Annual Report
2022
Introduction
Terveystalo’s Annual Report 2022 consists of four sections:
Year 2021, Sustainability, Corporate Governance and
Financials.
The Year 2022 section includes basic information on
Terveystalo’s business operations, market environment,
strategy and value creation. The Sustainability section
describes Terveystalo’s sustainability efforts and their
results and is prepared with reference to the GRI Standards.
The Statement of Non-Financial Information as required by
the Accounting Act is included in the Report of the Board
of Directors found in the Financials section of the Annual
Report. The Corporate Governance section includes the
Corporate Governance Statement, Remuneration Policy
and Remuneration Report. The Financial Review includes
the Report of the Board of Directors, the financial state-
ments and notes to the financial statements, the auditor’s
report and information for shareholders.
The Annual Report is available in Finnish and English.
1
Terveystalo
Annual Report 2022
Contents
Year 2022
3
4
Terveystalo in brief
Key figures
5 CEO's Review
7 Highlights in 2022
8
9
Trends influencing health care
Terveystalo's addressable markets
12 Terveystalo’s strategy
15 Financial targets and their achievement
16 Value creation model
Terveystalo's sustainability themes
33 Good health and well-being
42 Ethical business
46 Responsible work
54 Sustainable economic growth
58 Sustainable consumption and climate action
Reporting principles
64 Sustainability reporting principles
65 Sustainability themes and material topics
68 GRI index
Sustainability
Corporate Governance
Sustainability at Terveystalo
20 Terveystalo's sustainability themes
21 Goals and achievements
24
Terveystalo contributes to the achievement
of sustainable development goals
26 Sustainability management
30 Stakeholder engagement
31
Materiality analysis as the foundation
of our sustainability efforts
73 Corporate governance statement
87 Terveystalo remuneration policy for governing bodies
93 Remunation report
Financials
98 Board of Directors’ Report
125 Financial statements
180 Auditor’s Report
184 Information for shareholders
186 Contact information
Year 2022
Sustainability
Corporate Governance
Financials
Year 2022
Terveystalo in brief
Key figures
CEO's Review
Highlights in 2022
Trends influencing healthcare
Terveystalo's addressable markets
3
4
5
7
8
9
12 Terveystalo's strategy
15
16 Value creation model
Financial targets and their achievements
2
2
Terveystalo
Annual Report 2022
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Terveystalo in brief
Terveystalo is the largest private health
care service provider in Finland in terms
of revenue and network. Terveystalo is also
a leading occupational health provider in
the Nordic region.
We offer a wide variety of primary health care, specialized
care, and well-being services for corporate and private cus-
tomers and the public sector. Terveystalo’s digital services
are available 24/7, regardless of time and place. Health
and well-being services are also provided by Terveystalo’s
over 370 clinics across Finland. In Sweden, we offer occu-
pational health services at 155 clinics. Terveystalo is listed
on the Helsinki Stock Exchange and has a predominantly
Finnish ownership.
Terveystalo is a pioneer in occupational
health in the Nordic region and the
largest private health care service
provider in Finland
• 8.5 million customer visits in Finland in 2022
• 1.4 million digital appointments in Finland in 2022
• 1.3 million individual customers in Finland in 2022
•
1.9 million end-customers of occupational
health services in Finland and Sweden
3
24/7
Digital services
regardless of location
2.5 milj.
Registered users
In Sweden
155
Clinics offer occupational
health services
940 professionals
In Finland
370
Clinics, of which
18 hospital units
34 dental clinics
15,920 professionals
Services provided
Terveystalo provides services to corporate
customers, private customers and public
sector customers.
• Occupational health services
• GP and specialist services
• Diagnostics
• Surgery
• Well-being services
• Oral health
• Outsourcing and staffing services
• Child welfare services
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Key figures
Revenue and Adjusted EBITA-%
Revenue breakdown
% of total revenue 2022
MEUR
1,500
1,250
1,000
750
500
250
0
%
30
25
20
15
10
5
0
1,259.1
1,154.6
1,030.7
986.4
744.7
2018
2019
2020
2021
2022
Revenue, MEUR
Adj. EBITA % of revenue
Total
1,259.1
MEUR
(1,154.6)
41% Corporate
27% Private individuals
25% Public
7% Sweden and others
Personnel and private practitioners
Terveystalo Group, EUR million
2022
2021
2020
20,000
16,000
12,000
10,895
16,861
15,559
13,771
13,310
8,000
4,000
0
4
2018
2019
2020
2021
2022
Employed staff
Private practitioners
Revenue
Adjusted EBITA1)
Return on equity (ROE) %1)
Equity ratio %1)
Earnings per share (EUR)
Gearing %1)
Net debt/adjusted EBITDA
(last 12 months)1)
Dividend per share
1,259.1
1,154.6
986.4
105,2
141.0
101.9
4.1
40.2
0.19
95.7
3.2
0.282)
13.6
42.2
0.63
85.2
2.5
0.28
8.2
42.1
0.36
85.9
3.0
0.26
Personnel (end of period)
10,933
9,805
8,253
Private practitioners (end of period)
5,928
5,754
5,057
1,259
Revenue (EUR million)
8.4%
Adjusted EBITA % of revenue
3.2
Net debt/
adjusted EBITDA
29
eNPS3)
1.4 mill.
Digital appointments
in Finland
83
NPS4), appointments
1) Adjusted earnings before impairment and amortization of intangible assets
2) Board's proposal
3) Employee promoter score (job satisfaction, personnel in Finland)
4) Customer satisfaction, Net Promoter Score
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Ville Iho, President and CEO:
Continued strong
demand, profit
improvement actions
launched to address the
weakened profitability
The demand for health services continued to be very
strong in 2022. However, the sales mix was more strongly
focused on appointments and lower-margin care chains
than the previous year, weakening profitability in addition
to inflationary pressures.
The volumes of Covid-19 testing fell sharply from the second quarter of
the year as the pandemic took a back seat. The share of diagnostics visits
excluding COVID testing increased gradually but was clearly below the
pre-pandemic level of 2019. Surgical operations and digital services, which
were in strong demand throughout the year, continued to grow. Overall, the
revenue increased by 9% year-on-year to 1,259 million euros. Our business
in Sweden accounted for about half of this growth.
5
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
We were very successful in recruiting, especially
towards the end of the year, and our service offering was
clearly strengthened not only in terms of digital appoint-
ments but also in terms of appointments at the clinics.
However, the clear improvement was not enough to
compensate for negative earnings drivers, inflationary
pressures, and the dilution of the sales mix, and profita-
bility clearly fell short of the targets. Adjusted EBITA for
2022 fell by 25.4% to 105.2 million euros, representing
8.4% of revenue. Earnings per share were EUR 0.19.
The measures aimed at
strengthening profitability
are moving ahead as planned
In connection with the third quarter results, we commu-
nicated three sets of measures we are taking to react to
the change in the operating environment and the reduced
profitability: the profit improvement program, a change
in the operating model, and the independent profitability
improvement measures of the portfolio businesses. The
two-year profit improvement program focused on our
core business started as planned, and we are confident
that we will achieve our goal of an annual run-rate profit
improvement of EUR 50 million by 2024, most of which
is estimated to be achieved already in 2023. Our renewed
management model, based on a clearer division of the
core business, portfolio business, and Swedish business,
has brought clarity to profit drivers and speed to deci-
sion-making. The portfolio business programs have also
started as planned.
6
Our Swedish business developed as expected in 2022.
Revenue grew organically and through acquisitions, and
profitability strengthened compared to the reference
period. We see growth potential and opportunities for
value creation in Sweden in the medium term.
Our financial position is strong, and we are confident
about the future. Our goal is to significantly improve the
total return for shareholders in the coming years. The
board proposes to the Annual General Meeting that the
dividend remains at the 2021 level of 0.28 euros.
Focus on core business
and organic growth
Our business grew rapidly in 2022, and the conditions for
growth in health care services will continue to be good.
Demand is strong, and the utilization rate of total capacity
is high, despite the dip in consumer confidence and the
uncertain market environment. Poor access to treatment
in public healthcare increases the demand for privately
provided services, especially through voluntary health
insurance. The situation in the public market is predictably
quiet after the reform, and there are few new tenders.
We expect the market to pick up in the second half of the
year after the start-up phase of the well-being services
counties.
Our financial targets and strategy remain unchanged; in
our core business, we aim for industry-leading profitability,
and we want to keep our spot as the preferred choice for
customers and professionals. Portfolio businesses aim at
independent value creation, and in Sweden, we aim for
significant and profitable growth in the medium term. Due
to the changed operating environment, our primary focus
is on the core business and organic growth, and we are
clearly more selective in M&A in both of our home mar-
kets, Finland, and Sweden.
We promote health and well-being
Our customer satisfaction is very strong, and we have
maintained our position as the preferred employer among
industry professionals. The clinical quality of our services
is excellent, and our work to develop the effectiveness of
treatment is particularly strongly reflected in the results
of our investment areas, such as mental well-being, and
in the results of treatment paths for the musculoskeletal
system. In the business built around the musculoskeletal
system, the number of customers has grown strongly
during the year, and the number of referrals from
insurance companies has increased thanks to the fast
access to care and excellent treatment results based on
multi-professional treatment paths. In terms of mental
well-being, Terveystalo has long been a pioneer in building
low-threshold services for companies, and our extensive
data shows that the services radically reduce sickness
absences related to mental health. Our mission is to fight
for a healthier life. We want to keep our client companies
moving and we will continue to invest in the effectiveness
and high-quality of care pathways.
Towards better,
Ville Iho
We support the
UN Global Compact
initiative
Terveystalo has signed the UN Global
Compact initiative. We are committed
to continuing our work to integrate the
Global Compact's principles related to
the environment, human rights, work
and the fight against corruption into
our operations, culture and value chain.
Ville Iho,
CEO of Terveystalo
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Highlights in 2022
Accelerating the implementation of Terveystalo’s
strategy with a change in the operating model
and a two-year profit improvement program
In October 2022, Terveystalo launched a profit improvement program to speed
up the achievement of strategic and financial goals. The program aims for an
inflation-adjusted, annualized run-rate EBITA improvement of at least 50 million
euros by the end of 2024. Most of the targeted benefits are estimated to be
realized already in 2023. To strengthen long-term value creation, focus on high
medical quality, and the execution of the program, Terveystalo has changed its
operating model and organizational structure. The new organization consists
of three business areas: Healthcare Services, Portfolio Businesses and Sweden.
Terveystalo is number one
for healthcare professionals
Terveystalo is the most interesting workplace in the health-care
sector. Terveystalo has been investing in modern management
and strong work communities for years. More than 1,500 health
and pharmaceutical professionals chose Terveystalo as the most
interesting workplace in the health service sector. Terveystalo has
held the top position in the sector since 2020. The data is based
on the annual employer image survey conducted by Universum,
which evaluated nearly 60 operators from the public sector,
private health service companies and pharmaceutical companies.
Terveystalo’s new digital platform tailored for
the public sector enables remote appointments
in the well-being services counties
Terveystalo has developed a digital platform for the public sector to meet
the needs and challenges of the well-being services counties. The patient
can manage their own appointments, have a remote appointment and
continue self-care using the health coaching and information packages
provided by the platform, all in one place. Remote appointments are an
easy and modern way for the customer to seek help in health issues. In
addition, they enable easy access to professionals in locations where it
is otherwise challenging. By utilizing telemedicine and digital solutions,
well-being services counties can direct to local clinics only those patients
who would benefit from it, which helps dismantle the care queues.
7
The Swedish business
developed according to plans
With leading occupational health processes, services and digital tools,
Terveystalo is the market leader in occupational health in the Nordic
region. Our business in Sweden developed in 2022 according to our
plans and revenue increased by 151%. We made two acquisitions in
occupational health and expanded our operations beyond occupational
health by buying Nämndemansgården, which specializes in addiction
treatment. Our goal is to grow in the Swedish occupational health
market both organically and through additional acquisitions. We also
see the potential to expand the range of services in the Swedish
market towards more integrated care chains.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Trends influencing healthcare
The demand for healthcare services is increasing, among
other things, due to the ageing population and growth in
chronic diseases. At the same time, healthcare systems
around the world face shortages of competent professio-
nals. In addition, the COVID-19 pandemic has increased
treatment backlogs. Digital services drive the renewal of
health care and bring new solutions, but they also create
new customer expectations. Increasing awareness of
personal health and the overall trend towards healthier
lifestyles make people more willing to increase spending
on preventive care and well-being services.
Digitalization of
healthcare
Ageing of the
population
Growth in lifestyle
diseases
Shortage of health
care professionals
Consumerization
of healthcare
The COVID-19 pandemic accelerated
the digitalization of health care.
Customers expect better service
quality, availability, convenience
and personalization.
Utilizing digitalization broadly enables
faster provision of services, promotes
innovation and helps control the
growth of costs.
Digitalization enables more efficient
use of limited health care resources.
Access to care and the smoothness
of service are improved.
•
•
•
•
•
8
•
•
•
The Finnish population is ageing at the
second-highest rate in the world and
this trend is expected to continue in
the coming decades. The same trend
is also seen in Sweden.
The higher proportion of elderly people
in the population presents a variety of
challenges to health care, and the only
way to respond to these challenges is
through new and innovative solutions.
Smooth cooperation and division of
duties between the public and private
sectors are preconditions for main-
taining and developing the functional
capacity, quality and availability of
health care.
•
•
•
•
•
As many as 50 percent of working-age
Finns have, or are at risk of developing,
a lifestyle disease.
Obesity, diabetes, hypertension, sleep
disorders, substance abuse, back
problems and mental health challenges
reduce work ability and lead to sickness
absences.
Lifestyle diseases increase the demand
for health care services and emphasize
the significance of preventive health
care and early intervention.
Need for cost-effective solutions for
managing population health is growing.
There will be a shift from paying for use
towards partially subscription-based
services that support lifelong health.
•
•
•
•
•
•
There is a global shortage of health care
professionals.
The social welfare and health care sector
in Finland is predicted to need as many as
200,000 new professionals over the next 15
years to replace retiring employees and res-
pond to the growing demand for services.
The industry faces a twofold challenge of not
only attracting but also retaining professionals.
Recruitment problems have become worse
and the competition for skilled professionals
continues to intensify – creating an attractive
workplace is of critical importance.
The role of nurses and other health care
professionals is growing.
Digitalization and remote services make it
possible to relieve the shortage of skilled
professionals and balance out regional
differences in access to care.
•
•
•
Interest in holistic health and well-
being as well as related data and
measurements is growing.
Individuals are more aware of their
health and are asserting more
influence over their medical care.
Nutrition trends, meditation, yoga and
exercise are growing in popularity.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Terveystalo's addressable markets
Terveystalo operates in Finland in
occupational health, primary health
care, specialty care and well-being
services. In 2021, Terveystalo expanded
into occupational health in Sweden
with the acquisition of Feelgood, one
of Sweden's leading occupational
health companies.
Terveystalo's addressable
market in Finland
In Finland, the total cost of health care is estimated at
around EUR 15 billion. About 75 percent is publicly funded
and provided. Privately provided health care accounts for
just over a quarter, which includes publicly funded and
privately provided (6 percent) and privately provided and
funded (20 percent) health care. The privately provided
market relevant to Terveystalo, approximately EUR 4.3
billion, includes primary health care, dental care, specialty
care, occupational health care and child welfare services.
Terveystalo's share of this entire market is about 25–30
percent.
Finland has a unique occupational health system that
covers 1.9 million Finns. Occupational health is associated
with a statutory pension system. The system encourages
employers to invest in occupational health to bring down
9
pension costs. This has effects on public health as well
as the total cost of health care. According to studies,
companies that systematically invest in work ability mana-
gement benefit manifold. One invested euro returns six
euros as a result of lower sickness absence and pension
costs. Terveystalo provides occupational health services in
Finland to over 27,000 companies and to a total of appro-
ximately 670,000 people through its corporate customers.
Between 2016 and 2021, Terveystalo's target market
has grown by approximately 1.7 percent per year (CAGR).
The COVID-19 pandemic had a negative impact on market
Terveystalo’s addressable market
in Finland, 2016-2021E
EUR bn
CAGR 1.7%
3.9
1.0
4.0
1.1
4.0
1.1
4.2
1.2
4.2
1.3
4.3
1.2
2.0
2.1
2.1
2.1
2.0
2.1
0.8
0.8
0.9
0.9
0.9
0.9
2016
2017
2018
2019
2020
2021E
Occupational healthcare
Private healthcare, private customers
Publicly funded private healthcare
Source: National Institute for Health and Welfare,
KELA, Statistics Finland
Private provision is an established and
growing component of the Finnish market
Public provision
and funding
75%
Public funding,
private provision
6%
EUR
15
bn market
Private funding
and provision
20%
Source: National Institute for Health and Welfare, KELA,
Statistics Finland
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
growth in 2019–2020, but healthcare market growth
returned to positive in 2022. The rapid ageing of the popu-
lation, the accumulated care debt during the pandemic,
and the high incidence of lifestyle illnesses will increase
the need for healthcare in the coming years.
Terveystalo's addressable
market in Sweden
In Sweden the total cost of health care is estimated at
around EUR 30 billion. About 73 percent is publicly funded
and provided. Privately provided health care accounts for
around EUR 7 billion, which includes publicly funded and
privately provided (19 percent of total healthcare market)
and privately provided and funded (5 percent) health care.
In Sweden, the privately produced and financed market
consists largely of oral health services that are not offered
by the public sector for people over 23 years, as well as
employer-financed occupational health care. The private
healthcare market in Sweden is quite fragmented; the
combined market share of the ten largest players is around
36 percent. Market growth has historically been faster
than the Finnish market.
The ageing of the population, lifestyle diseases, leng-
thened care queues in the public sector, growing aware-
ness of health and well-being, and the increase in volun-
tary health insurance are driving the growth of the private
healthcare market also in Sweden.
Terveystalo’s subsidiary Feelgood, which operates in
Sweden, offers services in occupational health and, inclu-
ding; risk assessments, ergonomics and physiotherapy,
organization and leadership, and harmful use. In addition,
the company provides private health care and well-being
services to its occupational care customers´employees
and their families through the digital service Feelgood Plus.
The Swedish occupational health market is stable and
has a size of around 0.4 billion euros. Feelgood is Sweden's
third largest provider of occupational health services
with a market share of around 19 percent. The Swedish
occupational health system includes fewer services requi-
red by law than the Finnish system. Occupational health
and private health services are also in different systems.
However, employers are interested in offering more
extensive occupational healthcare in order to reduce sick
leave and extend working careers. Terveystalo's subsidiary
Feelgood serves approximately 8,300 corporate customers
in Sweden, with a total of approximately 1.2 million occu-
pational health end-customers.
Operating environment 2022
Terveystalo’s target markets
Demand for health services was strong in Terveystalo’s
target markets throughout the year. Nevertheless, the
growth was tempered by the lack of supply, which was also
impacted by higher sickness absences compared to the
comparison period. In Finland, the demand was more focu-
sed on short care pathways. The demand for diagnostics and
other services related to COVID-19 decreased significantly
from the comparison period due to a decline in COVID
10
testing. In Sweden, the demand for occupational health
services and particularly for consultation for organizational
management and harmful use was growing. The growth of
demand for digital services and remote appointments con-
tinued to be strong. The demand for mental health services
and preventive well-being services continued to grow.
A tight labour market and high inflation create growing
pressure on operating costs, including wages. The emp-
loyment situation is strong, but significant changes can
affect the demand for occupational health services. The
long-term growth prospects are good for Terveystalo’s
addressable markets in Finland and Sweden; the under-
lying demand is strong, and we are well-positioned to drive
growth going forward, supported by our strong market
position and reputation among industry professionals of
being a preferred employer.
Healthcare markets
EUR bn
~30
23
7
~15
11
4
Finland
Sweden
Private provision
Public provision
The impacts of inflation
High inflation can be seen as upward pressure on prices in
all procurement categories, and Terveystalo has actively
negotiated with its suppliers to limit the impact of inflation
on costs. The rising price of electricity has a negative im-
pact on operational costs. Due to component shortages,
delivery times have become longer in certain categories
of products and materials, such as healthcare equipment.
Skill shortages, a tight labour market, and high infla-
tion put pressure also on wages. The private healthcare
sector concluded a two-year, moderate salary agreement
for the period 1 May 2022 to 30 April 2024. The first wage
increase of 2.0% took effect on 1 October, 2022. The wage
increases in 2023 will be decided according to the wage
increases in the reference sectors and the salary increase
is at least 1.9%.
Commercial initiatives have been and will be under-
taken to mitigate the effect of inflation as a part of Terve-
ystalo’s profit improvement program. The effects will be
visible in stages from the fourth quarter of 2022 onwards.
The treatment queues, social and
healthcare reform, and changes in
the regulation
The contraction of non-urgent care in the private and
public healthcare sectors during COVID-19 restrictions has
resulted in a significant treatment gap in other illnesses.
According to the Finnish Institute for Health and Welfare
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
(THL), over 150,000 patients were waiting for access to
non-urgent specialized care at the end of August 2022. Of
those waiting for treatment, over 20,000 (9,500) had been
waiting for more than six months. The average waiting
time for non-urgent care was 65 days in August 2022. The
treatment queues continued to lengthen also in Sweden.
In November 2022, close to 150,000 people in Sweden
were waiting for surgery or a procedure (www.skr.se).
Under the social and healthcare reform, the responsi-
bility for the organization of social and healthcare services
will be transferred to the 21 well-being services counties
and the City of Helsinki. The well-being services county
councils, elected in January 2022, will decide on the well-
being services county and service strategies, the principles
of the service network, the service level of emergency
services, the budget and financial planning of the well-
being services county, and the appointment of members
to governing bodies. The term of office of the county
council is four years, commencing on March 1, 2022. In
2022, the new well-being services county councils have
focused on administrative organization. Decisions on new
material service procurements from the private sector are
expected in the first half of 2023 at the earliest.
As a result of the social welfare and healthcare reform,
some of Terveystalo’s outsourcing agreements for public
services will need to be renegotiated so that the new cont-
ractual terms will enter into force at the beginning of 2026
at the latest. Furthermore, there will be restrictions on the
subcontracting practices for public services produced as
outsourced services, but these are not expected to have a
11
significant impact on Terveystalo. The dismantling of the
queues for non-urgent care in the public sector will require
more extensive use of private healthcare services in the
aftercare of the pandemic.
Cuts to Kela reimbursements for private healthcare
took effect on 1 January 2023. The changes are estimated
to impact the demand for general practitioners' and gyne-
cologists’ appointments and imaging services. As consu-
mers' general purchasing power weakens, the changes can
also affect the use of other services. Cutting Kela reimbur-
sements from private healthcare will most likely lengthen
the queues in public healthcare, make it more difficult to
dismantle long treatment queues, increase the costs of
the public sector, and make the work of newly established
well-being services counties more difficult.
The impacts of the war in Ukraine
The indirect impacts of the war in Ukraine on Terveystalo
are assessed to be minimal, as Terveystalo does not have
business operations in, or with, countries that are subject to
sanctions. Indirect impacts arise from supply chain disrupti-
ons, high inflation, and potential disruptions in the financial
markets. The indirect economic impacts are already visible
in weakened consumer confidence and purchasing power.
The impacts may also have a delayed economic impact
through declining employment, which could nega-
tively impact the demand for Terveystalo’s services.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Our purpose is to fight
for a healthier life.
Our vision is to introduce the new era of health
– with fewer sick days and more healthy, happy
years – driven by data and Nordic know-how.
Values
HUMAN BEING AT THE CENTER
We take responsibility for the health and wellbeing of our
fellow human beings, for the opportunity to live a good life.
We work together to help our customer and our customer guides
us in our renewal. We help each other and value all of our experts.
STEERED BY MEDICAL SCIENCE
Everything we do is based on medical science and
researched knowledge. All our decisions are steered by
We build health and wealth for the society and produce
FOR THE COMMON GOOD
and ignite discussion and create better healthcare
for all: customers, professionals, and society.
12
How we do it
THE SMART PLATFORM
We are able to provide our customers with the right
service regardless of time, place, and channel, from
the beginning of the treatment path to its end.
THE CUSTOMER’S HEALTH PARTNER
We anticipate the customer’s needs, create services
that support holistic well-being, take care and actively
strengthen the relationship.
GROWTH IN NEW MARKETS
We grow in the Nordics and in digital services.
Strategic targets
THE PROFITABILITY LEADER IN THE NORDIC
REGION IN PRIVATE HEALTH SERVICES.
PREFERRED BY CUSTOMERS AND
PROFESSIONALS.
Financial targets
• Growth
At least 5% annual
growth in revenue
•
An adjusted EBITA
margin of 12–13%
•
ssendetbednI
Interest-bearing Net debt/
Adjusted EBITDA not to
exceed 3.5
• Dividend
as dividends annually
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Terveystalo’s strategy
Our purpose is to fight for a healthier
life. Our vision is to create a world with
fewer sick days and more healthy,
happy years.
To realize our mission and vision and to support our success,
our strategy sets out two key targets for 2021–2025:
•
•
To be the most profitable private health
care operator in the Nordic countries
To be the preferred choice of customers
and professionals
Expansion in well-being services and strategic, comple-
mentary acquisitions are also key aspects of Terveystalo’s
growth strategy.
To achieve these targets, we have defined strategic
focus areas that will take us towards our strategic
objectives.
The smart platform
Our services are the most conveniently available to
customers. We provide the right service regardless
of time, place, and channel, from the beginning to
the end of the care path.
The demand for novel health services, pricing models
and operative models is growing, while the scarcity of
health care professionals is increasing the need for more
intelligent use of competence.
We are developing an intelligent service platform that
will drive growth, profitability, customer satisfaction and
retention. By having the smartest platform in the industry,
we can provide our customers with the right service
regardless of time, place, and channel, from the beginning
to the end of the care path. The optimization of customer
guidance and the personalization of services enable us to
not only make more efficient use of our resources but also
improve access to care, clinical quality, the impact of our
services and, consequently, customer satisfaction. The
smart service platform supports the management of the
customer’s entire care path, which is always built using
industry-leading care protocols to make it as smooth and
impactful as possible.
Health partner
We anticipate customer needs, create services that
support holistic well-being, look after our customers
and actively strengthen our relationship with them.
In addition to treating illnesses, we want to create
health partnerships with our customers and to keep in
touch, anticipate customer needs and provide holistic
well-being services. We use digital solutions to make the
use of our services convenient and attractive, to increase
customer retention and to provide a platform for con-
tinuous health partnerships and personalized services.
The Terveystalo mobile application already has over 1.2
million users and our goal is to be a health partner for a
million people in the Nordic region. We are also adding
new low-threshold well-being services to our offering and
developing services that suit the various life stages of our
customers.
Expansion to new markets
We will achieve growth in the Nordic region and in
digital services.
Terveystalo is the largest private health care provider in
Finland and the clear market leader in occupational health
in the Nordic region. Our growth potential in our domestic
market is starting to be limited, which is why we are now
looking at new markets.
The Nordic region is a natural choice for our interna-
tional expansion. The acquisition of Feelgood has given
us access to the growing Swedish health market through
the locally leading occupational health care provider.
Our goal is to grow in the Swedish occupational health
market both organically and through additional acquisi-
tions. In the longer term, we see potential not only in the
good growth opportunities in the Swedish occupational
health market but also in expanding the range of services
in Sweden towards more integrated care chains. Our
business in Sweden developed in 2022 according to our
plans and revenue increased by 151 percent. We made
two acquisitions in occupational health and expanded
our operations beyond occupational health by acquiring
Nämndemansgården, which specializes in addiction treat-
ment.
Terveystalo is a pioneer in the digitalization of health
care. We have world-class expertise in digital tools for
customers and professionals and we have made long-term
investments in their development. Terveystalo is in a good
position to also leverage these competencies in other
markets and thereby create significant added value for
various stakeholders.
13
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
A change in the operating
model and profit improve-
ment program
In October 2022, Terveystalo launched a two-year profit
improvement program to speed up the achievement of
strategic and financial goals. The program aims for an infla-
tion adjusted, annualized run-rate EBITA improvement of at
least 50 million euros by the end of 2024. Most of the tar-
geted benefits are estimated to be realized already in 2023.
”
Accelerating the
implementation
of Terveystalo’s
strategy with a
change in the
operating model
and a two-year
profit improvement
program.
The measures of the program focus on hard cost
savings, commercial and productivity-improving measures
to increase revenue, as well as strategic development
measures to increase supply and strengthen
the sales margins.
The change in the operating model was one of the
first concrete steps of the program. The changes made
clarified roles and responsibilities and strengthened the
independent, efficient management of separate busines-
ses and the implementation of intact care pathways and
high-quality care. The new organization consists of three
business areas: Healthcare Services, Portfolio Businesses
and Sweden.
Healthcare Services is fully responsible for all the ser-
vices we produce in our clinical network for all customer
groups. In Healthcare Services, Terveystalo targets high
profitability and growth exceeding the market growth.
Portfolio Businesses are responsible for separate busi-
nesses with the aim of strengthening their independent
development, management and value creation. Portfolio
Businesses include oral health, public outsourcing, staffing
services, child welfare, public digital health, massage busi-
ness, rehabilitation services and interpretation services.
In Sweden, Terveystalo is looking for strong, profitable
growth in the medium term.
The new operating model enables the efficiency of the core
business and independence of the Portfolio business
Healthcare Services
Portfolio Businesses
Sweden
Market leading profitability
Independent
value creation
Growth mid to long term
Corporate sales
Outsourcing
Corporate sales
Service network
Consumer sales
Staffing
Insurance sales
Public sales
Dental
Others
Physical and Digital
Operations
14
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Financial targets and their achievements
Growth
Profitability
Capital structure
Dividends
Target
Annual revenue growth of at least 5 percent through
organic growth and acquisitions
Target
Adjusted EBITA margin of at least 12–13 percent in
the medium to long term
Target
The net debt/adjusted EBITDA ratio must be 3.5x or less.
However, indebtedness may temporarily exceed the
target level, such as in conjunction with acquisitions.
Target
The target is to distribute a minimum of 40 percent of
net profit as dividends annually. However, the dividend
proposal must take into account Terveystalo’s long-term
development potential and financial position.
Outcome
+9.0%
Outcome
8.4%
Outcome
3.2
Terveystalo’s revenue grew by 9.0%
to EUR 1,259.1 million.
Terveystalo’s adjusted EBITA amounted to EUR 105.2
(141.0) million representing 8.4 (12.2) percent of revenue.
Net debt/adjusted EBITDA was 3.2 (2.5)
at the end of 2022.
Outcome
145.0%
The Board of Directors proposes that a dividend of EUR
0.28 per share be paid for the financial year 2022. This
represents 145.0% of the net profit for the financial period.
Revenue
Target of at least 5% growth annually
Adjusted EBITA and EBITA-%
Target 12–13% of revenue
Net debt / Adjusted EBITDA
Target max 3.5
Dividend/share and % of net profit
Target is to distribute at least 40% of net profit as dividends.
1,154.6
1,259.1
1,030.7
986.4
744.7
2018
2019
2020
2021
2022
MEUR
1,500
1,250
1,000
750
500
250
0
15
MEUR
150
125
100
75
50
25
0
141.0
115.1
87.7
101.9
105.2
2018
2019
2020
2021
2022
Adjusted EBITA, MEUR
Adjusted EBITA, % of revenue
%
30
25
20
15
10
5
0
5
4
3
2
1
0
3.8
3.1
3.0
2.5
3.2
3.5
2018
2019
2020
2021
2022
2018 not fully comparable due to IFRS 16 impact
EUR
0.5
0.4
0.3
0.2
0.1
0
%
150
120
90
60
30
0
0.26
0.28
0.28
0.20
0.13
2018
2019
2020
2021
2022*
Dividend/share, EUR
% of net profit
*Proposed dividend in total
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Value creation model
The foundation for value creation
Activities
Personnel, competence and culture
•
•
Competent and committed personnel: more than
16,800 professionals, of whom more than 5,900
are independent practitioners
We invest in our personnel’s competence and well-
being as well as our culture. Our goal is to be the
best and most attractive employer in our industry.
Digital capabilities and innovation
•
Digital solutions for improving clinical,
operational and experienced quality
• Terveystalo app and remote services
• Digital tools for professionals
• Care guidance tools
• Efficient and responsible use of data
Intangible resources
• Strong brand
• ISO 9001:2015 quality certification
• ISO 13485 certification
• Strong patient safety
• Data protection and information security
•
Stakeholder relations, stakeholder trust and close
cooperation with the public authorities, industry
organizations, insurance and pension companies
and sickness funds
Infrastructure
• 24/7 digital services
• 370 clinics in Finland
• 18 hospital units
• 34 dental clinics
• 73 Rela-massage units in Finland, 1 in Estonia
•
155 locations in Sweden offering occupational
health services, of which 93 are own clinics
Financial capital
• Net debt EUR 567 (519) million
• Equity EUR 592 (609) million
• Investments excluding M&A EUR 60 (43) million
Purchased materials and services
•
•
Purchased materials and services
EUR 526 (489) million
Electricity 17,168 (15,944) MWh, of which
50% (89%) was green electricity
16
Our purpose
Our purpose is to fight for a healthier life.
Our vision
Our vision is to create a new era of health –
fewer sick days and more healthy, happy years.
We provide services to three different
customer groups:
1. corporate customers
2. private customers
3. public sector customers
• Occupational health services
• GP and specialist services
• Diagnostics
• Surgery
• Well-being services
• Oral health
• Outsourcing and staffing services
• Child welfare services
24/7
digital services
Approx.
8.5 M
million customer
visits in Finland
Approx.
1.4 M
digital appointments
in Finland
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Impacts
SDG
Good health and well-being
We have an impact on our customers’
health and well-being.
• High customer satisfaction, NPS 83 (83)
Responsible work and
sustainable economic growth
The most attractive employer in the industry
and a high level of employee well-being
• Employee Net Promoter Score eNPS 29 (32)
•
Personnel sickness absenteeism rate 5.2 (4.4),
below the national average
Lost time injury frequency rate LTIR 15 (20),
significantly below the average for
the industry (34)
Studies show that Terveystalo is the most
attractive employer in its industry among
professionals.
•
•
We create value for our shareholders.
• Revenue growth 9%
• Earnings per share EUR 0.19 (0.63)
•
Stable dividend distribution: dividend
proposal EUR 0.28 (0.28) per share
• Return on equity (ROE) 4.1% (13.6%)
We are a significant employer and taxpayer.
• Wages and salaries paid EUR 382 (316) million
• Tax footprint EUR 236 (191) million
Smooth care chains and digital services expedite
access to care.
•
T3 (the third available non-urgent appointment
with a physician) at our clinics was 1.93 (1.61)
• Help available via the chat function in seconds
Sickness absences and the costs of work left
undone are reduced.
Cooperation and partnerships with the public
sector bring solutions to access to care.
•
T3 (the third available non-urgent appointment
with a physician) for public services was 12.0 (6.5)
Biobank samples are used in clinical research
to investigate the causes of illnesses and
develop treatments.
17
Responsible consumption and climate action
We reduce the emissions arising from our operations
by using green electricity and prioritizing vehicles with
low emissions.
•
The carbon footprint from Scope 1 and 2 emissions
has decreased by 61% since 2018.
We promote the conservation and sustainable use of natu-
ral resources by reducing plastic consumption, recycling
and increasing the efficiency of material management.
•
The recovery rate of waste generated at Terveystalo
units 100 (100)%
• Waste recycling rate 67% (64%)
Our digital services enable us to simultaneously improve
service availability and reduce our customers’ travel times
and the emissions generated by travel.
•
34% (25%) of all visits were provided remotely,
digitally or by phone.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Sustainability
Terveystalo and sustainability
20 Terveystalo's sustainability themes
21 Goals and achievements
24 Sustainable development goals
26 Sustainability management
30 Stakeholder engagement
31 Materiality analysis
Terveystalo’s sustainability themes
33 Good health and well-being
42 Ethical business
46 Responsible work
54 Sustainable economic growth
58 Sustainable consumption and climate action
Reporting principles
64 Sustainability reporting principles
65 Sustainability themes and material topics
68 GRI index
18
18
Terveystalo
Annual Report 2022
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Terveystalo and
sustainability
Sustainability is a core value for Terveystalo. Above all,
we want to promote the health and well-being of our cus-
tomers and personnel. We also create positive impacts on
the entire society around us and promote ethical business
practices throughout our value chain. We also minimize
our environmental impacts in all of our operations and
products.
Our sustainability efforts are guided by Terveystalo’s
Code of Conduct, our common values and strategic goals
as well as the sustainability themes that are essential to
our stakeholders. We regularly monitor the results of our
work pertaining to sustainability.
19
19
Terveystalo
Annual Report 2022
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Terveystalo's sustainability themes
Kestävää kulutusta ja ilmastotyötä
Good health and well-being
Ethical business
Responsible work
Sustainable economic growth
•
•
•
All members of our personnel are
responsible for ensuring that our
customers receive appropriate,
high-quality and safe care.
We aim to stand out by providing
an outstanding experience in all
customer encounters, regardless
of the channel.
We develop our work by listening
to our customers and utilizing new
technology.
•
•
•
Terveystalo’s employees and
practitioners must do the right
thing regardless of where we
are, who we are with or what
the circumstances are.
A workplace culture that always
insists on doing what is right
creates a foundation for long-
term success.
In addition to the company’s values,
Terveystalo’s operations are guided
by Terveystalo’s Code of Conduct
and Supplier Code of Conduct.
•
•
•
•
Competent and committed
personnel form the foundation
for our operations.
We offer diverse career and deve-
lopment opportunities in a wide
range of jobs.
We aim to be our industry’s best
and most attractive employer for
all professionals.
Equality, fairness and non-discrimi-
nation are important principles to
which we are committed.
•
•
•
Responsible business is also finan-
cially profitable and sustainable.
We create value for our customers,
society, and our shareholders by
continuously developing the quality
of our operations, enabling faster
access to care, reducing sickness
absences, and employing directly
and indirectly more than 16,800
professionals.
We are a significant employer,
taxpayer and provider of health
services in Finland.
Sustainable consumption
and climate action
•
•
•
•
Our goal is to achieve zero emissions
in our own operations in 2030.
We reduce the emissions arising from
our operations by using emission-free
green electricity and prioritizing
vehicles with low emissions.
We promote the conservation and sus-
tainable use of natural resources in our
supply chain by reducing plastic con-
sumption, recycling and increasing the
efficiency of material management.
Our digital services enable us to simul-
taneously improve service availability
and reduce our customers’ travel
times and the emissions generated
by travel.
20
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Goals and achievements
We have set targets in accordance with our key sustainabi-
lity themes and we monitor their achievement on a regular
basis. We have developed a quality index to promote the
reporting and transparency of quality by measuring clinical
and experienced quality, access to care as well as pre-
ventive care. The quality index consists of seven different
impact indicators and we use it to measure clinical, expe-
rienced and process results based on international best
practices. Our quality indicators and their continuously
updated results are available to the public on our website.
Our climate goal is to achieve zero emissions in our own
operations in 2030.
Kestävää kulutusta ja ilmastotyötä
Good health and well-being
Area
Quality index: High clinical and
experienced quality, access
to care and preventive care
Target
Use of the WHO Surgical Safety Checklist in over 99% of surgical operations
Indicator
Use of the WHO Surgical Safety Checklist in surgical operations
Prescriptions for drugs affecting the central nervous system in relation to visits
to a physician below 3.5%
Prescriptions for drugs affecting the central nervous system in relation
to visits to a physician
Duration of sickness absence issued on the day of the operation (median),
repair of the rotator cuff and the anterior cruciate ligament <28 days
Duration of sickness absence issued on the day of the operation
(median), repair of the rotator cuff and the anterior cruciate ligament
Percentage of preventive work of occupational health appointments over 60%
Percentage of preventive work of occupational health appointments
Days until next available appointment, clinics (T3) below 1.00
T3, i.e. the third available appointment
Appointment NPS over 74
eNPS at least 31 by 2025
Quality index total
Access to care, public services
Days until next available appointment (T3) public services < 7 for a physician,
< 1 for a nurse
Patient safety
The figures include Terveystalo's operations in Finland.
21
Appointment NPS
eNPS
Quality index, %
T3, i.e. the third available appointment with a physician
T3, i.e. the third available appointment with a nurse
Reimbursed patient claims / appointments with a physician
Near misses/hazardous incidents
Target
>99%
<3.5%
<28
>60%
<1.00
>74
>31
100
<7
<1
2022
98.9%
4.0%
2021
99.8%
4.3%
SDG
2020
97.8% 3
4.6%
30
32
36
69.6%
70.2%
67.8%
1.93
82.7
29
92.2
12.0
2
1.61
83.0
32
94.6
6.5
1
1.17
82.8
18
94.2
5.6
1
0.0016%
0.0019%
0.0021%
56.9%
50.0%
57.0%
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Ethical business
Area
Employees who have completed
orientation training on the Code
of Conduct and correct action
Suppliers who have approved
the Supplier Code of Conduct
Target
100% of our employees have completed the training
100% of our suppliers have approved the Supplier Code of Conduct
Indicator
Percentage of employees who have completed
the training relative to all employees1)
Percentage of suppliers who have approved the
Supplier Code of Conduct relative to all suppliers
(of suppliers representing 80% of total purchases)
Target
100%
100%
2022
69.2%
2021
66.0%
SDG
2020
52.3% 16
80%
80%
80%
1) The training periods have been of different lengths. The figures for 2022 also include performances during the second half of 2021, which is why the figures are not fully comparable.
The figures include Terveystalo's operations in Finland.
Responsible work
Area
Occupational safety
Target
Accident rate below the sector average
Personnel’s well-being
Reducing sickness absences
Employer recommended
by the personnel
Improving the employee promoter score
The figures include Terveystalo's operations in Finland.
Sustainable economic growth
Indicator
Accident rate
Sickness absences
eNPS
Target
< 34 (sector average)
-
31 by 2025
2022
15
5.2%
29
2021
20
4.4%
32
SDG
8
2020
25
3.8%
18
Area
Tax footprint
Target
We openly disclose our tax footprint annually
Revenue growth
Minimum annual growth 5%
Indicator
Tax footprint, EUR million
Revenue growth, %
The people we employ
We create jobs
Employee benefit expenses, EUR million
Target
-
5 %
-
2022
235.7
9.0%
455.0
2021
191.0
17.1%
378.2
SDG
8
2020
152.3
-4.3%
310.2
22
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Sustainable consumption
and climate action
Area
Reducing the carbon footprint
Target
Zero emissions from own operations in 2030.1) Between 2023 and 2030,
we will compensate for any remaining greenhouse gas emissions by
investing in certified carbon dioxide emission compensation projects.
Indicator
Reduction of direct (Scope 1) and indirect (Scope 2)
greenhouse gas emissions compared to 2018 (6,316.8 tCO2)
Target
-100% by 2030
2022
-61%
2021
-89%
SDG
2020
-66% 13
We will reduce direct and indirect CO2 emissions (Scope 1 and Scope 2)
by 80% by 2025 (using 2018 as the baseline)
Direct (scope 1) and indirect (scope 2)
greenhouse gas emissions, tCO2
-80% by 2025
2,476.3
664.0
2,165.4
Energy consumption
We will purchase 100% green electricity by 20252)
Share of green electricity of all purchased electricity, %
100% by 2025
Waste recovery4)
We will minimize waste in all of our operations and forward
all waste to be recovered
The recovery rate of waste generated at Terveystalo units, %3)
100% by 2025
The recycling rate of waste generated at Terveystalo units, %3)
100% by 2025
Mixed waste intensity (mixed waste [metric tons]
relative to total revenue [100 million])
Annual reduction
50%
100%
67%
5.8
89%
100%
64%
6.4
62%
99% 12
61%
6.0
1) Between 2023 and 2030, we will compensate for any remaining greenhouse gas emissions by investing in certified carbon dioxide emission compensation projects. Our aim is to eventually discontinue compensation measures and to achieve zero emissions in our own operations by 2030.
In 2022 emissions were not compensated due to cost savings. The calculation of Scope 2 emissions is market-based. The exceptional electricity market disturbances forced Terveystalo to change its electricity supplier in the middle of the year, and because of the high market price of electricity,
no green electricity was purchased for the rest of the year. The calculation of the market-based figure is based on the emission factor of the electricity purchased by Terveystalo in Finland, while the location-based figure is calculated according to a factor based on the source distribution of local
energy production. The amount of green electricity from the electricity purchased in Sweden has been calculated according to the average share of green electricity in the Swedish market, since supplier-specific information is not available. The energy consumption and carbon footprint figures
for 2022 also include operations in Sweden. Comparison years only include Finland.
2) In the units where we purchase electricity ourselves.
3) Excludes waste fractions that cannot be recycled or recovered under any circumstances, such as hazardous waste.
4) Includes Terveystalo's operations in Finland.
23
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Terveystalo contributes to the achievement
of sustainable development goals
We have analyzed our operations and
business strategy in relation to the
UN Sustainable Development Goals
(SDGs) by considering our positive and
negative impacts. From among the
17 goals and 169 targets, we selected
and prioritized the ones that are most
essential for us and we commit to
promoting in our operations. We
actively promote eight sustainable
development goals.
24
This is our most important sustainable develop-
ment goal. We have a significant opportunity to
contribute to people’s health and holistic well-
being. In ensuring comprehensive health care,
we have a positive impact larger than our size.
Possible negative effects may be due to, for ex-
ample, excessive or unnecessary prescription of
drugs. We systematically aim to reduce this kind
of practice through our clinical quality efforts.
+
Read more on p. 33
We have plenty of direct positive effects on this
goal through, for example, economic growth,
innovations that improve profitability and job
creation. We are a strong enabler as a provider
of occupational health services that maintain
and improve the work ability of our customers.
Our growth improves people’s well-being with-
out risking natural resources.
+
Read more on p. 54
Health care is an essential part of infrastructure.
We have invested in the development of the
quality and effectiveness of the care we provide,
as well as innovations that improve the availability
of care. Our biobank supports scientific research.
We produce health care services cost-effectively
in close cooperation with the public sector. Public
partnerships represent one third of our business.
We uphold the principles of transparency, justice
and good governance. As a member, we have
committed to promoting the principles of the
UN Global Compact initiative. We accomplish this
with the help of our Code of Conduct and training.
+
Read more on p. 42
We train our professionals and engage in research
and education cooperation with several univer-
sities. Our trainee programs also promote youth
employment.
