Humana — Interim / Quarterly Report 2016

May 19, 2016

Humana is a leading Nordic private care company. The company is the market leader in Sweden within individual and family care and personal assistance. In Norway, Humana is the second-largest provider within individual and family care. Humana has more than 14,000 employees who all work with a shared vision – Everyone is entitled to a good life. The company had annual revenues of SEK 5,655 M in 2015. Humana has a strategy for growth, both organic and through acquisitions. The focus is on quality and satisfied customers in order to continue to gain market shares. The company's headquarters are located in Stockholm, Sweden. Read more about Humana on www.humana.se or http://corporate.humana.se.

Contact Humana AB: Tel: +46-8-599 299 00 Visiting address: Warfvinges väg 39, 112 51 Stockholm Web: www.humana.se Email: info@humana.se VAT number: 556760-8475 "Humana – the leading private idea-driven care company"

IPO, refinancing and acquisitions

First quarter: January-March 2016

• Operating revenue amounted to SEK 1,471 M, an increase of 9% or SEK 120 M. Acquisitions contributed SEK 88 M to revenue. Revenue from disposal of companies last year totalled SEK 12 M. Revenue increased organically by SEK 43 M, or 3.2%. In constant currency, revenue increased organically by 3.9%.
• Operating profit was SEK 41 M (84). Acquisitions contributed SEK 11 M to operating profit. Profit was negatively affected by costs for non-recurring items related to the IPO of SEK 38 M (2). Operating profit adjusted for non-recurring items (IPO costs) thereby totalled SEK 79 M (86), corresponding to an adjusted operating margin of 5.4% (6.4%).
• Net profit after tax for the period was SEK -16 M (42). Costs for renegotiating the company's long-term financing of about SEK 42 M were charged to earnings in the quarter.
• Earnings per ordinary share for the period before and after dilution were SEK -0.82 SEK (0.46).
• Operating cash flow was SEK -33 M (32).

Events during the first quarter

• Humana is listed on the Nasdaq Main Market On 22 March, Humana was listed on the Nasdaq Main Market. The initial price was SEK 62, corresponding to a market value of about SEK 3.3 billion.
• New share issue, new number of shares and new ownership structure In connection with the IPO, Humana conducted a new share issue amounting to SEK 450 M, with net proceeds of SEK 404 M after SEK 46 M in total listing expenses, of which SEK 38 M encumbered cash flow and operating profit. The number of shares increased by 7,258,064. At the end of March 2016, the total number of shares amounted to 53,140,064 and the number of shareholders was 7,204.

• Humana refinances

Humana has entered into a new long-term financing agreement. The new loan agreement amounts to SEK 2,200 M and has a term of five years. The agreement lowers Humana's interest expenses significantly, while providing the company more advantageous covenant conditions.

Events after end of the first quarter

• Humana expands into Finland through the acquisition of Arjessa

Arjessa is a leading individual and family care provider in Finland. The company's revenue for 2015 amounted to EUR 32.1 M and operating profit before goodwill amortisation was EUR 3.1 M. The purchase price, paid in cash, amounts to EUR 32 M. The transaction, that is approved by the Finnish Anti-Trust Authority, is expected to be completed during the end of the second quarter 2016.

• Humana acquires Nygårds Vård Gotland AB

Revenues in Nygårds Vård Gotland AB, which provides accommodation with special services for adults with mental disabilities, amounted to SEK 12 M in 2015.

Initial public offering and establishment in Finland

"In early 2016, Humana reached two important milestones regarding the company's future development. On 22 March Humana implemented a successful IPO on the Nasdaq Stockholm exchange and in early May Humana announced the acquisition of Arjessa, which means that Humana will expand into the Finnish care market."

I am pleased to confirm that Humana's initial public offering on Nasdaq Stockholm was a success. Interest in becoming a Humana shareholder was record high and I want to take this opportunity to thank everyone for the confidence they have shown in us and to welcome all the new

shareholders to Humana. An IPO is an important step for Humana for several reasons. Existing in a listed environment helps increase transparency, which in turn helps us focus on what we are most passionate about: providing quality care and a good life for our clients. Through the listing, we create a platform for further development and growth that allows Humana to continue investing in more care to help more people in their everyday lives. Humana is a unique company and I look forward to working with the new shareholders to continue developing the leading private idea-driven care company in the Nordic region.

The first quarter of 2016 also went well for Humana financially. Revenues increased 9% to SEK 1,471 M, which is in line with Humana's target of annual revenue growth of 8-10%. Organically, revenues increased by 3.2% or 3.9% in constant currency. In terms of earnings the quarter was affected by high non-recurring charges related to Humana's IPO of SEK 38 M, and SEK 42 M related to company refinancing. Adjusted for the listing costs, operating profit amounted to SEK 79 M (86), corresponding to an operating margin slightly below Humana's profitability target of a margin around 6%.

In terms of development by business area, Individual & Family continued to show good growth and profitability, both through organic growth and through acquisitions. Revenues increased in the quarter by 25% to SEK 508 M. We are pleased to note that we have been able to maintain the underlying profitability despite the rapid growth phase that the business is experiencing.

Revenues within Personal Assistance increased in line with the state standard compensation. The consequences of increased social security costs combined with the fact that wages have increased more than the state standard compensation has affected the profitability of the business area.

Revenues in the Elderly Care business area are in line with last year. Earnings declined slightly due to increased social security costs for young people, reduced hours in home care service and start-up costs at our own elderly housing facility in Gavle.

