

Non-current interest-bearing

liabilities 4,702 3,457

Current interest-bearing liabilities 218 813

Cash and cash equivalents -695 -759

Interest-bearing net debt 4,226 3,511

Equity/assets ratio, % 28.4 29.3

Interest-bearing net debt/adjusted

EBITDA 12 months, times 4.6x 4.3x

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | BOARD OF DIRECTORS’ REPORT

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Cash ﬂow

Cash ﬂow for the year was SEK -92

(-42) million. Cash ﬂow from operating

activities was SEK 900 (895) million.

This increase is mainly due to increased

profit and changes in working capital.

Cash ﬂow from investing activities

amounted to SEK -260 (-37) million.

Acquisitions of subsidiaries had an

eect of SEK -153 (-18) million on cash

ﬂow. Disposal of properties aected

cash ﬂow by SEK 0 (114) million. Cash

ﬂow from financing activities was SEK

-521 (-667) million, with changes in

liabilities to credit institutions and share

buybacks having a negative eect of

SEK -50 (-227) million and SEK -159

(-156) million respectively.

Seasonality

Distribution of revenue during the year

shows that Humana’s operations are

not significantly aected by seasonal

variations. Changes in revenue

between quarters and comparative

periods are due to factors such as

acquisition dates in 2021 and 2020.

Revenue and profit are also positively

aected by months that have a large

proportion of working days and no

public holidays. In terms of profit, the

company’s third quarter is the stron-

gest, as this is when employees take

holidays, resulting in changes in the

holiday pay liability.

Employees

Humana’s average number of full-time

employees in 2021 was 10,996

(10,592), an increase of 4 percent

from the previous year. The average

number of employees working in cen-

tral functions was 39 (36).

The average number of employees

per country is distributed as follows:

• Sweden: 8,371 employees

(+4 percent) or 76 percent

• Norway: 994 employees

(+19 percent) or 9 percent

• Finland: 1,605 employees

(-4 percent) or 15 percent

• Denmark: 26 employees

(+1 percent) or 0 percent

Of the total number of employees,

68 (71) percent were women and 32

(29) percent were men. The proportion

of women in Humana’s top 67 mana-

gerial positions was 64 percent (65).

The proportion of women in Humana’s

Group executive management during

the year was 67 percent (67).

Humana continuously pursues inter-

nal initiatives to improve expertise in the

company.

The number of employees complet-

ing internal training on the Humana

Academy training portal in 2021 was

20,206 (19,561), an increase of 3

percent.

Value-creating

sustainability work

Humana’s core business is a matter of

social sustainability. Sustainability is an

integral part of Humana’s strategy. The

sustainable perspective permeates the

company’s vision, overall objectives,

our four strategic target areas – high

quality care, attractive employer, profit-

able growth, socially responsible pro-

vider – and the company’s core values.

Humana aims to oer high quality and

cost-eective care services to clients

and be an attractive employer for

employees. As a socially responsible

provider, Humana also strives to con-

tribute to the development of care ser-

vices in wider society. This is achieved,

for example, by sharing our knowl-

edge and experiences and supporting

research in various ways. The company

also wants to contribute to environ-

mental sustainability, for instance by

reducing its climate impact over time.

The statutory sustainability report,

presented in accordance with Chapter

6 of the Swedish Annual Accounts Act,

is on pages 13–32, 62 and 67–68.

The report includes an in-depth

description of the company’s quality

assurance work.

Corporate governance

A detailed description of the Group’s

governance, the Board’s work and

internal control can be found in the

corporate governance report on pages

46 – 61.

Risks and uncertainties

In the course of its operations,

Humana is exposed to dierent types

of financial risks, which can be sum-

marised as financing risk, liquidity risk,

credit risk and interest rate risk. For a

more detailed description, see G20.

The main operational risks and

uncertainties that could aect perfor-

mance are related to political decisions

that have an impact on private care

companies, inability to recruit employ-

ees with the right skills, permits to con-

duct operations, compliance with qual-

ity standards and integration of com-

pleted acquisitions.

Humana conducts operations that

are financed by state, municipal and

county council entities, which means

that operations are aected by political

decisions. As a result, Humana’s

opportunities for growth are highly

aected by public opinion and political

views on the company’s areas of oper-

ation. Humana monitors the operating

environment on an ongoing basis to

assess risks and opportunities and to

be able to quickly adapt the business

to changes in that environment.

Outlook

Future demand for Nordic care ser-

vices will be aected by changes in

demographics, for example more

elderly people. At the same time, it is

expected that pressure on municipali-

ties will increase due to weak finances.

This could lead to both increased price

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | BOARD OF DIRECTORS’ REPORT

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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pressure with simultaneous increased

demand through a greater need for

cost-eective care services.

Recruitment of personnel will con-

tinue to be a challenge in the coming

years, as more care sta will be

needed to cope with needs and there

will be many more retirees. An attrac-

tive employer has a competitive

advantage.

Humana operates in attractive seg-

ments and the company intends to con-

tinue to advance its position as a lead-

ing care company in the Nordic region.

As a provider of high quality and

cost-eective care services, Humana

will be part of the solution to future

social challenges and will continue to

play an important role in society. In

2022, our focus will be on continuing to

develop our operations and our oer-

ing. The objective for the year is to

enhance profitability and grow, both

organically and to some extent through

acquisitions. The ongoing pandemic will

continue to aect Humana’s operations

in 2022, which is expected to have

some impact on revenue and costs.

Parent Company

The Parent Company’s registered oce

is in Stockholm. The Parent Company’s

main business consists of managing

shares in subsidiaries. The Parent

Company’s expenses include expenses

for the CEO and Board and costs for

the Group’s financing. Profit for the

year was SEK 39 (69) million. The Par-

ent Company’s equity/assets ratio on

31 December was 42.1 percent (48.5).

Appropriation of profits

The Board proposes that the consoli-

dated income statement and balance

sheet be submitted for adoption by the

Annual General Meeting on 10 May

2022. The Board will recommend to the

Annual Genteral Meeting that no divi-

dend be paid for the 2021 financial year.

The Corporate Governance Report

on pages 46–61 contains a

detailed description of the Group’s

governance, the work of the Board

and internal control.

Note G5 on pages 91–93 contains

guidelines on the remuneration of

senior executives.

The 2020 AGM decided on guide-

lines for remuneration of senior

executives. These will apply until a

new decision is taken or no later

than the 2024 AGM, and they are

described in Note G5.

Humana’s Sustainability Report can

be found on pages 13–32, 62 and

67–68. Humana’s goals, including

financial targets, are also

described in the report.

SEK 2021

Share premium reserve 1,095,805,650

Retained earnings 371,363,716

Profit for the year 39,458,689

Total available for appropriation 1,506,628,055

The Board proposes that the profits be

appropriated as follows:

Dividend -

Profit carried forward 1,506,628,055

Total 1,506,628,055

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | BOARD OF DIRECTORS’ REPORT

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Financial statements

Consolidated income statement

Group

SEK millions (excl. earnings per share) Note 2021 2020

Operating revenue

Net revenue 8,176 7,771

Other operating revenue G2 12 26

Total revenue G1 8,188 7,797

Operating expenses

Other external expenses G4, G6 -926 -913

Personnel costs G5 -6,333 -6,039

Depreciation/amortisation and impairment of

intangible assets and property, plant and equipment G11–13 -420 -371

Other operating expenses G2 -16 -2

Operating profit G1 493 471

Financial income G7 4 6

Financial expenses G7 -143 -145

Profit before tax 354 332

Tax G8 -78 -70

Profit for the year 276 262

Attributable to:

Parent Company shareholders 276 262

Earnings per share, basic and diluted, SEK G9 5.67 4.94

Consolidated statement of comprehensive income

SEK millions Note 2021 2020

Profit for the year 276 262

Other comprehensive income

Items that have been/may be reclassified to profit or loss:

Hedges of net investments in foreign operations G20 -24 39

Exchange rate differences on translation of foreign operations G20 51 -74

Total other comprehensive income 27 -35

Comprehensive income for the year 303 227

Attributable to:

Parent Company shareholders 303 227

Comprehensive income per share, basic and diluted, SEK 6.22 4.28

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | FINANCIAL STATEMENTS

CONTENTS

Open printer-friendly PDF

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Consolidated balance sheet

SEK millions Note 31/12/2021 31/12/2020

ASSETS

Non-current assets

Goodwill G3, G10 4,148 3,815

Other intangible assets G11 11 5

Property, plant and equipment G12 360 314

Right-of-use assets G13 2,669 2,119

Deferred tax asset G8 41 28

Financial assets 14 14

Total non-current assets 7,243 6,295

Current assets

Current receivables

Trade receivables G14 923 852

Tax receivables 70 68

Other receivables 7 9

Prepaid expenses and accrued income G15 64 62

Total current receivables 1,064 991

Cash and cash equivalents G16 695 759

Total current assets 1,759 1,749

TOTAL ASSETS 9,002 8,044

SEK millions Note 31/12/2021 31/12/2020

EQUITY AND LIABILITIES

Equity G17

Share capital 1 1

Other paid-in capital 1,096 1,096

Reserves 21 -6

Retained earnings, including profit for the year 1,436 1,264

Total equity attributable to Parent Company shareholders 2,553 2,354

Total equity 2,553 2,354

Non-current liabilities

Non-current lease liability G18 2,557 1,958

Deferred tax liability G8 74 70

Other interest-bearing liabilities G18 2,146 1,499

Provisions 4 -

Total non-current liabilities 4,780 3,527

Current liabilities

Current lease liability G18 216 232

Other interest-bearing liabilities G18 3 581

Trade payables 165 128

Other current liabilities 279 257

Accrued expenses and deferred income G19 1,006 965

Total current liabilities 1,669 2,163

TOTAL EQUITY AND LIABILITIES 9,002 8,044

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | FINANCIAL STATEMENTS

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Consolidated statement of changes in equity

Equity attributable to Parent Company shareholders

SEK millions Note Share capital Other paid-in capital Translation reserve

Retained earnings,

including profit

for the year

Equity attributable to

Parent Company

shareholders

Non-controlling

interests Total equity

G17

Opening equity, 1 Jan 2020 1 1,096 29 1,158 2,284 22 2,305

Owner transactions

Sale of operation - - - - - -22 -22

Share buybacks - - - -156 -156 - -156

Total owner transactions - - - -156 -156 -22 -178

Comprehensive income for the period

Profit for the year - - - 262 262 - 262

Other comprehensive income - - -35 - -35 - -35

Comprehensive income for the year - - -35 262 227 - 227

Closing equity, 31 Dec 2020 1 1,096 -6 1,264 2,354 - 2,354

Opening equity, 1 Jan 2021 G17 1 1,096 -6 1,264 2,354 - 2,354

Owner transactions

Acquired operations settled with shares - - - 55 55 - 55

Share buybacks - - - -159 -159 - -159

Total owner transactions - - - -104 -104 - -104

Comprehensive income for the period

Profit for the year - - - 276 276 - 276

Other comprehensive income - - 27 - 27 - 27

Comprehensive income for the year - - 27 276 303 - 303

Closing equity, 31 Dec 2021 1 1,096 21 1,436 2,553 - 2,553

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | FINANCIAL STATEMENTS

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Consolidated statement of cash ﬂows

SEK millions Note 2021 2020

Cash flow from operating activities

Profit before tax 354 332

Adjustments for:

Depreciation/amortisation and impairment 420 371

Financial income -4 -6

Financial expenses 143 145

Capital gain/loss on sale of property - -17

Other non-cash items -2 -

Cash flow from operating activities before changes in working capital 912 824

Changes:

Decrease (+)/increase (-) in trade receivables -34 -22

Decrease (+)/increase (-) in other operating receivables -21 22

Decrease (-)/increase (+) in other operating liabilities 11 54

Decrease (-)/increase (+) in trade payables 32 16

Cash flow from operating activities 900 895

Interest received 1 1

Interest paid -140 -144

Tax paid -72 -90

Net cash flow from operating activities 689 661

Investing activities:

Acquisition of subsidiaries, net cash impact G3 -153 -18

Disposal of property, net cash impact - 114

Investments in intangible assets and property, plant and equipment, net -107 -133

Cash flow from investing activities -260 -37

Financing activities:

Loans raised G20 1,489 24

Repayment of liabilities to credit institutions G20 -1,540 -251

Repayment of lease liability -312 -284

Share buybacks -159 -156

Cash flow from financing activities -521 -667

Cash flow for the year -92 -42

Cash and cash equivalents at start of year G16 759 836

Exchange differences in cash/cash equivalents 28 -35

Cash and cash equivalents at end of year G16 695 759

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | FINANCIAL STATEMENTS

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Multi-year overview

SEK millions 2021 2020 2019 2018 2017

Condensed consolidated income statement

Operating revenue 8,188 7,797 7,467 6,725 6,556

Operating profit before depreciation, amortisation and impairment

(EBITDA) 913 842 697 461 376

Operating profit (EBIT) 493 471 369 391 316

Profit before tax 354 332 249 317 250

Profit for the year (attributable to Parent Company shareholders) 276 262 188 246 194

Condensed consolidated income statement excluding effects of IFRS 16

Operating revenue 8,188 7,797 7,467 6,725 6,556

Operating profit before depreciation, amortisation and impairment

(EBITDA) 531 499 397 461 376

Operating profit (EBIT) 427 416 323 391 316

Profit before tax 378 356 273 317 250

Condensed consolidated balance sheet

Assets

Goodwill 4,148 3,815 3,897 3,168 3,104

Right-of-use assets 2,669 2,119 2,089 - -

Other non-current assets 426 361 415 577 432

Current assets 1,759 1,749 1,830 1,473 1,525

Total assets 9,002 8,044 8,231 5,218 5,060

Condensed equity and liabilities

Equity 2,553 2,354 2,305 2,147 1,891

Non-current lease liabilities 2,557 1,958 1,902 - -

Other non-current liabilities 2,223 1,569 1,839 1,333 1,417

Current lease liabilities 216 232 270 - -

Other current liabilities 1,453 1,931 1,915 1,739 1,752

Total equity and liabilities 9,002 8,044 8,231 5,218 5,060

Condensed consolidated statement of cash flows

Net cash flow from operating activities 689 661 631 332 241

Cash flow from investing activities -260 -37 -323 -240 -60

Cash flow from financing activities -521 -667 14 -166 -75

Cash flow for the year -92 -42 322 -74 106

Condensed consolidated statement of cash flows excluding effects

of IFRS 16

Net cash flow from operating activities 397 398 402 332 241

Cash flow from financing activities -209 -383 264 -166 -75

Key ratios

SEK millions 2021 2020

Operating revenue 8,188 7,797

Profit measures

Operating profit before depreciation, amortisation and impairment

(EBITDA) 913 842

Operating profit (EBIT) 493 471

Profit for the year 276 262

Earnings per share, SEK 5.67 4.94

Margin measures

Operating margin before depreciation, amortisation and impairment

(EBITDA), % 11.2 10.8

Operating margin (EBIT), % 6.0 6.0

Capital structure

Equity/assets ratio, % 28.4 29.3

Return on capital employed, % 6.6 7.1

Interest-bearing net debt 4,226 3,511

Interest-bearing net debt/adjusted EBITDA, times 4.6 4.3

Operating cash flow 785 779

Per-share data

Number of shares at end of year 53,140,064

53,140,064

Operating cash flow per share, SEK 14.8 14.7

Other

Number of full-time employees at end of year 10,945 10,639

Average number of customers 9,102 8,795

Of which 4,247,859 (2,659,711) are owned by Humana.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | FINANCIAL STATEMENTS

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Parent Company income statement

SEK millions Note 2021 2020

Operating revenue

Operating revenue P1 - 2

Operating expenses

Other external expenses P1, P 2 -4 -6

Personnel costs G5 -12 -11

Operating profit -16 -15

Profit from financial items

Financial income 40 108

Financial expenses -103 -108

Profit before tax and appropriations -79 -15

Appropriations

Group contributions received 132 105

Change in tax allocation reserve P4 -1 4

Profit before tax 52 94

Tax -13 -25

Profit for the year and comprehensive income for the year 39 69

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | FINANCIAL STATEMENTS

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Parent Company balance sheet

SEK millions Note 31/12/2021 31/12/2020

ASSETS

Non-current assets

Financial assets

Shares in subsidiaries P3 1,684 1,629

Total non-current assets 1,684 1,629

Current assets

Current receivables

Receivables from Group companies 1,477 1,610

Tax asset 11 4

Prepaid expenses and accrued income 0 1

Total current receivables 1,488 1,616

Cash and bank balances - -

Total current assets 1,488 1,616

TOTAL ASSETS 3,173 3,244

SEK millions Note 31/12/2021 31/12/2020

EQUITY AND LIABILITIES

Equity

Restricted equity

Share capital G17 1 1

Unrestricted equity

Share premium reserve 1,096 1,096

Retained earnings 371 405

Profit for the year 39 69

Total equity 1,508 1,572

Untaxed reserves

Tax allocation reserve P4 149 148

Total untaxed reserves 149 148

Non-current liabilities

Liabilities to credit institutions P5 1,508 946

Total non-current liabilities 1,508 946

Current liabilities

Liabilities to credit institutions 0 571

Trade payables 4 2

Tax liability - -

Accrued expenses and deferred income P6 4 4

Total current liabilities 9 578

TOTAL EQUITY AND LIABILITIES 3,173 3,244

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | FINANCIAL STATEMENTS

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Parent Company statement of changes in equity

SEK millions Share capital Share premium reserve

Retained earnings, including

profit for the year Total equity

Opening equity, 1 Jan 2020 1 1,096 562 1,659

Profit for the year and comprehensive income for the year - - 69 69

Owner transactions

Share buybacks - - -156 -156

Total owner transactions - - -156 -156

Closing equity, 31 Dec 2020 1 1,096 476 1,572

Opening equity, 1 Jan 2021 1 1,096 476 1,572

Profit for the year and comprehensive income for the year - - 39 39

Owner transactions

Share buybacks 1 1,096 -159 -159

Acquired operations settled with shares - 55 55

Total owner transactions 1 1,096 -104 -104

Closing equity, 31 Dec 2021 1 1,096 412 1,508

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | FINANCIAL STATEMENTS

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

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Parent Company statement of cash ﬂows

SEK millions 2021 2020

Cash flow from operating activities

Operating profit -16 -15

Adjustments for non-cash items

Other non-cash items - 3

-16 -12

Group contributions received 132 105

Interest paid -32 -49

Tax paid -12 -35

Cash flow from operating activities before changes in working capital 72 9

Cash flow from changes in working capital

Decrease (+)/increase (-) in receivables 114 376

Decrease (-)/increase (+) in current liabilities 0 -3

Decrease (-)/increase (+) in trade payables 2 0

Cash flow from operating activities 188 383

Cash flow from investing activities - -

Financing activities

Loans raised 1,504 24

Repayment of liabilities to credit institutions -1,534 -250

Share buybacks -159 -156

Cash flow from financing activities -188 -383

Cash flow for the year 0 0

Cash and cash equivalents at start of year 0 0

Cash and cash equivalents at end of period 0 0

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | FINANCIAL STATEMENTS

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ..............

OFFERING ................................... 

HUMANA AS AN INVESTMENT .....

CORPORATE GOVERNANCE ........ 

FINANCIAL REPORTS ................... 

OTHER ........................................

Open printer-friendly PDF

Note GA1 General information

Humana AB is a Swedish-registered limited liability company with its registered

oce in Stockholm. Humana is a public company. The address of the head

oces is Warfvinges väg 39, SE-112 51 Stockholm, Sweden. The company’s

shares were admitted to trading on Nasdaq Stockholm on 22 March 2016.

The consolidated financial statements cover the Parent Company and its

subsidiaries (see Note G23), together referred to as the Group. The Group runs

care operations in the Individual & Family, Personal Assistance, Elderly Care,

Finland and Norway segments.

At 31 December 2021, Humana AB was 20.2 percent owned by Impilo Care

AB (corporate identity number 559189-7722).