+
Read more on p. 46
We transparently report on our climate impacts.
We are committed to the targets agreed upon in
international climate summits for the mitigation
of climate change. We reduce the emissions aris-
ing from our operations by increasingly shifting
to green electricity and preferring vehicles with
low emissions. We promote the conservation
and sustainable use of natural resources in our
supply chains by reducing plastic consumption,
recycling, increasing the efficiency of material
management and reducing the number of small
orders. Promoting the use of digital health ser-
vices in society helps to reduce emissions from
unnecessary travel.
+
Read more on p. 58
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Our key commitments
and sustainability indices
We are committed to the principles of the UN Global
Compact initiative, according to which we promote
human rights, labour rights, environmental efforts
and anti-corruption.
Terveystalo has received the ISS ESG Prime sustaina-
bility rating. This means we meet the high sustainability
standards of ISS ESG in our industry and we are in the top
10 percent globally in the ISS ESG Prime rating framework.
Our scores were better than average particularly in the
areas of quality, patient safety, employee relations, and
the working environment.
In 2021, Terveystalo received a rating of AA+
(Excellent+) in the Upright Project’s assessment of the
company’s net impact on society. The rating is higher than
93.3% of all of the evaluated companies, 96.1% higher
than the companies listed on Nasdaq Helsinki and 50%
higher than other health care companies. Net impact
refers to the difference between positive and negative
impacts, i.e. the comprehensive net value creation of com-
panies. The Net Impact Scorecard is an indicator of what
resources a company uses and what it achieves with those
resources. Inspired by credit ratings, the scorecard sum-
marizes each company’s net impact using a rating scale
of AAA-CC.
Terveystalo is a member of the Finnish corporate
responsibility network FIBS and an official partner of
Helsinki Pride 2022.
In 2022, Terveystalo completed the CDP (formerly
the Carbon Disclosure Project) comprehensive climate
assessment for the second time and was awarded
a rating of C.
Rating with drivers and all companies comparison - color - facebook - twitter - 1200x628
N E T I M P A C T R A T I N G
AA+
Terveystalo has received a net
impact rating of AA+
(Excellent+) in 2021, driven by
its contribution to health and
society.
Only 6.7% of all companies receive this or a
higher net impact rating.
TERVEYSTALO (2021)
Source: Upright Project, 2021
25
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Sustainability management
Our sustainability efforts are based on our Code of Conduct and shared values. Our systematic
management of sustainability is aimed at ensuring that we achieve our sustainability targets.
Our continuous improvement model ensures that our
services will continue to create value for our customers in
the future. The management of Terveystalo’s key sustaina-
bility themes is described in the table below. We assess our
management model based on audits, feedback, identified
development targets and the achievement of goals, and
modify it when necessary.
Kestävää kulutusta ja ilmastotyötä
Good health and well-being
Description and purpose of
the management approach
Policies and
Commitments
Objectives
The health and well-being of
our customers are the starting
point for the planning of all
operations. The purpose of
the management approach
is to ensure patient safety
and high-quality care.
26
• Terveystalo’s operating policy, quality policy,
• Our services are of high clinical quality
and are the most conveniently available
to customers.
• We provide the right service regardless
of time, place, and channel, from the
beginning to the end of the care path.
• Quality indicators, patient safety
internal control and risk management policy, self-
monitoring, Code of Conduct, data protection and
information security policy and compliance rules
• ISO 9001: 2015 quality system
• Operations are guided by the Current Care Guidelines
• Government Decree on the Principles of Good
Occupational Health Care Practice 708/2013
• General Data Protection Regulation (EU) 2016/679
• Other laws and regulations governing business op-
erations, the industry and the operations of private
service providers as well as customer agreements
• The harmonized processes and procedures that
ensure patient safety and high-quality care are
documented in Terveystalo’s operating handbook.
• Our policies and procedures pertaining to the data
protection of patient data are documented in the
Data Protection Handbook for patient care.
Resources and
Responsibilities
• The Chief Medical Officer
is responsible for clinical
quality and patient safety.
• The assurance and development
of quality and patient safety are
managed by the Group’s quality
steering group, data protection
team, safety team, patient
safety team and the regional
quality network.
Feedback mechanisms
Projects and initiatives in 2022
• Incident reports,
customer feedback
• Annual assessment of patient safety risks and internal and external audits
of the quality system in accordance with the ISO 9001:2015 standard.
• Each Terveystalo employee
and practitioner is required
to report actual or suspected
misconduct to their super-
visor, the supervisor’s
supervisor, Terveystalo’s
Legal & Compliance
department or via the
Terveystalo reporting
channel.
• Terveystalo received a quality certificate for public services health
centre operations.
• We prepared a Terveystalo continuity plan. The operating models
defined in the continuity plan ensure the production of Terveystalo's
critical services in emergency and disruption situations, as well as the
availability of medical services and business continuity.
• Patient and occupational safety risk assessments
• Expert-specific customer feedback pilots in the autumn of 2022. Larger-
scale collection of personal feedback started at the beginning of 2023.
• We launched a new patient and customer safety online course.
• We introduced new quality indicators as part of the continuous
development of quality and effectiveness reporting. The set of
quality indicators (32 indicators) is on our website.
• We participate in the development and implementation of the
Ministry of Social Affairs and Health's (STM) national customer
and patient safety strategy.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Ethical business
Description and purpose of
the management approach
Policies and
Commitments
At the general level, our
sustainability is guided by
Terveystalo’s Code of Conduct
and values. The purpose of
the management approach
is to ensure the effective
implementation of our strategy
and the achievement of our
business goals as planned.
• Terveystalo’s Code of Conduct and
Supplier Code of Conduct.
• We always observe the laws and regulations
governing our operations.
• In addition to compliance with legislation and
Terveystalo’s Code of Conduct, we aim to
observe widely accepted ethical standards,
such as the UN Global Compact principles.
We also expect our partners and subcontractors
to share and observe the same ethical principles.
Objectives
• All Terveystalo employees have
familiarized themselves with the
Code of Conduct and completed
an online course on Compliance
to confirm this.
• All of our suppliers have accepted
the Supplier Code of Conduct.
• Ensuring patients’ data protection
and information security.
Resources and
Responsibilities
• Terveystalo’s Board of Directors
approves the Code of Conduct.
• Terveystalo’s Legal & Compli-
ance department is responsible
for the implementation of the
Code of Conduct in the organ-
ization and supervisors are
responsible for communication
related to the Code of Conduct.
Feedback mechanisms
Projects and initiatives in 2022
• Terveystalo has two different Compliance courses in use,
one tailored for employees working in clinical duties and
a broader course for administrative employees.
• Actual or suspected
violations of the Code
of Conduct are primarily
reported to the supervisor,
the supervisor’s supervisor
or Terveystalo’s Legal &
Compliance department.
They can also be reported
anonymously via the
Terveystalo reporting
channel.
Responsible work
Description and purpose of
the management approach
Policies and
Commitments
• Terveystalo Group’s equality
and non-discrimination policy
• Terveystalo’s HR policy
• The work community development plan
The objective of our HR
management is to ensure
that our personnel have a
high level of well-being and
that they perform their jobs
successfully. The management
approach pertaining to occu-
pational health and safety is
described in more detail in
the Responsible work
section of this report.
27
Objectives
• Our goal is to be the best and most
attractive employer in our industry.
• Improving Terveystalo’s employee
Net Promoter Score (eNPS) to reach
a good level
• Accident rate below the industry average
• Reducing sickness absences
Resources and
Responsibilities
• The Senior Vice President,
Human Resources is responsible
for HR management and its
development at Terveystalo.
Feedback mechanisms
Projects and initiatives in 2022
• Personnel and private
practitioner surveys
• Hazardous incident
reports by the personnel
• Performance reviews
• Private practitioner
• Recruiting new professionals to increase the supply
• Continuous development of occupational safety
• Training in the use and utilization of digital tools in customer work
• Development project to streamline the work of occupational health
nurses and strengthen occupational well-being continued in 2022.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Sustainable economic growth
Description and purpose of
the management approach
Policies and
Commitments
We develop our business in
accordance with our financial
targets and values. We create
shareholder value by developing
customer-oriented services
that improve the availability
and effectiveness of care. We
communicate our activities
openly and transparently. We
follow a responsible tax policy.
• We communicate in accordance with our Disclosure
Policy and we comply with EU regulations, Finnish
legislation, the rules of Nasdaq Helsinki Oy, the reg-
ulations and instructions of the European Securities
Market Authority ("ESMA") and the Financial Super-
visory Authority, the Finnish governance code and
Terveystalo's management principles and internal
instructions.
• Terveystalo and its subsidiaries comply with a respon-
sible tax policy in accordance with Terveystalo’s tax
strategy.
• Our suppliers and subcontractors are required to com-
mit to the Supplier Code of Conduct and comply with
the laws and regulations governing their operations.
Objectives
• Growth: at least 5% annual revenue
growth in the long term
• Profitability: Adjusted EBITA 12–13%
of revenue in the medium to long term
• Capital structure: Net Debt/Adjusted
EBITDA not to exceed 3.5x
• Dividend policy: At least 40% of the
profit for the financial period distributed
as dividends
• We openly report our tax footprint
annually.
• We create jobs.
Resources and
Responsibilities
• The CEO is responsible for
the Company’s day-to-day
management and the imple-
mentation of strategy. The CEO
ensures that the management
of the Company is adequately
arranged, and the Company’s
accounting complies with the
legislation. The CEO also ensures
the appropriate arrangement of
the Company’s administration
and asset management.
Sustainable consumption
and climate action
Description and purpose of
the management approach
Policies and
Commitments
Objectives
We take our environmental
impacts into consideration in
all our operations. The objective
of our environmental program
is that everyone at Terveystalo
takes the potential environmental
impacts into account in their
day-to-day work and operates in
environmentally friendly ways.
28
• Terveystalo's Group services and some of our
clinics in Finland have ISO 14001:2015 Environmental
Management System certification.
• Zero emissions from own operations in
2030. The remaining emissions will be
compensated between 2023 and 2030.
• Feelgood, Terveystalo’s subsidiary operating in
• We will reduce our direct and indirect
Sweden, also has ISO 14001:2015 Environmental
Management System certification.
CO2 emissions (Scope 1 and Scope 2) by
80% by 2025 (using 2018 as the baseline).
• Our Environmental Policy and Environmental
Program covers the entire Terveystalo Group
and meet the requirements of the
environmental standard.
• We will purchase 100% green electricity
by 2025.
• We will minimize waste in all of our
operations and forward all waste to
be recovered:
• The recovery rate and recycling rate
of waste generated at Terveystalo
units will be 100% by 2025.
• Reducing the mixed waste intensity
Resources and
Responsibilities
• The Director of Quality and
Development and operative
group appointed for the
environmental system,
are responsible for the
ISO 14001: 2015 certificate
as well as approving the
environmental program
and ensuring that the
operations comply with it.
• The Environmental System
Steering Group and Quality
Steering Group monitor
the implementation of the
environmental program.
Feedback mechanisms
Projects and initiatives in 2022
• Terveystalo renewed its operating model and launched
a 50 million euro annual profit improvement program.
• Each Terveystalo employee
and practitioner is required
to report actual or suspected
misconduct to their
supervisor, the supervisor’s
supervisor, Terveystalo’s
Legal & Compliance depart-
ment or via the Terveystalo
reporting channel.
Feedback mechanisms
Projects and initiatives in 2022
• Terveystalo reporting chan-
• Annual assessment of environmental risks
nel, incident reports
• Internal feedback and
development suggestions
• Customer feedback
• Internal and external audits in line with ISO 14001:2015, supplier audits
• The plastic and cardboard recycling project continued.
• A nationwide project was started to reduce the use of plastic bags.
• ISO 14001:2015 Environmental Management System certification was
expanded in the Oulu area.
• Terveystalo was accepted as an organizational member of the Climate
Leadership Coalition climate business network. Terveystalo has actively
participated in the activities of the Climate and Health theme group.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Sustainability governance
The Board of Directors of Terveystalo is the highest
decision-making body which oversees the sustainability-
related issues within the organization. The Board reviews
and guides the sustainability strategy and major plans of
action, and monitors and oversees progress against goals
and targets annually.
Terveystalo’s sustainability efforts are guided by the
company Code of Conduct, values, and strategic goals
as well as the sustainability themes that are essential to
Terveystalo stakeholders. The results of Terveystalo’s
sustainability efforts are monitored regularly. The most
significant risks related to material non-financial themes
are assessed and sought to be mitigated as part of the
company’s overall risk management process.
At the management level, the Quality Steering Group
chaired by Chief Medical Officer is responsible for assu-
rance and development of quality and patient safety
and monitors the implementation and progress of the
quality and sustainability measures. The Vice President,
Communications, IR & CR (reporting to the CEO) is respon-
sible for managing the process of setting new sustainabi-
lity targets and coordinating sustainability initiatives within
the company.
Risk management procedures are integrated to all
levels of the organization. Terveystalo identifies risks using
performance indicators, market statistics, customer feed-
back, inspection reports and inquiries from the authorities,
occupational safety risk surveys, incident information,
results of internal audits and audits, and competitor infor-
29
mation. Risk management is assessed annually through
the following quality certificates:
• ISO 9001: 2015 quality system
This certificate covers the corporate management
system, business lines, corporate services, appointment
services, hospital services, occupational health care,
screening services, medical imaging services, labora-
tory services, dental care, customer services, health
care staffing, biobanking activities, digital appointment
services, well-being services, Fokus special units and
child welfare services.
• ISO 13485 quality system
This certificate covers design, development, manufac-
turing, distribution and sales of medical software.
• ISO 14001: 2015 environmental system
This certificate covers the corporate management
system, business lines, corporate services, appointment
services, hospital services, occupational health care,
screening services, medical imaging services, labo-
ratory services, dental care and customer services in
Finland.
In Sweden, Terveystalo's subsidiary Feelgood has ISO
9001: 2015 quality system, ISO 14001: 2015 environmen-
tal system and ISO 45001 occupational health and safety
system certificates.
The company also has a Risk management and internal
control policy to manage the different risk processes. Also,
internal audit verifies the processes and control duties.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Stakeholder engagement
Terveystalo’s role in society means the
company has several stakeholders with
whom it engages in active dialogue.
In addition to customers, personnel, private practitioners,
and shareholders, our primary stakeholders include the
authorities and social decision-makers that can influence
the relevant legislation and its drafting. Other key stake-
holders include the supervisory authorities and the media.
We also engage in close interaction with lobbyists within
the sector. Open dialogue and effective cooperation
enable a more predictable operating environment for
everyone involved. The table below describes Terveystalo’s
engagement with various stakeholders in 2022.
Key memberships in organizations
and advocacy organizations
Terveystalo' s representatives work in several organiza-
tions. The most significant of these are listed below:
• The Confederation of Finnish Enterprises
• Central Chamber of Commerce
• Helsinki Region Chamber of Commerce
• The Finnish Association of Private Care Providers HALI ry
• The Association of Finnish Private Healthcare Providers
• Finnish Association of Purchasing and Logistics LOGY
• FIBS ry
30
Stakeholder group Stakeholder expectations
Terveystalo’s response to the expectations
Channels of engagement
Customers
Competitive and responsibly produced
high-quality services
We continued to develop our services in numerous different
areas. We strive to meet the growing demand by, among other
things, recruiting new professionals and further increasing the
supply of our digital services, including by developing a digital
service platform tailored to the public sector. We measured
customer satisfaction regularly and comprehensively. We are
piloting the collection of expert-specific customer feedback.
We continued a change process to support successful work
performance and even more effective cooperation. We devel-
oped tools to make work smoother, trained professionals,
eased the lack of resources with new recruitments and actively
communicated with our personnel on topical issues.
Responsible management, smooth interaction,
equality, a good working atmosphere and working
conditions, development of competence,
competitive pay
In addition to creating financial additional value,
open communication about the implementation
of the strategy and financial performance,
and responsible business.
We actively communicated with owners and investors about
material issues related to business development, challenges
in a difficult market environment and measures to improve
profitability.
Good cooperation and open disclosure of informa-
tion and interaction to facilitate the preparation of
decisions. The development and renewal of health-
care is a shared goal for Terveystalo, the authorities
and decision-makers.
We engaged in active dialogue on issues related to the industry.
Physical and digital encounters with customers, online
services, feedback surveys and channels, marketing
communication, social media.
Personal interaction, intranet, newsletters, personnel satisfaction
survey, development discussions, private practitioner discussions,
training, seminars, and events.
Open and active dialogue; regular and continuous reporting with
stock exchange releases and reports, personal communication
channels, such as meetings with investors and analysts, general
meetings of shareholders, and other events. Our Investor Relations
function coordinates interaction with investors, aiming to ensure
equal opportunities to receive information and meet with the
company management.
Open dialogue, meetings, and communication in various working
groups and events, etc.
Openness of communication, reliability of infor-
mation and prompt service. Use of Terveystalo’s
expertise in health care-related topics.
We engaged in active communication regarding our operations
and made our professionals available on topics related to health
and health care.
Open and active communication through various channels.
Quick and open response to requests from media.
Effective and open cooperation that makes our
expertise available to the entire industry. Deve-
lopment of Finnish health care and promotion
of citizens’ health constitute a common goal.
We engaged in active dialogue on issues related to the industry.
Diverse cooperation with organizations such as the Finnish Asso-
ciation of Private Care Providers and Lääkäripalveluyritykset. Our
cooperation channels include working groups and various events.
Personnel
and private
practitioners
Shareholders
The authorities
and decision-
makers
Media
Industry
organizations
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Materiality analysis as the foundation
of our sustainability efforts
We have defined our material aspects of
sustainability in collaboration with the
representatives of our key stakeholders.
The materiality analysis we conducted
in 2019 serves as the foundation of
our sustainability efforts, sustainabilty
communications and their development.
In 2023, we will conduct a new materiality analysis, which
corresponds to the new GRI standards and the EU's sustai-
nability reporting directive.
Based on our materiality analysis, we also analyzed in
detail the views of ESG investors regarding various aspects
of sustainability. As part of the background work for the
materiality analysis, we surveyed the global leaders of our
industry. To identify Terveystalo’s sustainability priorities,
we arranged a workshop with our selected experts. After
the workshop, we reinforced the results by conducting a
survey targeted at our experts, which was then used as the
basis for an online survey of stakeholders. Terveystalo’s
employees and private practitioners were particularly well
represented in the survey. Other stakeholders represented
in the survey included our shareholders, investors, the
media, and industry organizations. In addition to the online
survey, we interviewed the representatives of our key stake-
31
holders. The order of priority of our material themes
of sustainability was largely the same regardless of the
stakeholder mix.
Our key sustainability themes are
closely related to our core function
All our stakeholders were unanimous in their view of
Terveystalo’s critical themes of sustainability. Terveystalo
must operate in the best possible manner in its core busi-
ness of health care service provision and, in particular,
ensure the clinical quality and effectiveness of care, patient
safety, high service quality, occupational safety, data pro-
tection, information security, the promotion of customer
well-being, and the prevention of illnesses. In addition,
Terveystalo’s shareholders emphasized the importance of
focusing on the company’s carbon footprint, which is related
to the current megatrend of climate change. Terveystalo
has made several major acquisitions in recent years, and
the well-being at work of the company’s personnel was
substantially emphasized in the results of the materiality
analysis. The link between employee well-being and patient
well-being was highlighted in the responses of customers
and shareholders alike. In addition, the most significant risks
and opportunities were seen by all the stakeholders as being
linked to both information security and digitalization.
Important
Significant
Critical
12
13
16
9
17
7
11
15
6
10
20
18
22
19
21
2
1
14
4
8
3
5
r
e
d
l
o
h
e
k
a
t
s
n
o
e
c
n
e
u
fl
n
I
s
n
o
i
s
i
c
e
d
&
s
t
n
e
m
s
s
e
s
s
a
Significance on Terveystalo's economic, environmental & social impacts
Sustainable consumption
and climate action
21 Minimizing our carbon footprint
22 Material efficiency and recycling
Responsible work
13 Employee well-being
14 Guaranteeing safety
15 Diversity of employees
16 Developing know-how of employees
Sustainable economic growth
17 Responsible tax policy and paying taxes
18 Creating added economic value for
the society and owners
19 Sustainable supply chain operations
and the share of domestic purchases
20 Providing employment in Finland
Good health and well-being
1 Quality and impact of care
2 Guaranteeing patient security
3 Availability of care
4 Offering high quality services
5 Increasing customer wellbeing
and preventing illnesses
6 Creating service innovations
and developing operations
Ethical business
7 Preventing corruption and bribery
8 Ensuring data protection and
information security
9 Respecting human rights
10 Responsible marketing
11 Using AI responsibly
12 Playing fair
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Terveystalo's
sustainability
themes
32
32
Terveystalo
Annual Report 2022
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Good health and well-being
Kestävää kulutusta ja ilmastotyötä
Good health and well-being
All members of our personnel are
responsible for ensuring that our
customers receive appropriate, high-
quality and safe care. We aim to stand
out by providing an outstanding
experience in all customer encounters,
regardless of the channel. We develop
our work by listening to our customers
and utilizing new technology.
Quality and impact are at
the core of our operations
We are committed to the high quality and continuous
development of our operations. We measure, monitor and
manage our quality actively. Developing our service quality
and operational efficiency even further allows us to ensure
the best possible working conditions for our professionals
and the optimal impact of our customers’ service expe-
rience, without compromising on the all-important aspects
of human contact and empathy.
33
Good health and well-being
Area
Quality index:
High clinical and
experienced quality,
access to care and
preventive care
Target
Use of the WHO Surgical Safety Checklist in over 99%
of surgical operations
Indicator
Use of the WHO Surgical Safety Checklist
in surgical operations
Target
>99%
2022
98.9%
2021
99.8%
SDG
2020
97.8% 3
Prescriptions for drugs affecting the central nervous
system in relation to visits to a physician below 3.5%
Prescriptions for drugs affecting the central
nervous system in relation to visits to a physician
<3.5%
4.0%
4.3%
4.6%
Duration of sickness absence issued on the day of the
operation (median), repair of the rotator cuff and the
anterior cruciate ligament <28 days
Duration of sickness absence issued on the day
of the operation (median), repair of the rotator
cuff and the anterior cruciate ligament
<28
30
32
36
Percentage of preventive work of occupational health
appointments over 60%
Percentage of preventive work of occupational
health appointments
>60%
69.6%
70.2%
67.8%
T3, i.e. the third available appointment
<1.00
1.93
1.61
1.17
Days until next available appointment, clinics (T3)
below 1.00
Appointment NPS over 74
eNPS at least 31 by 2025
Quality index total
Appointment NPS
eNPS
Quality index, %
>74
>31
100
<7
82.7
29
92.2
12.0
83.0
32
94.6
6.5
82.8
18
94.2
5.6
Access to care,
public services
Days until next available appointment (T3)
public services < 7 for a physician, < 1 for a nurse
T3, i.e. the third available appointment with
a physician
Patient safety
The figures include Terveystalo's operations in Finland.
T3, i.e. the third available appointment with a nurse
<1
2
1
1
Reimbursed patient claims /
appointments with a physician
0.0016%
0.0019%
0.0021%
Near misses/hazardous incidents
56.9%
50.0%
57.0%
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Kestävää kulutusta ja ilmastotyötä
Good health and well-being
We divide our quality-related
work into four areas:
Clinical quality is the basis
of everything we do
Clinical quality
The customer’s experienced quality
•
Healthcare must be based on evidence and good
care and operating practices, and it must be high
quality, safe and appropriately implemented. At
Terveystalo, we actively monitor, measure and
manage clinical quality.
Operational efficiency
•
Streamlined processes ensure the smart allocation
of resources and the reliability of operations. All
services provided by Terveystalo are based on our
comprehensive and certified ISO9001:2015 -quality
management system. Our customers can always
trust the quality of our care, the smooth use of ser-
vices, and the efficiency and safety of our services. In
addition, we promote pleasant and efficient everyday
life by developing our expertise and management.
Our comprehensive network, digital tools and exten-
sive service range constitute a platform for providing
efficient, personal and local services for customers.
•
The customer’s experience is always personal and
develops through every encounter. It is important
to us that customers receive the care they need
without delay and that they are encouraged to make
choices that promote their well-being. Our objective
is to be the preferred provider of healthcare services
for all customer groups.
The professional’s experienced quality
•
We believe that satisfied employees provide a better
customer experience in customer encounters, and
so enhancing customer satisfaction. The realization
of the strategy requires that we are able to attract
qualified and motivated health care professionals
to Terveystalo and retain them. This enables us to
achieve clinical quality, superior service experience
and operational efficiency.
34
Clinical
quality
Quality
experienced by
the professional
Quality
experienced
by the
customer
Operational
quality
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Quality management at all levels
of the organization
The cornerstones of our quality system are patient safety
and the national legislation governing the field. Our quality
assurance system is a management system that provides
a framework for managing quality and effectiveness at all
levels of the organization. Our strategic priority areas, joint
processes and measurability guide us towards consistently
high-quality operations. Continuous improvement of our
operations is an essential part of our quality efforts. The
objectives of our quality-related efforts also include ensu-
ring service availability, patient safety, an excellent custo-
mer experience, compliance with recommendations, data
protection, information security and the development
of the effectiveness of care. The Group’s quality steering
group monitors the achievement of the quality objectives
quarterly using quality indicators.
Patient safety is the foundation
for quality in health care
Clinical quality is a key element of Terveystalo’s quality
efforts that is continuously monitored and developed.
Clinical quality refers to the patient receiving the right
treatment at the right time and in the right manner, and
that treatment has no avoidable adverse effects. We
ensure service quality, safety, customer orientation and
productivity through consistent operating methods, the
continuous training of our experts as well as modern
premises and technology. We manage patient safety by
monitoring the number of procedure and clinic-speci-
fic post-surgery infections, hazardous events, official
requests for clarifications, and the decisions of the Patient
Insurance Centre, among other measures. We ensure the
safety and effectiveness of the provided pharmacotherapy
by medication plans, operating guidelines, and a basic
range of drugs.
Each year, the themes, priorities and strategy of patient
safety at Terveystalo are chosen by the Group’s patient
safety team and confirmed by the quality steering group.
This work is supported by internal and external audits. In
2022, the patient safety themes were: unacknowledged
laboratory results, drug maintenance permits and drug
treatment plan, faster identification and notification of
hazardous incidents, and sharing information on the hand-
ling and actions related to hazardous incidents. The theme
related to hazardous incidents emerged from the 2021
survey, where the patient safety culture, patient safety
implementation and development needs were mapped.
The clear structures and strategy of patient safety are
aimed at effective cooperation to improve patient safety
within clinics, throughout the organization, with the super-
visory authorities and particularly in practical work with
patients.
A good patient safety culture means having an open
Our quality index is comprised of seven key indicators:
Kestävää kulutusta ja ilmastotyötä
Good health and well-being
•
•
•
•
•
use of the WHO Surgical Safety Checklist
in surgical operations
prescriptions for drugs affecting the central
nervous system relative to the number of
physician’s appointments
duration of sickness absence issued on the
day of operation for repair of the rotator cuff
and the anterior cruciate ligament
percentage of preventive work of occupational
health appointments
availability of care as measured by T3 (the third
available appointment)
• Net Promoter Score (NPS) for appointments
• employee Net Promoter Score (eNPS)
In 2022, we continued to develop quality and effective-
ness of the reporting. The set of indicators (32 indicators)
is on our website.
atmosphere in which employees are able to highlight
any shortcomings or hazards (near misses/hazardous
incidents) they observe in their work treating patients,
without fear of sanctions or blame. Shortcomings and
hazardous incidents are addressed openly and carefully to
ensure that the issue does not reoccur. In 2022, we lau-
nched a new patient and customer safety online course.
The course is mandatory for all employees working with
patient care and persons in positions with responsibility for
patient safety. The course is also recommended for private
practitioners working in Terveystalo.
The quality index measures clinical
and experienced quality
We continuously develop our services, the quality and
effectiveness of provided care and the service experience
of our customers. We measure clinical, experienced and
process results based on international best practices.
Terveystalo uses a quality index that consists
of four components:
• high clinical quality
• availability of care
• preventive care
•
experienced quality from the professional’s
perspective and the patient’s perspective
35
TerveystaloAnnual Report 2022 Year 2022
Sustainability
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Quality index
% of target
7
6
36
1
120
100
80
60
Quality index
92
(95)
2
3
5
4
2022
2021
1. Use of the WHO Surgical Safety Checklist
in surgical operations
We perform surgeries in our network of 18 hospitals. We
systematically apply the WHO Surgical Safety Checklist
before the start of each procedure. It is a standard list of
questions to check safety issues relevant for the opera-
tion in the OR. In 2022, the WHO Surgical Safety Checklist
was used in 98.9 (99.8) percent of the operations we per-
formed.
patient’s functional capacity and ability to work. We sys-
tematically develop the treatment chain for our surgery
patients. Our aim is to enable faster recovery and return
to work. Correctly prepared surgery implemented without
delay as well as a plan for early rehabilitation and return to
work play a key role in this. The average length of sickness
absence issued on the day of operation for surgical repair
of the rotator cuff and the anterior cruciate ligament was
30 (32) days in 2022.
2. Prescriptions for drugs affecting the central
nervous system relative to the number of
physician’s appointments
When used appropriately, drugs affecting the central
nervous system are effective and necessary. However,
because of their adverse effects, their use requires careful
discretion by a physician. We have a special project aimed
at promoting the safe use of drugs affecting the central
nervous system according to clinical guidelines in patient
care. To harmonize prescription practices, we have pre-
pared detailed guidelines for prescribing drugs affecting the
central nervous system based on legislation, Current Care
Guidelines, Smart to Avoid Recommendations, guidelines
issued by the National Supervisory Authority for Welfare
and Health, and operating models proven in clinical work.
In 2022, our clinics wrote prescriptions for drugs affecting
the central nervous system for 4.0 (4.3) percent of visits to a
physician.
4. Percentage of preventive work of
occupational health appointments
Work not carried out is expensive for Finnish companies.
Therefore, it pays to invest in work ability management
through preventive measures. Effective work ability man-
agement requires that organizations know what kinds
of risks to work ability they are managing. With targeted
health examinations, we survey the organization’s health
and work ability risks and obtain information to support
the management efforts. Our occupational health exami-
nations always include an electronic, scientifically validat-
ed health survey. The survey is a self-assessment for the
employees. Based on the survey, we can identify possible
risks related to health and work ability. With the survey, we
can target measures particularly to those with significant
risks. In 2022, preventive work accounted for 69.6 (70.2)
percent of all of our occupational health appointments.
3. Duration of sickness absence issued on the
day of operation for repair of the rotator cuff
and the anterior cruciate ligament
Our surgical operations aim to provide swift high-qual-
ity care pursuant to care criteria to quickly restore the
5. Availability of care as measured by T3
(the third available appointment), clinics
We continuously develop the availability of care by man-
aging the balance between supply and demand as well
as by developing our digital services and the work of our
professionals. We measure the availability of care by the
T3 indicator, which is the number of days until the third
Kestävää kulutusta ja ilmastotyötä
Good health and well-being
available non-urgent appointment at our clinics. The
figure indicates how quickly a customer can have an ap-
pointment with a physician. The T3 indicator for appoint-
ments with a physician was 1.93 (1.61) in 2022.
6. Net Promoter Score (NPS) for appointments
We aim to stand out by providing an excellent experience
in all customer encounters. We develop our work by
listening to our customers and utilizing technology. NPS
(Net Promoter Score) is our most important indicator of
customer satisfaction. We collect feedback with SMS and
browser-based surveys, and we are continuously adding
NPS measurements at new customer encounter points. In
2022, the NPS for our appointments was 82.7 (83.0). The
NPS for our hospital services remained at a high level of
95.1 (94.7).
7. Employee Net Promoter Score (eNPS)
We want to be the most attractive workplace for pro-
fessionals. The professional survey is one of our most
important tools for improving internal procedures and
supervisor work. The survey is aimed at all of Terveystalo’s
professionals, including private practitioners. In the em-
ployee survey, the employee Net Promoter Score (eNPS)
is used as a key indicator of well-being and coping at work.
The eNPS figure indicates the proportion of our employ-
ees and private practitioners who would recommend
Terveystalo as a workplace to others. In the 2022 profes-
sional survey, the eNPS recommendation index was 29
(32). Among the strengths of Terveystalo are the activities
of work communities and cooperation in teams, as well as
the work of immediate supervisors. In the development of
professional experience, the aim is to nurture these iden-
tified strengths. Our aim is to have an eNPS recommenda-
tion index of 31 by 2025.
TerveystaloAnnual Report 2022
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Kestävää kulutusta ja ilmastotyötä
Good health and well-being
Expert-specific customer feedback to
support professional development
Customer feedback plays a key role in the development of
work. Terveystalo's experts have wished for direct, personal
customer feedback in addition to unit-specific feedback.
The collection of expert-specific customer feedback was
tested in selected units in the fall of 2022. Almost 15,000
feedback requests were sent to customers and around
4,000 responses were received. The feedback received in
the pilot was in principle positive and the average satisfac-
tion with the expert service was 4.5, on a scale of 1–5.
The indicator of personal customer feedback that
was chosen for the pilot was the so-called PEI (Patient
Enablement Instrument) that measures the customer's
ability to deal with their illness after their appointment.
The PEI is commonly used in Finnish primary health care.
In the pilot, two out of three respondents reported that
they were managing better or much better with their
illness after their appointment. The PEI index provides
valuable information on the effectiveness and success of
the treatment in solving the patient's problem.
The pilot was carried out in close cooperation with
professionals. Over the course of the pilot, the functiona-
lity of the feedback tool and various feedback questions
was tested: what kind of information the professional
receives from the feedback, how the feedback can be used
in professional development and how the professionals
experience the feedback. According to the professionals
involved in the pilot, the opportunity to receive personal
feedback is an excellent change. Appointments often
provide the right diagnosis and treatment, but the custo-
mer's experience may remain unclear. Feedback is also an
important tool for professional development. The open
responses provided professionals with information on
the strengths of their operations and on issues that they
should pay more attention to. A larger-scale collection of
personal feedback was started at the beginning of 2023.
The opportunity to receive personal customer feedback
is also offered to other professionals.
Terveystalo's care pathways support
the customer's self-care
Science-based care guidance is developed at Terveystalo
with the help of common care pathways. Care pathways
are defined by Terveystalo as ways of treating the disease
or condition for which the customer has sought treatment
based on the Current Care Guidelines and other generally
accepted treatment guidelines.
The aim is to support professionals and customers
in designing and implementing more effective care by
making the choices in accordance with the care pathway
easy in everyday life. Care pathways support the custo-
mer's self-care and care progress.
For professionals, the treatment protocols propose sui-
table next steps on the customer’s care pathway. Together
with the customer, the professional then decides which
of the proposals to put into action, taking the customer’s
37
TerveystaloAnnual Report 2022 Year 2022
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Kestävää kulutusta ja ilmastotyötä
Good health and well-being
individual situation and needs into consideration. The
customer can also be given direct guidance, for example,
in the case of providing reminders about the next steps in
the treatment, a national recommendation on influenza
vaccination or another simple care pathway.
For the patient, this means a clearer, smoother and
more predictable course of treatment. For the professio-
nal, care pathways provide better tools and clearer and
smoother work.
The first care pathways defined by Terveystalo were
introduced in 2021. At the end of 2022, there were care
pathways for the treatment of non-specific lower back
pain, depression and anxiety, insomnia, reflux, vitreous
detachment and children’s lower respiratory tract infec-
tion, and a total of 360,000 care pathways were activated
in the Terveystalo app.
The aim of care pathways is to:
• Facilitate and support the work of professionals
• Improve patient referral
•
Ensure examination and treatment according
to the Current Care Guidelines
• Facilitate customer flow
•
•
Increase the patient's knowledge of the condition
and its treatment as well as self-care
Create a sense of caring, as well as a health
partnership with the patient
• Improve customer satisfaction
• Improve clinical quality and effectiveness
38
Occupational health’s
brief psychotherapy path –
effective mental health care
The number of mental health diagnoses
has increased steadily and they are the
main cause of sickness absences and disa-
bility pensions in Finland. Terveystalo has
developed an occupational health brief
psychotherapy care pathway based on the
Current Care Guidelines, and invested in
measuring the effectiveness of care and
thereby further developing care. According to
a survey carried out by Terveystalo*, mental
health-related sickness absences decrea-
sed by approximately 40 percent among
Terveystalo's occupational health customers
when employees were offered a short period
of brief psychotherapy as part of occupational
health. Brief psychotherapy offered as part of
occupational health is an effective treatment
alternative when an employee’s work ability
is threatened by mental health problems. The
aim is to restore, strengthen, and maintain
work ability and promote the overall quality
of life and well-being. Short-term psychothe-
rapy includes about 10–20 appointments
and is targeted, goal-oriented treatment for
mild to moderate common mental health
disorders, such as anxiety and depression.
In Terveystalo, short-term psychotherapy
is carried out by psychotherapists, either in
person or remotely.
The effectiveness of the treatment is
monitored at the beginning and end of
the treatment period using the CORE-OM
and BDI questionnaires commonly used
in psychotherapy studies. In the follow-up
process, the questionnaires are automati-
cally and regularly sent to the patient during
treatment to be answered in the Terveystalo
app. The questionnaire platform scores the
responses and a professional reviews the
results with the patient. Aside from the fact
that brief psychotherapy is a highly effective
form of treatment, the systematic collection
of feedback and efficacy data has been
found to correlate with a positive outcome.
The process is goal-oriented and motiva-
ting when both the professional and the
patient receive information about progress.
According to the BDI depression question-
naire, during the treatment, the mood-related
symptoms of employees receiving brief psy-
chotherapy improved on average from mild
depressive symptoms to normal reference
levels. Based on the CORE-OM questionnaire,
which measures wider psychological well-
being and the effectiveness of treatment,
psychological symptoms decreased and
functional capacity and perceived well-being
increased significantly.
Terveystalo’s aim is to increase the use
of occupational brief psychotherapy in the
treatment of people diagnosed with dep-
ression or anxiety disorders. It is important
that more and more people receive care at
an early stage, thus freeing up resources for
long-term rehabilitative psychotherapy for
those who need it due to the severity of the
disorder.
*The data of the survey consists of the brief
psychotherapy appointments of Terveystalo Oc-
cupational Healthcare customers in 2000–2022.
The survey included 9,109 occupational health
customers and a total of 72,296 brief psycho-
therapy appointments.
TerveystaloAnnual Report 2022 Year 2022
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The number of bookings made using the digital appoint-
ment booking service in the Terveystalo app and on the
website has multiplied in the last few years. Terveystalo's
digital appointment booking service was named the best
user experience in the Grand One 2022 competition.
Development of digital visits
2019–2022
Thousand
+627%
1,500
1,250
1,000
750
500
250
0
1,356.1
1,044.2
709.8
186.6
2019
2020
2021
2022
Does not include the digital appointments
of the Sweden and others segment.
Digital services improve access to care and
bring health services close to the customer
With the COVID-19 pandemic, remote service solutions
became a key way for Terveystalo to provide health care
services to a wide range of customers, regardless of time
and place. At Terveystalo, a physician, nurse or therapist
can also be consulted remotely via video or chat. Digital
services efficiently improve the availability of care and
lower the threshold of seeking treatment. The Terveystalo
app provides, among other things, access to the Doctor
Chat in seconds on average, at all times on every day of
the year. The low-threshold Mielen Chat is also available
to Terveystalo Occupational Healthcare customers at
all times. In the Terveystalo app, customers can renew
prescriptions, get referrals for laboratory tests and com-
municate with the nurse or physician responsible for their
care. Clearly visualized laboratory test and imaging results
are always available in the app. The app provides the cus-
tomer with a personalized health plan. In addition, the app
sends customers personal health-related reminders.
In total, there were approximately 1.4 (1.0) million digi-
tal appointments in Terveystalo in 2022. A total of 2.9 (2.0)
million appointments, corresponding to 34 (25) percent
of all appointments, were conducted as remote appoint-
ments, digitally or by phone. The Terveystalo mobile app-
lication has more than 1.2 million users and up to 2.5 mil-
lion users have registered for Terveystalo's digital services.
39
Kestävää kulutusta ja ilmastotyötä
Good health and well-being
ments our core competencies and provides our customers
with a deeper understanding of the current state of their
organizations, helps to clarify future work ability manage-
ment goals and responds to the work ability management
challenges created by the changes in work.
The effectiveness of work ability management is based
on anticipation, harmonized management of disability
risks, and multidisciplinary cooperation. In the service
process of the consulting services, these issues are taken
into account and the model centres on co-design and cus-
tomer orientation. Everything starts with a comprehensive
analysis of the current situation, which utilizes the custo-
mer's data and Terveystalo's extensive material bank. The
analysis identifies the most important drivers and areas for
future development of work ability management. Based on
the analysis, a development plan is drawn up and a service
package chosen together with the customer, which is
implemented in order to improve the work ability of the
organization's personnel and to minimize disability risks.
The building of the plan is led by work ability management
consultants, who bring in Terveystalo’s professionals from
different fields. In addition, the consultants act as work
ability partners for the customer companies in situations
where HR or supervisors need help, for example, in identi-
fying and managing disability risks or carrying out change
projects. The assistance may be of a project nature or may
be more permanent.
Healthy workplace™ model builds the pre-
conditions for healthy and productive work
Occupational health and work ability management are
the core business of Terveystalo. Healthy Workplace™ is
our new occupational health services concept. The task
of occupational health is to promote people’s working
ability and functional capacity throughout their career. In
addition to a healthy and safe work and working environ-
ment, the work community and its management have a
major influence on the ability to work. Together with the
employer, employees, and other workplace stakeholders,
occupational healthcare promotes workplace well-being.
Terveystalo Occupational Healthcare services’ task and
customer promise is “Healthy Workplace—For healthier
people and companies”. Terveystalo’s Healthy Workplace
concept is based on proactive, multidisciplinary, and goal-
oriented occupational health cooperation between the
employer, the employees, and other stakeholders. The
achievement of the jointly agreed goals is monitored in a
transparent fashion. Digital remote services also improve
the flexibility of occupational health services. Our common
goal is to help people and organizations thrive.
New work ability management consulting
service to help with future working life
challenges
In 2022, we expanded our service range with the work
ability management consulting service, which comple-
TerveystaloAnnual Report 2022 Year 2022
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Kestävää kulutusta ja ilmastotyötä
Good health and well-being
Our primary health care solution
is Smooth Health Centre
Terveystalo's solution to primary health care is concept
called Smooth Health Centre. We want to offer wellbeing
services counties our long-term experience as a public
healthcare partner, our advanced digital services and our
expertise in utilizing data.
Terveystalo has extensive experience in providing
public social and healthcare services. Over the years, we
have been responsible for 27 social welfare and health
care units in more than 30 municipalities. Terveystalo's
expertise includes all the service areas of public primary
health care: health centre services, services for families
with children and the elderly, oral health services, and ser-
vices for adults and special interest groups. It is essential
to manage the service and care pathways between the
different entities in such a way that the services can be
used as smoothly as possible by residents and that the
service production is cost-efficient and effective. Different
geographical areas have their own social and health chal-
lenges: the population has its own specific characteristics
and municipalities have different areas of expertise. Each
one needs to create its own functional and unique whole.
Terveystalo has introduced ways in which the availa-
bility and quality of care have been improved at health
centres. Terveystalo regularly monitors the activity data of
the health centres whose services it produces, e.g. the T3
time of access to care, the number of staff and the use of
resources. Health centres have introduced a multidiscip-
linary way of working; nurses, physicians and other heal-
thcare professionals work in a team that solves the custo-
mer's health concerns together. In this way, the patient's
case can be solved more often than before already during
the first call. A nurse alone is able to solve about 40 per-
cent of the customers' care needs, and when a physician is
involved, that rate rises to 60–70 percent. Another major
change is digital and remote services. Health centres have
a model where the customer's need for care can be solved
remotely by phone or chat with the help of a nurse and
physician already during the first contact.
We produced the health centre services of 16 municipal
health centres in 2022. In 2022, the average T3 time (the
third available appointment) describing the availability
of non-urgent appointments to a physician in our health
centres was 12.0 (6.5) days and the T3 time to a nurse
was 2.0 (1.0) days. Our target is less than 7 days to see a
physician and less than 1 day to see a nurse. The availabi-
lity of care was excellent nationwide at our health centres
throughout the year. Queues for oral health care have also
remained at a good level in Terveystalo's 12 outsourced
dental clinics. The average T3 time for non-urgent dentist
appointments was 35 (35) days. NPS, which measures the
customer satisfaction of health centres was 80 (80).
The central objective of the social welfare and heal-
thcare reform is to enable equal social and health care
everywhere in Finland. The care guarantee for primary
health care will be gradually tightened between 2023 and
2024. The aim is that non-urgent care will be available
within seven days starting from the end of 2024, instead
40
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
they enable easy access to professionals in locations where
it is otherwise challenging. By utilizing telemedicine and
digital solutions, well-being services counties can direct to
local clinics only those patients who would benefit from it,
which helps dismantle the care queues. Learn more about
Terveystalo's digital platform.
The biobank builds well-being for the future
Biobanks make samples and data available to high-quality
research and product development projects that aim to find
the causes of diseases and promote general health. The goals
of Terveystalo’s biobank are the promotion of the populati-
on’s health, the identification of factors involved in disease
mechanisms, the prevention of diseases and the develop-
ment of products or treatment practices that promote the
population’s well-being or health or that are used in medical
care. We investigate the causes of diseases and support the
development of products and treatments used in health
care. Our biobank also promotes scientific research related
to COVID-19. Terveystalo’s biobank has been awarded ISO
9001:2015 quality management system certification.
of the current three months. Innovative and cost-effective
solutions are needed in primary health care in order to
achieve this goal.
Terveystalo’s digital platform makes the
use of remote services in public health
care faster and easier
Terveystalo has developed a digital platform for the public
sector, which has been built to meet the needs and chal-
lenges of the well-being services counties.
In the future, well-being services counties will be able
to concentrate all digital services related to health care
on the platform developed by Terveystalo. The digital
platform is ready for comprehensive integrations, such as
patient information systems or national services such as
Omaolo. The patient can manage their own appointments,
have a remote appointment and continue self-care using
the health coaching and information packages provided by
the platform, all in one place. The appearance and content
of the digital platform can be tailored according to the cus-
tomer's wishes. The platform operating in the browser of
a computer or phone requires strong authentication and
thus customer and patient data can be processed securely.
