2017-02-17 07:00:19 CET
2017-02-17 07:00:19 CET
REGULATED INFORMATION
Pihlajalinna Oyj - Financial Statement Release
Pihlajalinna Financial Statements Release 1 January-31 December 2016 (12 months)
Pihlajalinna Plc Financial Statements Release 17 February 2017
at 8.00 a.m.
Pihlajalinna Financial Statements Release 1 January-31 December 2016 (12 months)
Revenue and profitability for the financial year improved as expected
Brief look at October-December:
* Revenue amounted to EUR 103.7 (62.6) million - an increase of 66 per cent
* Operating profit (EBIT) amounted to EUR 3.9 (1.4) million
* EBITDA amounted to EUR 7.1 (3.4) million
* Earnings per share was EUR 0.12 (0.04)
* Pihlajalinna won social and healthcare outsourcing tenderings for Tervola
and Hattula
Brief look at January-December:
* Revenue amounted to EUR 399.1 (213.3) million - an increase of 87 per cent
* Operating profit (EBIT) amounted to EUR 15.1 (3.6) million and adjusted
operating profit (EBIT) to EUR 16.6 (4.5) million
* EBITDA amounted to EUR 27.9 (11.6) million and adjusted EBITDA to EUR 28.9
(12.5) million
* Number of personnel at the end of the financial year was 4,407 (3,047)
* Earnings per share was EUR 0.39 (0.03)
* The Board of Directors proposes to the Annual General Meeting that a
dividend of EUR 0.15 per share be paid for the financial year 2016
Pihlajalinna's outlook for 2017
Pihlajalinna's consolidated revenue and adjusted EBIT are expected to improve
compared to 2016. In the financial year 2016, revenue was EUR 399.1 million and
the adjusted EBIT was 16.6 million euros.
KEY FIGURES AND RATIOS |10-12/2016|10-12/2015|1-12/2016|1-12/2015|
| 3 mths| 3 mths| 12 mths| 12 mths|
-------------------------------------+----------+----------+---------+---------+
INCOME STATEMENT | | | | |
-------------------------------------+----------+----------+---------+---------+
Revenue, EUR million | 103.7| 62.6| 399.1| 213.3|
-------------------------------------+----------+----------+---------+---------+
Adjusted EBITDA, EUR million | 7.1| 3.4| 28.9| 12.5|
-------------------------------------+----------+----------+---------+---------+
Adjusted EBITDA, % | 6.8| 5.5| 7.2| 5.9|
-------------------------------------+----------+----------+---------+---------+
EBITDA, EUR million | 7.1| 3.4| 27.9| 11.6|
-------------------------------------+----------+----------+---------+---------+
EBITDA, % | 6.8| 5.5| 7.0| 5.4|
-------------------------------------+----------+----------+---------+---------+
Adjusted operating profit (EBIT), | 3.9| 1.4| 16.6| 4.5|
EUR million | | | | |
-------------------------------------+----------+----------+---------+---------+
Adjusted operating profit, % | 3.7| 2.2| 4.2| 2.1|
-------------------------------------+----------+----------+---------+---------+
Operating profit (EBIT), EUR million| 3.9| 1.4| 15.1| 3.6|
-------------------------------------+----------+----------+---------+---------+
Operating profit, % | 3.7| 2.2| 3.8| 1.7|
-------------------------------------+----------+----------+---------+---------+
Profit before tax (EBT), EUR million| 3.5| 1.0| 13.7| 1.3|
-------------------------------------+----------+----------+---------+---------+
| | | | |
-------------------------------------+----------+----------+---------+---------+
SHARE RELATED INFORMATION | | | | |
-------------------------------------+----------+----------+---------+---------+
Earnings per share (EPS), EUR | 0.12| 0.04| 0.39| 0.03|
-------------------------------------+----------+----------+---------+---------+
Equity per share, EUR | | | 4.74| 4.47|
-------------------------------------+----------+----------+---------+---------+
Dividend per share, EUR (the Board | | | 0.15| |
of Directors' proposal) | | | | |
-------------------------------------+----------+----------+---------+---------+
| | | | |
-------------------------------------+----------+----------+---------+---------+
OTHER INFORMATION | | | | |
-------------------------------------+----------+----------+---------+---------+
Return on capital employed (ROCE), %| | | 10.8| 3.4|
-------------------------------------+----------+----------+---------+---------+
Return on equity (ROE), % | | | 11.1| 2.3|
