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Pihlajalinna Oyj: PIHLAJALINNA FINANCIAL STATEMENTS BULLETIN 1 JANUARY - 31 DECEMBER 2015 (12 MONTHS)
Pihlajalinna's consolidated revenue will exceed EUR 400 million in 2016 and EBIT margin will improve compared to 2015.
Pihlajalinna Group's strong growth continued during the last three months. The revenue grew by 21 per cent during the quarter, reaching EUR 62.6 (51.9) million. The majority of this was due to organic growth arising from complete outsourcing of social and health services in Parkano, Kihniö and Jämsä. In addition to this, the asylum seeker reception centre operation, which started in October, increased revenues. Investments in future growth continued to affect profitability.
Annual revenue grew by 43 per cent, reaching EUR 213.3 (148.9) million. The reinforcement of the Group's administration and supporting functions and the development of the ERP system affected our profitability. The low capacity utilisation rates of new units, which burdened the result of the financial year, improved towards the end of the year
The Group's cost savings plan has proceeded as planned and, for instance, the affiliate mergers were completed in early February 2016. In all likelihood, the targeted annual cost savings level of EUR 3 million will be reached during 2016.
The financial year 2015 was a year of important projects building future growth of the Company. The Company was listed on NASDAQ OMX Helsinki main market in June 2015 and started three significant complete social and health services outsourcing agreements. The biggest complete social and health service outsourcing takeover in the history of the Company to date was implemented during the financial year in the Kuusiokunnat area, and service production commenced on 1 January 2016 at the same time with the significantly expanding Jämsä outsourcing. During the year, we also executed several M&A transactions. I want to extend my warm gratitude to the staff of Pihlajalinna and to our partners for all their excellent work for the Company to succeed.
The most important projects of the financial year 2016 include ensuring the continuation of the positive trend in the Company's profitability, and implementing a long-term growth strategy. We also want to utilise the opportunities offered by health care and elderly care technologies as well as digitalisation in our operations as efficiently as possible.
Pihlajalinna will monitor the preparation of the new Act on the Organisation of Social and Health Services and investigate its practical impact on the Company's business opportunities. Vice President of the Dental Care service area, Pekka Utriainen, has been elected to the group of experts appointed by the Ministry of Social Affairs and Health to support the preparation and implementation of the social and health service reform.
As of 1 January 2016, Pihlajalinna's current outsourcing agreements cover a population of approximately 66,000 and once the option periods of the agreements are fully realised, the complete outsourcing business area may grow by approximately 154,000 citizens.
The cornerstone of Pihlajalinna's success is good cooperation between public and private social and health service providers. We hope that we can expand this operating model and develop it on a national level as part of the new Act on the Organisation of Social and Health Services preparation process.
The online annual report including financial statements for 2015 and the Board of Director's report will be available on the company website www.pihlajalinna-konserni.fi during week 11 of 2016 at the latest.
Pihlajalinna's Annual General Meeting is scheduled for Monday 4 April 2016 at 3.00 p.m., in Tampere, Finland. Pihlajalinna's Board of Directors will convene the AGM at a later date.
Pihlajalinna will publish three Interim Reports in 2016:
Interim report January-March 2016 , Tuesday 10 May 2016
Interim report January-June 2016, Wednesday 17 August 2016
Interim report January-September 2016 , Friday 11 November 2016
Helsinki, 18.02.2016
Pihlajalinna Plc
Board of Directors
Pihlajalinna Oyj will organise an announcement event for analysts and the media on Thursday 18 February 2016 at 9.30 a.m. in the Paavo Nurmi room at Hotel Kämp, Pohjoisesplanadi 29, 00100 Helsinki, Finland.
An audio webcast and teleconference in English will be held on the same day starting at 13.30 p.m. EET. +44 20 3059 8125. Participant password: Pihlajalinna. The event can be followed live as an audio webcast at investors.pihlajalinna-konserni.fi.
The event will be recorded and can be accessed on the website later the same day.
Mikko Wirén, CEO, tel. +358 50 3220 927
Terhi Kivinen, SVP Communications, Marketing and IR, tel. +358 40 848 4001
DISTRIBUTION
NASDAQ OMX Helsinki
investors.pihlajalinna-konserni.fi
Copyright GlobeNewswire
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