In Norway, the establishment of personal assistance services progressed well, contributing to the growth.

Our ability to make acquisitions continues to be good. After the end of the quarter and backed by Humana's strengthened financial position after the listing, a new share issue and renegotiation of the company's longterm financing, Humana made a small acquisition and entered into an agreement on a strategic acquisition and expansion into the Finnish market. The acquisition of Arjessa, a leading quality provider within full responsibility psychiatric and psychosocial treatment of children, adolescents and families in Finland, is an important milestone for Humana. With its broad geographic presence and its position as one of the leading providers in the Finnish market for individual and family care, Arjessa provides Humana with a good platform for further expansion into a new country. Decisive to the acquisition of Arjessa, besides the fact that the company is very well managed, was that its management shares Humana's basic values about how good care should be performed. In addition to the acquisition of Arjessa, Humana also acquired Nygårds Vård Gotland AB. The acquisitions are part of Humana's growth strategy and objective to continue taking an active role in the ongoing market consolidation.

Through a clear focus on customer satisfaction and quality our aim is to set a new, higher standard within our areas of operation. As an important part of this Humana will present a group-level quality report this year. Our hope and ambition is that Humana's quality work will help improve the entire care industry.

All in all, we have an eventful quarter behind us that was dominated by an IPO and good growth and we continue to see exciting opportunities going forward.

Stockholm, 19 May 2016

Rasmus Nerman, President and CEO Humana AB

Operating revenue by business area

	Jan-Mar	Jan-Mar		Apr-Mar	Jan-Dec
SEK M	2016	2015	%	2015/16	2015	%
Individual & Family	508	407	25%	1 852	1 750	6%
Personal Assistance	666	656	2%	2 699	2 689	0%
Elderly Care	183	185	-1%	736	738	0%
Norway	113	104	9%	425	416	2%
Total operating revenue	1 471	1 351	9%	5 712	5 593	2%

Organic revenue growth by business area 1)

	Jan-Mar	Jan-Mar	Apr-Mar	Jan-Dec
%	2016	2015	2015/16	2015
Individual & Family	8.4%	6.1%	12.1%	3.5%
Personal Assistance	1.5%	3.2%	2.7%	3.1%
Elderly Care 2) 3)	-1.0%	-7.2%	-9.3%	-10.7%
Norway	0.8%	n/a	9.3%	n/a
Total organic growth, group currency	3.2%	2.1%	3.9%	0.8%
Norway, local currency	10.5%	n/a	12.1%	n/a
Total organic growth, constant currency rate	3.9%	2.1%	4.0%	0.8%

Operating profit per business area

	Jan-Mar	Jan-Mar		Apr-Mar	Jan-Dec
SEK M	2016	2015	%	2015/16	2015	%
Individual & Family	55	47	18%	226	217	4%
Personal Assistance	38	49	-21%	172	182	-6%
Elderly Care 4)	-6	-1	n/a	-58	-53	n/a
Norway 5)	4	5	-4%	-13	-13	n/a
Central costs/other 6)	-51	-15	n/a	-57	-20	n/a
Total operating profit	41	84	-51%	269	312	-14%

Operating profit margins by business

area

	Jan-Mar	Jan-Mar	Apr-Mar	Jan-Dec
%	2016	2015	2015/16	2015
Individual & Family	10.9%	11.5%	12.2%	12.4%
Personal Assistance	5.8%	7.4%	6.4%	6.8%
Elderly Care 4)	-3.0%	-0.3%	-7.9%	-7.2%
Norway 5)	3.9%	4.4%	-3.2%	-3.2%
Total operating profit margin	2.8%	6.2%	4.7%	5.6%

1) Like-for-like growth for companies in the respective business area that Humana owned in the preceding

comparative period.

2) The settlement of construction contracts in Laholm between 2014 and 2015 had a negative impact on operating revenues in 2015, with a full-year effect of SEK -79 M.

3) The divestment of home care service units in 2016 had a negative impact on operating revenues.

4) Operating profit in December 2015 was affected by a goodwill write down of SEK 36 M regarding the Home Care business.

5) Includes a capital loss of SEK 32 M on the sale of Villa Skaar AS (Norway) in June 2015.

6) Operating profit in 2016 includes SEK 38 M in listing expenses. Financing consultancy costs of SEK 2 M are included in 2015.

Group performance

Revenue and profit

	Jan-Mar	Jan-Mar		Apr-Mar	Jan-Dec
SEK M	2016	2015	%	2015/16	2015	%
Net revenue	1 471	1 351	9%	5 712	5 593	2%
Other revenue	0	0	n/a	62	62	0%
Operation revenue	1 471	1 351	9%	5 774	5 655	2%
Operating profit	41	84	-51%	269	312	-14%
Net profit for the period	-16	42	-139%	55	114	-51%
Operating cash flow	-33	32	-202%	161	226	-29%
Adjusted operating profit	79	86	-9%	332	340	-2%

Revenue

Operating revenue for the quarter grew by 9% to SEK 1,471 M (1,351, incl. SEK 16 M from divested operations, of which SEK 12 M from Villa Skaar and SEK 4 M in divested home care operation), an increase of SEK 120 M, and is in line with Humana's growth target of an annual growth increase of 8-10%. Acquired operations in the Swedish and Norwegian markets, i.e., companies that were not owned at the end of the preceding comparative period, contributed SEK 88 M to revenue for the quarter. Organically, revenue grew by SEK 43 M, or 3.2%. In constant currency, organic revenue growth was 3.9%.

