SUOMEN TERVEYSTALO OYJ STOCK EXCHANGE RELEASE
August 14, 2008 at 1.00 p.m.
Terveystalo's interim report January 1 - June 30, 2008
Terveystalo's January-June 2008 turnover and operating profit increased
significantly; turnover was EUR 108.7 million and operating profit was EUR 6.6
million.
- January-June 2008 (January-June 2007):
-- Turnover EUR 108.7 million (57.6). Growth is mainly due to the big
acquisition in September 2007.
-- Operating profit EUR 6.6 million (2.8). Operating profit excluding one-off
items was EUR 5.2 million.
- Full year 2008 turnover and operating profit is estimated to clearly exceed
the turnover and operating profit of 2007.
- The Board of Directors has updated the company's strategy. The strategy for
2008-2011 focuses on strengthening the company's market leadership position
through profitable growth.
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| KEY FIGURES | 1.4.-| 1.4.-| 1.1.-| 1.1.-| 1.1.-|
| | 30.6.2008| 30.6.2007| 30.6.2008| 30.6.2007| 31.12.2007|
| | | | | | |
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| Turnover, EUR 1,000 | 55,844 | 28,297 | 108,713 | 57,561 | 140,719 |
--------------------------------------------------------------------------------
| Operating profit, | 2,151 | 254 | 6,593 | 2,849 | 401 |
| EUR 1,000 | | | | | |
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| Earnings per share, | 0.01 | 0.00 | 0.02 | 0.02 | -0.05 |
| EUR | | | | | |
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| Equity per share, | 1.22 | 1.26 | 1.22 | 1.26 | 1.20 |
| EUR | | | | | |
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| Net gearing, % | 187.5 | 10.6 | 187.5 | 10.6 | 184.8 |
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| Return on | 6.8 | 1.6 | 7.0 | 6.6 | 0.6 |
| investment, % | | | | | |
| (ROI)* | | | | | |
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| Return on equity, % | 2.4 | 0.6 | 3.1 | 4.6 | -5.0 |
| (ROE)* | | | | | |
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| Capital adequacy, % | 28.1 | 62.0 | 28.1 | 62.0 | 27.5 |
--------------------------------------------------------------------------------
| Operating profit / | 3.9 | 0.9 | 6.1 | 4.9 | 0.3 |
| turnover, % | | | | | |
--------------------------------------------------------------------------------
* The income statement figures used to calculate ROI and ROE have been
annualized.
Suomen Terveystalo Oyj´s (Terveystalo) Group turnover increased in January-June
2008 by 88.9 percent compared to the corresponding period in the previous year
and amounted to EUR 108.7 million (EUR 57.6 million in January-June 2007). The
growth in turnover is mainly due the big acquisition in September. Operating
profit increased by 131.4 percent and amounted to EUR 6.6 million (2.8).
Operating profit excluding one-off items grew by 80.8 percent and amounted to
EUR 5.2 million.
Martti Kiuru, President and CEO:
”Terveystalo's operational growth and improved profitability are visible in the
Group's second quarter results compared to the corresponding period in 2007. We
continued integrating our services and internal operating methods, a process
that was started in the fall of 2007. The integration program - with which we
clarify operating procedures, boost the efficiency of the unit network, reduce
overlaps and simplify support and administration services - has progressed
according to plan. In accordance with the strategy updated by the Board of
Directors, we will in the future focus on strengthening our market leadership
position through profitable organic growth and possible acquisitions. Over the
next few years the focus growth areas are the Helsinki region and other growth
centers in particular.”
Market situation
The value of the Finnish healthcare service market is approximately EUR 12
billion. Traditionally the public sector has been the biggest producer of
healthcare services. The market share of private sector players has increased
heavily in the past years and the market share of private service providers is
expected to continue growing. Despite the recent centralization development
there is still over 11,000 companies in the sector of which the majority is
small companies.
Terveystalo, which was founded in 2001, has carried out over 110 acquisitions so
far. In 2007, the company became Finland's leading healthcare sector company in
terms of turnover and the extent of operations.
The demand for private healthcare services is affected, for instance, by the
ageing of the population, the increase in wealth and general interest towards
health, an increase in outsourcing services (such as specialist consultations,
surgery, imaging, screening and other research services), regard for
occupational healthcare services, a demand for flexibility and the outsourcing
trend as the requirements of working life increase. Increased efficiency in
service production as medical technology develops and insurance products
becoming more common in the healthcare sector also affect Terveystalo's market
environment.
1.4.-30.6.2008
In April-June 2008 Terveystalo´s turnover increased by 97.4 percent compared to
the corresponding period in the previous year and amounted to EUR 55.8 million
(EUR 28.3 million in April-June 2007). The growth was mainly due to the business
operations of Medivire Työterveyspalvelut Oy which became part of the
Terveystalo Group in September 2007.
In April-June 2008 operating profit increased by 747.9 percent compared to the
corresponding period in the previous year and amounted to EUR 2.2. million,
representing 3.9 percent of turnover (EUR 0.3 million, 0.9% of turnover in
April-June 2007). The operating profit growth was affected by the turnover
growth, as well as the results of the integration program including integration
and better effectiveness of operations and integration of units. Operating
profit includes a EUR 0.7 million one-off expense item mainly related to an
arbitration case of a copyright dispute related to a patient information system.
Operating profit excluding one-off items increased by 1,024.8 per cent and
amounted to EUR 2.9 million (EUR 0.3 million, 0.9% in April-June 2007). In
addition the operating profit in April-June 2008 includes EUR 0.4 million of
reversed depreciation in January-March 2008.
In April-June 2008 total of EUR 2.2 million was recognized in financial income
from interest rate hedging instruments.
1.1.-30.6.2008
In January-June 2008 Terveystalo´s turnover increased by 88.9 percent compared
to the corresponding period in the previous year and amounted to EUR 108.7
million (EUR 57.6 million in January-June 2007). The growth is mainly due to the
business operations of Medivire Työterveyspalvelut Oy which became part of the
Terveystalo Group in September 2007.
