SUOMEN TERVEYSTALO OYJ INTERIM REPORT
November 13, 2008 at 1.00 p.m.
Terveystalo's interim report January 1 - September 30, 2008
Suomen Terveystalo Oyj´s January-September 2008 turnover and operating result
increased considerably; turnover was EUR 154.5 million and operating result was
EUR 5.0 million.
- January-September 2008 (January-September 2007):
-- Turnover EUR 154.5 million (87.8). Growth is mainly due to a large
acquisition carried out in September 2007.
-- Operating result EUR 5.0 million (0.3). Operating result excluding one-off
items was EUR 3.7 million.
- In July-September, operating result grew by 38.2 percent from the
corresponding period last year, in line with normal seasonality, operating
result was negative due to the vacation season.
- Terveystalo still expects its full-year 2008 turnover and operating result to
be clearly above the 2007 turnover and operating result.
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| KEY FIGURES | 1.7.- | 1.7.- | 1.1.- | 1.1.- | 1.1.- |
| | 30.9.2008| 30.9.2007| 30.9.2008| 30.9.2007 | 31.12.2007|
| | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Turnover, EUR 1,000 | 45,821 | 30,236 | 154,534 | 87,796 | 140,719 |
--------------------------------------------------------------------------------
| Operating result, | -1,567 | -2,536 | 5,026 | 313 | 401 |
| EUR 1,000 | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, | -0.09 | -0.04 | -0.07 | -0.02 | -0.05 |
| EUR | | | | | |
--------------------------------------------------------------------------------
| Equity per share, | 1.22 | 1.24 | 1.22 | 1.24 | 1.20 |
| EUR | | | | | |
--------------------------------------------------------------------------------
| Net gearing, % | 189.3 | 173.2 | 189.3 | 173.2 | 184.8 |
--------------------------------------------------------------------------------
| Return on | -4.4 | -5.7 | 2.9 | 0.6 | 0.6 |
| investment, % | | | | | |
| (ROI)* | | | | | |
--------------------------------------------------------------------------------
| Return on equity, % | -29.4 | -16.9 | -7.7 | -2.5 | -5.0 |
| (ROE)* | | | | | |
--------------------------------------------------------------------------------
| Capital adequacy, % | 27.2 | 29.1 | 27.2 | 29.1 | 27.5 |
--------------------------------------------------------------------------------
| Operating result / | -3.4 | -8.4 | 3.3 | 0.4 | 0.3 |
| turnover, % | | | | | |
--------------------------------------------------------------------------------
* The income statement figures used to calculate ROI and ROE have been
annualized.
Suomen Terveystalo Oyj Group's (Terveystalo) turnover increased in
January-September 2008 by 76.0 percent compared to the corresponding period in
the previous year and amounted to EUR 154.5 million (EUR 87.8 million in
January-September 2007). Turnover growth is mainly due to a large acquisition
carried out in September 2007. Operating result grew by 1,505.8 percent and
amounted to EUR 5.0 million (0.3). Excluding one-off items operating result grew
by 1,096.8 percent and was EUR 3.7 million.
Managing Director Martti Kiuru:
”Our business continued to grow and we managed to further improve our
profitability in July-September. In line with normal seasonality, operating
result in the third quarter was negative due to the vacation season. The
integration program that we launched in fall 2007 progressed as planned. Slowing
economy did not impact the demand for Terveystalo´s healthcare services in
July-September.”
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. 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.
Terveystalo, which was founded in 2001, became in 2007 Finland's leading
healthcare sector company in terms of turnover and the extent of operations.
1.7.-30.9.2008
In July-September 2008, Terveystalo's turnover grew by 51.5 percent compared to
the corresponding period last year and amounted to EUR 45.8 million (EUR 30.2
million in July-September 2007). The growth in turnover was mainly contributable
to the operations of Medivire Työterveyspalvelut Oy, which merged with
Terveystalo Group in September 2007.
Operating result grew by 38.2 percent from the corresponding period last year
and was EUR -1.6 million, i.e. -3.4 percent of turnover (EUR -2.5 million, -8.4
% in July-September 2007). Growth in operating result was affected by turnover
growth and the implemented integration measures that have included increased
efficiency and unification of procedures as well as merging of units. Operating
result includes one-off expense item on subscription rights issue amounting to
EUR 0.2 million.
In July-September 2008, a total of EUR -1.3 million in net financial costs from
interest rate hedging instruments was recognized in financial items. Cost item
has been presented in financial income where net financial income of the
instruments in question has been presented in January-June 2008.
1.1.-30.9.2008
In January-September 2008, Terveystalo's turnover grew by 76.0 percent compared
to the corresponding period last year and amounted to EUR 154.5 million (EUR
87.8 million in January-September 2007). The growth in turnover was mainly
contributable to the operations of Medivire Työterveyspalvelut Oy, which merged
with the Group in September 2007.