The financial statements were approved by the Board of Directors and CEO

for publication on 30 March 2022. The annual report will be presented for

adoption at the AGM on 10 May 2022.

Note GA2

General accounting policies

and estimates

General accounting policies

Conformity with standards and laws

The consolidated financial statements have been prepared in accordance with

International Financial Reporting Standards (IFRS) issued by the International

Accounting Standards Board (IASB) and the Interpretations issued by the IFRS

Interpretations Committee (IFRS IC) as adopted by the EU. In addition, the

Swedish Financial Reporting Board’s recommendation RFR 1 Supplementary

Accounting Rules for Groups has been applied.

Basis of preparation

Assets and liabilities are measured at historical cost, apart from certain financial

assets and liabilities which are measured at fair value. Financial assets and

liabilities measured at fair value consist of derivative instruments and contingent

considerations from acquisitions.

Functional currency and presentation currency

The Parent Company’s functional currency is the Swedish krona (SEK). The pre-

sentation currency for the Parent Company and the Group is also the Swedish

krona. All amounts are rounded to the nearest SEK million unless stated

otherwise.

Accounting estimates

Preparation of financial statements in compliance with IFRS requires manage-

ment to make accounting estimates and assumptions which aect the application

of the accounting policies and the carrying amounts of assets, liabilities, income

and expenses. The actual outcome may dier from these accounting estimates

and assessments.

Accounting estimates and assumptions are reviewed regularly. Changes in

accounting estimates are recognised prospectively.

Critical accounting estimates made by management that have a significant

impact on the financial statements and may entail a material adjustment in the

future are mainly related to goodwill impairment testing and the preparation of

acquisition analyses.

Goodwill impairment testing

Goodwill is tested for impairment annually. These tests involve calculations that

are based on management's assumptions about growth rates, operating margins

and discount rates.

Current regulations were applied during the year’s impairment testing.

Assessments other than those made by the company may lead to completely dif-

ferent results and financial position. More information on impairment testing can

be found in Note G10.

Fair value measurement in acquisition accounting

When a subsidiary or operation is acquired, an acquisition analysis is prepared,

which includes an assessment of the fair values of assets and liabilities. These

assets and liabilities are measured using various valuation methods. Assessments

other than those made by management may result in a dierent future position.

A high proportion of goodwill, for example, gives rise to an asset item that is sub-

ject to annual impairment testing rather than ongoing amortisation. More infor-

mation about acquisition analyses can be found in Note G3.

Assumptions concerning the calculation of lease liabilities

When calculating lease liabilities in accordance with IFRS 16, management has

made a number of estimations and assessments, which, if done dierently, would

have aected the amount of the lease liabilities. Humana categorises lease cont-

racts according to their nature, e.g. real estate and cars. Changes in the discount

rate aect the size of the liability and its associated interest expenses. A new dis-

count rate is set when a new lease is added, when an extension option is used, or

when there is a change in the scope of the lease. The basis for the discount rate

is obtained from an external party on an annual basis. See note G13 for leases.

For more detailed accounting policies, see the significant accounting policies

described in Note GA4.

Note GA3 New IFRSs not yet eective

New and amended IFRSs with future application are not expected to have any

material eect on the company’s financial statements.

Note GA4 Significant Accounting Policies

The accounting policies described below have been applied consistently to all

periods presented in the Group’s financial statements, with some exceptions,

which are described in more detail. The Group’s accounting policies have been

consistently applied by the Group companies.

New accounting policies applied from 1 January 2021

Humana has determined that new or amended standards and interpretations will

not have any significant eect on the Group’s financial statements.

Classification

Non-current assets and liabilities are amounts that are expected to be recovered

or paid more than 12 months after the reporting date. Current assets and liabili-

ties are amounts that are expected to be recovered or paid within 12 months of

the reporting date.

Segment reporting

Humana has five business areas, which are also reported as five segments: Indi-

vidual & Family, Personal Assistance, Elderly Care, Finland and Norway. Den-

mark and central functions are reported as Other operations. Sales and opera-

ting profit for each segment are reported after allocation of segment-specific

costs, but not including costs for central functions. The Group’s segment

reporting corresponds to the internal reporting to the chief operating decision

maker. However, the CEO and CFO only monitor the Group’s total assets, not

assets by segment. See Note G1 for a more detailed description of the break-

down and presentation of operating segments.

Government grants

Government grants are recognised when there is reasonable assurance that

the grant will be received and that the company will comply with the conditions

attached to the grant. Government grants may for example include training,

new employments, reductions in working hours, and compensation for increased

costs for protective equipment and sick pay. Grants are recognised in the income

statement over the period necessary to match them with the related costs, for

which they are intended to compensate, on a systematic basis.

Basis of consolidation and business combinations

Subsidiaries

The consolidated financial statements include the Parent Company Humana AB

and its subsidiaries. Subsidiaries are entities over which the Parent Company has

control. Control exists when the Parent Company has exposure to variable

returns from its holding in an entity and can aect the returns through power

over the entity. A subsidiary is consolidated from the date on which the Parent

Company obtains control until such control ceases.

Humana is assumed to have control if the Group owns the majority of shares

and the shares have equal voting rights attached, and a proportionate entitle-

ment to a share of the returns of the entity and decisions about relevant activities

are determined by majority votes. Humana is also assumed to have control if

Humana selects the majority of the board, or the post of chairman in the event of

an equal number of members, contractually even if not holding the majority of

the shares.

Non-controlling interests

Acquisitions from non-controlling interests are reported as transactions in equity,

i.e. a transfer between equity attributable to Parent Company shareholders and

non-controlling interests.

Foreign currencies in subsidiaries

Items in the individual financial statements of each Group entity are presented in

the currency of the country in which the entity operates (its functional currency).

Accounting policies

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

The consolidated financial statements are presented in SEK, which is the Parent

Company's functional and presentation currency.

The assets and liabilities of Humana’s foreign subsidiaries are translated at

the closing rate. All income statement items are translated at the average rate for

the year. Translation dierences are recognised directly under consolidated other

comprehensive income. Hedge accounting is applied within the Group; see the

section for hedge accounting.

Business combinations

Humana recognises business combinations in accordance with the acquisition

method from the date on which control is obtained. The consideration paid in

connection with an acquisition is recognised at the acquisition-date fair value, as

are the acquired assets and liabilities. The dierence between the consideration

and the fair value of the acquired assets and liabilities is recognised as goodwill.

Goodwill is subject to annual impairment testing. See Note G10. In bargain

purchases, which are acquisitions where the value of the net assets exceeds the

consideration paid, the dierence is recognised immediately in the income state-

ment. Acquisition costs are expensed as incurred.

Contingent considerations are recognised at fair value on the date of acqui-

sition and contingent considerations that are financial liabilities are remeasured

at each reporting date with changes in value recognised under operating profit.

The consideration paid in connection with an acquisition does not include

payments related to settlement of a pre-existing relationship. This type of settle-

ment is recognised in profit or loss.

Assets and liabilities for companies acquired or divested during the year are

recognised in the consolidated financial reports from the date on which control is

obtained and are derecognised from the date on which control is lost. Internal

sales and other balances within the Group have been eliminated in the consoli-

dated accounts. Gains and losses which arise as a result of intragroup transac-

tions are eliminated provided a loss does not lead to impairment.

Where appropriate, the accounting policies for subsidiaries have been amen-

ded in order to guarantee consistent application of the Group’s policies.

Revenue

Humana provides assistance services and housing in the areas of elderly care,

residential care homes, interim and regular family-based care, special service

housing and assisted living homes. Humana also provides outpatient care servi-

ces. The Group’s services are provided on the basis of the signed operational

contracts.

Within Humana’s assistance operations, the services are mainly provided

through contracts including monthly invoicing. Compensation is based on the

number of care receivers and the number of assistance hours or similar services.

The attendance allowance from the Swedish Social Insurance Agency (Försäk-

ringskassan) is paid monthly in arrears.

In operations including homes under own management, vacancies are oe-

red to municipalities which they purchase when needed through master agree-

ments, subscription agreements, individual agreements, or alternatively via the

Act on System of Choice in the Public Sector. The agreement with the customer is

then considered to be in place in connection with placement. Humana’s opera-

tions under own management are conducted in premises which are controlled by

Humana. Revenue is recognised when the services are performed. Health and

care services are largely provided under monthly invoicing agreements.

In operations under contract, the Humana business area performs the servi-

ces on behalf of a municipality or district administration for a fixed period of time

at a fixed price in accordance with a public procurement. The agreement with the

customer is then considered to arise based on the applicable contract. The com-

pensation is linked to the number of care days, time spent or other services

approved by the municipality. In Humana’s own homes, Humana receives rental

income from the resident customers where appropriate.

Personnel costs

Short-term benefits

Employee benefits are recognised as an expense when the services have been

performed. A liability for the expected costs of bonus payments is recognised

when the Group has a legal or constructive obligation to make such payments as

a result of employees having provided the services in question and when the

amount can be measured reliably.

Termination benefits

Termination benefits are expensed at the earlier of the following: when the com-

pany can no longer withdraw the oer of the benefits or when the company

recognises restructuring costs. Benefits expected to be settled after twelve

months are recognised at their present value.

Pension benefit obligations

Humana has various pension plans which are classified as either defined

contribution or defined benefit plans.

A defined contribution pension plan is a plan under which the Group’s

obligation is limited to the fixed contributions paid to the insurer in question.

Thereafter the Group has no legal or constructive obligation to pay additional

contributions.

Pension premiums under defined contribution plans are recognised as per-

sonnel costs in the income statement as they fall due. A defined benefit pension

plan is a plan that is not based on defined contributions. Humana’s defined

benefit obligations for retirement benefits and survivor pensions for salaried

employees in Sweden (ITP2) are covered by insurance with Alecta, which is a

defined benefit multi-employer plan. For the financial year 2021, Humana did

not have access to information enabling the company to recognise these plans

as defined benefit, thus leading to them being recognised as defined contribution

plans.

The Group has certain pension obligations that are covered by endowment

insurance. The pension provision includes a special payroll tax and corresponds

to the value of the assets in the endowment insurance at any given time.

Share savings programme

In 2017, a share savings programme was launched, enabling managers to

purchase Humana shares. Participants’ own investment in the form of saving

shares at the investment-date share price, subject to continuing employment with

the company, gives entitlement to matching shares at the end of the vesting

period. In addition, performance shares may be allotted, subject to the achieve-

ment of certain pre-defined targets during the vesting period. The share savings

programme is recognised directly in equity during the vesting period. The pro-

gramme expired on 31 January 2020.

Financial income and expenses

Financial income consists of interest income and, where applicable, dividend

income, as well as gains on the remeasurement or disposal of financial instru-

ments. Financial expenses consist of interest charges on loans (including accrued

transaction costs) and lease liabilities, and losses on changes in value or dispo-

sal of financial instruments. Exchange gains and losses are reported on a gross

basis. Interest income and expenses are reported using the eective interest met-

hod. Dividends are recognised in the income statement when the right to receive

payment of a dividend has been established.

Leases

Leases where the Group is lessee

The Group recognises a right-of-use asset and a lease liability on commence-

ment of the lease.

The right-of-use asset is initially measured at cost, which consists of the lease

liability’s initial value and any lease payments made on or before the commence-

ment date plus any initial direct costs. The right-of-use asset is depreciated on a

straight-line basis from the commencement date until the end of the asset’s use-

ful life or the end of the lease term, whichever is earlier, but normally the end of

the lease term.

The lease liability, which is divided into a current and a non-current portion,

is initially measured at the present value of the remaining lease payments over

the estimated lease term. The lease term is the non-cancellable period plus any

periods covered by an option to extend the lease if the exercise of that option is

reasonably certain at the commencement date.

Lease payments are normally discounted at the Group’s incremental borro-

wing rate, which, in addition to the Group’s/Company’s credit risk, reﬂects the

lease term, currency and quality of the underlying asset if it were provided as

collateral. However, if the rate implicit in the lease can be readily determined,

which is the case for the Group’s leased cars, this is used instead.

The liability’s carrying amount is increased by the interest expenses for each

period and decreased by the lease payments. Interest expenses are calculated as

the liability’s carrying amount multiplied by the discount rate. The lease liability

for the Group’s premises that have index-linked rent is calculated on the rent that

applies at the end of each reporting period. The liability is then adjusted, with a

corresponding adjustment of the right-of-use asset’s carrying amount. Cor-

respondingly, the carrying amounts of the liability and the asset are adjusted

when the lease term is revised. This occurs when the deadline for terminating the

previously determined lease term for premises has passed, or when a significant

event or a significant change in circumstances occurs that is within the Group’s

control and aects the current determination of the lease term.

Right-of-use assets and lease liabilities are not recognised for leases with a

lease term of 12 months or less at the beginning of the lease, or leases where the

underlying asset is of low value, i.e. less than USD 5 thousand. Lease payments

for these leases are recognised as an expense on a straight-line basis over the

lease term.

Sale and leaseback

The Group applies the revenue recognition rules to determine whether a sale

and leaseback transaction should be recognised as a sale. If a transaction quali-

fies as a sale, the right-of-use asset arising from the leaseback transaction is

measured at the proportion of the previous carrying amount of the asset that

relates to the right of use retained by the Group. Accordingly, only the amount of

gain or loss that relates to the rights transferred to the buyer/lessor is recognised.

To determine the proportion of the asset that is retained and the proportion that

is transferred to the buyer, the relationship between the lease liability recognised

in connection with the leaseback and the fair value of the sold asset is used. If

the sale consideration is higher than the asset’s fair value or if future lease pay-

ments are lower than market rates, the dierence is recognised as a liability. The

remaining consideration received for the sale of the asset is used as the basis for

calculating any gain or loss on the transaction. In the reverse situation, the die-

rence is recognised as a prepayment. If the transfer of an asset does not meet

the requirements for revenue recognition, the Group continues to recognise the

transferred asset and a financial liability corresponding to the consideration

received.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Taxes

Income tax consists of current tax and deferred tax. Income taxes are recognised

in the income statement, unless the underlying transaction is recognised in other

comprehensive income or in equity, in which case the associated tax eect is

recognised in other comprehensive income or in equity.

Current tax is the amount of income taxes payable or recoverable for the

current year. Current tax also includes any adjustments relating to prior periods.

Deferred tax is accounted for using the balance-sheet liability method. A

deferred tax liability is recognised for temporary dierences between the carrying

amounts of assets and liabilities and their corresponding tax bases. Temporary

dierences are not considered in goodwill on consolidation or for the dierence

resulting from the initial recognition of assets and liabilities that are not business

combinations, and that at the time of the transaction aect neither recognised

nor taxable earnings. The measurement of deferred tax is based on how the

underlying assets and liabilities are expected to be recovered or settled. Deferred

tax liabilities and assets are measured using the tax rates and tax laws that have

been enacted or substantively enacted by the reporting date.

Deferred tax assets on temporary dierences and deferred tax assets arising

from the carry-forward of unused tax losses are only recognised to the extent that

it is probable that they can be utilised. The carrying amounts of deferred tax

assets are reviewed and reduced to the extent that it is no longer probable that

the deferred tax asset can be utilised.

The eects of changes in applicable tax rates are recognised in the period in

which the change is substantively enacted. Deferred tax receivables and liabilities

are recognised on a net basis when there is a legally enforceable right to oset

current tax receivables against current tax liabilities and the deferred taxes are

attributable to the same taxable entity and tax authority. Interest calculated by

tax authorities on additional and surplus current tax is classified as Interest

expenses and Other interest income respectively.

Intangible assets

Goodwill

In a business combination, goodwill arises when the consideration paid exceeds

the fair value of identifiable net assets in the acquired entity. Goodwill is measu-

red, after initial recognition, at cost, less any accumulated impairment losses.

Goodwill is tested for impairment rather than amortised. See the section regar-

ding impairment below. See also Note G10.

When the Group adopted IFRS, it was decided not to apply IFRS retrospecti-

vely to goodwill arising from acquisitions prior to 1 January 2012. Consequently,

the carrying amount on that date represents the Group’s cost of acquisition after

impairment testing.

Other intangible assets

When a business is acquired, the company assesses the extent to which there are

identifiable intangible assets to be reported separately from goodwill, such as

customer relationships, trademarks and customer contracts. In addition, Humana

recognises capitalised expenditure on systems development and licences as an

asset.

Other intangible assets are recognised at cost, including directly attributable

borrowing costs, less accumulated amortisation and any impairment losses.

Intangible assets acquired in a business combination are identified and

recognized separately from goodwill where they satisfy the definition of an

intangible asset and their fair values can be measured reliably. The cost of such

intangible assets is their fair value at the acquisition date.

Amortisation

Amortisation is recognised in profit or loss on a straight-line basis over the intan-

gible asset’s useful life, unless it has an indefinite useful life. Useful lives are

reviewed at least annually. Goodwill is tested for impairment annually and as

soon as there are indications that the asset in question has decreased in value.

Intangible assets with finite useful lives are amortised from when they are availa-

ble for use. The estimated useful lives are:

– licences 5–7 years

– customer relationships 5-7 years

Property, plant and equipment

Property, plant and equipment is recognised at cost, including directly associated

borrowing costs, less accumulated depreciation and any impairment losses. In

cases where part of property, plant and equipment consist of several compo-

nents, where each component its own cost and estimated useful life that diers

significantly from the item as a whole, each component is depreciated individu-

ally on the basis of the component’s estimated useful life Items of property, plant

and equipment with sub-components that have dierent useful lives are treated

as separate components of property, plant and equipment.

Gains or losses on the disposal or retirement of an asset are recognised in

the income statement under other operating income/expenses.

Fair values for property, plant and equipment acquired in a business combi-

nation are normally valued using a cost approach, in which the fair value is deri-

ved based on depreciated replacement cost for the asset. Capitalized interest is

calculated, based on the group’s estimated average cost of borrowing. However,

actual borrowing costs are capitalized if individually identifiable, such as interest

paid on construction loans for buildings.

Subsequent costs

Subsequent costs are capitalised only if it is probable that future economic bene-

fits associated with the cost will ﬂow to the company. All other subsequent costs

are recognised as expenses in the period in which they arise.

Depreciation

Depreciation is applied on a straight-line basis over the useful life of the asset.

Leased assets are also depreciated over their estimated useful lives or over the

agreed lease term if this is shorter. Land is not depreciated.

Estimated useful lives:

The following main groups of components have been identified and form the

basis of depreciation of buildings:

– Building structure 40–100 years

– Supplementary structures, interior walls etc. 20–40 years

– Installations: heating, electricity, plumbing, ventilation etc. 25–40 years

– Exterior surfaces: façades, roofs etc. 20–70 years

– Interior surfaces, machinery etc. 10–25 years

– Equipment 5–10 years

– Leasehold, over the contract period

Depreciation methods, residual values and useful lives are reviewed at each

year-end.

Impairment

The carrying amounts of the Group’s assets are assessed at each reporting

date to determine if there is any indication of impairment.

Impairment of property, plant and equipment, intangible assets and

right-of-use assets

If there is an indication of impairment, the asset’s recoverable amount is measu-

red (see below). The recoverable amount is calculated annually for goodwill,

other intangible assets with indefinite useful lives and intangible assets not yet

ready for use. If an asset does not generate independent cash inﬂows and its fair

value less costs to sell cannot be used, it is tested for impairment as part of the

cash-generating unit to which it belongs, i.e. the smallest identifiable group of

assets which generates cash inﬂows that are largely independent of the cash

inﬂows from other assets or groups of assets.

An impairment loss is recognised when the recoverable amount of an asset

or a cash-generating unit (group of units) is less than its carrying amount. An

impairment loss is recognised as an expense in profit for the year. Impairment

losses recognised for a cash-generating unit are initially allocated to goodwill.

They are then allocated to the other assets of the unit pro rata based on each

asset’s carrying amount.

The recoverable amount is the higher of the asset’s fair value less costs to sell

and its value in use. In measuring value in use, cash ﬂows are discounted using a dis-

count rate that reﬂects the risk-free rate of interest and the risks specific to the asset.