In January-June 2008 the operating profit increased by 133.1 percent compared to
the corresponding period in the previous year and was EUR 6.6 million
representing 6.1 percent of turnover (EUR 2.8 million, 4.9% of turnover in
January-June 2007). Excluding one-off items operating profit increased by 80.8
percent and amounted to EUR 5.2 million representing 4.7 percent of turnover.
The one-off items during the period include a EUR 2.1 million sales gain
reported in January-March from the selling of the central laboratory business,
and a EUR 0.7 million expense item reported in April-June related mainly to an
arbitration case of a copyright dispute related to a patient information system.
In January-June 2008 a total of EUR 1.5 million was recognized in financial
income from interest rate hedging instruments.
The earnings belonging to the owners of the parent company was EUR 1.3 million
representing 1.2 percent of turnover (EUR 1.2 million, 4.2%). Earnings per share
calculated from earnings belonging to the owners of the parent company were EUR
0.02 (EUR 0.02).
Business segments
As of January 1, 2008 the Group's business operations are divided into three
business segments: Occupational Healthcare segment, the Clinics and Hospitals
segment and the Diagnostics segment. Until the end of 2007 all imaging and
laboratory services were reported as part of the Diagnostics segment. From the
beginning of 2008, sample-taking laboratory operations and express analytics as
well as imaging services are reported as part of the Clinics and Hospitals
segment, in terms of clinic hospitals and clinics, and as part of the
Occupational Healthcare segment in terms of occupational clinics. Business
operations not allocated to any particular segment, which mainly consists of the
company's holding in the business operations of AVA clinics specializing in
infertility treatments are reported as part of Other segment. The Other segment
also includes the costs from Group functions (HR, quality, sales, finance, ICT
and communications) and national appointment and customer service operations, as
well as costs deriving from group structure creation and the Group's integration
program.
Occupational Healthcare segment
As a result of the Medivire Työterveyspalvelut Oy acquisition carried out at the
beginning of September 2007, Terveystalo Group became the leading provider of
occupational healthcare services in Finland, measured by both turnover and the
extent of the network. At the end of 2007 the company was responsible for the
healthcare services of more than 12,000 corporate customers and more than
365,000 individuals. At the end of June, Terveystalo offered occupational
healthcare service at some 100 units across Finland.
In January-June 2008, Terveystalo continued integrating the processes and
operating models in occupational healthcare that began in late 2007. By the end
of June, the company had standardized its uniform operating methods in its two
patient information systems. A large share of occupational healthcare agreements
was renewed in April-June to correspond with Terveystalo Group's uniform service
levels.
Clinics and Hospitals segment
In January-June 2008, Terveystalo continued developing its service selection.
The aim is that the company's large clinic hospitals will support the service
offering of smaller units and ensure the availability of Terveystalo's services
regionally and nationally. A new clinic hospital was opened in Turku in March
and in Rovaniemi in April. At the end of June, Terveystalo had 15 clinic
hospitals across Finland.
Diagnostics segment
The Diagnostics segment is responsible for X-ray and MRI imaging in the imaging
units that belong to this segment and offers mobile imaging and screening
services to external customers, as well as internally to complement the
healthcare services offered to the customers of the Occupational Healthcare and
Clinics and Hospitals segments. The Diagnostics segment also has Group-wide
responsibility for developing diagnostics services and for ensuring that the
diagnostics equipment used in the Group is up-to-date.
Turnover by segment
In January-June 2008 the Occupational Healthcare segment's share of turnover was
56.7 percent, the Clinics and Hospitals segment's share was 29.8 percent and the
Diagnostics segment's share was 11.9 percent.
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| Turnover by segment | | | | |
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| EUR 1,000 | 1.4.-| 1.4.-| 1.1.-| 1.1.-| 1.1.-|
| | 30.6.2008| 30.6.2007| 30.6.2008| 30.6.2007| 31.12.2007|
| | | | | | |
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| Occupational | 37,067 | 8,787 | 68,868 | 18,077 | 63,808 |
| Healthcare segment | | | | | |
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| Clinics and | 17,881 | 14,080 | 36,187 | 27,609 | 54,897 |
| Hospitals segment | | | | | |
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| Diagnostics segment | 6,756 | 8,357 | 14,402 | 16,558 | 32,489 |
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| Other | 958 | 978 | 2,035 | 2,025 | 2,667 |
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| Group eliminations | -6,819 | -3,905 | -12,780 | -6,708 | -13,142 |
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| Group total | 55,844 | 28,297 | 108,713 | 57,561 | 140,719 |
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The segments' comparative data has been adjusted to correspond with the segment
division introduced at the beginning of 2008. In 2007 business operations was
divided into two segments which were the Clinics and Hospitals segment and the
Diagnostics segment. As of the beginning of 2008, business operations has been
divided into three segments which are the Occupational Healthcare segment, the
Clinics and Hospitals segment and the Diagnostics segment. Other segment
contains the Group's share of the operations of the AVA clinics that focus on
fertilization treatment.
Operating profit by segment
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| Operating profit by segment | | | | |
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| EUR 1,000 | 1.4.-| 1.4.-| 1.1.-| 1.1.-| 1.1.-|
| | 30.6.2008| 30.6.2007| 30.6.2008| 30.6.2007| 31.12.2007|
| | | | | | |
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| Occupational | 3,459 | -787 | 6,068 | -440 | -2,929 |
| Healthcare segment | | | | | |
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| Clinics and | 3,099 | 4,191 | 6,286 | 7,327 | 11,310 |
| Hospitals segment | | | | | |
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| Diagnostics segment | 899 | 602 | 4,954 | 1,856 | 4,225 |
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| Other | -5,307 | -3,752 | -10,716 | -5,893 | -12,204 |
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| Group total | 2,151 | 254 | 6,593 | 2,849 | 401 |
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The segments' comparative data has been adjusted to correspond with the segment
division introduced at the beginning of 2008. In 2007 business operations was
divided into two segments which were the Clinics and Hospitals segment and the
Diagnostics segment. As of the beginning of 2008, business operations has been
divided into three segments which are the Occupational Healthcare segment, the
Clinics and Hospitals segment and the Diagnostics segment.