Profit

Operating profit for the first quarter decreased by SEK 43 M compared with the same period a year ago, to SEK 41 M (84). Acquisitions contributed SEK 11 M to operating profit. Non-recurring items related to the IPO of SEK 38 M affected profit negatively. Adjusted for the IPO costs, operating profit totalled SEK 79 M (SEK 86 M less SEK 2 M in consultancy costs in conjunction with refinancing), corresponding to an adjusted operating margin of 5.4% (6.4%), slightly below the Group's profitability target of an operating margin of around 6%. The fact that Easter was in the first quarter, in contrast to the second quarter last year, resulted in increased personnel costs compared to last year. The Group's underlying operating profit was burdened by increased costs for higher social security costs for young people of SEK 11 M and higher property rental costs as a result of sales and leasebacks amounting to SEK 4 M. Pre-tax profit for the first quarter amounted to SEK -21 M (55). Profit after tax for the period amounted to SEK -16 M (42). Costs for renegotiating the company's long-term financing of about SEK 42 M were charged to earnings in the quarter. Profit per ordinary share for the period before and after dilution was SEK -0.82 (0.46).

Events after end of the quarter

In early May, Humana agreed to acquire Arjessa, one of the leading individual and family care providers in Finland. The decision to expand into Finland is in line with Humana's expressed growth strategy, and the acquisition of Arjessa is an important step in Humana's ambition to become the leading care company in the Nordic region. With its broad geographic presence and its position as a leading provider, Arjessa strengthens Humana's position and expertise in the areas of psychosocial problems and mental illness. The company's revenue for 2015 totalled EUR 32.1 M and operating profit before goodwill amortisation was EUR 3.1 M. The purchase price amounts to EUR 32 M. The transaction, that is approved by the Finnish Anti-Trust Authority, is expected to be completed during the end of the second quarter 2016.

In April Humana also acquired Nygårds Vård Gotland AB, which provides accommodation with special services for adults with mental disabilities, open compulsory psychiatric care and open forensic psychiatric care. The acquisition of Nygårds means that Humana Individual & Family is now also represented in Gotland where Humana already engages in personal assistance. Nygårds was started in 1991 and has 15 placements, about 12 employees and sales of just over SEK 12 M. In 2014 Nygårds was named Sweden's best psychiatric business by the National Association for Social and Mental Health (RSMH).

Business area performance

Individual & Family

Revenue increased by 25% during the quarter, to SEK 508 M (407). Organic growth was 8.4%. The revenue and earnings growth during quarter is attributable to higher capacity and 26% more clients compared with the same period a year ago. Acquisitions contributed SEK 67 M to revenue.

Operating profit amounted to SEK 55 M (47) corresponding to an operating margin of 10.9% for the quarter (11.5%). Acquisitions contributed SEK 11 M to profit. The margin decrease in the quarter is explained by SEK 4 M in increased rental costs since properties previously owned are now leased. The business area, which compared with last year expanded to include several new units and integrated a number of acquisitions, thus reported an underlying profitability that is in line with last year.

After the end of the quarter, Humana acquired Nygårds Vård Gotland AB, a family care company. The company's revenues amounted to SEK 12 M in 2015.

Personal Assistance

Revenue increased by 1.5% to SEK 666 M (656) during the first quarter. The increase is attributable to a rise in the standard state allowance by 1.4%, and by slightly more delivered assistance hours per client compared with the preceding year. As a result of slightly stricter assessments by the Social Insurance Agency regarding assistance decisions, the number of customers decreased slightly compared with the same quarter last year. Operating profit was SEK 38 M (49), a decrease of 21%, corresponding to an operating margin of 5.8% for the quarter (7.4%). Operating profit for the quarter was negatively affected by a greater increase in salary costs than in the standard state allowance. The effect of higher social security charges for young employees was approximately SEK 9 M for the quarter.

Elderly Care

Revenue for the Elderly Care segment totalled SEK 183 M during the first quarter (185), a decrease of 1%. Revenues decreased by about SEK 4 M compared with last year due to the transfer of three home care service units to Attendo and due to volume reductions in home care services that amounted to about SEK 10 M. Operating profit was SEK -6 M (-1) for the quarter. Earnings were affected negatively by increased social security costs for young people, reduced hours in home care service and start-up costs at our own elderly housing facility in Gavle.

During the quarter Humana signed an agreement with Attendo on the transfer of three home care service units in Stockholm. The units' revenue and operating profit for 2015 amounted to SEK 59 M and SEK -7 M, respectively.

Norway

Revenue amounted to SEK 113 M for the quarter (104), an increase of 9%. Organically, calculated at a constant exchange rate, revenues increased by 10.5%. The expansion of personal assistance in Norway has gone well, contributing SEK 20 M to revenue in the quarter. The number of personal assistance customers in Norway at the end of the quarter was 67 compared with 45 in the first quarter of 2015.

The sale of Villa Skaar in 2015 had a negative impact on revenues in the quarter. Villa Skaar contributed SEK 12 M to revenues in the first quarter of 2015.

Operating profit was marginally lower than the corresponding period last year and amounted to SEK 4 M (5), an operating margin of 3.9% (4.4). The slightly lower earnings are explained by a change in revenue mix.