-------------------------------------+----------+----------+---------+---------+
Equity ratio, % | | | 46.5| 50.5|
-------------------------------------+----------+----------+---------+---------+
Gearing, % | | | 21.9| 25.2|
-------------------------------------+----------+----------+---------+---------+
Interest-bearing net debt, EUR | | | 22.1| 23.5|
million | | | | |
-------------------------------------+----------+----------+---------+---------+
Net debt/adjusted EBITDA, 12 mths | | | 0.8| 1.9|
-------------------------------------+----------+----------+---------+---------+
Gross investments, EUR million | 5.4| 27.5| 27.4| 44.6|
-------------------------------------+----------+----------+---------+---------+
Cash flow from operating activities,| 13.2| 7.1| 32.3| 17.7|
EUR million | | | | |
-------------------------------------+----------+----------+---------+---------+
Cash flow after investments, EUR | 7.1| -13.2| 6.8| -14.4|
million | | | | |
-------------------------------------+----------+----------+---------+---------+
Average number of personnel | | | 4,379| 2,503|
-------------------------------------+----------+----------+---------+---------+
Personnel at the end of the period | | | 4,407| 3,047|
-------------------------------------+----------+----------+---------+---------+
Aarne Aktan, CEO of Pihlajalinna:
"Pihlajalinna Group's revenue and profitability for 2016 developed as expected.
The year-on-year improvement was significant. Revenue growth has been extremely
healthy: 72 per cent of it was organic.
In the fourth quarter, the Primary and Social Care (P&S) segment developed well
in all areas. A particularly delightful fact was that the profitability of
municipal outsourcings continued to improve. The segment's profit formation in
the last part of the year did not contain any negative surprises.
In the Private Clinics and Specialised Care (C&S) segment, the fourth-quarter
result of Private Clinics was especially good. Occupational Healthcare also
continued to improve its profitability. Koskiklinikka in Tampere and ITE in
Joensuu have now belonged to the segment for roughly one year, and we can be
very satisfied with these acquisitions.
We have specified our strategic expansion plan in more detail. Furthermore, we
have announced that the Pihlajalinna brand will be adopted in both of our
segments. Our primary manner of expanding and becoming a stronger national
operator is to open new business locations. Alongside this, M&A transactions may
serve as a good supplement as the acquisition of Itä-Suomen Lääkäritalo at the
beginning of the year showed.
Pihlajalinna is involved in major social and healthcare outsourcing projects
underway in Finland. We have submitted bids to the tendering processes of the
City of Kouvola and the Forssa Joint Municipal Welfare Authority. In addition,
many municipalities are interested in joining current outsourcings of other
municipalities and joint municipal authorities. These provide a promising
outlook for growth.
According to the draft for the act on the freedom of choice, submitted to
circulation for official comments by the Finnish Government in January, the
freedom of choice in primary care would be realised more extensively than
anticipated. In addition, part of specialised care would be within the framework
of freedom of choice. We find this a good course of development."
Financial reporting 2017
The annual report for 2016, including financial statements and the Board of
Directors' report, and the Corporate Governance Statement will be available
during week 11 at the latest. Pihlajalinna Plc's Annual General Meeting is
scheduled for 4 April 2017 in Tampere, Finland.
Interim report January-March: Thursday 11 May 2017
Half year financial report January-June: Thursday 17 August 2017
Interim report January-September: Thursday 9 November 2017
Briefing
Pihlajalinna Plc will hold a briefing for analysts and the media on Friday 17
February 2017 at 10.00 a.m. in the Paavo Nurmi room at Hotel Kämp,
Pohjoisesplanadi 29, 00100 Helsinki, Finland.
Helsinki, 17 February 2017
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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