The digital platform enables the customer to be treated
smoothly during one session: a physician can join a nurse’s
appointment or a chat appointment can be switched to a
video appointment, if it is necessary to solve the problem.
Remote appointments are an easy and modern way for
the customer to seek help in health issues. In addition,
41
Kestävää kulutusta ja ilmastotyötä
Good health and well-being
Remote services reduce unnecessary emergency
department visits in North Ostrobothnia
experienced professionals at Terveystalo who
are able to decide remotely whether a cus-
tomer's concern requires a physical meeting
with a physician or nurse.
More than 400,000 people live in the
North Ostrobothnia Hospital District, half
of them in Oulu. The well-being services
county of Northern Ostrobothnia will be
one of Finland's largest. The rural areas are
sparsely populated, with an aging population
and sometimes long distances to healthcare
units. Remote services will play a central role
in ensuring and developing services.
Terveystalo has provided the North
Ostrobothnia Hospital District (PPSHP) with
the Päivystysapu 116117 helpline service
from the beginning of 2022. At the same
time, new features were added to the service
to complement the call service: an Omaolo
assessment and chat, which operates on a
digital platform developed by Terveystalo.
Päivystysapu 116117 is a nationwide
advice and guidance service organized by
the hospital districts and staffed by health
professionals around the clock. The service
provides advice on sudden health problems
when the local health centre is closed. On
average, a call or chat is answered in ten
seconds.
Thanks to the service, less than 30 per-
cent of contacts result in an actual visit to
the emergency room. Over the phone or in
a chat, a professional is able to decide whet-
her a patient needs immediate treatment
or whether they should visit a health centre
during opening hours. The respondents are
TerveystaloAnnual Report 2022 Year 2022
Sustainability
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Financials
Ethical business
Operating ethically and responsibly is
an integral element of Terveystalo’s
values and strategy. Terveystalo’s
Code of Conduct and Supplier Code of
Conduct provide a framework that helps
us ensure that we act in accordance
with our values, internal guidelines and
applicable laws. They support a company
culture that takes ethical perspectives
into account and combines a high
work ethic, professionalism, solution-
oriented cooperation and the pursuit of
measurable impact in everything we do.
42
Ethical business
Ethical business
Area
Employees who have
completed orientation
training on the Code of
Conduct and correct action
Suppliers who have
approved the Supplier
Code of Conduct
Target
100% of our employees have completed the training
Indicator
Percentage of employees who have completed
the training relative to all employees1)
Target
100%
2022
69.2%
2021
66.0%
2020
52.3%
SDG
16
100% of our suppliers have approved the Supplier
Code of Conduct
Percentage of suppliers who have approved the
Supplier Code of Conduct relative to all suppliers
(of suppliers representing 80% of total purchases)
100%
80%
80%
80%
1) The training periods have been of different lengths. The figures for 2022 also include performances during the second half of 2021, which is why the figures are not fully comparable.
The figures include Terveystalo's operations in Finland.
Values guide our work
Putting people at the centre
Medicine is our compass
For the common good
We take responsibility for everyone’s
health and well-being, the opportunity
to lead a good life. Together, we work
for the best of our customers, and the
customers show us the direction of
our renewal. We help each other and
value all of our professionals.
Everything we do is based on medicine
and science. The effectiveness of care
and our customers’ well-being guide
all our decisions.
Through our operations, we build a
healthier and wealthier society, and
provide effective treatment. We share
information and invite discussion. We
create better health care for everyone:
customers, professionals and the
society.
TerveystaloAnnual Report 2022 Year 2022
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Ethical business
We train our personnel to comply
with the Code of Conduct and
ethical requirements
The Code of Conduct translates our values into concrete
principles that form a foundation for our daily work and
decision-making. The ethical, responsible and compliant
conduct of business is emphasized in Terveystalo's ope-
rations already through the requirements of the industry.
Terveystalo’s business is guided by legislation governing
the sector and private health care services as well as the
requirements set by authorities. The work of healthcare
professionals is also guided by the ethical standards of the
various professional groups. Terveystalo’s own Code of
Conduct provides an overarching guideline that is shared
by everyone at Terveystalo and which we all adhere to. The
Code of Conduct includes our main principles regarding
anti-corruption and bribery, compliance with fair compe-
tition and environmental requirements, protection of pri-
vacy, patient safety, employee equality, non-discrimination
and freedom of association, as well as reporting of suspe-
cted misconduct. Terveystalo is committed to promoting
ethical business practices. In addition, Terveystalo cons-
tantly develops its compliance program and the related
processes and controls so that they respond to changes in
our operating environment. During 2022, Terveystalo also
strengthened its compliance resources.
Terveystalo has online training on ethical guidelines
for everyone at the company. There are separate online
training courses tailored for those in administrative work
and clinical work, taking into account their different ope-
rating environments. The online training was last updated
in the fall of 2021, and it is mandatory for all Terveystalo
employees. Terveystalo is currently renewing the training
package by, among other things, improving the user
experience of the learning platform and the interactivity of
the training, as well as tailoring the contents in a targeted
manner. The new compliance training is planned to be
introduced during 2023. The purpose of the courses is
to build an understanding of why compliance and ethical
responsibility are important and how they are related
to the day-to-day actions and decisions of everyone at
Terveystalo. A further goal of the training is to create a
better understanding of key compliance themes related
to ethics, including fair competition, the avoidance of con-
flicts of interest, the prevention of bribery, data protection
and reporting misconduct, as well as to further develop
our compliance culture. In 2022, 9,031 Terveystalo emp-
loyees (6,993 salaried employees, 2,038 private practitio-
ners) completed the training and received a passing grade.
The goal is that 100% of employees complete the Code of
Conduct training.
Anti-corruption and anti-bribery
In the area of anti-corruption and anti-bribery, Terveystalo
complies with the law and other applicable regulations.
Terveystalo is also committed to the UN Global Compact
initiative and its anti-corruption principles. Our operations
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Ethical business
are also guided by our Code of Conduct, which includes
anti-corruption and bribery guidelines regarding, for
example, giving and accepting gifts and hospitality as well
as the avoidance of conflicts of interest.
The prevention of corruption is included in
Terveystalo’s Code of Conduct, which addresses the giving
and accepting of gifts and hospitality, sponsorships, accep-
ting and making donations, understanding and avoiding
conflicts of interest, as well as the rules pertaining to lob-
bying. We emphasize that, at Terveystalo, we do not offer,
give, request or accept gifts or other benefits that could
affect business decisions or have considerable personal
or financial value. We also do not make financial contribu-
tions to political parties or fund the election campaigns
of individual candidates. No incidents of corruption were
reported in 2022. Terveystalo continues to develop its
anti-corruption and anti-bribery compliance program and
related processes to reflect the changes that have occur-
red in our environment. Terveystalo also works to ensure
compliance with sanctions laws and regulations. In 2022,
Terveystalo introduced new controls that support third-
party risk management.
Respecting human rights
Terveystalo does not tolerate any form of discrimination,
harassment, bullying, racism or inappropriate treatment,
nor does Terveystalo condone the use of child labour,
any form of forced labour or other human rights viola-
tions in its own operations or its value- and supply chain.
Terveystalo respects the human rights set out in the UN
Declaration of Human Rights as well as the workers’ rights
defined by the International Labour Organization (ILO)
and related international conventions. The company is
committed to the UN Global Compact initiative and its
principles pertaining to human rights and labour rights.
Terveystalo’s suppliers, service providers and other busi-
ness partners are also expected to comply with these
principles and respect internationally recognized human
rights. Principles related to human rights are included
in Terveystalo’s Code of Conduct and Supplier Code of
Conduct.
Maintaining a competitive advantage
and responsible marketing
Terveystalo’s Code of Conduct includes a commitment to
fair competition. We compete fairly, with integrity and in
compliance with the applicable legislation. All of our emp-
loyees are required to comply with laws, regulations and
internal guidelines pertaining to competition. We respect
the intellectual property rights and confidential informa-
tion of others. In its marketing activities, Terveystalo is
committed to complying with the ethical guidelines gover-
ning the marketing of medical services. The marketing of
medical services must provide patients with accurate and
reliable information on the services provided by physicians
and health care service providers, thereby giving patients
the opportunity to obtain factual information and support
patients’ freedom of choice in seeking medical care.
The responsibility of suppliers
is ensured by the Supplier Code
of Conduct
Terveystalo wants to ensure the implementation of ethi-
cal and responsible business also in its value and supply
chain. Each year, Terveystalo buys services, materials and
supplies for its clinics from approximately 4,000 supp-
liers. Consequently, the network of service providers and
suppliers of goods – and good supplier cooperation – play
a key role in our operations. We want our contractual
service providers and suppliers of goods to be aware of
Terveystalo’s significant role in society and impacts on
society and environment. We want suppliers to commit to
taking responsibility for the economic, social and environ-
mental impacts of their operations. To ensure the respon-
sible conduct of suppliers, contractual suppliers and supp-
liers participating in tendering processes have to approve
Terveystalo’s Supplier Code of Conduct, which includes
guidelines and requirements pertaining to anti-corruption
and bribery, human rights, fundamental rights at work,
occupational health and safety, taxation and environme-
ntal responsibility. At the end of 2022, 80 (80) percent of
suppliers representing 80 percent of Terveystalo’s total
procurement volume had approved the Supplier Code
of Conduct.
Reporting channel gives
everyone the opportunity to
report suspected misconduct
One important aspect of our culture of responsible
business is that everyone who acts on behalf of or with
Terveystalo, as well as every customer, partner and supp-
lier, feels that they can freely report any suspicions of
misconduct and trust that Terveystalo will take appropriate
measures to investigate any actions that are or are suspe-
cted of being in violation of the Code of Conduct. Actual
or suspected infringements are primarily reported to one’s
supervisor, the supervisor’s supervisor or Terveystalo’s
Legal & Compliance department. Terveystalo also uses
WhistleB, a reporting channel open to everyone. This
reporting channel enables anonymous reporting of obser-
ved or suspected misconduct at: www.report.whistleb.
com/terveystalo. Any suspected misconduct and viola-
tions are investigated appropriately and confidentially.
If a suspected violation proves to be unwarranted, there
are no negative consequences to the reporter provided
that the reporter has acted in good faith. The WhistleB
reporting channel has been in use since 2017, and it has
become one of the possible channels for reporting suspe-
cted misconduct or violations.
In 2022, we received a total of 19 (22) reports of sus-
pected violations through the reporting channel. Out of
these, the reports already investigated did not reveal any
noncompliance with or infringement of law or the Code
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of Conduct. Investigation of some of the reports received
late in the year is not completed yet. The findings of the
reports and completed investigations have been conside-
red in the development of Terveystalo’s processes.
We ensure data protection and
information security for patients
Privacy protection is a core value for us. At Terveystalo, we
respect everyone’s privacy. We pay special attention to the
appropriate and legally compliant processing of personal
data. We provide our personnel with training and instruc-
tions on the processing of personal data and emphasize
the particular confidentiality and protection of patient
data. The realization of data protection is the responsibility
of everyone who works for Terveystalo.
The digitalization of health care presents significant
opportunities for improving the availability and effecti-
veness of care as well as the early identification of risks.
Terveystalo has made significant investments in the deve-
lopment of digital services and tools. As digital services
increase in importance, and change the industry, the
requirements concerning data protection and information
security increase accordingly.
Terveystalo stores patient information in informa-
tion security certified patient information systems.
Terveystalo’s patient information systems used in Finland
are category A systems and they have undergone infor-
mation security certification in accordance with the
regulations related to providing Kanta services. In addition,
Terveystalo’s data protection and information security are
regularly audited internally and by a third party according
to the ISO 9001:2015 certification.
Terveystalo applies the appropriate physical, technical,
and administrative protection measures to protect data
from misuse. These measures include, among others,
control and filtering of network traffic, use of encryption
techniques and safe data centres, appropriate access
control, controlled granting of access rights and supervi-
sion of their use, giving instructions to staff participating
in personal data processing and risk management related
to the planning, implementation, and maintenance of our
services. Terveystalo chooses its subcontractors carefully
and uses agreements and other arrangements to ensure
that they process data in compliance with the law and
good data protection practices.
We use data and AI responsibly
The identification, prediction and prevention of illnesses
and health risks benefit both the patient and society.
Analyzing and using patients’ health data is an essential
part of health risk identification. It ensures that we can
provide timely treatment for customers and that we can
also give recommendations, the acceptance of which is
always up to the customers. We develop and use AI in a
reliable and ethical manner. We actively monitor that the
AI solutions we use are responsible, beneficial to people,
relevant to both Terveystalo and the customers and that
the specified objectives are achieved. We respect and
monitor the realization of fundamental rights also in the
context of using AI technology and we protect our custo-
mers’ data and privacy in all circumstances.
We engage in internal dialogue in the company regar-
ding the ethics of AI and topics related to data protection
(including the Act on the Secondary Use of Health and
Social Data). We actively monitor AI solutions, the related
discussion and recommendations (including the EU regu-
lations on AI that are currently in the process of being
drafted). In the development and use of AI, we are com-
mitted to legal compliance and we adhere to the general
ethical recommendations pertaining to the use of AI.
”
Ethical business
We provide our
personnel with
training and
instructions on
the processing
of personal data
and emphasize
the particular
confidentiality
and protection
of patient data.
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Responsible work
Area
Occupational safety
Target
Accident rate below the sector average
Indicator
Accident rate
Target
< 34 (sector average)
Personnel’s well-being
Reducing sickness absences
Sickness absences
-
Employer recommended by
the personnel
Improving the employee promoter score
eNPS
31 by 2025
2022
15
5.2%
29
2021
20
4.4%
32
2020
25
3.8%
18
SDG
8
The figures include Terveystalo's operations in Finland.
Terveystalo is a significant employer
At the end of 2022, Terveystalo's Finnish operations
employed 10,100 (9,131) employees and 5,822 (5,644)
independent private practitioners. In 2021, we expanded
to Sweden with the acquisition of Feelgood, a local occu-
pational health operator. In Sweden, we employed 833
(674) employees and 106 (110) private practitioners at the
end of 2022.
We need many professionals
to support our growth
Over the next 15 years, it is estimated that 200,000 new
healthcare professionals will be needed in Finland to meet
the growing need for care. Our core goal is to ensure that
Terveystalo has enough health and well-being professio-
nals to meet the growing demand and achieve the goals of
our strategy. To ensure this, we recruit new professionals
and strive to reduce employee turnover. We also aim to
increase the number of hours worked at Terveystalo by
the current private practitioners working at Terveystalo.
The attractiveness of Terveystalo as an employer and the
well-being and satisfaction at work of those working in
Terveystalo form the foundation for all our operations.
We strengthen our attractiveness as a workplace by
providing professionals with interesting and meaningful
work, diverse career and development opportunities, and
ensuring that professionals can work smoothly and focus
on what is essential. As an employer, we promise to have
the best work community in the industry, to operate in a
multidisciplinary manner, to develop as a company and as
individuals, and to be pioneers in our field.
Our goal is to be the best and most attractive employer
in our industry. We have been systematically working
towards this goal for many years and are by far the most
popular employer in our field among industry professio-
nals in Finland.
Responsible work
At Terveystalo, our mission is to fight
for a healthier life. We want to be a
pioneer in our field, so we are constantly
developing our thinking, expertise and
working methods. We give healthcare
professionals the opportunity to join
a multidisciplinary community of top
talents, a team whose members help
each other succeed. In line with our
values, we always focus on people and
work towards the common good. Our
strategic goal is to be the industry's best
and most attractive workplace for all
professionals.
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Changes in how professionals work and
supporting people through change
We provide professionals with a smooth and efficient
working environment and support them in changing their
work. Digitalization has changed the work of health and
well-being professionals and brought new skills requi-
rements. Digitalization makes it possible to increase
both the smoothness and productivity of work, allowing
professionals to focus on customer encounters and
problem-solving. Change also requires new approaches to
management and remuneration.
When it comes to changes in the way professionals
work and supporting that change, we are investing espe-
cially in improving the content and guidance of work by
developing care guidance and care pathways. Care gui-
dance based on care pathways aims to provide more con-
sistent and effective care to our customers and facilitate
the work of professionals.
The role of customer feedback is key in the develop-
ment of work. Terveystalo's experts have asked for direct,
personal customer feedback in addition to unit-specific
feedback. The collection of expert-specific customer
feedback was tested in selected units in the fall of 2022.
The pilot was carried out in close cooperation with pro-
fessionals. A larger-scale collection of personal feedback
will start at the beginning of 2023 based on the good
experiences of the pilot. According to the professionals
involved in the pilot, the opportunity to receive personal
feedback is also an important tool for professional deve-
lopment. Read more on p. 40.
We provide our professionals with versatile, cons-
tantly evolving digital tools. The occupational health
work ability management model, the Healthy Workplace
Suunta service, the disability risk recognition of Etydi, the
professionals’ own work management mobile application
Terveystalo Pro, and medical reporting support profes-
sionals in their work and provide tools for research work.
We have also introduced new tools to support the work of
professionals, such as the Terveystalo + Nightingale health
index. Professionals can also utilize the customer-directed
digital health and well-being content, guidelines and
weekly programs found in the Terveystalo app in guiding
and advising the customer.
We look after the health and
safety of our employees
Occupational health care plays an important role in the
identification of health risk factors and the prevention of
illnesses. Our occupational health care and occupational
safety in Finland are organized on a company-specific
and regional basis in accordance with Finnish legislation,
according to which the employer shall arrange occupa-
tional health care at its own expense in order to prevent
and control health risks and problems related to work and
working conditions and to protect and promote the safety,
work ability and health of employees.
In addition to the statutory requirements, we provide
our employees in Finland with a comprehensive range
of primary health care, specialized care and well-being
services, such as direct access to an occupational phy-
sical therapist and Mielen Chat and Mielen Sparri, digital
services that support mental well-being. Mielen Chat and
Mielen Sparri are low-threshold services that are provided
remotely using the Terveystalo app. These services allow
the user to discuss anything on their mind in strict confi-
dentiality and they also provide tools to support mental
well-being. Brief psychotherapy is also part of our occu-
pational health services. We aim to recognize challenges
related to work ability and occupational health at an early
stage and seek solutions to these challenges through effe-
ctive cooperation with occupational health services.
Our occupational health care provides occupational
health services for our personnel throughout Finland.
Thanks to centralized and goal-driven management, the
content and practices of our occupational healthcare
are consistent and produce good results. Labquality Oy
has awarded our occupational health services an ISO
9001:2015 quality certificate.
In our Group, advice and guidance related to employee
health and well-being at work, the assessment of work-re-
lated health risks, and the prevention and treatment of
illnesses are part of our normal cooperation with our
47
Responsible work
Terveystalo is number one
for healthcare professionals
Terveystalo is the most interesting workplace
in the healthcare sector. Terveystalo has
been investing in modern management
and strong work communities for years.
More than 1,500 health and pharmaceutical
professionals chose Terveystalo as the most
interesting workplace in the health service
sector. Terveystalo has held the top position
in the sector since 2020. The data is based
on the annual employer image survey con-
ducted by Universum, which evaluated nearly
60 operators from the public sector, private
health service companies and pharmaceutical
companies.
TerveystaloAnnual Report 2022 Year 2022
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Responsible work
occupational health services and our insurance company
partners. When it comes to the treatment of serious illnes-
ses, we cooperate with primary health care and specialized
health care.
Private practitioners are not in an employment relation-
ship with Terveystalo. They decide on their own fees and
provide services directly to customers as part of our ser-
vice offering.
During the COVID-19 pandemic, occupational health
has invested heavily in upholding the personnel's work
ability and medical care in a state of emergency. Sickness
absences of personnel increased from the previous year,
and the sickness absence percentage in Finland was 5.2
(4.4) percent of hours worked. In Sweden the correspon-
ding figure was 5.5 (4.0).
The statutory occupational healthcare action plan
includes the general objectives of occupational healthcare
as well as the requirements based on workplace conditions
and related measures. We review the action plan annually
based on workplace visits and our company's work ability
management needs, among other things.
Our occupational health operations are based on our
Healthy Workplace model, which is aimed at ensuring
that work is as efficient as possible, the work community
functions well, the management approach is active, and
that individuals have a high level of well-being at work. In
occupational health, the company, the personnel and the
occupational health services work together in accordance
with the set goals. The action plan is available to the per-
sonnel on the company’s intranet.
Terveystalo's private practitioners are not covered
by occupational health care. Instead, as self-employed
persons, they arrange their own occupational health care.
Occupational health services for the staff transferred
from acquired entities are, as a rule, organized in accor-
dance with the acquired entity’s previous agreement at
least for the duration of a transition period if the com-
pany in question is a subsidiary and it is not merged with
Suomen Terveystalo.
There were no fatal accidents or accidents leading
to serious injuries at Terveystalo in 2022. Our accident
frequency in Finland was 15 (20) in 2022, which is clearly
below the average in the healthcare sector (34).
In 2021, we started work on the development of occu-
pational safety in Finland, as part of which we started to
reform occupational safety operating models, tools and
guidelines, and drew up an action plan of measures that
we will implement over the next few years in order to
ensure the safety of our personnel at work even better
than before. The action plan includes, for example, occu-
pational safety training, clarified safety responsibilities and
new operating models for assessing occupational safety
risks, among other things. In 2022, these development
measures were implemented across the organization.
In Sweden (Feelgood), occupational health and safety
is organized in accordance with Swedish legislation, and
Feelgood has an ISO 45001 occupational health certificate.
We develop our know-how and
Terveystalo as a workplace
Systematic and business-oriented personnel develop-
ment, smooth work and responsible, good supervisor
work ensure the well-being of our personnel, which in turn
benefits our customers through better care and a positive
customer experience. We require everyone at Terveystalo
to have a defined set of professional skills that is based
on the values that guide our operations. In Terveystalo,
competence develops by doing, learning from each other
and through training. During development discussions,
the need for competence development is identified, and
it is agreed how the development will be implemented.
Terveystalo offers a wide range of vocational training and
opportunities for learning at work. We also develop leader-
ship and supervisor work, and support self-study between
work by increasing opportunities for online learning, for
example.
The growth of digital health has been strong in recent
years. We have invested in training our personnel in the
use of digital tools and channels, as well as their use in
customer work. We provide training for physicians and
nurses in the use of different types of remote services. The
trainings include basic system training, trainings by type
of appointment (video appointment, chat appointment),
as well as in-depth further training on, for example, the
assessment of care needs remotely, customer experience
and guidance, and consulting services.
In 2022, we continued the development project aimed
at streamlining the work of occupational health nurses and
strengthening well-being at work. Pilots were carried out
during the year, for example, for the planning and manage-
ment of work. The implementation of the new operating
models developed on the basis of the results of the pilots
started in the fall. The new operating models support a
consistent quality of service for our customers and streng-
then work management and job satisfaction. According to
the results of the professional survey, occupational health
nurses' coping at work has improved thanks to the new
operating models.
In addition, training courses aimed at different pro-
fessions and supporting professional development were
organized during the year. We also trained our personnel
on data protection and security, as well as on operations
in compliance with requirements and ethical guidelines. In
2022, we organized training in Finland for a total of 69,733
(79,847) hours, which corresponds to 7.0 (8.7) hours per
employee.
In addition to internal training, we also engage in
research and education cooperation with several uni-
versities and promote youth employment with trainee
programs, among other things. In the fall of 2022, we
launched a new trainee program for occupational psy-
chologists, which includes 18 psychologists. During the
program, participants will be able to grow and learn in the
role of an occupational psychologist responsible for a cus-
tomer, with the support of senior experts.
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2022, the development of students' skills was supported
by a tailored educational path at Terveystalo’s summer
school. The content and implementation of the eight-
week summer school received praise from the students,
and according to the feedback, the summer school offered
the desired support for the early stages of a physician’s
career.
The diverse events and training we offer are available
to all of our physicians. For the biggest medical specialists,
our career experts also develop and organize training
courses and events designed by specialization. We also
offer physicians professional training at our annual medi-
cal convention. Through numerous online courses and
webinars, Terveystalo's diverse career opportunities offer
possibilities for work development as well as the chance to
focus on appropriate work for each physician.
The medical supervisor plays an important role in the
work community and we also train our experts in various
managerial tasks. A physician can also work at Terveystalo
in administrative development tasks or research work.
Work at Terveystalo takes place flexibly and inde-
pendently of the place. Work goals and effectiveness
determine the way work is done. Our Group services have
moved to hybrid work, where the teams agree on the most
effective way of working for them. The way of working is
influenced, for example, by the smoothness of the work,
goals, flexibility and the well-being of the personnel. We
also encourage teams to meet regularly at the office.
We have also developed flexible working opportunities
for those of our professionals who work at the customer
interface. Flexible work is now routine for physicians, occu-
pational health professionals and those who work at our
customer service centres, for example.
Specialization and training
of physicians at Terveystalo
We want to guarantee our experts the opportunity for
diverse career development, and actively develop specia-
lization opportunities. Our occupational health specializa-
tion program is the most extensive of our specialization
paths, and it is possible to specialize at almost all of our
occupational health clinics in Finland. Our specialization
training is carried out in close cooperation with the medi-
cal faculties of universities.
Dozens of students with a Bachelor’s degree in medi-
cine work at Terveystalo every summer. In the summer of
49
Responsible work
Terveystalo’s professional skills are as follows:
Competent
Productive
I work in a way that is goal-oriented and
proactive. I achieve results in my work and by
working together with our other professionals
and our customers.
Responsible
I take responsibility for the quality of my
work. I offer high-quality service to every cus-
tomer. I also take responsibility for my work
community by being friendly and treating all
of the professionals around me equally well.
We grow by growing together.
My professional competence is extensive,
and I share my competence. I have the cou-
rage and the will to develop and update my
competence and I seek solutions, challenge
myself, and network with other professio-
nals.
Caring
I build cooperation and trust between our
professionals and our customers. I work in a
way that is inclusive and encourages others
and behave in a way that shows my respect
for others.
Customer-oriented
I do everything I can to serve customers
proactively, using the customer’s needs as a
starting point and ending up with a solution
that serves the customer. I ensure that the
customer knows their treatment/service
path. I create a smooth and warm customer
experience for the customer.
TerveystaloAnnual Report 2022
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Responsible work
Women and men, %
of all employees
72% Women
28% Men
Women and men,
% of executive team, 2022
% of employees and private
practitioners, 2022
50% Women
50% Men
65% Employees
35% Private practioners
The professional survey is
a key development tool
The professional survey is an important tool for improving
internal practices and supervisor work. The survey is aimed
at everyone working for Terveystalo in Finland, including
private practitioners who work for the Group. A biannual
professional survey maps experiences in well-being at
work, management and the functioning of the work
community, among others. The Employee Net Promoter
Score (eNPS) is the key indicator of well-being at work
and coping at work in the personnel survey. The indicator
shows the proportion of the personnel and private practi-
tioners who would recommend Terveystalo as a workplace
to others.
In the 2022 professional survey, the eNPS recom-
mendation index was 29 (32). Among the strengths of
Terveystalo are the activities of work communities and
cooperation in teams, as well as the work of immediate
supervisors. In the development of professional expe-
rience, the aim is to nurture these identified strengths.
Our aim is to have an eNPS recommendation index of
31 by 2025.
Personal development discussions as
a tool for performance management
and job satisfaction
At Terveystalo, annual personal development discussions
are held with all full-time employees to support goal-dri-
ven and motivated work. The development discussion
includes a review of the previous period's successes and
learning together with the supervisor, and setting targets
for the new period. In addition to addressing the goals
for the previous and next period, the discussion covers
competence, well-being at work, working in accordance
with Terveystalo’s defined professional skills, cooperation
as well as long-term objectives and wishes. The themes
discussed in the personal development discussion are revi-
sited in one-to-one discussions held at least once a month
and in more extensive half-year reviews. The personal
development discussions are a key aspect of the practical
implementation of Terveystalo’s strategy, values and pro-
fessional skills as well as performance management and
the monitoring of the achievement of goals.
We also engage in active dialogue with the private prac-
titioners working at Terveystalo. The private practitioner
discussion is a regular personal discussion with the aim
of developing cooperation and the conditions for work
as a self-employed private practitioner at Terveystalo.
Specialization-specific meetings and training organized
throughout the year also support professional networking
and medical guidance.
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We promote diversity, equality
and non-discrimination
We observe the principles of equality, fairness, and non-
discrimination. We do not discriminate on the basis of
race, age, ethnic or national origin, nationality, language,
religion, belief, opinions, health status, disability, sexual
orientation or other personal reasons or circumstances.
In recruitment, we focus on the person’s professional
competence, the ability to take responsibility and the will
to improve our operations and themselves.
In order to implement these principles, a work commu-
nity development plan is regularly drawn up and updated
at Terveystalo, as part of which issues related to equality
and non-discrimination are also discussed. The work com-
munity development plan was last drawn up at the end of
2022.
We also treat our customers equally. We require all
our healthcare professionals to comply with the Finnish
Medical Association’s and WHO's ethical guidelines,
according to which it is the responsibility of the physician
to promote health and prevent disease. According to the
Finnish Medical Association's ethical guidelines, a physi-
cian should treat the patient according to their needs and
treat all of their patients equally.
In accordance with the diversity policy of our Board
of Directors, our objective is to have a balanced gender
distribution in the Board of Directors. At the end of 2022,
two of the five members of the Board of Directors were
women. Four of the eight Management Group members
were women.
The remuneration of our personnel is based on the
principles of performance, equal treatment and compe-
titiveness. For jobs that fall under collective agreements,
such as nurses, the pay categories correspond to the clas-
sifications specified in the collective agreements. Pay is
also influenced by job-specific responsibility supplements
and the employee’s years of experience. For senior salaried
employees, pay is determined based on the position and
the demands of the job as well as other factors, including
competence, experience, performance and results. The
company-specific equality plans are focused on the
equality of remuneration and are aimed at promoting
equal pay. Gender, for example, cannot be a factor that
influences pay.
For a more
equal Terveystalo
We want to be an open and safe place to work
and do business for everyone, regardless of
sexual orientation, gender identity and gender
expression. In the summer of 2022, we asked
our personnel for ideas to promote these
goals. We received good development ideas
for better consideration of sexual and gender
minorities in work communities and customer
encounters. We also identified interest in
participating in the activities of the working
group promoting equality. The purpose of
the working group is to develop the imple-
mentation of equality, especially from the
perspective of sexual and gender minorities.
The composition of the working group, which
will be launched at the beginning of 2023, will
change each year so that as many people as
possible will have the opportunity to partici-
pate. Ten people from different backgrounds
were selected for the working group.
51
Responsible work
In 2022, we were one of the official partners
of the Helsinki Pride event. We also offered
our personnel training on how to interact with
sexual and gender minorities in healthcare
services.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Number of Terveystalo’s personnel and private practitioners in Finland
Personnel in Finland by type of employment relationship, %
Responsible work
Personnel
Private practitioners
Personnel by occupational group in Finland
Personnel in Finland
Physicians
Nurses
Other health care professionals
Others
Senior management
Salaried employees and private practitioners
Personnel by country
Finland
Sweden and others
Total
Salaried employees and private practitioners
52
2022
10,100
5,822
2022
15,922
6,051
3,860
2,955
2,491
10
2022
15,922
939
16,861
2021
9,137
5,644
2021
14,781
5,900
3,933
2,554
2,377
12
2021
14,781
778
15,559
2020
8,253
5,057
2020
13,310
5,707
3,628
1,963
1,959
12
2020
13,310
0
13,310
Permanent
Fixed-term
Full-time
Part-time
Percentage of women and men, %
Personnel in Finland
Physicians
Nurses
Other health care professionals
Others
Senior management
The Board of Directors
Personnel (salaried) in Sweden
2022
Women
72
50
95
79
82
50
40
83
2022
76
24
53
47
Men
28
50
5
21
18
50
60
17
For Finland includes salaried employees and private practitioners, for Sweden only salaried employees
Age structure of the personnel in Finland, %
Under 30 years
30–49 years
Over 50 years
Salaried employees and private practitioners
2022
12
49
39
2021
77
23
50
50
2021
Women
72
49
95
78
83
50
29
83
2021
14
49
37
2020
84
16
55
45
Men
28
51
5
22
17
50
71
17
2020
13
48
39
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Sickness absences, %
Personnel (salaried) in Finland
Physicians
Nurses
Other health care professionals
Others
Personnel (salaried) in Sweden
Personnel in Finland, exit turnover, %
Personnel in Finland
Physicians
Nurses
Other health care professionals
Others
2022
2021
2020
2022
2021
2020
Accidents and accident frequency
Responsible work
5.2
1.3
7.2
5.9
5.1
5.5
4.4
0.9
5.6
4.5
4.2
4.0
2022
2021
15.0
18.6
15.2
11.1
11.5
14.0
19.8
13.8
7.8
8.4
3.8
1.3
5.7
4.3
2.8
N/A
2020
17.1
28.8
13.2
6.0
6.9
Personnel (salaried) in Finland
Number of accidents
Accident frequency (per one million working hours)
Personnel (salaried) in Sweden
Number of accidents
Accident frequency (per one million working hours)
The figures for 2021 have been adjusted due to more accurate calculations.
Hours of training
Personnel (salaried) in Finland
Physicians
Nurses
Other health care professionals
Others
Hours of training per employee
Physicians
Nurses
Other health care professionals
Others
224
15
13
N/A
2022
69,733
4,001
36,125
12,306
17,301
7.0
1.8
9.4
8.8
7.0
273
20
8
N/A
2021
79,847
3,754
44,505
9,784
18,937
8.7
1.9
11.4
10.8
8.0
253
25
N/A
N/A
2020
63,864
7,893
35,851
14,534
5,534
7.5
3.4
10.3
9.4
5.3
Due to the different nature of the operations, staffing services are not included in the figures.
Salaried employees and private practitioners
Employee Net Promoter Score (eNPS)
Personnel in Finland
Salaried employees and private practitioners
53
2022
29
2021
32
2020
18
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Sustainable economic growth
Responsible business is also financially
profitable and sustainable. We create
value for our customers, society, and our
shareholders by continuously developing
the clinical, operational, and experienced
quality of our work, enabling faster access
to care, reducing sickness absences,
and employing directly and indirectly
more than 16,800 people, including both
employees and private practitioners. We
are a significant employer, taxpayer, and
provider of health services in Finland.
Sustainable economic growth
Terveystalo’s success
benefits society
We produce services in Finland not only in the form of
occupational health services for employers but also in the
form of purchased services for the public sector and dire-
ctly to private customers. Well-functioning occupational
health care keeps the economy going. By providing public
services, we save the taxpayers’ money because we can
offer high-quality health services cost-efficiently. By choo-
sing private sector services, the customer also reduces
queues in the public sector, both in dental care and
other health care services. In Sweden, we mainly produce
diverse preventive occupational health services, helping
Swedish companies and their employees achieve a higher
level of well-being.
We create economic added value not only for our cus-
tomers but also for other key stakeholders, such as our
personnel, private practitioners, our material and service
suppliers, and society. Our most significant cash flows con-
sist of revenue from service sales, purchases from supp-
liers of goods and services, salaries paid to our personnel,
fees paid to private practitioners, taxes, investments, and
dividends paid to the shareholders.
Area
Tax footprint
Target
We openly disclose our tax footprint annually
Revenue growth
Minimum annual growth 5%
Indicator
Tax footprint, EUR million
Revenue growth, %
Target
-
5%
The people we employ
We create jobs
Employee benefit expenses, EUR million
-
2022
235.7
9.0%
455.0
2021
191.0
17.1%
378.2
2020
152.3
-4.3%
310.2
SDG
8
Sustainable economic growth
”
We are a significant
employer, taxpayer
and provider of
health services in
Finland.
54
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Creation and distribution of direct economic value added
MEUR
Customers
2022
2021
2020
Revenue and other operating income
1,261.8
1,158.0
989.1
525.7
736.1
381.5
106.4
2.9
35.4
-
58.5
488.9
669.1
447.6
541.5
315.9
262.5
82.6
9.0
33.1
11.2
42.6
58.4
10.0
16.5
0
32.7
Suppliers
Purchased products, materials and services
Value added
Distribution of value added
Distributed to stakeholders:
Personnel
Salaries and fees
Public sector
Taxes and social expenses
Creditors
Net financing costs
Shareholders
Dividends
Buyback of own shares
Business development
55
Sustainable economic growth
Terveystalo is one of the largest
employers in Finland
Terveystalo was one of the largest employers in Finland in
2022. At the year-end, our personnel in Finland included
approximately 10,100 (9,131) salaried employees and
5,822 (5,644) private practitioners. In Sweden, we had
833 (674) employees and 106 (110) private practitioners.
Terveystalo pays its taxes to
the countries it operates in
In accordance with Terveystalo’s public tax strategy, we
pay, collect, account and report our indirect and direct
taxes in full at the right time and place, i.e. where the
economic activity, addition of value and work generating
the profit actually take place. This means that, as a Group,
we pay almost all of our taxes to Finland, which is where
most of our operations take place. Regarding the busi-
ness activities of Feelgood, Rela-hierojat and Evalua sales
company, taxes are also paid in Sweden, Estonia, and the
Netherlands. The local business activities of our subsi-
diaries in Estonia and the Netherlands have been minor
during the financial year 2022. Our responsible tax policy
ensures that our financial profit is divided fairly between
our key stakeholders, i.e. customers, shareholders, muni-
cipalities and the state. Tax revenue is used in turn to
finance public services and investments that support the
national government’s capabilities, sustainability and res-
ponsiveness.
We publish our tax footprint annually, describing the
total sum and division of taxes and tax-like charges paid
to society. Our direct taxes include corporate income tax,
transfer tax, and real estate tax, and our indirect taxes
include, for example, value added tax. In accordance with
the Tax Accounting Act, a share of the corporate income
tax we pay is paid to the municipalities where Terveystalo’s
employees have worked, based on the number of emplo-
yees. This means that all Terveystalo’s clinics and outsour-
cing operations accrue tax revenue for the municipality
they operate in.
As a basic rule, private health care companies are not
eligible to deduct value added tax on purchases, which
means that VAT is a substantial factor for them. The pro-
portion of value added tax that is not deducted increases
our tax footprint. Health care services sold by a private ser-
vice provider are tax-exempt for customers. Corresponding
with previous financial years, our tax footprint provides
information of the VAT amount, which has not been
deducted. However, some services – such as cosmetic
surgery – are not exempt from VAT for the customer, which
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
means we collect and pay VAT. As of financial year 2022, we
have added information on VAT paid to the Tax Authorities
for the business activities liable to value added tax.
The parent company of the Terveystalo Group and the
financing and purchasing companies operate in Finland
and pay their taxes to Finland. Terveystalo has compa-
nies providing health care and other services in Finland,
Sweden, Estonia and the Netherlands. All of the Group
companies engage in economic activities in the countries
they are domiciled in and pay taxes for their operations
in accordance with the local regulations. Terveystalo’s
tax footprint reporting covers all of the Group’s Finnish
companies. For Sweden and Feelgood, the tax footprint is
reported for the period of Terveystalo’s ownership. As the
share of revenue represented by the subsidiaries operating
in Estonia and the Netherlands is still minor compared to
the Group as a whole, the other countries’ share of the tax
footprint is presented combined.
In 2022, our tax footprint totalled EUR 235.7 (191.0)
million. The tax footprint is an indicator of the total tax
revenue generated for society by Terveystalo’s business
activities. In addition, we paid a total of EUR 340.6 (316.3)
million in fees to private practitioners, who pay their indi-
vidual taxes separately. The taxes paid by private practitio-
ners are not included in Terveystalo’s tax footprint.
56
Terveystalo’s tax footprint
MEUR
Performance-based statutory payments related to personnel
TyEL employee insurance premiums (employer’s share)
Unemployment insurance contributions (employer’s share)
Accident insurance premiums and group life insurance premiums + other
social security costs
Employer’s health insurance contributions
Social security costs outside Finland
Taxes withheld from pay 1)
Taxes paid
Non-deducted VAT 2)
VAT remitted 3)
Real estate tax
Income tax (cash-based)
Asset transfer tax
Taxes on dividend payments
Total tax footprint
2022
80.4
56.9
6.4
0.8
15.6
0.6
92.1
63.3
32.1
1.7
0.6
26.0
0.6
2.2
2021
62.0
50.6
5.3
0.7
5.1
0.4
76.4
52.5
29.1
0.3
20.7
0.4
1.9
2020
47.8
38.6
4.3
0.7
3.5
0.6
65.1
39.5
21.3
0.1
17.2
0.1
0.8
235.7
191.0
152.3
1)
In addition, a total of EUR 340.6 (316.3) million in fees was paid to self-employed persons working as subcontractors
and responsible for paying taxes at their own initiative.
2) Value-added tax is a significant factor for companies in the health care sector, as private healthcare companies are not,
as a rule, eligible to deduct value-added tax.
3) As of financial year 2022, the amount of remitted VAT has been added to the tax footprint.
Terveystalo’s tax footprint by country
MEUR
Finland
Sweden and others
Total
2022
212.5
23.2
235.7
2021
182.8
8.2
191.0
Sustainable economic growth
Tax footprint 2022
MEUR
Total
235.7
MEUR
80.4 Performance-based
statutory payments
related to personnel
92.1 Taxes withheld
from salaries
32.1 Non-deducted VAT
0.6 Real estate tax
26.0 Income tax
(cash-based)
0.6 Asset transfer tax
2.2
Taxes on dividend
payments
1.7 VAT remitted
Furthermore, a total of EUR 340.6 million in fees was paid to
self-employed persons working as subcontractors. This comes
on top of Terveystalo’s tax footprint.
From Terveystalo’s total tax footprint, we have collected
EUR 212.5 million in Finland and EUR 23.2 million in
international business.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Taxes in Terveystalo's operations
Procurement
Terveystalo does not deduct VAT from
its procurement; it mainly bears the
burden of the VAT because, as a general
rule, private healthcare companies
are not eligible to deduct VAT.
Independent Practitioners
Terveystalo pays fees to independent
practitioners, who in turn pay and file
their own taxes.
Sale of healthcare services
Personnel
Terveystalo pays accrual-based statutory
payments related to personnel, and
withholds taxes from salaries.
Customers
Customer fees for healthcare services
are exempted from VAT in accordance
with the Value Added Tax Act.
Some services, such as cosmetic surgery,
are however not VAT. In such cases,
Terveystalo collects and pays VAT.
Sustainable economic growth
Procurement
Terveystalo
Sale of healthcare services
Terveystalo pays transfer tax when it
expands its network through acquisitions.
Shareholders
Terveystalo withholds and pays taxes
on dividends to the shareholders of the
listed company.
Terveystalo pays income taxes
based on its taxable profit.
Terveystalo pays real estate taxes
on buildings and properties.
57
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Sustainable consumption and climate action
Sustainable consumption
and climate action
We are committed to the targets agreed
upon in international climate summits
for the mitigation of climate change.
Our goal is zero emissions from our own
operations in 2030. We promote the
conservation and sustainable use of
natural resources in our supply chains
by reducing plastic consumption,
recycling, increasing the efficiency of
our material management and reducing
the number of small orders. Our digital
services enable us to simultaneously
improve access to care and reduce
our customers’ travel times and the
emissions generated by travel.
Sustainable consumption and climate action
Area
Reducing the
carbon footprint
Target
Zero emissions from own operations in 2030.1) Between
2023 and 2030, we will compensate for any remaining
greenhouse gas emissions by investing in certified
carbon dioxide emission compensation projects.
Indicator
Reduction of direct (Scope 1) and indirect
(Scope 2) greenhouse gas emissions
compared to 2018 (6,316.8 tCO2)
Target
-100% by 2030
2022
-61%
2021
-89%
2020
-66%
SDG
13
We will reduce direct and indirect CO2 emissions (Scope 1
and Scope 2) by 80% by 2025 (using 2018 as the baseline).
Direct (scope 1) and indirect (scope 2)
greenhouse gas emissions, tCO2
-80% by 2025
2,476.3
664.0
2,165.4
Energy consumption
We will purchase 100% green electricity by 20252)
Share of green electricity of
all purchased electricity, %
100% by 2025
50%
89%
62%
Waste recovery4)
We will minimize waste in all of our operations and
forward all waste to be recovered.
The recovery rate of waste generated
at Terveystalo units, % 3)
100% by 2025
100%
100%
99%
12
The recycling rate of waste generated
at Terveystalo units, %3)
Mixed waste intensity (mixed waste [metric tons]
relative to total revenue [100 million])
100% by 2025
67%
64%
61%
Annual reduction
5.8
6.4
6.0
1) Between 2023 and 2030, we will compensate for any remaining greenhouse gas emissions by investing in certified carbon dioxide emission compensation projects. Our aim is to eventually discontinue compensation
measures and to achieve zero emissions in our own operations by 2030. In 2022 emissions were not compensated due to cost savings. The calculation of Scope 2 emissions is market-based. The exceptional electricity mar-
ket disturbances forced Terveystalo to change its electricity supplier in the middle of the year, and because of the high market price of electricity, no green electricity was purchased for the rest of the year. The calculation
of the market-based figure is based on the emission factor of the electricity purchased by Terveystalo in Finland, while the location-based figure is calculated according to a factor based on the source distribution of local
energy production. The amount of green electricity from the electricity purchased in Sweden has been calculated according to the average share of green electricity in the Swedish market, since supplier-specific informa-
tion is not available. The energy consumption and carbon footprint figures for 2022 also include operations in Sweden. Comparison years only include Finland.
2) In the units where we purchase electricity ourselves.
3) Excludes waste fractions that cannot be recycled or recovered under any circumstances, such as hazardous waste.
4) Includes Terveystalo's operations in Finland.
58
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
We build a sustainable relationship
with the environment in line with
our environmental policy
Our environmental policy is guided by Terveystalo’s values
and strategy, which the management and personnel have
undertaken to comply with.
We operate in line with the principles of sustainable
development in order to reduce and eliminate environme-
ntal risks. We comply with all applicable laws, regulations
and procedures in place in our industry to ensure safety
at work and patient safety.
Our environmental goals are as follows:
•
•
•
•
Development of environmental management
and awareness at all organizational levels
Identification, anticipation and monitoring of
direct and indirect environmental impacts
Reduction of environmental impacts in our
day-to-day operations
Development of practices that promote
sustainable development
We prevent adverse environmental impacts by,
for example:
”
We operate in line
with the principles
of sustainable deve-
lopment in order to
reduce and elimi-
nate environmental
risks.
