2016-08-17 07:01:03 CEST
2016-08-17 07:01:03 CEST
REGULATED INFORMATION
Pihlajalinna Oyj - Half Year financial report
Pihlajalinna Plc Half Year Financial Report 1 January-30 June 2016 (6 months)
Pihlajalinna Plc Half Year Financial Report 17 August 2016 at 8.00 a.m.
Pihlajalinna Half Year Financial Report 1 January-30 June 2016 (6 months)
Consolidated revenue grew and profitability continued to improve
Brief look at April-June:
* Revenues amounted to EUR 101.4 (51.9) million - an increase of 95 per cent
* Operating profit (EBIT) amounted to EUR 3.5 (0.1) million and adjusted
operating profit (EBIT) to EUR 3.9 (1.0) million
* EBITDA amounted to EUR 7.0 (2.1) million
* Earnings per share was EUR 0.06 (-0.05)
Brief look at January-June:
* Revenues amounted to EUR 201.4 (99.8) million - an increase of 102 per cent
* Operating profit (EBIT) amounted to EUR 7.7 (1.3) million and adjusted
operating profit (EBIT) to EUR 8.1 (2.3) million
* EBITDA amounted to EUR 14.0 (5.1) million
* Number of personnel at the end of the reporting period was 4,589 (2,525)
* Earnings per share was EUR 0.16 (-0.02)
Mänttä-Vilppula approved the social and healthcare service agreement (1 August
2016-31 July 2026) with Pihlajalinna including the five-year option period (1
August 2026-31 July 2031)
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KEY FIGURES AND RATIOS 4-6/2016 4-6/2015 1-6/2016 1-6/2015 2015
3 mths 3 mths 6 mths 6 mths 12 mths
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INCOME STATEMENT
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Revenue, EUR million 101.4 51.9 201.4 99.8 213.3
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Adjusted EBITDA, EUR million 7.0 3.0 14.0 6.1 12.5
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Adjusted EBITDA, % 6.9 5.8 7.0 6.1 5.9
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EBITDA, EUR million 7.0 2.1 14.0 5.1 11.6
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EBITDA, % 6.9 4.0 7.0 5.1 5.4
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Adjusted operating profit (EBIT), 3.9 1.0 8.1 2.3 4.5
EUR million
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Adjusted operating profit, % 3.9 1.9 4.0 2.3 2.1
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Operating profit (EBIT), EUR 3.5 0.1 7.7 1.3 3.6
million
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Operating profit, % 3.5 0.1 3.8 1.3 1.7
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Profit before tax (EBT), EUR 3.1 -0.7 6.9 -0.1 1.3
million
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SHARE RELATED INFORMATION
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Earnings per share (EPS), EUR 0.06 -0.05 0.16 -0.02 0.03
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Equity per share, EUR 4.63 3.46 4.47
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OTHER INFORMATION
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Return on capital employed (ROCE), 7.2 3.6 3.4
%
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Return on equity (ROE), % 6.1 1.2 2.3
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Equity ratio, % 45.1 39.8 50.5
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Gearing, % 34.2 36.6 25.2
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Interest bearing net debt, EUR 33.4 24.5 23.5
million
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Net debt/adjusted EBITDA, 12 mths 1.6 1.8 1.9
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Gross investments, EUR million 10.4 1.8 20.8 15.9 44.6
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Cash flow from operating -4.6 2.6 9.3 9.5 17.7
activities, EUR million
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Cash flow after investments, EUR -11.2 -1.8 -7.3 1.0 -14.4
million
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Average number of personnel 4,313 2,247 2,503
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Personnel at the end of the period 4,589 2,525 3,047
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Aarne Aktan, new CEO of Pihlajalinna:
We are pleased to report that strong growth in Pihlajalinna Group's revenue and
operating profit continued during the second quarter. 74 per cent of the growth
in revenue was organic. This was mainly attributable to the social and
healthcare outsourcing contracts in Kuusiokunnat and Jämsä. Two major
acquisitions, namely Koskiklinikka in the Tampere Region and ITE in Eastern
Finland, contributed significantly to the operating profit.
A temporary act restricting municipalities' complete social and healthcare
outsourcings entered into force on 1 July 2016. The contents of this act were as
anticipated, and we do not expect it to have a major effect on our business in
the short term. At the end of June, the Finnish Government published preliminary
draft bills on the health and social services reform. The Government draft
proposal will be completed and sent for official comments in August. It is too
early to evaluate its effects on Pihlajalinna's business operations. In this
reform, it is particularly important to ensure that true freedom of choice is
put into practice, also in specialised care. Otherwise, we believe that the
targeted cost savings from the health and social services reform for the society
will not materialise.
Both of Pihlajalinna Group's operating segments developed well during the second
quarter. In particular, we are pleased with our revenue development. The Private
Clinics and Specialised Care segment delivered a reasonable profit. A
significant part of the performance improvement was attributable to the
aforementioned acquisitions. The Primary and Social Care segment's profitability
has improved according to plans. Profitability improvement requires changes in
ways of working, which is why it takes time to reach the aimed profitability
level.
I am very excited about my new position as CEO of Pihlajalinna Group. It is
great to be able to develop its operations. The company's founder, Mikko Wirén,
who transferred to the position of Chairman of the Board of Directors, will
focus on growing the company's business. Pihlajalinna has grown larger and its
operating environment has changed, requiring us to further sharpen our strategic
focus. We will also revise our operations to better meet customer needs. This
reform and an increase in company recognition will be our key focus areas, now
that we are preparing for future freedom of choice in social and health care.
Pihlajalinna's outlook for 2016 unchanged
Pihlajalinna's 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.
Financial reporting in 2016
Pihlajalinna will publish an interim report for January-September 2016 on Friday
11 November 2016.
Briefing
Pihlajalinna Plc will hold a briefing for analysts and the media on Wednesday
17 August 2016 at 9.30 a.m. in the Paavo Nurmi room at Hotel Kämp,
Pohjoisesplanadi 29, 00100 Helsinki, Finland.
Helsinki, 17 August 2016
Pihlajalinna Plc's Board of Directors
Further information
Aarne Aktan, CEO, tel. +358 40 342 4440
Niclas Köhler, CFO, tel. +358 40 342 4420
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.
[HUG#2035419]
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