Key figures

The Company’s revenue increased by EUR 62.9 million, or 22.4% in the six months ended June 30, 2017 from EUR 281.3 million in the six months ended June 30, 2016 to EUR 344.2 million in the six months ended June 30, 2017.

The increase was primarily due to the acquisition of Porin Lääkäritalo in January 2017 and Diacor in March 2017, organic growth as a result of increased demand for the Company’s services and, to a lesser extent, winning new public occupational healthcare outsourcing contracts and the expansion of the Company’s dental units network. The Company’s pro forma revenue amounted to EUR 379.9 million for the six months ended June 30, 2017 and EUR 708.7 million for the year ended December 31, 2016.

In November 2016, the Company and the Helsinki Deaconess Institute Foundation entered into an agreement for the sale of Diacor to the Company. The Diacor acquisition is expected to create opportunities for operational efficiency gains and cost synergies.

Moreover, the Company expects the acquisition of Porin Lääkäritalo to create cost synergies. The estimated expected cost synergies from these acquisitions are EUR 14.6 million in total, of which EUR 12 million are expected from the Diacor acquisition. The synergies are expected to be realized by the end of 2018.

Calculation of key figures

 

January 1 to June 30,

January 1 to December 31,

 

2017

2016

2016

2015

2014

In EUR million, except for percentages and personnel numbers

(unaudited)

(unaudited, unless otherwise indicated)

Revenue 

344.2

281.3

547.0 1)

505.6 1)

474.1 1)

Like-for-like growth in revenue of clinics from 2016 to 2017 2)

263.1

249.1

 

 

 

Like-for-like in revenue of clinics from 2015 to 2016 2) 

 

 

478.4

463.7

 

Like-for-like in revenue of clinics from 2014 to 2015 2)

 

 

 

473.9

448.3

Like-for-like growth in revenue of clinics, % 2)

5.6%

-

3.2%

5.7%

(0.2)%

Modified EBITDA 2), 3)

35.8

32.1

68.9 1)

59.0 1)

48.9 1)

Modified EBITDA, % of revenue 2), 3)

10.4%

11.4%

12.6% ‏‏1)

11.7%  1)

10.3% 1)

Adjusted EBITDA 2), 3), 4)

45.8

37.5

72.9

67.2

58.1

Adjusted EBITDA, % of revenue 2), 3), 4)

13.3%

13.3%

13.3%

13.3%

12.2%

Modified EBITA 2), 3)

26.6

24.4

52.7 1)

42.5 ‏‏1)

32.3 1)‏‏

Modified EBITA, % of revenue 2), 3)

7.7%

8.7%

9.6% 1)‏‏

‏‏8.4‏‏% 1)

6.8 ‏1)

Adjusted EBITA 2), 3), 4)

36.7

29.7

56.8

50.7

41.5

Adjusted EBITA, % of revenue 2), 3), 4)

10.6%

10.6%

10.4%

10.0%

8.8%

Operating profit (EBIT) 2)

16.7

13.1

29.6 1)

19.3 1)

(59.1) 1)

Operating profit (EBIT), % of revenue 2)

4.9%

4.7%

5.4% 1)‏‏

3.8%  1)

Negative 1)

Adjusted Net Income 2), 4)

21.8

15.8

30.3

21.9

(61.4)

Return on Equity (ROE), % 2)

5.7%

3.9%

5.6% 1)

0,5% 1)

Negative 1)

Return on Capital Employed (ROCE), % 2)

2.6%

2.4%

5.5%

3.6%

(10.0)%

Equity Ratio, % 2)

37.2%

31.8%

31.7% 1)

30.5% 1)

31.6% 1)

Earnings per share

0.02

0.01

0.04 1)

0.00 1)

0.27 1)

Net Debt 2)

364.1

338.7

308.1

333.9

305.8

Gearing, % 2)

109.1%

150.7%

132.6% 1)

151.5% 1)

140.0% 1)

Net Debt / Adjusted EBITDA (LTM) 2)

4.5

4.7

4.2

5.0

5.3

Net Working Capital 2)

(39.0)

(23.5)

(36.8)

(40.9)

(40.0)

Total Cash Capex 2)

65.3

9.7

8.6

52.1

6.8

Total Capex 2)

163.9

11.8

18.1

67.4

15.3

Total Capex excluding M&A 2)

12.8

7.0

17.2

27.8

15.3

Total assets, EUR million

899.5

708.1

734.1 1)

723.6 1)

692.4 1)

Average personnel FTE 5)

3,209

2,618

2,605 1)

2,480 1)

2,401 1)

Personnel at the end of the financial period 6)

4,445

3,518

3,463 1)

3,416 1)

3,115 1)

 

1) Derived from the Company’s audited consolidated financial information.

2) Alternative performance measures. The Company presents alternative performance measures as additional information to financial measures presented in the consolidated statement of income, consolidated statement of financial position and consolidated statement of cash flows prepared in accordance with IFRS. In the Company’s view, the alternative performance measures provide management, investors, securities analysts and other parties with significant additional information related to the Company’s results of operations, financial position and cash flows.

3) Modified EBITDA and Modified EBITA performance measures have been modified with impairment losses (excluding impairment losses, 2016 EUR 0.6 million, 2015 EUR 0.9 million and 2014 EUR 69.3 million).

4) Adjustments are material items outside the ordinary course of business, such as expenses related to acquisitions and restructurings, gain on sale of assets, strategic projects, new operations and other items affecting comparability.

5) The number of the Company’s employees translated to full time employees.

6) Includes part-time employees.