59
•
•
•
•
•
•
•
reducing energy consumption and transitioning
to carbon-neutral energy,
reducing the volume of waste created in our
operations and increasing our recycling rate,
optimizing the life-cycle of health care
equipment, with due consideration for
technological development,
taking environmental perspectives into account
in our travel and car policy,
developing digital services by planning and
implementing pharmaceutical services in an
up-to-date manner,
taking environmental perspectives into account
in centralized procurement and ensuring efficient
inventory management, and
taking sustainable development and environmental
perspectives into account in our network and
business premises projects.
Terveystalo’s environmental program covers all of our
clinics in Finland and its appropriateness is evaluated in
quality management and environmental management sys-
tem audits. Some of our clinics in Finland and Group ser-
vices are ISO 14001:2015 certified. Feelgood, Terveystalo’s
subsidiary operating in Sweden, also has ISO 14001:2015
certification.
Our climate target: zero emissions
from own operations in 2030
Our goal is to reduce our carbon footprint so that we will
achieve zero emissions in our own operations in 2030.
Between 2023 and 2030, we will compensate greenhouse
gas emissions from our own operations by investing in
certified CO2 emission compensation projects. Our aim is
to eventually discontinue compensation measures and to
achieve zero emissions in our own operations by 2030.
A further goal is to reduce our direct and indirect CO2
emissions (Scope 1 and Scope 2) by 80% by 2025 (using
2018 as the baseline). As regards energy consumption,
our target is for green electricity to account for 100% of
the electricity we purchase. The recycling and recovery of
waste is another key theme in our environmental respon-
sibility, with the goal being to minimize waste in all opera-
tions. The indicators we use for this are the mixed waste
intensity and the recovery rate and recycling rate of waste
generated at Terveystalo’s units.
Sustainable consumption
and climate action
Our carbon footprint increased due to
disruptions in the electricity market
In 2022, Terveystalo’s carbon footprint from Scope 1 and
Scope 2 emissions (market-based) in Finland totalled
2,334.1 (644.0) metric tons of carbon dioxide equivalent
(tCO2e). Scope 2 emissions from purchased electricity
quadrupled from the previous year. This was due to the
exceptional electricity market disturbances, which forced
Terveystalo to change its electricity supplier in the middle
of the year, and because of the high market price of elect-
ricity, no green electricity was purchased for the rest of the
year. In Sweden, Scope 1 and 2 emissions from Feelgood’s
operations totalled 142.2 tCO2e. Terveystalo’s carbon
GHG-emissions development
10,000
8,000
6,000
357.7
4,000
2,000
287.2
0
4,898.1
2019
1,878.2
2020
174.4
2,301.9
2022
245.5
418.5
2021
Direct (Scope 1) GHG emissions, CO2e
Indirect (Scope 2)* GHG emissions, CO2e
*Market based Scope 2
Emission in 2022 also include Sweden.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Sustainable consumption
and climate action
footprint consists mainly of the production of the electricity
consumed by properties, emissions generated by transport
and travel as well as the waste generated in hospitals and
clinics. The emissions generated by Terveystalo’s operations
are reduced, for example, by increasingly transitioning to
green electricity and prioritizing low-emission vehicles.
Emissions
We report the direct (Scope 1) and indirect (Scope 2)
greenhouse gas emissions arising from our operations –
and part of our indirect Scope 3 emissions – in accordance
with the GHG standard. We report the emissions from
Swedish operations for the first time for the year 2022.
Scope 1
As we do not, for the most part, own or control the proper-
ties at which we operate, our greenhouse gas emissions
mostly consist of the emissions from our fleet of cars and
the trucks used for imaging operations. The emissions
arising from our own driving and driving under our direct
control are calculated based on fuel consumption. In
2022, Scope 1 CO2 emissions in Finland totalled 134.5
(245.5) metric tons of carbon dioxide equivalent (tCO2e).
In Sweden, Scope 1 emissions totalled 39.9 tCO2e.
Scope 2
Indirect Scope 2 greenhouse gas emissions arise from the
production of electricity purchased by Terveystalo and
the production of district heating consumed at properties
controlled by Terveystalo. In 2022, electricity purchases
for properties controlled by Terveystalo totalled 15,841
(14,159) MWh. Since January 2020, the company’s ele-
ctricity portfolio (electricity purchased for properties)
has been zero-CO2 green electricity. Zero-CO2 electricity
purchased for 2022 in Finland totalled 7,730 (12,696)
MWh, representing approximately 49 (89) percent of the
company’s electricity consumption in Finland. The remain-
der, 8,111 (1,499) MWh, corresponds to 2,199.6 (418.5)
metric tons of CO2 equivalent (tCO2e, market-based).
The exceptional electricity market disturbances forced
Terveystalo to change its electricity supplier in the middle
of the year, and because of the high market price of ele-
ctricity, no green electricity was purchased for the rest of
the year. In Sweden electricity purchases for properties
controlled by Feelgood totalled 1,328 MWh, of which 67
percent was zero-CO2 green electricity. As regards energy
consumption, our target is for green electricity to account
for 100% of the electricity we purchase.
Scope 3
For indirect Scope 3 emissions, we report emissions arising
from work-related travel by employees and waste created
by the company’s operations.
We aim to avoid unnecessary work-related travel by
encouraging the use of remote meetings whenever
possible. In 2022, Terveystalo’s personnel in Finland flew
a total of 0.7 (0.3) million kilometres in work-related tra-
vel, equalling 84.1 (39.9) tCO2e. Regarding reimbursable
work-related travel, our personnel in Finland travelled a
total of 2.6 (1.9) million kilometres, equalling 440.8 (322.1)
tCO2e. We encourage our personnel to choose low-emis-
60
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
sions vehicles as company cars. The average emissions of
the company cars used by the Group in Finland amount to
72 (92) g CO2e/km. In Sweden, personnel are encouraged
to use trains instead of flying and to favour remote mee-
tings when possible. Terveystalo’s personnel in Sweden
flew a total of 0.31 million kilometres, resulting in emis-
sions of 45.1 tCO2e. A total of 262.6 tCO2e were emitted
from all the work-related trips of the Swedish personnel.
The indirect emissions arising from waste in Finland
totalled 41.7 (36.6) tCO2e in 2022. In Sweden, emissions
from waste are very low since the amount of waste gene-
rated from operations is small and is mainly generated in
offices. The emissions arising from waste in Sweden total-
led 2.1 tCO2e.
Terveystalo has a low
CO2 emissions intensity
Terveystalo’s CO2 emissions intensity is low due to the
nature of the Group’s operations. In 2022, Terveystalo’s
emissions intensity (Scope 1 and Scope 2, market-based)
relative to revenue amounted to 1.8 (0.6) gCO2e/EUR.
Relative to the number of employees, the emissions inten-
sity was 0.4 (0.12) tCO2e. Figures for 2022 also include
operations in Sweden.
Digital services improve access to care
and reduce environmental effects
Our digital services enable us to simultaneously improve
service availability and reduce our customers’ travel times
61
and the emissions generated by travel. In 2022, the num-
ber of remote appointments increased to 2.9 (2.0) million.
Remote appointments through digital channels or over the
phone accounted to 34 (25) percent of all appointments.
Minimization and utilization of waste
The recycling and recovery of waste is another key theme
in our environmental responsibility, with our goal being
to minimize mixed waste in all operations and forward as
large a share of our waste as possible to be recovered. The
indicators we use for this in Finland’s operations are the
mixed waste intensity and the recovery rate and recycling
rate of waste generated at Terveystalo’s units in Finland.
We are committed to reducing the plastic waste generated
by our operations in accordance with the EU’s plastic stra-
tegy by improving our recycling efforts and reviewing the
packaging options offered by our suppliers when possible.
We also keep a close eye on our medical waste and try to
minimize it by increasing the efficiency of our inventory
management. The amount of waste from Terveystalo's
Swedish operations is small and is largely office waste,
because Feelgood has no hospitals, medical clinics or
laboratories.
The COVID-19 pandemic also influenced the amount of
waste generated in 2022, as the use of protective equip-
ment needed for COVID-19 testing, vaccination and the
protection of staff and customers increased during the
year. The amount of mixed waste was also increased by
the renovations of several units.
Sustainable consumption
and climate action
Greenhouse gas emissions (Scope 1 and 2)
Metric tons of CO2 e
Direct (Scope 1)
Finland
Sweden
Total
Indirect (Scope 2, market-based)
Finland
Sweden
Total
Indirect (Scope 2, location-based)
Finland
Sweden
Total
Scope 1 and Scope 2 (marked-based)
Change from 2018
Change from previous year
Scope 1 and 2 (location-based) total
2022
2021
2020
2019
2018
134.5
39.9
174.4
2,199.6
102.3
2,301.9
1,156.4
13.3
1,169.7
2,476.3
-61%
273%
1,344.1
245.5
N/A
245.5
418.5
N/A
418.5
1,320.1
N/A
1,320.1
664.0
-89%
-69%
287.2
N/A
287.2
1,878.2
N/A
1,878.2
1,881.4
N/A
1,881.4
2,165.4
-66%
-59%
1,565.6
2,168.6
357.7
N/A
357.7
4,898.1
N/A
4,898.1
1,784.1
N/A
1,784.1
5,255.8
-17%
-17%
2,141.1
334.9
N/A
334.9
5,981.9
N/A
5,981.9
2,125.4
N/A
2,125.40
6,316.8
N/A
N/A
2,460.3
The calculation of the market-based figure in Finland is based on the emission factor of the electricity purchased by Terveystalo, while the loca-
tion-based figure is calculated according to a factor based on the source distribution of local energy production.
The amount of green electricity from the electricity purchased for the Swedish operations has been calculated according to the average share
of green electricity in the Swedish market, as supplier-specific information is not available.
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Greenhouse gas emissions (Scope 3)
Metric tons of CO2 e
Business travel
Finland
Sweden
Total
Waste
Finland
Sweden
Total
Indirect (Scope 3) total
Emissions intensity
Emissions intensity:
Scope 1+2/revenue, gCO2e/EUR
Finland
Sweden
Total
Emissions intensity:
Scope 1+2 /full-time equivalent, tCO2e.
Finland
Sweden
Total
Scope 2 marked-based
62
2022
2021
2020
2019
2018
549.7
262.6
812.3
41.7
2.1
43.8
856.1
374.5
N/A
374.5
36.6
N/A
36.6
411.1
312.5
N/A
312.5
30.2
N/A
30.2
342.7
400.3
N/A
400.3
25.6
N/A
25.6
425.9
270.5
N/A
270.5
29.7
N/A
29.7
300.2
Purchased electricity
MWh
Finland
Purchased electricity
of which green electricity (CO2-free)
share of electricity consumption, %
Sweden
Purchased electricity
of which green electricity (CO2-free)
Purchased electricity total
of which green electricity (CO2-free)
share of electricity consumption, %
Sustainable consumption
and climate action
2022
2021
2020
2019
2018
15,841
7,730
49%
1,328
888
17,169
8,619
50%
14,195
12,696
89%
N/A
N/A
14,195
12,696
89%
15,944
9,934
62%
N/A
N/A
15,944
9,934
62%
16,219
17,140
0
0%
N/A
N/A
16,219
0
0%
0
0%
N/A
N/A
17,140
0
0%
2022
2021
2020
2019
1.9
1.1
1.8
0.4
0.1
0.4
0.6
N/A
0.6
0.1
N/A
0.12
2.2
N/A
2.2
0.4
N/A
0.44
5.0
N/A
5.0
1.1
N/A
1.1
The amount of green electricity from the electricity purchased for the Swedish operations has been calculated according to the average share
of green electricity in the Swedish market, as supplier-specific information is not available.
Waste
Metric tons
Finland
Documents subject to data protection
Mixed waste
Hazardous waste
Cardboard
Waste paper
Total
Sweden
Hazardous waste
Cardboard and recycling paper
Total
Total waste
2022
2021
2020
2019
2018
114
68
32
32
10
255
2
5
7
262
120
72
27
23
12
254
N/A
N/A
N/A
254
106
59
22
28
13
228
N/A
N/A
N/A
228
122
50
23
24
13
232
N/A
N/A
N/A
232
101
58
19
22
13
212
N/A
N/A
N/A
212
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Reporting
principles
63
63
Terveystalo
Annual Report 2022
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Sustainability reporting principles
We report on sustainability as part of our
annual report. The Sustainability section
describes Terveystalo’s sustainability
efforts and their results. The
sustainability report for 2022 is prepared
with reference to the GRI Standards. The
Statement of Non-Financial Information
as required by the Accounting Act is
included in the Report of the Board of
Directors found in the Financials section
of the Annual Report.
Scope of reporting and assurance
In addition to our operations, our Code of Conduct and
operating principles also apply to the independent practi-
tioners working at Terveystalo. In addition, we require our
suppliers to approve the Supplier Code of Conduct. Unless
otherwise stated, this report does not cover other aspects
of our outsourcing business, non-integrated acquired
entities, independent subsidiaries or suppliers. This report
describes our progress in our key objectives and commit-
ments related to our most material sustainability themes.
Unless otherwise stated, the performance data given in
this report covers the operations that have been comple-
tely integrated into Terveystalo and are an integral part
of Terveystalo’s network. The sections on the personnel
and environment cover the personnel and operations of
Terveystalo, excluding non-integrated acquired entities
and independent subsidiaries. Our emissions reporting
complies with the CHG requirements.
The report has not been externally verified.
Our reporting meets the requirements of the EU Directive
regarding the disclosure of non-financial and diversity
information as well as the Finnish accounting legislation.
The required non-financial information is disclosed in the
Corporate Governance Statement and the Report of the
Board of Directors.
In our sustainability reporting, we focus on the sustai-
nability themes and aspects that are the most material for
our operations in accordance with our sustainability pro-
gram. The material aspects of sustainability were defined
in the materiality analysis we conducted in 2019. In
addition to materiality, we have aimed to take into account
the other reporting principles of the GRI Standards in our
reporting. In 2023, we will conduct a new materiality ana-
lysis, which corresponds to the new GRI standards and the
EU's sustainability reporting directive.
Terveystalo is committed to complying with the ten
principles of the UN Global Compact (UNGC) initiative
regarding human rights, labour rights, the environment
and anti-corruption. This report is a Communication on
Progress (COP) in accordance with the initiative. The
reported Global Compact principles are listed in the GRI
Content Index.
Our sustainability reporting covers the reporting period
1 January–31 December, 2022. The Annual Report is
available in Finnish and English. The report for 2021 was
published in February 2022.
64
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Sustainability themes
and material topics
The reported topics have been selected based on materiality.
Sustainability
themes/
priorities
Material GRI topics and
Terveystalo’s own material
sustainability topics
GRI topic/standard
Good health
and well-being
The quality and
effectiveness of care
Availability of care
Ensuring patient safety
Own topic: Quality index:
high clinical and experienced
quality, good availability of
care and preventive care
Promoting the well-being of
customers and preventing illnesses
High-quality service
Development of new service
innovations and operating methods
65
GRI indicator or
Terveystalo’s
own indicator
Use of the WHO Surgical Safety
Checklist in surgical operations
Prescriptions for drugs affecting the central ner-
vous system in relation to visits to a physician
Duration of sickness absence issued on the
day of the operation (median),
Repair of the rotator cuff and the anterior
cruciate ligament
Percentage of preventive work of
occupational health appointments
Days until the next available appointment,
clinics (T3)
NPS, net promoter score for appointments
eNPS, employee Net Promoter Score
Quality index % total
Days until the next available appointment
T3, public services
Reimbursed patient claims / appointments
with a physician
Near misses/hazardous incidents
No indicator defined
Sustainability
themes/
priorities
Ethical
business
Material GRI topics and
Terveystalo’s own material
sustainability topics
Prevention of corruption
and bribery
GRI topic/standard
GRI 205: Anti-corruption
(2016)
GRI indicator or
Terveystalo’s
own indicator
205-2 Communication and training about
anti-corruption policies and procedures
Compliance
Own topic: Compliance
205-3 Total number and nature of
confirmed incidents of corruption
Own indicator: Employees who have
completed Compliance training
102-16 Values, principles, standards
and norms of behavior
102-17 Mechanisms for advice
and concerns about ethics
Ensuring data protection
and information security
GRI 418: Customer privacy
protection (2016)
418-1 Substantiated complaints received
concerning breaches of customer privacy
and loss of customer data
Respecting human rights
Responsible marketing
GRI 412: Human Rights
Assessment (2016)
412-2 Employee training on human
rights policies or procedures
Responsible use of artificial
intelligence
GRI 418: Customer privacy
protection (2016)
418-1 Substantiated complaints received
concerning breaches of customer privacy
and loss of customer data
Compliance with fair competition
No indicator defined
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Sustainability
themes/
priorities
Responsible
work
Material GRI topics and
Terveystalo’s own material
sustainability topics
Employee well-being at work
GRI topic/standard
Own topic: Employer recom-
mended by the personnel
GRI indicator or
Terveystalo’s
own indicator
Own indicator: eNPS, employee
Net Promoter Score
Own indicator: Sickness absences
Sustainability
themes/
priorities
Sustainable
economic
growth
Material GRI topics and
Terveystalo’s own material
sustainability topics
Responsible tax policy
and tax payment
GRI 401: Employment
(2016)
401-1 New employee hires
and employee turnover
Ensuring occupational safety
GRI 403: Occupational
health and safety (2018)
403-1 Occupational health and
safety management system
403-2 Hazard identification, risk
assessment and incident investigation
403-3 Occupational health services
403-4 Worker participation, consultation
and communication on occupational
health and safety
403-6 Promotion of worker health
403-7 Prevention and mitigation of
occupational health and safety impacts
directly linked by business relationships
403-8 Workers covered by an occupational
health and safety management system
403-9 Work-related injuries
Employee diversity
Personnel development
GRI 405: Diversity and
equal opportunity
405-1 Diversity of governance bodies
and employees
GRI 404: Training and
education (2016)
404-2 Programs for upgrading employee
skills and transition assistance programs
404-3 Percentage of employees receiving
regular performance and career develop-
ment reviews
66
GRI topic/standard
GRI 207: Tax (2019)
GRI indicator or
Terveystalo’s
own indicator
207-1 Approach to tax
Own topic: Tax footprint
Own indicator: Taxes paid
207-4 Country-by-country reporting
Creation of economic value added
for society and shareholders
GRI 201: Economic
performance (2016)
201-1 Direct economic value
generated and distributed
Responsible purchasing practices
and the degree of domestic
purchasing
Own indicator: Revenue growth
GRI 414: Supplier social
assessment
414-1 New suppliers that were
screened using social criteria
GRI 308: Supplier environ-
mental assessment
308-1 New suppliers that were screened
using environmental criteria
Job creation nationwide
Own indicator:
Employee benefit expenses
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Material GRI topics and
Terveystalo’s own material
sustainability topics
Reducing the carbon footprint
GRI topic/standard
GRI 305: Emissions (2016)
Sustainability
themes/
priorities
Sustainable
consumption
and climate
action
GRI indicator or
Terveystalo’s
own indicator
305-1 Direct (Scope 1) GHG emissions
305-2 Energy indirect (Scope 2)
GHG emissions
305-3 Other indirect (Scope 3)
GHG emissions
305-4 GHG emissions intensity
Own indicator: Share of green electricity
of all purchased electricity
Contact us
We hope that our readers find this report interesting and informative,
and we welcome feedback and questions.
For more information, please contact:
Kati Kaksonen
Vice President, Corporate Communications, IR & CR
Tel. +358 10 345 2034
kati.kaksonen@terveystalo.com
Material efficiency
and waste recycling
Own topic: Minimization
and recovery of waste
Own indicator:
Mixed waste intensity
Own indicator: The recovery rate of waste
generated at Terveystalo units, %
Own indicator: The recycling rate of waste
generated at Terveystalo units, %
67
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
GRI-index
GRI Standards disclosure
GRI 2: General disclosures (2021)
Organizational profile
Location
Comments
2-1
2-2
2-3
2-4
2-5
Organizational details
Entities included in the organization's
sustainability reporting
Terveystalo in brief p. 3,
https://www.terveystalo.com/en/company
Reporting principles p. 64
Reporting period, frequency and contact point Reporting principles p. 64, 67
Restatements of information
Reporting principles p. 64
External assurance
Reporting principles p. 64
Activities and workers
2-6
2-7
2-8
Activities, value chain and
other business relationships
Terveystalo in brief p. 3,
Terveystalo's addressable markets p. 9–11,
Ethical business p. 42–44
Employees
Responsible work p. 46, 52
Workers who are not employees
Responsible work p. 46, 48, 50, 52
Governance
2-9
Governance structure and composition
2-10
Nomination and selection of the
highest governance body
Sustainability management p. 29,
Corporate government statement p. 73–79
Corporate government statement p. 73–74, 77–78
2-11
Chair of the highest governance body
Corporate government statement p. 74, 76
Role of the highest governance body in
overseeing the management of impacts
Delegation of responsibility for
managing impacts
Role of the highest governance
body in sustainability reporting
Sustainability management p. 29,
Corporate government statement p. 77, 83
Sustainability management p. 29
Sustainability management p. 29
2-26
2-27
2-12
2-13
2-14
68
GRI Standards disclosure
Conflicts of interest
2-15
2-18
2-19
Evaluation of the performance
of the highest governance body
Remuneration policies
Location
Ethical business p. 43–44, Terveystalo remuneration
policy for governing bodies p. 87
Corporate governance statement p. 78
Comments
Terveystalo remuneration policy
for governing bodies p. 87–91
Responsibility related
matters are being
handled by the Board
of Directors.
2-20
Process to determine remuneration
Terveystalo remuneration policy
for governing bodies p. 87–91
Strategy, policies and practices
2-22
2-23
Statement on sustainable
development strategy
Policy commitments
2-24
Embedding policy commitments
2-25
Processes to remediate negative impacts
CEO's review p. 6
Sustainability management p. 26–28,
Ethical business p. 42–44,
Responsible work p. 49–51,
Sustainable economic growth p. 54,
Sustainable consumption and climate action p. 58–59,
Corporate governance statement p. 84
Sustainability management p. 26–28,
Ethical business p. 43–44,
Responsible work p. 47–49,
Sustainable consumption and climate action p. 58–59
Ethical business p. 43–45,
Good health and well-being p. 35,
Responsible work p. 47,
Sustainable consumption and climate action p. 59
Sustainability management p. 26–28,
Ethical business p. 43–45
Mechanisms for seeking advice
and raising concerns
Compliance with laws and regulations
Ethical business p. 43–45
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Location
Terveystalo contributes to the achievement
of sustainable development goals p. 25,
Stakeholder engagement p. 30
Comments
GRI Standards disclosure
GRI 206: Anti-competitive behavior(2016)
206-1
Legal actions for anti-competitive behavior,
anti-trust, and monopoly practices
Location
GRI-index
Comments
No identified
cases for 2022.
GRI 207: Tax (2019)
207-1
Approach to tax
Sustainable economic growth p. 55–57
207-2
207-3
Tax governance, control, and risk management
Sustainable economic growth p. 55–57
Stakeholder engagement and management
of concerns related to tax
Sustainable economic growth p. 55–57
207-4
Country-by-country reporting
Sustainable economic growth p. 55–57
Environmental standards
GRI 305: Emissions (2016)
305-1
Direct (Scope 1) GHG emissions
Sustainable consumption and climate action p. 59–61
305-2
Energy indirect (Scope 2) GHG emissions
Sustainable consumption and climate action p. 59–61
305-3
Other indirect (Scope 3) GHG emissions
Sustainable consumption and climate action p. 59–61
305-4
GHG emissions intensity
Sustainable consumption and climate action p. 59–61
GRI 306: Waste (2020)
306-1
306-2
Waste generation and significant
waste-related impacts
Management of significant
waste-related impacts
Sustainable consumption and climate action p. 61–62
Sustainable consumption and climate action p. 61–62
306-3
Waste generated
Sustainable consumption and climate action p. 61–62
The property owner
handles waste treat-
ment in cases where
Terveystalo is not
responsible for waste
treatment. Otherwise,
L&T is our contract
partner.
GRI Standards disclosure
2-28
Membership associations
Stakeholder engagement
2-29
Approach to stakeholder engagement
2-30
Collective bargaining agreements
GRI 3: Material Topics (2021)
3-1
3-2
3-3
Process to determine material topics
List of material topics
Management of material topics
Stakeholder engagement p. 30,
Sustainable economic growth p. 54
Terveystalo remuneration policy
for governing bodies p. 91
Materiality analysis as the foundation
of our sustainability efforts p. 31
Materiality analysis as the foundation
of our sustainability efforts p. 31
Sustainability management p. 26–29,
Good health and well-being p. 33,
Ethical business p. 42,
Responsible work p. 46,
Sustainable economic growth p. 54,
Sustainable consumption and climate action p. 58–59,
Corporate governance statement p. 83–84
Economic standards
GRI 201: Economic performance (2016)
201-1
Direct economic value generated
and distributed
GRI 205: Anti-corruption (2016)
205-2
205-3
Communication and training about
anti-corruption policies and procedures
Confirmed incidents of corruption
and actions taken
Sustainable economic growth p. 54–55
Ethical business p. 43–45
Ethical business p. 44–45
69
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Comments
Our Supplier Code
of Conduct includes
requirements related
to environmental
responsibility.
GRI Standards disclosure
GRI 404: Training and education (2016)
404-1
404-2
404-3
Average hours of training per
year per employee
Programs for upgrading employee skills
and transition assistance programs
Percentage of employees receiving regular
performance and career development reviews
GRI 405: Diversity and equal opportunity (2016)
Location
Comments
Responsible work p. 48–50
Responsible work p. 48–50
Responsible work p. 48–50
405-1
Diversity of governance bodies and employees
Responsible work p. 50–52
GRI 414: Supplier social assessment (2016)
414-1
New suppliers that were screened
using social criteria
GRI-index
GRI 417: Marketing and labelling (2016)
417-3
Incidents of non-compliance concerning
marketing communications
GRI-index
GRI 418: Customer privacy (2016)
418-1
Substantiated complaints concerning
breaches of customer privacy and losses
of customer data
GRI-index
Our Supplier Code
of Conduct includes
requirements related
to social responsibility.
No incidents
in 2022.
The data protection
authority requested
clarifications on seven
complaints related
to privacy protection
in 2022.
GRI Standards disclosure
GRI 308: Supplier environmental assessment
308-1
New suppliers that were screened
using environmental criteria
Location
GRI-index
Social standards
GRI 401: Employment (2016)
401-1
New employee hires and employee turnover
Responsible work p. 46, 53
GRI 403: Occupational health and safety (2018)
403-1
403-2
403-3
403-4
403-5
Occupational health and safety
management system
Hazard identification, risk assessment,
and incident investigation
Occupational health services
Worker participation, consultation,
and communication on occupational
health and safety
Worker training on occupational
health and safety
403-6
Promotion of worker health
403-7
403-8
Prevention and mitigation of occupational
health and safety impacts directly linked
by business relationships
Workers covered by an occupational
health and safety management system
403-9
Work-related injuries
403-10 Work-related ill health
Sustainability management p. 27,
Responsible work p. 46–48
Responsible work p. 46–48
Responsible work p. 46–48
Responsible work p. 49–50
Responsible work p. 48–49
Responsible work p. 46–49
Responsible work p. 47–48
Responsible work p. 47–49
Responsible work p. 48, 53
Responsible work p. 48, 53
70
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Corporate
Governance
73 Corporate governance statement
87 Terveystalo Remuneration Policy of Governing Bodies
93 Remuneration report
71
71
Terveystalo
Annual Report 2022
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Corporate
governance
statement
72
72
Terveystalo
Annual Report 2022
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Corporate governance statement
I. Introduction
Governance at Terveystalo Plc (hereinafter referred to
as “Terveystalo” or the “Company”) is based on appli-
cable laws, the rules and recommendations of Nasdaq
Helsinki Ltd (hereinafter referred to as the “Helsinki Stock
Exchange”), and the Company’s Articles of Association.
In addition, the Company follows the Finnish Corporate
Governance Code 2020 (“Corporate Governance Code”),
issued by the Securities Market Association and available
on its website at www.cgfinland.fi. Terveystalo comp-
lies with all the recommendations in the Corporate
Governance Code with one temporary exception described
in more detail in the section regarding the Remuneration
Committee. Terveystalo’s Corporate Governance
Statement has been prepared in accordance with the
Corporate Governance Reporting section of the Corporate
Governance Code.
This statement has been reviewed and approved by
Terveystalo’s Audit Committee and Board of Directors,
and it has been prepared separately from the Report of
the Board of Directors. The statement is available on the
Company website at: https://www.terveystalo.com/en/
company/investors/corporate-governance/.
II. Descriptions concerning
corporate governance
Terveystalo Plc is a Finnish public limited liability company
domiciled in Helsinki. The parent company, Terveystalo Plc,
and its subsidiaries form the Terveystalo Group (hereinafter
referred to as the “Group”). The responsibility for the admi-
nistration and operations of Terveystalo Group lies with
the governing bodies of the parent company, Terveystalo
Plc. These governing bodies include the Annual General
Meeting, the Board of Directors, and the CEO. The AGM ele-
cts the members of the Board of Directors on the basis of
the proposal of the Shareholders’ Nomination Board con-
sisting of the largest shareholders. The work of the Board
of Directors is aided by two committees. The Board elects
the committee members from amongst its members. The
CEO appointed by the Board manages the operations of
Terveystalo Group, assisted by the rest of the Executive
Team. The work of the Board of Directors, its committees,
the CEO, and the rest of the Executive Team is governed by
the Company’s corporate governance principles, adopted
by the Board of Directors. These principles include the
Charters of the Board and its committees, the division of
responsibilities between the decision-making bodies, and
the principles concerning the arrangement of internal
control and risk management. The Company’s governance
structure is described in the chart on the this page.
73
Terveystalo's governance structure
General meeting
Shareholders'
Nomination Board
Audit
Board of Directors
Audit Committee
Remuneration Committee
Internal Control and
Risk Management
Chief Executive Officer
Executive team
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Annual General Meeting
The Annual General Meeting is Terveystalo’s highest deci-
sion-making body. The Annual General Meeting is held
annually on a date determined by the Board of Directors,
within six (6) months of the end of the financial year.
The Annual General Meeting deals with matters
falling within its competence pursuant to the Finnish
Limited Liability Companies Act and Terveystalo’s Articles
of Association, and any possible other matters. An
Extraordinary General Meeting is convened when neces-
sary. More detailed information about the Annual General
Meeting is provided in Terveystalo’s Articles of Association,
which can be found on the company website at: https://
www.terveystalo.com/en/company/investors/corpora-
te-governance/. The Annual General Meeting for 2022 was
held on 7 April 2022. The decisions of each Annual General
Meeting can be found on Terveystalo website at: https://
www.terveystalo.com/en/company/investors/corpora-
te-governance/annual-general-meeting/.
Shareholders’ Nomination Board
In accordance with the decision of the Annual General
Meeting, the Shareholders’ Nomination Board (hereinafter
referred to as the “Nomination Board”) annually prepares
proposals to the next Annual General Meeting concerning
the number of Members on the Board and their elec-
tion and remuneration. It also identifies candidates for
Members of the Board. The Nomination Board consists
of the Chair of the Company’s Board of Directors and,
generally, representatives of the Company’s four largest
shareholders. If the ownership of the Company’s fifth lar-
gest shareholder exceeds ten (10) percent of all the shares
and votes in the Company, the five largest shareholders
shall be represented in the Nomination Board. The com-
position of the Nomination Board is determined based
on the shareholdings on the first bank day in September
each calendar year. The Chair of the Board of Directors
convenes the first meeting of the Nomination Board.
The Nomination Board elects a Chair from amongst its
members. Subsequent meetings of the Nomination Board
are convened by the elected Chair. If more than half of
the members of the Nomination Board are present, they
constitute a quorum. The Nomination Board has a written
Charter which includes a more detailed description of the
election process and the duties of the Nomination Board
members as well as the procedures of the Nomination
Board’s meetings. A description of the main contents of
the Charter of the Nomination Board can be found on
the Company website at: https://www.terveystalo.com/
en/company/investors/corporate-governance/sharehol-
ders-nomination-board/.
In accordance with shareholdings on 1 September
2022, Terveystalo’s Nomination Board consists of the rep-
resentatives of the Company’s four largest shareholders
and the Chair of the Board of Directors. In accordance
with the above, the following persons are members of
Terveystalo’s Nomination Board from 10 September 2022
onwards: Risto Murto (Varma Mutual Pension Insurance
Company), Tomas von Rettig (Rettig Group AB), Peter
Therman (Hartwall Capital), Timo Ritakallio (Pohjola
Vakuutus), and Kari Kauniskangas (Chair of the Board of
Directors of Terveystalo Plc). Matts Rosenberg, Rettig
Group AB, served as a member of the Nomination Board
until 13 June 2022, and Olli Lehtilä, OP Group until 13
September 2022. Tomas von Rettig, Rettig Group AB, was
appointed as new member as of 13 June 2022, and Timo
Ritakallio, Pohjola Insurance, as of 13 September, 2022.
In its organizing meeting held on 13 September 2022,
the Nomination Board re-elected Risto Murto as its Chair.
The Shareholders’ Nomination Board forwarded its pro-
posals for the Annual General Meeting to Terveystalo’s
Board of Directors on 16 December 2022. In 2022, the
Nomination Board convened six times. The attendance
rate of members was 91.7 percent.
Board of Directors
According to Terveystalo’s Articles of Association, the
Board of Directors has a minimum of five (5) and a maxi-
mum of eight (8) ordinary members. The Annual General
Meeting of Shareholders elects the members of the
Board of Directors. The Board of Directors elects the Chair
from among its members. In 2022, the Annual General
Meeting elected six members to the Board of Directors.
Biographical details are provided on the following page.
Kari Kauniskangas
b. 1962, M.Sc. (Econ.), Finnish citizen. Chairman of the Board
of Directors since 2019. Independent of the company and its
largest shareholders.
Committee memberships: Chairman of the Remuneration
Committee, member of the Shareholders’ Nomination Board
Main occupation: Board Professional
Primary working experience: 2008–2017, Fiskars Corporation,
President and CEO 1999– 2007 Amer Sports Corporation, multiple
executive positions, most recently Senior Vice President, Sales &
Distribution and Head of Winter & Outdoor division
Main positions of trust: 2019– Veho Oy AB, Chairman of the
Board of Directors, 2013– Veho Oy AB, Member of the Board
of Directors, 2022– Ahlström Capital Oyj, Vice Chairman of
the Board of Directors
Main past positions of trust: 2020–2022 Ahlström Capital Oyj,
Chairman of the Board of Directors, 2018–2019 Raisio Plc, Vice
Chairman of the Board of Directors, 2008–2010 Wärtsilä Corpora-
tion, Member of the Board of Directors
Shareholding in Terveystalo as of 31 December, 2022: 16,532
74
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Matts Rosenberg
b.1977, Ph.D. (Econ.), Finnish Citizen. Member of the Board of
Directors since 2022. Independent of the company, but not
of its significant shareholders due to his position as the CEO
of Rettig Group.
Carola Lemne
b.1958, Licensed physician, M.D. and associate professor, Karolinska
Institutet, Swedish citizen. Member of the Board of Directors since
2022. Independent of the company and its largest shareholders.
Kristian Pullola
b. 1973, M.Sc (Econ), Finnish Citizen. Member of the Board
of Directors since 2021. Independent of the company and
its largest shareholders.
Committee memberships: Member of the Remuneration Committee
Committee memberships: Chairman of the Audit Committee
Committee memberships: Member of the Audit Committee
Main occupation: Board Professional
Main occupation: CFO, Finnair Oyj
Main occupation: Rettig Group, CEO
Primary working experience: 2019– Rettig Group, CEO, 2018–2019
Rettig Group, Deputy CEO & Head of Core Investments, 2016–
2018 Rettig Group, COO, 2014–2016 Fortaco Group, Deputy CEO &
CFO, 2005–2013 IK Partners, Investment Professional
Main positions of trust: 2021– Purmo Group, Vice Chairman of the
Board of Directors, 2021– Purmo Group, Chairman of the M&A
Committee, 2018– Purmo Group, Member of the Audit Committee
Main past positions of trust: 2016–2021 Purmo Group, Member
of the Board of Directors, 2018–2021 Nordkalk Corporation,
Chairman of the Board of Directors, 2016–2018 Nordkalk Corpo-
ration, Member of the Board of Directors, 2018–2021 Nordkalk
Corporation, Member of the Audit Committee, 2020–2021 Alandia
Försäkring Abp, Chairman of the Board of Directors, 2020–2021
Alandia Försäkring Abp, Chairman of the Solvency & Investment
Committee, 2017–2020 Alandia Försäkring Abp, Deputy member
of the Board of Directors
Shareholding in Terveystalo as of 31 December, 2022: 11,366
75
Primary working experience: 1998– Karolinska Institutet,
Associate professor, 2014–2018 Confederation of Swedish
Enterprise, Director General, 2008–2014 Praktikertjänst AB,
CEO and President, 2000–2007 Danderyds University Hospital,
CEO, 1993–2000 Pharmacia Corporation, Multiple managerial
positions, most recently Vice President, Clinical Development
and Regulatory Affairs Strategy
Main positions of trust: 2022– Swedish Heart Lung Foundation,
Member of the Board of Directors, 2017– Arjo AB, Non-Executive
Director, 2019– Junior Achievement Sweden, Chairman of the
Board of Directors, 2019– IRLAB AB, Vice Chairman of the Board
of Directors
Main past positions of trust: 2019–2022 ArtClinic AB, Chairman
of the Board of Directors, 2019–2022 International English School AB,
Chairman of the Board of Directors, 2018–2019, Alecta AB, Vice Chair-
man of the Board of Directors, 2015–2018 AFA Försäkringar, Member
of the Board of Directors, 2013–2017 Uppsala University, Chancellor,
2010–2014 Investor, Independent Director, 2009–2011 Meda, Mem-
ber of the Board of Directors, 2008–2018 Confederation of Swedish
Enterprise, Member of the Board of Directors, 2004–2009 Apoteket,
Member of the Board of Directors, 2004–2009 Strategic Research
Foundation, Member of the Board of Directors, 2003–2017 Getinge
AB, Member of the Board of Directors
Shareholding in Terveystalo as of 31 December, 2022: 2,627
Primary work experience: 2022– CFO, Finnair Oyj, 2017–2020
Nokia Corporation, Executive Vice President and CFO 2006–
2016 multiple executive and managerial positions in finance
and treasury at Nokia Corporation, most recently Senior Vice
President, Corporate Controller
Main positions of trust: 2020– Antilooppi real estate investment
company, Chairman of the Board of Directors, 2021– Kemira
Oyj, Member of the Board of Directors, 2021–
Eduhouse Oy, Chairman of the Board of Directors
Main past positions of trust: 2010–2020 Ilmarinen Mutual Pen-
sion Insurance Company, Member of the Board of Directors and
Chairman of the Audit Committee
Shareholding in Terveystalo as of 31 December, 2022: 5,075
Katri Viippola
b. 1976, Executive MBA, Master of Arts, Finnish citizen. Member
of the Board of Directors since 2018. Independent of the company.
Committee memberships: Member of the Remuneration
Committee and the Audit Committee
Main occupation: 2016– Varma Mutual Pension Insurance
Company, Senior Vice President, People, Communications and
Development Relevant work history: 2013–2015 Keva, HR and
Administrative Director, HR Director, 2008–2013 Yle (Finnish
Broadcasting Company), Head of Personnel Development, HR
Manager,HR Consultant, 2002– 2008 Yle, Yle News and Aamu-tv
morning show, Journalist and News Anchor
Key positions of trust: The Finnish Broadcasting Company Yle,
Vice Chairman of the Board, Economy and Youth TAT, Member
of the Board of Directors
Past key positions of trust: -
Shareholding in Terveystalo as of 31 December, 2022: 8,954
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Independence of the Board of Directors
Changes to the Board of Directors
According to the Board’s assessment, all the members of
the Board of Directors are independent of the Company.
Kari Kauniskangas, Carola Lemne and Kristian Pullola
are in addition independent of the major shareholders
of the Company. According to the Board of Directors’
assessment, the following members of the Board are
not independent of the major shareholders of the
Company due to their main occupations: Katri Viippola
(Varma Mutual Pension Insurance Company, SVP, HR and
Communications) and Matts Rosenberg (Chief Executive
Officer, Rettig Group Oy Ab).
In accordance with the decision of the Annual
General Meeting of 2021, Kari Kauniskangas (Chair),
Dag Andersson, Åse Aulie Michelet, Niko Mokkila
Katri Viippola, Tomas von Rettig and Kristian Pullola
were members of the Board of Directors until 7 April
2022. Dag Andersson served as a member of the Board of
Directors until he suddenly passed away in fall 2022, with
the said change to the Board of Directors having been
registered on 10 October 2022.
Information presented as per 7 April 2022:
Dag Andersson
b. 1961, BA (Hons) Stockholm School of Economics, MBA
Insead, Swedish citizen. Member of the Board of Directors
since 2019. Independent of the company and its largest
shareholders.
Committee memberships: Member of the Remuneration
Committee
Nolato, Member of the Board of Directors, 2018–2020
GHP AB, Member of the Board of Directors
Åse Aulie Michelet
b. 1952, M. Sc. Pharm. Norwegian citizen. Member of the
Board of Directors since 2016. Independent of the com-
pany and its largest shareholders.
Committees: Member of the Remuneration Committee
Main occupation: Board Professional
Relevant work history: Managing Director of Teres Medical
Group AS, Managing Director of Marine Harvest ASA and
Senior Management at GE Healthcare
Relevant work history: 2007–2019, Altor Equity Partners,
multiple positions, most recently Director, 2005–2007,
Merrill Lynch, Analyst
Key positions of trust: 2021 - Duell Yhtiöt Oy, Member of
the Board of Directors, 2020–Konecranes Plc, Member of
the Board of Directors, 2019– Remeo Oy, Member of the
Board of Directors, 2019– LeaseGreen Group Oy, Chairman
of the Board of Directors
Past key positions of trust: 2016–2021 Realia Group Oy,
Member of the Board of Directors, 2018–2019 Trioplast
Industrier AB, Member of the Board of Directors
Tomas von Rettig
Key positions of trust: Chairman of the Board of Spin Chip
Diagnostics AS, Csam Health Group AS and BI Norwegian
Business School, Member of the Board of Directors of
Odfjell SE
b. 1980, BBA (Bachelor of Business Administration),
CEFA (Certified European Financial Analyst). Finnish
citizen. Vice Chairman of the Board of Directors since
2018. Independent of the company.
Past key positions of trust: Chairman of the Board of
Directors of Photocure ASA, Member of the Board of
Directors of Royal Greenland AS, Cermaq ASA, Norske
Skog ASA, Orkla ASA, and Yara ASA
Main occupation: President and CEO of XVIVO Perfusion AB
Niko Mokkila
Primary working experience: 2008–2018 Diaverum
AB (formerly Gambro Health Care), President and CEO,
1998–2007 Mölnlycke Health Care AB, multiple executive
positions, most recently President of the Surgical Division
Main positions of trust: Chairman of the Board of Directors
of GHP International
Main past positions of trust: 2018–2019 Diaverum
Arabia, Chairman of the Board of Directors, 2009–2011,
Terveystalo, Member of the Board of Directors, 2015–2020
b. 1979, M.Sc. (Tech.), M.Sc. (Econ.), Finnish citizen.
Member of the Board of Directors since 2020. Independent
of the company.
Committee memberships: Member of the Audit Committee
Main occupation: Managing Director, Head of Investments,
Hartwall Capital Oy Ab
76
Committee memberships: Member of the Audit Committee
Main occupation: 2019– Rettig Group Oy AB, Chairman
of the Board of Directors
Relevant work history: 2016–2019 Rettig Group Oy Ab,
President and CEO, 2008–2016 several management
positions at Rettig Group Oy Ab, 2006–2008
Skandinaviska Enskilda Banken Ab
Key positions of trust: Purmo Group Oy, Chairman of the
Board Directors, EQ Plc, Member of the Board Directors
Past key positions of trust: Nordkalk Oy, Bore Oy, Roof
Productions Oy, Chairman of the Board of Directors,
Finlayson Oy, Member of the Board of Directors
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Diversity of the Board of Directors
The Company’s principles concerning the diversity of the
Board of Directors came into effect on 27 September
2017. The Board of Directors updated the diversity policy
on 10 February 2021. The Company regards the diversity
of the Board of Directors as a material factor, which sup-
ports the Company’s business and its development as well
as the achievement of the Company’s strategic targets.
The work of the Board of Directors requires an understan-
ding of the differences in cultures, values, and business
practices. Diversity is assessed from different perspectives,
including age, gender, education, and professional back-
ground. Both genders shall be represented on the Board
of Directors. In planning the composition of the Board of
Directors, the Nomination Board considers the composi-
tion of the Board from the perspective of the Company’s
current and future business needs, taking into account
the diversity of the Board. In 2022, the Company’s Board
of Directors met the diversity criteria. The age span of the
Board members is 45–64 years. Two of the Board members
are women and three are men.
Description of the work
of the Board of Directors
The Board of Directors has adopted a written Charter
of the Board on 23 January 2018 and last updated it on
10 February 2021. It supplements the provisions of the
Articles of Association and the applicable laws and regu-
lations. The Charter of the Board of Directors describes
the Board’s composition, election process of the directors
reporting directly to the CEO, responsibilities of the Board,
meeting arrangements, and Terveystalo’s executive mana-
gement’s reporting to the Board of Directors. In principle,
the CEO attends Board meetings.
The Chief Financial Officer (CFO), General Counsel,
and other members of the Executive Team attend Board
meetings upon invitation by the Board of Directors. The
Board of Directors has general competence to decide and
to act in matters that do not fall within the competence of
the General Meeting or the CEO’s general authority under
law or the Company’s Articles of Association. The Board of
Directors is responsible for the Company’s governance and
the appropriate arrangement of its operations. In addition,
the Board of Directors is responsible for ensuring appropri-
ate supervision of the Company’s accounting and asset
management. The Board of Directors decides on matters
of principle and on any issues that could have broad-ran-
ging implications for the Company. It decides on major
corporate plans and transactions. The Board of Directors
also establishes limits for capital expenditure, investments,
divestments, and financial commitments. The Board of
Directors’ responsibilities also include reviewing and
approving the strategic objectives and strategic plans of
the Company and its various business functions as well as
monitoring their implementation. The Board of Directors
also reviews and approves the Company’s financial targets.