Financial position

Financing

On 8 March 2016, Humana entered into a new long-term loan agreement with DNB and SEB. The loan agreement, amounting to SEK 2,200 M is divided into three parts: a loan of SEK 250 M with an annual amortisation of SEK 50 M, a loan of 1,150 M and a credit facility of SEK 800 M, which was not utilised during the quarter. The annual rate of interest on the credit facilities amounts to around 2%. The loan agreement is conditional on two covenants: net debt/EBITDA and interest coverage.

The Group's equity at the end of the first quarter amounted to SEK 1,527 M (1,030 on 31 March 2015 and 1,093 on 31 December 2015). Humana's interest-bearing net debt in relation to EBITDA was a factor of 2.4 at the end of the quarter, which is slightly lower than the company's debt target. Försäkringskassan has decided to introduce accrual payment as opposed to the previous prepayment arrangement in Personal Assistance. This is expected to take effect on 1 October 2016 and will have a one-time impact on Humana's working capital requirement, which is expected to increase by approximately SEK 200-300 M. It will also have a negative impact on Humana's interest-bearing net debt. The goal is for interest-bearing net debt over time to not exceed a factor of 3.0.

	Mar 31	Mar 31	Dec 31
SEK M	2016	2015	2015
Non-current interest-bearing liabilities	1 374	1 636	1 550
Current interest-bearing liabilities	90	85	125
Cash and cash equivalents	-631	-258	-501
Interest-bearing net debt	832	1 463	1 174
Equity/assets ratio, %	37.9%	28.0%	28.5%
Interest-bearing net debt/EBITDA 12 months, times	2.4x	4.0x	3.0x

Cash flow and capital expenditures

Cash flow from operating activities amounted to SEK -23 M (35) in the quarter. Cash flow was charged with SEK 38 M in costs associated with the company's IPO. Settlement of earn-out payments for acquisitions carried out in previous years amounted to SEK -17 M (0). Change in working capital during the quarter was SEK -5 M (-27). Capital expenditures in property, plant and equipment amounted to SEK -17 M (-7). Cash flow from financing activities amounted to SEK 188 M (-16). Humana issued shares in connection with the IPO that raised SEK 442 M in net proceeds. Amortisation of the previous loan facility amounted to SEK -1,641 M (-16).

Financial targets

Revenue growth

• Annual growth of 8%-10% in the medium term, achieved through organic growth as well as bolt-on acquisitions

Profitability

• EBIT margin of approximately 6% over the medium term

Capital structure

• Interest-bearing net debt in relation to EBITDA not to exceed a factor of 3.0
• However, leverage may temporarily exceed the target level, for example, in relation to acquisitions

Dividend policy

• Payment of a dividend equivalent to 30% of net profit for the year
• The proposed dividend shall take into account Humana's long-term development potential and financial position

Other information

Employees

The number of full time employees at the end of March was 9,122 (8,441). The increase compared with the same period last year is mainly attributable to completed acquisitions and expansion.

Shares, share capital and shareholders

The number of shares in Humana AB at the end of March 2016 amounted to 53,140,064 shares with a quotient value of SEK 0.022, corresponding to share capital of SEK 1,180,879. The number of shareholders at the end of March 2016 was 7,204. The five largest shareholders were Air Syndication SCA (Argan), Zirkona AB (Per Granath), Zeres Public Market Fund, Bodenholm Master and Handelsbanken Funds.

Marketplace

Humana AB B shares have been traded on the Nasdaq Stockholm Main Market since 22 March 2016. The company's ticker symbol is HUM B and the ISIN code is SE0008040653.

Share-based incentive programme

At an extraordinary general meeting of Humana on 9 March 2016, the shareholders resolved to introduce two long-term incentive programmes, one targeted at the company's senior executives and one targeted at about 300 other Humana employees. The purpose of the incentive program is to encourage a broad shareholding among Humana employees, facilitate recruitment, retain competent employees and increase motivation to achieve or exceed Humana's financial targets. The programmes include a warrant programme and a share savings programme.

The option scheme involves eight senior executives with a total of 1,440,420 warrants entitling the holder to subscribe for the same number of new Humana shares. The market value amounts to about SEK 5.5 M, and if the maximum amount is subscribed for, dilution will amount to about 2.6% of the total number of Humana shares. The warrants were issued in three series with different maturities.

The share savings programme, which has been approved but not implemented, will involve about 300 employees at Humana. Participation in the programme requires that the employees use their own resources to acquire Humana shares at the stock exchange's market price. Those who retain their

savings shares over the programme's three-year period will receive matching shares for each savings share acquired at the end of those three years. At full allotment, the total number of shares amounts to a maximum of 129,500 shares, corresponding to about 0.32 percent of the total number of outstanding shares in the company.

Related-party transactions

The Group's key persons consist of the Board of Directors, Executive Management and President – in part through ownership in Humana and in part through the executives' roles. Related parties also include the principal shareholder, Air Syndication S.C.A, which is represented on the Board by Lloyd Perry and Wojciech Goc. Related-party transactions are conducted on an arm's length basis.

Risks and uncertainties

In the course of doing business the Group is exposed to various types of financial risk. These risks can be summarised as financing risk, liquidity risk, credit risk and interest rate risk. A detailed description of risks is provided in the risk section of the 2015 Annual Report, pages 50-53 and in Note 20.

The main business-related risks and uncertainties that could affect the Group's performance in 2016 are related to political decisions that could affect private care companies, along with risks associated with the implementation of completed acquisitions.