Operating result grew by 1,505.8 percent from the corresponding period last year
and was EUR 5.0 million, i.e. 3.3 percent of turnover (EUR 0.3 million, 0,4% in
January-September 2007). Excluding one-off items, operating result grew by
1,096.8 percent and amounted to EUR 3.7 million representing 2.4 percent of
turnover. One-off items during the period included a EUR 2.1 million sales gain
reported in January-March from the sale of the central laboratory business, and
a EUR 0.7 million cost item reported in April-June mainly related to an
arbitration case of a copyright dispute related to the patient information
system and an expense item on subscription rights issue amounting to EUR 0.2
million reported in July-September.
In January-September 2008, a total of EUR 0.2 million in net financial income
from interest rate hedging instruments was recognized in financial items.
Earnings' belonging to the parent company owners was EUR -4.8 million, or
-3.1 percent of turnover (EUR -1.3 million, -1.5%). Earnings per share
calculated from earnings belonging to the owners of the parent company were EUR
-0.07 (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. As of
January 1, 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 healthcare 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 Unallocated items.
Unallocated items also includes the costs from Group functions (HR, quality,
sales, finance, ICT and communications) and national call center (appointment
and customer service operations), as well as costs deriving from group structure
creation and the Group's integration program.
Occupational Healthcare segment
In January-September, Terveystalo continued renewing and unifying of the
occupational healthcare processes, operations model and agreement templates.
Clinics and Hospitals segment
In January-September, Terveystalo continued developing its GP and specialist and
hospital services and unifying the operational models for instance by opening
new clinics according to the company´s clinic concept in connection with its
clinic-hospitals and largest clinics. In August, surgery operations began in the
new clinic-hospital opened in Rovaniemi in April.
Diagnostics segment
In January-September, Terveystalo continued the unification of the diagnostic
service processes and operational models.
Turnover by segment
In January-September 2008 the Occupational Healthcare segment's share of
turnover was 56.4 percent, the Clinics and Hospitals segment's share was 29.9
percent and the Diagnostics segment's share was 12.0 percent.
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| Turnover by segment | | | | |
--------------------------------------------------------------------------------
| EUR 1,000 | 1.7.- | 1.7.- | 1.1.- | 1.1.- | 1.1.- |
| | 30.9.2008| 30.9.2007| 30.9.2008| 30.9.2007 | 31.12.2007|
| | | | | | |
--------------------------------------------------------------------------------
| Occupational | 28,624 | 12,757 | 97,492 | 30,834 | 63,808 |
| Healthcare segment | | | | | |
--------------------------------------------------------------------------------
| Clinics and | 15,518 | 14,973 | 51,705 | 42,582 | 54,897 |
| Hospitals segment | | | | | |
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| Diagnostics segment | 6,270 | 5,128 | 20,672 | 21,686 | 32,489 |
--------------------------------------------------------------------------------
| Unallocated | 869 | 587 | 2,904 | 2,612 | 2,667 |
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| Group eliminations | -5,461 | -3,208 | -18,241 | -9,916 | -13,142 |
--------------------------------------------------------------------------------
| Group total | 45,821 | 30,236 | 154,534 | 87,796 | 140,719 |
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The reference data for the segments has been adjusted to correspond with the
segment division adopted from the beginning of 2008. In 2007, the business
operations were divided into two segments: the Clinics and Hospitals segment and
the Diagnostics segment. Starting from the beginning of 2008, the business
operations have been divided into three business segments: Occupational
Healthcare segment, Clinics and Hospitals segment and Diagnostics segment. The
Unallocated items include the Group's share of the operations of the AVA clinic
that focuses on fertilization treatment.
Operating result by segment
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| Operating result by segment | | | | |
--------------------------------------------------------------------------------
| EUR 1,000 | 1.7.- | 1.7.- | 1.1.- | 1.1.- | 1.1.- |
| | 30.9.2008| 30.9.2007| 30.9.2008| 30.9.2007 | 31.12.2007|
| | | | | | |
--------------------------------------------------------------------------------
| Occupational | 706 | -561 | 6,774 | -1,001 | -2,929 |
| Healthcare segment | | | | | |
--------------------------------------------------------------------------------
| Clinics and | 853 | 793 | 7,139 | 8,120 | 11,310 |
| Hospitals segment | | | | | |
--------------------------------------------------------------------------------
| Diagnostics segment | 484 | 651 | 5,438 | 2,507 | 4,225 |
--------------------------------------------------------------------------------
| Unallocated | -3,608 | -3,419 | -14,324 | -9,312 | -12,204 |
--------------------------------------------------------------------------------
| Group total | -1,567 | -2,536 | 5,026 | 313 | 401 |
--------------------------------------------------------------------------------
The reference data for the segments has been adjusted to correspond with the
segment division adopted from the beginning of 2008. In 2007, the business
operations were divided into two segments: the Clinics and Hospitals segment and
the Diagnostics segment. Starting from the beginning of 2008, the business
operations have been divided into three business segments: Occupational
Healthcare segment, Clinics and Hospitals segment and Diagnostics segment.
