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Pihlajalinna Oyj: Pihlajalinna Financial Statements Release 1 Jan-31 Dec 2020 (12 months)

Pihlajalinna Plc                  Financial Statements Release           19 February 2021 at 8:00

Pihlajalinna Financial Statements Release 1 Jan-31 Dec 2020 (12 months)

Profitability and revenue developed favourably

The figures in this financial statements release are unaudited. The comparison figures in brackets refer to the corresponding period in the previous year.

A brief look at October-December:

  • Revenue amounted to EUR 137.2 (133.8) million - an increase of 2.6%
  • Adjusted EBITDA was EUR 15.7 (14.4) million - an increase of 9.0%
  • Adjusted EBIT was EUR 7.3 (5.6) million - an increase of 31.2%
  • IFRS 3 costs and amortisation related to M&A had a negative effect of EUR 0.8 (1.4) million on operating profit
  • Earnings per share (EPS) was EUR 0.15 (0.16)
  • Although the demand for healthcare services is returning to normal, the customer volumes of Pihlajalinna's private clinic locations were approximately 10 per cent lower than in the comparison period.
  • COVID-19 testing volumes increased by 67 per cent compared to the previous quarter as the second wave of COVID-19 continued.

A brief look at January-December:

  • Revenue amounted to EUR 508.7 (518.6) million - a decrease of 1.9%
  • Adjusted EBITDA was EUR 54.6 (55.1) million - a decrease of 0.9%
  • Adjusted EBIT was EUR 20.8 (20.8) million - a decrease of 0.2%
  • IFRS 3 costs and amortisation related to M&A had a negative effect of EUR 3.2 (5.2) million on operating profit
  • Earnings per share (EPS) was EUR 0.39 (0.15)
  • Pihlajalinna won a public bidding competition for the sale of Työterveys Virta Oy's entire share capital and occupational healthcare services. Pihlajalinna's position in North Ostrobothnia will be significantly strengthened by the acquisition. The municipalities in the region will make decisions on selling the shares in January-February 2021.
  • In early 2021, the company won a significant proportion of a competitive bidding process for the outpatient clinic, surgery and inpatient services of the Northern Ostrobothnia Hospital District.
  • Pihlajalinna is the public sector's largest partner in the early stages of COVID-19 vaccinations.

10-12/2020 10-12/2019 2020 2019
3 months 3 months 12 months 12 months
Revenue, EUR million 137.2 133.8 508.7 518.6
EBITDA, EUR million 15.1 12.3 52.4 47.8
EBITDA, % 11.0 9.2 10.3 9.2
Adjusted EBITDA, EUR million* 15.7 14.4 54.6 55.1
Adjusted EBITDA, %* 11.5 10.8 10.7 10.6
Operating profit (EBIT), EUR 6.8 3.7 18.2 10.2
Operating profit, % 4.9 2.7 3.6 2.0
Adjusted operating profit 7.3 5.6 20.8 20.8
(EBIT), EUR million*
Adjusted operating profit, %* 5.3 4.2 4.1 4.0
Profit before tax (EBT), EUR 5.7 2.7 13.8 6.3

Earnings per share (EPS), EUR 0.15 0.16 0.39 0.15
Equity per share, EUR 4.85 4.47
Dividend per share, EUR (the 0.20
Board of Directors' proposal)

Return on capital employed 5.7 3.1
(ROCE), %
Return on equity (ROE), % 8.1 3.8
Equity ratio, % 26.1 24.3
Gearing, % 169.4 181.7
Interest-bearing net debt, 194.8 192.7
EUR million
Net debt/adjusted EBITDA, 12 3.6 3.5
Gross investments, EUR 5.6 13.1 25.7 44.1
Cash flow from operating 18.6 19.8 47.2 36.8
activities, EUR million
Cash flow after investments, 16.7 15.4 42.8 17.4
EUR million
Average number of personnel 4,308 4,515
Personnel at the end of the 5,995 5,815
period (NOE)

* Significant transactions that are not part of the normal course of business, infrequently occurring events or valuation items that do not affect cash flow are treated as adjustment items affecting comparability between review periods. According to Pihlajalinna's definition, such items include, for example, restructuring measures, impairment of assets and the remeasurement of previous assets held by subsidiaries, the costs of closing down businesses and business locations, gains and losses on the sale of businesses, costs arising from operational restructuring and the integration of acquired businesses, costs related to the termination of employment relationships as well as fines and corresponding compensation payments. Pihlajalinna does not recognise adjustments affecting comparability for acquisition-related transfer taxes and expert fees (IFRS 3 costs) or purchase price allocation (PPA) amortisation.

