Q2 2024 Humana AB Earnings Call Transcript
Key Points
- Adjusted operating profit increased by 40%, reaching SEK107 million, up from SEK77 million last year.
- Improvements in elderly care, with occupancy reaching about 92% and reduced staff turnover and sick leave.
- Successful divestment of 21 elderly care units in Finland, expected to be completed in the second half of the year.
- Acquisition of Team Olivia Norge, contributing SEK88 million in sales and SEK4 million in EBIT for the quarter.
- Operating cash flow of SEK172 million in the quarter, stronger than in Q1, driven by good profit generation.
- Net debt increased by roughly SEK150 million, primarily due to the acquisition of Team Olivia.
- Personal Assistance segment lost SEK54 million in revenues, impacting overall performance.
- Continued net client outflow in Personal Systems, with lower inflow than Q1 and higher turndown rate for new clients.
- Occupancy levels in Individual and Family segment still lower than in the second quarter of 2023.
- Negative items affecting comparability reduced operating profit by SEK27 million, including costs related to IVO revocation and acquisition expenses.
Good morning. Welcome to the Humana's Q2 2024 presentation. My name is Ewelina Pettersson, I'm the Head of IR at Humana. With me today, I have Johanna Rastad our CEO and Fedrick Larsson our CFO. Over to you, Johanna.
Thank you Ewelina, and good morning to all listeners. We continue with a high pace of change also in the second quarter and at the same time, improving our existing business performance substantially. The adjusted operating profit increased by 40%, reaching SEK107 million, up from SEK77 million last year. This is primarily due to the improvement seen in elderly care, where the reinforced change program we initiated about a year ago has continued to give positive effects, but also due to the activities in personal systems targeting increased efficiency. In elderly care, the improvements in occupancy as well as reduced staff turnover and sick leave in the segment is both satisfying and also promising for the future.
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