The January-June 2008 operating profit of the Occupational Healthcare includes a
EUR 0.5 million one-off expense item and the operating profit of the Clinics and
Hospitals segment includes a EUR 0.2 million one-off expense item. The operating
profit of the Diagnostics segment includes a EUR 2.1 million one-off sales gain.
The Other segment includes the costs from Group functions (HR, quality, sales,
finance, ICT and communication) and national appointment and customer service
operations, as well as costs deriving from group structure creation and the
Group's integration program. The biggest cost items causing the EUR 10.7 million
operating loss in the Other segment came from invoicing, appointment and
customer service operations' costs, costs from the Group's centralized sales and
marketing operations and costs related to centralized patient information and
other IT systems. The fertility treatment operations reported in the Other
segment did not have a considerable effect on the segment's operating result in
January-June 2008.
Return on assets
Annualized return on investments (ROI) in January-June 2008 was 7.0 percent
(6.6% in January-June 2007). Annualized return on equity (ROE) was 3.1 percent
(4.6%).
Investments
In January-June 2008, Terveystalo continued investing in updating and developing
premises and in imaging equipment. During the review period, for instance, the
new clinic hospital in Turku opened in March and the new clinic hospital in
Rovaniemi opened in April, as well as new or renewed premises in for instance
Forssa, Joensuu, Kemi, Kokkola, Kotka and Varkaus, were furnished.
In January-June 2008 investments in tangible assets amounted to EUR 5.9 million
and in intangible assets to EUR 1.4 million. Sales returns on tangible assets
amounted to EUR 0.7 million and to intangible assets to EUR 0.9 million.
Balance sheet and financing
At the end of June 2008 the balance sheet total was EUR 295.7 million (EUR 138.8
million at the end of June 2007). The balance sheet has grown considerably due
to the Medivire Työterveyspalvelut Oy acquisition in September 2007.
At the end of June 2008 the quick rate of the Terveystalo Group was 0.6 (1.1 at
the end of June 2007). The Group's liquid assets, including financial
securities, amounted to EUR 7.5 million (17.5) at the end of June 2008. The
amount of liquid assets at the end of June 2007 was affected by the company's
IPO in March 2007. In January-June 2008 the company withdrew new short-term
interest bearing loans for EUR 8.0 million. Net gearing was 187.5 percent at the
end of the review period (10.6%).
The company has agreed on the covenant levels related to its financing
agreements with its principal financers in June 2008. The covenant levels
depending on the date are as follows:
1) Capital adequacy at least 22.5-30 percent
2) Ratio between net liabilities and operating margin at least 7.0:1 - 4.0:1
3) Ratio between the operating margin and net financing costs at least 1.9 -
3.0
4) Investments in a fiscal period at most EUR 10-16 million.
Interest rate in accordance with the loan agreement is six months Euribor +
margin, which varies between 0.60 and 2.75 percentage points. The interest
margin is determined through scales in relation of net liabilities to the
operating margin on the basis of rolling 12 months as follows:
Net interest-bearing Margin, percentage points
liabilities / EBITDA
7,00 ≥ x ≥ 6,25 2,75
6,25 > x ≥ 5,50 2,25
5,50 > x ≥ 4,50 1,50
4,50 > x ≥ 3,25 1,25
3,25 > x ≥ 2,25 0,85
2,25 > x 0,60
The capital in financial liabilities to which the covenants apply was EUR 134.5
million on June 30, 2008. The company's interest margin from July 1, 2008 is
2.75 percent.
Terveystalo has hedged its financial liabilities with covenants so that the
company pays a fixed 4.45 percent interest + margin on EUR 40 million in loan
capital and the interest rate for the EUR 40 million loan capital is fixed
between 3.95 and 4.90 percent + margin using interest rate swaps. The average
rate percentage during the period January 1 - June 30, 2008 was 6.71.
Cash flow
In January-June 2008 operational cash flow was EUR 8.4 million (EUR 7.0 million
in January-June 2007). Paid interest has, deviating from the reporting practices
in the previous fiscal period, been presented in cash flow from financing and
the comparison data for January 1 - June 30, 2008 and 2007 have been adjusted
accordingly.
Personnel
The average number of personnel in January-June 2008 was 2,365 (1,354 in
January-June 2007 and 1,689 in 2007). At the end of June the number of personnel
was 2,328 (1,447 at the end of June 2007 and 2,398 at the end of 2007).
At the end of the period, more than 2,000 professional independent entrepreneurs
(practitioners) were receiving patients in the Group companies' premises.
Based on a decision by the Board of Directors Suomen Terveystalo Oyj Group has
launched a result and reward system for 2008 concerning all personnel.
Group structure
At the end of June 2008, Terveystalo Group consisted of the parent company
Suomen Terveystalo Oyj and its 34 subsidiaries. The subsidiary Vaasa Reilab Oy
that was part of the Terveystalo Group merged with another subsidiary Seinäjoen
Työterveyskeskus Oy on 30 April 2008. No acquisitions of businesses or business
operations were made in April-June 2008.
Organization
Suomen Terveystalo Oyj's Annual General Meeting on April 17, 2008 confirmed the
company's number of Board members as eight. The following people were re-elected
as Board members: Managing Director Ari Ahola; Pentti Parkkinen Lic. Med.; Kari
Puro, M.D. Surgeon, Dr. Pol.Sc; Kaija Pöysti M.Sc.; Pekka Roto, M.D.Surgeon,
university lecturer; and Petteri Walldén M.Sc., and Kari Neilimo, Doctor of
Economics and Matti Roto, Director, were appointed as new members. The Chairman
of the Board is Pentti Parkkinen and the deputy chairman is Kari Neilimo.
Jukka Yli-Hankala M.Sc. started work as Terveystalo Oyj's CFO and member of the
Group Management Team on June 1, 2008.