Humana's business is funded by governments, municipalities and county councils, entailing that the business is impacted by political decisions. This means that Humana's growth opportunities are affected by public opinion and by politicians' views of the Group's areas of operation. Humana uses business intelligence to promptly identify changes in the external operating environment and thereby be able to assess risks and opportunities, and adapt its operations to changes in the Group's operating environment. The political situation is evaluated on a continuous basis.

Parent Company

Profit for the first quarter was SEK -38 M (-11). The Parent Company's equity/assets ratio was 47.5% (47.6% on 31 March 2015 and 59.8% on 31 December 2015).

The information is such that Humana AB is required to disclose in accordance with the Swedish Financial Instruments Trading Act and/or the Swedish Securities Market Act. The information was submitted for publication at 08.00 CET on May 19, 2016.

For further information, please contact:

Rasmus Nerman, President and CEO Tel.: +46-70-828 18 60 Ulf Bonnevier, CFO Tel.: +46-70-164 73 17 Cecilia Lannebo, Head of IR TEL.: +46 722 208 277

Financial calendar 2016

Interim report Jan.-June 2016 19 Aug. 2016 Interim report Jan.-Sept. 2016 18 Nov. 2016 Interim report Jan.-Dec. 2016 23 Feb. 2017

The Board of Directors and President certify that the first quarter interim report gives a true and fair presentation of the Parent Company's and Group's business, financial position and result of operations, and describes the material risks and uncertainties facing the Parent Company and the Group.

Stockholm, 19 May 2016

Per Båtelson Helen Fasth Gillstedt

Chairman of the Board Board member

Wojciech Goc Per Granath

Board member Board member

Simon Lindfors Maria Nilsson

Board member Board member

Board member Board member

Lloyd Perry Ulrika Östlund

Rasmus Nerman

CEO

Consolidated income statement

		Jan-Mar	Jan-Mar	Apr-Mar	Jan-Dec
SEK M	Note	2016	2015	2015/16	2015
Net revenue		1 471	1 351	5 712	5 593
Other revenue		0	0	62	62
Operating revenue	3	1 471	1 351	5 774	5 655
Other external costs		-211	-182	-823	-794
Personnel costs		-1 171	-1 074	-4 527	-4 430
Depreciation		-10	-11	-45	-46
Impairment of goodwill		0	0	-36	-36
Other operating costs		-38	0	-74	-37
Operating costs		-1 430	-1 267	-5 505	-5 342
Operating profit		41	84	269	312
Financial revenue		3	0	4	1
Financial costs		-72	-27	-217	-172
Unrealised changes in value of derivatives		7	-2	16	7
Profit before tax		-21	55	73	149
Income tax		5	-13	-17	-35
Net profit for the period		-16	42	55	114
Of which, attributable to:
Owners of the Parent Company		-16	42	55	114
Net profit for the period		-16	42	55	114
Earnings per ordinary share, SEK, before dilution	5	-0.82	0.46	-0.67	0.61
Earnings per ordinary share, SEK, after dilution	5	-0.82	0.46	-0.67	0.61
Average number of ordinary shares, thousands		46 600	45 882	46 060	45 882

Consolidated statement of comprehensive income

		Jan-Mar	Jan-Mar	Apr-Mar	Jan-Dec
SEK M	Note	2016	2015	2015/16	2015
Net profit		-16	42	55	114
Other comprehensive income		0	0	0	0
Items that have been/can be reclassified to profit/loss Exchange rate differences on translation of foreign operation		2	2	-7	-7
Comprehensive income for the period		-15	44	48	107
Of which, attributable to:
Owners of the Parent Company		-15	44	48	107

Consolidated balance sheet in summary

		Mar 31	Mar 31	Dec 31
SEK M	Note	2016	2015	2015
Assets
Non-current assets
Goodwill	4	2 590	2 570	2 584
Other intangible assets		8	6	9
Property, plant and equipment		214	303	200
Financial assets		5	3	4
Total non-current assets		2 817	2 881	2 797
Current assets
Trade receivables		427	396	440
Other current receivables		155	148	100
Cash and cash equivalents	6	631	258	501
Total current assets		1 213	801	1 040
TOTAL ASSETS		4 030	3 683	3 838
Equity and liabilities
Equity
Share capital		1	1	1
Additional paid-in capital		1 091	642	642
Retained earnings		435	387	450
Equity attributable to owners of the Parent Company		1 527	1 030	1 093
Non-current liabilities
Deferred tax liabilities		68	54	66
Interest-bearing liabilities	6	1 374	1 636	1 550
Total non-current liabilities		1 442	1 690	1 616
Current liabilities
Interest-bearing liabilities	6	90	85	125
Trade payables		64	48	79
Other current liabilities		908	830	925
Total current liabilities		1 062	963	1 129
TOTAL EQUITY AND LIABILITIES		4 030	3 683	3 838

Consolidated statement of changes in equity in summary

		Additional
		paid-in	Translation	Retained	Total
SEK M	Share Capital	capital	reserve	earnings	equity
Opening balance, 1 January 2015	1	642	0	343	986
Comprehensive income for the period
Profit for the period	-	-	-	114	114
Other comprehensive income for the period	-		-7	-	-7
Total comprehensive income for the period Transactions with shareholders	-		-7	114	107
New share issue	-	-	-	-	-
Total transactions with shareholders	-	-	-	-	-
Closing balance, 31 December 2015	1	642	-7	457	1 093
Opening balance, 1 January 2016	1	642	-7	457	1 093
Comprehensive income for the period
Profit for the period	-	-	-	-16	-16
Other comprehensive income for the period	-	-	2	-	2
Total comprehensive income for the period	-	-	2	-16	-15
Transactions with shareholders
New share issue	0	450	-	-	450
IPO expenses	-	-8	-	-	-8
Tax on IPO expenses	-	2	-	-	2
New share option issue	-	5	-	-	5
Total transactions with shareholders	0	448	-	-	448
Closing balance, 31 March 2016	1	1 091	-5	440	1 527