EBITDA adjustments amounted to EUR 0.6 (2.1) million for the quarter and EUR 2.2 (7.3) million for the financial year. Adjustments to operating profit amounted to EUR 0.5 (1.9) million for the quarter and EUR 2.6 (10.6) million for the financial year.

** Assets acquired via leases are regarded as equal to assets acquired by the Group itself, meaning that right-of-use assets pursuant to IFRS 16 are included in gross investments.

Pihlajalinna's outlook for 2021

It is still hard to assess and predict the financial impacts of the duration of the COVID-19 situation. National or regional restrictions aimed at preventing a third wave of COVID-19 and potential delays in COVID-19 vaccinations may have a negative impact on consumer demand. At the same time, extensive COVID-19 testing, the start of vaccinations, working through the queues in the public sector and the release of other pent-up demand help compensate for the decline in consumer demand.

Pihlajalinna's consolidated revenue is expected to increase clearly and adjusted EBIT is expected to improve clearly compared to 2020.

Pihlajalinna is updating its strategy and will publish the new strategy during the beginning of the year 2021.

Joni Aaltonen, CEO of Pihlajalinna:

I am satisfied with our customer service and the flexibility that our organisation demonstrated in shifting the focus of our services - including public services as well as services offered directly to consumers - during the COVID-19 epidemic.

I am also pleased with our strong profit performance, which shows that our efficiency improvement programme has had a long-term impact on our profitability. Our revenue in the final quarter of 2020 exceeded the previous year's level. Partnerships and occupational healthcare have increased the use of our services and elevated the capacity utilisation rates of our operating locations. Nevertheless, we have not yet returned to the normal level of operations seen before the COVID-19 epidemic. While the direction is good, there is still room for improvement. The final quarter of the year puts us in an excellent position to enter the new year.

Earnings per share improved substantially year-on-year thanks to the measures we have taken over the past couple of years. The substantial leap in profitability taken in our private clinic, occupational healthcare and hospital operations also supported the improvement in earnings per share.

Pihlajalinna's acquisition of Työterveys Virta Oy further strengthens our position as we start the new year. Our position in the Oulu region will be significantly strengthened by the transaction. Our market share in occupational healthcare services in the region will increase to approximately 30 per cent, which improves our position in all services offered to consumers and partners in North Ostrobothnia. Early this year, we also won a significant proportion of a competitive bidding process for the outpatient clinic, surgery and inpatient services of the Northern Ostrobothnia Hospital District.

In Kristiinankaupunki, the operations of Selkämeren Terveys Oy have got off to a good start. The Huhtasuo health centre outsourcing in Jyväskylä, which began in December, has received good customer feedback. Huhtasuo is an important proving ground for us, as we see broader opportunities for our service models in public services.

Preventive services are the primary purpose of occupational healthcare and remote work situation has further increased the need for these services. Already for a long time the most common causes of disability have been mental health disorders and musculoskeletal disorders. This year, the focus of Pihlajalinna's development of digital occupational health services will especially be on care paths for musculoskeletal disorders and services to support mental health. We are also developing products in collaboration with our Forever fitness centre chain. We believe we have an excellent opportunity to grow the number of Pihlajalinna's occupational healthcare customers and the impact of occupational health services.

Customers' service consumption habits changed quickly due to the COVID-19 epidemic. Pihlajalinna's preparedness to deliver extensive remote services proved to be good. Our remote services were used nearly 500,000 times during the year, representing 44 per cent of all consultations. The use of video and chat consultations grew threefold. The work of healthcare professionals who provide remote consultations is flexible, and the opportunity to work remotely improves employee satisfaction and the productivity of work. Ideally, however, in-person appointments and remote consultations complement each other. Nearly all ailments can be treated in remote consultations, but the best outcomes are achieved by combining both consultation models. Certain routine healthcare tasks can also be automated.

Pihlajalinna will publish minor revisions to its strategy during the beginning of the year 2021. We continue to focus on good cooperation with our partners. Ensuring that our services are smooth and easy to use is key to winning our customers' trust regardless of who pays for the service. We will focus on digital sales and service channels and emphasise the customer's comprehensive health and wellbeing in our services. 

Pihlajalinna's financial reporting in 2021

Financial statements and Board of Directors' report: no later than in week 13

Interim report January-March: Friday, 7 May 2021

Half-year financial report January-June: Friday, 13 August 2021

Interim report January-September: Thursday 4 November 2021


Pihlajalinna will hold a briefing for analysts and the media on Friday, 19 February 2021 at 10:00 a.m. The event will be held remotely.

Helsinki, 18 February 2021
The Board of Directors of Pihlajalinna Plc

Further information

Joni Aaltonen, CEO, +358 40 524 7270
Tarja Rantala, CFO, +358 40 774 9290


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