As part of an integration program that began in the fall of 2007 and that will
continue until the end of 2008, Terveystalo's operations in many towns have been
or will be partly or fully integrated into larger entities in order to ensure
service availability, increase efficiency and generate cost savings. At the end
of June 2008, Terveystalo had over 100 units in over 50 cities across Finland.
Shares and share capital
At the end of June, Suomen Terveystalo Oyj's share capital was EUR 681,416.63
(EUR 681,416.63 at the end of 2007) and the total number of shares was
68,141,663. The share ticker in the book-entry system is SUT1V.
In January-June 2008 the highest share price was EUR 1.99 and the lowest was EUR
1.42. In January-June, the trading-weighted average share price was EUR 1.64 and
the closing price on June 30, 2008 was EUR 1.65. In January-June, 4,826,881
shares were exchanged, which corresponds to 7.1 percent of the number of shares
at the end of the period. The market value of the stock using the closing price
for the review period on June 30, 2008 was EUR 112.4 million. At the end of the
review period the company had xx shareholders (6,510 at the end of 2007).
Parent company Suomen Terveystalo Oyj does not own any company shares. The
Group's subsidiaries Suomen Terveystalo Lääkäriasema Oy and Nova Clinic Oy own a
total of 55,691 parent company shares. This corresponds to 0.08 percent of the
stock and votes.
Related party transactions
The company's related parties consist of the board members, managing director,
members of the management group and associates of Suomen Terveystalo Oyj.
The parent company has bought services from Starnet Innovations Oy, indirectly
owned by Media Invest Int Oy, in the review period for approximately EUR 56,000
related to the LIS control system used in the Central Laboratory. Media Invest
Oy is owned by Ari Ahola and Matti Roto. Terveystalo's cooperation with Starnet
Innovations Oy ended when the central laboratory was divested.
Salaries and fees paid by Terveystalo to the related parties and short-term
employee benefits amounted to approximately EUR 713,000 in January-June 2008.
A receivable amounting to EUR 17,000 from an associate company and a liability
amounting to approximately EUR 522,000 to an associate company is included in
consolidated balance sheet at the end of June.
Events after the review period
On July 17, 2008, Suomen Terveystalo Oyj's Board of Directors approved the
integration plan aiming at a simplification of the Group structure and
lightening of the administrative structure which involves merging of
subsidiaries. In the future operative business will focus on one subsidiary. The
merger is estimated to be carried out on January 1, 2009 when a total of 17
Terveystalo Group companies will be merged into another Group company: Suomen
Terveystalo Työterveys Oy will merge into Medivire TTP Holding Oy, Pohjanmaan
Röntgen Oy into Oy Työterveyshuolto Medicentra Företagshälsovård Ab,
Magneettikymi Oy into Tietotomo Oy, Joensuun Röntgen Oy into Itä-Suomen
Kuvantamiskeskus Oy and Kouvolan Lääkäritalon Röntgen Oy, Espoontorin
Lääkäriasema Oy, Lääkäriasema Septum Oy, Lääkäriasema Linikka Oy, Petosen
Lääkärikeskus Medina Oy, Lääketieteellinen Tutkimuslaitos Toritutkain Oy,
Lääkäri- ja laboratoriopalvelu Tammer Tutka Oy, Tampereen Gynekologiakeskuksen
Laboratorio- ja konsultaatiopalvelut Oy, Seinäjoen Työterveyskeskus Oy, Oy
Työterveyshuolto Medicentra Företagshälsovård Ab, Suomen Terveystalo
Lääkäriasema Oy, Medivire TTP Holding Oy and Lappeenrannan Lääkäriasema Oy into
Suomen Terveystalo Diagnostiikka Oy.
Terveystalo´s strategy
The target set for the previous strategy period to, as a Group, be the leading
provider of private healthcare services in Finland by the end of 2008 measured
by turnover was reached already in 2007. This was affected by the acquisition of
Medivire Työterveyspalvelut Oy in 2007.
Updated strategy
Terveystalo's updated strategy that the Board of Directors has approved on
August 14, 2008 for the years 2008-2011 is based on the company's mission, which
is “Healthcare services for people's benefit”. The strategy is carried out in
line with the company's values, expertise and caring. The aim of the strategy is
to realize the company's vision "Leader - best services”. The strategy is
divided into profitable growth, customer and service strategies.
Terveystalo´s strategic success factors:
- market leadership
- service availability and extensive service selection
- creating customer benefits
- being a forerunner
- skilled professionals
In accordance with its profitable growth strategy Terveystalo's aim is to
strengthen its market leader position in Finland by growing profitably
organically and possible acquisitions. The aim is to grow faster than market
growth during the strategy period. According to published studies, private
healthcare services are expected to grow by an average of nine percent annually.
Terveystalo has growth preconditions related particularly to occupational
healthcare services, outsourcing to the public sector and insurance company
cooperation.
The profitability target is to reach an operating profit level of over 10
percent towards the end of the strategy period. The growth strategy that focuses
on profitability benefits the customers, staff, entrepreneurs and shareholders.
The company ensures the availability of its services with an extensive national
unit network. Over the strategy period the focus growth areas are the Helsinki
region and other Finnish growth centers. The company's international operations
are small thus far and growth will continue focusing on Finland in the strategy
period. Expansion into adjacent geographical areas requires careful market
research. Should the preconditions for business growth exist, the company will
proceed one step at a time, acting either alone or together with a reliable
partner depending on the extent of the targeted operations.
Operational growth areas include deeper and more extensive cooperation with the
public sector and insurance companies, as well as producing comprehensive
services for employer companies and corporations in occupational healthcare
services. Reorganization of units and operations as well as unification of
operating methods improve Terveystalo's preconditions to create synergy
benefits, which better and more efficiently support the current and future needs
of the expanding operations. The aim of the company is to continue developing
the materialization of agreed on processes and operating methods throughout the
Group in line with its quality system and to develop its operations in a way
that benefits the entire Group.