The operating result for January-September 2008 of the Occupational Healthcare
segment includes a EUR 0.5 million one-off expense item and the operating result
of the Clinics and Hospitals segment includes a EUR 0.2 million one-off expense
item. The January-September 2008 operating result of the Diagnostics segment
includes a EUR 2.1 million one-off sales gain. Unallocated items in
July-September includes a EUR 0.2 million expense item related to the
subscription rights issue. The costs from Group functions (HR, quality,
finance, IT and communications), the national call center (booking and customer
service) operations, formation of Group structure and the Group's integration
program are reported as Unallocated items. The biggest cost items causing the
EUR 14.3 million operating loss in Unallocated items 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 fertilization treatment
operations reported as an Unallocated item did not have a significant effect on
the operating result in January-September 2008.
Return on assets
Annualized return on investments (ROI) in January-September 2008 was 2.9 percent
(0.6% in January-September 2007). Annualized return on equity (ROE) was -7.7
percent (-2.5%).
Investments
In January-September 2008, Terveystalo continued investing in developing its
offices. In July-September 2008, the Group equipped for instance the surgery
ward at the Rovaniemi clinic-hospital opened in April and the premises of the
national Call Center located in Kristiinankaupunki.
Balance sheet and financing
At the end of September 2008, the balance sheet total was EUR 305.4 million (EUR
288.7 million at the end of September 2007).
On September-October 2008 Terveystalo carried out a subscription rights issue.
Total equity on September 30, 2008 includes EUR 6.2 million of the net funds
raised on the subscription rights issue.
At the end of September 2008, Terveystalo Group's Quick Ratio was 0.7 (0.8 at
the end of September 2007). The Group's liquid assets, including financial
securities, amounted to EUR 17.2 million (12.1) at the end of September. During
January-September 2008, the company withdrew new interest bearing loans of EUR
18.0 million, repaid interest bearing loans by EUR 11.7 million and paid EUR
13.3 million of interests. Net gearing was 189.3 percent at the end of the
review period (173.2%).
The company has agreed on the covenant levels related to its financing
agreements with its principal financers in June 2008. The capital in financial
liabilities to which the covenants apply was EUR 134.5 million on September 30,
2008. The company's interest margin from October 1, 2008 is 2.25 percent. The
average rate percentage during the period January 1 - September 30, 2008 was
6.90.
Cash flow
In January-September 2008, operational cash flow was EUR 9.2 million (EUR 2.5
million in January-September 2007). In accordance with the presentation allowed
by IAS 7, paid interest has been presented in cash flow from financing,
deviating from the reporting practices in the previous fiscal period, and the
comparison data for January 1 - September 30, 2008 and 2007 have been adjusted
accordingly.
Personnel
The average number of personnel in January-September 2008 was 2,350 (1,461 in
average in January-September 2007 and 1,689 in average in 2007). At the end of
September 2008, the number of personnel was 2,316 (2,338 at the end of
September 2007 and 2,398 at the end of 2007).
In connection with the integration program initiated in Terveystalo Group in the
fall of 2007, the Group's man-years in administrative positions and in support
functions in regional and unit-level organizations had decreased by
approximately 90 man-years by the end of September 2008.
At the end of September 2008, more than 2,000 private practitioners operated on
the company's premises.
Group structure
At the end of September 2008, Terveystalo Group consisted of the parent company,
Suomen Terveystalo Oyj, and its 34 subsidiaries. No acquisitions of businesses
or business operations outside the Group were made in July-September 2008.
The Group is continuing to simplify the Group structure and lighten the
administrative structure through the merging of subsidiaries. The goal is to
centralize operative business into one subsidiary in the future. The mergers are
expected to be completed on January 2, 2009, when a total of 17 Terveystalo
Group companies will be merged with another Group company as follows: Suomen
Terveystalo Työterveys Oy will merge with Medivire TTP Holding Oy, Pohjanmaan
Röntgen Oy with Oy Työterveyshuolto Medicentra Företagshälsovård Ab,
Magneettikymi Oy with Tietotomo Oy, Joensuun Röntgen Oy with 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 with
Suomen Terveystalo Diagnostiikka Oy. Simultaneously, Suomen Terveystalo Oyj's
operative business is to be transferred to Suomen Terveystalo Diagnostiikka Oy
in a business operation transaction.
Organization
As part of an integration plan that began in the fall of 2007 and 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
September 2008, Terveystalo had over 100 units in over 50 cities across Finland.
A year before, there were over 150 units.
Subscription Rights issue
On September 1, 2008, Suomen Terveystalo Oyj's Extraordinary General Meeting
(EGM) unanimously authorized the Board of Directors to decide on a share issue
and granting options and other special rights entitling to shares in accordance
with Chapter 10 Section 1 of the Companies Act so that, based on the
authorization, a total of 30,000,000 new shares are issued at most. The Board of
Directors, within the limits of the above-mentioned authorization, was granted
the right to decide on all the terms related to the share issue and special
rights entitling to shares, on whether the subscription price will be registered
as an increase in the share capital partly or in full in the invested
unrestricted equity fund. In accordance with the authorization, and deviating
from the shareholders' pre-emptive subscription right, the share issue and
granting of special rights entitling to shares can also be directed towards the
company's current shareholders and new investors in order to expand the
company's ownership base, finance investments and maintain and increase the
company's capital adequacy, based on which the deviation from the pre-emptive
subscription right has a weighty financial reason from the company's viewpoint.