In addition, the Board of Directors monitors and assesses
the Company’s financial reporting system, approves the
Company’s financial reports, and monitors the Company’s
external audit process. It also ensures that the Company
has defined the operating principles of internal control,
internal auditing, and risk management, and monitors
compliance with these principles. In all situations, the
Board of Directors shall act in the best interest of the
Company and its shareholders. The Board of Directors
appoints and dismisses the CEO, supervises the CEO’s
actions, and approves the CEO’s service contract. It also
approves the CEO’s remuneration and other benefits upon
the recommendation of the Remuneration Committee,
within the framework of the Remuneration Policy pre-
sented to the Annual General Meeting. Upon the proposal
of the CEO, the Board of Directors appoints the rest of the
Executive Team reporting directly to the CEO and approves
their service contracts and remuneration based on the
recommendation of the Remuneration Committee. In
addition, the CEO shall consult the Chair of the Board of
Directors on the dismissal of members of the Executive
Team reporting directly to the CEO. The number of terms
or the age of Board members has not been limited. A
description of the main contents of the Charter of the
Board of Directors can be found at: https://www.terveys-
talo.com/en/company/investors/corporate-governance/
board-of-directors/.
The Board of Directors may establish committees to
support the Board with the preparation and performance
of its duties and responsibilities. The Board of Directors
determines the size and composition of such commit-
tees and approves their charters. In 2022, the Board of
Directors convened 16 times. The average attendance rate
at Board meetings was approx. 97 percent. The attendance
rate of each member is shown in a separate table under
Attendance of Board members at Board and Committee
meetings in 2022.
Committees of the
Board of Directors
The Company’s Board of Directors has established two
committees to improve the efficacy of the work of the
Board: the Audit Committee and the Remuneration
Committee.
77
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Audit Committee
The Audit Committee carries out its responsibilities
under its Charter adopted by the Board of Directors on
23 January 2018 and last updated on 10 February 2021.
The Audit Committee assists the Board of Directors in
performing and monitoring its supervisory duties related
to the financial reporting process and auditing. In addition,
the Audit Committee assists the Board of Directors in
supervising matters related to financial reporting, internal
control, internal auditing, and risk management. The
Audit Committee monitors and assesses the financial
reporting system, the quality and integrity of the financial
statements and other financial reports, and the Company’s
financial performance. In addition, the Audit Committee
monitors and assesses the statutory audit of the finan-
cial statements, consolidated financial statements, and
the annual, half-year, and interim reports. The Audit
Committee also monitors and assesses the efficiency of
the Company’s internal control, internal auditing, and risk
management systems and assesses the performance of
internal auditing. Furthermore, the Audit Committee eva-
luates the qualifications and independence of the external
auditor and, in particular, the provision of non-audit ser-
vices to the Company, prepares the proposal for the elec-
tion of the external auditor, and monitors compliance with
laws and regulations. The Audit Committee prepares the
proposal for the remuneration and election or re-election
of the external auditor and submits its recommendation
for the appointment of the external auditor to the Board
of Directors. The Audit Committee monitors and asses-
ses how agreements and other legal acts between the
Company and its related parties meet the requirements of
78
the ordinary course of business and arm’s-length terms. In
addition, the Audit Committee shall ensure that the Board
of Directors is aware of matters which may significantly
impact the Company’s financial condition or business ope-
rations. A description of the main contents of the Charter
of the Audit Committee can be found at: https://www.
terveystalo.com/en/company/investors/corporate-gover-
nance/board-of-directors/.
The Audit Committee consists of at least three members
appointed by the Board of Directors. The Audit Committee
has a Chair, elected by the Board of Directors. The mem-
bers of the Audit Committee must meet the expertise and
independence criteria and other criteria applicable to Audit
Committee members of publicly listed companies in Finland.
These provide, for example, that the majority of the Audit
Committee members shall be independent of the Company,
and at least one member shall be independent of the major
shareholders of the Company.
Kristian Pullola served as Chair of the Audit Committee,
and Niko Mokkila and Tomas Von Rettig served as
Committee members until 7 April 2022. As of 7 April
2022, the Audit Committee members have comprised
Katri Viippola and Matts Rosenberg, as well as Kristian
Pullola, who continued as the Chair. The Audit Committee
convened six times in the financial year 2022. The average
attendance rate of the Committee members was 100
percent. The attendance rate of each member is shown in
a separate table under Attendance of Board members at
Board and Committee meetings in 2022.
Remuneration Committee
The Remuneration Committee carries out its responsibi-
lities under its Charter adopted by the Board of Directors.
The Charter of the Remuneration Committee was adopted
on 23 January 2018 and last updated on 10 February
2021. The Board's Remuneration Committee prepares
Terveystalo's Remuneration Policy for Governing Bodies
and Remuneration Report to the Company's management.
The Remuneration Committee prepares the appointment
of the CEO of the Company and the rest of the senior
management team. It also assists the Board of Directors
with any major management reorganizations based on the
preparation and proposals by the CEO. The Remuneration
Committee assists the Board of Directors with the eva-
luation and remuneration of the CEO and the rest of the
Executive Team reporting directly to the CEO, oversees the
Company’s remuneration policies, schemes, and plans, as
well as reviews appropriate succession planning procedu-
res for the Executive Team. A description of the main con-
tents of the Charter of the Remuneration Committee can
be found at: https://www.terveystalo.com/en/company/
investors/corporate-governance/board-of-directors/.
The Remuneration Committee consists of a minimum
of three members elected by the Board of Directors from
among its members. The members of the Remuneration
Committee must meet the independence criteria applicable
to such committee members of publicly listed companies
in Finland, including that the majority of the members of
the committee must be independent of the Company.
Remuneration Committee members must possess the
expertise and experience required for the performance
of the duties and responsibilities of the Remuneration
Committee. Desirable qualifications for members of the
Remuneration Committee include experience in business
management, corporate governance, human resources
management, and personnel and executive remuneration.
The Remuneration Committee establishes its own
schedule and meets as frequently as necessary to carry
out its responsibilities under its Charter, and in any event
at least twice a year. The composition of the Remuneration
Committee was until 7 April, 2022 as follows: Kari
Kauniskangas as the Chair and Dag Andersson, Åse Aulie
Michelet and Katri Viippola as members. As of 7 April,
2022 Kari Kauniskangas continued as the Chair of the
Committee and Dag Andersson as member, while Carola
Lemne started as a new member. Dag Andersson served
as member of the Committee until his sudden passing
away in fall 2022, followed by Katri Viippola's appointment
as his successor as of 14 October 2022. Due to the sud-
den passing of Remuneration Committee member Dag
Andersson, the Committee temporarily consisted of two
members during a period of approximately three weeks in
fall 2022. Due to the sudden change of circumstances and
for a limited time, Terveystalo departed from Corporate
Governance Code Recommendation 15 regarding the
minimum number of Committee members. Katri Viippola
was elected as the third member of the Remuneration
Committee by the Board of Directors on 14 October 2022,
following which Terveystalo complied with said recom-
mendation of the Governance Code again.
The Remuneration Committee convened seven times
during the financial year. The average attendance rate of
the Committee members was 96 percent. The attendance
rate of each member is shown in a separate table under
Attendance of Board members at Board and Committee
meetings in 2022.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Attendance of Board Members at Board and Committee Meetings in 2022
Chief Executive Officer
Name
Kari Kauniskangas
Matts Rosenberg
Dag Andersson
Carola Lemne
Kristian Pullola
Katri Viippola
Attendance at
Board meetings*
Attendance at Audit
Committee meetings*
Attendance at Remuneration
Committee meetings*
16/16
11/11
11/12
9/11
16/16
16/16
5/5
5/5
5/5
5/5
6/6
5/5
1/1
1/1
7/7
4/5
6/6
3/3
1/1
The CEO is responsible for the day-to-day management
of the company and for implementing the Company
strategy in accordance with the instructions and orders
issued by the Board of Directors. The CEO undertakes the
execution of measures approved by the Board of Directors
and oversees preparations for strategically important
measures. The CEO ensures that the management of the
Company is adequately arranged, and that the Company’s
accounting complies with the applicable legislation. The
CEO also ensures the appropriate arrangement of the
Company’s administration and asset management. Ville
Iho has served as the CEO for Terveystalo since late 2019.
Biographical details of the CEO are provided below under
Group Management.
Members of the Board of Directors until 7 April 2022:
Åse Aulie Michelet
Niko Mokkila
Tomas von Rettig
* Attendance rates cover meetings held during each member’s term of office.
79
Group Executive Team
and management system
The Company’s CEO serves as the Chair of the Executive
Team. Until 31 October 2022, the Executive Team also
included the Chief Medical Officer and the Officers and
Senior Vice Presidents responsible for digitalization, finan-
ces, HR, legal, as well as the various business lines and the
clinic network.
On October 14 2022, Terveystalo announced chan-
ges in its operating model and organizational structure
to strengthen long-term value creation, customer focus
and the execution of the profit improvement program
announced on 14 October 2022. The planned chan-
ges took effect on 1 November 2022, after which the
Executive Team has comprised CEO, Chief Medical Officer,
the Officers and Senior Vice Presidents responsible for
digitalization, portfolio businesses, finances and HR as
well as the Chief Commercial Officer and Chief Operating
Officer.
The share holdings of the members of the Executive
Team and their controlled entities on 31 December 2022
are presented below.
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Ville Iho
President and CEO
Born 1969, M.Sc. (engineering), Finnish citizen. President
and Chief Executive Officer from 6 December 2019.
Relevant work history:
CEO of Nurminen Logistics Plc, multiple managerial positions
at Finnair, most recently as COO, Deputy CEO, and acting CEO
Key positions of trust:
The Finnish Association of Private Care Providers, Chairman of
the Board of Directors, Confederation of Finnish Industries (EK),
Member of the Executive Committee and of the Labor Committee
Shareholding in Terveystalo as of 31 December, 2022:
5,000
Petri Bono
Chief Medical Officer
Born 1970, M.D., specialist in oncology, adjunct professor.
Finnish citizen. Chief Medical Officer and member of the
Terveystalo Executive Team since 2019.
Relevant work history:
Hospital District of Helsinki and Uusimaa (HUS), Deputy Chief
Medical Officer, Helsinki University Hospital (HUCH), Chief
Medical Officer, HUS Comprehensive Cancer Center, Director
Key positions of trust:
Association of Finnish Private Healthcare Providers, Vice
Chairman of the Board of Directors, Instru Science Foundation,
Chairman of the Board of Directors, Finnish Medical Association,
Member of the Quality Council, TILT therapeutics, Oncorena and
Faron Pharmaceuticals, member of the Scientific Advisory Board
Past positions of trust:
Member of the Board of Directors at HUS Kiinteistöt Oy and
HYKS Instituutti Oy, Vice Chairman of the Board of Directors
at Orion Research Foundation
Shareholding in Terveystalo as of 31 December, 2022:
7,587
Juuso Pajunen
Chief Financial Officer
Born 1981, MSc (Econ), Finnish citizen. Chief Financial Officer
and Member of the Executive Team since 28 Nov 2022.
Relevant work history:
CFO Afry AB, CFO Pöyry Oyj, Pöyry Group, multiple senior
financial positions
Shareholding in Terveystalo as of 31 December, 2022:
12,000
Siina Saksi
Chief Operating Officer, Healthcare Services
Born 1966, MSc (Econ), EMBA, Finnish citizen. Chief Operating
Officer, Healthcare Services since 1 November 2022 and
Member of the Executive Team since 2016.
Relevant work history:
Chief Operating Officer, Clinic Network, Business Director,
Western and Central Finland at Terveystalo, Senior Vice
President, HR Specialist Sales at Pohjola Insurance Ltd, Country
Manager of Tryg Finland at Tryg Forsikring A/S, Finnish Branch,
and a member of Tryg’s Sweden-Finland Executive team at Tryg
A/S, several managerial positions at Tryg A/S, If P&C Insurance
Company Ltd, Merita Bank Plc and Kansallis-Osake-Pankki
Shareholding in Terveystalo as of 31 December, 2022:
60,380
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Kati Sulin
Senior Vice President, Digital Business
Born 1974, MSc (Econ), Finnish citizen. SVP, Digital
Business and Member of the Executive Team since
1 Sep 2022.
Mikko Tainio
Senior Vice President, Portfolio Businesses
Born 1979, M.Sc (Econ), Finnish citizen. Senior Vice President,
Portfolio Businesses since 1 November 2022 and Member of
the Executive Team since 2020.
Marja-Leena Tuomola
Chief Commercial Officer, Healthcare Services
Born 1962, LL.M., eMBA, Finnish citizen. Chief Commercial
Officer, Healthcare Services since 1 November 2022 and
Member of the Executive Team since 2021.
Relevant work history:
Relevant work history:
Relevant work history:
Managing Director at Finnair Cargo Oy and before that
several managerial positions at Finnair Plc
Past key positions of trust:
Member of the logistics committee of Confederation of
Finnish Industries EK
Shareholding in Terveystalo as of 31 December, 2022: 518
President & COO Schibsted Finland (formerly Sanoma
Digital Finland), previously held several management
positions in the Sanoma Group, including as SVP Business
& Digital Operations Development
Key positions of trust:
Suomi Broadcast Networks Holdings Oy, Member of the
Board of Directors
Shareholding in Terveystalo as of 31 December, 2022: 1,000
Minttu Sinisalo
Senior Vice President, Human Resources
Born 1980, MSc (Econ), Finnish citizen. SVP HR and
member of the Executive Team since 2020.
Relevant work history:
Multiple HR leadership positions at Finnair, most recently VP,
People and Culture at Finnair Operations business unit, August
Associates HR manager and management consultant
Key positions of trust:
Managing Director of Ifolor. Before that CDO, VP Brand
Development, Marketing & Digital Services of DNA.
Earlier managerial positions at Sanoma Group, Fazer
and Hill & Knowlton
Hakonen Solutions Oy, Member of the Board of Directors
Past key positions of trust:
Past key positions of trust:
A-Talent Recruiting Oy, Member of the Board of Directors,
Finnair Pension Fund Board member and Chairman of
the Board
Shareholding in Terveystalo as of 31 December, 2022: 0
Member of the Board of Directors of Apetit Plc, Witted
Megacorp Plc, Viestimedia and LocalTapiola Mutual
Life Insurance
Shareholding in Terveystalo as of 31 December, 2022: 0
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The current information on the Executive Team can be
found from the Company’s website: https://www.terveys-
talo.com/en/company/investors/corporate-governance/
ceo-and-executive-team/.
The Executive Team meets once or twice a month
or as needed. It assists the CEO with tasks such as the
preparation and execution of the Company strategy, busi-
ness plans, matters of principle, and any other important
matters. In addition, the rest of the Executive Team assists
the CEO in ensuring the flow of information and working
internal cooperation. The Company’s Board of Directors
decides on the nomination and remuneration of Executive
Team members.
During 2022, the Group Executive Team also comprised
Petri Keksi and Juha Juosila until June 2022, Ilkka Laurila
until July 2022, and Veera Siivonen until October 2022.
Ville Salmi was interim SVP of Public Partnerships and a
member of the Executive Team as of 1 August 2022 until
31 October 2022. Elina Saviharju was a member of the
Group Executive Team until 31 October 2022 and con-
tinues in her role as General Counsel of Terveystalo also
thereafter.
Changes in the Group Executive Team
Juha Juosila
Chief Digital Officer
Ilkka Laurila
CFO
Born 1972, MSc (Econ), Finnish citizen. Chief Digital Officer
and Member of the Executive Team from 2016 until June
2022
Born 1977, MSc (Econ), MSc (Forestry), Finnish citizen.
Chief Financial Officer and Member of the Executive Team
from 2015 to June 2022
Relevant work history: Director of Business Development
and Strategy of Sanoma Pro Ltd, Chief Marketing and
Technology Officer of Realia Group Oy, several managerial
positions at MTV Sisällöt Oy (MTV 3) and Sonera Plc
Relevant work history: Terveystalo Head of Treasury and
Finance and Head of Procurement, Associate Director of
Rahoituksen neuvontapalvelut Inspira Oy, managerial posi-
tions at Ernst & Young Oy
Past key positions of trust: Member of the Board of
Directors of Realia Isännöinti Oy, Huoneistokeskus Oy,
Huoneistomarkkinointi Oy, Realia Management Oy, SKV
Kiinteistönvälitys Oy, Sentraali Oy and Jokakoti Oy (cur-
rently Oikotie Asunnot Oy), a deputy Member of the Board
of Directors of Oy Suomen Uutisradio Ab
Key positions of trust: Confederation of Finnish Industries
(EK), Member of the Economy and Tax Committee, Hurtti-
Paino Oy, Member of the Board of Directors. Since 21
January 2021, member of the Board of Directors of Musti
Group Plc
Petri Keksi
Senior Vice President, Growth businesses
b. 1974, M.Sc (Econ), Finnish Citizen. SVP, Growth busines-
ses and Member of the Executive Team from 2021 to June
2022
Relevant work history: Several management positions at
Terveystalo since 2009, most recently as Business Director
for Oral Health, previously Director of M&A
Elina Saviharju
Senior Vice President, Legal
Born 1981, LL.B, LL.M (Harvard), Finnish citizen. Senior
Vice President, Legal and member of the Terveystalo
Executive Team from 11 May 2020 until 31 October 2022.
Relevant work history: Senior Associate at Avance
Attorneys involved, inter alia, in healthcare M&A transa-
ctions as well as in intellectual property and regulatory
issues related to healthcare services. Life Sciences IP
Litigation Associate, Paul Hastings LLP (New York City) and
Technology Associate, Roschier Attorneys
Veera Siivonen
Senior Vice President, Consumer business
Born 1980, M.Sc. Tech, Industrial Engineering,
Finnish citizen. Senior Vice President Marketing and
Communications since 24 April 2022 and Senior Vice
President, Consumer business 1 January 2021. Member
of the Terveystalo Executive Team from 24 April 2020
until 31 October 2022
Relevant work history: SVP, Marketing and
Communications in 2020. Several leading positions in
Sanoma Corporation, as, inter alia Vice President, Portfolio
Development and Marketing of Sanoma News & Feature
and Marketing Director and Head of Strategy and Business
Development for Helsingin Sanomat. Business manager
in Blyk Services Oy and multiple international managerial
positions in Nokia Mobile Phones
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Subsidiaries – operative business
Group Organisation
Terveystalo PLC
The parent company of the Group
III. Descriptions of internal
control procedures and the
main features of risk
management systems
Terveystalo Healthcare Holding Oy
Financing
Terveystalo Healthcare Oy
Group's centralised procurement
Suomen Terveystalo Oy and
other operative companies
The operative business
The CEO, CFO, and General Counsel usually serve as
members of the subsidiaries’ Board of Directors. From the
perspective of business operations, the Group subsidiaries
operate in accordance with the Group’s management sys-
tem. The Group’s operative business activities are mainly
carried out by Suomen Terveystalo Oy, Terveystalo Julkiset
Palvelut Oy and Terveystalo Kuntaturva Oy in Finland and
by Feelgood Företagshälsovård AB in Sweden. Terveystalo
Healthcare Oy is the Group’s purchasing company.
Risk management
Risk management is part of Terveystalo’s management
system. The Company applies a risk management policy
adopted by the Board of Directors. The purpose of risk
management is to ensure fulfilment of the customer pro-
mise, patient and occupational safety, high quality of the
operations, financial performance, business continuity, a
good public image of the Company, and corporate social
responsibility.
Risk management is an integral part of the planning
processes as well as the monitoring and reporting routines
in Terveystalo Group. It is implemented in the day-to-day
management and activities at all levels of the organization.
Risk management must be consistent and commensu-
rable. It is important to understand the causes and conse-
quences of risks and to ensure that the risk management
measures are correct and properly targeted.
83
The objectives of risk management
include, among others:
• Ensuring business continuity
•
Ensuring the achievement of strategic
and operative objectives
Managing risks associated with financial
transactions
•
• Supporting decision-making
• Ensuring top quality care and patient safety
•
Ensuring employees’ expertise and
occupational safety
Avoiding operational risks and risks of damage
and minimizing damage if a risk is realized
Ensuring data security, data protection,
and environmental responsibility
•
•
• Improving risk awareness within the organization
Identifying opportunities associated with risk-
•
taking, improving risk tolerance
Identifying development opportunities
within the operations
Gaining the trust of external and internal
stakeholders
•
•
Terveystalo strives to proactively identify, analyse and
manage major risks. Risk management is an integral part
of management. It contributes to strategic development,
helps managers make informed choices, puts measures
in an order of priority, takes into account opportunities,
uncertainties, and their effects, and distinguishes between
alternative approaches.
The Board of Directors is responsible for risk manage-
ment and its adequacy and adopts the risk management
policy. The CEO is responsible for organizing risk manage-
ment in the Group. The rest of the Executive Team support
the CEO in implementing risk management, monitoring
operational risks, assessing risks, and implementing
measures related to risks.
Risk management process
Risks are assessed on all levels of Terveystalo Group’s orga-
nization. Terveystalo identifies risks using, for example,
performance indicators, market statistics, effectiveness
data, customer feedback, register data, inspection reports
and inquiries from the authorities, occupational safety risk
surveys, incident information, results of internal audits
and audits, and competitor information. Terveystalo's risk
management is assessed annually in internal and exter-
nal audits of the ISO 9001: 2015 quality system, the ISO
14001: 2015 environmental system and the ISO 13485
quality system for application development.
Internal control
In its operations, the Company applies a risk manage-
ment and internal control policy, adopted by the Board of
Directors. The objectives of internal control related to the
financial reporting process are to ensure that Terveystalo’s
financial reporting is reliable; that interim reports and
financial statements are prepared in accordance with the
accounting principles and policies applied by Terveystalo
and give essentially correct information of the Company’s
finances; and that the regulations and principles of ope-
ration are complied with. Internal control is based on
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Terveystalo’s risk management system, business culture,
and respective practices. The Company values, Code of
Conduct, and Group policies and principles, such as the
risk management and internal control policy, financial
policy, procurement policy, credit policy, disclosure
policy, and approval authorizations, guide the internal
control. The purpose of internal control and compliance
is to ensure compliance with policies, procedures and
corporate governance principles throughout the Group
and the accuracy of financial reporting. It aims to create
a uniform control environment by applying appropriate
internal control principles in the various business proces-
ses. Terveystalo uses WhistleB, a reporting channel open
for everyone. This channel enables anonymous reporting
of observed or suspected misconduct at: www.report.
whistleb.com/terveystalo.
Generally, financial reporting-related policies are owned
by the Chief Financial Officer. Internal control is carried out
by the Board of Directors, Audit Committee, operational
management and, in respect of the financial reporting
process, the employees in financial administration.
Terveystalo’s Board of Directors bears overall responsibility
for internal control and risk management in the Company.
The Board of Directors has delegated the practical imple-
mentation of an efficient control environment and control
measures related to the reliability of financial reporting
to the CEO. The Chief Financial Officer is responsible
for the control environment of financial reporting. The
CFO acts as the owner of reporting risks, reporting to
the Audit Committee and the Board of Directors on risk
management and internal control. Control involves various
measures, such as the revision of financial reports, the
balancing of accounts, subledgers, and system transfers,
logical analyses of reported figures, and reference analyses
of forecasts and realizations. Monitoring of monthly per-
formance in relation to the specified targets is an essential
factor. These control measures are carried out at different
organizational levels.
IV. Other information
provided in the statement
Internal audit
The primary objective of internal audit is to support the
Board of Directors, other corporate bodies, and the mana-
gement in performing their control duties. The Company
has outsourced internal audit to be carried out by autho-
rized public accountants. On the basis of a report drafted
by the authorized public accountants, the Company
adopts a plan of appropriate measures and monitors the
fulfilment of that plan. The internal audit function reports
to the Audit Committee on the audits carried out in accor-
dance with its annual audit plan. The report will be brought
before the Board of Directors if deemed necessary by the
Audit Committee.
The key principles applied in the Company’s internal
audit are the principles of independence, objectivity and
confidentiality. The purpose of internal audit is to produce
impartial and independent information for the Board of
Directors and the management. Internal audit focuses, in
particular, on issues that are important both in the long
and short term from the perspective of strategy, business,
and operations. When preparing the audit plan and estab-
lishing the scope and focus areas of internal audit, the
following matters are typically considered: business-driven
internal audit, internal audit relating to the Company’s
risks and strategy execution, and internal audit focusing
on Corporate Governance and Compliance. The planning
and risk assessment process of internal audit also includes
reviewing the annual plans and work results of the other
second line of defence players. In 2022, audits were con-
ducted on the pricing processes as well as on invoicing
process. Terveystalo’s quality system has been certified in
accordance with the ISO 9001:2015 standard. Compliance
is assessed regularly through internal audits and audits
conducted by an external accredited party. The Company’s
internal quality function ensures that the organization
complies with the quality standards in accordance with the
certificate.
Related party transactions
To identify related party transactions, the Company
keeps a record of the individuals and legal persons falling
amongst its related parties. According to the Company’s
definition, related parties include the Group companies,
members of the Board of Directors, the CEO and the rest
of the Executive Team, including close family members
of the aforementioned as well as entities in which the
aforementioned have control, joint control, or significant
influence. In agreements and other legal acts between
the Company and its related parties, the ordinary course
of business of the Company and market conditions shall
be followed. If a transaction with the Company’s related
parties was not part of the ordinary course of business of
the Company or if it deviated from arm’s-length terms, the
decision on entering such related party transaction should
be made by the Company’s Board of Directors. With regard
to agreements or other legal acts between the Company
and its related parties, provisions on conflicts of interest
shall be observed, as applicable, and the persons conne-
cted to the related party in question shall not participate
in the decision-making process regarding the related party
transaction.
The Company has documented guidelines to identify
related party transactions as well as procedures to notify
the Company thereof and to handle such transactions. The
Company’s financial administration monitors related party
transactions as part of the Company’s normal reporting
and control procedures and submits regular reports on
related party transactions to the Audit Committee. The
Audit Committee monitors and evaluates transactions
between the Company and its related parties to ensure
that they are in the ordinary course of business and at
arm’s length. Material transactions between the Company
and its related parties are presented annually in Notes to
the Consolidated Financial Statements.
Main procedures of insider
management
Terveystalo complies with the EU Market Abuse Regulation
(MAR), the Finnish Securities Markets Act, the guideli-
nes and regulations issued by the European Securities
and Markets Authority (ESMA) and the Finnish Financial
Supervisory Authority (FIN-FSA), and the Guidelines for
Insiders published by Nasdaq Helsinki Oy. The insider
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those who participate in the preparation or publication of
interim reports and annual financial statements/financial
statement releases shall not, directly or indirectly, carry
out transactions with the Company’s financial instruments
themselves or on behalf of a third party, or advise anyone
to do so, during a silent period of 30 calendar days prece-
ding the publication of the Company’s each interim report
and annual financial statements release and on the date of
publication of such a report.
Auditor
The Company’s auditor in 2022 was Authorised Public
Accountants KPMG Oy Ab. APA Henrik Holmbom, elected
by the Annual General Meeting 2020, and re-elected by
the Annual General Meeting 2021, served as the auditor in
charge. Auditor’s fees in 2022 for statutory audit totalled
approx. EUR 388,000 and fees for other services totalled
approx. EUR 52,300. Auditor’s fees are presented without
VAT.
policy adopted by the Company’s Board of Directors
supplements the applicable insider regulation and spe-
cifies the procedures of the Company’s insider manage-
ment.
The Company has identified persons in charge of
insider management tasks and their substitutes. The
Company does not have a permanent, company-specific
insider list. Instead, it has project-specific insider lists. In
accordance with MAR, the Company has specified the
members of the Board of Directors, the CEO, the CFO, and
the General Counsel as executives, as well as the SVPs of
business lines with profit and loss responsibility. The exe-
cutives must specify the persons and legal persons closely
associated with them and disclose them to Terveystalo
as their related parties. Terveystalo’s executives and
their related parties must report to the Company and
FIN-FSA their transactions with Terveystalo’s financial
instruments that exceed the limit specified by FIN-FSA for
a calendar year (EUR 5,000). In order for Terveystalo to
monitor compliance with the above notification obliga-
tion, Terveystalo has recommended that executives and
their related parties unofficially report all transactions
with Terveystalo’s financial instruments to the Company,
regardless of whether the abovementioned threshold
is met or not. Terveystalo publishes all executive tran-
sactions officially reported to the Company in a stock
exchange release. The executives and persons involved
in the preparation of the Company’s financial reviews, i.e.
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Terveystalo
Remuneration
Policy for
Governing
Bodies
86
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Annual Report 2022
TerveystaloAnnual Report 2022 Year 2022
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Corporate Governance
Financials
Terveystalo Remuneration
Policy of Governing Bodies
I. Introduction
This Remuneration Policy of Terveystalo Plc is the Policy
referred to in reporting requirements of the Finnish
Corporate Governance Code for listed companies issued
by the Securities Market Association on November 1,
2019. This policy presents the governance and principles
of remuneration for governing bodies at Terveystalo
Group. This policy has been approved by the Board of
Directors of Terveystalo Plc, and presented to the Annual
General Meeting in the spring 2022.
Remuneration at Terveystalo is based on the principles
of performance, fairness and competitiveness. These
remuneration principles apply to all Terveystalo emp-
loyees and the purpose is to ensure that Terveystalo as
an employer attracts motivated and competent profes-
sionals. Remuneration shall support the achievement of
Terveystalo’s strategic goals, align management’s priorities
with the interests of Terveystalo’s shareholders, encourage
behaviour consistent with Terveystalo’s values, and reward
excellent performance.
The Company’s compensation philosophy is based on
the underlying principle of shareholder value creation. The
incentives are aligned with the Company’s business stra-
tegy. The objective is to reward concrete achievements in
implementing the company’s strategy and in achieving its
business targets. The Company’s compensation structures
are designed to be competitive in the relevant market.
According to the pay for performance principle, incentive
plans place emphasis on performance to ensure that
management achieves its goals.
Remuneration is designed to attract and retain the desi-
red talent and to motivate the employees to deliver the
strategy and to maximize shareholder value creation. The
targets and rewards in the incentive systems are balanced
between long-term value creation and efficient achieve-
ment of short-term goals.
This policy describes the principles and governance
of the remuneration paid to the Company’s Board of
Directors and to the CEO of Terveystalo. In the event that a
Deputy was appointed to the CEO position, the same prin-
ciples would apply to the Deputy CEO.
The Board of Directors may make minor amendments
to the remuneration arrangements regarding the CEO
described in the policy for regulatory, exchange control,
tax or administrative purposes or to take account of chan-
ges in the legislation.
II. Description of the
decision-making process
The Shareholders’ Nomination Board reviews and prepares
the remuneration principles for the members of the Board
of Directors, defined in this policy. The Shareholders’
Nomination Board also prepares its proposal for the
remuneration of the members of the Board of Directors
annually. The proposal shall be based on the principles
defined in this policy. The AGM makes the final decision
on the Board of Directors’ remuneration. According to
the decision of the AGM, the Chairman of the Board of
Directors is a member of the Shareholders’ Nomination
Board, as his/her role in providing insight regarding the
Board of Directors’ work and composition is crucial.
The Board of Directors reviews and approves the remu-
neration principles for the CEO defined in this policy based
on preparatory work carried out by the Board of Directors’
Remuneration Committee. The Board of Directors also
decides on the salary, incentive schemes and associated
targets of the CEO based on preparatory work carried
out by the Board of Directors’ Remuneration Committee.
All share-based incentive schemes are decided by the
Board of Directors based on the preparatory work of the
Remuneration Committee.
The CEO normally participates in the Remuneration
Committee’s meetings, except for matters relating to the
service terms and remuneration of the CEO.
The governance principles in decision-making on
remuneration in the Company follow principles aimed
at ensuring the prevention of and the management of
conflicts of interest. The underlying principle is that the
corporate organ which elects the respective corporate
organ also decides on its remuneration. The Company
observes the rules set in its Code of Conduct, the Finnish
Companies Act and the Finnish Corporate Governance
Code, which stipulate governance procedures and rules for
the avoidance of conflicts of interest. The decision-making
process described above aims at guaranteeing that the
decisions are fair and unbiased.
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III. Description of the
remuneration of the
Board of Directors
The purpose of the Board remuneration is to ensure that
Terveystalo has a Board consisting of highly competent
professionals representing a diverse and relevant mix of
skills, capabilities and experience. The Board of Directors’
remuneration shall be transparent, reasonable and compa-
rable to market levels. The Board of Directors’ remunera-
Remuneration of the Board of Directors
Remuneration
element
Annual remune-
ration
Purpose and link to strategy
The annual remuneration should be sufficient
to attract, retain and motivate high-performing
individuals.
Meeting fees
Travel expenses
The meeting fees are intended to link part
of the remuneration to the time and effort
required from the members of the Board
of Directors in respect of the meetings.
Intended to reimburse the members of the
Board of Directors for reasonable costs and
expenses related to their work.
88
tion is designed to align the Board’s interests with those
Decision-making procedure
of all shareholders.
The Shareholders’ Nomination Board prepares and
presents its proposal on the remuneration of the members
of the Board of Directors to the AGM. The proposal should
take into account the relevant market level and the time
and effort required from the members of the Board of
Directors, as well as additional responsibilities assigned
to the members, such as chairmanship of the Board of
Directors or its Committees.
Description
The Shareholders’ Nomination Board prepares and pre-
sents its proposal on the remuneration of the members of
the Board of Directors to the AGM based on what the AGM
decides on the Board’s remuneration annually. The proposal
should take into account the relevant market level and the
time and effort required from the members of the Board of
Directors, as well as additional responsibilities assigned to the
members, such as chairmanship of the Board of Directors or
its Committees. The annual remuneration is paid as a combi-
nation of Terveystalo shares and cash or fully in cash.
Meeting fees are paid in cash.
The members of the Board are entitled to reimbursement for
reasonable travel expenses related to their work.
Shareholders' Nomination Board
Responsible for proposing the Board’s remuneration.
Annual General Meeting of shareholders
Responsible for deciding the
Board’s remuneration.
Board of Directors
Responsible for deciding the remuneration paid to the
CEO and the Executive Team members.
Responsible for deciding short-term and long-term
incentive plans based on company-level targets.
Remuneration Committee
Responsible for preparing
remuneration-related matters and
proposals for the Board.
CEO
Executive Team
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CEO fixed remuneration
Remuneration element
Base salary
Purpose and link to strategy
Base salary provides a core compensation for the role and attracts,
retains and motivates high-calibre individuals.
Description
Base salary is set by the Board of Directors, taking into account a number of factors,
such as:
• recognition of the value of an individual’s personal
performance and contribution to the business
• individual’s skills and experience
• internal salary levels
• external market conditions
Base salary is reviewed annually.
Benefits and insurance coverage
Insurance coverages and other benefits that are in line with local
market practices attract and retain high-calibre individuals.
Taxable fringe benefits, standard Terveystalo personnel benefits, and other benefits are
included in the base salary.
Insurances include leisure time accident insurance, travel insurance and management
liability insurance.
The Board of Directors has a possibility to decide on a supplementary defined contri-
bution pension in line with local market practices. In such a case the maximum annual
pension contribution may not exceed 20 percent of the annual base salary.
IV. Description of the
remuneration of the CEO
Terveystalo’s approach to the remuneration of the CEO is
that the remuneration should align the interest of the CEO
with those of the company’s shareholders. Terveystalo
uses various remuneration elements to attract, motivate
and retain high performing individuals with the right skills,
capabilities and mindset. Performance correlates with
reward level, and this promotes sustained high perfor-
mance and focus to business targets and strategy execu-
tion. The remuneration structure and level should be com-
parable to the relevant national and industry benchmarks.
The CEO is encouraged to accumulate and maintain a
personal shareholding in Terveystalo.
Remuneration components, grounds
for determining variable remuneration
components and proportional shares
of overall remuneration
The remuneration of the CEO is defined to be competitive
with a significant part of the remuneration being perfor-
mance-based.
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CEO variable remuneration
Up-to-date descriptions of ongoing incentive plans are published on the Terveystalo website, at www.terveystalo.com.
Remuneration element
Short-term incentives (STI)
Purpose and link to strategy
The STI is aimed at driving short-term (annual)
performance against specific Group targets
and individual objectives based on key
strategic priorities for the year.
Long-term incentives (LTI)
LTI is aimed at driving long-term performance
against specific group targets, as well as com-
mitting the CEO to the company and aligning
the CEO’s interests with the interests of the
shareholders.
Description
Performance is measured over a one-year period and potential rewards are paid in the following year. The terms of the
Short-Term Incentive plan are described on the company website.
Performance criteria:
• Performance criteria are set annually by the Board based on the key priorities for the financial year. Criteria may include both
financial and non-financial criteria. Reaching the maximum level requires exceptional performance.
• Following the end of the performance period, the Board of Directors confirms the achievement of the criteria and deter-
mines the amount of the payout.
Incentive opportunity:
• Incentive opportunity at the maximum level of performance may not exceed 120 percent of the annual base salary.
The terms and conditions for each Long-Term Incentive plan are decided by the Board of Directors. The terms of ongoing
Long-Term Incentive plans are described on the company website.
Performance criteria:
• Performance criteria for each plan are set by the Board of Directors based on the key priorities for the performance period.
Reaching the maximum level requires exceptional performance.
• Following the end of the performance period the Board of Directors confirms the achievement of the criteria and determines
the amount of the payout.
• The LTI performance period shall, as a rule, be no fewer than three years. Performance criteria for each plan are set by the
Board of Directors based on the key priorities for and within the performance period.
Discretion and claw-back:
• The Board of Directors is entitled, subject to a particularly weighty reason, to change or cancel the incentive payout or to
postpone its payment, and, in exceptional cases, such as intentional misstatement of financials underlying the measures,
to recover rewards paid prior to said misconduct.
Incentive opportunity:
• The Board of Directors decides on LTI allocation on an individual level.
• At the maximum level, the amount of incentives paid in the same year may not exceed, at grant, 220 percent of the annual
base salary.
90
TerveystaloAnnual Report 2022 The procedure to be followed in the deviation from this
Policy shall be the same as the decision-making procedure
for the implementation of this Policy described elsewhere
in this policy. If the deviation concerns Board remune-
ration, the decision-making may involve an annual or
extraordinary shareholder meeting as applicable in the
individual circumstances. The deviation and its grounds
shall be reported in the next annual remuneration Report
and presented to the next AGM as part thereof.
Year 2022
Sustainability
Corporate Governance
Financials
Proportion of remuneration elements
Supplementary information
The remuneration of the CEO is defined to be competitive
with a significant part of the remuneration being perfor-
mance-based. The incentive opportunity at the maximum
level performance of STI is 120 percent of the annual base
salary. For the LTI, the amount of incentives paid in the
same year may not exceed, at grant, 220 percent of the
annual base salary.
Other key terms applicable
to the service contract
Share ownership requirement
To encourage building a meaningful shareholding in
Terveystalo, the CEO is expected to retain at least 50 per-
cent of the net shares received based on the LTI plans until
his/her share ownership in Terveystalo corresponds to at
least his/her annual gross base salary.
Termination of the service contract
and severance pay
Regarding the termination of the service contract and
severance pay of the CEO, the agreement may be ter-
minated by both parties by giving six (6) months’ notice.
Should the Company terminate the agreement, the
Company is required to pay an additional severance pay,
equivalent to 12 months' base salary.
As a benchmarking approach, the Remuneration
Committee reviews market benchmark data from Finnish
and, where necessary, international healthcare companies
of a similar size and complexity to Terveystalo when set-
ting total remuneration packages for the CEO. This is used
more as a guide than a direct determinant of pay levels.
Other factors considered include each individual’s role and
experience, as well as Company performance and personal
performance.
Terms for deferral and possible clawback
of remuneration
Clawback provisions apply to LTI and STI plan awards in
exceptional circumstances. The Board of Directors is entit-
led, subject to a particularly weighty reason, to change or
cancel the incentive payout or to postpone its payment,
and, in exceptional cases, such as intentional misstate-
ment of financials underlying the measures, to recover
rewards paid prior to said misconduct.
Previously agreed or granted awards
The Board reserves the right to make any remuneration
payments and/or payments for loss of office (including
exercising any discretions available to it in connection with
such payments), notwithstanding that they are not in line
with the Policy set out above where the terms of the pay-
ment were agreed prior to the presentation of this Policy
to the AGM.
V. Temporary deviation
The Board of Directors may temporarily deviate from any
sections of the Policy and from any contents of the Policy
based on its full discretion in any of the circumstances and
on any of the grounds described below:
•
•
•
•
•
•
a structural change (change in the Company’s corpo-
rate, group, business or organizational structure or a
material change in its ownership structure),
a personnel change (such as changes in the Board of
Directors or in the top management of the Company
or a need to recruit a new CEO or Deputy to the CEO),
other exceptional or unexpected event or change or
materially changed circumstances in the Company
or in its business or operating environment or a
material change in the Company’s strategy or busi-
ness plan,
material change in the Company’s financial position
or outlook,
regulatory or judicial changes, changes in governme-
ntal or administrative orders or in taxation or taxation
practice, or
other change or circumstances not specified above
if the Board of Directors, after careful consideration,
deems that a deviation is necessary or advisable in
order to safeguard the Company’s long-term inte-
rests or sustainability such as, without limitation,
in order to ensure the continuity of the Company’s
management.
91
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Remuneration
Report
92
92
Terveystalo
Annual Report 2022
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Remuneration Report
Terveystalo’s remuneration principles
are based on performance, fairness
and competitiveness. Remuneration
supports the achievement of
Terveystalo’s strategic goals and
the long-term financial success of
the Company. The remuneration
policy and the decision-making
process is described in more detail
in the Remuneration Policy for
Governing Bodies. In the Annual
General Meeting 2022, a clear majority
of the votes were given in favour of
approving the Remuneration Report
2021 and as no further aspects were
presented, the Remuneration Report
2022 is mainly the same.
Terveystalo’s revenue has improved steadily over the
last five years, excluding the exceptional year 2020.
During 2022, revenue's improvement continued, but
profitability did not reach its targets. The weakening of
the profitability will be visible in renumeration paid in
the beginning of 2023, but does not affect paid remu-
neration in 2022.
93
Remuneration development 2018–2022
Total remuneration, EUR1)
(rounded to the nearest thousand)
Chair of the Board
Vice Chair of the Board
Other members of the Board, on average
CEO
2018
102,000
54,000
50,000
910,000
Salary development of average employees2
55,000
2019
91,000
62,000
53,000
938,000
62,000
2020
101,000
67,000
57,000
367,000
62,000
2021
102,000
69,000
56,000
640,000
62,000
2022
102,000
59,000
57,000
834,000
68,000
1) Total remuneration includes other financial benefits and meeting fees for Board members, and short- and long-term incentives for the CEO in
addition to fixed annual fee/salary.
The salary development of average employees has been calculated by dividing the personnel costs for each year (excluding other social security
costs) by the average number of personnel.
2)
Revenue
Target of at least 5% growth annually
MEUR
1,500
1,250
1,000
750
500
250
0
1,154.6
1,259.1
1,030.7
986.4
744.7
2018
2019
2020
2021
2022
Adjusted EBITA and EBITA-%
Target 12–13% of revenue
The remuneration level of the Board of Directors was
reviewed and determined to correspond to the market
level by the decision of the AGM in 2020 and in 2022.
In accordance with the Remuneration Policy, remu-
neration of the CEO is strongly based on performance,
and a significant share of the overall remuneration of the
CEO consists of short-term and long-term incentives. The
targets of the incentive schemes are directly linked to
the Company performance, and the Company’s positive
financial development is reflected in the remuneration of
the CEO in 2018 and 2019. A CEO change took place at
the end of 2019, and in 2020, remuneration of the CEO
exceptionally only consisted of the base salary. In 2021,
the CEO's remuneration includes short-term incentives
for the year 2020. As a part of the Company’s mitigation
measures due to the corona epidemic, the CEO's short-
term incentive earning opportunity was also restricted to
50% of the normal level.
The average salary development of employees has
shown a rising trend. The larger increase in 2022 salary
development originates mainly from the corporate acqui-
sitions made during the past two years. Approximately
65% of the personnel is covered by collective agreements,
and the general increases determined in the collective
agreements guide the salary development of this person-
nel group.
MEUR
150
125
100
75
50
25
0
141.0
115.1
87.7
101.9
105.2
2018
2019
2020
2021
2022
Adjusted EBITA, MEUR
Adjusted EBITA, % of revenue
%
30
25
20
15
10
5
0
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Remuneration of the Board of Directors
for the financial year 2022
Terveystalo’s Annual General Meeting, held on 7 April,
2022, resolved in accordance with the proposal of the
Shareholders’ Nomination Board that the Chair of the
Board of Directors be paid an annual remuneration of EUR
87,500, the Vice Chair an annual remuneration of EUR
52,000, the members an annual remuneration of EUR
41,500, and the Chair of the Audit Committee EUR 52,000.
In addition, an attendance fee of EUR 650 will be paid for
members of the Board of Directors and Committee mem-
bers residing in Finland, EUR 1,350 for members residing
elsewhere in Europe, and EUR 2,700 for members residing
outside of Europe for each Board and Committee meeting
that they attend. For Board and Committee meetings
that are held by telephone or other electronic means, the
attendance fee is EUR 650. Travel costs are reimbursed
based on the company’s travel policy.
The annual remuneration of the Board is paid as a com-
bination of company shares (40%) and cash (60%). The
Company will reimburse the transaction costs and capital
transfer tax related to trading. Attendance fees are paid
in cash. In 2022, an exception in paying the annual fee
for Dag Andersson was made. Due to Andersson's death,
paying the annual remuneration partly in shares was not
possible for the company, and therefore the annual fee is
paid fully in cash.
The following table presents the remuneration paid to
the Board of Directors during the financial year 2022:
Remuneration of the CEO for the financial year 2022
The following table presents the remuneration paid to the CEO during the financial year 2022:
Name
Ville Iho, CEO
Fixed annual salary
(including taxable
benefits), eur
400,000
Short-term
incentives, eur
434,000
Remuneration based
on long-term incentive
schemes, eur
-
In total,
eur
834,000
In 2022, the CEO's compensation consisted of the fixed
In the performance period 2022, the short-term incen-
annual salary and the short-term incentive paid for 2021,
corresponding to 108 percent of the fixed annual salary.
