2016-11-11 07:00:31 CET
2016-11-11 07:00:31 CET
REGULATED INFORMATION
Pihlajalinna Oyj - Interim report (Q1 and Q3)
Pihlajalinna Interim Report 1 January-30 September 2016 (9 months)
Pihlajalinna Plc Stock Exchange Release 11 November 2016 at 8.00
Pihlajalinna Interim Report 1 January-30 September 2016 (9 months)
Profitable growth continued, revenue outlook adjusted
Brief look at July-September:
* Revenues amounted to EUR 93.9 (50.9) million - an increase of 85 per cent
* Operating profit (EBIT) amounted to EUR 3.6 (1.0) million and adjusted
operating profit (EBIT) to EUR 4.7 (0.9) million
* EBITDA amounted to EUR 6.8 (3.1) million and adjusted EBITDA to EUR 7.8
(2.9) million
* Earnings per share was EUR 0.08 (0.01)
Brief look at January-September:
* Revenues amounted to EUR 295.4 (150.7) million - an increase of 96 per cent
* Operating profit (EBIT) amounted to EUR 11.3 (2.3) million and adjusted
operating profit (EBIT) to EUR 12.8 (3.2) million
* EBITDA amounted to EUR 20.8 (8.2) million and adjusted EBITDA to EUR 21.8
(9.0) million
* Number of personnel at the end of the reporting period was 4,470 (2,905)
* Earnings per share was EUR 0.27 (-0.01)
Pihlajalinna revises its outlook for 2016
Pihlajalinna revises its outlook for 2016. Consolidated revenue is expected to
be approximately EUR 400 million in 2016 and the adjusted EBIT margin is
expected to improve compared to 2015.
Pihlajalinna's previous outlook was: consolidated revenue is expected to exceed
EUR 400 million in 2016 and the adjusted EBIT margin is expected to improve
compared to 2015.
In the financial year 2015, the adjusted EBIT margin was 2.1 per cent.
KEY FIGURES AND RATIOS |7-9/2016|7-9/2015|1-9/2016|1-9/2015| 2015
| 3 mths| 3 mths| 9 mths| 9 mths|12 mths
-----------------------------------+--------+--------+--------+--------+-------
INCOME STATEMENT | | | | |
-----------------------------------+--------+--------+--------+--------+-------
Revenue, EUR million | 93.9| 50.9| 295.4| 150.7| 213.3
-----------------------------------+--------+--------+--------+--------+-------
Adjusted EBITDA, EUR million | 7.8| 2.9| 21.8| 9.0| 12.5
-----------------------------------+--------+--------+--------+--------+-------
Adjusted EBITDA, % | 8.3| 5.8| 7.4| 6.0| 5.9
-----------------------------------+--------+--------+--------+--------+-------
EBITDA, EUR million | 6.8| 3.1| 20.8| 8.2| 11.6
-----------------------------------+--------+--------+--------+--------+-------
EBITDA, % | 7.3| 6.0| 7.1| 5.4| 5.4
-----------------------------------+--------+--------+--------+--------+-------
Adjusted operating profit (EBIT), | 4.7| 0.9| 12.8| 3.2| 4.5
EUR million | | | | |
-----------------------------------+--------+--------+--------+--------+-------
Adjusted operating profit, % | 5.0| 1.7| 4.3| 2.1| 2.1
-----------------------------------+--------+--------+--------+--------+-------
Operating profit (EBIT), EUR | 3.6| 1.0| 11.3| 2.3| 3.6
million | | | | |
-----------------------------------+--------+--------+--------+--------+-------
Operating profit, % | 3.8| 1.9| 3.8| 1.5| 1.7
-----------------------------------+--------+--------+--------+--------+-------
Profit before tax (EBT), EUR | 3.3| 0.4| 10.2| 0.3| 1.3
million | | | | |
-----------------------------------+--------+--------+--------+--------+-------
| | | | |
-----------------------------------+--------+--------+--------+--------+-------
SHARE RELATED INFORMATION | | | | |
-----------------------------------+--------+--------+--------+--------+-------
Earnings per share (EPS), EUR | 0.08| 0.01| 0.27| -0.01| 0.03
-----------------------------------+--------+--------+--------+--------+-------
Equity per share, EUR | | | 4.74| 3.48| 4.47
-----------------------------------+--------+--------+--------+--------+-------
| | | | |
-----------------------------------+--------+--------+--------+--------+-------
OTHER INFORMATION | | | | |
-----------------------------------+--------+--------+--------+--------+-------
Return on capital employed (ROCE),| | | 9.0| 3.7| 3.4
% | | | | |
-----------------------------------+--------+--------+--------+--------+-------
Return on equity (ROE), % | | | 8.7| 2.5| 2.3
-----------------------------------+--------+--------+--------+--------+-------
Equity ratio, % | | | 47.3| 43.0| 50.5
-----------------------------------+--------+--------+--------+--------+-------
Gearing, % | | | 26.8| 42.2| 25.2
-----------------------------------+--------+--------+--------+--------+-------
Interest bearing net debt, EUR | | | 27.0| 28.6| 23.5
million | | | | |
-----------------------------------+--------+--------+--------+--------+-------
Net debt/adjusted EBITDA, 12 mths | | | 1.1| 2.1| 1.9
-----------------------------------+--------+--------+--------+--------+-------
Gross investments, EUR million | 1.1| 1.1| 21.9| 17.1| 44.6
-----------------------------------+--------+--------+--------+--------+-------