In accordance with its customer strategy, Terveystalo offers healthcare,
occupational healthcare, research and hospital services to private individuals,
companies and other corporations, insurance companies and to public sector
actors. Customers are primarily offered comprehensive solutions. The aim is to
create customer benefits related to preventive healthcare and/or medical
treatment in a profitable and cost efficient way. Terveystalo wants to optimize
the sufficiency of its healthcare resources by offering each customer the best
possible level of expertise services that suits the customer's needs. Our aim is
to always ensure the best possible medical outcome. Good customer service aims
at ensuring good service availability. Terveystalo focuses on comprehensive
customer service and a nation-wide unit network to ensure extensive and
high-quality services. Customer satisfaction is measured regularly as part of
the company's quality system. The benefits for different customers and customer
groups are assessed and measured using suitable indicators. The strategy that
focuses on customer profitability benefits all stakeholders: customers, staff,
entrepreneurs and shareholders. It also enables continuous and long-term
development of operations, which helps create preconditions to introduce the
newest and best innovations in healthcare and medicine to Terveystalo's
customers.
In accordance with its service strategy, Terveystalo produces the most extensive
service selection available to its customers. The selection includes GP and
specialist services, hospital operations that focus on surgical operations,
occupational healthcare services including preventive healthcare and medical
treatment to employer companies and corporations, as well as extensive
diagnostics services. The aim of the extensive service selection is to produce
as extensive services as possible at the different units in view of the
population base. If necessary, customers are referred to the nearest larger unit
to ensure required expertise or special equipment and sufficient patient
volumes. Terveystalo is, in accordance with its vision, a forerunner. The
company tries to create customer benefits through its know-how center, clinic
and center concepts, by introducing new innovative treatments and by utilizing
the development of medical technology. An extensive service selection that
utilizes joint operating methods together with innovativeness creates a clear
competitive edge. Know-how and extensive expertise as well as good customer
service are also important success factors. Operations are monitored and
developed in accordance with the company's quality system in a way that
considers what is best for the Group. The interests of the patient - the best
possible care according to the customer's needs - are always of primary
importance in everything we do.
Short-term risks and uncertainty factors
The most significant risks related to Terveystalo's operations include risks
related to growth and acquisitions, financing related risks, social and
legislative risks, risks related to malpractice cases and liability for damages,
risks related to contracts, risks related to customer relationships, risks
related to personnel and risks related to technology - including functionality
of IT systems and information security. The aim is to manage these risks through
operation guidelines and rules or to transfer them to another party through
agreements and insurance policies. The company manages risks related to
financial costs and loan repayments for instance with interest rate hedging and
continued communication with the financers.
Short-term risks are also related to the effects of the launch of new clinics
and hospitals on the company's profitability in the short term if the
implementation of operations in the new premises does not progress as planned.
The purpose of the company's risk management is to systematically and
comprehensively identify risks associated with the operations, maintain
risk-awareness and ensure that risks are managed appropriately in making of
business decisions. In January-June 2008 the company continued developing its
systematic risk management and internal supervision processes and systems.
Outlook
According to published studies, private healthcare services are expected to grow
annually by an average of nine percent in the coming years. Terveystalo will
continue striving to grow faster than the average market growth in its sector.
The company still expects its whole year 2008 turnover to clearly exceed the
2007 level. The growth in turnover is mainly due the big acquisition in
September.
In the fall of 2007 the company launched an integration program to improve its
operational efficiency and profitability. The Group expects to reach annual
synergy benefits of EUR 3-5 million starting in 2008. The integration program
has progressed as planned and the company still expects its full year 2008
operating profit to clearly exceed the 2007 operating profit.
Financial reports 2008
Terveystalo will publish its January-September interim report on November 13,
2008 at around 1 p.m.
SUOMEN TERVEYSTALO GROUP
Suomen Terveystalo Oyj's 1.1.-30.6.2008 interim report has been compiled in
accordance with the recognition and measurement principles set out in the
International Financial Reporting Standards (IFRS) and applying the IAS 34
standard. When compiling this interim report the company has applied the same
principles as in the financial statement for the fiscal year that ended on
December 31, 2007 apart from the interest rate costs presented in cash flow from
financing in the cash flow statement.
The figures in the income statement and balance sheet are Group figures. All
integral Group companies are consolidated in the Group's interim report. The
interim report is unaudited.