The authorizations granted to the Board of Directors by the Annual General
Meeting (AGM) on May 28, 2007, remain valid for unutilized parts. The
authorizations are valid until the Annual General Meeting to be held in 2009.
The Financial Supervision Authority approved Suomen Terveystalo Oyj's Securities
Markets Act accordant Registration Document on September 5, 2008.
On September 15, 2008, the Board of Directors of Suomen Terveystalo Oyj decided
upon a subscription right issue of approximately EUR 30.0 million. Terveystalo
offered a maximum of 27,256,665 new shares in the Share Issue based on its
shareholders' subscription privilege. The subscription price was EUR 1.10 per
share.
The Financial Supervision Authority approved Suomen Terveystalo Oyj's Securities
Markets Act accordant securities notes and summaries related to the subscription
right issue on September 19, 2008. The subscription period for the subscription
right issue was September 24 - October 8, 2008.
In July-September 2008, items relating to subscription rights issue was
expensed by EUR 0.2 million and EUR 0.8 were booked on deduction of
unrestricted equity reserve.
Shares and share capital
At the end of September, 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-September 2008, the highest share price was EUR 1.99 and the lowest
was EUR 1.05. In January-September, the trading-weighted average share price was
EUR 1.59 and the closing price on September 30, 2008, was EUR 1.10. In
January-September, 6,012,385 shares were exchanged, which corresponds to 8.8
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 September 30, 2008,
was EUR 75.0 million. At the end of the review period in September, the company
had a total of 6,888 share holders (6,510 at the end of 2007).
Suomen Terveystalo Oyj owns 40,400 of its own shares. In addition, the
subsidiary Nova Clinic Oy owns a total of 15,291 parent company shares. The
total number of these shares corresponds with 0.08 percent of all shares and
votes at the end of the review period.
Changes to the terms of option rights
On September 15, 2008, in order to ensure equal treatment of option holders and
shareholders, Terveystalo's Board of Directors decided upon changes to the terms
and conditions of options because of the Share Issue arranged in
September-October. The number of options was changed so that each option 2008A,
2008B and 2008C entitles subscription for 1.40 shares. The subscription price
of a share to be subscribed for on the basis of an option is based on the
prevailing market price of the Company's share on the Helsinki Stock Exchange
in January-March 2008, 2009 and 2010. However, the subscription price of a
share to be subscribed for based on the option 2008A will be at least EUR
1.8571. In the share subscription, the total number of shares subscribed for by
option holders will be rounded downwards into full shares. The total
subscription price is calculated using the rounded number of shares and rounded
off to the closest cent.
The changes to the terms of the option rights presented above were registered
in the trade register on October 15, 2008.
Events after the review period
A total of 12,964,758 shares were subscribed for in Suomen Terveystalo Oyj's
share issue that ended on October 8, 2008. Of these, 7,510,922 were subscribed
for with primary subscription rights and 198,373 with secondary subscription
rights. In addition, Ilmarinen Mutual Pension Insurance Company and Varma Mutual
Pension Insurance Company, in accordance with their subscription guarantee,
subscribed for unsubscribed Shares on the basis of the Primary Subscription
Right and the Secondary Subscription Right. Ilmarinen Mutual Pension Insurance
Company subscribed for a total of 1,994,608 shares and Varma Mutual Pension
Insurance Company subscribed for a total of 3,260,855 shares.
The shares issued correspond with approximately 19 percent of Suomen Terveystalo
Oyj's total number of shares and the votes they generate prior to the issue and
approximately 16 percent after the issue.
Terveystalo collected a total gross sum of EUR 14.3 million in the share issue.
On October 13, 2008, the Board of Directors of Suomen Terveystalo Oyj approved
all primary and secondary subscriptions made in the share issue arranged between
September 24 and October 8, 2008, as well as the subscriptions based on
subscription guarantees made by Ilmarinen Mutual Pension Insurance Company and
Varma Mutual Pension Insurance Company in accordance with the terms of the share
issue.
As a result of the subscription rights issue after the new shares were entered
into the trade register on October 15, 2008, the company's share capital is EUR
811,064.21 and the number of shares is 81,106,421.
After the subscription rights issue, Varma Mutual Pension Insurance Company's
share of Suomen Terveystalo Oyj's entire stock and votes rose above one-tenth
(1/10). Varma Mutual Pension Insurance Company owns 11,354,899 Suomen
Terveystalo Oyj shares, which represents 14.0 percent of Suomen Terveystalo
Oyj's total shares and the votes they generate.
After the subscription rights issue, Ilmarinen Mutual Pension Insurance
Company's share of Suomen Terveystalo Oyj's entire stock and votes rose above
one-tenth (1/10). Ilmarinen Mutual Pension Insurance Company owns 11,354,899
Suomen Terveystalo Oyj shares, which represents 14.0 percent of Suomen
Terveystalo Oyj's total shares and the votes they generate.
