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2016-05-19

Humana AB: 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.

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.

Humana is a leading Nordic care company providing services within
individual and family care, personal assistance, elderly care and
special service housing in accordance with LSS. Humana has more than
14 000 employees in Sweden and Norway providing care for over 7 000
individuals, and working towards the vision "Everyone is entitled to
a good life". In 2015, Humana's operating revenue was SEK 5 655 M.
The company's headquarters are located in Stockholm, Sweden. Read
more about Humana on www.humana.se (http://www.corporate.humana.se)
or http://corporate.humana.se (http://www.corporate.humana.se)
(http://www.corporate.humana.se)

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http://news.cision.com/humana-ab/r/ipo--refinancing-and-acquisitions,c20...
http://mb.cision.com/Main/11148/2012324/517657.pdf

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