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| CONSOLIDATED BALANCE SHEET, EUR 1,000 | | |
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--------------------------------------------------------------------------------
| ASSETS | 30.6.2008 | 30.6.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LONG-TERM ASSETS | | | |
--------------------------------------------------------------------------------
| Property, plant and | 57,573 | 47,748 | 58,926 |
| equipment | | | |
--------------------------------------------------------------------------------
| Goodwill | 146,724 | 41,943 | 147,042 |
--------------------------------------------------------------------------------
| Other intangible assets | 40,328 | 8,398 | 42,932 |
--------------------------------------------------------------------------------
| Investment property | 45 | 47 | 45 |
--------------------------------------------------------------------------------
| Investments in associates | 1,391 | 1,414 | 1,262 |
--------------------------------------------------------------------------------
| Receivables from | 17 | 17 | 17 |
| associates | | | |
--------------------------------------------------------------------------------
| Financial assets | 1,233 | 1,212 | 1,231 |
| available for sale | | | |
--------------------------------------------------------------------------------
| Deferred tax receivables | 4,564 | 2,826 | 4,924 |
--------------------------------------------------------------------------------
| TOTAL LONG-TERM ASSETS | 251,874 | 103,605 | 256,380 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Inventories | 2,131 | 1,780 | 2,102 |
--------------------------------------------------------------------------------
| Accounts receivable and | 32,652 | 15,936 | 24,928 |
| other receivables | | | |
--------------------------------------------------------------------------------
| Financial assets at fair | 1,662 | 391 | 397 |
| value through profit or | | | |
| loss | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 7,364 | 17,102 | 13,088 |
--------------------------------------------------------------------------------
| TOTAL CURRENT ASSETS | 43,809 | 35,209 | 40,516 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 295,683 | 138,814 | 296,896 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY AND | 30.6.2008 | 31.3.2007 | 31.12.2007 |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | | | |
--------------------------------------------------------------------------------
| Share capital | 681 | 680 | 681 |
--------------------------------------------------------------------------------
| Share premium account | 459 | 31,670 | 459 |
--------------------------------------------------------------------------------
| Unrestricted equity | 77,825 | 46,357 | 77,809 |
| reserve | | | |
--------------------------------------------------------------------------------
| Retained earnings | 2,176 | 5,268 | 889 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Minority interest | 1,706 | 2,011 | 1,682 |
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS' | 82,846 | 85,986 | 81,520 |
| EQUITY | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LONG-TERM LIABILITIES | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 12,259 | 3,637 | 12,492 |
--------------------------------------------------------------------------------
| Interest-bearing | 131,148 | 19,230 | 21,292 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Other liabilities | 440 | 446 | 459 |
--------------------------------------------------------------------------------
| TOTAL LONG-TERM | 143,847 | 23,313 | 34,243 |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Accounts payable and | 36,991 | 22,190 | 38,462 |
| other liabilities | | | |
--------------------------------------------------------------------------------
| Current tax liabilities | 257 | 333 | 195 |
--------------------------------------------------------------------------------
| Current interest-bearing | 31,741 | 6,991 | 142,476 |
| liabilities | | | |
--------------------------------------------------------------------------------
| TOTAL CURRENT LIABILITIES | 68,989 | 29,514 | 181,133 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL EQUITY AND | 295,683 | 138,814 | 296,896 |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED | 1.4.-| 1.4.-| 1.1.-| 1.1.-| 1.1.-|
| PROFIT AND LOSS | 30.6.2008| 30.6.2007| 30.6.2008| 30.6.2007| 31.12.2007|
| ACCOUNT, EUR 1,000 | | | | | |
--------------------------------------------------------------------------------
| Turnover | 55,844 | 28,297 | 108,713 | 57,561 | 140,719 |
--------------------------------------------------------------------------------
| Other operating | 253 | 399 | 2,906 | 564 | 1,049 |
| income | | | | | |
--------------------------------------------------------------------------------
| Share of profit of | 309 | 143 | 431 | 331 | 365 |
| associates | | | | | |
--------------------------------------------------------------------------------
| Raw material and | -9,194 | -4,686 | -16,546 | -9,296 | -23,955 |
| consumables used | | | | | |
--------------------------------------------------------------------------------
| Employee benefit | -24,980 | -12,396 | -50,478 | -24,338 | -63,476 |
| costs | | | | | |
--------------------------------------------------------------------------------
| Depreciation and | -4,703 | -2,678 | -10,039 | -5,137 | -14,134 |
| impairment | | | | | |
--------------------------------------------------------------------------------
| Other operating | -15,377 | -8,825 | -28,484 | -16,835 | -40,166 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| OPERATING PROFIT | 2,151 | 254 | 6,593 | 2,849 | 401 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 2,211 | 302 | 1,535 | 321 | 564 |
--------------------------------------------------------------------------------
| Financial expenses | -3,054 | -421 | -6,308 | -1,296 | -5,092 |
--------------------------------------------------------------------------------
| PROFIT BEFORE | 1,307 | 135 | 1,821 | 1,875 | -4,126 |
| TAXES | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income taxes | -805 | -49 | -498 | -472 | 1,146 |
--------------------------------------------------------------------------------
| PROFIT FOR THE | 502 | 87 | 1,323 | 1,403 | -2,980 |
| PERIOD | | | | | |
--------------------------------------------------------------------------------
| Attributable to: | | | | | |
--------------------------------------------------------------------------------
| Parent group | 377 | 31 | 1,286 | 1,249 | -3,088 |
| owners | | | | | |
--------------------------------------------------------------------------------
| Minority interest | 125 | 56 | 36 | 154 | 107 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share calculated on the earnings belonging to the owners of |
| the parent company (EUR) |
--------------------------------------------------------------------------------
| Undiluted | 0.01 | 0.00 | 0.02 | 0.02 | -0.05 |
--------------------------------------------------------------------------------
| Diluted | 0.01 | 0.00 | 0.02 | 0.02 | -0.05 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONDENSED CASH FLOW STATEMENT | | |
--------------------------------------------------------------------------------
| EUR 1,000 | 1.1.-| 1.1.-| 1.1.-|
| | 30.6.2008| 30.6.2007| 31.12.2007|
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operations | | | |