After the subscription rights issue, Infosto Research & Development Oy Ltd's
share of Suomen Terveystalo Oyj's entire stock and votes rose above
one-twentieth (1/20) Infosto Research & Development Oy Ltd owns 3,543,827 Suomen
Terveystalo Oyj shares, which represents 4.37 percent of Suomen Terveystalo
Oyj's total shares and the votes they generate
All shares subscribed for in the share issue were entered into the trade
register on October 15, 2008, after which the temporary shares were combined
with Suomen Terveystalo's share type.
On October 15, 2008, Suomen Terveystalo Oyj had a total of 6,932 shareholders.
The temporary shares and the shares subscribed for based on secondary
subscription rights are traded on NASDAQ OMX in Helsinki together with the old
shares, starting on October 16, 2008.
After the subscription rights issue, a total of 12,544,035 shares of the
authorizations concerning a share issue and granting of special rights entitling
to shares given to the Board of the Directors by the AGM on May 28, 2007, and
the EGM on September 1, 2008, remain unutilized.
Short-term risks and uncertainty factors
The most significant risks related to Terveystalo's operations include risks
related to growth and acquisitions, like the risk of unrealized growth
expectations which could lead to impairment of the goodwill in the consolidated
balance sheet. Risks also include 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-September 2008 the company continued developing
its systematic risk management and internal supervision processes and systems.
Outlook
According to published research, private healthcare services are expected to
continue growing in future years at an average annual rate of nine percent.
Based on the company´s view, the continued deterioration of the over-all
economic situation could possibly also affect the demand for the private
healthcare services in Finland. Terveystalo will continue striving to grow
faster than the average market growth in private healthcare sector.
In the fall of 2007, Terveystalo launched an integration program to improve its
operational efficiency and profitability and expected to reach annual synergy
benefits of EUR 3-5 million starting mainly as of 2008. The integration program
progressed as planned also in July-September. From the end of September 2007 to
the end of September 2008, the Group's man-years mainly in administrative
positions and in support functions in regional and unit-level organizations had
decreased by approximately 90 man-years. From the end of September 2007 by the
end of 2008, the company continues to expect the reduction of operational
overlaps and restructuring of units and operations to result in a total
reduction of Group man-years by approximately 100 man-years. The synergy
benefits from the reduction in man-years realized by the end of September 2008
will materialize in full first once all terms of notice have ended in the first
half of 2009.
Terveystalo still expects its 2008 turnover and operational result to clearly
exceed the 2007 turnover and operational result. Turnover growth is mainly due
to a large acquisition carried out in September 2007.
SUOMEN TERVEYSTALO GROUP
Suomen Terveystalo Oyj's 1.1.-30.9.2008 interim report has been compiled in
accordance with the recognition and measurement principles set out in the
International Financial Reporting Standards (IFRS) but not all of the
requirements set by the IAS 34, Interim Financial Reporting standard have been
applied. 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 reference data for the segments has
been adjusted to correspond with the segment division adopted from the beginning
of 2008.
The figures in the income statement and balance sheet are Group figures. All
significant Group companies are consolidated in the Group's interim report. The
information included in the interim report is unaudited.
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| CONSOLIDATED BALANCE SHEET, EUR 1,000 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | 30.9.2008 | 30.9.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LONG-TERM ASSETS | | | |
--------------------------------------------------------------------------------
| Property, plant and | 58,446 | 52,801 | 58,926 |
| equipment | | | |
--------------------------------------------------------------------------------
| Goodwill | 146,724 | 143,031 | 147,042 |
--------------------------------------------------------------------------------
| Other intangible assets | 38,654 | 44,661 | 42,932 |
--------------------------------------------------------------------------------
| Investment property | 45 | 46 | 45 |
--------------------------------------------------------------------------------
| Investments in associates | 1,391 | 1,415 | 1,262 |
--------------------------------------------------------------------------------
| Receivables from | 17 | 17 | 17 |
| associates | | | |
--------------------------------------------------------------------------------
| Financial assets | 1,237 | 1,224 | 1,231 |
| available for sale | | | |
--------------------------------------------------------------------------------
| Deferred tax receivables | 4,618 | 4,018 | 4,924 |
--------------------------------------------------------------------------------
| TOTAL LONG-TERM ASSETS | 251,132 | 247,214 | 256,380 |
--------------------------------------------------------------------------------
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| CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Inventories | 2,475 | 1,772 | 2,102 |
--------------------------------------------------------------------------------
| Accounts receivable and | 34,371 | 27,655 | 24,928 |
| other receivables | | | |
--------------------------------------------------------------------------------
| Financial assets at fair | 371 | 393 | 397 |
| value through profit or | | | |
| loss | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 17,059 | 11,669 | 13,088 |