Reversal of impairment losses

Impairment of assets accounted for under IAS 36 is reversed if there is an indica-

tion that the impairment no longer exists and there has been a change in the

assumptions on which the calculation of the recoverable amount was based.

However, goodwill impairment is never reversed. An impairment loss is reversed

only to the extent that the asset’s carrying amount does not exceed the carrying

amount that would have been determined, net of depreciation where applicable,

had no impairment loss been recognised.

Earnings per share

Calculation of basic earnings per share is based on the Group’s profit/loss for

the year attributable to Parent Company shareholders and the weighted average

number of shares outstanding during the year.

Diluted earnings per share is calculated by dividing profit/loss for the year

attributable to Parent Company shareholders (adjusted where appropriate) by

the sum of the weighted average number of shares and potential shares that

could give rise to a dilutive eect. The dilutive eect of potential shares is only

recognised if a conversion to shares would result in a reduction in diluted ear-

nings per share.

Provisions

A provision diers from other liabilities as there is uncertainty about the timing or

amount required to settle the provision. A provision is recognised when there is a

present obligation (legal or constructive) as a result of a past event and it is pro-

bable that an outﬂow of resources will be required to settle the obligation, and a

reliable estimate can be made of the amount of the obligation.

Provisions are recognised at the best estimate of the expenditure required to

settle the present obligation at the reporting date.

Onerous contracts

A provision for onerous contracts are recognized when the expected benefits to be

derived by from a contract are lower than the unavoidable cost of meeting the obli-

gations under the contract. The provision is measured at the present value of the

lower of the expected cost of terminating the contract and the expected net cost of

continuing with the contract. Before a provision is established, Humana recognises

any impairment loss on the assets associated with that contract is provided for.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Financial assets and liabilities – Financial instruments

Financial instruments reported under assets in the balance sheet are primarily

cash and cash equivalents, derivatives and trade receivables. Financial instru-

ments reported under liabilities include trade payables, loans and derivatives.

A financial asset or liability is recognised in the balance sheet when the com-

pany becomes a party to the contractual provisions of the instrument. A receiva-

ble is recognised when the company has performed and there is a contractual

obligation for the counterparty to pay, even if an invoice has not yet been sent.

Trade receivables are recognised when an invoice has been sent. Liabilities are

recognised when the counterparty has performed and there is a contractual obli-

gation to pay, even if an invoice has not yet been received. Trade payables are

recognised on receipt of the invoice.

A financial asset is derecognised when the rights to receive benefits have

been realised, expired or the company loses control over them. A financial liabi-

lity is derecognised when the contractual obligation is discharged or extinguis-

hed in some other way.

A financial asset and a financial liability may be oset when, and only when,

there is a legally enforceable right to set o the amounts and there is an intention

to settle the items on a net basis.

Purchases and sales of financial assets are recognised on the trade date,

which is the date on which the company commits itself to purchase or sell the

asset.

Measurement of financial instruments

Financial instruments are classified on initial recognition and this classification

determines the instruments’ measurement.

Classification and measurement of financial instruments

Derivatives: Classified at fair value through profit or loss.

Debt instruments: Classification of financial assets that are debt instruments is

based on the Group’s business model for managing the asset and the characte-

ristics of the asset’s contractual cash ﬂows. The classification categories for the

instruments are as follows:

• amortised cost

• fair value through other comprehensive income, or

• fair value through profit or loss

All the Group’s financial assets that are held in debt instruments are recognised

at amortised cost. The Group’s holdings in debt instruments mainly consist of

trade receivables, cash and cash equivalents and accrued income. At initial

recognition, financial assets classified at amortised cost are measured at fair

value plus transaction costs. The assets are subsequently measured using the

eective interest method. Under the business model, assets classified at amorti-

sed cost are held for collection of contractual cash ﬂows that are solely payments

of principal and interest on the principal amount outstanding. The assets are

covered by a loss allowance for expected credit losses. Trade receivables are

initially recognised at the invoiced amount.

Classification and measurement of financial liabilities

Financial liabilities are classified at amortised cost except for derivatives and

contingent considerations for business combinations. Contingent considerations

are normally financial liabilities and are recognised at fair value through profit or

loss. At initial recognition, financial liabilities classified at amortised cost are

measured at fair value including transaction costs. They are subsequently measu-

red using the eective interest method.

Derivatives are classified at fair value through profit or loss unless they are

classified as hedging instruments and the eective portion of the hedge is

recognised in other comprehensive income.

Impairment of financial assets

For all the Group’s financial assets that are recognised at amortised cost, the

allowance for credit losses is based on expected losses. First, the assessment for

trade receivables is made individually and then for non-individually impaired

receivables, based on the degree of delay in payment. The Group’s customers

are municipalities and county councils, which have very good credit ratings.

Bad debt losses have historically been very low, and this is expected to continue.

Hedge accounting

As from 1 January 2018, the Group applies hedge accounting to hedges of net

investments in foreign operations.

Humana hedges net investments in EUR and NOK through loans in these

currencies. The eective portion of exchange gains or losses on loans is recogni-

sed in other comprehensive income and these accumulated gains and losses are

recognised in a separate component of equity, the translation reserve. Changes

in value attributable to the ineective portion are recognised immediately in pro-

fit or loss. The cumulative gain or loss on the hedging instrument in the transla-

tion reserve is reclassified to profit or loss on disposal of the foreign operation.

Contingent liabilities

A contingent liability is recognised when a possible obligation arises from past

events whose existence will be confirmed only by the occurrence or non-occur-

rence of one or more uncertain future events outside the Group's control, or

when there is an obligation which is not recognised as a liability or provision

because it is not probable that an outﬂow of resources will be required to settle

the obligation or the amount cannot be measured reliably.

Note PA1 Parent Company accounting policies

The Parent Company’s annual financial statements have been prepared in accor-

dance with the Swedish Annual Accounts Act (1995:1554) and the Swedish

Financial Reporting Board’s recommendation RFR 2 Accounting for Legal Enti-

ties. The Swedish Financial Reporting Board’s issued statements for listed enter-

prises have also been applied. RFR 2 requires the Parent Company, as a legal

entity, to prepare its annual financial statements in compliance with all IFRS and

IFRIC interpretations adopted by the EU, to the extent that such application does

not conﬂict with the Swedish Annual Accounts Act and Pension Obligations Vest-

ing Act and taking into account the relationship between tax expense (income)

and accounting profit. The recommendation also specifies exceptions from and

additions to IFRS reporting.

Dierences between the Group’s and the Parent Company’s

accounting policies

Dierences between the Group’s and the Parent Company’s accounting policies

are described below. The accounting policies described below have been app-

lied consistently to all periods presented in the Parent Company’s financial

statements.

Shares in subsidiaries

Shares in subsidiaries are recognised in the Parent Company using the cost met-

hod. This means that transaction costs are included in the carrying amount

of the holdings in subsidiaries. In the consolidated accounts, transaction costs

attributable to subsidiaries are recognised directly in the income statement as

they arise.

Financial instruments and hedge accounting

Because of the relationship between tax expense (income) and accounting profit,

the Parent Company does not apply the rules on financial instruments and hedge

accounting contained in IFRS 9.

The Parent Company’s non-current financial assets are carried at cost less

impairment losses, while its current financial assets are measured using the prin-

ciple of lowest value. The cost of interest-bearing instruments is adjusted for the

accrued dierence between the amount originally paid, net of transaction costs,

and the amount paid at maturity (premium or discount).

Leased assets

The Parent Company does not apply IFRS 16, in accordance with exceptions in

RFR 2. As a lessee, lease payments are recognised as a cost on a straight-line

basis over the lease term, so rights of use and lease liabilities are not recognised

in the balance sheet.

Group contributions

Group contributions are reported in the Parent Company using the alternative

rule. Both group contributions received and paid are recognised as appropria-

tions. Shareholder contributions are recognised directly in the recipient’s equity

and are capitalised in the issuer’s shares and participating interests, to the extent

that impairment is not required.

Untaxed reserves

Untaxed reserves are recognised inclusive of deferred tax liability in the Parent

Company and not, as in the Group, divided into deferred tax liability and equity.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Note G1 Segment reporting and revenue

The Group’s operations are divided into operating segments based on compo-

nents of the business that are reviewed by the Chief Executive Ocer (CEO) and

Chief Financial Ocer (CFO), who are the company’s chief operating decision

makers. This is referred to as the management approach. The Group’s opera-

tions are organised in such a way that the CEO and CFO review the results of

each business area. The business areas are also operating segments. Each ope-

rating segment has a manager who is responsible for the day-to-day operations

and regularly reports the results of the segment’s performance to the CEO and

CFO. The Group’s internal reporting is therefore structured in such a way as to

allow the CEO and CFO to review the business areas’ performance and results.

Individual & Family provides care and treatment in psychiatry and psychoso-

cial change management to clients of all age groups. This is done through

operations such as residential care homes, interim and regular family-based

care, special service housing, outpatient care, assisted living homes, specially

adapted housing for individuals with functional impairments and special educa-

tion schools.

Personal Assistance provides care services and assistance to individuals with

functional impairments.

Elderly Care mainly consists of elderly care homes, but also provides day care,

ﬂats adapted for the elderly, meeting places and family member services.

Finland oers individual and family care for children, young people and fami-

lies with psychiatric diagnoses or psychosocial disorders, special service housing

for individuals with functional impairments, elderly care homes and elderly day

care.

Norway oers individual and family care, personal assistance and special

service housing for individuals with functional impairments.

Other refers to the Group’s costs for central administration, central project

costs and costs for property managment. It also includes income and expenses

related to the sale and acquisition of companies as well as operations in Den-

mark. The earnings eect of the financial reporting standard IFRS 16 is also

reported in this segment, while the business areas recognise lease/rental pay-

ments as an expense on a straight-line basis over the lease term.

Income statement by segment

2021, SEK millions

Individual &

Family

Personal

Assistance Elderly Care Finland Norway Other Group

Net revenue – external income 2,255 3,042 669 1,276 915 19 8,176

Other operating revenue 2 - - 8 1 1 12

Total revenue 2,257 3,042 669 1,284 916 20 8,188

Profit before depreciation, amortisation and

other operating expenses

206 209 14 74 116 295 914

Depreciation/amortisation -37 -1 -16 -19 -12 -335 -420

Other operating expenses -1 - - - - - -1

Operating profit 168 208 -3 56 103 -40 493

Financial income 4

Financial expenses -143

Profit before tax 354

2020, SEK millions

Individual &

Family

Personal

Assistance Elderly Care Finland Norway Other Group

Net revenue – external income 2,101 2,931 608 1,326 788 17 7,771

Other operating revenue - - - 1 - 26 26

Total revenue 2,101 2,931 608 1,327 788 43 7,797

Profit before depreciation, amortisation and

other operating expenses

225 162 22 83 81 270 844

Depreciation/amortisation -34 -2 -12 -22 -12 -289 -371

Other operating expenses -1 - - - - -1 -2

Operating profit 190 160 10 62 69 -20 471

Financial income 6

Financial expenses -145

Profit before tax 332

*During the financial year, Humana received public subsidies primarily in the form of salary subsidies and compensation for sick pay, but also stimulus funding and compensation for

protective equipment. The total received was SEK 73 (56) million.

Breakdown of revenue

Revenue by service:

2021 2020

Individual & Family 3,631 3,506

Personal Assistance 3,349 3,125

Elderly Care 1,189 1,140

Other 20 26

Total revenue 8,188 7,797

No customer accounted for more than 10 percent of revenue.

Notes, Group

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Revenue by geographic area

2021 2020

Sweden 5,970 5,664

Finland 1,284 1,327

Norway 916 788

Denmark 18 18

Total 8,188 7,797

Non-current assets by geographic area

2021 2020

Sweden 4,988 4,100

Finland 1,622 1,604

Norway 572 544

Denmark 6 6

Total 7,188 6,253

Non-current assets do not include financial instruments, deferred tax assets and assets

relating to post-employment benefits.

Note G2

Other operating revenue and other

operating expenses

Other operating revenue

2021 2020

Gains on sale of property/subsidiaries

1 26

Other 11 -

Total 12 26

Refers to sales of property for 2020

Other operating expenses

2021 2020

Acquisition costs 15 1

Other 1 2

Total 16 2

Note G3 Acquisitions

Humana completed four (one) acquisitions during the year: three in the Indivi-

dual & Family business area and one in the Personal Assistance business area.

100 percent of the shares have been acquired in J-son Företags partner AB,

Fideli Omsorg AB, Balans Behandling AB and Enigheten Personlig assistans AB.

Acquisitions completed in 2021

Team J-son (Individual & Family) in February

The company is headquartered in Stockholm and provides care services for

children and young people with special needs. Team J-son’s annual revenue

is approximately SEK 90 million and the company has about 120 employees.

Total consideration, including contingent consideration, was SEK 83 million. The

acquisition contributed SEK 87 million to Humana’s revenue in 2021 and SEK 11

million to profit.

Fideli Omsorg AB (Individual & Family) in September

The business is based in Stockholm and operates ten residential units and a day

care facility for adults. The acquisition strengthens Humana’s operations in social

psychiatry and care for people with disabilities, and complements Humana’s

oering geographically. Fideli Omsorg’s annual revenue is approximately SEK 73

million and the company has about 160 employees. The consideration for Fideli

Omsorg (cash- and debt-free basis) comprised SEK83 million in cash and

769,200 shares in Humana corresponding to SEK50 million based on a volume-

weighted average price on Nasdaq Stockholm over 10 trading days before the

contract date (SEK 65.00). The fair value of the shares amounts to SEK55 mil-

lion. In addition to this, Humana will pay an earn-out payment of no more than

SEK73 million (present value) based on Fideli Omsorg’s profit in 2021, 2022

and 2023. The acquisition contributed SEK 38 million to Humana’s revenue in

2021 and SEK 4 million to profit.

Balans Behandling AB (Individual & Family) in October

The business is based in Luleå and its operations comprise enforced family-

based care, outpatient care with supported housing services and a treatment

home. Balans Behandling AB’s annual revenue is approximately SEK 60 million

and the company has about 20 employees. Total consideration, including

contingent considerations, was SEK 26 million. The acquisition contributed

SEK 12 million to Humana’s revenue in 2021 and SEK 1.4 million to profit.

Enigheten Personlig assistans AB (Personal Assistance) in November

The company is headquartered in Borlänge. Enigheten AB’s annual revenue

is approximately SEK 50 million and the company has about 150 employees.

The acquisition’s total purchase consideration amounted to SEK 17 million.

The acquisition contributed SEK 9 million to Humana’s revenue in 2021 and

SEK -0.5 million to profit.

Goodwill

The major part of the goodwill originated from the acquisitions in 2021 relates to

Fideli Omsorg AB and is partly attributable to the geographical breadth that is

achieved in the area of social psychiatry and the care of people with disabilities,

and partly to the synergy gains arising from the merger. Goodwill originated

from other acquisitions mainly relates to geographical breadth and synergies in

the respecive specialist area. The goodwill that arose in 2020 and 2021 is not

tax-deductible.

Contingent consideration

The acquisition of Team J-son AB, Fideli Omsorg AB and Balans Behandling AB

all include contingent considerations. The acquisition of Team J-son AB includes

a contingent consideration of maximum SEK 1 million and relates to goal attain-

ment concerning the operating profit achieved in 2021. The acquisition of Fideli

includes a contingent consideration of maximum of SEK 73 million over a period

of three years, commencing in 2021 and is based on the fulfilment of certain

criteria regarding operating profit. The acquisition of Balans behandling includes

a contingent consideration of maximum of SEK 7 million.

Acquisition costs

Acquisition costs of SEK 2 (1) million refer to consulting and legal fees, mainly for

financial and legal due diligence in connection with acquisitions. These are

recognised as other operating expenses in the income statement.

Receivables acquired

Doubtful trade receivables have been acquired and, in the event of impairment,

are adjusted through the contingent consideration.

Acquisitions after the reporting date

Since the reporting date, the Group has entered into an agreement to acquire

the Finnish individual and family care company Kalliola Oy, which provides

individual and family care for children and young people, accomodation and

outpatient care in southern Finland.

Net assets in acquired companies at date of acquisition

2021, SEK millions

Team

J-son

Fideli

Omsorg

Balans

Behand-

ling

Enig-

heten

Total

Non-current assets 0 4 0 - 4

Current assets 27 27 13 12 79

Non-current liabilities -2 - 0 - -2

Current liabilities -8 -15 -5 -7 -35

Net identifiable assets

and liabilities 17 16 8 5 46

Goodwill 65 195 11 12 283

Total consideration 82 211 19 17 329

Cash and cash

equivalents in

acquired entities -20 -10 -7 -5 -42

Payment with own shares - -55 - - -55

Contingent

consideration -1 -73 -7 - -81

Eect on cash and

cash equivalents 61 73 5 12 151

Settlement of consider-

ations attributable to

prior

acquisitions 1

Minor acquisitions 1

Total eect on cash

and cash equivalents 153

The acquisition analysis is preliminary as the final settlement has not been determined.

Humana’s acquisitions in 2021 increased the Group’s revenue by SEK 146 million and

profit by SEK 16 million. If the acquisitions had occurred on 1 January 2021, manage-

ment estimates that the Group’s revenue would have been SEK 8,308 million (SEK 120

million higher) and profit for the year would have been SEK 496 million (SEK 3 million

higher).

Acquisitions completed in 2020

RO Omsorg Assistans AB November 2020

The company provides personal assistance

Contingent consideration

The acquisition of RO Omsorg Assistans AB includes a contingent consideration.

The contingent consideration amount to maximum SEK 1 million and relates to

doubtful trade receivables and applied subsidies.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Net assets in acquired companies at date of acquisition

2020, SEK millions

RO Omsorg

Assistans AB

Minor acquisitions

and other, total Total

Non-current assets 0 - 0

Current assets 9

- 9

Non-current liabilities - - -

Current liabilities -5 - -5

Net identifiable assets and liabilities 4 - 4

Goodwill 9

- 9

Total consideration 13 - 13

Contingent consideration

-1 - -1

Cash and cash equivalents in

acquired entities

-1 - -1

Eect on cash and cash equivalents 10 - 10

Other

Settlement of considerations attribut-

able to prior acquisitions

- 8 8

Total eect on cash and cash equiva-

lents 10 8 18

Humana’s acquisitions in 2020 increased the Group’s revenue by SEK 9 million

and operating profit by SEK 1 million. If the acquisitions had occurred on

1 January 2020, management estimates that the Group’s revenue would have

been SEK 7,842 million (SEK 45 million higher) and profit for the year would

have been SEK 265 million (SEK 3 million higher).

Note G4 Other external expenses

SEK millions 2021 2020

Direct operating expenses

321 312

Purchased services 59 66

Premises and property costs 185 182

IT expenses 118 107

Marketing expenses 19 20

Other expenses 224 227

Total other external expenses 926 913

Direct operating expenses refers to the purchase of food, activities and overheads for

clients etc.

Note G5

Employees, personnel costs and

remuneration of senior executives

Personnel costs

Expenses recognised as employee benefits are distributed as follows:

SEK millions 2021 2020

Salaries and benefits 4,811 4,590

Pension costs, defined contribution plans 317 287

Social security contributions 1,131 1,053

Other personnel costs 74 109

Total 6,333 6,039

Average number of employees

2021

Average

number of

employees

of which

men, %

Sweden 8,371 32

Norway 994 42

Finland 1,605 23

Denmark 26 43

Total 10,996 32

2020

Average

number of

employees

of which

men, %

Sweden 8,061 30

Norway 838 43

Finland 1,669 24

Denmark 23 43

Total 10,592 31

During 2020 and 2021, the Parent Company has had only one employee, CEO

Rasmus Nerman, whose remuneration is shown in the table “Remuneration of the

Board of Directors and Group management” on page 93.