--------------------------------------------------------------------------------
| Profit for the period | 1,323 | 1,403 | -2,980 |
--------------------------------------------------------------------------------
| Adjustments to the profit for | 12,531 | 6,229 | 17,052 |
| the period | | | |
--------------------------------------------------------------------------------
| Change in working capital | -5,236 | 179 | -3,231 |
--------------------------------------------------------------------------------
| Interest received | 38 | 309 | 514 |
--------------------------------------------------------------------------------
| Taxes paid | -210 | -1,108 | -1,870 |
--------------------------------------------------------------------------------
| Net cash flow from operations | 8,446 | 7,012 | 9,485 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investments | | | |
--------------------------------------------------------------------------------
| Acquired operations | 0 | -728 | -130,236 |
--------------------------------------------------------------------------------
| Investments in tangible and | -5,623 | -8,377 | -15,455 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Disposal of associates | 0 | 0 | 123 |
--------------------------------------------------------------------------------
| Income from business operation | 3,339 | 0 | 0 |
| divestments | | | |
--------------------------------------------------------------------------------
| Gains on disposal of assets | 452 | 100 | 335 |
--------------------------------------------------------------------------------
| Dividends received | 370 | 388 | 465 |
--------------------------------------------------------------------------------
| Net cash flow from investments | -1,401 | -8,617 | -144,768 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing | | | |
--------------------------------------------------------------------------------
| Share issue payments | 0 | 48,413 | 48,187 |
--------------------------------------------------------------------------------
| Costs of issuing equity | 0 | -2,020 | -2,065 |
--------------------------------------------------------------------------------
| Withdrawals of loans | 8,000 | 1,462 | 134,829 |
--------------------------------------------------------------------------------
| Repayment of loans | -8,196 | -32,351 | -33,191 |
--------------------------------------------------------------------------------
| Interest paid | -10,326 | -1,496 | -2,327 |
--------------------------------------------------------------------------------
| Repayment of finance lease | -2,233 | -1,871 | -3,603 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Dividends paid | -14 | -2 | -29 |
--------------------------------------------------------------------------------
| Net cash flow from financing | -12,769 | 12,135 | 141,800 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liquid assets at beginning of | 13,088 | 6,571 | 6,571 |
| period | | | |
--------------------------------------------------------------------------------
| Liquid assets at end of period | 7,364 | 17,102 | 13,088 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CALCULATION OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY 1.1. - 30.6.2008 |
--------------------------------------------------------------------------------
| EUR 1,000 | Share | Share | Unrestr | Retained | Minority | Total |
| | capit | premium | icted | earnings | interest | |
| | al | account | equity | | | |
| | | | reserve | | | |
--------------------------------------------------------------------------------
| Shareholders' | 681 | 459 | 77,809 | 889 | 1,682 | 81,520 |
| equity | | | | | | |
| Jan 1, 2008 | | | | | | |
--------------------------------------------------------------------------------
| Option program | 0 | 0 | 16 | 0 | 0 | 16 |
--------------------------------------------------------------------------------
| Profit for the | 0 | 0 | 0 | 1,287 | 36 | 1,323 |
| period | | | | | | |
--------------------------------------------------------------------------------
| Redeemed | 0 | 0 | 0 | 0 | -12 | -12 |
| subsidiary | | | | | | |
| minorities | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 681 | 459 | 77,825 | 2,176 | 1,706 | 82,847 |
| equity | | | | | | |
| June 30, 2008 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CALCULATION OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY 1.1. - 30.6.2007 |
--------------------------------------------------------------------------------
| EUR 1,000 | Share | Share | Share | Unrestr | Retain | Minori | Total |
| | capit | premium | issue | icted | ed | ty | |
| | al | account | | equity | earnin | intere | |
| | | | | reserve | gs | st | |
--------------------------------------------------------------------------------
| Shareholders' | 472 | 31,211 | 315 | 630 | 4,021 | 1,892 | 38,541 |
| equity | | | | | | | |
| Jan 1, 2007 | | | | | | | |
--------------------------------------------------------------------------------
| Costs of | 0 | 0 | 0 | -2,728 | 0 | 0 | -2,728 |
| issuing | | | | | | | |
| equity | | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | 0 | 0 | 0 | 709 | 0 | 0 | 709 |
| on costs of | | | | | | | |
| issuing | | | | | | | |
| equity | | | | | | | |
--------------------------------------------------------------------------------
| Rights issue | 200 | 0 | 0 | 47,746 | 0 | 0 | 47,946 |
--------------------------------------------------------------------------------
| Dividend | 0 | 0 | 0 | 0 | -2 | 0 | -2 |
--------------------------------------------------------------------------------
| Unsubscribed | 0 | 0 | -315 | 0 | 0 | 0 | -315 |
| share issue | | | | | | | |
--------------------------------------------------------------------------------
| Conversion of | 8 | 459 | 0 | 0 | 0 | 0 | 467 |
| convertible | | | | | | | |
| bond into | | | | | | | |
| shares | | | | | | | |
--------------------------------------------------------------------------------
| Profit for | 0 | 0 | 0 | 0 | 1,249 | 154 | 1,403 |
| the period | | | | | | | |
--------------------------------------------------------------------------------
| Minority | 0 | 0 | 0 | 0 | 0 | -35 | -35 |
| interests in | | | | | | | |
| acquisitions | | | | | | | |
| and other | | | | | | | |
| changes | | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 680 | 31,670 | 0 | 46,357 | 5,268 | 2,011 | 85,986 |
| equity | | | | | | | |
| March 31, 2007| | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SEGMENT | 1.4.-| 1.4.-| 1.1.-| 1.1.-| 1.1.-|
| REPORTING, | 30.6.2008| 30.6.2007| 30.6.2008| 30.6.2007| 31.12.2007|
| 1,000 EUR | | | | | |
--------------------------------------------------------------------------------
| Turnover by segment | | | | |
--------------------------------------------------------------------------------
| Occupational | 37,067 | 8,787 | 68,868 | 18,077 | 63,808 |
| Healthcare | | | | | |
| segment | | | | | |
--------------------------------------------------------------------------------
| Clinics and | 17,881 | 14,080 | 36,187 | 27,609 | 54,897 |
| Hospitals segment | | | | | |
--------------------------------------------------------------------------------
| Diagnostics | 6,756 | 8,357 | 14,402 | 16,558 | 32,489 |
| segment | | | | | |
--------------------------------------------------------------------------------
| Others | 958 | 978 | 2,035 | 2,025 | 2,667 |
--------------------------------------------------------------------------------
