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2016-05-10

Pihlajalinna Plc: Pihlajalinna Interim Report 1 January - 31 March 2016 (3 months)

PIHLAJALINNA PLC INTERIM REPORT 10 May 2016 at 8:00 (EEST)

PIHLAJALINNA INTERIM REPORT 1 JANUARY-31 MARCH 2016 (3 months)

CONSOLIDATED OPERATING PROFIT IMPROVED, REVENUE GROWTH CONTINUED

BRIEF LOOK AT JANUARY-MARCH 2016 (YEAR-ON-YEAR COMPARISON IN BRACKETS):

* Revenues amounted to EUR 100.1 (47.9) million - an increase of 109 per cent
* EBITDA amounted to EUR 7.0 (3.0) million - an increase of 132 per cent
* Operating profit (EBIT) amounted to EUR 4.2 (1.3) million
* Net cash flow from operating activities amounted to EUR 14.0 (6.9) million
* Gross investments in the reporting period amounted to EUR 10.3 (14.1)
million
* Number of personnel at the end of the reporting period was 4,228 (2,261)
* Earnings per share was EUR 0.10 (0.03)

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| KEY FIGURES AND RATIOS 1-3/2016 1-3/2015 Change% 2015 |
| 3 mths 3 mths 12 mths |
| INCOME STATEMENT |
| Revenue, EUR million 100.1 47.9 109 213.3 |
| EBITDA, EUR million 7.0 3.0 132 11.6 |
| EBITDA % 7.0 6.3 11 5.4 |
| Operating profit excluding non-recurring items (EBIT), EUR million 4.2 1.3 220 4.5 |
| Operating profit % excluding non-recurring items 4.2 2.7 53 2.1 |
| Operating profit (EBIT), EUR million 4.2 1.3 232 3.6 |
| Operating profit % 4.2 2.6 59 1.7 |
| Profit before tax (EBT), EUR million 3.8 0.6 559 1.3 |
| |
| SHARE RELATED INFORMATION |
| Earnings per share (EPS), EUR 0.10 0.03 216 0.03 |
| Equity per share, EUR 4.56 0.73 527 4.47 |
| |
| OTHER INFORMATION |
| Return on capital employed, % (ROCE) 4.8 5.5 -13 3.4 |
| Return on equity, % (ROE) 3.5 22.8 -84 2.3 |
| Equity ratio, % 43.8 8.1 440 50.5 |
| Gearing, % 21.5 633.8 25.2 |
| Net debt/adjusted EBITDA, 12 mths 1.3 5.0 -75 1.9 |
| Interest bearing net debt, EUR million 20.7 69.5 -70 23.5 |
| Gross investments, EUR million 10.3 14.1 -27 44.6 |
| Cash flow from operating activities 14.0 6.9 101 17.7 |
| Cash flow after investments 3.9 2.8 40 -14.4 |
| Average number of personnel 4,206 2,073 103 2,503 |
| Personnel at the end of the period 4,228 2,261 87 3,047 |
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Mikko Wirén, CEO of Pihlajalinna:

Pihlajalinna Group's consolidated revenue grew by 109 per cent during the
first quarter, reaching EUR 100.1 (47.9) million. A significant part of this
growth was organic, particularly from the new social and healthcare
outsourcing contracts in Kuusiokunnat, Jämsä and Kihniö. Profitability
developed favourably. EBITDA amounted to EUR 7.0 million - an increase of 132
per cent - and operating profit improved by 232 per cent year-on-year to EUR
4.2 million.

Our revenue grew according to plan, which considerably decreased the relative
proportion of administrative costs and thereby improved the year-on-year
profitability of all of our businesses. We have successfully implemented part
of the social and healthcare outsourcing contracts and reached a satisfactory
profitability level in these. Our goal for this financial year is to improve
our profitability from last year, and so far we have succeeded in this as
planned.

On 6 April 2016, the Finnish Government's ministerial working group on reforms
published further policy outlines on the healthcare and social welfare
reform. The main objectives of the reform have remained unchanged: to bridge
the sustainability gap in public finances by EUR 3 billion and narrow down
differences in health and wellbeing. The governing principle is to improve
cost management. The ambitious timetable has remained unchanged: the reform
is intended to come into force in January 2019.

The Act on Organising Healthcare and Social Welfare Services will be
circulated for consultation in May 2016. Let us hope that a sufficiently
large group of private and third-sector operators are also allowed to comment
on the proposed Act, not only the representatives of the present public
operators.
The particularly positive aspects of the Government's policy included the
freedom of choice and equal operating opportunities for public, private and
third sector service providers. In practice, this will require considerably
better cost transparency, uniform quality criteria for all operators and a
more customer-oriented operating model.

We must ensure that true freedom of choice is put into practice, including in
specialised care. Otherwise, the targeted cost savings from the healthcare
and social welfare reform will not materialise. A public monopoly is
justified only in the most demanding specialised care. The crucial elements
of healthcare and social welfare include effective prevention, quick and easy
access to primary care and social services, and well-functioning integrated
care pathways to cost-effective specialised care services.

PIHLAJALINNA'S OUTLOOK FOR 2016 UNCHAGED

Pihlajalinna's consolidated revenue is expected to exceed EUR 400 million in
2016 and the EBIT margin, excluding non-recurring items, is expected to
improve compared to 2015.

In the financial year 2015, the EBIT margin, excluding non-recurring items,
was 2.1 per cent.

FINANCIAL REPORTING IN 2016

Pihlajalinna will publish an additional two interim reports in 2016:

Report
,Publication date

Interim report January-June 2016, Wednesday 17 August 2016
Interim report January-September 2016, Friday 11 November 2016

Helsinki, 10 May 2016

Pihlajalinna Plc's Board of Directors

BRIEFING

Pihlajalinna Plc will hold a briefing for analysts and the media on Tuesday 10
May 2016 at 9.30 a.m. at restaurant Savoy, 7th floor, meeting room 2,
Eteläesplanadi 14, 00100 Helsinki, Finland.

Registration for the briefing

Participants should register for the briefing starting on 10 May at 9.30 a.m.
via email: heidi.rainesalo@pihlajalinna.fi.

FURTHER INFORMATION

Mikko Wirén, CEO, tel. +358 50 3220 927
Niclas Köhler, CFO, tel. +358 40 342 4420
Terhi Kivinen, SVP Communications, Marketing and IR, tel. +358 40 848 4001

DISTRIBUTION
NASDAQ OMX Helsinki
Major media
www.investors.pihlajalinna-konserni.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.

Pihlajalinna Q1 2016
http://hugin.info/168390/R/2010634/744304.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Pihlajalinna Oyj via Globenewswire

HUG#2010634

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