Pensions

Most salaried employees in Sweden are covered by ITP1. A small number of sala-

ried employees are covered by the ITP2 defined benefit retirement and survivor

pension plan, which is secured through insurance with Alecta. The premium for

the defined benefit retirement and family pension is individually calculated and is

dependent on factors that include salary, previously earned pension and expec-

ted remaining period of service. Expected fees for the next reporting period for

ITP 2 insurance policies with Alecta total SEK 17 million (SEK 17 million in 2021).

The collective funding ratio is the market value of Alecta’s assets as a percen-

tage of insurance commitments calculated according to Alecta’s actuarial met-

hods and assumptions, which are not consistent with IAS 19. The collective fun-

ding ratio is normally allowed to vary between 125 and 175 percent. If Alecta’s

collective funding ratio falls below 125 percent or exceeds 175 percent, action

should be taken to ensure that it returns to the normal range. If the ratio is low, a

measure that could be taken is to raise the premium of new contracts and reduce

existing benefits. If the ratio is high, premium reductions could be introduced.

Alecta’s preliminary collective funding ratio for 2021 was 172 (148) percent. The

Alecta premiums are determined by assumptions about interest rates, longevity,

operating costs and yield tax, and are calculated so that payment of a constant

premium until the retirement date suces for the entire target benefit, which is

based on the insured’s current pensionable salary and which must be earned.

There are no specific rules for handling deficits that may arise, but the losses

should primarily be covered by Alecta’s collective funding capital, and not there-

fore lead to increased costs through higher contractual premiums. There are also

no rules for how any surplus or deficit would be distributed in the event of liqui-

dation of the plan or a company’s withdrawal from the plan.

Incentive programmes

In 2021 there were two incentive programmes for long-term variable remunera-

tion that runs for three years each. The purpose of introducing the incentive

programmes was to encourage a broad ownership among Humana managers,

facilitate recruitment, retain competent employees and increase the motivation to

achieve or exceed Humana’s financial targets.

In 2021 there was also an incentive programme, comprising synthetic options

issued in 2020 by Impilo Care AB, Humana’s principal owner.

LTI 2021–2023

A new LTI program was launched in 2021 in accordance with the decision of the

Annual General Meeting. For the financial performance target, the company’s

earnings per share in 2021, 2022 and 2023 are used and is measured annually

with an outcome in the range of 90-100 percent of the target. The outcome is a

maximum of 10-30 percent of the base salary over a total period of three years

and where the maximum is a quarter in 2021 and 2022 respectively, and two

quarters for 2023. Regardless of earning year, LTI is paid during the first quarter

of 2024 and presupposes continued employment throughout the period.

LTI 2020–2022

A LTI program was launched in 2020 in accordance with the decision of the

Annual General Meeting. For the financial performance target, the company’s

earnings per share in 2020, 2021 and 2022 are used and is measured annually

with an outcome in the range of 90–100 percent of the targets. The outcome is a

maximum of 10–30 percent of the base salary over a total period of three years

and where the maximum is a quarter in 2020 and 2021, respectively, and two

quarters for 2022. Regardless of earning year, LTI is paid during the first quarter

of 2023 and presupposes continued employment throughout the period.

Synthetic options

In June 2020, Board members and senior executives of Humana were invited to

acquire synthetic options in Humana issued by Humana’s principal owner, Impilo

Care AB. Humana did not participate in the oer and it will not give rise to any

costs for Humana. A total of 461,000 synthetic options were acquired. The total

market value of the options on the transaction date is estimated at approximately

SEK 1.4 million. The synthetic options are related to Humana’s share and expire

after three years. The options can be exercised during the period from 1 April

2023 to 30 June 2023. The exercise price is SEK 77.90 per option. Group

management’s holdings of options in Humana AB are shown in the table in the

Corporate Governance Report on page 52.

The options were valued using the Black & Scholes model, which gave a

market value of SEK 3.00 per option.

Valuation requirements

Share price SEK 47

Volatility 31%

Risk-free interest -0.20%

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

In addition to the above programmes, there were two incentive programmes in

2020: a warrant programme for members of Group management and a share

savings programme for other managers, both of which expired during the year.

The purpose of introducing the incentive programmes was to encourage a broad

ownership among Humana managers, facilitate recruitment, retain competent

employees and increase the motivation to achieve or exceed Humana’s financial

targets.

Warrants

The warrants were issued at the time of Humana’s IPO in 2016 and members of

Group management have acquired warrants at market value since then. In total,

1,440,420 warrants were issued. The programme expired on 31 March 2020. The

warrant programme has not involved any cost to Humana. The warrants have been

issued in three separate series, with the following market value per series:

Total

number

Can be exercised

during period

Warrant

price, SEK

Market value per

series, SEK

Series 1 480,140 1-31 March 2018 74.4 3.72

Series 2 480,140 1-31 March 2019 77.5 4.26

Series 3 480,140 1-31 March 2020 80.6 4.54

Valuation requirements

Share price SEK 62 (IPO price)

Volatility 22%

Risk-free interest -0.42%, -0.33% and -0.22%

Number of warrants 2021 2020

Outstanding, 1 January – 480,140

Acquired – –

Forfeited – –

Exercised – –

Expired – –480,140

Outstanding, 31 December – –

See also Note G9 Earnings per share.

Humana share savings programme

In January 2017, a share savings programme was launched, enabling managers to

purchase Humana shares. For the share savings programme, participants could

invest in saving shares (at market price) and then, based on the terms of the pro-

gramme, could receive matching shares and potentially even performance-based

shares at the end of the programme. The share savings programme is recognised

directly in equity during the vesting period. The calculation is based on changes in

value of matching shares and performance shares and is recognised as a provi-

sion. The total cost of the programme amounted to SEK 7 million, of which

SEK - (2) million was charged to the 2020 financial year. The number of registered

saving shares at 31 March 2020 amounted to 44,045, corresponding to an allo-

cation of 49,611 shares. The shares were allotted in April-May 2020.

Number of shares in programme 2021 2020

Outstanding, 1 January – 61,667

Acquired – –

Forfeited – –12,056

Exercised – –49,611

Expired – –

Outstanding, 31 December – –

Annual General Meeting’s guidelines on remuneration of senior

executives

The Board proposed and the annual general meeting 2020 resolved on the follo-

wing guidelines for salary and other remuneration to directors, the CEO and other

senior executives. Senior executives refer to senior executives of the Group execu-

tive management. These guidelines will be valid for agreements entered into after

the general meeting’s resolution and for changes made to existing agreements

thereafter. These guidelines do not apply to any director fees decided by the

general meeting or issues and transfers covered by Chapter 16 of the Swedish

Companies Act.

The guidelines’ promotion of Humana’s business strategy, fulfilment of

financial objectives and long-term interests and sustainability

In short, Humana’s business strategy is the following. Everyone is entitled to a

good life. In order for the society to be able to meet the increasing and more

dicult needs of the Nordic welfare, a diversity of practitioners is required.

Humana’s ambition is to be the obvious provider of care services for customers,

clients and buyers with high quality standards. The strategy for reaching the

ambition each day is based on four objective areas: quality operations, long-

term and profitable growth, to be an attractive employer and to be a socially

responsible provider.

For more information regarding Humana’s business strategy, please see

Humana’s website.

It is of fundamental importance to Humana and its shareholders that these

guidelines, in both a short and long-term perspective, create good conditions to

attract and retain competent employees. The purpose of these guidelines is to

increase transparency in remuneration issues and through well thought-out

remuneration structures create incentives for senior executives to execute strate-

gic plans and to achieve the company’s financial objectives. This will support

Humana’s business strategy and long-term interests, including its sustainability.

To obtain this purpose it is important to maintain market based and competitive

remuneration terms to the senior executives.

Remuneration and forms of remuneration

Remuneration to senior executives should comprise of fixed salary, variable remu-

neration, pension and other benefits. Furthermore, the Board may prepare and the

general meeting resolve, on share and share-price related incentive programmes.

The total remuneration must be market based, competitive and reﬂect the

individual’s performance and responsibility as well as the group’s financial perfor-

mance. The various types of remuneration that may be paid out are described

below.

Fixed salary

At the maximum outcome of variable remuneration, the fixed remuneration

amounts to 63 percent of the total remuneration.

Variable remuneration

The purpose of the variable remuneration is to create incentives for senior execu-

tives to deliver good operating results, and to combine the interests of senior

executives with the interests of the shareholders. English translation for informa-

tion purposes only. If there are dierences between the English translation and

the Swedish original, the Swedish text will take precedence. The variable remune-

ration may comprise of a short-term (STI) and a long-term (LTI) variable remune-

ration, which is paid in cash during one or three years. Variable remuneration

shall be subject to the fulfilment of defined and measurable objectives. The

short-term variable remuneration shall be maximized to 30 percent in relation to

the fixed salary and the long-term variable remuneration shall be maximized to

30 percent in relation to the fixed salary.

The objectives for variable remuneration must be related to outcomes of

financial objective for the group and business areas, as well as clearly defined

individual objectives regarding specific tasks, such as customer satisfaction,

project outcomes and environmental and social impact. The latter are used to

ensure focus on nonfinancial objectives of certain interest. The objectives must

be designed to promote the group’s business strategy and long-term interests,

including its sustainability.

The financial objectives are set by the Board in order to ensure that they are

in line with the company’s business strategy and financial objectives.

When the measurement period for the fulfilment of the predetermined objec-

tives for the payment of variable remuneration has been completed, the extent to

which the objectives have been met shall be assessed by an overall assessment

of the performance. The Remuneration Committee is responsible for the assess-

ment of the group management. As far as the financial objectives are concerned,

the assessment shall be based on the most recently published financial informa-

tion published by Humana.

Humana does not have any deferral periods or according to agreements any

possibility to reclaim variable remuneration

Pension

The main principle is that pension contributions are based on collective bargain-

ing agreement provisions in each geographical market. On entering into new

pension agreements, senior executives entitled to pension will have premium

defined pension agreements based on fixed salary. Variable remuneration shall

be pensionable. Pensioning of senior executives takes place in accordance with

the respective country’s pension rules. The pension premiums vary for each geo-

graphical market and the pension premiums size must comply with collective

bargaining agreement provisions.

For employments governed by rules other than Swedish, pension benefits

may be duly adjusted for compliance with mandatory rules or established local

practice, taking into account, to the extent possible, the overall purpose of these

guidelines.

Other benefits

Other benefits, such as a company car, compensation for health care, health

and health insurance, must comprise a minor part of the total compensation and

must correspond to what may be deemed market practice. For employments

governed by rules other than Swedish, other benefits may be duly adjusted for

compliance with mandatory rules or established local practice, taking into

account, to the extent possible, the overall purpose of these guidelines.

Special remuneration

Further variable remuneration payable in cash may be awarded in extraordinary

circumstances, provided that such extraordinary arrangements are limited in time

and may only be awarded on an individual basis, either for the purpose of recruit-

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

ing or retaining executives, or as remuneration for extraordinary performance bey-

ond the individual’s ordinary tasks. Such remuneration must not exceed an amount

corresponding to the individual’s annual fixed salary and maximum variable remu-

neration and shall not be paid more than once a year and per individual. Any

resolution on such remuneration could be made by the Remuneration Committee.

Remuneration payable to Directors

In certain cases, Directors elected by the general meeting, should be able to

receive fees and other remuneration for work carried out on behalf of Humana,

alongside their Board work. Market-based fees approved by the Board, may be

payable for such services.

Terms for dismissal etc.

Severance pay shall, normally, be payable upon dismissal by Humana. Members

of the Group executive management should normally have a notice period of

maximum six months in combination with severance pay corresponding to six

months’ fixed salary. When the employment exceeds five years, the notice period

on the part of Humana shall be extended to twelve months, while for the senior

executive shall remain six months. For the CEO, upon dismissal on the part of

Humana, a notice period of six months and a severance pay of twelve months

shall apply. No severance pay shall be paid upon resignation by the employee.

Agreements on severance pay are made separately after resolution made by the

Remuneration Committee.

Remuneration and employment conditions for other employees

In the preparation of this proposal for guidelines, remuneration and employment

conditions for employees of Humana have been taken into account by including

information on the employees’ total income, the components of the remuneration

and increase and growth rate over time, in the Board’s basis of decision when

evaluating the reasonableness of the guidelines and appurtenant limitations.

The decision-making process to determine, review and implement

the guidelines

The Board has established a Remuneration Committee. The committee’s tasks

include preparing the Board’s decision on proposals for guidelines for senior exe-

cutives. The Board shall prepare a proposal for new guidelines at least every fourth

year and submit it to the general meeting for adoption. The guidelines shall be in

force until new guidelines are adopted by the general meeting. The Remuneration

Committee shall monitor and evaluate programs for variable remuneration for the

company management, the application of the guidelines as well as the current

remuneration structures and remuneration levels in the company.

The members of the Remuneration Committee are independent of the com-

pany and the company management. The CEO and other members of the com-

pany management do not participate in the Board’ processing of and resolutions

regarding remuneration-related matters in so far as they are aected by such

matters. Conﬂicts of interest are counteracted in all resolutions and any potential

conﬂicts of interest are handled in accordance with the company’s framework for

governance, consisting out of a code of conduct, policies and guidelines.

Derogation from the guidelines

The Board may temporarily resolve to derogate from the guidelines, in whole or

in part, if in a specific case there is special cause for the derogation and a dero-

gation is necessary to serve the company’s long-term interests, including its

sustainability, or to ensure the company’s financial viability.

Description of material changes to the guidelines

The content of the guidelines has been reviewed and adapted to the legal requi-

rements imposed by Directive (EU) 2017/828 of the European Parliament and of

the Council amending Directive 2007/36/ EC as regards encouragement of the

longterm shareholder engagement.

Terms of employment for the CEO and senior executives

The terms of employment for the CEO and other senior executives are in accor-

dance with the guidelines as decided at the Annual General Meeting. Short-term

variable remuneration, STI, is based on the same conditions for the CEO and

other senior executives, while long-term variable remuneration, LTI, is based on

30 percent of the fixed salary to the CEO and 10–20 percent of the fixed salary

for other senior executives.

Gender distribution in Board of Directors and Group

management, 31 December 2021

The Board of Directors consists of 3 (3) men and 3 (4) women.

Group management consists of 2 (4) men and 8 (5) women.

Remuneration of the Board of Directors and Group management

Salaries and benefits by type of remuneration per Board member and Group

management member:

2021, SEK thousands

Salaries

and other

benefits STI LTI Pension Total

Board of Directors

Sören Mellstig,

Chairman 745 745

Karita Bekkemellem 243 243

Magdalena Gerger 102 102

Kirsi Komi 280 280

Monica Lingegård 299 299

Anders Nyberg 261 261

Fredrik Strömholm 355 355

Total, Board 2,286 2,286

Rasmus Nerman,

President and CEO

4,304 - - 1,361 5,665

Others (12 individuals) 14,764 558 1,054 3,574 19,949

Total, Group

management 19,068 558 1,054 4,935 25,614

Total, Group 21,354 558 1,054 4,935 27,900

Johanna Rastad took over as President and CEO on 17 December 2021. Johanna has

received remuneration in her capacity as Business Area Manager until 31 December

2021. Remuneration in her capacity as President and CEO will be received from 1 Janu-

ary 2022.

Remuneration of the Board of Directors and Group management

Salaries and benefits by type of remuneration per Board member and Group

management member:

2020, SEK thousands

Salaries and

other benefits STI LTI Pension Total

Board of Directors

Sören Mellstig, Chairman 644 644

Karita Bekkemellem 150 150

Magdalena Gerger 280 280

Per Granath 88 88

Kirsi Komi 258 258

Monica Lingegård 267 267

Anders Nyberg 160 160

Fredrik Strömholm 347 347

Total, Board 2,194 2,194

Rasmus Nerman, President

and CEO 5,005

1,107 308 1,281 7,701

Others (10 individuals) 14,972 2,489 581 2,895 20,938

Total, Group management 19,977 3,596 889 4,176 28,638

Total, Group 22,171 3,596 889 4,176 30,832

During the year, vacation days older than 5 years were paid out in accordance with

the group policy.

Note G6 Auditors’ fees

SEK millions 2021 2020

KPMG

Audit services 6 6

Tax advisory services 0 0

Other services 1 1

Total 7 7

Audit services consist of the auditor’s work associated with the statutory audit,

while auditing assistance includes various types of quality assurance services.

Other services are services other than audit services or tax advisory services.

Note G7 Financial income and expenses

Financial income

SEK millions 2021 2020

Interest income from cash and cash equivalents 1 1

Exchange gains 3 5

Total financial income 4 6

Financial expenses

Interest expenses for borrowing at amortised cost:

SEK millions 2021 2020

Bank loans 48 62

Lease liability, interest expense 90 79

Exchange losses 4 3

Total financial expenses 143 145

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Note G8 Income tax

The following components are included in tax expense:

SEK millions 2021 2020

Current tax expense (+)/tax income (-)

Tax expense for the year 87 74

Adjustment of tax relating to prior years 0 1

87 75

Deferred tax expense (+)/tax income (-)

Total deferred tax income -9 -5

Recognised tax 78 70

SEK millions 2021 2020

Reconciliation of eective tax

Recognised profit before tax 354 332

Tax at applicable tax rate 20.6 % (21.4%) 73 71

Tax eect of:

Non-deductible expenses 8 4

Non-taxable income -5 -5

Adjustment of tax relating to prior years 0 -1

Increase in loss carryforwards for which no

corresponding deferred tax was recognised 1 1

Standard interest on tax allocation reserve 1 1

Dierence in tax rate between Parent Company and

foreign subsidiaries 0 0

Adjustment for changed tax rate 0 0

Other 0 -1

Recognised tax 78 70

Deferred tax asset

Property, plant and equipment 15 12

Lease liabilities 31 22

Oset -5 -5

Total deferred tax asset 41 28

Deferred tax liability

Untaxed reserves, tax allocation reserves -79 -75

Oset 5 5

Total deferred tax liability -74 -70

Of the change in deferred tax of SEK 9 (4) million, SEK 9 (5) million has been

reported in the income statement and SEK 0 (1) million in equity as a translation

dierence.

Unrecognised deferred tax assets

Loss carryforwards and deductible temporary dierences for which deferred tax

is not recognised in the balance sheet amount to SEK 50 (47) million, correspon-

ding to a deferred tax asset of SEK 10 (9) million.

Deferred tax assets arising from these items are not recognised, as they are

subject to group contribution restrictions and under prevailing legislation cannot

be utilised if operations are run in the legal entity.

Note G9 Earnings per share

SEK millions 2021 2020

Profit for the year attributable to Parent Company

shareholders 276 262

Profit for the year 276 262

Earnings per share, basic and diluted, SEK 5.67 4.94

Weighted average number of shares outstanding 48,699,212 52,994,725

Instruments with potential future dilutive eects

Humana has no ongoing long-term share-related incentive programme for

senior executives or other employees..

Note G10 Goodwill

Goodwill

SEK millions 2021 2020

Accumulated cost at start of year 3,815 3,897

Acquisition of subsidiaries 283 9

Adjustment of acquisition analysis - -

Disposal of subsidiaries - -10

Exchange dierences 50 -81

At end of year 4,148 3,815

Impairment testing

Goodwill is allocated to cash-generating units for impairment testing as follows:

SEK millions 31/12/2021 31/12/2020

Individual & Family 1,694 1,422

Personal Assistance 1,007 993

Elderly Care 8 8

Norway 411 382

Finland 1,023 1,004

Denmark 6 6

Total 4,148 3,815

The value of goodwill is tested annually for impairment. The annual impairment

test is performed at the segment level, as goodwill is monitored at this level, by

calculating the recoverable amount, which consists of value in use. When there

are indications that an individual cash-generating unit is permanently impaired,

the test is performed by calculating the value in use for the specific cash-

generating unit.

Value in use is based on cash ﬂow calculations that are in turn based on

specific financial plans determined by management for the next three years. The

cash ﬂows calculated thereafter were based on an annual growth rate according

to the assumptions stated below. The estimated cash ﬂows were then discounted

to present value using a discount rate as shown below.