The 2021 short-term incentives were based on Adjusted
EBITA, revenue, NPS score, productivity, eNPS score and
employee turnover.
tives were based on the following indicators: Adjusted
EBITA, revenue and eNPS score. Based on the short-term
incentive program, the CEO will receive a payment of EUR
105 000 in the spring of 2023, which corresponds to 33%
of the target earnings.
Name
Kari Kauniskangas
Katri Viippola
Dag Andersson 3)
Kristian Pullola
Annual fee,
total, EUR1)
87,500
41,500
41,500
52,000
As members of the Board from 7 April, 2022:
Carola Lemne
Matts Rosenberg
41,500
52,000
As members of the Board until 7 April, 2022:
Åse Aulie Michelet
Tomas von Rettig
Niko Mokkila
-
-
-
Annual fee
in shares,
EUR
34,997
Annual fee
in cash, EUR
52,503
Other financial
benefits, EUR2
560
Meeting fees of the board
of directors and board's
committees, EUR
14,150
In total,
EUR
102,210
16,595
-
20,796
16,595
20,796
-
-
-
24,905
41,500
31,204
24,905
31,204
-
-
-
266
-
333
266
333
-
-
-
12,750
18,950
12,750
7,300
6,500
8,275
8,275
6,250
54,516
60,450
65,083
49,066
58,833
8,275
8,275
6,250
1) Total annual compensation consists of stock award (40%) and cash compensation (60%).
2) Other financial benefits include transfer tax fees for the annual fees paid in shares.
3) Dag Andersson served as member of the Board of Directors until he suddenly passed away in fall 2022, with said change to the Board of
Directors having been registered to the Trade Register on 10 October 2022.
94
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Remuneration based on long-term incentive schemes, EUR
(the President and CEO Ville Iho):
Long-term
incentive plan
Bridge Plan 2021–2022
Performance Share Plan
(PSP) 2021–2023
Performance Share Plan
(PSP) 2022–2024
Grant date
April 28, 2021
April 28, 2021
February 9, 2022
Earning opportunity (maximum
number of shares granted)*
Pay-out year (subject to the
achievement of performance targets)
58,600
88,000
75,086
2023
2024
2025
In the performance periods 2021–2022 and 2021–2023, the performance criteria for the share-based long-term
incentive schemes were based on the Total Shareholder Return (TSR) as well as digital footprint, which consists
of productivity and digital sales indicators.
In the performance period 2022–2024, the performance criteria for the share-based long-term Incentive
schemes were based on the absolute and relative Total Shareholder Return (TSR).
More information on share-based payment schemes can be found in financial statements as well as on the
company website.
95
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Terveystalo Group’s
Report of the Board of
Directors and Consolidated
Financial Statements
96
96
Terveystalo
Annual Report 2022
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Contents
98 Report of the Board of Directors
137 2.16 Segment information
137 2.17 Government grants
125 Consolidated financial statements, IFRS
137 2.18 Operating profit
125 Consolidated statement of comprehensive income
126 Consolidated statement of financial position
127 Consolidated statement of cash flows
128 Consolidated statement of changes in equity
129 1. Corporate information
129 2. Accounting policies for the consolidated
financial statements
129 2.1 Basis of preparation
129 2.2 Application of new and amended IFRSs
and new IFRIC agenda decisions
131 2.3 Critical accounting estimates and judgments
131 2.4 Principles of consolidation
132 2.5 Foreign currency transactions
133 2.6 Property, plant and equipment
133 2.7 Investment properties
133 2.8 Goodwill and other intangible assets
134 2.9 Impairment
134 2.10 Leases
135 2.11 Financial assets and liabilities
136 2.12 Inventories
136 2.13 Employee benefits
136 2.14 Provisions and contingent liabilities
137 2.15 Revenue recognition
97
97
Terveystalo
Annual Report 2022
137 2.19 Earnings per share
138 2.20
Income taxes
138 3. Business combinations
142 4. Revenue
143 5. Segment information
144 6. Other operating income
144 7. Material and services
144 8. Employee benefit expenses
145 9. Depreciation, amortization and impairment
145 10. Other operating expenses
146 11. Financial income and expenses
146 12. Taxes
146 12.1 Income taxes
146 12.2 Deferred tax assets and liabilities
147 13. Earnings per share
148 14. Property, plant and equipment
149 14.1 Right-of-use assets
149 14.2 Lease liabilities
150 15. Intangible assets
151 15.1 Development expenditure
151 16. Impairment testing of cash-generating
units including goodwill
153 17. Investment properties
153 18. Associated companies
154 19. Share-based payments
156 20. Financial assets and liabilities – carrying
amount, fair value and fair value hierarchy
157 21. Financial risks
157 21.1 Financial risk management
157 21.2 Interest rate risk currency risk
157 21.3 Credit risk
157 21.4 Liquidity risk
158 21.5 Capital management
158 22. Trade and other receivables and contract assets
159 23. Cash and cash equivalents
160 24. Share capital and invested
non-restricted equity reserve
161 25. Financial liabilities
161 26. Trade and other payables
162 27. Provisions
162 28. Defined benefit plans
163 29. Collateral and contingent liabilities
163 30. Related party transactions
165 31. Group companies
166 31.1 Changes in the Group structure
167 32. Group’s key financial ratios
168 33. Calculation of financial ratios and
alternative performance measures
170 34. Reconciliation of alternative
performance measures
172 35. Subsequent events
173 Parent company’s financial
statements, FAS
173 Parent company’s statement of income
173 Parent company’s statement of financial position
174 Parent company’s statement of cash flows
175 Accounting policies of parent company’s
financial statements
175 Measurement and recognition principles
and methods
175 Property, plant and equipment, and depreciation
176 Notes to the parent company’s financial statements
179 Signatures to the financial statements
and Board of Director’s report
180 Auditor's Report
184 Information for shareholders
186 Contact information
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Report of the Board of Directors 2022
Operating environment
Target markets
Demand for health services was strong in Terveystalo’s target markets throughout the year. Nevertheless, the growth
was tempered by the lack of supply, which was also impacted by higher sickness absences compared to the compari-
son period. In Finland, the demand was more focused on short care pathways. The demand for diagnostics and other
services related to COVID-19 decreased significantly from the comparison period due to a decline in COVID testing. In
Sweden, the demand for occupational health services and particularly for consultation for organizational management
and harmful use was growing. The growth of demand for digital services and remote appointments continued to be
strong. The demand for mental health services and preventive well-being services continued to grow.
A tight labor market and high inflation create growing pressure on operating costs, including wages. The emplo-
yment situation is strong, but significant changes can affect the demand for occupational health services. The long-
term growth prospects are good for Terveystalo’s addressable markets in Finland and Sweden; the underlying demand is
strong, and we are well-positioned to drive growth going forward, supported by our strong market position and reputa-
tion among industry professionals of being a preferred employer.
The impacts of inflation
High inflation can be seen as upward pressure on prices in all procurement categories, and Terveystalo has actively
negotiated with its suppliers to limit the impact of inflation on costs. The rising price of electricity has a negative impact
on operational costs. Due to component shortages, delivery times have become longer in certain categories of pro-
ducts and materials, such as healthcare equipment.
Skill shortages, a tight labor market, and high inflation put pressure also on wages. The private healthcare sector con-
cluded a two-year, moderate salary agreement for the period 1 May 2022 to 30 April 2024. The first wage increase of 2.0
percent took effect on October 1, 2022. The wage increases in 2023 will be decided according to the wage increases in
the reference sectors and the salary increase is at least 1.9 percent.
Commercial initiatives have been and will be undertaken to mitigate the effect of inflation as a part of Terveystalo’s
profit improvement program. The effects are visible in stages from the fourth quarter of 2022 onwards.
98
The treatment queues, social and healthcare reform,
and changes in the regulation
The contraction of non-urgent care in the private and public healthcare sectors during COVID-19 restrictions has
resulted in a significant treatment gap in other illnesses. According to the Finnish Institute for Health and Welfare (THL),
over 150,000 patients were waiting for access to non-urgent specialized care at the end of August 2022. Of those wai-
ting for treatment, over 20,000 (9,500) had been waiting for more than six months. The average waiting time for non-ur-
gent care was 65 days in August 2022. The treatment queues continued to lengthen also in Sweden. In November
2022, close to 150,000 people in Sweden were waiting for surgery or a procedure (www.skr.se).
Under the social and healthcare reform, the responsibility for the organization of social and healthcare services will
be transferred to the 21 well-being services counties and the City of Helsinki. The well-being services county councils,
elected in January 2022, will decide on the well-being services county and service strategies, the principles of the
service network, the service level of emergency services, the budget and financial planning of the well-being services
county, and the appointment of members to governing bodies. The term of office of the county council is four years,
commencing on March 1, 2022. In 2022, the new well-being services county councils have focused on administrative
organization. Decisions on new material service procurements from the private sector are expected in the first half of
2023 at the earliest.
As a result of the social welfare and healthcare reform, some of Terveystalo’s outsourcing agreements for public
services will need to be renegotiated so that the new contractual terms will enter into force at the beginning of 2026
at the latest. Furthermore, there will be restrictions on the subcontracting practices for public services produced as out-
sourced services, but these are not expected to have a significant impact on Terveystalo. The dismantling of the queues
for non-urgent care in the public sector will require more extensive use of private healthcare services in the aftercare of
the pandemic.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Cuts to Kela reimbursements for private healthcare took effect on 1 January 2023. The changes are estimated to
impact the demand for general practitioners' and gynecologists’ appointments and imaging services. As consumers'
general purchasing power weakens, the changes can also affect the use of other services. Cutting Kela reimbursements
from private healthcare will most likely lengthen the queues in public healthcare, make it more difficult to dismantle
long treatment queues, increase the costs of the public sector, and make the work of newly established well-being
services counties more difficult.
The impacts of the war in Ukraine
The indirect impacts of the war in Ukraine on Terveystalo are assessed to be minimal, as Terveystalo does not have
business operations in, or with, countries that are subject to sanctions. Indirect impacts arise from supply chain
disruptions, high inflation, and potential disruptions in the financial markets. The indirect economic impacts are
already visible in weakened consumer confidence and purchasing power. The impacts may also have a delayed eco-
nomic impact through declining employment, which could negatively impact the demand for Terveystalo’s services.
Market outlook
• Demand for health services continues to be strong. However, demand is focused on short care pathways
and services, the growth of which is limited by supply. A tight labor market and high inflation create
growing pressure on operating costs, including wages.
• The demand for Covid-19 related services is expected to decrease and the demand for digital services
to continue to be strong.
• Significant employment and consumer confidence changes may be reflected in demand.
These views are based on the expected development of demand for Terveystalo’s services within the next six months,
compared with the past six months.
Financial targets
Terveystalo’s financial targets are:
• Annual revenue growth of at least 5 percent through organic growth and acquisitions
• Adjusted EBITA margin of at least 12–13 percent in the medium to long term
• Net debt/adjusted EBITDA ratio 3.5x or less. However, indebtedness may temporarily exceed the target level, such as
in conjunction with acquisitions.
• To distribute a minimum of 40 percent of net profit as dividends annually. However, the dividend proposal must take
into account Terveystalo’s long-term development potential and financial position.
99
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
2022
1,259.1
178.0
14.1
168.8
13.4
105.2
8.4
95.9
7.6
73.4
5.8
33.9
2.7
4.1
40.2
0.19
566.6
95.7
3.2
1,479.4
6,552
10,933
2021
1,154.6
206.1
17.8
201.8
17.5
141
12.2
136.7
11.8
114.4
9.9
110.1
9.5
13.6
42.2
0.63
519
85.2
2.5
1,448.6
5,643
9,805
2020
986.4
162.8
16.5
158.3
16.1
101.9
10.3
97.4
9.9
71.6
7.3
67.2
6.8
8.2
42.1
0.36
490.9
85.9
3.0
1,361.0
4,900
8,253
Terveystalo Group, EUR mill.
Private practitioners (end of period)
Adjusted EBITDA, excluding IFRS 16*1)
Net debt, excluding IFRS 16
Net debt/Adjusted EBITDA, excluding IFRS 16*1)
2022
5,928
122.2
386.8
3.2
2021
5,754
156.9
340.6
2.2
2020
5,057
118
312.4
2.6
* Adjustments are material items outside the ordinary course of business, and these relate to acquisition-related expenses, restructuring-
related expenses, gain / losses on sale of assets (net), impairment losses, strategic projects and other items affecting comparability.
1) Alternative performance measure. Terveystalo presents alternative performance measures as additional information to financial measures
defined in IFRS. Those are performance measures that the company monitors internally, and they 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. These should not be considered in isolation or as a substitute to the measures under IFRS.
The calculation formulas and principles for the key figures are presented in the Financial Statements.
Share related key figures
Equity per share, EUR
Earnings per share (€)
Dividend per share, EUR
Dividend payout ratio, %
2022
4.7
0.19
0.28
145.0
2021
4.8
0.63
0.28
44.3
2020
4.5
0.36
0.26
72.3
Key figures
Terveystalo Group, EUR mill.
Revenue
Adjusted EBITDA, * 1)
Adjusted EBITDA, % *1)
EBITDA1)
EBITDA, %1)
Adjusted EBITA *1)
Adjusted EBITA, % *1)
EBITA1)
EBITA, %1)
Adjusted operating profit (EBIT)*1)
Adjusted operating profit (EBIT), % *1)
Operating profit (EBIT)
Operating profit (EBIT), %
Return on equity (ROE), %1)
Equity ratio, %1)
Earnings per share (€)
Net debt
Gearing, %1)
Net debt/Adjusted EBITDA1)
Total assets
Average personnel FTE
Personnel (end of period)
100
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Revenue
Revenue for 2022 increased by 9.0 percent year-on-year and amounted to EUR 1,259.1 (1,154.6) million. The revenue
in Finland increased by 4.3 percent. Acquisitions during the financial year 2022 increased revenue by approximately
18.3 million euros. The revenue of the Sweden and others segment came to EUR 92.8 (36.9) million. The Swedish opera-
tions have been consolidated into Terveystalo’s reporting as of 1 July 2021.
Revenue from corporate customers increased by 6.2 percent. Revenue from preventive occupational health services
as well as acute infection and other illness-related appointments increased year-on-year. Revenue from private cus-
tomers increased by 1.9 percent. Shorter care chains and appointments were emphasized in the sales mix. There was
strong growth in revenue from insurance companies. Revenue from public sector customers increased by 4.1 percent.
Revenue from service sales and occupational healthcare to public sector customers increased by 9.8 percent mainly
due to the occupational health business that increased through acquisitions and new agreements. Revenue from
staffing services grew by 2.4 percent with demand being strong, but the shortage of physicians restricted the growth.
Revenue from the outsourcing business increased by 0.9 percent, mainly driven by the child welfare services business.
The demand for general practitioners’ appointments was at a high level throughout the year, but the growth of reve-
nue was restricted by the limited supply of physicians. Appointments relating to various acute infections and ear, nose,
and throat diseases grew substantially year-on-year. Visits to laboratory services decreased substantially year-on-year as
COVID testing decreased. A total of approximately 335,000 (500,000) COVID-19 tests were performed during the fourth
quarter, a decrease of 33 percent year-on-year1). During the year, acute medical care and general practitioner services
were emphasized in the sales mix. These involve fewer laboratory and diagnostic services than specialist medical ser-
vices with longer care chains. Revenue from surgical operations grew substantially year-on-year. Revenue from imaging
services grew slightly year-on-year. Demand for well-being services remained strong, with revenue increasing by 9 per-
cent to EUR 117.1 (107.9) million. The number of digital appointments2) grew by 29 percent to approximately 1.4 (1.0)
million appointments. There were 253 (253) working days in 2022.
1) Excludes sample collection services
2) Does not include the digital appointments of the Sweden and others segment.
101
Revenue breakdown
MEUR
Corporate customers
Private customers
Public sector customers
Outsourcing
Staffing services
Service sales, occupational health, and others
Finland in total
Sweden and others*
Total
2022
511.7
339.4
315.2
122.2
89.8
103.3
1,166.2
92.8
1,259.1
2021
481.7
333.2
302.8
121.1
87.6
94.0
1,117.7
36.9
1,154.6
Change, %
6.2
1.9
4.1
0.9
2.4
9.8
4.3
151.3
9.0
* Consists of the Group’s business operations in Sweden, Estonia, and the Netherlands. Feelgood (Sweden) was consolidated on 1 July 2021.
Estonia and the Netherlands did not have a significant effect on revenue during the reporting period.
Revenue breakdown
% of total revenue 2022
Revenue breakdown 2021 and 2022
+9%
MEUR
Total
1,259.1
MEUR
(1,154.6)
41% Corporate
27% Private individuals
25% Public
7% Sweden and others
1,200
1,000
800
600
400
200
0
1,155
37
94
88
121
333
1,259
93
103
90
122
339
482
512
2021
2022
Corporate
Private
Public
Staffing services
Service sales, occupational
health and other
Sweden and others
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Revenue breakdown
Corporate customers
Corporate customers constitute Terveystalo’s largest customer group. Terveystalo’s corporate customers consist of
the company’s occupational health customers, excluding municipal occupational healthcare customers, which are
included in the public sector customer group. The company provides statutory occupational health services and other
occupational health and well-being services for corporate customers of all sizes. Terveystalo is the largest provider of
occupational health services in Finland in terms of revenue and the number of end users. Terveystalo provides occupa-
tional healthcare services for over 27,000 companies in Finland, which have approximately 670,000 occupational health
customers.
Revenue from corporate customers for 2022 increased by 6.2 percent and amounted to EUR 511.7 (481.7) million.
Revenue from preventive occupational health services1) as well as acute infection and other illness-related appoint-
ments increased year-on-year. The revenue from laboratory services declined substantially year-on-year as COVID-19
testing decreased. Approximately 265,000 (350,000) COVID-19 tests were performed for corporate customers during
the year, a decrease of 25 percent year-on-year. The average prices of tests decreased year-on-year. The revenue from
surgical operations and imaging services grew year-on-year. The revenue for well-being services2) increased by approxi-
mately 10 percent year-on-year. The growth continued to be the strongest in mental well-being services. Digital occu-
pational health appointments grew by 39 percent year-on-year and exceeded 1,100,000 (793,000) appointments. The
number of end customers in occupational healthcare increased year-on-year.
1) The statutory task of occupational healthcare is to prevent work-related adverse health effects. Preventive services include, for example,
workplace surveys to examine the conditions and exposures at the workplace; health examinations; suggested measures to improve work
conditions and to promote the employees’ ability to work; guidance and counselling; participation in the planning and implementation of
measures that maintain workability promotion of coping at work and, when necessary, referrals to rehabilitation in case of reduced work abil-
ity; guidance in first aid preparedness at the workplace; and assessment and monitoring of the quality and impact of occupational healthcare
activities.
2) Well-being services include, for example, physiotherapy, mental well-being services (psychologists and psychotherapists), nutritional therapy,
workability coaching, and massage services.
Private customers
Private customers are Terveystalo’s second-largest customer group. Private customers include private individuals and
families. The company’s strong brand, easy access to services without long waiting times, extensive service portfolio for
private customers, families, and senior citizens, and personalized digital services give Terveystalo a competitive edge
over other private operators and public healthcare services and encourage customers to invest in their health. Services
for private customers are paid for either by the customers themselves or by their insurance companies.
Revenue from private sector customers for 2022 increased by 1.9 percent year-on-year and amounted to EUR 339.4
(333.2) million. The number of appointments grew year-on-year. Short care chains, acute medical care, and general
practitioner services were emphasized in the sales mix during the year. The growth of revenue was restricted by limited
supply. Appointments relating to various acute infections and ear, nose, and throat diseases grew year-on-year. The
revenue from specialist medical services in fields such as orthopedics, gynecology, and dermatology grew year-on-year.
The revenue from laboratory services declined substantially year-on-year as COVID-19 testing decreased. Approximately
23,000 (86,000) COVID-19 tests were performed for private customers during the year, a decrease of 73 percent year-
on-year. The revenue from imaging services was flat year-on-year. The revenue from surgical operations grew subs-
tantially year-on-year due to strong revenue from insurance companies. The revenue from well-being services, such
as mental well-being and physical therapy services, grew by 5 percent year-on-year. Demand for oral health services
returned to growth during the second half of the year and revenue grew slightly year-on-year. The number of digital
appointments decreased by 22 percent year-on-year and was approximately 84,000 (108,000).
Public sector customers
Terveystalo’s s public sector customer group consists of Finnish public sector organizations. Terveystalo’s broad
nationwide platform, digital offering, good reputation, and established brand, as well as its thorough expertise and
experience in healthcare services throughout the chain of care, make Terveystalo an attractive partner for the public
sector. The services offered to public sector customers include full and partial outsourcing, healthcare staffing services,
specialized care services, other healthcare services as well as occupational health services for municipalities, municipal
federations, and hospital districts. Occupational health services covered approximately 90,000 persons.
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TerveystaloAnnual Report 2022 Year 2022
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Corporate Governance
Financials
Revenue from public sector customers for 2022 increased by 4.1 percent year-on-year and amounted to EUR 315.2
(302.8) million.
Revenue from the outsourcing business increased by 0.9 percent to EUR 122.2 (121.1) million. The revenue growth
came mainly from the child welfare services business.
Revenue from staffing services increased by 2.4 percent to EUR 89.8 (87.6) million. The demand for staffing services
remained strong, but the growth of revenue was restricted by the limited supply of physicians. The demand for nurse
staffing services also remained strong, even though the demand for services related to COVID-19 decreased.
Revenue from service sales, as well as services provided for municipal occupational health customers and other
public sector customers, increased by 9.8 percent to EUR 103.3 (94.0) million mainly due to the occupational health
business that increased through acquisitions and new agreements. Sales of COVID-19-related services decreased year-
on-year. Approximately 49,000 (65,000) COVID-19 tests1) were performed for public sector customers during the year, a
decrease of 26 percent year-on-year. In addition to testing, Terveystalo served as a partner to public healthcare services
in sample collection. Digital appointments grew by 38 percent to almost 184,000 (133,000) appointments. Revenue
from well-being services grew by 11 percent year-on-year.
1) Excludes sample collection services
Sweden and others
In 2021, Terveystalo expanded its operations to the Swedish market by acquiring Feelgood and becoming one of the
leading occupational health operators in Sweden. Terveystalo has approximately 780 employees in Sweden, serving
customers digitally and in person at approximately 155 locations. The company provides occupational health, mana-
gement development, and substance abuse prevention services as well as digital private healthcare and well-being
services. Terveystalo serves approximately 8,300 corporate customers in Sweden and has approximately 1.2 million
employees covered by occupational health. In addition to Sweden, Terveystalo operates on a small scale in Estonia and
the Netherlands.
The external revenue of the Sweden and others segment for 2022 amounted to EUR 92.8 (36.9) million.
Demand continued to be strong, particularly in consultation for organizational management and harmful use.
Revenue increased mainly because of acquisitions.
The Swedish operations were consolidated into Terveystalo’s reporting as of July 1, 2021.
Financial performance
The Group’s 2022 adjusted operating profit before interest, taxes, amortization, and impairment losses (EBITA) decrea-
sed by 25.4 percent to EUR 105.2 (141.0) million, representing 8.4 percent (12.2) of revenue. Profitability was reduced
year-on-year due to the decline in COVID testing, change in the sales mix towards a larger share of appointments, and
increased costs. Material expenses and service purchases increased by 7.5 percent year-on-year and amounted to EUR
525.7 (488.9) million. Employee benefit expenses increased by 20.3 percent year-on-year and amounted to EUR 455.0
(378.2)
million. Expenses were increased by personnel costs attributable to acquisitions (including Feelgood). Personnel expen-
ses also increased due to substantially higher sickness absences compared to the comparison period, recruitment, and
an increase in appointment visits, as well as salary increases. Other operating expenses increased by 25.9 percent
to EUR 112.3 (89.2) million mainly due to acquisitions (including Feelgood), and higher costs related to IT, marketing,
M&A, and premises.
Adjusted EBITDA decreased by 13.6 percent year-on-year to EUR 178.0 (206.1) million.
The adjusted operating profit (EBIT) amounted to EUR 73.4 (114.4) million. Operating profit (EBIT) came to EUR 33.9
(110.1) million. Operating profit (EBIT) was significantly impacted by an approximately EUR 29 million impairment loss
relating to other intangible assets. Terveystalo is modernizing its basic IT systems in stages. The basic IT system deve-
lopment project portfolio contains several sub-projects in different stages of readiness, some of which were decided to
be suspended. These projects are not expected to go into production, as earlier planned and related impairment was
considered necessary. Other intangible assets capitalized in the balance sheet relating to these projects have been
impaired. The impairment loss has no effect on the company's cash flow or adjusted operating profit (EBIT).
Net financial expenses decreased to EUR 2.9 (9.0) million mainly due to an increase in the fair value of interest rate
hedges. Profit before tax was EUR 30.9 (100.7) million. Income tax expenses amounted to EUR 6.5 (20.3) million. Profit
for the period was EUR 24.4 (80.4) million, and earnings per share were EUR 0.19 (0.63).
Cash flow from operating activities decreased to EUR 140.9 (195.2) million. Lower profit, decrease in accounts
payable and other working capital-related payables and higher taxes paid had a negative effect on the cash flow from
operating activities while the change in trade receivables had a positive effect.
Cash flow from investing activities was EUR -93.9 (-108.1) million. The difference vs. the comparison period is mainly
due to the fewer acquisitions, the effect of which was reduced by an increase in investments in tangible and intangible
assets.
Cash flow from financing activities amounted to EUR -44.6 (-126.1) million. The change from the comparison period
was mainly due to the differences in withdrawals and repayments of long-term and short-term loans, related to e.g. the
loan withdrawn from The Nordic Investment Bank (NIB), as well as acquisitions of non-controlling interests and own
shares during the comparison period.
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TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
The Sweden and others segment’s 2022 adjusted earnings before interest, taxes, amortization, and impairment
losses (EBITA) amounted to EUR 2.8 (0.8) million, representing 3.0 (2.1) percent of revenue. Revenue growth improved
profitability, while costs related to professional resources and other activities, increased by inflation and rapid growth,
had a negative impact on profitability.
Financial position
Terveystalo’s liquidity position is good. Cash and cash equivalents at the end of the financial period amounted to
EUR 40.2 (38.1) million. The total assets of the Group amounted to EUR 1,479.4 (1,448.6) million.
Equity attributable to owners of the parent company totalled EUR 592.0 (608.9) million. The decrease was mainly
due to the payment of dividends. The dividends paid by Terveystalo for the 2021 financial period totalled EUR 0.28 per
share (or approximately EUR 35.4 million), and they were paid in two equal tranches on 20 April 2022 and 19 October
2022. Gearing (including lease liabilities) was 95.7 (85.2) percent and net debt amounted to EUR 566.6 (519.0) million.
The average maturity of Terveystalo's loans was 2.3 (2.0) years, and the average interest rate was 1.2 (1.0) percent at
the end of 2022. During the financial period, the company fulfilled the covenant requirement included in its financing
agreements reflecting relative indebtedness.
During the third quarter, the company signed an agreement for a long-term loan of EUR 120 million. The loan has
been drawn and the company’s short-term loan of EUR 70 million has been repaid during the fourth quarter. The loan
is a bullet loan with a three-year maturity.
During the second quarter, The Nordic Investment Bank (NIB) and Terveystalo agreed on a long-term loan of
EUR 50 million for financing the company's investments in its digital healthcare services and applications during
2022–2025. The loan has been drawn in full by the end of the review period.
During the first quarter, the company signed an agreement for a EUR 100 million domestic commercial paper pro-
gram and issued its first commercial papers under the program. During the second quarter, the company expanded the
program to a EUR 200 million multi-bank program. Under the program, the company may issue commercial papers with
a maturity of less than one year. During the first quarter, the company also signed a financing agreement that includes a
credit facility of EUR 40 million and an uncommitted credit facility of EUR 80 million.
At the end of the financial period, the unused part of credit based on financing agreements and bank accounts with
a credit facility amounted to EUR 99.6 (55.5) million.
Return on equity for the financial period was 4.1 (13.6) percent. The equity ratio was 40.2 (42.1) percent.
Seasonal variation and the impact
of the number of business days
Terveystalo’s revenue from corporate and private customers has typically been lower during the vacation seasons, parti-
cularly in July and August. The number of business days influences the revenue and earnings development, particularly
when comparing quarterly performance. Because of the seasonal nature of business, the required net working capital
varies during the year. Variation is caused by the timing of pension and VAT payments, vacation pay obligations, and
service fees related to occupational healthcare, etc.
Investments and acquisitions
Net investments* in January–December 2022, including M&A, amounted to EUR 94.1 (125.4) million. The Group’s
net capital expenditure, excluding M&A, amounted to EUR 60.0 (42.6) million. The investments consisted mainly of
investments in digital application and service development, IT system projects, medical equipment, and the network.
The relative share of intangible investments in gross investments decreased year-on-year.
Terveystalo made several acquisitions to complement its business portfolio during 2022 by acquiring Vantaan
Työterveys Oy, Suomen Fysiogeriatria Oy and its subsidiaries (physiotherapy and occupational therapy), Lapin
Liikuntaklinikka Oy (physiotherapy), OMT-Klinikka Kokkola Oy (physiotherapy), Into Terveys Oy (physiotherapy), Kunnon
Syke Oy (physiotherapy) and FysioProfessionals Oy’s operations (physiotherapy), Hammasrasti’s operations (oral
health), Ludus Oy Tutkimus- ja Kuntoutuspalvelut (rehabilitation), Hymyn paikka Oy’s operations (oral health), Saimaan
Urheilufysioterapia Oy (physiotherapy) and Somia Reality Oy (chat and video connection solutions) in Finland. In
Sweden, Feelgood acquired Länshälsan Uppsala AB (occupational health), Nämndemansgården AB and its subsidiaries
(addiction treatment), and Jobbhälsan i Norr AB:n (occupational health).
* Net investments do not include increases in right-of-use assets related to leases for business premises. Net investments include the acquisi-
tion of non-controlling interests.
Development expenses
Capitalized development expenses in 2022 were EUR 16.4 (9.7) million and were included in other intangible assets.
104
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Personnel
The number of Terveystalo’s employed staff on 31 December 2022 was 10,933 (9,805). In addition to acquisitions, the
number of personnel was increased through the recruitment of various healthcare professionals. In FTEs, the average
number of personnel was 6,552 (5,643). The number of private practitioners was 5,928 (5,754).
2022
5,865
687
6,552
10,100
833
10,933
5,822
106
5,928
2021
Change, %
5,338
305
5,643
9,131
674
9,805
5,644
110
5,754
9.9
125.2
16.1
10.6
23.6
11.5
3.2
-3.6
3.0
Personnel
Average personnel, (FTEs*)
Finland
Sweden and others
Total
Personnel (end of period)
Finland
Sweden and others
Total
Private practitioners (end of period)
Finland
Sweden and others
Total
105
Profit improvement program
and change in operating model
Terveystalo announced on 14 October 2022 that it strengthens the implementation of its growth strategy by launching
a program to speed up the achievement of strategic and financial goals. The program consists of strategic and opera-
tional initiatives to increase revenue and improve profitability in line with the company's financial targets. Terveystalo’s
financial targets are intact: The company is aiming for at least 5 percent revenue growth and an adjusted EBITA margin
of 12–13 percent.
To strengthen long-term value creation, the focus on high medical quality, and the execution of the program,
Terveystalo has changed its operating model and organizational structure. The implemented changes clarify roles and
responsibilities, strengthen the independent and efficient management of separate businesses, and strengthen the
implementation of intact care pathways and high-quality care.
The new organization came into force at the beginning of 2023, and it consists of three business areas: Healthcare
Services, Portfolio Businesses, and Swedish business. In Healthcare Services, Terveystalo targets high profitability and
growth exceeding the market growth. In Portfolio Businesses, the company aims for independent value creation. In
Sweden, Terveystalo seeks strong, profitable growth in the medium term.
Program content and goals
The program aims for an inflation-adjusted, annualized (run-rate) EBITA improvement of at least 50 million euros by the
end of 2024. Most of the targeted benefits are estimated to be realized already in 2023.
The costs related to the program are estimated to be 25-30 million euros. The costs are related to restructuring and
advisory fees. Advisory fees are tied to the results achieved by the program. The costs of the program are treated as
items affecting comparability.
The measures implemented by the end of 2022 are estimated to have an annual run-rate impact on the profitability
of around 11 million euros. The costs of the program treated as items affecting comparability were 4.9 million euros.
Related party information
Terveystalo Plc has provided a guarantee for the subsidiaries' financial institution loans.
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Statement of non-financial information
Terveystalo is the largest private health care service provider in Finland in terms of revenue and network. Terveystalo is
also a leading occupational health provider in the Nordic region. The company offers a wide variety of primary health
care, specialized care, and well-being services for corporate and private customers and the public sector. Terveystalo’s
digital services are available 24/7, regardless of time and place. Health and well-being services are also provided by
Terveystalo’s over 370 clinics across Finland. In Sweden, Terveystalo offers occupational health services at 155 clinics.
Terveystalo employs in total more than 16,800 health and well-being professionals. Terveystalo is listed on the Helsinki
Stock Exchange and has predominantly Finnish ownership. In 2022, Terveystalo had 1.3 million individual customers in
Finland and some 8.5 million customer visits were made, of which a quarter took place in remote channels.
Terveystalo reports on its sustainability work as part of the Annual Report. This section summarizes the key themes,
targets and results.
Terveystalo’s sustainability efforts are guided by the company Code of Conduct, values, and strategic goals as well
as the sustainability themes that are essential to Terveystalo stakeholders. The results of Terveystalo’s sustainability
efforts are monitored regularly. Terveystalo is committed to promoting the principles of the UN Global Compact ini-
tiative and sustainable development goals. The company respects all internationally recognized human rights.
Terveystalo’s systematic sustainability management aims to ensure that the company achieves its sustainability
targets. The continuous improvement model ensures that Terveystalo’s services will continue to create value for custo-
mers in the future.
The most significant risks related to material sustainability themes are assessed and sought to be mitigated as
part of the company's overall risk management process. There is a constant shortage of educated professionals in
the industry, while the need and demand for health and well-being services are growing. The main risks are related to
the availability of health care professionals and thus the access to care. The aim is to mitigate these risks by, among
other things, automating routine tasks, utilizing technology, and allocating resources according to the need for care. In
addition, the company continues to strive to strengthen its position as the most attractive workplace in the industry by
developing, among other things, multi-professional cooperation, and leadership.
The table below is a summary of the key aspects, targets, and achievements of Terveystalo’s sustainability efforts in
its Finnish operations in 2022.
106
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Targets and achievements
Kestävää kulutusta ja ilmastotyötä
Good health and well-being
Area
Quality index:
High clinical and experienced
quality, access to care and
preventive care
Target
Use of the WHO Surgical Safety Checklist in over 99% of surgical operations
Indicator
Use of the WHO Surgical Safety Checklist in surgical operations
Prescriptions for drugs affecting the central nervous system in relation to visits
to a physician below 3.5%
Prescriptions for drugs affecting the central nervous system in relation
to visits to a physician
Duration of sickness absence issued on the day of the operation (median),
repair of the rotator cuff and the anterior cruciate ligament <28 days
Duration of sickness absence issued on the day of the operation
(median), repair of the rotator cuff and the anterior cruciate ligament
Percentage of preventive work of occupational health appointments over 60%
Percentage of preventive work of occupational health appointments
Days until next available appointment, clinics (T3) below 1.00
T3, i.e. the third available appointment
Appointment NPS over 74
eNPS at least 31 by 2025
Quality index total
Access to care,
public services
Patient safety
Days until next available appointment (T3) public services < 7 for a physician,
< 1 for a nurse
Appointment NPS
eNPS
Quality index, %
T3, i.e. the third available appointment with a physician
T3, i.e. the third available appointment with a nurse
Reimbursed patient claims / appointments with a physician
Near misses/hazardous incidents
Target
>99%
<3.5%
<28
>60%
<1.00
>74
>31
100
<7
<1
2022
98.9%
4.0%
2021
99.8%
4.3%
SDG
2020
97.8% 3
4.6%
30
32
36
69.6%
70.2%
67.8%
1.93
82.7
29
92.2
12.0
2
1.61
83.0
32
94.6
6.5
1
1.17
82.8
18
94.2
5.6
1
0.0016%
0.0019%
0.0021%
56.9%
50.0%
57.0%
The figures include Terveystalo's operations in Finland.
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TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Ethical business
Area
Employees who have completed
orientation training on the Code
of Conduct and correct action
Suppliers who have approved
the Supplier Code of Conduct
Target
100% of our employees have completed the training
100% of our suppliers have approved the Supplier Code of Conduct
Indicator
Percentage of employees who have completed
the training relative to all employees1)
Percentage of suppliers who have approved the Supplier
Code of Conduct relative to all suppliers (of suppliers
representing 80% of total purchases)
Target
100%
100%
2022
69.2%
2021
66.0%
SDG
2020
52.3% 16
80%
80%
80%
1) The training periods have been of different lengths. The figures for 2022 also include performances during the second half of 2021, which is why the figures are not fully comparable.
The figures include Terveystalo's operations in Finland.
Responsible work
Area
Occupational safety
Target
Accident rate below the sector average
Personnel’s well-being
Reducing sickness absences
Employer recommended
by the personnel
Improving the employee promoter score
The figures include Terveystalo's operations in Finland.
Sustainable economic growth
Indicator
Accident rate
Sickness absences
eNPS
Target
< 34 (sector average)
-
31 by 2025
2022
15
5.2%
29
2021
20
4.4%
32
SDG
8
2020
25
3.8%
18
Area
Tax footprint
Target
We openly disclose our tax footprint annually
Revenue growth
Minimum annual growth 5%
Indicator
Tax footprint, EUR million
Revenue growth, %
The people we employ
We create jobs
Employee benefit expenses, EUR million
Target
-
5 %
-
2022
235.7
9.0%
455.0
2021
191.0
17.1%
378.2
SDG
8
2020
152.3
-4.3%
310.2
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TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Sustainable consumption
and climate action
Area
Reducing the carbon footprint
Target
Zero emissions from own operations in 2030.1) Between 2023 and 2030,
we will compensate for any remaining greenhouse gas emissions by investing
in certified carbon dioxide emission compensation projects.
Indicator
Reduction of direct (Scope 1) and indirect (Scope 2)
greenhouse gas emissions compared to 2018 (6,316.8 tCO2)
Target
-100% by 2030
2022
-61%
2021
-89%
SDG
2020
-66% 13
We will reduce direct and indirect CO2 emissions (Scope 1 and Scope 2)
by 80% by 2025 (using 2018 as the baseline)
Direct (scope 1) and indirect (scope 2)
greenhouse gas emissions, tCO2
-80% by 2025
2,476.3
664.0
2,165.4
Energy consumption
We will purchase 100% green electricity by 20252)
Share of green electricity of all purchased electricity, %
100% by 2025
Waste recovery4)
We will minimize waste in all of our operations and forward
all waste to be recovered
The recovery rate of waste generated at Terveystalo units, %3)
100% by 2025
The recycling rate of waste generated at Terveystalo units, %3)
100% by 2025
Mixed waste intensity (mixed waste [metric tons] relative
to total revenue [100 million])
Annual reduction
50%
100%
67%
5.8
89%
100%
64%
6.4
62%
99% 12
61%
6.0
1) Between 2023 and 2030, we will compensate for any remaining greenhouse gas emissions by investing in certified carbon dioxide emission compensation projects. Our aim is to eventually discontinue compensation measures and to achieve zero emissions in our own operations by 2030. In
2022 emissions were not compensated due to cost savings. The calculation of Scope 2 emissions is market-based. The exceptional electricity market disturbances forced Terveystalo to change its electricity supplier in the middle of the year, and because of the high market price of electricity,
no green electricity was purchased for the rest of the year. The calculation of the market-based figure is based on the emission factor of the electricity purchased by Terveystalo in Finland, while the location-based figure is calculated according to a factor based on the source distribution of local
energy production. The amount of green electricity from the electricity purchased in Sweden has been calculated according to the average share of green electricity in the Swedish market, since supplier-specific information is not available. The energy consumption and carbon footprint figures
for 2022 also include operations in Sweden. Comparison years only include Finland.
2) In the units where we purchase electricity ourselves.
3) Excludes waste fractions, such as hazardous waste, that cannot be recycled or recovered under any circumstances.
4) Includes Terveystalo's operations in Finland.
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Sustainability
Corporate Governance
Financials
Good health and well-being
Quality is an inseparable part of Terveystalo’s corporate responsibility. The entire Terveystalo staff is responsible for
ensuring that our customers receive appropriate, effective, and safe high-quality care. The cornerstones of Terveystalo’s
quality assurance system are patient safety and the national legislation governing the industry. Quality comprises clini-
cal, operational, customer, and professional experienced quality. Our quality assurance system is a management system
that provides a framework for managing quality and effectiveness at all levels of the organization.
The strategic priority areas, joint processes, and measurability guide towards consistent high quality. Continuous
improvement of operations is an essential part of our quality efforts. The quality work aims to ensure the availability of
our services, safeguard and improve patient safety, provide an excellent and constantly improving customer experience,
implement data protection and information security, comply with recommendations, and develop the effectiveness of
treatment. The quality steering group monitors the achievement of the quality objectives quarterly using quality indica-
tors.
Patient safety is the foundation for quality in health care
Clinical quality is a key element of Terveystalo’s quality efforts that is continuously monitored and developed. Clinical
quality refers to the patient receiving the right treatment at the right time and in the right manner, and that treatment
has no avoidable adverse effects. Service quality, safety, customer orientation, and productivity are ensured through
consistent operating methods, the continuous training of experts as well as modern premises and technology. Patient
safety is managed by monitoring the number of procedures and clinic-specific post-surgery infections, hazardous
events, official requests for clarifications, and the decisions of the Patient Insurance Center, among other measures.
Terveystalo ensures the safety and effectiveness of the provided pharmacotherapy through medication plans, operating
guidelines, and a basic range of drugs. In 2022 reimbursed patient claims / appointments with a physician were 0.0016
(0.0019) percent and near misses/hazardous incidents were 56.9 (50.0) percent.
Each year, the themes, priorities, and strategy of patient safety at Terveystalo are chosen by the Group’s patient
safety team and confirmed by the quality steering group. In 2022, the patient safety themes were unacknowledged
laboratory results, drug maintenance permits and drug treatment plans, faster identification, and notification of hazar-
dous incidents, and sharing information on the handling of and actions related to hazardous incidents.
The clear structures and strategy of patient safety are aimed at effective cooperation to improve patient safety
within clinics, throughout the organization, with the supervisory authorities, and particularly in practical work with
patients.
A good patient safety culture means an open atmosphere in which employees can highlight any shortcomings or
hazards (near misses/hazardous incidents) they observe in their work treating patients, without fear of sanctions or
blame. Shortcomings and hazardous incidents are addressed openly and carefully to ensure that the issue does not
reoccur. In 2022, Terveystalo launched a new patient and customer safety online course. The course is mandatory for
all employees working with patient care and persons in positions with responsibility for patient safety. The course is also
recommended for private practitioners working in Terveystalo.
The quality index measures clinical and experienced quality
Terveystalo continuously develops its services, the quality, and effectiveness of provided care, and the service expe-
rience of customers. Clinical, experienced, and process results are measured based on international best practices.
Terveystalo uses a quality index that consists of four components: high clinical quality, availability of care, preventive
care, and experienced quality from the professional’s perspective and the patient’s perspective. Terveystalo’s quality
index is comprised of seven key indicators: use of the WHO Surgical Safety Checklist in surgical operations, prescriptions
for drugs affecting the central nervous system relative to the number of physician’s appointments, duration of sickness
absence issued on the day of operation for repair of the rotator cuff and the anterior cruciate ligament, percentage
of preventive work of occupational health appointments, availability of care as measured by T3 (the third available
appointment), Net Promoter Score (NPS) for appointments, employee Net Promoter Score (eNPS).
In 2022, Terveystalo continued to develop the quality and effectiveness of the reporting. Terveystalo publishes a set
of quality indicators, which is updated continuously on the company’s website.
Use of the WHO Surgical Safety Checklist in surgical operations
Terveystalo performs surgeries in its network of 18 hospitals. The WHO Surgical Safety Checklist is systematically
applied before the start of each procedure. It is a standard list of questions to check safety issues relevant for the
operation. In 2022, the WHO Surgical Safety Checklist was used in 98.9 (99.8) percent of the operations performed.
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Prescriptions for drugs affecting the central nervous system relative
to the number of physician’s appointments
When used appropriately, drugs affecting the central nervous system are effective and necessary. However, because
of their adverse effects, their use requires careful discretion by a physician. Terveystalo has a special project aimed at
promoting the safe use of drugs affecting the central nervous system according to clinical guidelines in patient care.
To harmonize prescription practices, detailed guidelines for prescribing drugs affecting the central nervous system
have been prepared based on legislation, Current Care Guidelines, Smart to Avoid Recommendations, guidelines issued
by the National Supervisory Authority for Welfare and Health, and operating models proven in clinical work. In 2022,
at Terveystalo clinics prescriptions for drugs affecting the central nervous system were written for 4.0 (4.3) percent of
visits to a physician.
Duration of sickness absence issued on the day of operation for
repair of the rotator cuff and the anterior cruciate ligament
Terveystalo’s surgical operations aim to provide swift high-quality care pursuant to care criteria to quickly restore the
patient’s functional capacity and ability to work. Terveystalo systematically develops the treatment chain for its surgery
patients. The aim is to enable faster recovery and return to work. Correctly prepared surgery implemented without delay
as well as a plan for early rehabilitation and return to work play a key role in this. The average length of sickness absence
issued on the day of operation for surgical repair of the rotator cuff and the anterior cruciate ligament was 30 (32) days
in 2022.
Percentage of preventive work of occupational health appointments
Work not carried out is expensive for Finnish companies. Therefore, it pays to invest in work ability management
through preventive measures. Effective work ability management requires that organizations know what kinds of
risks to work ability they manage. To support management, Terveystalo surveys the organisation's health and work
ability risks through targeted health examinations. As part of occupational health examinations, an electronic, scien-
tifically validated health survey is always carried out as a self-assessment of employees. Based on the survey, possible
risks related to health and work ability can be identified. With the survey, measures can be targeted particularly to
those with significant risks. In 2022, preventive work accounted for 69.6 (70.2) percent of Terveystalo's occupational
health check-ups.