--------------------------------------------------------------------------------
| TOTAL CURRENT ASSETS | 54,276 | 41,489 | 40,516 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 305,408 | 288,704 | 296,896 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY AND | 30.9.2008 | 30.9.2007 | 31.12.2007 |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | | | |
--------------------------------------------------------------------------------
| Share capital | 681 | 680 | 681 |
--------------------------------------------------------------------------------
| Share issue | 6,995 | 0 | 0 |
--------------------------------------------------------------------------------
| Share premium account | 459 | 31,670 | 459 |
--------------------------------------------------------------------------------
| Unrestricted equity | 77,052 | 46,323 | 77,809 |
| reserve | | | |
--------------------------------------------------------------------------------
| Retained earnings | -3,924 | 2,741 | 889 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Minority interest | 1,638 | 2,726 | 1,682 |
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS' | 82,902 | 84,140 | 81,520 |
| EQUITY | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LONG-TERM LIABILITIES | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 12,046 | 12,783 | 12,492 |
--------------------------------------------------------------------------------
| Interest-bearing | 138,092 | 142,665 | 21,292 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Other liabilities | 415 | 392 | 459 |
--------------------------------------------------------------------------------
| TOTAL LONG-TERM | 150,554 | 155,840 | 34,243 |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Accounts payable and | 35,542 | 33,894 | 38,462 |
| other liabilities | | | |
--------------------------------------------------------------------------------
| Current tax liabilities | 481 | 105 | 195 |
--------------------------------------------------------------------------------
| Current interest-bearing | 35,928 | 14,724 | 142,476 |
| liabilities | | | |
--------------------------------------------------------------------------------
| TOTAL CURRENT LIABILITIES | 71,951 | 48,723 | 181,133 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL EQUITY AND | 305,408 | 288,704 | 296,896 |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED | 1.7.- | 1.7.- | 1.1.- | 1.1.- | 1.1.- |
| PROFIT AND LOSS | 30.9.2008| 30.9.2007| 30.9.2008 | 30.9.2007 | 31.12.2007|
| ACCOUNT, EUR 1,000 | | | | | |
--------------------------------------------------------------------------------
| Turnover | 45,821 | 30,236 | 154,534 | 87,796 | 140,719 |
--------------------------------------------------------------------------------
| Other operating | 213 | 164 | 3,119 | 727 | 1,049 |
| income | | | | | |
--------------------------------------------------------------------------------
| Share of profit of | 61 | 83 | 492 | 415 | 365 |
| associates | | | | | |
--------------------------------------------------------------------------------
| Raw material and | -8,447 | -4,879 | -24,903 | -14,175 | -23,955 |
| consumables used | | | | | |
--------------------------------------------------------------------------------
| Employee benefit | -19,958 | -14,584 | -70,435 | -39,205 | -63,476 |
| costs | | | | | |
--------------------------------------------------------------------------------
| Depreciation and | -5,255 | -3,707 | -15,294 | -8,844 | -14,134 |
| impairment | | | | | |
--------------------------------------------------------------------------------
| Other operating | -14,002 | -9,579 | -42,486 | -26,401 | -40,166 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| OPERATING RESULT | -1,567 | -2,536 | 5,026 | 313 | 401 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | -1,203 | 101 | 333 | 423 | 564 |
--------------------------------------------------------------------------------
| Financial expenses | -3,334 | -1,025 | -9,644 | -2,321 | -5,092 |
--------------------------------------------------------------------------------
| RESULT BEFORE | -6,104 | -3,459 | -4,284 | -1,585 | -4,126 |
| TAXES | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income taxes | -44 | 938 | -524 | 466 | 1,146 |
--------------------------------------------------------------------------------
| RESULT FOR THE | -6,148 | -2,522 | -4,826 | -1,119 | -2,980 |
| PERIOD | | | | | |
--------------------------------------------------------------------------------
| Attributable to: | | | | | |
--------------------------------------------------------------------------------
| Parent group | -6,081 | -2,527 | -4,795 | -1,278 | -3,088 |
| owners | | | | | |
--------------------------------------------------------------------------------
| Minority interest | -67 | 5 | -31 | 159 | 107 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share calculated on the earnings belonging to the owners of |
| the parent company (EUR) |
--------------------------------------------------------------------------------
| Undiluted | -0.09 | -0.04 | -0.07 | -0.02 | -0.05 |
--------------------------------------------------------------------------------
| Diluted | -0.09 | -0.04 | -0.07 | -0.02 | -0.05 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONDENSED CASH FLOW STATEMENT | | |
--------------------------------------------------------------------------------
| EUR 1,000 | 1.1.- | 1.1.- | 1.1.- |
| | 30.9.2008 | 30.9.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operations | | | |
--------------------------------------------------------------------------------
| Result for the period | -4,826 | -1,119 | -2,980 |
--------------------------------------------------------------------------------
| Adjustments to the result for | 22,638 | 9,840 | 17,052 |
| the period | | | |
--------------------------------------------------------------------------------
