ANNUAL AND
SUSTAINABILITY
REPORT 
We drive
the future
of welfare
01
This is Humana ............................... 3
Humana – Nordic welfare provider ......4
Humana in 2021 .................................5
Comments from the CEO .....................6
02
Trends and market ........................8
Several trends are driving demand ......9
The need for care is increasing .......... 11
03
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
04
Oering ........................................ 33
Individual & Family ............................34
Personal Assistance ...........................35
Elderly Care ....................................... 37
Finland ..............................................38
Norway .............................................40
05
Humana as an investment .......... 41
Humana – a sustainable investment ... 42
The Humana share ............................44
06
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
07
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
08
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
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 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.
01
is 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
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%
1)
The diagram shows revenue breakdown.
2)
In Sweden.
Operations in four countries
1)
Personal Assistance
2)
37%
Individual & Family
2)
28%
Elderly Care
2)
8%
Finland 16%
Norway 11%
Organised into five business areas
1)
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 ........................................
Open printer-friendly PDF
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.
94
2021
Humana
Quality Index
86
2021
Customer
satisfaction index
75
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 ........................................
Open printer-friendly PDF
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 ........................................
Open printer-friendly PDF
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.
02
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 ........................................
Open printer-friendly PDF
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 ........................................
Open printer-friendly PDF
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 ........................................
Open printer-friendly PDF
H u mana pro vides hig h-q ua l i t y,
cost-eﬀective ca re t o t he N or d i c
welfa re system. W e gove rn
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.
03
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
Open printer-friendly PDF
THIS IS HUMANA .......................... 3
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.
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
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.
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
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
READ MORE
› Pages 17–20 › Pages 21–24 › Pages 25–26 › Pages 27–30
HUMANA ANNUAL AND SUSTAINABILITY REPORT  | SUSTAINABLE STRATEGY
CONTENTS
Open printer-friendly PDF
THIS IS HUMANA .......................... 3
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
1
2
3
4
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
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.
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
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.
0
20
40
60
80
100
Long-term target2020
2021
98
FinlandNorway Humana
Elderly
Care
Personal
Assistance
Individual
& Family
0
20
40
60
80
100
FinlandNorway Humana
Elderly
Care
Personal
Assistance
Individual
& Family
Long-term target2020
2021
100
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
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.
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
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 ........................................
Open printer-friendly PDF
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.
75
2021
Employee
Satisfaction Index (ESI)
79
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 ........................................
Open printer-friendly PDF
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.
0
3
6
9
12
15
Humana
1)
Elderly
Care
Health
Care
Disabled
Care
Public
Private
1)
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 ........................................
Open printer-friendly PDF
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 ........................................
Open printer-friendly PDF
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 ........................................
Open printer-friendly PDF
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)
1,362 17% 1,287 16%
Employees
2)
6,333 77% 6,039 77%
Lenders 143 2% 145 2%
Public sector
3)
78 1% 70 1%
Shareholders
4)
0 0% 0 0%
Economic value retained in the
company 276 3% 262 3%
1)
Amounts paid to suppliers including VAT.
2)
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.
3)
Corporate tax
4)
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
0
2000
4000
6000
8000
10000
2021202020192018201720162015
2
3
4
5
6
7
8
9
10
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 ........................................
Open printer-friendly PDF
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 ........................................
Open printer-friendly PDF
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
1)
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
1
SEK BN
PERSONAL ASSISTANCE
INDIVIDUAL AND FAMILY
ELDERLY CARE
FINLAND
NORWAY
DENMARK
CORPORATION TAX
1)
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 ........................................
Open printer-friendly PDF
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
2
e (tonnes)
2021 2020
4)
Scope1 Emissions from own vehicles and own
energy generation (company cars and oil)
1)
3,911 3,753
Scope2 Indirect emissions from purchased electricity
and district heating
2)
2,619 3,931
Scope3 Emissions from business travel (air)
3)
91 85
TOTAL 6,621 7,769
1)
Based on actual fuel volume for own vehicles. Oil consumption is based on actual and estimated fuel volumes.
2)
Based on actual and estimated electricity and district heating consumption.
3)
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.
04
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 Sw eden. 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
0
500
1000
1500
2000
2500
20212020
0
2
4
6
8
10
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.
