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Press Release

Terveystalo Plc Financial statements release January 1-December 31, 2017

Posted on: 28 Feb 18

Terveystalo Plc Stock Exchange Release 28 February 2018 at 9:00 EET

Adjusted EBITDA for the full year 2017 increased by 26.7 per cent year-on-year to EUR 92.4 million (72.9)

Highlights of the review period October-December 2017

  • Revenue increased by 29.7 per cent year-on-year to EUR 189.9 million (146.4)
  • Adjusted* EBITDA increased by 39.2 per cent year-on-year to EUR 29.1 million (20.9)
  • EBITDA increased by 10.9 per cent year-on-year to EUR 24.8 million (22.4)
  • Adjusted* EBITA was 12.6 per cent (11.4 per cent) of revenue
  • EBITA was 10.3 per cent (12.4 per cent) of revenue
  • Profit for the financial period amounted to EUR 6.1 million (7.6)
  • Operating cash flow amounted to EUR 37.5 million (40.8)
  • Earnings per share** were EUR 0.05 (0.06).

Highlights of the review period January-December 2017

  • Revenue increased by 26.1 per cent year-on-year to EUR 689.5 million (547.0)
  • Adjusted* EBITDA increased by 26.7 per cent year-on-year to EUR 92.4 million (72.9)
  • EBITDA decreased by 0.9 per cent year-on-year to EUR 68.2 million (68.9)
  • Adjusted* EBITA was 10.6 per cent (10.4 per cent) of revenue
  • EBITA was 7.1 per cent (9.6 per cent) of revenue
  • Profit for the financial period amounted to EUR 7.2 million (12.7)
  • Net debt decreased by 16.8 per cent to EUR 256,4 million (308.1)
  • Net debt / Adjusted EBITDA decreased from 4.2 to 2.8
  • Operating cash flow amounted to EUR 70.0 million (64.7)
  • Earnings per share** were EUR 0.06 (0.11).

The Board of Directors proposes to the Annual General Meeting that an equity repayment of EUR 0.06 per share be distributed for 2017.

The Group made a number of business acquisitions in 2017. The financial statements of Porin Lääkäritalo Oy Group and Diacor terveyspalvelut Oy Group have been included in the consolidated financial statements of Terveystalo Group from the beginning of January 2017 and the end of March 2017, respectively.

EBITDA = Earnings Before Interest, Taxes, Depreciation, and Amortization
EBITA= Earnings Before Interest, Taxes, and Amortization

*Adjustments are material items outside the ordinary course of business associated with acquisition-related expenses, restructuring-related expenses, gain on sale of assets, strategic projects including the IPO, new business operations, and other items affecting comparability. Adjustments totaled EUR 4.3 (-1.5) million in October-December and EUR 24.1 (4.0) million for the full year 2017.

 ** The effects of share conversion and share split have been taken into account in the weighted average number of shares. Comparative figures have been adjusted accordingly.

Yrjö Närhinen, CEO: "Growth company reborn"

"For Terveystalo, 2017 was a year of growth and reformation - the end of an era and beginning of another. We were listed on the main list of the stock exchange, made major acquisitions and implemented significant business integrations, of which we achieved the pursued cost synergies in record time. At the same time, we systematically developed our existing operations. The hard work we put in during the year provides a strong foundation for future growth. I would like to thank the entire Terveystalo staff for their great contribution.

We also had a record year in terms of our key financial indicators. Strong growth continued through the final quarter of the year, and our market share increased further. Our full-year revenue increased by 26.1 percent year-on-year. Adjusted EBITDA increased by nearly 27 percent to EUR 92.4 million, and adjusted EBITA increased to represent 10.6 percent of full-year revenue. We raised nearly EUR 100 million in gross assets through the IPO, which strengthened our balance sheet. The net debt/adjusted EBITDA ratio decreased to 2.8.

The final part of 2017 was characterized by anticipation associated with the planned healthcare and social welfare reform, but the Government's decision at the end of December established a framework for the reform, and freedom of choice experiments are progressing. With the economic outlook for Finland becoming brighter, we can see companies focusing on growth, and the individual's confidence in economy has improved. At the same time, people are increasingly investing in their personal wellbeing. This market development supports growth in all customer groups in 2018.

We invest in the development of Finnish healthcare, and want to improve comparability, transparency, and quality, to promote a customer-driven approach in the healthcare sector. Reform of healthcare services requires an open-minded attitude to challenging both ourselves and the processes. Our mission is to produce health value for people. We are well-positioned to respond to changes in the market and to act as a forerunner of high quality, transparency, and comparability in the industry. In April, we will publish our quality and sustainability book for 2017. Using facts, figures, and comparability, we want to challenge the entire healthcare industry to engage in a dialog."