Consolidated statement of cash flows in summary

	Jan-Mar	Jan-Mar	Apr-Mar	Jan-Dec
SEK M	2016	2015	2015/16	2015
Operating profit	-21	55	73	149
Adjustment for:
Depreciation and impairment	10	11	81	82
Financial items, net	62	29	196	163
Other non-cash items	0	0	-27	-27
Cash flow from operating activities before changes in working capital	51	95	323	367
Changes in working capital	-5	-27	60	38
Cash flow from operating activities	46	68	383	405
Financial items, net	-44	-26	-118	-100
Income tax paid	-25	-8	-48	-31
Cash flow from operating activities, net	-23	35	216	274
Acquisition of operations, net cash impact	-17	0	-158	-141
Sales of operations, net cash impact	0	0	261	261
Investments in other non-current assets, net	-17	-7	-52	-43
Cash flow from investing activities	-34	-7	50	77
Proceeds from new borrowings	1 387	0	3 026	1 639
Repayment of borrowings	-1 641	-16	-3 357	-1 732
New share issue	442	0	442	0
Cash flow from financing activities	188	-16	111	-93
Cash flow for the period	131	12	377	258
Cash and cash equivalents at start of period	501	244	258	244
Cash flow for the period	131	12	377	258
Exchange rate difference in cash/cash equivalents	0	1	-3	-2
Cash and cash equivalents at end of period	631	258	631	501

Key ratios

	Jan-Mar	Jan-Mar	Apr-Mar	Jan-Dec
	2016	2015	2015/16	2015
Operating revenue	1 471	1 351	5 774	5 655
EBIT, %	2.8%	6.2%	4.7%	5.5%
Interest-bearing net debt, SEK M	832	1 463	832	1 174
Return on capital employed, %	1.5%	3.1%	9.1%	11.3%
Equity/assets ratio, %	37.9%	28.0%	37.9%	28.5%
Operating cash flow	-33	32	161	226
Interest-bearing net debt/EBITDA 12 months, times	2.4x	4.0x	2.4x	3.0x
Average number full-time employees Individual & Family	2 093	1 645	1 907	1 520
Average number full-time employees Personal Assistance	5 191	5 098	5 336	5 193
Average number full-time employees Elderly Care	1 620	1 590	1 647	1 778
Average number full-time employees Norway	457	356	419	263
Average number full-time employees Central Functions	17	12	15	12
Total average number full-time employees	9 379	8 701	9 324	8 768
Number of full-time employees on the closing date	9 122	8 441	9 122	9 231
Average number of customers Individual & Family	1 991	1 582	1 762	1 659
Average number of customers Personal Assistance	1 927	1 936	1 950	1 952
Average number of customers Elderly Care	3 335	3 411	3 430	3 449
Average number of customers Norway	240	194	213	202
Total average number of customers	7 494	7 123	7 355	7 262
Average number of ordinary shares on the closing date, 000s	46 600	45 882	46 060	45 882
Equity per ordinary share, SEK	33	6	33	8

Parent Company

Income statement in summary

	Jan-Mar	Jan-Mar	Apr-Mar	Jan-Dec
SEK M Note	2016	2015	2015/16	2015
Operating income	1	2	7	7
Operating expenses	-41	-2	-51	-12
Operating profit	-39	-1	-44	-5
Group contribution	0	0	45	45
Interest income from Group companies	0	0	0	0
Interest expense	-9	-14	-41	-46
Profit after financial items	-48	-14	-40	-6
Change, untaxed reserves	0	0	7	7
Tax	11	3	7	0
Net profit for the period	-38	-11	-27	0

Balance sheet in summary

	Mar 31	Mar 31	Oct-Sep Dec 31
SEK M	2016	2015	2013/14 2015
Non-current assets	1 623	1 623	1 623 1 623
Current assets	1 412	518	993 99
TOTAL ASSETS	3 035	2 141	2 616 1 722
Equity	1 440	1 019	1 452 1 030
Untaxed reserves	170	176	163 170
Non-current interest-bearing liabilities	1 337	914	445
Other current liabilities	88	33	65 77
TOTAL EQUITY AND LIABILITIES	3 035	2 141	2 681 1 722
Pledged assets	1 623	1 623	1 623 1 623
Contingent liabilities	None	None	None None

Notes

Note 1 Accounting policies

This year-end report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting along with applicable stipulations of the Swedish Annual Accounts Act. The year-end report for the Parent Company has been prepared in accordance with Chapter 9 of the Swedish Annual Accounts Act – Interim Reports. For the Group, the same accounting policies and bases of calculation have been used as in the annual report for 2015 which was prepared in accordance with International Financial Reporting Standards as endorsed by the EU, and interpretations of these. No changes have been made in the Group's accounting policies.

Note 2 Estimations and assessments

Preparation of financial statements in accordance with IFRS requires that company management makes assessments and estimations along with assumptions that affect application of the accounting policies and the reported amounts of assets, liabilities, income and expenses. The actual outcome may deviate from these estimations and assessments. Estimations and assumptions are reviewed on a regular basis. Changed estimations are reported prospectively. The critical assessments made by company management that have a material impact on the financial statements and that may entail a material adjustment in the future are related primarily to impairment testing of goodwill and in the preparation of purchase price allocation calculations.