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Availability of care as measured by T3 (the third available appointment), clinics
Terveystalo continuously develops the availability of care by managing the balance between supply and demand as well
as by developing digital services and the work of professionals. The availability of care is measured by the T3 indicator,
which is the number of days until the third available non-urgent appointment at Terveystalo clinics. The T3 indicator for
appointments with a physician was 1.93 (1.61) in 2022. In addition to physical appointments, the availability of care is
enhanced by digital general practitioner appointments available 24/7, with an average waiting time of seconds. In addi-
tion, digital mental well-being services also lower the threshold for seeking treatment.
Net Promoter Score (NPS) for appointments
Terveystalo aims to stand out by providing an excellent experience in all customer encounters. The company develops
its services by listening to customers and utilizing technology. NPS (Net Promoter Score) is used as the most important
indicator of customer satisfaction. Terveystalo collects feedback with SMS and browser-based surveys and is conti-
nuously adding NPS measurements at new customer encounter points. In 2022, the NPS for Terveystalo’s appoint-
ments was 82.7 (83.0). The NPS for hospital services remained at a high level of 95.1 (94.7). In 2022, the collection of
personal customer feedback was started in addition to unit-specific feedback.
Employee Net Promoter Score (eNPS)
Terveystalo aims to be the most attractive workplace for professionals. The professional survey is one of Terveystalo’s
most important tools for improving internal procedures and supervisor work. The survey is aimed at all of Terveystalo’s
professionals, including private practitioners. In the employee survey, the employee Net Promoter Score (eNPS) is used
as a key indicator of well-being and coping at work. The eNPS figure indicates the proportion of employees and private
practitioners who would recommend Terveystalo as a workplace to others. In the 2022 professional survey, the eNPS
recommendation index was 29 (32). Among the strengths of Terveystalo are the activities of work communities and
cooperation in teams, as well as the work of immediate supervisors. In the development of professional experience,
the aim is to nurture these identified strengths. The aim is to have an eNPS recommendation index of 31 by 2025.
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Terveystalo’s care pathways support the customer’s self-care
Science-based care guidance is developed at Terveystalo with the help of common care pathways. Care pathways
are defined by Terveystalo as ways of treating the disease or condition for which the customer has sought treatment
based on the Current Care Guidelines and other generally accepted treatment guidelines.
The aim is to support professionals and customers in designing and implementing more effective care by making
the choices in accordance with the care pathway easy in everyday life. Care pathways support the customer's self-
care and care progress. The first care pathways defined by Terveystalo were introduced in 2021. At the end of 2022,
there were care pathways for the treatment of non-specific lower back pain, depression and anxiety, insomnia, reflux,
vitreous detachment, and children’s lower respiratory tract infection, and a total of 360,000 care pathways were acti-
vated in the Terveystalo app.
Excellent availability of primary health services
Fast and timely access to care is one of the biggest challenges of Finnish primary health care. Terveystalo has developed
health centres’ operating models over the longer term to ensure easy access to care. The goal is a health centre with no
queues, one that maintains a high level of clinical quality while delivering a good customer and employee experience.
Terveystalo's expertise includes all the service areas of public primary health care: health centre services, services
for families with children and the elderly, oral health services, and services for adults and special interest groups.
Terveystalo has systematically improved the access to care and the quality of care and regularly monitors operational
data at the health centres where services are provided by Terveystalo.
Terveystalo produced the health centre services of 16 municipal health centres in 2022. In 2022, the average T3
time (the third available appointment) describing the availability of non-urgent appointments to a physician in our
health centres was 12.0 (6.5) days and the T3 time to a nurse was 2.0 (1.0) days. The target is less than 7 days to see
a physician and less than 1 day to see a nurse. The availability of care was excellent nationwide at our health centres
throughout the year. Queues for oral health care have also remained at a good level in Terveystalo's 12 outsourced
dental clinics. The average T3 time for non-urgent dentist appointments was 35 (35) days. NPS, which measures the
customer satisfaction of health centres, was 80 (80).
Ethical business
Values and ethics are emphasized in Terveystalo’s work through the requirements of the sector. Terveystalo’s business
is guided by legislation governing the sector and private health care services as well as the requirements set by autho-
rities. The work of healthcare professionals is also guided by the ethical standards of professional groups. In addition,
Terveystalo’s own Code of Conduct provides an overarching guideline that is shared by everyone at Terveystalo. The
Code of Conduct addresses a wide range of topics, including anti-corruption and bribery, compliance with fair compe-
tition and environmental requirements, privacy protection, patient safety, employee equality, non-discrimination, and
freedom of association.
Training to comply with the Code of Conduct and ethical requirements
Terveystalo constantly develops its compliance program and the related processes and controls, so that they respond
to changes in our operating environment. During 2022, Terveystalo also strengthened its compliance resources.
Terveystalo has online training on ethical guidelines for everyone at the company. There are separate online training
courses tailored for those in administrative work and clinical work, taking into account their different operating envi-
ronments. The online training was last updated in the fall of 2021, and it is mandatory for all Terveystalo employees.
Terveystalo is currently renewing the training package by, among other things, improving the user experience of the
learning platform and the interactivity of the training, as well as tailoring the contents in a targeted manner. The new
compliance training is planned to be introduced during 2023. The purpose of the courses is to build an understanding
of why compliance and ethical responsibility are important and how they are related to the day-to-day actions and
decisions of everyone at Terveystalo. A further goal of the training is to create a better understanding of key comp-
liance themes related to ethics, including fair competition, the avoidance of conflicts of interest, the prevention of
bribery, data protection, and reporting misconduct, as well as to further develop our compliance culture. In 2022, 9,031
Terveystalo employees (6,993 salaried employees, 2,038 private practitioners) completed the training and received a
passing grade. The goal is that 100 percent of employees complete the Code of Conduct training.
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Anti-corruption and anti-bribery
The responsibility of suppliers is ensured by the Supplier Code of Conduct
In the area of anti-corruption and anti-bribery, Terveystalo complies with the law and other applicable regulations.
Terveystalo is also committed to the UN Global Compact initiative and its anti-corruption principles. Terveystalo’s ope-
rations are also guided by the company’s Code of Conduct. The prevention of corruption is included in Terveystalo’s
Code of Conduct, which addresses the giving and accepting of gifts and hospitality, sponsorships, accepting and making
donations, understanding and avoiding conflicts of interest as well as the rules pertaining to lobbying. At Terveystalo,
gifts or other benefits that could affect business decisions or have considerable personal or financial value are not
offered, given, requested, or accepted. Terveystalo does not make financial contributions to political parties or fund the
election campaigns of individual candidates. No incidents of corruption were reported in 2022. Terveystalo continues
to develop its anti-corruption and anti-bribery compliance program and related processes to reflect the changes that
have occurred in our environment. Terveystalo also works to ensure compliance with sanctions laws and regulations. In
2022, Terveystalo introduced new controls that support third-party risk management.
Respecting human rights
Terveystalo does not tolerate any form of discrimination, harassment, bullying, racism, or inappropriate treatment,
nor does Terveystalo condone the use of child labour, any form of forced labour or other human rights violations in
its own operations or its supply chain. Terveystalo respects the human rights set out in the UN Declaration of Human
Rights as well as the workers’ rights defined by the International Labour Organization (ILO) and related international
conventions. The company is committed to the UN Global Compact initiative and its principles pertaining to human
rights and labour rights. Terveystalo’s suppliers are also expected to comply with these principles and respect inter-
nationally recognized human rights. Principles related to human rights are included in Terveystalo’s Code of Conduct
and Supplier Code of Conduct.
Each year, Terveystalo buys services, materials, and supplies for its clinics from approximately 4,000 suppliers. Conse-
quently, the network of service providers and suppliers of goods – and good supplier cooperation – play a key role in our
operations. Terveystalo wants contractual service providers and suppliers of goods to be aware of Terveystalo’s signif-
icant role in society. Terveystalo also wants suppliers to commit to taking responsibility for the economic, social, and en-
vironmental impacts of their operations. To ensure the responsible conduct of suppliers, contractual suppliers and sup-
pliers participating in tendering processes have to approve the Supplier Code of Conduct, which includes guidelines and
requirements pertaining to anti-corruption and bribery, human rights, fundamental rights at work, occupational health
and safety, taxation, and environmental responsibility. At the end of 2022, 80 (80) percent of suppliers representing 80
percent of Terveystalo’s total procurement volume had approved the Supplier Code of Conduct.
Ensuring data protection and information security for patients
Privacy protection is a core value for Terveystalo. At Terveystalo, everyone’s privacy is respected. Special attention is
paid to the appropriate and legally compliant processing of personal data. The company provides its personnel with trai-
ning and instructions on the processing of personal data and emphasizes the particular confidentiality and protection of
patient data. The realization of data protection is the responsibility of everyone who works for Terveystalo.
The digitalization of health care presents significant opportunities for improving the availability and effectiveness of
care as well as the early identification of risks. Terveystalo has made significant investments in the development of digi-
tal services and tools. As digital services increase in importance and change the industry, the requirements concerning
data protection and information security increase accordingly.
Terveystalo stores patient information in information security-certified patient information systems. Terveystalo’s
patient information systems used in Finland are category A systems and they have undergone information security
certification in accordance with the regulations related to providing Kanta services. In addition, Terveystalo’s data pro-
tection and information security are regularly audited internally and by a third party according to the ISO 9001:2015
certification.
Terveystalo applies the appropriate physical, technical, and administrative protection measures to protect data from
misuse. These measures include, among others, control and filtering of network traffic, use of encryption techniques
and safe data centres, appropriate access control, controlled granting of access rights and supervision of their use,
giving instructions to staff participating in personal data processing and risk management related to the planning,
implementation, and maintenance of our services. Terveystalo chooses its subcontractors carefully and uses agree-
ments and other arrangements to ensure that they process data in compliance with the law and good data protection
practices.
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Responsible work
Competent and committed personnel form the foundation for Terveystalo’s operations. There are shortages of compe-
tent professionals in many places, and the most significant risks in the line of operation related to personnel are related
to the availability and retention of competent professionals. To manage these risks, the company offers diverse career
and development opportunities in a wide range of jobs and supports the well-being and work performance of its profes-
sionals. The objective is to be the most attractive employer in the industry for physicians as well as other professionals.
Equality, fairness, and non-discrimination are important principles that Terveystalo is committed to observing.
At the end of 2022, Terveystalo's Finnish operations employed 10,100 (9,131) employees and 5,822 (5,644) indepen-
dent private practitioners. In 2021, Terveystalo expanded to Sweden with the acquisition of Feelgood, a local occupatio-
nal health operator. In Sweden, Terveystalo employed 833 (674) employees and 106 (110) private practitioners at the
end of 2022.
Terveystalo’s goal is to be the best and most attractive employer in our industry. Terveystalo has worked systemati-
cally towards this goal for several years, and studies show that Terveystalo is the most popular employer in the industry
in Finland among professionals in the field. One of the key indicators of well-being and coping at work in Terveystalo
is the employee Net Promoter Score (eNPS) (which also includes private practitioners). The eNPS figure indicates the
proportion of our employees and private practitioners who would recommend Terveystalo as a workplace to others. In
the 2022 professional survey, the eNPS recommendation index was 29 (32). Among the strengths of Terveystalo are the
activities of work communities and cooperation in teams, as well as the work of immediate supervisors. In the develop-
ment of professional experience, the aim is to nurture these identified strengths. Terveystalo’s target is to have an eNPS
recommendation index of 31 by 2025.
The health and safety of employees
Permanent and fixed-term employees are covered by statutory insurance with respect to workplace accidents and
occupational diseases. In addition to observing the statutory requirements, Terveystalo provides a comprehensive
range of primary healthcare, specialized healthcare, and well-being services to employees, such as direct access to phy-
siotherapy and digital services to support mental well-being. Low-threshold services to support mental well-being pro-
vide employees with the opportunity to confidentially discuss anything they might have on their minds. Brief psychot-
herapy is also included in Terveystalo’s occupational health services. Terveystalo aims to recognize challenges related
to work ability and occupational health at an early stage and seek solutions to these challenges through effective
cooperation with occupational health services. Terveystalo Occupational Healthcare provides occupational health ser-
vices for personnel throughout Finland. Terveystalo Occupational Healthcare holds the ISO 9001:2015 Quality System
Certificate awarded by Labquality Oy. All of our employed staff in Finland are covered by statutory pension security and
parental leave benefits.
During the COVID-19 pandemic, occupational health has invested heavily in upholding the personnel's work ability
and medical care in a state of emergency. Sickness absences of personnel increased from the previous year, and the
sickness absence percentage in Finland was 5.2 (4.4) percent of hours worked. In Sweden, the corresponding figure was
5.5 (4.0).
There were no fatal accidents or accidents leading to serious injuries at Terveystalo in 2022. Terveystalo’s accident
frequency in Finland was 15 (20) in 2022, which is clearly below the average in the health care industry (34).
Competence development
The systematic and business-driven development of our personnel is especially important for Terveystalo’s future
success. Smooth work and appropriate, responsible supervisory work ensure the personnel’s well-being, which in turn
benefits customers through better care and a positive customer experience. Terveystalo provides professional training
and opportunities for learning on the job. Terveystalo has invested particularly in the development of leadership and
supervisory work as well as supporting on-the-job self-study by increasing online learning, for example.
The growth of digital health has been strong in recent years. Terveystalo has invested in training its personnel in the
use of digital tools and channels, as well as their use in customer work. Terveystalo provides training for physicians and
nurses in the use of different types of remote services.
In 2022, Terveystalo continued the development project aimed at streamlining the work of occupational health nur-
ses and strengthening well-being at work. New operating models were implemented, which support a consistent quality
of service for the customers and strengthen work management and job satisfaction. According to the results of the
professional survey, occupational health nurses' coping at work has improved thanks to the new operating models.
In addition, training courses aimed at different professions and supporting professional development were organized
during the year. Terveystalo also trained its personnel on data protection and security, as well as on operations in comp-
liance with requirements and ethical guidelines. In 2022, the company organized training in Finland for a total of 69,733
(79,847) hours, which corresponds to 7.0 (8.7) hours per employee.
In addition to internal training, Terveystalo engages in research and education cooperation with several universities
and promotes youth employment with trainee programs.
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Promoting diversity, equality, and non-discrimination
Terveystalo observes the principles of equality, fairness, and non-discrimination. At Terveystalo no one is discriminated
based on race, age, ethnic or national origin, nationality, language, religion, belief, opinions, health status, disability,
sexual orientation, or other personal reasons or circumstances. In recruitment, Terveystalo focuses on the person’s pro-
fessional competence, the ability to take responsibility, and the will to improve the company’s operations and themsel-
ves. To realize these principles, Terveystalo Plc and its subsidiaries in Finland prepare company-specific personnel plans,
training plans, equality, and non-discrimination plans, and define targets for improvement.
In accordance with the diversity policy of the Board of Directors, the objective is to have a balanced gender distribu-
tion in the Board of Directors. At the end of 2022, two of the five members of the Board of Directors were women. Four
of the eight Management Group members were women.
The remuneration of Terveystalo’s personnel is based on the principles of performance, equal treatment, and
competitiveness. For jobs that fall under collective agreements, such as nurses, the pay categories correspond to the
classifications specified in the collective agreements. Pay is also influenced by job-specific responsibility supplements
and the employee’s years of experience. For senior salaried employees, pay is determined based on the position and the
demands of the job as well as other factors, including competence, experience, performance, and results. The compa-
ny-specific equality plans are focused on the equality of remuneration and are aimed at promoting equal pay. Gender,
for example, cannot be a factor that influences pay.
Sustainable economic growth
A responsible business is also financially profitable and sustainable. Terveystalo creates value for customers, society,
and shareholders by continuously developing the clinical, operational, and experienced quality of its work, enabling fas-
ter access to treatment, reducing sickness absences, and employing, directly and indirectly, more than 16,800 people.
Terveystalo is a significant employer, taxpayer, and provider of health services in Finland.
Terveystalo creates economic added value not only for its customers but also for other key stakeholders, such as
personnel, private practitioners, material and service suppliers, and society. Terveystalo’s most significant cash flows
consist of revenue from service sales, purchases from suppliers of goods and services, salaries paid to personnel, fees
paid to private practitioners, taxes, investments, and dividends paid to the shareholders.
In 2022, Terveystalo’ s revenue and other operating income totalled EUR 1,261.8 (1,158.0) million. The goods,
materials and services purchased from suppliers amounted to EUR 525.7 (488.9) million. Salaries and remuneration
amounted to EUR 381.5 (315.9) million. Net financial expenses to creditors amounted to EUR 2.9 (9.0) million. Dividends
paid to our shareholders in 2022 based on the results of the previous fiscal year amounted to EUR 35.4 (33.1) million.
Terveystalo invested a total of EUR 58.5 (42.6) million to business development.
In 2022, Terveystalo’ s tax footprint totalled EUR 235.7 (191.0) million. In addition, a total of EUR 340.6 (316.3) million
was paid to private practitioners, who pay their individual taxes independently. Private practitioners' taxes are not inclu-
ded in Terveystalo’ s own tax footprint.
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Terveystalo’s environmental program covers all clinics in Finland and its appropriateness is evaluated in quality mana-
gement and environmental management system audits. Some of the clinics are ISO 14001:2015 certified. Feelgood,
Terveystalo’s subsidiary operating in Sweden, also has ISO 14001:2015 Environmental Management System certifica-
tion.
Terveystalo’s goal is to reduce the carbon footprint so that zero emissions in its own operations will be achieved in
2030. Between 2023 and 2030, any remaining greenhouse gas emissions will be compensated by investing in certified
CO2 emission compensation projects. The aim is to eventually discontinue compensation measures and to achieve
zero emissions in its own operations by 2030. A further goal is to reduce direct and indirect CO2 emissions (Scope 1 and
Scope 2) by 80 percent by 2025 (using 2018 as the baseline). As regards energy consumption, the target is for green
electricity to account for 100 percent of the electricity purchased for Terveystalo’s operations. The recycling and reco-
very of waste is another key theme in Terveystalo’s environmental responsibility, with the goal being to minimize waste
in all operations. The indicators used for this are the mixed waste intensity and the recovery rate and recycling rate of
waste generated at Terveystalo’s units.
In 2022, Terveystalo’s carbon footprint from Scope 1 and Scope 2 emissions (market-based) in Finland totalled
2,334.1 (644.0) metric tons of carbon dioxide equivalent (tCO2e). Scope 2 emissions (market-based) from purchased
electricity quadrupled from the previous year. This was due to the exceptional electricity market disturbances, which
forced Terveystalo to change its electricity supplier in the middle of the year, and because of the high market price of
electricity, no green electricity could be purchased for the rest of the year. In Sweden, Scope 1 and 2 emissions from
Feelgood’s operations totalled 142.2 tCO2e. Terveystalo’s carbon footprint consists mainly of the production of the ele-
ctricity consumed by properties, emissions generated by transport and travel as well as the waste generated in hospitals
and clinics. The emissions generated by Terveystalo’s operations are reduced, for example, by increasingly transitioning
to green electricity and prioritizing low-emission vehicles.
Sustainable consumption and climate action
Terveystalo is committed to the targets agreed upon in international climate summits for the mitigation of climate
change. Terveystalo’s goal is zero emissions from its own operations in 2030. The conservation and sustainable use of
natural resources in Terveystalo’s supply chains are promoted by reducing plastic consumption, recycling waste, increa-
sing the efficiency of material management, and reducing the number of small orders. Medical waste at Terveystalo’s
units is also being reduced. Digital services enable simultaneously improving access to care and reducing customers’
travel times and the emissions generated by travel.
In line with Terveystalo’s environmental policy, Terveystalo builds a sustainable relationship with the environment.
The environmental policy is guided by Terveystalo’s values and strategy, which the management and personnel have
undertaken to comply with. Terveystalo operates in line with the principles of sustainable development to reduce and
eliminate environmental risks. Terveystalo complies with all applicable laws, regulations, and procedures in place in the
industry to ensure patient safety.
Terveystalo’s environmental goals are as follows:
• Development of environmental management and awareness at all organizational levels
• Identification, anticipation, and monitoring of direct and indirect environmental impacts
• Reduction of environmental impacts in our day-to-day operations
Development of practices that promote sustainable development
•
Adverse environmental impacts are prevented by, for example:
• reducing energy consumption and transitioning to carbon-neutral energy,
• reducing the volume of waste created in our operations and increasing our recycling rate,
• optimizing the life cycle of health care equipment, with due consideration for technological development,
• taking environmental perspectives into account in our travel and car policy,
• developing digital services,
• planning and implementing pharmaceutical services in an up-to-date manner,
• taking environmental perspectives into account in centralized procurement and ensuring
efficient inventory management, and
• taking sustainable development and environmental perspectives into account in our network
and business premises projects.
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Emissions
Terveystalo reports the direct (Scope 1) and indirect (Scope 2) greenhouse gas emissions arising from our operations
– and part of our indirect Scope 3 emissions – in accordance with the GHG standard. The emissions from Swedish ope-
rations are reported for the first time for the year 2022.
Scope 1
As the company does not, for the most part, own or control the properties at which it operates, the greenhouse gas
emissions mostly consist of the emissions from the company’s fleet of cars and the trucks used for imaging operations.
The emissions arising from own driving and driving under the company’s direct control are calculated based on fuel
consumption. In 2022, Scope 1 CO2 emissions in Finland totalled 134,5 (245.5) metric tons of carbon dioxide equivalent
(tCO2e). In Sweden, Scope 1 emissions totalled 39,9 tCO2e.
Scope 2
Indirect Scope 2 greenhouse gas emissions arise from the production of electricity purchased by Terveystalo and the
production of district heating consumed at properties controlled by Terveystalo. In 2022, electricity purchases for
properties controlled by Terveystalo totalled 15,841 (14,159) MWh. Since January 2020, the company’s electricity port-
folio (electricity purchased for properties) has been zero-CO2 green electricity. Zero-CO2 electricity purchased for 2022
in Finland totalled 7,730.4 (12,696) MWh, representing approximately 49 (89) percent of the company’s electricity con-
sumption in Finland. The remainder, 8,111 (1,499) MWh, corresponds to 2,199.6 (418.5) metric tons of CO2 equivalent
(tCO2e, market-based). The exceptional electricity market disturbances forced Terveystalo to change its electricity supp-
lier in the middle of the year, and because of the high market price of electricity, no green electricity was purchased for
the rest of the year. In Sweden, electricity purchases for properties controlled by Feelgood totalled 1,328 MWh, of which
67 percent was zero-CO2 green electricity. As regards energy consumption, our target is for green electricity to account
for 100 percent of the electricity we purchase
Scope 3
For indirect Scope 3 emissions, Terveystalo reports emissions arising from work-related travel by employees and waste
created by the company’s operations.
At Terveystalo, unnecessary work-related travel is aimed to be avoided by encouraging the use of remote meetings
whenever possible. In 2022, Terveystalo’s personnel in Finland flew a total of 0.7 (0.3) million kilometres in work-related
travel, equalling 84.1 39.9) tCO2e. Regarding reimbursable work-related travel, Terveystalo’s personnel in Finland travel-
led a total of 2.6 (1.9) million kilometres, equalling 440.8 (322.1) tCO2e. Terveystalo encourage our personnel to choose
low-emissions vehicles as company cars. The average emissions of the company cars used by the Group in Finland
amount to 72 (92) g CO2e/km. In Sweden, personnel is encouraged to use trains instead of flying and to favour remote
meetings when possible. Terveystalo’s personnel in Sweden flew a total of 0.31 million kilometres, resulting in emis-
sions of 45.1 tCO2e. A total of 262.6 tCO2e were emitted from all the work-related trips of the Swedish personnel.
The indirect emissions arising from waste in Finland totalled 41.7 (36.6) tCO2e in 2022. In Sweden, emissions from
waste are very low since the amount of waste generated from operations is small and is mainly generated in offices. The
emissions arising from waste in Sweden totalled 2.1 tCO2e.
Terveystalo’s CO2 emissions intensity is low due to the nature of the Group’s operations. In 2022, Terveystalo’s emis-
sions intensity (Scope 1 and Scope 2, market-based) relative to revenue amounted to 1.8 (0.6) gCO2e/EUR. Relative
to the number of employees, the emissions intensity was 0.4 (0.12) tCO2e. Figures for 2022 also include operations in
Sweden.
Waste
Terveystalo’s goal is to minimize mixed waste in all operations and forward as large a share of the waste as possible to be
recovered. The indicators used for this are the mixed waste intensity and the recovery rate and recycling rate of waste
generated at Terveystalo’s units. In 2022, the mixed waste intensity of Finnish operations was 5.8 (6.4), the recovery rate
of waste 100 percent and the recycling rate of waste 67 percent.
According to the company's assessment, there are no significant risks associated with environmental aspects due to
the nature of the company's operations.
117
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
EU taxonomy
The EU taxonomy is a classification system for sustainable finance that seeks to establish criteria for determining envi-
ronmentally sustainable business. The regulation, which entered into force in July 2020, lays the foundations for the
EU's taxonomy by setting out the general conditions that economic activity must meet to be classified as sustainable
from climate perspective. Large companies must report the share of sustainable business in their business in accor-
dance with taxonomy criteria.
one environmental goal, 2. it does not have significant adverse effects from the perspective of other environmental goals,
and 3. the activity complies with the minimum social safeguards defined in the taxonomy (Minimum safeguards). Based
on this assessment, Terveystalo's activities listed in the taxonomy (12.1 Residential care activities) cannot be considered
taxonomy-aligned, because the activities, due to their nature, do not target or support the achievement of the taxonomy's
environmental goals.
At present, EU taxonomy mainly concerns the economic activities that play the most important role in mitigating and
As a result of the assessment, it has been found that the significance of Terveystalo’ s taxonomic functions is negligible
adapting to climate change. As a result, many industries, such as health care services, are almost completely excluded
from the scope of the current taxonomy.
Terveystalo has determined its taxonomic eligibility by examining its activities in relation to the economic activities
listed in the taxonomy and their NACE codes. Only one of Terveystalo’ s businesses is classified in taxonomy (12.1
Residential care activities, NACE code Q87).
After this, Terveystalo has evaluated the taxonomy alignment of the operation. The activity is classified as aligned
with the taxonomy if the taxonomy's criteria are met: 1. The activity essentially supports the achievement of at least
in terms of indicators. The key figures are the share of taxonomy-eligible and taxonomy-aligned operations (percent) in
terms of net sales, operating costs, and investments. According to the company's estimate, 1 percent of Terveystalo’s
revenue, operating costs and investments are eligible with the current taxonomy and 99 percent are non-eligible.
Furthermore, 0 percent of Terveystalo’s revenue, operating costs and investments are taxonomy-aligned, and 100 percent
are non-taxonomy-aligned.
Terveystalo strives to minimize the environmental impact of its operations and to promote the digitalisation of health
care, but these measures are not included in the current taxonomy. Terveystalo’s environmental sustainability is descri-
bed in the Sustainability section of Annual Report and in the Board of Directors' report.
Share of revenue, OPEX and CAPEX from services associated
with Taxonomy eligible and aligned activities 2022
Code
Absolute revenue, MEUR
Share of revenue, %
Absolute CAPEX, MEUR
Share of CAPEX, %
Absolute OPEX, MEUR
Share of OPEX, %
A. Taxonomy eligible economic activities
A.1 Environmentally sustainable
(taxonomy aligned) activities
-
A.2 Taxonomy eligible, but not
environmentally sustainable (other
than taxonomy aligned) activities
Residential care activities/Child welfare
12.1
Total A1+A2
0
11
11
0%
1%
%
0
1
1
0%
1%
1%
0
10
10
0%
1%
1%
B. Taxonomy non-eligible economic activities
Absolute revenue, MEUR
Share of revenue, %
Absolute CAPEX, MEUR
Share of CAPEX, %
Absolute OPEX, MEUR
Share of OPEX, %
Taxonomy non-eligible economic activities
Total A+B
118
1,248
1,259
99%
100%
57
58
99%
100%
1,083
1,093
99%
100%
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Shares, shareholders, and Board authorizations
Distribution of ownership 31 December 2022
At the end of 2022, Terveystalo’s market value was EUR 794 (1,516) million and the closing price was EUR 6.25 (11.84).
In 2022, the highest price of Terveystalo’s share on Nasdaq Helsinki Ltd was EUR 11.94 (12.56), the lowest price was
EUR 6.06 (10.10), and the average price was EUR 9.41 (11.34). A total of 29.5 (32.0) million shares were traded in 2022.
At the end of the reporting period, the number of Terveystalo shares registered in the Trade Register was 127,036,531
(128,036,531). The following tables list the largest shareholders, distribution of ownership, and owner groups.
The largest registered shareholders on 31 December 2022
Name
Varma Mutual Pension Insurance Company
Rettig Group AB
Pohjola Insurance Ltd
Hartwall Capital
OP Life Assurance Company Ltd
Ilmarinen Mutual Pension Insurance Company
Elo Mutual Pension Insurance Company
Local Tapiola Mutual Insurance Company
Åbo Akademi University Foundation
The State Pension Fund of Finland
Ten largest in total
Number
of shares
22,151,945
21,153,191
10,530,332
8,231,690
7,136,652
5,736,817
2,834,734
2,600,000
1,816,242
1,300,000
83,491,603
% of
shares
17.44
16.65
8.29
6.48
5.62
4.52
2.23
2.05
1.43
1.02
65.72
Votes
22,151,945
21,153,191
10,530,332
8,231,690
7,136,652
5,736,817
2,834,734
2,600,000
1,816,242
1,300,000
83,491,603
% of
votes
17.44
16.65
8.29
6.48
5.62
4.52
2.23
2.05
1.43
1.02
65.72
The list is based on the register of shareholdings maintained by Euroclear, and it does not include
nominee-registered shares.
According to its own notification and its custodian’s notification, Lannebo Fonder owns in total
2.74 (3.34) percent of all shares.
Number
of shares
1-100
101-,500
501-1,000
1,001-5,000
5,001-10,000
10,001-50,000
50,001-100,000
100,001-500,000
500,001-
Total
of which nominee-registered
Non-transferred, total
In general account
In special accounts, total
Total issued
119
Number of
sharehold-
ers
% of
shareholders
Number of
securities
% of
securities
45.81
37.94
8.63
6.17
0.64
0.55
0.08
0.11
660,697
2,969,880
2,066,923
3,970,022
1,432,937
3,793,301
1,914,641
7,715,245
0.52
2.34
1.63
3.13
1.13
2.99
1.51
6.07
Number
of votes
660,697
2,969,880
2,066,923
3,970,022
1,432,937
3,793,301
1,914,641
7,715,245
% of
votes
0.52
2.34
1.63
3.13
1.13
2.99
1.51
6.07
14,173
11,739
2,670
1,909
199
171
25
33
19
0.06
102,512,885
80.70
102,512,885
80.70
30,938
100.00
127,036,531
100.00
127,036,531
100.00
12
0
0.04
13,244,454
10.43
13,244,454
10.43
0
0
0
0
0
0
0
0
0
0
0
0
127,036,531
100.00
127,036,531
100.00
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Shareholder groups, 31 December 2022
Management shareholding, 31 December 2022
Shareholders by sector
Number of shares
% of shares
Name
Position
Number of
shares
% of shares
of votes %
Households
Public entities
Financial and insurance institutions
Companies
Non-profit institutions
Foreign owners
Total
Of which nominee-registered
12,416,744
32,304,419
28,261,793
16,328,943
3,256,792
21,223,386
113,792,077
13,244,454
10.91
28.39
24.84
14.35
2.86
18.65
100.00
10.43
Kari Kauniskangas
Matts Rosenberg
Carola Lemne
Kristian Pullola
Katri Viippola
Ville Iho
Juuso Pajunen
Petri Bono
Siina Saksi
Chairman of the Board of Directors
Member of the Board of Directors
Member of the Board of Directors
Member of the Board of Directors
Member of the Board of Directors
President and CEO
Chief Financial Officer
Chief Medical Officer
Chief Operating Officer, Healthcare Services
Marja-Leena Tuomola
Chief Commercial Officer, Healthcare Services
Kati Sulin
Mikko Tainio
Minttu Sinisalo
Senior Vice President, Digital Business
Senior Vice President, Portfolio Businesses
Senior Vice President, Human Resources
Management shareholding in total
Number of shares total
16,532
11,366
2,627
5,075
8,954
5,000
12,000
7,587
60,380
1,000
0
518
0
131,039
127,036,531
0.01%
0.01%
0.00%
0.00%
0.01%
0.00%
0.01%
0.01%
0.05%
0.00%
0.00%
0.00%
0.00%
0.10%
100%
0.01%
0.01%
0.00%
0.00%
0.01%
0.00%
0.01%
0.01%
0.05%
0.00%
0.00%
0.00%
0.00%
0.10%
100%
Notifications of major shareholdings
In 2022, Terveystalo Plc did not receive any notifications pursuant to Chapter 9, Section 5 of the Finnish Securities
Markets Act.
120
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
The Board’s authorizations
Decisions of the Annual General Meeting 2022 and the first Board meeting
The Board has been authorized to resolve the repurchase of the company’s own shares using the unrestricted equity of
the company. The authorization covers a maximum of 12,803,653 own shares in total, which corresponds to approxima-
tely 10 percent of the company’s currently registered shares.
The Board has also been authorized to resolve the issuance of shares and special rights entitling to shares as referred
to in Chapter 10, Section 1 of the Finnish Companies Act. Authorizations were not used during the financial period.
The Annual General Meeting of Terveystalo Plc was held on 7 April 2022 in Helsinki, Finland. The Annual General
Meeting adopted the financial statements for the financial year 2021 and discharged the members of the Board of
Directors and the CEO from liability. The Annual General Meeting approved the remuneration report for governing
bodies and decided to support the amended remuneration policy for governing bodies which was presented to the
Annual General Meeting.
Dividend Policy and distribution of profits for 2022 proposed by the Board
The objective of Terveystalo’s Dividend Policy is to distribute a minimum of 40 percent of earnings per share in divi-
dends. The current financial performance, development potential, financial position, and capital requirements are taken
into account. In 2022, earnings per share were EUR 0.19 (0.63).
The parent company’s distributable funds totalled EUR 530.8 (542.6) million, of which EUR 23.7 (43.8) million is profit
for the financial year. The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.28 (0.28)
per share totalling EUR 35.4 (35.4) million be paid based on the balance sheet adopted for the financial year ended 31
December 2022. The dividend would be paid in two installments as follows:
The first dividend installment of EUR 0.14 per share would be paid to the shareholders who are registered in the
shareholders' register of the Company maintained by Euroclear Finland Ltd on the record date of the first dividend ins-
tallment on 27 March 2023. The Board of Directors proposes that the first dividend installment would be paid on 3 April
2023.
The second dividend installment of EUR 0.14 per share would be paid to shareholders who are registered in the
shareholders' register of the Company maintained by Euroclear Finland Ltd on the record date of the second dividend
installment on 2 October 2023. The Board of Directors proposes that the second dividend installment would be paid
on 9 October 2023. The Board of Directors also proposes that the Annual General Meeting would authorize the Board
of Directors to resolve, if necessary, on a new record date and date of payment for the second dividend installment
should the rules of Euroclear Finland Ltd or statutes applicable to the Finnish book-entry system change or otherwise
so require.
No substantial changes have occurred in the company’s financial position since the end of the financial year. The
company’s liquidity is good and, in the Board’s opinion, will not be jeopardized by the proposed distribution of profits.
The Annual General Meeting decided, in accordance with the proposal of the Board of Directors, that a dividend
of EUR 0.28 per share (totalling approximately EUR 35.6 million with the current number of shares) be paid based on
the balance sheet adopted for the financial year ended 31 December 2021. The dividend was paid in two installments
as follows. The first dividend installment of EUR 0.14 per share was paid to the shareholders who are registered in the
shareholders' register of the Company maintained by Euroclear Finland Ltd on the record date of the first dividend ins-
tallment on 11 April 2022.
The first dividend installment was paid on 20 April 2022. The second dividend installment of EUR 0.14 per share was
paid to shareholders who are registered in the shareholders' register of the Company maintained by Euroclear Finland
Ltd on the record date of the second dividend installment on 10 October 2022. The second dividend installment was
paid on 19 October 2022. The Annual General Meeting also authorized the Board of Directors to resolve, if necessary,
on a new record date and date of payment for the second dividend installment should the rules of Euroclear Finland Ltd
or statutes applicable to the Finnish book-entry system change or otherwise so require.
TThe number of members of the Board of Directors was confirmed to be six (6). Dag Andersson, Kari Kauniskangas,
Kristian Pullola and Katri Viippola were re-elected as members of the Board and Carola Lemne and Matts Rosenberg
were elected as new members of the Board for a term that ends at the end of the Annual General Meeting 2023.
KPMG Oy Ab was re-elected as the Company's auditor. KPMG Oy Ab has notified that Henrik Holmbom, APA, would
be acting as the principal auditor.
As proposed by the Board of Directors, the Annual General Meeting resolved to authorize the Board of Directors to
resolve on the repurchase and/or on the acceptance as pledge of the Company's own shares using the unrestricted
equity of the Company. The authorization covers a maximum of 12,803,653 shares, which corresponds to approxima-
tely 10 percent of all shares in the Company. In addition, as proposed by the Board of Directors, the Annual General
Meeting resolved to authorize the Board of Directors to decide on the issuance of shares and the issuance of special
rights entitling to shares referred to in Chapter 10, Section 1 of the Companies Act. The authorization covers a maxi-
mum of 12,803,653 shares, which corresponds to approximately 10 percent of all shares in the Company. These autho-
rizations are effective until the end of the next Annual General Meeting, however no longer than until 30 June 2023.
121
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
As proposed by the Board of Directors, the Annual General Meeting resolved to authorize the Board of Directors to
Changes in Terveystalo’s Executive Team and operating model
decide on donations in a total maximum of EUR 150,000 for charitable or corresponding purposes. In addition, the
Annual General Meeting resolved to authorize the Board of Directors to decide on the donation recipients, purposes of
use, and other terms of the donations. The authorization will remain effective until the end of the next Annual General
Meeting 2023, however no longer than for a period of 18 months from the date of the resolution of the Annual General
Meeting.
The new Board elected Kari Kauniskangas as Chairman of the Board and Matts Rosenberg as Vice Chairman of the
Board. Kristian Pullola was elected Chairman of the Audit Committee and Matts Rosenberg and Katri Viippola were
elected members. Kari Kauniskangas was elected Chairman of the Remuneration Committee and Dag Andersson and
Carola Lemne were elected members of the Committee.
Change in the Board of Directors and Remuneration Committee
Terveystalo announced on 14 October 2022 that it strengthens long-term value creation, customer focus, and the execu-
tion of the profit improvement program announced on 14 October 2022, Terveystalo is planning to change its operating
model and organizational structure. The changes clarify roles and responsibilities, strengthen the independent and effi-
cient management of separate businesses, and strengthen the implementation of intact care pathways and high-quality
care. The new organization came into force at the beginning of 2023 and it consists of three business areas: Healthcare
Services, Portfolio Businesses, and Swedish business.
Changes in Terveystalo's Executive Team
With the new operating model and organizational changes, the responsibilities of the members of the management team
changed as follows:
On 14 October, 2022, Terveystalo Oyj's Board of Directors elected Katri Viippola as a new member of the Remuneration
Committee to replace Dag Andersson, who passed away suddenly in September. Katri Viippola is independent of the
company. The Remuneration Committee is chaired by Kari Kauniskangas and Carola Lemne is the other member.
• Siina Saksi, Chief Operating Officer, Healthcare Services
The organization is responsible for the operational functions of Healthcare Services.
• Marja-Leena Tuomola, Chief Commercial Officer, Healthcare Services
Information on the compliance with the Corporate Governance Code can be found in the Corporate Governance
The organization is responsible for the commercial operations of Healthcare Services in all customer segments.
Statement.
Change in the charter and composition of Terveystalo’s
Shareholders' Nomination Board
• Mikko Tainio, Senior Vice President, Portfolio Businesses
Portfolio Businesses include outsourcing, staffing, digital services for the public sector, oral health, rehabilitation,
child protection as well as massage services and training. The change strengthens the independent development
and management of these businesses.
At its meeting held on 13 June 2022, the Shareholders' Nomination Board of Terveystalo Plc made a technical
amendment to its charter. From now on, a shareholder entitled to appoint a member to the Nomination Board is
entitled to change his or her representative on the Nomination Board even after the publication of the Nomination
Board's proposals to the Annual General Meeting. The key parts of the Nomination Board's charter are available at:
https://www.terveystalo.com/en/company/investors/corporate-governance/shareholders-nomination-board/.
Rettig Group announced that it will appoint Tomas von Rettig as its representative on the Nomination Board as of
13 June 2022. Prior to the change, Rettig Group was represented by Matts Rosenberg.
In addition to the above-mentioned executives, Terveystalo's new Executive team includes Chief Medical Officer Petri Bono,
Chief Financial Officer Juuso Pajunen (started 28 November 2022), Senior Vice President, Digital Business Kati Sulin, and
Senior Vice President, People, and Careers Minttu Sinisalo. All the above report to CEO Ville Iho. Elina Saviharju continues in
her role as the General Counsel of Terveystalo.
In the new operating model, the role of the consumer business changes, and Veera Siivonen, Senior Vice President,
Consumer Business decided to leave the company after a very successful and productive career in the company.
Terveystalo will change the structure of its financial reporting in accordance with the new operating model and will pub-
The composition of the Shareholders' Nomination Board of Terveystalo Plc included, after the change of the Board's
lish the comparison data of the new segments for 2022 before publishing the results of the first quarter of 2023.
term of office on 13 September 2022, Risto Murto from Varma Mutual Pension Insurance Company, Tomas von Rettig
from Rettig Group, Timo Ritakallio from Pohjola Insurance and Peter Therman from Hartwall Capital, as well as Kari
Kauniskangas, Chairman of the Board of Directors of Terveystalo Plc. The Nomination Board is chaired by Risto Murto.
122
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Corporate governance
Terveystalo Plc’s Corporate Governance Statement, Remuneration Policy, and Remuneration Report for 2022 have been
published as separate documents from the Board of Directors' Report and as part of the Annual report on pages 71-95,
and are also available on the company's website.
Activities following the end of the reporting period
Terveystalo Plc's Board of Directors has approved a new performance period covering
years 2023–2025 of the long-term share-based incentive plan for key personnel
The Performance Share Plan is based on a rolling three-year performance period structure, with a new performance
period starting at the beginning of each year if so decided by the Board. The Board decides on the participants, per-
formance measures, and targets as well as earning opportunities on an annual basis. The purpose of the program is to
align the objectives of shareholders and key personnel to increase the company's value in the long term, and to commit
key personnel to implement Terveystalo's strategy by offering them a competitive, share-based incentive program.
The establishment of the program and its main terms were announced in a stock exchange release published on 3
December 2020.
Performance Period 2023–2025 of the Performance Share Plan (PSP)
During the performance period 2023–2025, the performance indicators on the basis of which share rewards may be
paid are absolute Total Shareholder Return (TSR) and relative TSR (compared to the OMX HKI benchmark CAP GI index).
Terveystalo's Board of Directors confirms the total amount of shares earned after the end of the performance period.
The share rewards that may be paid based on the 2023–2025 earning period will be paid in Terveystalo Plc shares after
the end of the performance period, provided that the performance targets set for the program by the Board are achie-
ved. The maximum number of shares to be paid based on this plan is 640,000 shares. Taxes and tax-like payments to
the recipient are deducted from the share reward, after which the remaining net amount is paid to the participants in
shares.
No more than approximately 70 people selected by the Board are eligible to participate in the program, including
members of Terveystalo's Executive Team.
Terveystalo applies a share ownership requirement to the members of the Executive Team. Each member of the
Executive Team is expected to retain at least 50 percent of the net shares received under the long-term incentive plan
until his or her shareholding in Terveystalo is at least equal to his or her annual gross base salary.
Performance Period 2023-2025 of the Restricted Share Plan (RSP)
The purpose of the Restricted Share Plan is to act as a supplementary structure for separately selected key personnel of
Terveystalo in special situations.
The share rewards will be paid in Terveystalo Plc shares after the end of the performance period, provided that the
individual participants are still employed by Terveystalo. The maximum number of shares to be paid based on this plan is
64,000 shares.
The most significant short-term risks and uncertainty factors
Terveystalo’s risk management is governed by the risk management policy approved by the Board. The policy defines
goals, principles, organizations, responsibilities, and practices for risk management. The management of
financial risks complies with the Group’s financing policy approved by Terveystalo’s s Board.
The risks and uncertainty factors described below are considered to potentially have a significant impact on the
company’s business operations, financial results, and outlook within the next 12 months. The list is not intended to
be exhaustive.
• Achieving the targeted financial effects of the launched profit improvement program is necessary to combat the
impact of high inflation and to achieve the financial targets set by the company.
• The company’s business operations rely on its capacity to identify, recruit, and retain competent and professional
healthcare professionals, employees, and executives. The increased supply of services and increased competition
may affect the availability of healthcare professionals, particularly in major cities. Turnover in key employees invol-
ves the risk of losing knowledge and expertise.
• Weak general economic performance and high inflation in Finland and their effects on the financial circumstances
of private individuals, employers, and public entities may adversely affect Terveystalo’s business and results of
operations by decreasing the demand for Terveystalo’s services, as well as may adversely affect the availability of
financing.
• The development and implementation of information system projects and services, service products, and opera-
ting models involve risks. The company develops new digital customer solutions, which increases the overall risk
related to information systems. A failure in the development of digital systems may expose Terveystalo to poten-
tial technical faults and disturbances.
• The company may not be able to find suitable acquisition targets or expansion opportunities under favorable
terms, and the integration of acquisition targets is not necessarily realized as planned.
123
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Annual General Meeting 2023
Terveystalo Plc's Annual General Meeting (AGM) is planned to be held on Thursday 23 March 2023.
Capital Markets Day 2023
Terveystalo will arrange Capital Markets Day on 10 May 2023 in Helsinki.