Lorem ipsum
dolor sit amet
lorem
XX
Percentage
of Group
revenue 2021
37 %
Operating revenue
and operating margin
0
500
1000
1500
2000
2500
3000
3500
20212020
0
2
4
6
8
10
12
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.
Lorem ipsum
dolor sit amet
lorem
XX
Percentage
of Group
revenue 2021
8%
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
0
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.
Lorem ipsum
dolor sit amet
lorem
XX
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
0
200
400
600
800
1000
1200
1400
20212020
0
1
2
3
4
5
6
7
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.
Lorem ipsum
dolor sit amet
lorem
XX
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
0
200
400
600
800
1000
20212020
0
2
4
6
8
10
12
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.
05
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.
1
3
4
6
7
5
2
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
0
500
1,000
1,500
2,000
2,500
DECNOVOCTSEPAUGJULJUNMAYAPRMARFEBJAN
0
10
20
30
40
50
60
70
80
90
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
jakob.lembke@abgsc.se
Carnegie Kristofer Liljeberg
kristofer.liljeberg@carnegie.se
DNB, Den Norske Bank Karl-Johan Bonnevier
k.j.bonnevier@dnb.se
SEB Mattias Vadsten
mattias.vadsten@seb.se
Kepler Cheuvreux Jon Berggren
jberggren@keplercheuvreux.com
Ten largest shareholders
31 December 2021
Number of
shares
% 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
shares
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.
06
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
1
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.
2
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
register who have provided timely noti-
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.
3
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 An nual General Meeting
Humana A B 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).
4
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,
2)
number
Synthetic
options,
3)
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
1)
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
1)
Resigned from the Board at the 2021 AGM (11 May).
2)
Total shareholding – own, through related parties, endowment insurance and in companies.
3)
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 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
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.
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
5
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.
6
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.
7
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.
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
8
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.
1)
To 16 December 2021 inclusive.
2)
To 31 August 2021 inclusive.
3)
From 12 November 2021 inclusive
4)
From 1 September 2021 inclusive.
5)
From 17 December 2021 inclusive. Formerly, from 2019 to
12November 2021 inclusive, Business Area Manager for
Individual & Family.
6)
Total shareholding – own, through related parties, endowment
insurance and in companies.
7)
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
6)
Number of synthetic options
31 December 2021
7)
Rasmus Nerman
1)
President and CEO 2014 2014 not relevant not relevant
Anders Broberg Business Area Manager, Elderly Care 2018 2018 780 11,000
Anna Giertz Skablova
2)
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
3)
Business Area Manager Individual & Family 2021 2010 1,007 -
Nina Marklund Krantz
4)
Director of Human Resources 2021 2017 4,512 -
Eva Nilsson Bågenholm Director of Quality Assurance 2015 2015 3,682 25,000
Helena Pharmanson
2)
Director of Marketing and Communications 2010 2010 not relevant not relevant
Johanna Rastad
5)
President and CEO 2019 2018 250 25,000
Anna Sönne
4)
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
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
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
........................................
Open printer-friendly PDF
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
........................................
Open printer-friendly PDF
Board of Directors
Position and
year of election Education Other current appointments
Professional experience
and previous appointments
1
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.
2
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.
3
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.
4
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.
5
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.
6
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.
2
4
3
6
1
5
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
1
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.
2
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.
3
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.
4
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.
5
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.
6
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.
1
2
4
5
6
3
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
7
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.
8
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.
9
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.
10
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.
9
10
7
8
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 ........................................
Open printer-friendly PDF
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 ........................................
Open printer-friendly PDF
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
07
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 ........................................
Open printer-friendly PDF
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
Swed en 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 H u mana A B, 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 ........................................
Open printer-friendly PDF
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 ........................................
Open printer-friendly PDF
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 ........................................
Open printer-friendly PDF
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 ........................................
Open printer-friendly PDF
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
1)
53,140,064
1)
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
1)
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 ........................................
Open printer-friendly PDF
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
1)
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
1)
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
1)
*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
1)
2021 2020
Sweden 4,988 4,100
Finland 1,622 1,604
Norway 572 544
Denmark 6 6
Total 7,188 6,253
1)
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)
1 26
Other 11 -
Total 12 26
1)
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
1)
Fideli
Omsorg
1)
Balans
Behand-
ling
1)
Enig-
heten
1)
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
1)
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
1)
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
1)
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