Impairment testing of goodwill

Goodwill is tested annually to determine if there is any need to recognise impairment. Such impairment testing is conducted for calculations that are based on management's assumptions about the rate of growth, profit margin, investment need and the discount rate. Other estimations may result in another outcome and another financial position.

Preparation of purchase price allocation calculations

In connection with acquisitions of subsidiaries or operations, an assessment is made of the fair value of assets and liabilities associated with the acquisition. The value of these assets and liabilities is calculated using various valuation techniques. Other assessments than those made by management may result in another future position. For example, a higher share of goodwill would give rise to an asset item that is not subject to regular amortisation, but rather to annual impairment testing.

Note 3 Operating segments

Humana reports according to the following business segments:

• Individual & Family: Provides care and treatment for children, youths and adults by offering various forms of living solutions, family homes, outpatient care and other support. Treatment is concentrated to psychiatry and psychosocial change work.
• Personal Assistance: Personal assistance services that Humana performs in Sweden. The services include support and service for people with functional disabilities.
• Elderly Care: Services in elderly care and LSS assisted living. This includes operating responsibility for subcontracted nursing homes for elderly persons and people with functional disabilities as well as performance of the same services under own management, and the provision of home-care services in accordance with the Act on System of Choice in the Public Sector (LOV).
• Norway: Care and treatment for children and youths by offering various forms of living solutions, family homes, outpatient care and other support. Treatment is concentrated to psychiatry and psychosocial change work. Operations in Norway also include personal assistance (BPA).

	Individual &		Personal
	Family		Assistance		Elderly Care		Norway		Other 1)		Total
		Jan		Jan		Jan		Jan		Jan		Jan
	Jan-Mar	Mar	Jan-Mar	Mar	Jan-Mar	Mar	Jan-Mar	Mar	Jan-Mar	Mar	Jan-Mar	Mar
SEK M	2016	2015	2016	2015	2016	2015	2016	2015	2016	2015	2016	2015
Net revenue/
External revenue	508	407	666	656	183	185	113	104	0	0	1 471	1 351
Other operating
revenue	0	0	0	0	0	0	0	0	0	0	0	0
Operating
revenue	508	407	666	656	183	185	113	104	0	0	1 471	1 351
Profit before
depreciation,
amortisation	62	53	39	50	-4	1	6	6	-13	-15	89	95
and other
operating costs
Depreciation	-6	-6	-1	-1	-1	-2	-1	-1	-1	-1	-10	-11
Impairment of
goodwill	0	0	0	0	0	0	0	0	0	0	0	0
Other operating
costs	0	0	0	0	0	0	0	0	-38	0	-38	0
Operating profit	55	47	38	49	-6	-1	4	5	-51	-15	41	84

1) Operating profit in March 2016 includes IPO costs of SEK 38 M. Financing consultancy costs of SEK 2 M are included in 2015.

Note 4 Acquisitions of operations

Goodwill

Mar 31	Dec 31
2016	2015
2 584	2 565
-	120
-	-44
-	-36
6	-21
2 590	2 584

Acquisitions in 2016

Settlement of contingent considerations attributable to acquisitions in prior years amounted to SEK 18 M in the first quarter of 2016.

Acquisitions after the end of the quarter

After the end of the first quarter, Humana completed an acquisition and agreed on one further acquisition. The acquisition of Arjessa Oy means an expansion into the Finnish care market for Humana. With the acquisition of Nygårds Vård Gotland AB, Humana strengthens its geographic position and specialisation in the Individual & Family business area.

• Arjessa Oy, May 2016

Arjessa's revenue for 2015 amounted to EUR 32.1 M and operating profit before goodwill amortisation was EUR 3.1 M. The purchase price amounted to EUR 32 M.

• Nygårds Vård Gotland AB (Individual & Family), April 2016

Revenues in Nygårds Vård Gotland AB, which provides accommodation with special services for adults with mental disabilities, amounted to SEK 12 M in 2015. Pro forma, if the acquisition had been

completed as at 1 January 2016, it is estimated that consolidated revenue for the first quarter of 2016 would have been SEK 1,474 M (SEK 3 M higher) and operating profit would have been SEK 42 M (SEK 1 M higher).

Acquisitions in 2015

Humana carried out seven acquisitions of operations in 2015, in which 100% of the shares were acquired. The acquisitions have contributed to a strengthening of Humana's position and knowledge, mainly through continued specialisation in the Individual & Family business area.

• April 2015 Dedicare Assistanse AS (Norway)
• July 2015 AB Salbohed Gruppboende (Individual & Family)
• July 2015 Orana Vård och Omsorg Holding AB (Individual & Family)
• September 2015 Oasen HVB & Skola AB (Individual & Family)
• October 2015 Ramlösa Social Utveckling AB (Individual & Family)
• November 2015 Off.Clinic AB (Individual & Family)
• December 2015 Familjestödsgruppen i Stockholm AB (Individual & Family)

For more information regarding these acquisitions, refer to the Annual Report for 2015 and the company's website.

