Pihlajalinna is planning an initial public offering and listing on Nasdaq Helsinki
(Thomson Reuters ONE) -
PIHLAJALINNA OY COMPANY RELEASE 4 MAY 2015, 8.30am EET
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO
THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE
WOULD BE UNLAWFUL.
Pihlajalinna is planning an initial public offering and listing on Nasdaq
Helsinki
Pihlajalinna Oy ("Pihlajalinna" or "Company") is planning an Initial Public
Offering ("IPO") on the official list of NASDAQ OMX Helsinki Ltd ("Nasdaq
Helsinki"). Pihlajalinna is one of the leading private social and healthcare
services providers in Finland. The Company provides social and healthcare
services for households, companies, insurance companies and public sector
entities. Services are provided in private clinics, health centres, dental
clinics, hospitals and care homes around Finland. Pihlajalinna provides general
practitioner and specialised care services in private clinics and hospitals
operating under the Dextra brand. Under the Pihlajalinna brand the Company, in
cooperation with the public sector, offers social and healthcare service
provision models for public sector entities with the aim of providing high
quality services for public pay social and healthcare customers.
The purpose of the contemplated IPO is to support the successful implementation
of the Company's growth strategy. In addition, the contemplated IPO is also
expected to improve the Company's ability to use its shares to pay for strategic
acquisitions post-IPO as well as to increase the recognition and brand awareness
of Pihlajalinna amongst current and prospective customers, partners and
employees. It would also further diversify Pihlajalinna's ownership base and
increase the liquidity of its shares.
Mikko Wirén, CEO of Pihlajalinna:
"During the past ten years Pihlajalinna has developed into a prominent service
provider in the Finnish social and healthcare market. The Company's high quality
services, innovative and efficient service provision models for social and
healthcare services as well as close cooperation with customers and partners
have enabled Pihlajalinna's successful development during the past years. The
contemplated IPO would give us the opportunity to continue expanding our
operations as a long-term domestic social and healthcare services provider also
in the future. The contemplated listing would support the strong expansion of
the Dextra business in the largest growth centres in Finland via selected
acquisitions and new unit openings and help to secure the provision of
competitive services for public sector entities also in future. In addition, the
contemplated IPO would give all Finnish citizens the opportunity to become
Pihlajalinna's owners and consequently take part in developing Finnish social
and healthcare services. Thus, I hope that we would have as many Finns as
possible taking part in the contemplated listing to become Pihlajalinna's
owners.
Mika Uotila, Chairman of Pihlajalinna's Board of Directors and Managing Director
of Sentica Partners:
"We have followed and supported Mikko Wirén and his team in their outstanding
work in developing Pihlajalinna's operations as well as the Company's path
towards its goal to become a leading nationwide social and healthcare service
provider. We believe that the contemplated IPO would support the growth strategy
of the Company and we want to offer new shareholders of Pihlajalinna the
opportunity to be part of the Company's development going forward. We see the
Company's future to be very bright and therefore we would remain as a
significant shareholder in the Company also after the contemplated IPO."
Pihlajalinna in brief
Pihlajalinna is one of the leading private social and healthcare services
providers in Finland. The Company provides social and healthcare services for
households, companies, insurance companies and public sector entities in private
clinics, health centres, dental clinics and hospitals around Finland.
Pihlajalinna provides general practitioner and specialised care services,
including emergency and on-call services, a wide range of surgical services as
well as occupational healthcare and dental care services, in private clinics and
hospitals operating under the Dextra brand. Under the Pihlajalinna brand the
Company, in cooperation with the public sector, offers social and healthcare
service provision models to public sector entities with the aim of providing
high quality services for public pay healthcare customers.
Pihlajalinna operations are divided into two segments:
* Private Clinics and Specialised Care (62% of net sales in 2014): The segment
includes private clinics, surgical operations and public specialised care,
dental care and occupational healthcare.
* Primary and Social Care (38% of net sales in 2014): The segment comprises
complete healthcare and social care outsourcings, health centre
outsourcings, staffing and care services.
Pihlajalinna's strategy is based on the Company's broad service offering in both
public and private pay social and healthcare markets. The broad service offering
of the company offers various growth opportunities in multiple business areas,
diversifies business related risks and enables the significant operational
synergies. On this basis, the Company aims to grow profitably to become a
leading nationwide social and healthcare service provider, being a responsible
pioneer in the industry and offering timely access to treatment for its
customers. As part of its growth strategy, the Company aims to expand its
private clinic and occupational healthcare services network especially in
university cities and regional centres to become a nationwide service provider,
as well as to expand and strengthen its market share in selected geographical
areas in primary healthcare and social care services. The Company aims to
achieve the position of the most preferred service provider, employer and
partner in the social and healthcare market and to develop the Finnish
healthcare system.
Pihlajalinna's financial highlights
The Company has grown strongly since its inception in 2001, both organically and
through acquisitions. Pihlajalinna has been able to maintain profitability in
recent years despite multiple acquisitions, significant outsourcing projects and
strengthening of the organisation.