The key assumptions in the forecasts and the methods used to estimate

values are set out below. The key assumptions and methods used are the same

for all cash-generating units.

Testing for the year showed that no reasonable changes in the key assump-

tions would give rise to any impairment.

Key assumptions in

calculation Method for estimating value

Growth, % The growth rate during the forecast period is based on

specific plans for the next three years using industry data

and management estimates from previous experience. The

growth rate after the forecast period is in line with cost trends

in the industry.

Operating margin The operating margin was forecast from historical results and

expectations of future margins based on previous experience.

Discount rate The discount rate is obtained through a weighted average

cost of capital for the industry and reﬂects current market

assessments of the time value of money and estimated

specific risks in each unit.

Assumptions Long-term growth

Post-tax

discount rate

Pre-tax

discount rate

Individual & Family 2% (2%) 7.2% (7.8%) 8.7% (9.4%)

Personal Assistance 1.5% (1.5%) 7.2% (7.8%) 8.8% (9.5%)

Elderly Care 2% (2%) 7.2% (7.8%) 8.7% (9.4%)

Norway 2% (2%) 7.2% (7.7%) 8.7% (9.4%)

Finland 2% (2%) 7.2% (7.8%) 8.6% (9.3%)

Sensitivity analysis

The calculated recoverable amount for Finland was close to the carrying amount

as of 31 December 2021. In the sensitivity analysis, this was tested by adjusting,

in the cash ﬂow forecast, the growth and its direct impact on the EBIT margin,

and adjusting the discount rate (WACC). In the table below, neither assumption

gives rise to impairment, and if both assumptions occur, the headroom for

possible impairment would be around 4%.

2021 Change Impairment

Discount rate +1% unit -

EBIT margin during the forecast

period -1.5% unit -

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Note G12 Property, plant and equipment

2021

Land and

buildings

Improvements

to third-party

property Equipment Total

Accumulated cost

At start of year 50 225 215 490

Acquisitions 1 1 5 7

Purchases 14 39 54 108

Retirements and disposals -6 -5 -18 -29

Reclassifications -2 6 - 4

Exchange rate dierences 1 2 3 6

At end of year 57 269 260 586

Accumulated deprecia-

tion and impairments

At start of year 0 -65 -112 -177

Acquisitions - - -3 -3

Retirements and disposals 3 4 12 19

Reclassifications - -3 - -3

Exchange rate dierences -1 -1 -1 -3

Depreciation for the year -4 -27 -29 -61

At end of year 0 -93 -133 -226

Carrying amount 57 176 127 360

2020

Land and

buildings

Improvements

to third-party

property Equipment Total

Accumulated cost

At start of year 121 203 211 534

Acquisitions - - 0 0

Sale of business -119 - - -119

Purchases 72 27 32 130

Retirements and disposals -2 -9 -18 -29

Reclassifications -19 8 -4 -15

Exchange rate dierences -3 -4 -5 -12

At end of year 50 225 216 490

Accumulated deprecia-

tion and impairments

At start of year -9 -46 -104 -159

Retirements and disposals 1 8 13 22

Reclassifications 10 1 4 15

Exchange rate dierences 1 1 3 6

Depreciation for the year -2 -27 -29 -58

Impairment for the year - -2 - -2

At end of year 0 -65 -113 -177

Carrying amount 51 160 103 314

Note G13 Leases

The information presented below is from Humana’s perspective as a lessee.

Right-of-use assets

2021

Buildings and

premises Cars Total

Carrying amount, 31 December 2021 2,651 18 2,669

Additional right-of-use assets during the

year 1,185 19 1,204

2020

Buildings and

premises Cars Total

Carrying amount, 31 December 2020 2,093 26 2,119

Additional right-of-use assets during the

year 509 22 531

Additional right-of-use assets for premises during the year mainly relate to

existing operations. SEK 375 (258) million relates to Individual & Family, SEK 57

(129) million to Finland, SEK 38 (60) million to Norway, SEK 714 (51) million to

Elderly Care and SEK 1 (11)million to Personal Assistance. The Group has

entered into new leases, which have not yet been taken into use, amounting to

a total obligation of SEK 232 million, including SEK 148 million attributable to

an elderly care home in Täby.

Impact on the consolidated income statement

The income statement includes the following figures related to leases:

Note 2021 2020

Depreciation and impairments of

right-of-use assets

Buildings and premises 337 288

Cars 20 20

Total 357 308

Interest expenses (included in financial

expenses) G7 90 79

Variable lease payments, property tax 2 2

Costs related to short-term leases (included

in other external expenses) G4 42 44

Costs related to low-value leases not

recognised as short-term leases (included

in other external expenses) G4 9 11

In 2021, the total cash outﬂow for leases was SEK 375 (362) million.

In Depreciation and impairment of buildings and premises, impairment amounts

to SEK 21 million.

Note G11 Other intangible assets

2021

Systems

development

and licences

Customer

relationships Other Total

Accumulated cost

At start of year 17 8 18 43

Investments - 10 1 11

Acquisitions 1 - - 1

Reclassifications - - -4 -4

Exchange rate dierences - 1 - 1

At end of year 18 19 14 51

Accumulated

amortisation

At start of year -17 -8 -13 -38

Reclassifications - - 3 3

Amortisation for the year - -2 -1 -3

Exchange rate dierences - -1 0 -1

At end of year -17 -11 -11 -40

Carrying amount 0 8 3 11

2020

Systems

development

and licences

Customer

relationships Other Total

Accumulated cost

At start of year 17 9 16 41

Investments - - 3 3

Exchange rate dierences 0 -1 -1 -1

At end of year 17 8 18 43

Accumulated

amortisation

At start of year -17 -9 -10 -36

Exchange rate dierences - 1 - 1

Amortisation for the year - - -2 -2

At end of year -17 -8 -13 -38

Carrying amount 0 0 5 5

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

The Group’s leasing activities

The Group leases cars and various types of buildings and premises for oces,

residential care homes, compulsory child care homes, ﬂat complexes and elderly

care homes.

Leases are normally signed for fixed periods. Non-lease components may be

included in the contracts but are invoiced separately and are therefore not inclu-

ded in the calculation of liability and value in use. The average lease term for

cars is three years with an extension option. For buildings and premises, the

average weighted rental period is 15.3 (15.2) years, also with an extension

option. The average weighted interest rate amounts to 3.57 (3.68) percent for

buildings and premises and 1.62 (1.39) percent for cars. The conditions for pre-

mises are negotiated separately for each lease and include many dierent cont-

ractual conditions. The leases do not contain any special conditions or restric-

tions that would result in cancellation if not met, but the leased assets may not be

used as collateral for loans.

For an analysis of maturity dates for lease liabilities, see Note G20.

Extension and termination options

Options to extend and terminate the contracts are included in a number of the

Group’s leases of buildings, premises and cars. The terms and conditions are

used to maximise ﬂexibility in managing the contracts. Most of the extension and

termination options can only be exercised by the Group, not by the lessors.

Extensions are included in the calculation of the liability and the right-of-use

asset when it is considered reasonably certain that the leases will be extended

(or not terminated).

Sale and leaseback

No sale and leaseback transactions were entered into during 2020 and 2021.

Note G14 Trade receivables

31/12/2021 31/12/2020

Trade receivables, gross 926 855

Reserve for bad debt losses -3 -3

Total 923 852

Receivables not due 824 763

Past due 1-30 days 79 60

Past due 31-60 days 9 9

Past due >60 days 14 23

Total 926 855

Humana’s customers consist mainly of state, municipal and county council enti-

ties in Sweden, Norway and Finland. The Group is not exposed to any significant

credit risks relative to any individual counterparty or group of counterparties.

Note G15 Prepaid expenses and accrued income

31/12/2021 31/12/2020

Prepaid rents 29 18

Accrued income 6 14

Other 29 29

Total 64 62

Note G16 Cash and cash equivalents

Cash and cash equivalents include the following:

31/12/2021 31/12/2020

Cash 1 1

Bank balances 694 758

Total 695 759

Cash and cash equivalents consist of cash and demand deposits with banks and

corresponding institutions.

Note G17 Equity

Share capital

Share capital consisted of 53,140,064 B shares at the start and end of 2021.

Humana’s share capital consists of one class of shares, with each share having

equal voting rights and equal entitlement to receive dividends.

2021 2020

Number of shares

At start of year 53,140,064 53,140,064

At end of year 53,140,064 53,140,064

Paid subscribed shares

Number of

Votes per

Number of

votes

Share capital, B shares 53,140,064 0.022222 1,180,879

Other paid-in capital

Amounts received for issued shares and warrants over and above what has been

added to share capital are included in the item “Other paid-in capital”. See also

Note G9.

Translation reserve

The translation reserve includes all exchange rate dierences arising on transla-

tion of foreign operations that have prepared their financial statements in a cur-

rency other than the Group’s presentation currency. The translation reserve also

includes the hedging reserve, which consists of hedges of net investments in

foreign operations.

Share buybacks included in the equity item retained earnings

including profit for the year

Number of

Amounts that

aected equity

2021 2021

Opening share buybacks 2,659 ,711 -156

Share buybacks during the year 2,357,348 -159

Acquired operations settled with shares -769,200 55

Closing share buybacks 4,247,859 -260

Share buybacks include the commission fee for own shares held by the Parent

Company, its subsidiaries or associated companies.

At the 2019 Annual General Meeting, the Board was granted a mandate to

acquire shares, contingent on the company’s total holding of own shares not

exceeding one-tenth of all shares in the company, and to transfer own shares in

the company. On 30 March 2020, the Board decided to exercise this mandate in

connection with settlement of LTI. In April, the company repurchased 52,462

shares at a cost of SEK 2 million, which is equivalent to an average price of SEK

39.12 per share. A total of 49,611 shares were allotted in April and May 2020 at

an average price of SEK 41.35 per share.

At the 2020 Annual General Meeting the Board was authorised to acquire

shares as long as the company’s total holdings of own shares does not exceed

one-tenth of all shares in the company and to transfer own shares in the com-

pany. On 4 December 2020, the Board decided to exercise this mandate. In

December, Humana repurchased 2,656,860 shares at a cost of SEK 154 million,

corresponding to an average price of SEK 57.95 per share. In February and

March 2021, Humana repurchased 2,357,348 shares at a cost of SEK 159 mil-

lion, corresponding to an average price of SEK 67.51 per share. In September

2021, Humana used 769,200 shares as consideration in an acquisition. Subse-

quently, the company’s total treasury shares amount to 4,247,859 shares, which

is 8.0 percent of the total number of outstanding shares and votes. After the

transactions, the total number of shares excluding treasury shares is 48,892,205.

Note G18 Interest-bearing liabilities

Current 31/12/2021 31/12/2020

Bank loans 3 581

Lease liabilities 216 232

Total carrying amount 219 813

Non-current 31/12/2021 31/12/2020

Bank loans 2,069 1,499

Lease liabilities 2,557 1,958

Liability for earn-out payment 73 -

Other 4 -

Total carrying amount 4,703 3,457

Of which due after 5 years 1,649 1,161

Borrowing is conducted in SEK, NOK and EUR. SEK 1,508 (1,517) million of the

bank loans for 2021 relates to the Parent Company.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Bank loan terms and conditions

During the year, Humana entered a new financing agreement for SEK 3 billions

with an option for an additional SEK 1 billion. The new agreement has a three-

year term with two extension options of one year each. The credit facilities carry

an annual interest rate corresponding to the relevant IBOR plus a variable mar-

ginal rate based on Humana’s net debt in relation to EBITDA. The weighted aver-

age interest rate for the credit facilities was 1.6 percent on 31 December 2021,

most of which is variable. The credit facilities are conditional on Humana mee-

ting certain market financial conditions, including certain financial key financial

indicators, such as net debt/EBITDA and interest coverage ratio, which may not

deviate negatively from the levels specified in the agreement. During the year,

has Humana has met these conditions. Under the financing agreement, there are

restrictions regarding the raising of new financing and financial indebtedness.

See also Notes G20 and G21.

Note G19 Accrued expenses and deferred income

SEK millions 31/12/2021 31/12/2020

Accrued salaries 373 360

Accrued holiday pay 460 429

Accrued interest expenses 0 3

Accrued pensions 87 79

Other accrued personnel costs 1 1

Accrued audit fees 4 4

Other 82 89

Total 1,006 965

Note G20 Financial Instruments and risk management

31/12/2021

Financial assets

Financial assets at

amortised cost

Carrying

amount

Trade receivables 923 923

Other receivables 7 7

Accrued income 6 6

Cash and cash equivalents 695 695

Total 1,631 1,631

31/12/2021

Financial liabilities

at fair value through

profit or loss

Financial liabilities

at amortised cost

Carrying

amount

Bank loans - 2,072 2,072

Trade payables - 165 165

Other current liabilities - 7 7

Accrued expenses - 0 0

Liability for earn-out

payment 80 - 80

Total 80 2,244 2,324

31/12/2020

Financial assets

Financial assets at

amortised cost

Carrying

amount

Trade receivables 852 852

Other receivables 9 9

Accrued income 14 14

Cash and cash equivalents 759 759

Total 1,634 1,634

31/12/2020

Financial liabilities

at fair value through

profit or loss

Financial liabilities

at amortised cost

Carrying

amount

Bank loans - 2,079 2,079

Trade payables - 128 128

Other current liabilities - 6 6

Accrued expenses - 3 3

Liability for earn-out

payment 6 - 6

Total 6 2,217 2,223

Fair value does not dier materially from the carrying amount of trade receivables,

other receivables, cash and cash equivalents, trade payables and other liabilities.

Financial instruments at fair value

When determining the fair value of an asset or liability, the Group uses observa-

ble data as far as possible. Fair value measurement is based on the fair value

hierarchy, which categorises inputs into dierent levels as follows:

• Level 1 – inputs that are quoted prices in active markets for identical

instruments

• Level 2 – inputs other than those in Level 1 that are directly or indirectly

observable market data

• Level 3 – inputs that are not observable in the market

31/12/2021 Level 1 Level 2 Level 3 Total

Liabilities

Liability for earn-out

payment - - 80 80

Fair value - - 80 80

31/12/2020 Level 1 Level 2 Level 3 Total

Liabilities

Liability for earn-out

payment - - 6 6

Fair value - - 6 6

Reconciliation of financial instruments measured in level 3

The table below shows a reconciliation between the opening and closing

balances for financial instruments measured in Level 3.

SEK millions 2021 2020

Earn-out payment

Opening balance 6 13

Cost of acquisition 81 1

Reversed to income statement 12 0

SEK millions 2021 2020

Settled during the year -19 -8

Closing balance 80 6

Measurement methods and inputs

The tables below show the methods used for fair value measurement in Levels 2

and 3, and significant non-observable inputs.

Financial instruments at fair value through profit or loss

Earn-out payment

Measurement method EBITDA multiples: The measurement model calculates

the value of the earn-out payment based on likely sce-

narios of future EBITDA outcomes using agreed multi-

ples.

Significant non-

observable inputs

Forecast EBITDA

Connection between sig-

nificant non-observable

inputs and fair value cal-

culation

The estimated fair value would increase (decrease) if:

EBITDA was higher (lower)

Sensitivity analysis

The maximum outstanding earn-out payment is SEK 80 (6) million.

Financial instruments not measured at fair value

Type

Measurement

method

Significant non-

observable inputs

Measurement

level

Other financial lia-

bilities

Discounted cash

ﬂows ET 2

Other financial liabilities refers to bank loans and finance lease liabilities.

Risks associated with financial instruments

In the course of its operations, the Group is exposed to dierent types of financial risk.

• Financing and liquidity risk

• Credit risk

• Interest rate risk

• Currency risk

The Group’s financial policy for financial risk management has been formulated by

the Board and provides a framework of guidelines and rules in the form of a risk

mandate and limits for financing activities. Responsibility for the Group’s financial

transactions and risks is managed centrally by the CFO in consultation with the

Board. The overall objective of the finance function is to provide cost-eective

financing and minimise adverse eects of market risks on the consolidated

earnings.

Financing and liquidity risk

Liquidity risk is the risk of the Group encountering problems in meeting its obli-

gations associated with financial liabilities. The CFO manages liquidity risks

centrally for the entire Group. Liquidity requirements are monitored regularly and

when reviewing Humana’s financing needs. The Group’s policy is to minimise

borrowing needs by balancing surplus and deficit liquidity within the Group and

to achieve financing ﬂexibility through agreements for additional available credit.

To facilitate liquidity planning and control, the Group has credit facilities and a

cash pool.

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Specification of available liquidity: 31/12/2021 31/12/2020

Unutilised credit facility, bank overdraft facilities 200 200

Unutilised credit facility, revolver 741 -

Cash 695 759

Total 1,636 959

Consolidated financial liabilities, which are shown in Note G18, amounted to

SEK 4,922 (4,270) million at the end of the year, comprising current liabilities of

SEK 219 (813) million and non-current liabilities of SEK 4,703 (3,457) million.

Maturity analysis for financial liabilities

2021

months

3–12

months

2–5

years

years Total

Bank loans - 3 2,069 - 2,072

Interest on bank loans 9 27 54 - 90

Lease liabilities 44 172 911 1,646 2,773

Trade payables 165 - - - 165

Liability for earn-out

payment - 7 73 - 80

Other - 0 1 3 4

Total 218 209 3,108 1,649 5,184

2020

months

3–12

months

2–5

years

years Total

Bank loans 50 531 1,498 0 2,079

Interest on bank loans 10 30 7 - 47

Lease liabilities 77 155 797 1,161 2,190

Trade payables 128 - - - 128

Liability for earn-out

payment - 6 - - 6

Total 266 723 2,302 1,161 4,451

Credit risk

Credit risk refers to exposure to receivables in the form of investments of surplus

liquidity, derivatives, and trade receivables. Surplus liquidity is invested in deposit

accounts, and derivative agreements are only concluded with the major Nordic

commercial banks. Most of the Group’s trade receivables are from state, munici-

pal and county council entities, which are considered to have good credit quality.

Cash and cash equivalents are only invested in banks with high credit ratings.

The risk of credit losses is therefore considered to be minimal.

Maximum exposure to credit risk 2021 2020

Trade receivables 923 852

Other receivables 7 9

Cash and cash equivalents 695 759

Total 1,625 1,620

Interest rate risk

The main market risk aecting Humana is interest rate risk, which can result in

fair value and cash ﬂow changes. The Group’s loans may be (but do not have to

be) hedged by means of interest rate swaps or interest rate options, within the

framework of the loan agreement. Fixed-rate periods are a significant factor

aecting interest rate risk. Humana has not hedged any interest-bearing loans in

2021.

The Group’s interest rate risk arises mainly through long-term borrowing,

which is managed by the CFO, and through lease liabilities. The Group’s loan

agreements have 3 month fixed-interest periods which is in line with the Group’s

finance policy.

An increase of one percentage point in the interest rate on the reporting

date would have an eect of SEK 21 (21) million on loan interest expenses and

SEK 28 (22) million on lease liability interest expenses.

Currency risk

As the Group operates in Sweden, Norway, Denmark and Finland, it is exposed

to currency risks from exposure to the Norwegian krone (NOK), the Danish

krone (DKK) and the euro (EUR). Consolidated profit are aected by translation

of the foreign subsidiaries’ income statements at the average exchange rate for

the financial year. If the local currency of a foreign subsidiary changes in relation

to SEK, the Group’s reported net revenue and earnings would change on transla-

tion to SEK. Currency risk also arises through future business transactions, repor-

ted assets and liabilities, and net investments in foreign operations.

NOK and EUR exposure has therefore been partly financed through borrowing in

NOK and EUR.

Net assets in NOK amount to SEK 135 (-41) million, including goodwill.