Outlook for 2018

The continuing improvement of the domestic economy supports corporate and private customer business. Healthcare and social welfare reform will change the environment for all healthcare companies and create new opportunities, especially for those who invest in meeting the new needs created by the reform. Terveystalo expects its markets to continue to develop favorably.

Key figures

EUR million 10-12/
Change, %  


Change, %
Revenue 189.9 146.4 29.7 689.5 547.0 26.1
Adjusted EBITDA (* 29.1 20.9 39.2 92.4 72.9 26.7
Adjusted EBITDA margin (%) (* 15.3 14.3 - 13.4 13.3 -
Adjusted EBITA (* 23.9 16.7 42.7 73.0 56.8 28.5
Adjusted EBITA margin (%) (* 12.6 11.4 - 10.6 10.4 -
Adjusted net profit (* (*** 18.2 10.0 82.1 44.0 30.3 45.0
Net profit 6.1 7.6 -19.9 7.2 12.7 -43.2
Return on equity (ROE), % (* - - - 2.1 5.6  
Net debt - - - 256.4 308.1 -16.8
Net debt / adjusted EBITDA (* - - - 2.8 4.2 -34.3
Equity ratio, % (* - - - 50.7 31.7 -
Gearing, % (* - - - 56.1 132.6 -
Operating cash flow 37.5 40.8 -7.9 70.0 64.7 8.3
Earnings per share(** 0.05 0.06 - 0.06 0.11 -
Personnel (end of period) - - - 4 265 3 463 23.2
Private practitioners (end of period) - - - 4 431 3 448 28.5

(*Alternative performance measure. Additional information in note 12 and 13.
 ( ** The effects of share conversion and share split have been taken into account in the weighted average number of shares. Comparative figures have been adjusted accordingly.
(***Finance costs related to the previous bank loans had been amortized to the loan period using the effective interest rate method. As part of the IPO, these costs have been expensed.

Publication of the Financial Statements and the Report of the Board of Directors for 2017 and Annual General Meeting 2018

The Financial Statements and the Report of the Board of Directors of Terveystalo Plc for 2017 and the other financial statement documents referred to in the Limited Liability Companies Act will be published on the company website in the week beginning on March 12, 2018, as part of the company's Annual Report.

Terveystalo Plc's Annual General Meeting will be held on April 12, 2018, starting at 3:00 pm EET, at Marina Congress Center, Katajanokanlaituri 6, 00160 Helsinki, Finland.

Corporate Governance Statement

Terveystalo Plc Corporate Governance Statement will be published as a document separate from the Report of the Board of Directors in the week beginning on March 12, 2018, and it will also be available on the company website.

Financial reporting

The publication dates of Terveystalo's financial reporting in 2018 are as follows:

  • The Interim report for January-March 2018 will be published on Wednesday, May 16, 2018
  • The Half-year report for 2018 will be published on Friday, August 17, 2018
  • The Interim report for January-December 2018 will be published on Wednesday, November 14, 2018


Terveystalo will hold a press conference on February 28, 2018, starting at 12 noon EET, at Terveystalo Piazza, Jaakonkatu 3 (3rd floor), 00100 Helsinki, Finland.

A live webcast and telephone conference in English will begin at 1:30 pm EET. You can follow the webcast at: To ask questions, please join the event conference 5-10 minutes prior to the start time using your local number (FI: +358 (0)9 7479 0360, UK: +44 (0)330 336 9104, US: +1 323-794-2558) and the Participant Passcode 092749. If you are calling from another location, please use any of the numbers above.

Terveystalo follows the disclosure procedure enabled by the Finnish Financial Supervisory Authority and hereby publishes its Interim report attached as a PDF file to this stock exchange release. The Interim report is also available at: 

Helsinki, February 28, 2018
Terveystalo Plc
Board of Directors

For more information, please contact:

Ilkka Laurila, CFO
Tel. +358 30 633 1757

Kati Kaksonen, Director, Investor Relations and Financial Communications
Tel. +358 10 345 2034

Nasdaq Helsinki Oy
Main media

Terveystalo in brief
Terveystalo is a listed company on the Helsinki Stock Exchange. Terveystalo is the largest healthcare service company in Finland with net sales and network. The company offers versatile primary and secondary health care services for corporate and private customers and the public sector. The nationwide network covers 180 locations across Finland, complemented by 24/7 digital services.

In 2017, the Company had approximately 1.2 million individual customers and approximately 3.3 million doctor visits. Nearly 9,000 healthcare professionals work in Terveystalo, about half of whom are private practitioners. Terveystalo is a member of Finnish Workers' Union.



Last updated on: 28/02/2018

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