-----------------------------------------------------------------------
2014 2013 2012
(IFRS) (IFRS) (IFRS)
Key financial metrics[1]
(Audited, unless otherwise
MEUR (unless otherwise stated) stated)
-----------------------------------------------------------------------
Net sales 148.9 104.4 47.3
EBITDA[2][3] 11.8 11.8 4.8
EBITDA margin(3) 7.9 11.3 10.2
EBITDA excluding NRI[4] 14.0 12.1 4.8
EBITDA margin excluding NRI (per cent)[5] 9.4 11.6 10.2
EBIT 6.0 7.3 3.4
EBIT margin 4.0 7.0 7.3
EBIT excluding NRI(3,4) 8.2 7.7 3.4
EBIT margin excluding NRI (per cent)(3,5) 5.5 7.4 7.3
Personnel at the end of the period 1,714 1,270 711
-----------------------------------------------------------------------
Financial targets
Pihlajalinna has set the following long-term financial targets for its
operations:
* Profitability: Operating profit (EBIT) margin exceeding 7%
* Balance sheet structure: Net debt to EBITDA below 3x
There is no guarantee that the Company will meet the aforementioned targets or
that after having met these targets the Company will continue meeting them also
in the future. Besides the aforementioned targets, The Company applies also
other financial and performance metrics within chosen time intervals.
Information on the IPO
The contemplated IPO is expected to consist of both a share offering and a share
sale where some of the current shareholders in the Company, including the main
owner, the funds managed by domestic private equity fund Sentica Partners, would
sell shares in the Company. The Company and its current shareholders would be
subject to customary lock-up arrangements at the IPO.
Danske Bank A/S, Helsinki Branch would act as Sole Bookrunner.
Further enquiries
Mikko Wirén, CEO, Pihlajalinna Oy, Tel. +358 50 322 0927, and
Terhi Kivinen, SVP Communications, Marketing and IR, Pihlajalinna Oy, Tel.
+358 40 848 4001
Interview requests can be appointed also to Tel. +358 40 506 4612
Disclaimer
The information contained herein is not for publication or distribution,
directly or indirectly, in or into the United States. These written materials do
not constitute an offer of securities for sale in the United States, nor may the
securities be offered or sold in the United States absent registration or an
exemption from registration as provided in the U.S. Securities Act of 1933, as
amended, and the rules and regulations thereunder. There is no intention to
register any portion of the offering in the United States or to conduct a public
offering of securities in the United States.
The issue, exercise or sale of securities in the offering are subject to
specific legal or regulatory restrictions in certain jurisdictions. The Company
assumes no responsibility in the event there is a violation by any person of
such restrictions.
The information contained herein shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the securities
referred to herein in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration, exemption from registration or
qualification under the securities laws of any such jurisdiction. Investors must
neither accept any offer for, nor acquire, any securities to which this document
refers, unless they do so on the basis of the information contained in the
applicable prospectus published or offering circular distributed by the Company.
The Company has not authorized any offer to the public of securities in any
Member State of the European Economic Area other than Finland. With respect to
each Member State of the European Economic Area other than Finland and which has
implemented the Prospectus Directive (each, a "Relevant Member State"), no
action has been undertaken or will be undertaken to make an offer to the public
of securities requiring publication of a prospectus in any Relevant Member
State. As a result, the securities may only be offered in Relevant Member States
(a) to any legal entity which is a qualified investor as defined in the
Prospectus Directive; or (b) in any other circumstances falling within Article
3(2) of the Prospectus Directive. For the purposes of this paragraph, the
expression an "offer of securities to the public" means the communication in any
form and by any means of sufficient information on the terms of the offer and
the securities to be offered so as to enable an investor to decide to exercise,
purchase or subscribe the securities, as the same may be varied in that Member
State by any measure implementing the Prospectus Directive in that Member State
and the expression "Prospectus Directive" means Directive 2003/71/EC (and
amendments thereto, including the 2010 PD Amending Directive, to the extent
implemented in the Relevant Member State), and includes any relevant
implementing measure in the Relevant Member State and the expression "2010 PD
Amending Directive" means Directive 2010/73/EU.
This communication is directed only at (i) persons who are outside the United
Kingdom or (ii) persons who have professional experience in matters relating to
investments falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth
entities, and other persons to whom it may lawfully be communicated, falling
within Article 49(2) of the Order (all such persons together being referred to
as "relevant persons"). Any investment activity to which this communication
relates will only be available to and will only be engaged with, relevant
persons. Any person who is not a relevant person should not act or rely on this
document or any of its contents.
--------------------------------------------------------------------------------
[1] In 2012-2013 Group's parent company was Pihlajalinnan Terveys Oy (Business-
ID 2303024-5). From fiscal year 2014 onwards parent company is Pihlajalinna Oy
(Business-ID 2617455-1).
[2] The company has defined EBITDA as follows: EBITDA is the net sum on net
sales, other operating income, costs from purchases of materials and services
adjusted with change in inventory, personnel costs and other operating costs.
[3] Unaudited.
[4] Non-recurring items include exceptional events that are unrelated to the
ordinary business operations, such as extensive restructurings, Pihlajalinna
Group's refinancing, significant brand launches, capital gains and losses from
sale of real estate and business operations, impairments, shut-down costs of
significant business operations, reorganisation of operations, costs from
integration of acquired businesses as well as fines and fine like charges.
[5] The adjusted EBITDA margin and the adjusted EBIT margin are each calculated
by dividing the relevant measure by net sales.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Pihlajalinna Oy via GlobeNewswire
[HUG#1918340]
Unternehmensinformation / Kurzprofil:
Datum: 04.05.2015 - 07:30 Uhr
Sprache: Deutsch
News-ID 390357
Anzahl Zeichen: 15907
contact information:
Town:
Tampere
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 179 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Pihlajalinna is planning an initial public offering and listing on Nasdaq Helsinki"
steht unter der journalistisch-redaktionellen Verantwortung von
Pihlajalinna Oy (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