A change of 5 percentage points in the exchange rate would have an eect of

SEK 5 (3) million on the income statement and SEK 18 (8) million on the Group’s

comprehensive income. Net assets in EUR amount to SEK 477 (419) million,

including goodwill. A change of 5 percentage points in the exchange rate would

have an eect of SEK 3 (3) million on the income statement and SEK 10 (8) mil-

lion on the Group’s comprehensive income. Net assets in DKK amount to SEK 13

(7) million, including goodwill. A change of 5 percentage points in the exchange

rate would have an eect of SEK 0 (0) million on the income statement and SEK

1 (0) million on the Group’s comprehensive income.

Hedges of net investments in foreign operations

Interest-bearing loans at 31 December 2021 include loans amounting to EUR

39.7 million and NOK 328.5 million, which comprise part of the net investment

in two subsidiaries: Arjessa Oy in Finland and Human Care AS in Norway. The

loans are used to hedge the Group’s currency exposure in EUR and NOK for

these net investments. Hedge accounting is applied from 1 January 2018. This

means that the eective portion of exchange gains or losses on loans is recogni-

sed in other comprehensive income, which is where exchange gains or losses on

investments in foreign subsidiaries are recognised.

The hedge becomes ineective when the amount of the investment in foreign

subsidiaries falls below the loan amount.

The hedging instrument’s eect on financial position:

Nominal

amount

Carrying

amount, SEK

million

Fair value changes used to

measure ineectiveness

during the period

Interest-bearing

loans, EUR million 39.7 406 -8

Interest-bearing

loans, NOK million 328.5 337 -23

The hedged items’ eect on financial position:

Translation reserve

Fair value changes used to

measure ineectiveness

Net investment in foreign

subsidiaries, SEK millions 51 -31

The hedging loss before tax recognised in other comprehensive income cor-

responds to the fair value change used to measure eectiveness. No ineective-

ness has been reported in the Group’s results.

Hedge accounting’s eect on equity and other comprehensive

income

Translation

reserve

2020

At start of year 29

Exchange dierences on translation of foreign operations -74

Exchange dierences on translation of interest-bearing loans 50

Tax eect -11

At end of year -6

2021

At start of year -6

Exchange dierences on translation of foreign operations 51

Exchange dierences on translation of interest-bearing loans -31

Tax eect 7

At end of year 21

Capital management

The Group’s policy is to maintain a good financial position, thereby helping to

maintain the confidence of investors, lenders and the market, and providing a

solid foundation for continuing development of business operations while also

generating a satisfactory long-term return for shareholders. The Board aims to

achieve a balance between a potential higher return on equity from a high debt

to equity ratio and the advantages and security associated with a strong capital

base. The objective is to continue to generate returns for shareholders and value

for other stakeholders.

Neither the Parent Company nor any of the subsidiaries are subject to

external capital requirements (see also Note G18).

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Note G21 Pledged assets and contingent liabilities

SEK millions 2021 2020

Pledged assets

Other pledged assets 2

Total pledged assets 2 -

Contingent liabilities

Other contingent liabilities

- -

Total contingent liabilities - -

Note G22 Related party transactions

The Group’s key personnel consists of the Board of Directors, Group manage-

ment and the CEO, through ownership of Humana and through their roles as

senior executives. Related parties also include the principal owner Impilo Care

AB, which is represented on the Board by Sören Mellstig and Fredrik Strömholm.

Related party transactions are based on market conditions.

Remuneration of key personnel

Remuneration of key personnel is shown in Note G5.

Note G23 Companies included in these financial statements

Humana AB is the Parent Company of the Group, which includes subsidiaries and sub-subsidiaries as listed below.

All subsidiaries and sub-subsidiaries have financial years that correspond with the Parent Company’s financial year.

Company name

Number of

shares Registered oce

Share of equity,

Aatuntien toimitalo Oy, 0749474-4 300 Pori 100%

Adventum Specialpedagogik AB, 556387-6753 1,000 Borlänge 100%

Adventum Vård AB, 556330-3030 1,000 Borlänge 100%

Anna ja Aatu Oy, 1771445-6 30 Oulu 100%

Arjessa Oy, 2367998-4 11,211,785 Helsinki 100%

Arkipäivä Oy, 0585203-4 75 Tornio 100%

Assistans på Gotland AB, 556763-8209 1,000 Visby 100%

Baggium Vård & Behandling AB, 556747-5230 1,000 Gothenburg 100%

Balans Behandling AB, 556979-4224 500 Luleå 100%

Balans Behandlingshem AB, 556858-9567 500 Luleå 100%

Balans Familjehemsvård AB, 559050-1317 500 Luleå 100%

Balans Öppenvård AB, 559051-4104 500 Luleå 100%

Balanshem AB, 556733-8099 1,000 Höör 100%

Barrebacken AB, 556610-6760 108 Stockholm 100%

Behandlingshemmet Källtorp AB, 556668-5979 1,000 Stockholm 100%

Björkvik-Ringsjöhemmet AB, 556435-1889 1,500 Stockholm 100%

Björkviks vårdhem AB, 556257-3575 2,000 Stockholm 100%

Björntorps HVB-hem AB, 556740-6219 1,000 Stockholm 100%

Botnia 24h Oy, 2091344-8 10 Tornio 100%

Cajanuksentienkoti Oy, 2114734-3 100 Kempele 100%

Cureum AB, 556681-8661 821 Örebro 100%

Non-cash movements

Opening balance 2021 Cash ﬂows

Acquisitions/disposals

of subsidiaries Changes to leases

Exchange rate

dierences

Fair value

remeasurement Closing Balance 2021

Bank loans 2,079

-50 - - 43 - 2,072

Lease liabilities 2,190

-312 - 892 3 - 2,773

Total liabilities attributable to

financing activities 4,269 -362 - 892 46 - 4,845

Non-cash movements

Opening balance 2020 Cash ﬂows

Acquisitions/disposals

of subsidiaries Changes to leases

Exchange rate

dierences

Fair value

remeasurement Closing balance 2020

Bank loans 2,376

-227 - - -69 - 2,079

Lease liabilities 2,172

-314 - 368 -37 - 2,190

Total liabilities attributable to

financing activities 4,548 -541 - 368 -106 - 4,269

Reconciliation of liabilities attributable

to financing activities – Group

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Company name

Number of

shares Registered oce

Share of equity,

HVB Lappetorp AB, 556525-0247 1,020 Trosa 100%

Hyvinvointipalvelut Arjessa Oy, 2292973-4 240 Lohja 100%

Iltatuulikoti Oy, 2141642-7 1,200,000 Iitti 100%

Innovativ Assistans i Stockholm AB, 556521-4573

1,000

Norberg 100%

INOM - Innovatiov Omsorg i Sverige AB, 556739-6725 1,000 Stockholm 100%

INOM - Innovativ Omsorg i Norden AB, 556782-9105 3,524,259 Stockholm 100%

Jokilaakson Perhekodit Oy, 1741579-8 20

Ylivieska

100%

Joterplan Oy, 1482883-7 50 Saarijärvi 100%

JOWE AB, 556644-6281 100 Stockholm 100%

J-son Företagspartner AB , 556503-6067 3,000 Stockholm 100%

J-son Pedagogikcentrum AB, 556612-6479 1,000 Stockholm 100%

J-son Resurscentrum AB, 556949-2696 3,000 Stockholm 100%

Karttusenranta Oy, 1877402-0 1,000 Oulu 100%

KBT Mälardalen AB, 556718-7025 1,000 Stockholm 100%

Kiinteistö Oy Lepola, 28759123 100 Isokyrö 100%

Kiinteistö Oy Vuokonollila, 13133662-3 10 Seinäjoki 100%

Kiinteistö Oy Vuokonollila, 23133661-5 10 Seinäjoki 100%

Kilen Akut Behandlingshem AB, 556620-9549 1,000 Skövde 100%

Komian Kranni Oy, 1064768-4 170 Seinäjoki 100%

K-rehab AB, 556766-2720 6,000 Sandviken 100%

Kristallihovi Oy, 2288773-0 90 Hämeenlinna 100%

Kristallikartano Oy, 2469221-6 100 Kerava 100%

Kyrönmaakoti Oy, 1538708-4 1,000 Oulu 100%

Lakeuden Pojat Oy, 2387295-2 1,000 Oulu 100%

Lastensuojeluyksikkö Leppälintu Oy, 2364613-8 1,000 Kauhajoki 100%

Lastensuojeluyksikkö Pihakoivu Oy, 1991926-0 − Seinäjoki 100%

Lounatuulikoti Oy, 1013647-0 20 Äänekoski 100%

Lunna Gård AB, 556586-2371 1,000 Stockholm 100%

Luotsimaja Oy, 2036069-5 65 Pori 100%

Matiimi Oy, 0706096-2 100 Lempäähä 100%

Muhoksen Palvelukoti Oy, 0586645-2 1,000 Muhos 100%

Namikan Pienryhmäkoti Oy, 2461106-8 1,000 Lahti 100%

Neuropsyk i Bollnäs AB, 556543-1516 1,000,000 Stockholm 100%

Nordic Care AB, 556658-8710 1,000 Örebro 100%

Nordic Senior Services Oy, 2301404-2 178,846,495 Tampere 100%

Norrbärke Sjukhem AB, 556564-9778 2,500 Stockholm 100%

NSS Hoivahotellit Oy, 2348341-2 22,500 Varkaus 100%

Nuorisokoti Valokki Oy, 2284728-8 1,250 Kurikka 100%

Nuorisopsykiatrinen Asumiskoti Puro Oy, 1744507-3 240 Vaasa 100%

Nygårds Vård Gotland AB, 556417-0511 2,000 Gotland 100%

Oasen HVB & Skola AB, 556420-9608 5,000 Aneby 100%

Oasen Ungdomscenter AB, 556686-2313 1,000 Aneby 100%

Oasen Utbildningscenter AB, 556650-1796 1,000 Aneby 100%

Odalen Humana Upphandling 1 AB, 559329-9726 125 Stockholm 50%

O. Clinic AB, 556625-9429 1,000 Kristianstad 100%

Orana AB, 556353-3966 1,000 Kristianstad 100%

Orana Kristianstad AB, 556714-8878 1,000 Kristianstad 100%

Orana Vård & Omsorg Holding AB, 559012-0159 50,000 Kristianstad 100%

Paavolakoti Oy, 1077276-8 100 Mänttä-Vilppula 100%

Palvelukeskus Kaski Oy, 1816473-2 100 Pihtipudas 100%

Company name

Number of

shares Registered oce

Share of equity,

Davidsbo Fastigheter AB, 556787-3327 1,000 Norberg 100%

Davidsbo Invest AB, 556806-2698 500 Norberg 100%

Davidsbogård AB, 556709-4296 1,000 Norberg 100%

Enigheten Personligassistans AB, 556717-5178

1,000

Borlänge 100%

Fabriken Förändringskonsulterna i Skaraborg AB, 556650-8544 1,000 Stockholm 100%

Familjestödsgruppen i Stockholm AB, 556699-8182 1,000 Stockholm 100%

Familjevårdskonsultenterna i Sverige AB, 556733-7349 1,000

Örebro

100%

Fideli Omsorg AB, 559067-7265 3,402 Stockholm 100%

Fuga Omsorg AB, 556897-4371 5,000 Stockholm 100%

Habiliteket AB,556484-2416 1,000 Täby 100%

Hallandshem AB, 556699-6129 1,000 Kungsbacka 100%

Hoitokoti Iltatähti Oy, 1012150-0 100 Vantaa 100%

Hoitokoti Sinikello Oy, 1072328-8 250 Taivalkoski 100%

Human Care AS, 997915038 1,000 Tonsberg 100%

Human Care BO AS, 925034657 1 Kvaefjord 100%

Human Care Eiendom 2 AS, 823755872 3,000 Tonsberg 100%

Human Care Eiendom 3 AS, 925669342 3,000 Tonsberg 100%

Human Care Eiendom 4 AS, 927119757 3,000 Tonsberg 100%

Human Care Eiendom 5 AS 927966263 3,000 Tonsberg 100%

Human Care Eiendom AS, 922597871 1,000 Tonsberg 100%

Human Care Holding AS, 923166076 1,000 Tonsberg 100%

Human Care Ung AS, 925036226 1 Tonsberg 100%

Humana Assistans AB, 556605-3996 100,000 Örebro 100%

Humana BU Holding AB, 559224-2688 1,000 Stockholm 100%

Humana Care Real Estate Finland AB, 559222-3142 1,000 Stockholm 100%

Humana Care Real Estate Norge AB, 559222-3159 1,000 Stockholm 100%

Humana Danmark ApS, 39804778 500 Søborg 100%

Humana Ekeliden AB, 556891-0508 50,000 Örebro 100%

Humana Familj Holding AB, 559224-1292 1,000 Stockholm 100%

Humana Familjeforum konsult i Sverige AB, 556687-4227 1,000 Stockholm 100%

Humana Familjeforum Sverige AB, 556589-3764 1,000 Stockholm 100%

Humana Fastighets Holding AB, 559224-3322 1,000 Stockholm 100%

Humana Fastighetsförvaltning AB, 559222-3126 1,000 Stockholm 100%

Humana Fastighetsutveckling AB, 559222-3118 1,000 Stockholm 100%

Humana Finland AB, 559224-0435 1,000 Stockholm 100%

Humana Finland Oy, 2991142-2 100 Helsinki 100%

Humana Group AB, 556697-0249 1,478,571 Örebro 100%

Humana Group Holding AB, 556730-0453 1,428,570 Stockholm 100%

Humana Hoiva Oy (EMO), 2769452-4 4,379,414 Oulu 100%

Humana Holding AB, 556645-2206 1,000 Örebro 100%

Humana Jobb & Matchning i Örebro AB (formerly Plus Assistans

AB), 556665-9149 1,000 Örebro 100%

Humana LSS Holding AB, 559223-5807 1,000 Stockholm 100%

Humana LSS Sverige AB, 556754-3912 1,000 Sala 100%

Humana Omsorg AB, 556749-0007 1,000 Stockholm 100%

Humana Omsorgsfastigheter AB, 559192-1282 50,000 Stockholm 100%

Humana Real Estate Finland AB, 559222-3134 1,000 Stockholm 100%

Humana Sociala tjänster Sverige AB, 556658-1277 5,000 Stockholm 100%

Humana Vuxna Holding AB, 559223-5799 1,000 Stockholm 100%

Humlans HVB AB, 556641-8165 3,000 Ockelbo 100%

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Note G24 Events after the reporting date

In January, Humana acquired the Finnish individual and family care company Kalliola Oy, which provides individual and

family care for children and young people, and residential and outpatient care in southern Finland. The company’s annual

revenue is approximately EUR 9 million, corresponding to SEK 93 million, and it has around 190 employees.

After the reporting date, Humana exercised the mandate from the 2021 Annual General Meeting and repurchased own

shares. The aim is to adjust the Group’s capital structure and help to increase shareholder value. During February 2022,

Humana repurchased a total of 1,066,147 own shares at a cost of SEK 55 million, corresponding to an average price of

SEK 51.42 per share. Subsequently, the company’s total own shareholding amounts to 5,314,006 shares, which corresponds

10.0 percent of the total number of shares outstanding and 10.0 percent of the total number of votes.

The war in Ukraine that started in the end of February may have an impact on Humana’s operations, initially through the

wave of refugees reaching the Nordic region, where Humana’s resources in the form of housing and support may be

demanded. In the longer term, the development in the region may lead to an impact on the world economy, and strained

economics in the Nordic region, which could indirectly aect the company. However, it is currently not possible to assess the

consequences for the company, either in the long or short term.

Company name

Number of

shares Registered oce

Share of equity,

Palvelukoti Hilmari Oy, 0955759-3 15 Keuruu 100%

Palvelukoti Metsärinne Oy, 0711287-3 100 Haapavesi 100%

Partnergruppen Svenska AB, 556177-0362 10,000 Stockholm 100%

Perhetalo Arjessa Oy, 2487220-9

1,000 Helsinki

100%

Pienkoti Aura Oy, 1853882-9 10 Jyväskylä 100%

Pienryhmäkoti Arjen Sydän Oy, 2179372-4 130 Siuntio 100%

Pienryhmäkoti Puolenhehtaarin Metsä Oy, 2166211-8 270

Lohja 100%

Pirtakoti Oy, 2203782-4 100 Tornio 100%

Platea AB, 556697-9729 1,500 Hagfors 100%

Prompting AB, 556606-5990 200 Stockholm 100%

R.I.K. assistans Aktiebolag, 556765-6797 1,000 Stockholm 100%

Ramlösa Social Utveckling AB, 556266-5520 1,000 Helsingborg 100%

Rehabiliteringsbolaget i Mälardalen AB, 556755-5049 1,000 Örebro 100%

Rehappi Oy, 2397006-9 10,000 Naantali 100%

Rengsjö Vårdcenter AB, 556383-1857 1,000 Stockholm 100%

RO Omsorg Assistans AB, 556815-6334 500 Österåker 100%

Ryhmäkodit Arjessa Oy, 2284729-6 1,250 Seinäjoki 100%

Ryhmäkoti Raide Oy, 2032776-4 100 Tampere 100%

Sillanpää-koti Oy, 2216058-2 2,500 Seinäjoki 100%

Skellefteå Stöd och behandling AB, 556861-3904 500 Skellefteå 100%

Storsjögårdens HVB AB, 556535-5780 1,000 Gävle 100%

StøtteCompagniet ApS, 31940109 126 Søborg 100%

Suolahden Palvelukoti Oy, 0767749-5 50 Äänekoski 100%

Sähäkkä Oy, 2022074-8 80 Ylivieska 100%

Tiangruppen AB, 556378-5145 2,500 Uppsala 100%

Tibble gård ungdomshem AB, 556632-1757 1,000 Stockholm 100%

Toivolanranta Oy, 0859903-8 100 Oulainen 100%

Tuulenvirekoti Oy, 2836429-5 18,000 Turku 100%

Ungdomshemmet Hajstorp AB, 556618-0369 1,600 Töreboda 100%

Utvecklingscentrum Harald & Gun-Britt Janson AB,

556253-3512 200 Stockholm 100%

Vassbo Behandlingshem AB, 556449-1602 1,000 Uddevalla 100%

Vehkakoti Oy, 1591616-9 100 Kaavi 100%

Veitikanharju Oy, 2011352-0 80 Rovaniemi 100%

Vidablick AB, 556679-3179 1,000 Helsingborg 100%

Villa Marin Hoitopalvelut Oy, 1903887-7 8,000 Kokkola 100%

Villagatan LSS AB, 559086-7361 50,000 Stockholm 100%

Vivante Oy, 1092297-3 100 Kuusamo 100%

Västgöta Assistans AB, 556795-6593 1,000 Borås 100%

Wikmansgården AB, 556167-4275 1,000 Stockholm 100%

Wilhelmiinakoti Oy, 2130102-1 100 Hollola 100%

Wisby Assistans AB, 556605-2725 100 Visby 100%

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

Notes, Parent Company

Note P1 Parent Company’s transactions with Group

companies

Sales to Group companies amounted to 100 (100) percent in 2021. Purchases

from Group companies amounted to 0 (0) percent in 2021.

Note P2 Information on auditors’ fees and cost

reimbursement

Auditors’ fees

2021 2020

KPMG AB

Audit services 1 2

Total 1 2

Audit services consist of the auditor’s work associated with the statutory audit,

while auditing assistance includes various types of quality assurance services.

Other services are services other than audit services or tax advisory services.

Note P3 Shares in subsidiaries

31/12/2021 31/12/2020

Opening cost 1,629 1,629

Contribution 55 0

Closing accumulated cost 1,684 1,629

Company name 31/12/2021 31/12/2020

Humana Group Holding AB, 556730-0453 1,684 1,629

Note P4 Untaxed reserves

31/12/2021 31/12/2020

Allocation reserve, tax year 2016 - 20

Allocation reserve, tax year 2017 27 27

Allocation reserve, tax year 2018 36 36

Allocation reserve, tax year 2019 30 30

Allocation reserve, tax year 2020 35 35

Allocation reserve, tax year 2021 21 -

Total 149 148

Note P5 Non-current liabilities

31/12/2021 31/12/2020

Non-current liabilities due for payment 1-5 years

after the reporting date: 1,508 946

Total 1,508 946

See Note G18 for loan terms and conditions and Note G20 for financial risk

management.