Cash flow from operating | 9.8| 1.1| 19.1| 10.6|
activities, EUR million | | | | | 17.7
-----------------------------------+--------+--------+--------+--------+-------
Cash flow after investments, EUR | 7.0| -2.2| -0.3| -1.2|
million | | | | | -14.4
-----------------------------------+--------+--------+--------+--------+-------
Average number of personnel | | | 4,385| 2,363| 2,503
-----------------------------------+--------+--------+--------+--------+-------
Personnel at the end of the period| | | 4,470| 2,905| 3,047
-----------------------------------+--------+--------+--------+--------+-------
Aarne Aktan, CEO of Pihlajalinna:
"Pihlajalinna Group's revenue for July-September clearly increased year-on-year,
and profit also improved. 74 per cent of the growth in revenues was organic,
boosted by the social and healthcare outsourcing contracts in Kuusiokunnat and
Jämsä, as in the previous quarter. Also our operating profit growth was strongly
attributable to the municipal outsourcing contracts.
We have revised our revenue outlook for the full year because complete
outsourcing agreements involve factors that cannot be fully defined until in the
final quarter. Furthermore, the growth in demand for social services has been
slightly weaker than expected.
Both of our operating segments developed well. In particular, the Primary and
Social Care (P&S) segment's operating profit attributable to the municipal
outsourcing contracts increased. The profitability of social services also
improved. All in all, the profit of the first part of the year has been good.
Profit formation in the last part of the year typically involves uncertainties,
particularly in the P&S segment.
The Private Clinics and Specialised Care (C&S) segment delivered a reasonable
profit. Operating profit from occupational healthcare grew more than expected,
and the profitability of other service areas improved as planned.
We revised the structure of the management team during the third quarter. Our
new management system further improves the manageability of the company as well
as our ability to quickly respond to changes.
There are currently several major social and healthcare services outsourcing
projects underway in Finland, and Pihlajalinna is involved in these. In
addition, many municipalities are interested in joining current outsourcings of
other municipalities and joint municipal authorities. These provide a promising
outlook for growth.
The most recent presentation by public servants proposes that the freedom of
choice in the future healthcare and social welfare reform would be very limited
in healthcare services starting on 1 January 2019 and extended after two years.
In our opinion, a larger proportion of primary care, as well as polyclinic
specialised care, should be opened for competition. In social services, on the
other hand, it would be mandatory for the regions to use personal budgeting.
That would expand freedom of choice for example to the housing services for the
disabled and the elderly. The policies outlined so far are still drafts. The
law proposal is supposed to start circulating for official comments in November-
December."
Financial reporting in 2017
Pihlajalinna will publish a financial statements bulletin for 2016 on Friday 17
February 2017.
The annual report for 2016, including financial statements and the Board of
Directors' report, will be available during week 11 at the latest.
Pihlajalinna's Annual General Meeting is scheduled for Tuesday 4 April 2017.
Interim report January-March: Thursday 11 May 2017
Interim report January-June: Thursday 17 August 2017
Interim report January-September: Thursday 9 November 2017
Helsinki, 10 November 2016
Pihlajalinna Plc's Board of Directors
Further information:
Aarne Aktan, CEO, +358 40 342 4440
Niclas Köhler, CFO, +358 40 342 4420
Siri Markula, Head of Communications and IR, +358 40 743 2177,
siri.markula@pihlajalinna.fi
Distribution:
Nasdaq Helsinki
Major media
investors.pihlajalinna.fi
Pihlajalinna in brief
Pihlajalinna is one of the leading private social and healthcare services
providers in Finland. The Company provides social and healthcare services for
households, companies, insurance companies and public sector entities in private
clinics, health centres, dental clinics and hospitals around Finland.
Pihlajalinna provides general practitioner and specialised care services,
including emergency and on-call services, a wide range of surgical services,
occupational healthcare and dental care services, in private clinics and
hospitals operating under the Dextra brand. Under the Pihlajalinna brand the
Company, in cooperation with the public sector, offers social and healthcare
service provision models to public sector entities with the aim of providing
high quality services for public pay healthcare customers.
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