| Eliminations | -6,819 | -3,905 | -12,780 | -6,708 | -13,142 |
--------------------------------------------------------------------------------
| Total turnover | 55,844 | 28,297 | 108,713 | 57,561 | 140,719 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit by segment | | | | |
--------------------------------------------------------------------------------
| Occupational | 3,459 | -787 | 6,068 | -440 | -2,929 |
| Healthcare | | | | | |
| segment | | | | | |
--------------------------------------------------------------------------------
| Clinics and | 3,099 | 4,191 | 6,286 | 7,327 | 11,310 |
| Hospitals segment | | | | | |
--------------------------------------------------------------------------------
| Diagnostics | 899 | 602 | 4,954 | 1,856 | 4,225 |
| segment | | | | | |
--------------------------------------------------------------------------------
| Others | -5,307 | -3,752 | -10,716 | -5,893 | -12,204 |
--------------------------------------------------------------------------------
| Total operating | 2,151 | 254 | 6,593 | 2,849 | 401 |
| profit | | | | | |
--------------------------------------------------------------------------------
| Operating | 3.9 | 0.9 | 6.1 | 4.9 | 0.3 |
| profit/turnover,% | | | | | |
| | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | -843 | -119 | -4,773 | -975 | -4,528 |
| and expenses | | | | | |
--------------------------------------------------------------------------------
| Profit before tax | 1,307 | 135 | 1,821 | 1,875 | -4,126 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Taxes | -805 | -49 | -498 | -472 | 1,146 |
--------------------------------------------------------------------------------
| PROFIT FOR THE | 502 | 87 | 1,323 | 1,403 | -2,980 |
| PERIOD | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED PROFIT AND LOSS ACCOUNT, BY QUARTER, EUR 1,000 | |
--------------------------------------------------------------------------------
| | 1.4.-| 1.1.-| 1.10.-| 1.7.-| 1.4.-|
| | 30.6.2008| 31.3.2008| 31.12.2007| 30.9.2007| 30.6.2007|
--------------------------------------------------------------------------------
| Turnover | 55,844 | 52,868 | 52,923 | 30,236 | 28,297 |
--------------------------------------------------------------------------------
| Other | 253 | 2,653 | 321 | 164 | 399 |
| operating | | | | | |
| income | | | | | |
--------------------------------------------------------------------------------
| Share in | 309 | 122 | -50 | 83 | 143 |
| associated | | | | | |
| companies | | | | | |
| income | | | | | |
--------------------------------------------------------------------------------
| Raw material | -9,194 | -7,262 | -9,780 | -4,879 | -4,686 |
| and | | | | | |
| consumables | | | | | |
| used | | | | | |
--------------------------------------------------------------------------------
| Employee | -24,980 | -25,497 | -24,271 | -14,854 | -12,396 |
| benefit | | | | | |
| costs | | | | | |
--------------------------------------------------------------------------------
| Depreciation | -4,703 | -5,336 | -5,290 | -3,707 | -2,678 |
--------------------------------------------------------------------------------
| Other | -15,377 | -13,107 | -13,766 | -9,579 | -8,825 |
| operating | | | | | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| OPERATING | 2,151 | 4,442 | 87 | -2,536 | 254 |
| PROFIT | | | | | |
--------------------------------------------------------------------------------
| Financial | 2,211 | 93 | 141 | 101 | 302 |
| income | | | | | |
--------------------------------------------------------------------------------
| Financial | -3,054 | -4,022 | -2,771 | -1,025 | -421 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Profit | 1,307 | 513 | -2,542 | -3,459 | 135 |
| before tax | | | | | |
--------------------------------------------------------------------------------
| Income taxes | -804 | -1,371 | 680 | 938 | -49 |
--------------------------------------------------------------------------------
| PROFIT FOR | 502 | -858 | -1,862 | -2,522 | 87 |
| THE PERIOD | | | | | |
--------------------------------------------------------------------------------
| Attributable | | | | | |
| to: | | | | | |
--------------------------------------------------------------------------------
| Parent | 377 | -769 | -1,810 | -2,527 | 31 |
| company | | | | | |
| shareholders | | | | | |
--------------------------------------------------------------------------------
| Minority | 125 | -89 | -52 | 5 | 56 |
| interest | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OTHER INFORMATION | 1.1.-| 1.1.-| 1.1.-|
| | 30.6.2008| 30.6.2007| 31.12.2007|
--------------------------------------------------------------------------------
| Average personnel | 2,365 | 1,354 | 1,689 |
--------------------------------------------------------------------------------
| Personnel at end of period | 2,328 | 1,447 | 2,398 |
--------------------------------------------------------------------------------
Calculation of financial ratios:
Return on equity, % =
100 x (Profit before tax - direct taxes)/
(Shareholders' equity + minority interest (average))
Return on investment, % =
100 x (Profit before tax + interest expenses + other financial expenses)/
(Balance sheet total - non-interest-bearing liabilities (average))
Capital adequacy, % =
100 x (shareholders' equity + minority interest) / (Balance sheet total -
advances received)
Net gearing =
(Interest-bearing liabilities - liquid assets) /
(Shareholders' equity + minority interest)
Undiluted earnings per share =
(Profit before tax - minority interest - income taxes) /
Weighted average number of outstanding shares
Diluted earnings per share =
(Profit before tax - minority interest - income taxes) /
Weighted average number of outstanding shares adjusted for dilution
Equity per share =
Shareholders' equity /
Undiluted number of shares at end of the review period
Quick ratio =
Financial assets / (Short term liabilities - advances received)
SUOMEN TERVEYSTALO OYJ
Board of Directors
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Managing Director Martti Kiuru, tel. 030 63 311, martti.kiuru@terveystalo.com
CFO Jukka Yli-Hankala, tel. +358 400 96 2212, jukka.yli-hankala@terveystalo.com
The bulletin and tables are available at: http://www.terveystalo.com
Terveystalo:
Terveystalo is Finland's leading healthcare service company offering versatile
healthcare, occupational healthcare, diagnostic and hospital services. The
company has more than 100 units across the country. Terveystalo, which was
founded in 2001, has grown strongly. The company share is listed on the OMX
Nordic Exchange Helsinki under the code SUT1V.
The statements about the future are based on the situation when this bulletin
was published and the actual outcome may differ from the statements. Anything in
this bulletin that is not historical fact is a statement about the future.
Statements about the future contain known and unknown risks, uncertainties and
other factors that may lead to considerable deviation in Terveystalo Group's
actual earnings, operations and accomplishments compared to any statements
related to future earnings, operations and accomplishments included in such a
statement on the future. Such factors include general economic and operating
environment-related conditions, additions and changes to the competitive
situation, the company's ability to utilize its investments and implement its
integration program and its business strategy.
Distribution:
OMX Nordic Exchange Helsinki
Principal media