| Change in working capital | -8,505 | -4,729 | -3,231 |
--------------------------------------------------------------------------------
| Interest received | 124 | 392 | 514 |
--------------------------------------------------------------------------------
| Taxes paid | -254 | -1,906 | -1,870 |
--------------------------------------------------------------------------------
| Net cash flow from operations | 9,176 | 2,478 | 9,485 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investments | | | |
--------------------------------------------------------------------------------
| Acquired operations | 0 | -128,351 | -130,236 |
--------------------------------------------------------------------------------
| Investments in tangible and | -7,691 | -10,583 | -15,455 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Disposal of associates | 0 | 0 | 123 |
--------------------------------------------------------------------------------
| Income from business operation | 3,399 | 0 | 0 |
| divestments | | | |
--------------------------------------------------------------------------------
| Gains on disposal of assets | 459 | 83 | 335 |
--------------------------------------------------------------------------------
| Dividends received | 371 | 402 | 465 |
--------------------------------------------------------------------------------
| Net cash flow from investments | -3,462 | -138,448 | -144,768 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing | | | |
--------------------------------------------------------------------------------
| Share issue payments | 6,300 | 48,413 | 48,187 |
--------------------------------------------------------------------------------
| Costs of issuing equity | -956 | -2,065 | -2,065 |
--------------------------------------------------------------------------------
| Withdrawals of loans | 18,000 | 131,105 | 134,829 |
--------------------------------------------------------------------------------
| Repayment of loans | -8,407 | -32,154 | -33,191 |
--------------------------------------------------------------------------------
| Interest paid | -13,343 | -1,787 | -2,327 |
--------------------------------------------------------------------------------
| Repayment of finance lease | -3,305 | -2,443 | -3,603 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Dividends paid | -33 | -2 | -29 |
--------------------------------------------------------------------------------
| Net cash flow from financing | -1,744 | 141,067 | 141,800 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liquid assets at beginning of | 13,088 | 6,571 | 6,571 |
| period | | | |
--------------------------------------------------------------------------------
| Liquid assets at end of period | 17,059 | 11,669 | 13,088 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CALCULATION OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY 1.1. - 30.9.2008 |
--------------------------------------------------------------------------------
| 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' | 681 | 459 | 0 | 77,809 | 889 | 1,682 | 81,520 |
| equity Jan 1, | | | | | | | |
| 2008 | | | | | | | |
--------------------------------------------------------------------------------
| Option | 0 | 0 | 0 | 36 | 0 | 0 | 36 |
| program | | | | | | | |
--------------------------------------------------------------------------------
| Subscription | 0 | 0 | 6,994 | 0 | 0 | 0 | 6,994 |
| rights issue | | | | | | | |
--------------------------------------------------------------------------------
| Costs of | 0 | 0 | 0 | -793 | 0 | 0 | -793 |
| issuing | | | | | | | |
| equity | | | | | | | |
--------------------------------------------------------------------------------
| Redeemed | 0 | 0 | 0 | 0 | 0 | -12 | -12 |
| subsidiary | | | | | | | |
| minorities | | | | | | | |
--------------------------------------------------------------------------------
| Result for | 0 | 0 | 0 | 0 | -4,795 | 0 | -4,795 |
| the period | | | | | | | |
--------------------------------------------------------------------------------
| Dividend | 0 | 0 | 0 | 0 | -18 | 0 | -18 |
--------------------------------------------------------------------------------
| Shareholders' | 681 | 459 | 6,994 | 77,052 | -3,924 | 1,639 | 82,901 |
| equity | | | | | | | |
| September 30, | | | | | | | |
| 2008 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CALCULATION OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY 1.1. - 30.9.2007 |
--------------------------------------------------------------------------------
| 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 | -2,775 | 0 | 0 | -2,775 |
| issuing | | | | | | | |
| equity | | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | 0 | 0 | 0 | 722 | 0 | 0 | 722 |
| 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 | | | | | | | |
--------------------------------------------------------------------------------
| Result for the| 0 | 0 | 0 | 0 | -1,278 | 159 | -1,119 |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Minority | 0 | 0 | 0 | 0 | 0 | 674 | 674 |
| interests in | | | | | | | |
| acquisitions | | | | | | | |
| and other | | | | | | | |
| changes | | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 680 | 31,670 | 0 | 46,323 | 2,741 | 2,726 | 84,140 |
| equity | | | | | | | |
| September 30, | | | | | | | |
| 2007 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SEGMENT | 1.7.- | 1.7.- | 1.1.- | 1.1.- | 1.1.- |
| REPORTING, | 30.9.2008| 30.9.2007| 30.9.2008| 30.9.2007 | 31.12.2007 |
| 1,000 EUR | | | | | |
--------------------------------------------------------------------------------
| Turnover by segment | | | | |
--------------------------------------------------------------------------------
| Occupational | 28,624 | 12,757 | 97,492 | 30,834 | 63,808 |
| Healthcare | | | | | |
| segment | | | | | |
--------------------------------------------------------------------------------
| Clinics and | 15,518 | 14,973 | 51,705 | 42,582 | 54,897 |