Note P6 Accrued expenses and deferred income

31/12/2021 31/12/2020

Accrued interest - 1

Other items 4 3

Total 4 4

Note P7 Proposed distribution of profits

The following profits are available to the Annual General Meeting:

SEK 2021

Retained earnings 1,467,169,366

Profit for the year 39,458,689

Total 1,506,628,055

To be distributed as follows:

Dividend -

Carried forward 1,506,628,055

Total 1,506,628,055

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

The Board of Directors and the CEO confirm that the annual

accounts have been prepared in accordance with generally

accepted accounting standards in Sweden and that the con-

solidated accounts have been prepared in accordance with

the international accounting standards referred to in Euro-

pean Parliament and Council Regulation (EC) no. 1606/2002

of 19 July 2002 on the application of international accounting

standards. The annual accounts and consolidated accounts

provide a true and fair view of the financial position and

financial performance of the Parent Company and the Group.

The Board of Directors’ Report for the Parent Company and

the Group provides a true and fair overview of the develop-

ment of the operations, financial position and financial per-

formance of the Parent Company and Group, and describes

material risks and uncertainties faced by the Parent Company

and Group companies.

Stockholm, 30 March 2022

Johanna Rastad

President and CEO

Sören Mellstig Karita Bekkemellem Kirsi Komi

Chairman Board member Board member

Monica Lingegård Anders Nyberg Fredrik Strömholm

Board member Board member Board member

Our Audit Report was submitted on 30 March 2022

KPMG AB

Helena Nilsson

Authorised Public Accountant

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | NOTES

CONTENTS

THIS IS HUMANA .......................... 3

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

..............

OFFERING

................................... 

HUMANA AS AN INVESTMENT

.....

CORPORATE GOVERNANCE

........ 

FINANCIAL REPORTS

................... 

OTHER

........................................

Open printer-friendly PDF

To the general meeting of the

shareholders of Humana AB (publ),

corp. id 556760-8475

Report on the annual accounts

and consolidated accounts

Opinions

We have audited the annual accounts

and consolidated accounts of Humana

AB (publ) for the year 2021, except for

the corporate governance statement

on pages 46–61 and the sustainability

report on pages 13–32, 62 and

67–68. The annual accounts and con-

solidated accounts of the company are

included on pages 13–32, 46–62,

67–68 and 71–103 in this document.

In our opinion, the annual accounts

have been prepared in accordance

with the Annual Accounts Act, and

present fairly, in all material respects,

the financial position of the parent

company as of 31 December 2021

and its financial performance and

cash ﬂow for the year then ended in

accordance with the Annual Accounts

Act. The consolidated accounts have

been prepared in accordance with the

Annual Accounts Act and present fairly,

in all material respects, the financial

position of the group as of 31 Decem-

ber 2021 and their financial perfor-

mance and cash ﬂow for the year then

ended in accordance with International

Financial Reporting Standards (IFRS),

as adopted by the EU, and the Annual

Accounts Act. Our opinions do not

cover the corporate governance state-

ment on pages 46–61 and sustainabil-

ity report on pages 13–32, 62 and

67–68. The statutory administration

report is consistent with the other parts

of the annual accounts and consoli-

dated accounts.

We therefore recommend that the

general meeting of shareholders

adopts the income statement and

balance sheet for the parent company

and the group.

Our opinions in this report on the

the annual accounts and consolidated

accounts are consistent with the con-

tent of the additional report that has

been submitted to the parent compa-

ny’s audit committee in accordance

with the Audit Regulation (537/2014)

Article 11.

Basis for Opinions

We conducted our audit in accordance

with International Standards on Audit-

ing (ISA) and generally accepted audit-

ing standards in Sweden. Our respon-

sibilities under those standards are fur-

ther described in the Auditor’s Respon-

sibilities section. We are independent

of the parent company and the group

in accordance with professional ethics

for accountants in Sweden and have

otherwise fulfilled our ethical responsi-

bilities in accordance with these

requirements.This includes that, based

Auditor’s Report

Valuation of goodwill

See Note GA2 General accounting policies including Accounting estimates in the financial reports, Note GA4 Significant

accounting policies and Note G10 Goodwill on the pages 85-88 and 94 in the annual and consolidated accounts for

detailed information and descriptions of the matter

Description of key audit matter

The Group’s goodwill amounted to SEK 4,148 million at 31

December 2021. Goodwill is tested annually for impairment.

Annual impairment testing is of significance to the audit as it

involves a significant element of judgement from the Group,

including assumptions about the future performance of the

business and market conditions.

Another important assumption is the discount rate to be

used to reﬂect market assessments of the specific risks that

the business faces.

Response in the audit

We have examined whether the impairment tests performed

were prepared in accordance with the methods prescribed by

IAS 36 Impairment of Assets.

We have also considered the reasonableness of the Group’s

assumptions about future cash ﬂows, such as sales growth and

operating margin development, and the discount rate. This has

been done by, among other things, obtaining and evaluating

written documentation and checking assumptions in the

impairment testing against plans. Our work has also included

examination of the group’s sensitivity analysis to evaluate how

reasonable changes in the assumptions may impact the valua-

tion. We have also evaluated the Group’s historical forecast

performance and challenged assumptions about future growth

and margins.

We have also assessed the content of the information about

impairment tests performed, as provided in the annual and

consolidated accounts.

on the best of our knowledge and

belief, no prohibited services referred

to in the Audit Regulation (537/2014)

Article 5.1 have been provided to the

audited company or, where applicable,

its parent company or its controlled

companies within the EU.

We believe that the audit evidence

we have obtained is sucient and

appropriate to provide a basis for our

opinions.

Key Audit Matters

Key audit matters of the audit are those

matters that, in our professional judg-

ment, were of most significance in our

audit of the annual accounts and con-

solidated accounts of the current

period. These matters were addressed

in the context of our audit of, and

in forming our opinion thereon, the

annual accounts and consolidated

accounts as a whole, but we do not

provide a separate opinion on these

matters.

Other Information than the

annual accounts and consolidated

accounts

This document also contains other

information than the annual accounts

and consolidated accounts and is

found on pages 1–45, 62–70 and

109–116 The other information com-

prises also of the remuneration report

which we obtained prior to the date of

AUDITOR’S REPORT HUMANA ANNUAL AND SUSTAINABILITY REPORT  | 

CONTENTS

THIS IS HUMANA .......................... 2

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

............... 

OFFERING

..................................... 

HUMANA AS AN INVESTMENT

...... 

CORPORATE GOVERNANCE

.........

FINANCIAL REPORTS

.....................

OTHER

..........................................

Open printer-friendly PDF

this auditor’s report,. The Board of

Directors and the Managing Director

are responsible for this other

information.

Our opinion on the annual accounts

and consolidated accounts does not

cover this other information and we

do not express any form of assurance

conclusion regarding this other

information.

In connection with our audit of the

annual accounts and consolidated

accounts, our responsibility is to read

the information identified above and

consider whether the information is

materially inconsistent with the annual

accounts and consolidated accounts.

In this procedure we also take into

account our knowledge otherwise

obtained in the audit and assess

whether the information otherwise

appears to be materially misstated.

If we, based on the work performed

concerning this information, conclude

that there is a material misstatement of

this other information, we are required

to report that fact. We have nothing to

report in this regard.

Responsibilities of the Board of

Directors and the Managing Director

The Board of Directors and the Man-

aging Director are responsible for the

preparation of the annual accounts

and consolidated accounts and that

they give a fair presentation in accor-

dance with the Annual Accounts Act

and, concerning the consolidated

accounts, in accordance with IFRS

as adopted by the EU. The Board of

Directors and the Managing Director

are also responsible for such internal

control as they determine is necessary

to enable the preparation of annual

accounts and consolidated accounts

that are free from material misstate-

ment, whether due to fraud or error.

In preparing the annual accounts

and consolidated accounts The Board

of Directors and the Managing Direc-

tor are responsible for the assessment

of the company’s and the group’s

ability to continue as a going concern.

They disclose, as applicable, matters

related to going concern and using the

going concern basis of accounting.

The going concern basis of accounting

is however not applied if the Board of

Directors and the Managing Director

intend to liquidate the company, to

cease operations, or has no realistic

alternative but to do so.

The Audit Committee shall, without

prejudice to the Board of Director’s

responsibilities and tasks in general,

among other things oversee the com-

pany’s financial reporting process.

Auditor’s responsibility

Our objectives are to obtain reason-

able assurance about whether the

annual accounts and consolidated

accounts as a whole are free from

material misstatement, whether due to

fraud or error, and to issue an audi-

tor’s report that includes our opinions.

Reasonable assurance is a high level

of assurance, but is not a guarantee

that an audit conducted in accordance

with ISAs and generally accepted

auditing standards in Sweden will

always detect a material misstatement

when it exists. Misstatements can arise

from fraud or error and are considered

material if, individually or in the aggre-

gate, they could reasonably be

expected to inﬂuence the economic

decisions of users taken on the basis

of these annual accounts and consoli-

dated accounts.

As part of an audit in accordance

with ISAs, we exercise professional

judgment and maintain professional

scepticism throughout the audit. We

also:

• Identify and assess the risks of

material misstatement of the annual

accounts and consolidated accounts,

whether due to fraud or error, design

and perform audit procedures

responsive to those risks, and obtain

audit evidence that is sucient and

appropriate to provide a basis for

our opinions. The risk of not detect-

ing a material misstatement resulting

from fraud is higher than for one

resulting from error, as fraud may

involve collusion, forgery, intentional

omissions, misrepresentations,

or the override of internal control.

• Obtain an understanding of the

company’s internal control relevant

to our audit in order to design audit

procedures that are appropriate in

the circumstances, but not for the

purpose of expressing an opinion on

the eectiveness of the company’s

internal control.

• Evaluate the appropriateness of

accounting policies used and the

reasonableness of accounting esti-

mates and related disclosures made

by the Board of Directors and the

Managing Director.

• Conclude on the appropriateness

of the Board of Directors’ and the

Managing Director’s, use of the

going concern basis of accounting in

preparing the annual accounts and

consolidated accounts. We also draw

a conclusion, based on the audit evi-

dence obtained, as to whether any

material uncertainty exists related to

events or conditions that may cast

significant doubt on the company’s

and the group’s ability to continue as

a going concern. If we conclude that

a material uncertainty exists, we are

required to draw attention in our

auditor’s report to the related disclo-

sures in the annual accounts and

consolidated accounts or, if such dis-

closures are inadequate, to modify

our opinion about the annual

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | AUDITOR’S REPORT

CONTENTS

THIS IS HUMANA .......................... 2

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

............... 

OFFERING

..................................... 

HUMANA AS AN INVESTMENT

...... 

CORPORATE GOVERNANCE

.........

FINANCIAL REPORTS

.....................

OTHER

..........................................

Open printer-friendly PDF

accounts and consolidated accounts.

Our conclusions are based on the

audit evidence obtained up to the

date of our auditor’s report. How-

ever, future events or conditions may

cause a company and a group to

cease to continue as a going

concern.

• Evaluate the overall presentation,

structure and content of the annual

accounts and consolidated accounts,

including the disclosures, and

whether the annual accounts and

consolidated accounts represent the

underlying transactions and events in

a manner that achieves fair

presentation.

• Obtain sucient and appropriate

audit evidence regarding the finan-

cial information of the entities or

business activities within the group

to express an opinion on the consoli-

dated accounts. We are responsible

for the direction, supervision and

performance of the group audit. We

remain solely responsible for our

opinions.

We must inform the Board of Directors

of, among other matters, the planned

scope and timing of the audit. We must

also inform of significant audit findings

during our audit, including any signifi-

cant deficiencies in internal control that

we identified.

We must also provide the Board of

Directors with a statement that we

have complied with relevant ethical

requirements regarding independence,

and to communicate with them all

relationships and other matters that

may reasonably be thought to bear on

our independence, and where applica-

ble, measures that have been taken to

eliminate the threats or related

safeguards.

From the matters communicated

with the Board of Directors, we deter-

mine those matters that were of most

significance in the audit of the annual

accounts and consolidated accounts,

including the most important assessed

risks for material misstatement, and

are therefore the key audit matters. We

describe these matters in the auditor’s

report unless law or regulation pre-

cludes disclosure about the matter.

Report on other legal and

regulatory requirements

Auditor’s audit of the administration

and the proposed appropriations of

profit or loss

Opinions

In addition to our audit of the annual

accounts and consolidated accounts,

we have also audited the administra-

tion of the Board of Directors and the

Managing Director of Humana AB

(publ) for the year 2021 and the pro-

posed appropriations of the company’s

profit or loss.

We recommend to the general

meeting of shareholders that the profit

be appropriated in accordance with

the proposal in the statutory adminis-

tration report and that the members

of the Board of Directors and the

Managing Director be discharged

from liability for the financial year.

Basis for Opinions

We conducted the audit in accordance

with generally accepted auditing stan-

dards in Sweden. Our responsibilities

under those standards are further

described in the Auditor’s Responsibili-

ties section. We are independent of

the parent company and the group in

accordance with professional ethics for

accountants in Sweden and have oth-

erwise fulfilled our ethical responsibili-

ties in accordance with these

requirements.

We believe that the audit evidence

we have obtained is sucient and

appropriate to provide a basis for our

opinions.

Responsibilities of the Board of

Directors and the Managing Director

The Board of Directors is responsible

for the proposal for appropriations of

the company’s profit or loss. At the

proposal of a dividend, this includes

an assessment of whether the dividend

is justifiable considering the require-

ments which the company’s and the

group’s type of operations, size and

risks place on the size of the parent

company’s and the group’s equity,

consolidation requirements, liquidity

and position in general.

The Board of Directors is responsible

for the company’s organization and

the administration of the company’s

aairs. This includes among other

things continuous assessment of the

company’s and the group’s financial

situation and ensuring that the compa-

ny’s organization is designed so that

the accounting, management of assets

and the company’s financial aairs

otherwise are controlled in a reassur-

ing manner.

The Managing Director shall

manage the ongoing administration

according to the Board of Directors’

guidelines and instructions and among

other matters take measures that are

necessary to fulfill the company’s

accounting in accordance with law and

handle the management of assets in a

reassuring manner.

Auditor’s responsibility

Our objective concerning the audit of

the administration, and thereby our

opinion about discharge from liability,

is to obtain audit evidence to assess

with a reasonable degree of assurance

whether any member of the Board of

Directors or the Managing Director in

any material respect:

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | AUDITOR’S REPORT

CONTENTS

THIS IS HUMANA .......................... 2

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

............... 

OFFERING

..................................... 

HUMANA AS AN INVESTMENT

...... 

CORPORATE GOVERNANCE

.........

FINANCIAL REPORTS

.....................

OTHER

..........................................

Open printer-friendly PDF

• has undertaken any action or been

guilty of any omission which can give

rise to liability to the company, or

• in any other way has acted in contra-

vention of the Companies Act, the

Annual Accounts Act or the Articles

of Association.

Our objective concerning the audit

of the proposed appropriations of the

company’s profit or loss, and thereby

our opinion about this, is to assess with

reasonable degree of assurance

whether the proposal is in accordance

with the Companies Act.

Reasonable assurance is a high level

of assurance, but is not a guarantee

that an audit conducted in accordance

with generally accepted auditing stan-

dards in Sweden will always detect

actions or omissions that can give rise

to liability to the company, or that the

proposed appropriations of the com-

pany’s profit or loss are not in accor-

dance with the Companies Act.

As part of an audit in accordance

with generally accepted auditing stan-

dards in Sweden, we exercise profes-

sional judgment and maintain profes-

sional scepticism throughout the audit.

The examination of the administration

and the proposed appropriations of

the company’s profit or loss is based

primarily on the audit of the accounts.

Additional audit procedures performed

are based on our professional judg-

ment with starting point in risk and

materiality. This means that we focus

the examination on such actions, areas

and relationships that are material for

the operations and where deviations

and violations would have particular

importance for the company’s situa-

tion. We examine and test decisions

undertaken, support for decisions,

actions taken and other circumstances

that are relevant to our opinion con-

cerning discharge from liability. As a

basis for our opinion on the Board of

Directors’ proposed appropriations of

the company’s profit or loss we exam-

ined whether the proposal is in accor-

dance with the Companies Act.

The auditor’s examination

of the Esef report

Opinion

In addition to our audit of the annual

accounts and consolidated accounts,

we have also examined that the Board

of Directors and the Managing Direc-

tor have prepared the annual accounts

and consolidated accounts in a format

that enables uniform electronic report-

ing (the Esef report) pursuant to Chap-

ter 16, Section 4(a) of the Swedish

Securities Market Act (2007:528) for

Humana AB (publ) for year 2021.

Our examination and our opinion

relate only to the statutory

requirements.

In our opinion, the Esef report

#[checksum] has been prepared in

a format that, in all material respects,

enables uniform electronic reporting.

Basis for opinion

We have performed the examination in

accordance with FAR’s recommenda-

tion RevR 18 Examination of the Esef

report. Our responsibility under this

recommendation is described in more

detail in the Auditors’ responsibility

section. We are independent of

Humana AB (publ) in accordance with

professional ethics for accountants in

Sweden and have otherwise fulfilled

our ethical responsibilities in accor-

dance with these requirements.

We believe that the evidence we

have obtained is sucient and appro-

priate to provide a basis for our

opinion.

Responsibilities of the Board of

Directors and the Managing Director

The Board of Directors and the Man-

aging Director are responsible for the

preparation of the Esef report in accor-

dance with the Chapter 16, Section

4(a) of the Swedish Securities Market

Act (2007:528), and for such internal

control that the Board of Directors and

the Managing Director determine is

necessary to prepare the Esef report

without material misstatements,

whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to obtain reason-

able assurance whether the Esef report

is in all material respects prepared in a

format that meets the requirements of

Chapter 16, Section 4(a) of the Swed-

ish Securities Market Act (2007:528),

based on the procedures performed.

RevR 18 requires us to plan and exe-

cute procedures to achieve reasonable

assurance that the Esef report is pre-

pared in a format that meets these

requirements.

Reasonable assurance is a high level

of assurance, but it is not a guarantee

that an engagement carried out

according to RevR 18 and generally

accepted auditing standards in Swe-

den will always detect a material mis-

statement when it exists. Misstatements

can arise from fraud or error and are

considered material if, individually or

in aggregate, they could reasonably be

expected to inﬂuence the economic

decisions of users taken on the basis

of the Esef report.

The audit firm applies ISQC 1

Quality Control for Firms that Perform

Audits and Reviews of Financial State-

ments, and other Assurance and

Related Services Engagements and

accordingly maintains a comprehen-

sive system of quality control, including

documented policies and procedures

regarding compliance with profes-

sional ethical requirements, profes-

HUMANA ANNUAL AND SUSTAINABILITY REPORT  | AUDITOR’S REPORT

CONTENTS

THIS IS HUMANA .......................... 2

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

............... 

OFFERING

..................................... 

HUMANA AS AN INVESTMENT

...... 

CORPORATE GOVERNANCE

.........

FINANCIAL REPORTS

.....................

OTHER

..........................................

Open printer-friendly PDF

sional standards and legal and reg-

ulatory requirements.

The examination involves obtain-

ing evidence, through various proce-

dures, that the Esef report has been

prepared in a format that enables

uniform electronic reporting of the

annual accounts and consolidated

accounts. The procedures selected

depend on the auditor’s judgment,

including the assessment of the risks

of material misstatement in the

report, whether due to fraud or

error. In carrying out this risk assess-

ment, and in order to design proce-

dures that are appropriate in the

circumstances, the auditor considers

those elements of internal control

that are relevant to the preparation

of the Esef report by the Board of

Directors and the Managing Direc-

tor, but not for the purpose of

expressing an opinion on the eec-

tiveness of those internal controls.

The examination also includes an

evaluation of the appropriateness

and reasonableness of the assump-

tions made by the Board of Directors

and the Managing Director.