Note 5 Earnings per share

	Jan-Mar	Jan-Mar	Apr-Mar	Jan-Dec
SEK M	2016	2015	2015/16	2015
Net profit for the period	-16	42	55	114
Less return on preference shares	-22	-21	-86	-86
Profit for the period after return on preference shares	-38	21	-31	28
Average number of ordinary shares, thousands	46 600	45 882	46 060	45 882
Earnings per ordinary share, SEK, before dilution	-0.82	0.46	-0.67	0.61
Earnings per ordinary share, SEK, after dilution	-0.82	0.46	-0.67	0.61

Note 6 Interest-bearing net debt

	Mar 31	Mar 31	Dec 31
SEK M	2016	2015	2015
Non-current interest-bearing liabilities	1 374	1 636	1 550
Current interest-bearing liabilities	90	85	125
Cash and cash equivalents	-631	-258	-501
Interest-bearing net debt	832	1 463	1 174

Note 7a Fair value of financial instruments and level of valuation hierarchy

31 March 2016 SEK M	Initially identified at fair value	Trade and other receivables	Other liabilities	Total	Fair value	1	Level	Level 2	Level 3
Financial assets not measured at fair value
Trade receivables	-	427	-	427	427		-	-	-
Other current receivables	-	31	-	31	31		-	-	-
Cash and cash equivalents	-	631	-	631	631		-	-	-
Total	0	1 089	0	1 089	1 089		0	0	0
Financial liabilities at fair value
Interest-rate swaps for hedging*	31	-	-	31	31		-	31	-
Earn-out payments	8	-	-	8	8		-	-	8
Total	39	0	0	39	39		0	31	8
Financial liabilities not measured at fair
value
Bank loans	-	-	1 394	1 394	1 394		-	-	-
Seller promissory notes	-	-	0	0	0		-	-	-
Finance lease liability	-	-	69	69	69		-	-	-
Trade payables	-	-	64	64	64		-	-	-
Other current liabilities	-	-	689	689	689		-	-	-
Total	0	0	2 217	2 217	2 217		0	0	0

31 December 2015 SEK M	Initially identified at fair value	Trade and other receivables	Other liabilities	Total	Fair value	Level 1	Level 2	Level 3
Financial assets not measured at fair value
Trade receivables	-	440	-	440	440	-	-	-
Other current receivables	-	25	-	25	25	-	-	-
Cash and cash equivalents	-	501	-	501	501	-	-	-
Total	0	966	0	966	966	0	0	0
Financial assets at fair value
Interest-rate swaps for hedging	38	-	-	38	38	-	38	-
Earn-out payments	26	-	-	26	26	-	-	26
Total	64	0	0	64	64	0	38	26
Financial assets not measured at fair value
Bank loans	-	-	1 602	1 602	1 602	-	-	-
Seller promissory notes	-	-	0	0	0	-	-	-
Finance lease liability	-	-	73	73	73	-	-	-
Trade payables	-	-	79	79	79	-	-	-
Other current liabilities	-	-	659	659	659	-	-	-
Total	0	0	2 413	2 413	2 413	0	0	0

* Fair value is based on broker quotations. Similar contracts are traded in an active market, and the rates reflect actual transactions for comparable instruments.

Fair value measurement

When the fair value of an asset or liability is to be determined, the Group uses observable data as far as possible. Fair value is categorised in various levels in a fair value hierarchy based on input data that is used in the valuation method as follows:

Level 1: according to prices quoted in an active market for the same instruments

Level 2: based on directly or indirectly observable market data that is not included in level 1

Level 3: based on input data that is not observable in the market

Note 7b Reconciliation of opening and closing balances for financial instruments measured at level 3, earn-out payments

	Mar 31	Dec 31
SEK M	2016	2015
Opening balance, 1 January	26	6
Total recognised gains and losses:
Reported in adjustment of earn-out payments in profit for the year	1	0
Cost of acquisitions	0	26
Settled during the period	-18	-6
Closing balance, end of period	8	26

Financial definitions

Adjusted EBIT

Operating profit adjusted for items affecting comparability.

Average equity

Calculated as average equity attributable to owners of the parent company per quarter, based on the opening and closing balance per quarter.

Average number of customers

The average number of customers during the period.

Average number of ordinary shares

Calculated as an average of the number of shares outstanding on a daily basis after redemptions and repurchases.

Average number of full-time employees

The average number of full-time employees during the entire period.

Capital employed

Total assets less non-interest-bearing liabilities.

Earnings per ordinary share for the period

Profit for the period attributable to owners of the parent company less the period's share of declared dividend on preferred shares, divided by the average number of ordinary shares.

EBIT

Operating profit before interest and tax.

EBIT margin (%)

EBIT divided by operating revenue, multiplied by 100.

EBITDA

Operating profit before depreciation, amortisation and impairment losses.

Equity per ordinary share

Equity attributable to owners of the parent company divided by the number of shares outstanding after the end of the period after redemptions, repurchases and new issues.

Equity/assets ratio (%)

Equity including non-controlling interests divided by total assets, multiplied by 100.

Interest-bearing net debt

Borrowings excluding interest rate derivatives less cash and cash equivalents and interest-bearing assets.

Interest-bearing net debt/EBITDA

Interest-bearing net debt divided by EBITDA.

Operating cash flow

Operating profit including changes in depreciation/amortisation and impairment, working capital and investments in other non-current assets (net).

Operating profit

Profit before interest and tax.

Organic growth

Like-for-like growth for companies in the respective segments that Humana owned in the preceding comparative period.

Return on capital employed, ROCE (%)

Operating profit plus net financial income divided by capital employed, multiplied by 100.