| Hospitals segment | | | | | |
--------------------------------------------------------------------------------
| Diagnostics | 6,270 | 5,128 | 20,672 | 21,686 | 32,489 |
| segment | | | | | |
--------------------------------------------------------------------------------
| Unallocated | 869 | 587 | 2,904 | 2,612 | 2,667 |
--------------------------------------------------------------------------------
| Eliminations | -5,461 | -3,208 | -18,241 | -9,916 | -13,142 |
--------------------------------------------------------------------------------
| Total turnover | 45,821 | 30,236 | 154,534 | 87,796 | 140,719 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating result by segment | | | | |
--------------------------------------------------------------------------------
| Occupational | 706 | -561 | 6,774 | -1,001 | -2,929 |
| Healthcare | | | | | |
| segment | | | | | |
--------------------------------------------------------------------------------
| Clinics and | 853 | 793 | 7,139 | 8,120 | 11,310 |
| Hospitals segment | | | | | |
--------------------------------------------------------------------------------
| Diagnostics | 484 | 651 | 5,438 | 2,507 | 4,225 |
| segment | | | | | |
--------------------------------------------------------------------------------
| Others | -3,608 | -3,419 | -14,324 | -9,312 | -12,204 |
--------------------------------------------------------------------------------
| Total operating | -1,567 | -2,536 | 5,026 | 313 | 401 |
| result | | | | | |
--------------------------------------------------------------------------------
| Operating result | -3.4 | -8.4 | 3.3 | 0.4 | 0.3 |
| /turnover, % | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | -4,537 | -924 | -9,311 | -1,898 | -4,528 |
| and expenses | | | | | |
--------------------------------------------------------------------------------
| Result before tax | -6,104 | -3,459 | -4,284 | -1,585 | -4,126 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Taxes | -44 | 938 | -542 | 466 | 1,146 |
--------------------------------------------------------------------------------
| RESULT FOR THE | -6,148 | -2,522 | 4,826 | -1,119 | -2,980 |
| PERIOD | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED PROFIT AND LOSS ACCOUNT, BY QUARTER, EUR 1,000 | |
--------------------------------------------------------------------------------
| | 1.7.- | 1.4.- | 1.1.- | 1.10.- | 1.7.- |
| | 30.9.2008 | 30.6.2008| 31.3.2008 | 31.12.2007 | 30.9.2007 |
| | | | | | |
--------------------------------------------------------------------------------
| Turnover | 45,821 | 55,844 | 52,868 | 52,923 | 30,236 |
--------------------------------------------------------------------------------
| Other | 213 | 253 | 2,653 | 321 | 164 |
| operating | | | | | |
| income | | | | | |
--------------------------------------------------------------------------------
| Share in | 61 | 309 | 122 | -50 | 83 |
| associated | | | | | |
| companies | | | | | |
| income | | | | | |
--------------------------------------------------------------------------------
| Raw material | -8,447 | -9,194 | -7,262 | -9,780 | -4,879 |
| and | | | | | |
| consumables | | | | | |
| used | | | | | |
--------------------------------------------------------------------------------
| Employee | -19,958 | -24,980 | -25,497 | -24,271 | -14,854 |
| benefit | | | | | |
| costs | | | | | |
--------------------------------------------------------------------------------
| Depreciation | -5,255 | -4,703 | -5,336 | -5,290 | -3,707 |
--------------------------------------------------------------------------------
| Other | -14,002 | -15,377 | -13,107 | -13,766 | -9,579 |
| operating | | | | | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| OPERATING | -1,567 | 2,151 | 4,442 | 87 | -2,536 |
| RESULT | | | | | |
--------------------------------------------------------------------------------
| Financial | -1,203 | 2,211 | 93 | 141 | 101 |
| income | | | | | |
--------------------------------------------------------------------------------
| Financial | -3,334 | -3,054 | -4,022 | -2,771 | -1,025 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Result | -6,104 | 1,307 | 513 | -2,542 | -3,459 |
| before tax | | | | | |
--------------------------------------------------------------------------------
| Income taxes | -44 | -804 | -1,371 | 680 | 938 |
--------------------------------------------------------------------------------
| RESULT FOR | -6,148 | 502 | -858 | -1,862 | -2,522 |
| THE PERIOD | | | | | |
--------------------------------------------------------------------------------
| Attributable | | | | | |
| to: | | | | | |
--------------------------------------------------------------------------------
| Parent | -6,081 | 377 | -769 | -1,810 | -2,527 |
| company | | | | | |
| shareholders | | | | | |
--------------------------------------------------------------------------------
| Minority | -67 | 125 | -89 | -52 | 5 |
| interest | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OTHER INFORMATION | 1.1.- | 1.1.- | 1.1.- |
| | 30.9.2008 | 30.9.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
| Average personnel | 2,350 | 1,461 | 1,689 |
--------------------------------------------------------------------------------
| Personnel at end of period | 2,316 | 2,338 | 2,398 |
--------------------------------------------------------------------------------
Calculation of financial ratios:
Return on equity, % =
100 x (Result before tax - direct taxes)/
(Shareholders' equity + minority interest (average))
Return on investment, % =
100 x (Result 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 =
(Result before tax - minority interest - income taxes) /
Weighted average number of outstanding shares
Diluted earnings per share =
(Result 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 NASDAQ
OMX Helsinki Ltd. 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:
NASDAQ OMX Helsinki Ltd.
Principal media
www.terveystalo.com