The procedures mainly include a

technical validation of the Esef

report, i.e. if the file containing the

Esef report meets the technical spec-

ification set out in the Commission’s

Delegated Regulation (EU) 2019/815

and a reconciliation of the Esef

report with the audited annual

accounts and consolidated accounts.

Furthermore, the procedures also

include an assessment of whether

the Esef report has been marked

with iXBRL which enables a fair and

complete machine-readable version

of the consolidated statement of

financial performance, financial

position, changes in equity and cash

ﬂow.

The auditor’s examination of the

corporate governance statement

The Board of Directors is responsible

for that the corporate governance

statement on pages 46–61 has

been prepared in accordance with

the Annual Accounts Act.

Our examination of the corporate

governance statement is conducted

in accordance with FAR´s auditing

standard RevR 16 The auditor´s

examination of the corporate gover-

nance statement. This means that

our examination of the corporate

governance statement is dierent

and substantially less in scope than

an audit conducted in accordance

with International Standards on

Auditing and generally accepted

auditing standards in Sweden. We

believe that the examination has

provided us with sucient basis for

our opinions.

A corporate governance state-

ment has been prepared. Disclo-

sures in accordance with chapter

6 section 6 the second paragraph

points 2–6 of the Annual Accounts

Act and chapter 7 section 31 the

second paragraph the same law are

consistent with the other parts of the

annual accounts and consolidated

accounts and are in accordance with

the Annual Accounts Act.

The auditor’s opinion regarding the

statutory sustainability report

The Board of Directors is responsible

for the sustainability report on pages

13–32, 62 and 67–68, and that it is

prepared in accordance with the

Annual Accounts Act.

Our examination has been con-

ducted in accordance with FAR:s

auditing standard RevR 12 The audi-

tor’s opinion regarding the statutory

sustainability report. This means that

our examination of the statutory

sustainability report is dierent and

substantially less in scope than an

audit conducted in accordance with

International Standards on Auditing

and generally accepted auditing

standards in Sweden. We believe

that the examination has provided

us with sucient basis for our

opinion.

A statutory sustainability report

has been prepared.

KPMG AB, Box 382, 101 27,

Stockholm, was appointed auditor

of Humana AB (publ) by the general

meeting of the shareholders on the

11 May 2021. KPMG AB or auditors

operating at KPMG AB have been

the company’s auditor since 2008.

Stockholm 30 March 2022

KPMG AB

Helena Nilsson

Authorized Public Accountant

HUMANA ANNUAL AND SUSTAINABILITY REPORT  |  AUDITOR’S REPORT

CONTENTS

THIS IS HUMANA .......................... 2

TRENDS AND MARKET

.................. 

SUSTAINABLE STRATEGY

............... 

OFFERING

..................................... 

HUMANA AS AN INVESTMENT

...... 

CORPORATE GOVERNANCE

.........

FINANCIAL REPORTS

.....................

OTHER

..........................................

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Reconciliation with IFRS financial statements

In the financial reports that Humana issues, there are alternative performance measures specified that complement the measures

defined or specified in the applicable financial reporting rules. Alternative performance measures are indicated when, in their

context, they provide clearer or more detailed information than the measures defined in the applicable financial reporting rules.

Alternative performance measures derive from the company’s consolidated accounts and are non-IFRS measures.

2021

2020

Adjusted operating profit

Operating profit 493 471

Capital gain on sale of property - -17

Retrospective repayment of previously pain-in

pension premiums -11 -

Final settlement dispute 13 -

Adjusted operating profit 495 453

Adjusted EBITDA

Operating profit 493 471

Depreciation and impairment 420 371

Retrospective repayment of previously

paid-in pension premiums -11 -

Final settlement dispute 13 -

Capital gain on sale of property - -17

Adjusted EBITDA 916 824

Organic revenue growth

Revenue, base 7,761 6,968

Revenue, organic growth 238 289

Total organic growth, constant exchange rate 3.1% 4.1%

Operating cash ﬂow, SEK million

Operating profit 493 471

Depreciation and impairment 420 371

Change in working capital -12 71

Investments in other non-current assets, net -117 -133

Operating cash ﬂow, SEK million 785 779

31 December

2021

31 December

2020

Interest-bearing net debt, SEK million

Non-current interest-bearing liabilities 4,702 3,457

Current interest-bearing liabilities 218 813

Cash and cash equivalents -695 -759

Interest-bearing net debt 4,226 3,511

Adjusted EBITDA, 12 months 916 824

Interest-bearing net debt/Adjusted EBITDA,

12 months, times 4.6 4.3

Return on capital employed, %

Total assets 9,002 8,044

Deferred tax liabilities -74 -70

Trade payables -165 -128

Other current liabilities -1,285 -1,222

Capital employed 7,478 6,624

Operating profit 493 471

Financial income 1 1

Total 494 471

Return on capital employed, % 6.6% 7.1%

Equity/assets ratio, %

Total equity 2,553 2,354

Total assets 9,002 8,044

Equity/assets ratio, % 28.4% 29.3%

OTHER HUMANA ANNUAL AND SUSTAINABILITY REPORT  | 

CONTENTS

THIS IS HUMANA .......................... 2

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ............... 

OFFERING ..................................... 

HUMANA AS AN INVESTMENT ...... 

CORPORATE GOVERNANCE .........

FINANCIAL REPORTS .....................

OTHER ..........................................

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Financial performance measures

Definition Intent

Return on capital employed (%) Operating profit and finance income divided by total capital employed multiplied by 100. Indicates the operating return on the capital that owners and lenders have made available. The intent is to

show consolidated returns, regardless of the financing.

EBITDA Operating profit before depreciation, amortisation and impairment. The measure is used to monitor the company’s profit/loss generated by operating activities and facilitate

comparisons of profitability between dierent companies and industries.

Adjusted operating profit and adjusted

EBITDA

Operating profit and EBITDA adjusted for items aecting comparability. An adjustment for items aecting comparability is made to facilitate a fair comparison between two compa-

rable periods and to show the underlying trend in operating activities excluding non-recurring items.

Operating cash ﬂow Operating profit including changes in depreciation/amortisation/impairment, working capital and

investments in other non-current assets (net).

The exclusion of cash ﬂow from acquisitions and financing facilitates an analysis of cash conversion in

operating activities.

Organic growth Growth in local currency for comparable companies in each segment that Humana owned during

the previous comparative period.

The measure shows the underlying sales growth in comparable companies between the dierent periods.

Interest-bearing net debt Borrowing excluding interest rate derivatives less cash and cash equivalents and interest-bearing

assets.

Net debt is used as a simple way to illustrate and assess the Group’s ability to meet financial commitments.

Interest-bearing net debt/EBITDA Interest-bearing net debt divided by EBITDA. Indicates consolidated debt in relation to EBITDA. This is used to illustrate the Group’s ability to meet finan-

cial commitments.

Interest-bearing net debt/adjusted

EBITDA

Interest-bearing net debt divided by adjusted EBITDA. The measure indicates consolidated debt in relation to adjusted EBITDA. This is used to illustrate the Group’s

ability to meet financial commitments.

Equity/assets ratio (%) Equity including non-controlling interests divided by total assets multiplied by 100. Indicates the proportion of assets that are financed with equity. The aim is to assess the Group’s solvency in

the long term.

Capital employed Total assets less non-interest-bearing liabilities. The measure indicates the portion of the company’s assets financed by interest-bearing capital.

Other performance measures

Definition

Equity per share Equity attributable to Parent Company shareholders divided by number of shares at end of period after redemption, buyback and new share issue.

Average number of shares Calculated as the average daily number of shares outstanding after redemption and buyback.

Average equity Calculated for average equity attributable to Parent Company shareholders per quarter, calculated from the opening and closing balance for each quarter.

Items aecting comparability Non-recurring items that complicate the comparability between two given periods.

Average number of full-time employees Average number of full-time employees during the reporting period.

Average customers Average number of customers during the period.

Earnings per share for the period Profit for the period attributable to Parent Company shareholders less the period’s share of the adopted dividend divided by average number of shares. Defined in IFRS.

Operating profit Profit before financial items and tax.

EBIT margin (%) Operating profit divided by operating revenue multiplied by 100.

OTHER HUMANA ANNUAL AND SUSTAINABILITY REPORT  | 

CONTENTS

THIS IS HUMANA .......................... 2

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ............... 

OFFERING ..................................... 

HUMANA AS AN INVESTMENT ...... 

CORPORATE GOVERNANCE .........

FINANCIAL REPORTS .....................

OTHER ..........................................

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Quarterly overview

2021 2020

SEK millions Full year Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4

Operating revenue by segment

Individual & Family 2,257 553 578 548 578 2,101 519 532 522 528

Personal Assistance 3,042 751 756 767 768 2,931 719 733 736 743

Elderly Care 669 151 155 173 190 608 146 155 150 157

Finland 1,284 316 325 314 328 1,327 350 338 318 321

Norway 916 210 240 225 241 788 194 201 200 193

Other 20 5 4 6 5 43 10 22 5 5

Operating revenue 8,188 1,986 2,058 2,034 2,110 7,797 1,938 1,980 1,931 1,948

Operating profit by segment

Individual & Family 168 41 50 69 7 190 33 49 70 38

Personal Assistance 208 50 35 66 57 160 40 29 57 34

Elderly Care -3 5 -4 3 -8 10 0 1 5 4

Finland 56 11 16 26 2 62 17 11 24 10

Norway 103 17 22 31 33 69 13 16 21 19

Other -40 -12 -13 -4 -10 -20 -5 -7 -5 -4

Operating profit 493 112 107 192 82 471 98 100 172 101

Operating margin by segment

Individual & Family, % 7. 5 7. 5 8.7 12.7 1.3 9.0 6.4 9.3 13.4 7. 1

Personal Assistance, % 6.8 6.6 4.7 8.6 7.5 5.5 5.6 4.0 7. 7 4.5

Elderly Care, % -0.4 3.6 -2.4 1.9 -4.0 1.6 -0.3 0.7 3.3 2.8

Finland, % 4.3 3.6 4.8 8.4 0.7 4.6 4.7 3.2 7. 6 3.1

Norway, % 11.3 7. 9 9.3 13.8 13.8 8.7 6.7 7. 9 10.5 9.9

Operating margin, % 6.0 5.7 5.2 9. 4 3.9 6.0 5.1 5.1 8.9 5.2

OTHER HUMANA ANNUAL AND SUSTAINABILITY REPORT  | 

CONTENTS

THIS IS HUMANA .......................... 2

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ............... 

OFFERING ..................................... 

HUMANA AS AN INVESTMENT ...... 

CORPORATE GOVERNANCE .........

FINANCIAL REPORTS .....................

OTHER ..........................................

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GRI Index

General disclosures

GRI standard Disclosure Page Comments

GRI : GENERAL DISCLOSURES

Organisational profile 102-1 Name of the organisation 71

102-2 Activities, brands, products, and services 4, 33–40

102-3 Location of headquarters 71

102-4 Location of operations 4, 33–40

102-5 Ownership and legal form 44–45

102-6 Markets served 4, 33–40

102-7 Scale of the organisation 3

102-8 Information on employees and other workers 3, 21–24, 74

102-9 Supply chain

102-10 Significant changes to the organisation and its supply chain 5

102-11 Precautionary Principle or approach 29

102-12 External initiatives No

102-13 Membership of associations 27

Strategy and analysis 102-14 Statement from senior decision-maker 6–7

Ethics and integrity 102-16 Values, principles, standards, and norms of behaviour 14–16

Governance 102-18 Governance structure 49–55

Stakeholder engagement 102-40 List of stakeholder groups 31

102-41 Collective bargaining agreements Involves everyone except CEO

102-42 Identifying and selecting stakeholders 31

102-43 Approach to stakeholder engagement 31

102-44 Key topics and concerns raised 31

Reporting practice 102-45 Entities included in the organisation’s consolidated financial statements 99–101

102-46 Defining the report content and topic boundaries 14–16, 31

102-47 List of material topics 14–16, 31

102-48 Restatements of information No changes

102-49 Changes in reporting Second year reporting in line with GRI standards:

Core option

102-50 Reporting period 1 January – 31 December 2021

102-51 Date of most recent report 1 April 2021

102-52 Reporting cycle Annual

102-53 Contact person for questions regarding the report [email protected]

102-54 Claims of reporting in accordance with the GRI Standards This report has been prepared in accordance with the GRI

Standards: Core option

102-55 GRI Index 112–114

102-56 External assurance No

OTHER HUMANA ANNUAL AND SUSTAINABILITY REPORT  | 

CONTENTS

THIS IS HUMANA .......................... 2

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ............... 

OFFERING ..................................... 

HUMANA AS AN INVESTMENT ...... 

CORPORATE GOVERNANCE .........

FINANCIAL REPORTS .....................

OTHER ..........................................

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GRI standard Disclosure Page Comments

QUALITY OPERATIONS

High quality of care services

GRI 103: Governance 103-1 Explanation of the material topic and its boundary 14, 17–19

103-2 The management approach and its components 17–19

103-3 Evaluation of the management approach 16–19

Company-specific topic/indicator CSI, Customer satisfaction index, for Humana as a whole 18

Company-specific topic/indicator Share of customers/clients whose individual plans have been followed up on schedule 18

ATTRACTIVE EMPLOYER

Satisfied and loyal employees

GRI 103: Governance 103-1 Explanation of the material topic and its boundary 14, 21–24

103-2 The management approach and its components 21–24

103-3 Evaluation of the management approach 16, 21–24

Company-specific topic/indicator eNPS, Employee Net Promoter Score 16, 21

Safe and pleasant work environment

GRI 103: Governance 103-1 Explanation of the material topic and its boundary 14, 21–24

103-2 The management approach and its components 21–24

103-3 Evaluation of the management approach

GRI 403: Occupational health

and safety 2018

403-1 Occupational health and safety management system 22

403-2 Hazard identification, risk assessment, and incident investigation 21–22

403-3 Occupational health services All who work at the care homes that Humana is contracted

to manage are employed by Humana

403-4 Worker participation, consultation, and communication on occupational health and safety 22

403-5 Worker training on occupational health and safety 22

403-6 Promotion of worker health 21–23

403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships All who work at the care homes that Humana is contracted

to manage are employed by Humana

403-8 Workers covered by an occupational health and safety management system All employees are covered

Equal gender distribution

among senior managers

GRI 103: Governance 103-1 Explanation of the material topic and its boundary 14, 21–24

103-2 The management approach and its components 21–24

103-3 Evaluation of the management approach 16

GRI 405: Diversity and equal

opportunities 2016

405-1 Diversity of governance bodies and employees 23

PROFITABLE GROWTH

GRI 103: Governance 103-1 Explanation of the material topic and its boundary 14, 25–26

103-2 The management approach and its components 25–26

Specific disclosures

OTHER HUMANA ANNUAL AND SUSTAINABILITY REPORT  | 

CONTENTS

THIS IS HUMANA .......................... 2

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ............... 

OFFERING ..................................... 

HUMANA AS AN INVESTMENT ...... 

CORPORATE GOVERNANCE .........

FINANCIAL REPORTS .....................

OTHER ..........................................

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GRI standard Disclosure Page Comments

103-3 Evaluation of the management approach 16, 25–26

GRI 201: Economic performance

2016

201-1 Direct economic value generated and distributed 26

RESPONSIBLE PROVIDER

GRI 103: Governance 103-1 Explanation of the material topic and its boundary 14–15, 27–30

103-2 The management approach and its components 27–30

103-3 Evaluation of the management approach 16, 27–30

GRI 203: Indirect economic impacts

2016

203-2 Significant indirect economic impacts 28–29

Company-specific topic/indicator Number of introductory jobs created 16, 29

Reduced environmental impact

GRI 103: Governance 103-1 Explanation of the material topic and its boundary 14–15, 29–30

103-2 The management approach and its components 29–30

103-3 Evaluation of the management approach 16, 29–30

Company-specific topic/indicator Greenhouse gas emissions 29–30

VALUES-DRIVEN HUMANA

GRI 103: Governance 103-1 Explanation of the material topic and its boundary 14–15

103-2 The management approach and its components 15

103-3 Evaluation of the management approach 16

Company-specific topic/indicator Employees’ awareness that values are what guide Humana 16

GRI 205: Anti-corruption 2016 205-2 Communication and training about anti-corruption policies and procedures 15

Specific disclosures cont’d

OTHER HUMANA ANNUAL AND SUSTAINABILITY REPORT  | 

CONTENTS

THIS IS HUMANA .......................... 2

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ............... 

OFFERING ..................................... 

HUMANA AS AN INVESTMENT ...... 

CORPORATE GOVERNANCE .........

FINANCIAL REPORTS .....................

OTHER ..........................................

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Key ratios and per-share data

Note that the tables and calculations below have not been audited, unless otherwise stated.

Key ratios 2021 2020 2019 2018

2017

Net revenue, SEK million

8,188 7,797 7,467 6,725 6,556

Growth, % 5.0 4.4 11.0 2.6 3.1

Organic growth, constant exchange rate, % 3.1 4.1 2.0 3.4 -1.3

Inorganic growth (including disposals), % 2.6 1.7 8.5 -1.6 5

EBITDA, SEK million 913 842 697 461 376

EBITDA margin, % 11.2 10.8 9.3 6.9 5.7

Adjusted EBITDA, SEK million 916 824 692 461 376

Adjusted EBITDA margin, % 11.2 10.6 9.3 6.9 5.7

Operating profit (EBIT), SEK million

493 471 369 391 316

Operating margin, % 6.0 6.0 4.9 5.8 4.8

Adjusted operating profit, SEK million 495 453 365 391 316

Adjusted operating margin, % 6.0 5.8 4.9 5.8 4.8

Profit for the year, SEK million

276 262 187 245 194

Change in working capital, SEK million -12 71 126 -18 -41

Acquisition of intangible assets and property, plant and equipment,

SEK million

-107 -133 -228 -158 -151

Operating cash ﬂow, SEK million 785 779 595 285 184

Cash conversion, % 85.9 92.5 85.4 61.8 48.9

Equity

2,553 2,354 2,305 2,147 1,891

Interest-bearing net debt, SEK million 4,226 3,511 3,712 1,378 1,440

Interest-bearing net debt/EBITDA, 12 months, times 4.6 4.2 5.3 3.0 3.8

Interest-bearing net debt/adjusted EBITDA, 12 months, times 4.6 4.3 5.4 3.0 3.8

Equity/assets ratio, % 28.4 29.3 28.0 41.1 37.4

Return on capital employed, 12 months, % 6.6 7. 1 5.4 9.7 8.2

Average no. of customers 9,102 8,795 8,503 7,466 8,316

Average number of full-time employees

10,996 10,592 10,175 9,782 10,003

Full-time employees at end of year 10,945 10,639 10,093 9,729 9,503

Per-share data 2021 2020 2019 2018 2017

Earnings per share 5.67 4.94 3.54 4.62 3.64

Equity per share, SEK 52.4 44.43 42.97 40.08 35.58

Information derived from Humana’s audited consolidated accounts.

2018 and earlier have not been recalculated with respect to IFRS 16.

Five-year overview

OTHER HUMANA ANNUAL AND SUSTAINABILITY REPORT  | 

CONTENTS

THIS IS HUMANA .......................... 2

TRENDS AND MARKET .................. 

SUSTAINABLE STRATEGY ............... 

OFFERING ..................................... 

HUMANA AS AN INVESTMENT ...... 

CORPORATE GOVERNANCE .........

FINANCIAL REPORTS .....................

OTHER ..........................................

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Everyone is

entitled to a

good life

Humana ABHumana AB

Warfvinges väg 39, 7tr

SE-112 51 Stockholm

Contact/informationContact/information

Switchboard: +46 (0)8 599 299 00

www.humana.se

Production: Humana in collaboration

with Hallvarsson & Halvarsson.

Photo: Anders Larsson, Max Plunger,

Henri Saranpää, Tuukka Kiviranta and

pexels.com.

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