Terveystalo Plc
Board of Directors
• Terveystalo’s expansion to new geographical locations involves several risks, and failure to identify expansion
opportunities, recruit new employees, and achieve estimated benefits may adversely affect Terveystalo’s
business and the results of operations.
• The company’s business is very dependent on functioning information systems, data communication, and
external service providers. Interruptions can result from hardware failure, software failure, or cyber threats.
Long-lasting malfunction of information systems or payment transfers can lead to significant loss of sales
and a decline in customer satisfaction.
• Endangered information security or privacy can lead to losses and claims for damages and endanger reputation.
• The COVID-19 pandemic and other potential pandemics or epidemics and related restrictive measures may adver-
sely affect the business operations of Terveystalo through, among other things, demand for certain
healthcare services and challenges in the supply chain.
• Changes in the competitive landscape, new competitors entering the markets, and increasing price competition
may have a negative impact on the company’s profitability and growth potential.
• Terveystalo is exposed to changes in demand for occupational healthcare services due to demographic trends;
aging and shrinking working-age population.
• The Social Welfare and Healthcare Reform in Finland and its legal interpretations may have impacts on
Terveystalo’s business and results of operations.
• Changes in compensation systems for healthcare services may adversely affect Terveystalo’s business, financial
position, and results of operations.
• Failures or deficiencies in the operational risk management, medical quality, and internal control processes may
result in failure of quality control, including medical quality, or otherwise adversely affect Terveystalo's profitability
and reputation.
• Terveystalo’s operations could be subject to labour disruptions or disputes.
• The company is a party to, and may become a party to, legal action or administrative procedures initiated by the
authorities, patients, or third parties. According to the company’s opinion, its currently pending legal obligations
and court cases are not significant in nature.
124
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Consolidated financial statements, IFRS
Consolidated statement of comprehensive income
Note
1.1.–31.12.2022
1.1.–31.12.2021
EUR mill.
Note
1.1.–31.12.2022
1.1.–31.12.2021
4, 5
6
7
8
9
10
11
11
12
1,259.1
2.7
-525.7
-455.0
-134.9
-112.3
33.9
7.5
-10.4
-2.9
-0.1
30.9
-6.5
24.4
24.4
0.0
1,154.6
Other comprehensive adjustments
3.4
-488.9
-378.2
-91.7
-89.2
110.1
0.8
-9.9
-9.0
-0.3
100.7
-20.3
80.4
80.5
0.0
Items that may be reclassified to profit or loss
Translation differences from foreign operations
Items that will not be reclassified to profit or loss
Remeasurements of post-employment benefit obligations
28
Other comprehensive income for the period, net of tax
Total comprehensive income
Total comprehensive income attributable to:
Owners of the parent company
Non-controlling interest
Earnings per share for profit attributable to the
shareholders of the parent company, in euro
Basic earnings per share
Diluted earnings per share
The notes are an integral part of the Consolidated financial statements.
13
13
-5.3
0.2
-5.1
19.3
19.3
0.0
0.19
0.19
-0.8
0.1
-0.6
79.8
79.8
0.0
0.63
0.63
EUR mill.
Revenue
Other operating income
Materials and services
Employee benefit expenses
Depreciation, amortization and impairment losses
Other operating expenses
Operating profit
Financial income
Financial expenses
Net finance expenses
Share of results in associated companies
Profit before taxes
Income tax expense
Profit for the period
Profit attributable to
Owners of the parent company
Non-controlling interests
125
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Sustainability
Corporate Governance
Financials
Consolidated statement of financial position
EUR mill.
ASSETS
Non-current assets
Property, plant and equipment
Right-of-use assets
Goodwill
Other intangible assets
Investment properties
Investments in associates
Loan receivables
Deferred tax assets
Other non-current assets
Total non-current assets
Current assets
Inventories
Trade and other receivables
Cash and cash equivalents
Total current assets
TOTAL ASSETS
126
Note
31 Dec 2022
31 Dec 2021
EUR mill.
Note
31 Dec 2022
31 Dec 2021
14
14
15, 16
15
17
18
20
12
20
22
23
82.0
173.9
879.5
145.2
0.5
0.0
0.3
7.7
0.8
72.0
172.5
848.6
175.2
0.5
0.6
0.1
5.4
0.8
EQUITY AND LIABILITIES
Equity attributable to equity holders of the Company
Share capital
Invested non-restricted equity reserve
Treasury shares
Retained earnings
Equity attributable to equity holders of the Company total
Non-controlling interest
TOTAL EQUITY
Non-current liabilities
1,289.8
1,275.8
Non-current financial liabilities
6.6
142.9
40.2
189.7
6.4
128.3
38.1
172.8
Non-current lease liabilities
Deferred tax liabilities
Provisions
Other liabilities
Total non-current liabilities
1,479.4
1,448.6
Current liabilities
Current financial liabilities
Current lease liabilities
Current tax liabilities
Provisions
Trade and other payables
Total current liabilities
TOTAL LIABILITIES
Total equity and liabilities
The notes are an integral part of the consolidated financial statements.
0.1
492.8
-15.8
114.9
592.0
0.0
592.0
383.1
133.2
29.5
8.3
16.2
570.3
44.2
46.5
0.0
3.2
223.2
317.1
887.4
0.1
492.8
-18.0
134.0
608.9
0.0
608.9
257.9
131.4
28.5
8.5
15.6
441.9
120.9
47.1
13.3
2.5
214.1
397.9
839.7
1,479.4
1,448.6
20, 21, 25
14, 21, 25
12
27
20, 21, 25
14, 21, 25
27
26
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Consolidated statement of cash flows
EUR mill.
Cash flows from operating activities
Profit before income taxes
Adjustments for
Non-cash transactions
Depreciation, amortization and impairment losses
Change in provisions
Other non-cash transactions
Gains and Losses on sale of property, plant, equipment and other changes
Net finance expenses
Changes in working capital
Trade and other receivables
Inventories
Trade and other payables
Interests received
Income taxes paid
Net cash from operating activities
EUR mill.
Note
1.1.–31.12.2022
1.1.–31.12.2021
Note
1.1.–31.12.2022
1.1.–31.12.2021
Cash flows from investing activities
30.9
100.7
Acquisition of property, plant and equipment
Acquisition of subsidiaries, net of cash acquired
9
27
11
134.9
0.5
-4.1
-0.3
2.9
1.6
-0.2
0.4
0.3
-26.0
140.9
91.7
0.9
1.3
-0.1
9.0
-17.0
0.6
28.4
0.3
-20.7
195.2
Acquisition of intangible assets
Proceeds from the disposal of associates
Proceeds from sale of financial assets
Acquisition of business operations, net of cash acquired
Proceeds from sale of property, plant and equipment
Dividends received
Net cash from investing activities
Cash flows from financing activities
Acquisition of non-controlling interests
Acquisition of treasury shares
Proceeds from non-current borrowings
Repayment of non-current borrowings
Proceeds from current borrowings
Repayment of current borrowings
Payment of lease liabilities
Payment of hire purchase liabilities
Interests and other financial expenses paid
Dividends paid
Net cash from financing activities
Net change in cash and cash equivalents
Cash and cash equivalents at 1 January
Exchange rate differences
Cash and cash equivalents at 31 December
3
3
3
24
25
25
25
25
25
25
-34.9
-30.2
-29.0
0.1
-
-0.7
0.7
0.0
-93.9
-0.0
-
169.5
-40.0
41.0
-116.7
-49.3
-5.3
-8.4
-35.4
-44.6
2.3
38.1
-0.3
40.2
-65.3
-21.0
-22.1
-
0.0
-0.1
0.5
0.0
-108.0
-12.7
-11.3
-
-41.9
77.0
-46.5
-42.4
-5.9
-9.3
-33.1
-126.1
-39.0
77.1
-0.1
38.1
127
The notes are an integral part of these Consolidated financial statements.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Consolidated statement of changes in equity
Equity attributable to owners of the parent company
Equity attributable to owners of the parent company
Total
608.9
24.4
-5.1
-0.8
-35.4
24.4
-5.1
-3.0
-35.4
-
114.9
-
592.0
Non-
controlling
interests
Total
equity
EUR mill.
0.0
608.9
Equity 1 Jan 2021
Invested non-
restricted
equity
reserve
Treasury
shares
Retained
earnings
492.8
-6.7
85.3
Share
capital
0.1
Non-
controlling
interests
Total
equity
0.0
571.4
Total
571.4
0.0
-
-
-
0.0
0.0
24.4
-5.1
-0.8
-35.4
0.0
592.0
Comprehensive income
Profit for the period
Other comprehensive in-
come
Transactions with owners
Acquisition of treasury
shares
Share-based payments
Dividends
Transactions with non-con-
trolling interests
Non-controlling interest on
acquisition of subsidiary
Transactions with non-con-
trolling interest
-
-
-
-
-
-
-
-
-
-
-
-
-
-11.3
-
-
-
-
80.5
-0.6
-
1.9
-33.1
-
0.1
80.5
-0.6
-11.3
1.9
-33.1
-
0.1
Equity 31 Dec 2021
0.1
492.8
-18.0
134.0
608.9
The notes are an integral part of the consolidated financial statements.
0.0
-
-
-
-
12.8
-12.8
0
80.4
-0.6
-11.3
1.9
-33.1
12.8
-12.7
608.9
Invested non-
restricted
equity
reserve
Treasury
shares
Retained
earnings
492.8
-18.0
134.0
Share
capital
0.1
EUR mill.
Equity 1 Jan 2022
Comprehensive income
Profit for the period
Other comprehensive
income
Transactions with owners
Share-based payments
Dividends
Transactions with non-
controlling interests
Transactions with non-
controlling interest
-
-
-
-
-
-
-
-
-
-
-
-
2.2
-
-
Equity 31 Dec 2022
0.1
492.8
-15.8
Accumulated translation differences on 31 December 2022 were EUR -5,3 million.
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Corporate Governance
Financials
1. Corporate information
Terveystalo Plc is a Finnish public limited liability company organized under the laws of Finland and domiciled
in Helsinki, Finland. The parent company, Terveystalo Plc, is listed on the Nasdaq Helsinki. Terveystalo Group
(“the Group”, “Terveystalo”) consists of the parent company and 33 subsidiaries. More information on subsidiaries
is presented in note 31. A copy of the consolidated financial statements is available at the Group’s website
www.terveystalo.com, from Terveystalo Oyj / Corporate Communications, Jaakonkatu 3, 00100 Helsinki, Finland,
or via e-mail at investors@terveystalo.com.
Terveystalo is a leading private healthcare service provider in Finland. The company offers general practice and
specialist medical care, diagnostic services, outpatient surgery, dental services and other adjacent services to cor-
porate, private and public sector customers.
In its meeting on 9 February 2023, the Board of Directors of Terveystalo Plc approved the publishing of these con-
solidated financial statements. According to the Finnish Limited Liability Companies Act, shareholders have the right
to approve or reject the financial statements in the Annual General Meeting held after the publication of the financial
statements. The Annual General Meeting also has the right to make a decision to amend the financial statements.
2. Accounting policies for the
consolidated financial statements
2.1 Basis of preparation
The consolidated financial statements of Terveystalo have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union. The consolidated financial statements have been prepa-
red in compliance with the IAS and IFRS standards as well as the SIC and IFRIC interpretations in force on 31 December
2022. The consolidated financial statements also comply with the regulations of Finnish accounting and company legis-
lation complementing the IFRSs.
The consolidated financial statements are presented in millions of euro and have been prepared under the historical
cost basis, unless otherwise stated in the accounting principles. All figures presented have been rounded, and conse-
quently the sum of individual figures may deviate from the presented aggregate figure. Key figures have been calcu-
lated using exact figures.
2.2 Application of new and amended IFRSs
and new IFRIC agenda decisions
New and amended standards applied in the financial year 2022
The Group has applied as from 1 January 2022 the following new and amended standards that have come into effect:
Amendments to IAS 37 – Onerous Contracts
When an onerous contract is accounted for based on the costs of fulfilling the contract, the amendments clarify that
these costs comprise both the incremental costs and an allocation of other direct costs. The impacts of the amend-
ments on Terveystalo’s consolidated financial statements have not been significant.
Annual Improvements to IFRS Standards 2018–2020
IFRS 9: The amendment clarifies that – for the purpose of performing the ‘’10 per cent test’ for derecognition of
financial liabilities – in determining those fees paid net of fees received, a borrower includes only fees paid or received
between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s
behalf.
IFRS 1: The amendment simplifies the application of IFRS 1 for a subsidiary that becomes a first-time adopter later
than its parent.
IFRS 16: The amendment removes the illustration of payments from the lessor relating to leasehold improvements.
The example was not clear as to why such payments are not a lease incentive.
IAS 41: The amendment removes the requirement to exclude cash flows for taxation when measuring fair value, the-
reby aligning the fair value measurement requirements in IAS 41 with those in IFRS 13 Fair Value Measurement.
The annual improvements have no impacts on Terveystalo’s consolidated financial statements.
Amendments to IAS 16 – Proceeds before Intended
Under the amendments, proceeds from selling items before the related item of PPE is available for use should be
recognized in profit or loss, together with the costs of producing those items. The amendments have no impacts on
Terveystalo’s consolidated financial statements.
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Amendments to IFRS 3 – Reference to the Conceptual Framework
The amendment updates a reference in IFRS 3 and made further amendments to avoid unintended consequences of
updating the reference. The impacts of the amendments on Terveystalo’s consolidated financial statements have not
been significant.
Amendments to IAS 8 – Definition of Accounting Estimates
(effective for financial years beginning on or after 1 January 2023, early application is permitted)
The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting
estimates, with a primary focus on the definition of and clarifications on accounting estimates. The impacts of the
amendments on Terveystalo’s consolidated financial statements are not expected to be significant.
Adoption of new and amended standards and interpretations
applicable in future financial years
* = not yet endorsed for use by the European Union as of 31 December 2022.
IFRS 17 Insurance Contracts
(to be applied from 1 January 2023)
Amendments to IAS 12 – Deferred Tax related to Assets and Liabilities arising from a Single
Transaction
(effective for financial years beginning on or after 1 January 2023, early application is permitted)
The amendments narrow the initial recognition exemption (IRE) and clarify that the exemption does not apply to tran-
sactions such as leases and decommissioning obligations which give rise to equal and offsetting temporary differences.
The impacts of the amendments on Terveystalo’s consolidated financial statements are not expected to be significant.
The new standard for insurance contracts will help investors and others better understand insurers’ risk exposure, pro-
fitability and financial position. This standard replaces the IFRS 4 standard. The impact of the standard on Terveystalo’s
consolidated financial statements is not expected to be significant.
Amendments to IFRS 17 – Comparative Information
(effective for financial years beginning on or after 1 January 2023)
Amendments to IAS 1 – Classification of Liabilities as Current or Non-current*
(effective for financial years beginning on or after 1 January 2023, early application is permitted)
The amendments are to promote consistency in application and clarify the requirements on determining if a liability
is current or non-current. The impacts of the amendments on Terveystalo’s consolidated financial statements are not
expected to be significant.
Amendments to IAS 1 – Disclosure of Accounting Policies
(effective for financial years beginning on or after 1 January 2023, early application is permitted)
The amendments clarify the application of materiality to disclosure of accounting policies to help companies provide
useful accounting policy disclosures. The impacts of the amendments on Terveystalo’s consolidated financial
statements are not expected to be significant.
130
Amendment to IFRS 17 to alleviate mismatches in comparative information arising from the different transition requi-
rements of IFRS 9 and IFRS 17. The impacts of the amendments on Terveystalo’s consolidated financial statements are
not expected to be significant.
Amendments to IFRS 10 and IAS 28 – Sale or Contribution of Assets between an Investor
and its Associate or Joint Venture
(available for optional adoption, effective date deferred indefinitely)
The amendments address the conflict between the existing guidance on consolidation and equity accounting and
require the full gain to be recognised when the assets transferred meet the definition of a ‘business’ under IFRS 3
Business Combinations.
TerveystaloAnnual Report 2022 Year 2022
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Corporate Governance
Financials
2.3 Critical accounting estimates and judgements
The preparation of the financial statements requires management to make certain estimates and assumptions that are
based on management's best view of the circumstances prevailing at the reporting date, prior experience and assump-
tions about future events related, among other things, to the expected development of the Group's economic environ-
ment in terms of sales and cost level. However, it is possible that the realized outcomes differ from the estimates and
assumptions used in the financial statements. In addition, the application of the accounting policies requires judge-
ment, especially when the current IFRS standards have alternative accounting, valuation and presentation methods.
The Group monitors the realization of the estimates and assumptions and changes in the underlying factors on a
regular basis together with the operating units by using several internal and external information sources. Changes in
estimates or assumptions are recognized in the period when the estimate or assumption is revised, and in the future
periods if the change affects the subsequent periods.
The critical issues requiring management’s judgement are presented below:
Intangible assets in connection with business combinations
IFRS 3 requires the acquirer to recognize intangible assets separately from goodwill, if certain criteria are met.
Recognizing intangible assets separately at fair value requires management to estimate the expected future cash
flows. Management has used available market information when possible in determining the fair values. If no market
information of the asset has been available, the measurement of the intangible asset is based on the historical yield of
the asset and the planned use in operations. The valuations are based on discounted cash flows and estimated disposal
or replacement prices, and the valuation requires management to make estimates of the future use of the asset and
impact on the company’s financial position.
Management believes that the used estimates and assumptions are reasonable for measurement of fair values. In
addition, the Group’s property, plant and equipment and intangible assets are assessed to determine whether there is
any indication of impairment at least at each reporting date.
The valuation of contingent considerations
Management makes discretionary decisions and estimates when determining the valuation of deferred contingent
considerations in business combinations. Judgement is applied especially when estimating the expected amount of
payments and is based on potential scenarios for future returns, amounts paid under different scenarios and the
probability of each scenario.
Lease contracts
Terveystalo’s lease contracts include both termination and extension options. Group uses the options in managing
lease contracts to ensure the flexible use of premises in the Group’s businesses. Management uses judgement to deter-
mine the use of termination and extension options and assesses the lease termination dates and lease terms. Based
on management’s judgement, the termination options which relate to perpetual lease contracts for premises that are
significant will not be used and such lease contracts are recognized as long-term lease contracts.
Impairment testing
Impairment testing for cash-generating units to which goodwill has been allocated is carried out at least annually.
Besides goodwill, the Group has no other intangible assets with an indefinite useful life. The recoverable amounts of
cash generating units are estimated based on the calculations of their value in use. Preparation of these calculations
requires use of estimates. Even though management believes that the used estimates and assumptions are appropri-
ate, the estimated recoverable amounts may differ from the actual results.
Provisions
The most significant provisions in the statement of financial position relate mainly to loss-making contracts as well as
retirement obligations related to some leased premises. Management makes estimates mainly concerning the total loss
of the loss-making contracts.
2.4 Principles of consolidation
Subsidiaries
The consolidated financial statements include the parent company Terveystalo Plc and all its subsidiaries where over 50
percent of the voting rights are controlled by the parent company or the parent company otherwise controls the com-
pany. The Group controls an entity when it is exposed to, or has rights to variable returns from its involvement with the
entity, and has the ability to affect those returns through its power over the entity.
The subsidiaries are included in the consolidated financial statements starting from the date on which control com-
mences until the date on which control ceases.
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All subsidiaries are consolidated by using the acquisition method. The consideration transferred for the acquisition
of a subsidiary comprise assets transferred, liabilities incurred, and the equity interests issued by the Group measured
at fair value. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are
measured initially at fair value at the acquisition date. On an acquisition-by-acquisition basis, non-controlling interest
in the acquiree is measured either at fair value or at value which equals the proportional share of the non-controlling
interest in the identifiable net assets acquired.
All acquisition costs, except costs related to issue of debt or equity securities, are recognized as an expense as incur-
red. Transactions treated separately from the acquisition are recognized through the income statement and are not
included in the consideration transferred. Any contingent consideration is measured at fair value and it is classified eit-
her as a liability or equity. Contingent consideration classified as a liability is measured at fair value at the end of repor-
ting period and the resulting profit or loss is recognized in the statement of income. Contingent consideration classified
as equity is not remeasured.
If the Group gains control in stages in the acquiree, the existing interest will be measured at fair value through profit
or loss.
Goodwill arising from an acquisition is recognized as the excess of the aggregate of the consideration transferred,
the amount of non-controlling interests in the acquiree and previously held equity interest in the acquiree over the fair
value of the Group’s share of the identifiable net assets acquired. If the consideration transferred is less than the fair
value of the net assets of the subsidiary acquired, the resulting gain is recognized in profit or loss.
Intra-group transactions, receivables, liabilities and unrealized gains, as well as the distribution of profits within the
Group are eliminated in the preparation of the consolidated financial statements. Accounting policies of subsidiaries
have been aligned where necessary to correspond to the Group’s principles.
Transactions with non-controlling interests that do not result in the loss of control are treated as equity transac-
tions – in other words, as transactions with owners when they are acting as owners. The difference between the fair
value of the consideration paid or received and the book value of the portion of the net assets acquired or disposed is
recognized in equity.
When the Group ceases to have control or significant influence, any retained interest in the entity is measured at fair
value through profit or loss.
Associates
Associates are entities over which the Group has significant influence. Significant influence generally arises when the
Group holds over 20 percent of the voting rights, or otherwise has significant influence, but no control over the entity.
Associates are consolidated using the equity method. They are initially recognized at cost, which includes transac-
tion cost. If the Group’s share of the associated company’s losses exceeds the carrying amount of the investment, the
investment is recognized at zero value in the consolidated statement of financial position. Recognition of further losses
exceeding the carrying amount is discontinued, unless the Group has incurred legal or constructive obligations on
behalf of the associate.
Unrealized gains resulting from the transactions between the Group and associates are eliminated according to the
Group’s share of ownership. Goodwill relating to an associate is included in the carrying amount of the investment. The
Group’s share of the associated company’s profit or loss for the period is separately disclosed below net finance expen-
ses. Adjustments have been made when necessary to the associate’s accounting policies to align to those of the Group.
At each reporting date, the Group reviews the carrying amounts of the investments in associates to determine whet-
her there is any objective indication of impairment. If any such evidence of impairment exists, then the impairment loss
is determined. An impairment loss is the amount by which the carrying amount of an investment in associate exceeds
its recoverable amount. An impairment loss is recognized in the statement of income.
If the Group’s ownership interest in an associate is reduced, but significant influence is retained, only the relative
portion of previously recognized amounts in other comprehensive income and the value of the investment in the con-
solidated financial statements are recognized in the statement of income as part of the gain or loss.
2.5 Foreign currency transactions
The consolidated financial statements are presented in euros which is the functional and presentation currency of the
parent company. Transactions in foreign currencies are translated into respective functional currency at the exchange
rate prevailing on the transaction date. Gains and losses arising from transactions denominated in foreign currency and
from translation of monetary items are recognized in profit or loss as financial income or expenses.
The functional currency of the Feelgood subgroup is Swedish krona which differs from Group’s presentation cur-
rency, and thus its statement of income, statement of cash flows and statement of financial position have been trans-
lated into presentation currency as follows:
• Statement of income and statement of cashflows are translated at average exchange rates
• Statement of financial position is translated at the closing exchange rate at the reporting date
• All resulting exchange differences are recognized in other comprehensive income
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2.6 Property, plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.
Depreciation is recognized on a straight-line basis over the estimated useful lives of items of property, plant and equip-
ment. Land is not depreciated.
The estimated useful lives are as follows:
Magnetic resonance imaging equipment
Buildings
Machinery and equipment
Improvements to office premises
Right-of-use assets
10 years
10–40 years
2–7 years
2–10 years
1–16 years
Premises used in operations are depreciated on a straight-line basis over a 40 year depreciation period. Property,
plant and equipment also includes artwork which is not depreciated.
Right-of-use assets are depreciated over the shorter of the useful life or lease term. If the use of call option is certain,
right-of-use asset is depreciated over the useful life.
Gains and losses on the sale and disposal of property, plant and equipment are presented in other operating income
or other operating expenses.
Maintenance expenditure are not included in the carrying amounts of property, plant and equipment. When parts of
the magnetic resonance imaging equipment are replaced, the Group capitalizes the replacement costs as a separate
item.
The residual values and useful lives of property, plant and equipment are reviewed at each reporting date.
2.7 Investment properties
Investment property refers to properties held by the Group in order to earn rental income or for capital appreciation
or both. Apartments, which are not used in business operations, are mainly accounted for as investment properties.
Investment properties are measured at acquisition cost and depreciated on a straight-line basis over a 40-year depre-
ciation period.
133
2.8 Goodwill and other intangible assets
Goodwill
Goodwill arising in a business combination is recognised as the excess of the aggregate of the consideration transfer-
red, the amount of non-controlling interests in the acquiree and previously held equity interest in acquiree over the fair
value of the Group’s share of the identifiable net assets acquired.
Goodwill is not amortised but tested for impairment annually. For impairment testing, goodwill is allocated to cash
generating units or groups of cash generating units. Goodwill is measured at cost less accumulated impairment losses.
An impairment loss in respect of goodwill is not reversed.
Gain or loss on disposed unit includes also the carrying amount of goodwill.
Other intangible assets
Other intangible assets include software and licenses, as well as acquired companies’ customer relationships, trade-
marks and other intangible assets. Intangible assets are recognised initially at cost if the cost of the asset can be measu-
red reliably and if it is probable that the future economic benefits attributable to the asset will flow to the Group.
Cloud computing arrangements which meet the definition of an intangible asset are recognized as intangible assets.
Configuration and customisation costs which do not meet the definition of an intangible asset and which are distinct
from the cloud computing arrangement, are recognised as an expense as the service is received. Configuration and
customisation costs which are not distinct from the cloud computing arrangement, are recognised as prepaid expenses
in the statement of financial position and expensed over the expected duration of the cloud computing arrangement.
Intangible assets acquired in a business combination are recognised at fair value at the acquisition date separately
from goodwill if the assets meet the definition of an asset, are identifiable or rise from contractual or legal rights.
Other intangible assets are measured at cost and amortised on a straight-line basis over the known or estimated
useful lives.
The Group has no intangible assets with indefinite useful life except for goodwill.
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Amortisation periods used for intangible assets are as follows:
Immaterial rights
Other intangible assets
Software
Customer agreements and
related customer relationships
Trademarks
Research and development
3–7 years
3–5 years
5 years
2–12 years
20 years or shorter useful life
Research expenditure are recognized as an expense as incurred in the statement of income. Development expenditure
are capitalized as intangible assets when certain capitalization criteria are met. Development expenditure that do
not qualify for the capitalization are recognized as an expense. The estimated useful lives of capitalized development
expenditure are 3–5 years.
2.9 Impairment
Tangible and intangible assets
At the end of each reporting period, the Group assesses whether there are any indications of impairment. If any indica-
tions of an impairment exist, the recoverable amount of the asset is determined. For goodwill and intangible assets not
yet available for use, the recoverable amount is determined annually, irrespective of whether there is any evidence of
impairment. Evidence of impairment is assessed at the level of the Group’s operating segments, i.e at the lowest unit
level, which is largely independent of the other units and whose cash flows can be distinguished from the cash flows of
equivalent units.
The recoverable amount of an asset is the higher of its fair value less costs to sell or value in use. The value in use is
the amount of future cash flows of an asset or cash generating unit discounted to present value. The discount rate used
is the pre-tax discount rate which reflects the market view on the time value of money and specific risks related to the
asset.
An impairment loss is recognized when the carrying amount of an asset exceeds its recoverable amount. The impair-
ment loss is recognized in the statement of income. If impairment loss is related to a cash generating unit, the impair-
ment loss is allocated first to reduce the carrying amount of any goodwill allocated to the cash generating unit, and
134
then to reduce the carrying amounts of the other assets on a pro rata basis. The useful life of an asset, which is subject
to depreciation or amortization, is reassessed when an impairment loss is recognized. The impairment loss recognized
for other assets than goodwill is reversed if there has been a change in estimates used to determine the recoverable
amount. The reversal of the impairment loss cannot exceed the carrying amount of the asset if impairment loss had not
been recognized. Impairment loss recognized for goodwill is not reversed.
Financial assets
At the end of each reporting period the Group evaluates indicators of potential impairment of a single financial asset or
a group of financial assets.
The Group recognizes an expected credit loss for trade receivables and contract assets based on a simplified
approach. Expected credit loss rates have been calculated using historical information of actual impairment losses, and
the current conditions and the Group’s view of the economic conditions over the expected lives of the receivables have
been taken into account.
2.10 Leases
Group as a lessee
The Group assesses whether a contract is or contains a lease at the inception of a contract. A contract is or contains a
lease if the contract conveys the right to control the use of an identified asset for a period in exchange for considera-
tion. A lessee recognizes a right-of-use asset and a lease liability on statement of financial position at the lease com-
mencement date.
A lease term is determined as the non-cancellable period of a lease. The lease term includes periods covered by an
option to extend or terminate the lease, if the Group is reasonably certain to exercise the extension option or not to
exercise the termination option. Perpetual lease contracts related to significant premises are accounted for as long-
term lease contracts, as, according to management judgement, the termination options for such contracts will not be
used. The lease term for such contracts is determined based on the Group’s strategy and network plan.
The Group does not recognize short-term leases (a lease that has a lease term of 12 months or less) and leases for
which the underlying asset is of low value. The lease payments associated with such leases are expensed on a straight-
line basis.
Initially a right-of-use asset is measured at cost, which comprises the amount of the initial measurement of the lease
liability, any lease payments made at or before the commencement date, less any lease incentives, any initial direct
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costs incurred by the Group, and an estimate of restoration costs to be incurred by the Group. If a lease contains several
lease components, they are accounted for separately.
Subsequently right-of-use assets are measured at cost less any accumulated depreciation and any accumulated
impairment losses and adjusted for any remeasurements of the lease liability. A right-of-use asset is depreciated from
the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease
term. If the Group is reasonably certain to exercise the purchase option, the right-of-use asset is depreciated over its
useful life.
The book value and useful life of a right-of-use asset are reviewed where necessary but at least annually and an
impairment loss is recognized if there is a change in expectations of the future economic benefits.
A lease liability is initially measured at the present value of the lease payments that are not paid at the commence-
ment date. The Group uses incremental borrowing rate as the discount rate. A lease liability includes fixed payments,
including in-substance fixed payments; variable lease payments that depend on an index or a rate, initially measured
using the index or rate as at the commencement date; amounts expected to be payable under a residual value guaran-
tee, and the exercise price under a purchase option that Terveystalo is reasonably certain to exercise.
Subsequently a lease liability is measured at amortized cost using the effective interest method. It is remeasured
when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the
Terveystalo’s estimate of the amount expected to be payable under a residual value guarantee or if the Group changes
its assessment of whether it will exercise a purchase, extension or termination option. When a lease liability is remeasu-
red in this way, a corresponding adjustment is made to the carrying amount of the right-to-use asset or is recorded in
the statement of income if the carrying amount of the right-of-use asset has been reduced to zero.
2.11 Financial assets and liabilities
Financial assets
The Group’s financial assets are classified at fair value through the statement of income or, at amortized cost.
Classification is based on the purpose of the acquisition of the item and is made upon initial recognition.
Financial assets at fair value through the statement of income comprise of derivate assets, non-quoted equity instru-
ments and loan receivables. Realized or unrealized gains and losses arising from changes in fair values are recognized in
the statement of income in the period in which they are incurred.
Financial assets at amortized cost consist of trade receivables and other receivables. They are measured at amor-
tized cost and they are included in non-current assets unless the Group has an intention to hold the instrument for less
than 12 months from the reporting date, in which case they are included in current assets.
The Group has not had financial assets at fair value through other comprehensive income during the periods 2021 or
2022.
The Financial asset is derecognized when the contractual rights to the cash flows expire, or the financial asset is tran-
sferred to another party and the Group substantially transfers all the risks and rewards of ownership to another party.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, bank deposits available on demand, and other short-term highly liquid
investments. Items included in cash and cash equivalents have original maturities of three months or less from the
acquisition date.
Financial liabilities
The Group’s financial liabilities are measured at fair value through the statement of income or at amortized cost.
Financial liabilities at fair value through the statement of income comprise derivative liabilities and contingent con-
siderations. Realized or unrealized gains and losses arising from changes in fair values are recognized the statement of
income in the period in which they are incurred.
Financial liabilities at amortized cost include loans from financial institutions, lease liabilities, hire purchase liabilities
and trade and other payables. They are initially recognized at fair value which is based on the consideration received.
Transaction costs are included in the initial amount recognized and subsequently the financial liability is measured at
amortized cost using the effective interest method.
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Financial liabilities are included in non-current and current liabilities and they can be either interest-bearing or
non-interest-bearing. Financial liabilities are classified as current liabilities, unless the Group has an unconditional right
to postpone the payment of the liability to at least 12 months from the reporting date.
The Group has not had financial liabilities at fair value through other comprehensive income during the periods 2021
or 2022.
Actuarial gains and losses related to remeasurements of a defined benefit plan are recognized directly in the other
comprehensive income. Interest and other expenses related to defined benefit plans are recognized directly in the
statement of income. If a plan is amended or curtailed, the portion of the changed benefit related to past service by the
employees, or the gain or loss on curtailment, is recognized directly in the statement of income when the plan amend-
ment or curtailment occurs.
Financial liability is derecognized when the Group either settles the liability or has been legally discharged from the
obligation related to the liability either through a legal process or by the borrower.
Share-based payment transactions
2.12 Inventories
Inventories are measured at the lower of cost and net realizable value. The cost of inventories is determined by using
FIFO (first in, first out) method. Net realizable value is the cost of inventory less obsolescence allowance.
2.13 Employee benefits
Pension benefits
Pension plans are classified as either defined contribution plans or defined benefit plans. In defined contribution plans,
the Group makes fixed contributions into the plan. The Group has no legal or constructive obligation to make additional
payments if the pension insurance company is unable to pay pension benefits earned by employees in the reporting
period or in previous periods. Contributions made into defined contribution plans are recognized through profit or loss
in the reporting period to which they relate.
A defined benefit plan is a pension plan under which the Group itself has the obligation to pay retirement bene-
fits and bears the risk of change in the value of plan liability and assets. The liability recognized on the statement of
financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at
the end of the reporting period less fair value of plan assets. The pension liability is presented in other non-current
liabilities in the statement of financial position. The defined benefit obligation is calculated annually by an independent
actuary using the projected unit credit method. The present value of the defined benefit obligation is determined by
discounting the estimated future cash outflows using interest rates of high-quality corporate or government bonds with
approximating terms to maturity and that are denominated in the currency in which the benefits are expected to be
paid.
The benefits granted in accordance with the incentive plan are measured at fair value at the grant date and are expen-
sed on a straight-line basis over the vesting period. The share-based payments settled with equity instruments are not
revalued subsequently, and cost from these arrangements is recognized as an increase in equity. The cash-settled sha-
re-based incentives are valued at fair value at each reporting date until the settlement date and recognized as a liability.
The expensed amount of the benefits is based on the Group’s estimate of the amount of benefits to be paid in accor-
dance with the fulfilment of service and performance-based vesting conditions at the end of the vesting period. Market
conditions are considered in determining the fair value of the benefit. Instead, the non-market criteria, like profitability,
are not considered in measuring the fair value of the benefit but are taken into account when estimating the final
amount of benefits. The estimate is updated at each reporting date and changes in estimates are recorded through the
statement of income.
2.14 Provisions and contingent liabilities
A provision is recognized when the Group has a present legal or constructive obligation as a result of a past event, and
it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can
be made of the amount of the obligation. Provisions are recognized at the present value of the expenditure required
to fulfil the obligation. If the obligation can be partially compensated by a third party, the compensation is treated as a
separate asset, but only when it is virtually certain that the compensation will be received.
A provision is recognized for contracts when the unavoidable costs of meeting the obligations under the contract
exceed the economic benefits expected to be received under it.
A contingent liability is a possible obligation arising as a result of past events, and whose existence will be confirmed
only when an uncertain future event takes place, not wholly within control of the entity. Also, a present obligation which
probably does not require a cash settlement or on which the value cannot be reliably estimated is considered as a con-
tingent liability. Contingent liabilities are disclosed in the notes.
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2.15 Revenue recognition
The Group’s revenue consists mainly of occupational healthcare services, general practice and clinic hospital opera-
tions, dental services as well as diagnostic services. The Group also provides diverse primary healthcare, special heal-
thcare and child welfare services for public sector as well as massage and rehabilitation services. The Group’s customer
contracts include primarily one performance obligation, which is typically a single appointment, and the transaction
prices are mainly fixed. In some cases, the transaction price includes a variable consideration such as a discount or
penalty. Possible variable considerations are assessed at each reporting date and are allocated to one or more perfor-
mance obligations. The terms of payment and payment periods in customer contracts vary, but payment time is nonet-
heless clearly below one year. Consequently, customer contracts do not include a significant financing component.
Revenue is recognized to the extent that the Group expects to be entitled to in exchange for the goods and services
taking into account the terms and conditions of the customer contracts and business practices.
Revenue from individual appointments is recognized at a point in time as the service has been completed. For
long-term contracts for predetermined services or a bundle of services, revenue is recognized as Terveystalo fulfils the
performance obligation by performing the promised service. The Group’s long-term contracts are assessed to include a
single performance obligation where the services provided by the Group are integrated into a single bundle of services.
The customer simultaneously receives and consumes the benefits from the service and, consequently, the criteria for
recognizing revenue over time is met. For long-term contracts, Terveystalo measures the progress towards complete
satisfaction of the performance obligation by applying the input method, in which the revenue is recognized based on
time elapsed. The Group views that the used method best describes the transfer of control for the services provided.
Estimated costs and revenues will be re-assessed regularly during performing the services. Revisions in profit estimates
as well as projected potential losses on contracts are charged through the statement of income in the period in which
they become known. The Group has not incurred any substantial costs for obtaining customer contracts.
Regarding private practitioners, Terveystalo acts as the principal and recognizes revenue on a gross basis. Fees
related to purchasing these services are recognized in materials and services expenses.
2.16 Segment information
The Group’s business in Finland is divided into three regions which are the Group’s operating segments: Capital region,
Central Units and Regional Units. During 2021, a fourth operating segment, Sweden and other, was formed in the
Group due to the acquisition of Feelgood group. The operating segment consists of the Group’s operations in Sweden,
Estonia and the Netherlands. Monitoring of profitability is primarily based on geographical areas. In addition to the
regional structure, the Group functions include finance and administration, HR and legal, IT, communication, marketing
and investor relations, business development and digitalization, as well as medical quality and service management.
Terveystalo’s chief operating decision maker is the CEO.
2.17 Government grants
Government grants are presented in other operating income as far as they do not relate to acquired assets. Grants are
recognized when there is reasonable assurance that grants will be received, and the Group will comply with the condi-
tions associated with the grants.
2.18 Operating profit
IAS 1 standard does not define operating profit. The Group has defined it as follows: operating profit is calculated by ad-
ding other operating income to revenue, deducting costs related to materials and services, deducting costs related to
employee benefits, depreciation, amortization and impairments as well as other operating expenses.
2.19 Earnings per share
Basic earnings per share is calculated by dividing profit or loss attributable to the shareholders of the
parent company by the weighted average number of shares outstanding during the financial period. The Group’s sha-
re-based incentive plan has a dilution effect related to the earnings per share.
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2.20 Income taxes
Income taxes primarily include current and deferred taxes. Tax related to items recognized directly in equity or in other
comprehensive income is also recognized in equity or in other comprehensive income. Current tax assets and liabilities
are measured at the amount expected to be received from or paid to taxation authorities, using the rates and laws that
have been enacted by the date of the statement of financial position. Income taxes include any adjustment to tax in
respect of previous years.
Deferred tax is recognized in respect of all temporary differences between the carrying amounts of assets and liabi-
lities for financial reporting purposes and the amounts in taxation. Deferred tax is not recognized in the initial recogni-
tion of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor
taxable profit nor loss at the date of the transaction. Deferred tax is not recognized for non-tax-deductible goodwill or
for subsidiaries’ retained earnings to the extent that it is probable that the temporary difference will not reverse in the
foreseeable future. Deferred taxes relate primarily to the difference between the book value and tax base of capitalized
customer relationships and trademarks, and to provisions related primarily to loss making contracts.
A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against
which they can be used and using the losses is considered probable.
Deferred taxes are calculated using tax rates enacted by the reporting date.
3. Business Combinations
During the year 2022, the Group has made 12 corporate acquisitions and 3 business acquisitions.
• On 1 February 2022 Terveystalo Healthcare Oy acquired 100 percent of the shares of the occupational health provi-
der Vantaan Työterveys Oy.
• On 1 February 2022 Feelgood Företagshälsovård AB acquired 100 percent of the Swedish occupational health provi-
der Länshälsan Uppsala Ab.
• On 31 March 2022 Terveystalo Healthcare Oy acquired 100 percent of the shares of the physiotherapy service provi-
der Lapin Liikuntaklinikka Oy.
• On 31 March 2022 Terveystalo Healthcare Oy acquired 100 percent of the shares of the physiotherapy service provi-
der OMT Klinikka Kokkola Oy.
• On 31 March 2022 Terveystalo Healthcare Oy acquired 100 percent of the shares of the physiotherapy and occupa-
tional therapy service provider Suomen Fysiogeriatria Oy and an indirect 100 percent ownership in its subsidiaries
Aktiivi-Fysioterapia Tampere Oy, Mimmin Terapia Oy and toi.minna Oy.
• On 1 May 2022 Feelgood Företagshälsovård AB acquired 100 percent of the shares of the Swedish occupational
health provider Jobbhälsan i Norr AB.
• On 1 May 2022 Feelgood Svenska AB acquired 100 percent of the shares of the Swedish addiction treatment provi-
der Nämndemansgården AB and its subsidiaries.
• On 31 May 2022 Terveystalo Healthcare Oy acquired 100 percent of the shares of the physiotherapy service provider
Into Terveys Oy.
• On 30 June 2022 Terveystalo Healthcare Oy acquired 100 percent of the shares of the physiotherapy service provider
Kunnon Syke Oy.
• On 31 August 2022 Terveystalo Healthcare Oy acquired 100 percent of the shares of the therapy service provider
Ludus Oy Tutkimus- ja Kuntoutuspalvelut.
• On 31 August 2022 Suomen Terveystalo Oy acquired the dental clinic business of Hammasrasti.
• On 31 August 2022 Suomen Terveystalo Oy acquired the physiotherapy and therapy businesses of
FysioProfessionals.
• On 30 September 2022 Terveystalo Healthcare Oy acquired 100 percent of the shares of the physiotherapy service
provider Saimaan Urheilufysioterapia Oy.
• On 30 September 2022 Suomen Terveystalo Oy acquired the dental clinic business of Hymyn Paikka.
• On 31 October 2022 Terveystalo Healthcare Oy acquired 100 percent of the shares of the chat and video connection
solution provider Somia Reality Oy.
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The following table summarizes the acquisition date fair values of the consideration transferred as well as the
As a result of these business combinations, a preliminary goodwill amounting to EUR 34.0 million was recognized.
recognized amounts of assets acquired and liabilities assumed at the acquisition date. The statement of financial posi-
tion of acquired companies has been prepared in accordance with IFRS and Terveystalo’s accounting principles in all
material respect. The following table is partially preliminary, and the information has been consolidated, because the
acquisitions are not material individually.
Consideration transferred
EUR mill.
Purchase price, payable in cash
Contingent consideration
Total consideration transferred
Identifiable assets acquired and liabilities assumed
EUR mill.
Cash and cash equivalents
Intangible assets
Property, plant and equipment
Right-of-use assets
Deferred tax assets
Inventories
Trade and other receivables
Financial liabilities
Lease liabilities
Trade and other payables
Deferred tax liabilities
Interest bearing liabilities
Total identifiable net assets acquired
Goodwill
139
37.8
5.1
42.9
4.4
6.0
1.1
4.4
0.2
0.2
5.2
-0.5
-4.4
-6.2
-1.1
-0.1
8.9
34.0
The goodwill is attributable to skills of the workforce and synergies expected to be achieved. EUR 1.0 million of the
recognized goodwill is deductible in taxation. Cashflow impact of the acquisitions made during 2022 was EUR 32.9 mil-
lion.
In these business combinations, the Group has acquired customer relationships and technology-related intangible
assets. The fair value of customer contracts and related customer relationships included in other intangible assets has
been determined on the basis of the estimated duration of customer relationships and the discounted net cash flows
from existing customer contracts. The fair value of technology has been determined using the estimated replacement
cost.
The fair value of the acquired trade and other receivables amounted to EUR 5.2 million, for which the risk of impair-
ment has been deemed as non-significant.
The Group has incurred acquisition-related expenses of EUR 1.3 million related to transfer tax, consulting, valuation
or equivalent services. The expenses have been included in other operating expenses.
The contributed revenue recognized from the acquisitions during the year 2022 was EUR 18.3 million and loss was
EUR 1.0 million.
If the acquisition had occurred on 1 January 2022, management estimates that the Group’s consolidated revenue in
2022 would have been EUR 1 268.0 million and the consolidated result for the period would have been EUR 23.3 million.
Business combinations 2021
During the year 2021, the Group made ten corporate acquisitions and one business acquisitions. The acquisition of
Feelgood Svenska AB group is presented separately, whereas other smaller acquisitions are disclosed in aggregate.
Acquisition of Feelgood Svenska AB group
On 14 June 2021 Terveystalo Healthcare Oy acquired 72.14 percent of the shares of Feelgood Svenska AB (publ) which
is the parent company of the Swedish Feelgood group. At the same time, Terveystalo Healthcare announced a recom-
mended mandatory cash offer for all the remaining shares of Feelgood for a consideration of SEK 5.70 (approximately
EUR 0.57) in cash per share. The cash offer ended on 26 July 2021 and through the cash offer Terveystalo ownership in
Feelgoods shares and votes reached 97.42 percent. In August 2021, Terveystalo has initiated a mandatory redemption
procedure for the remaining shares in Feelgood, and Feelgood’s shares were delisted from Nasdaq Stockholm on 6
August 2021.
Feelgood is one of Sweden’s leading healthcare companies. Feelgood employs approximately 700 employees who
serve customers both digitally and physically on 120 locations in Sweden. Feelgood offers services within occupational
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Corporate Governance
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healthcare, organization and leadership, substance abuse in the workplace, as well as digital private healthcare and well-
being services. Feelgood was listed on Nasdaq Stockholm. The acquisition is Terveystalo’s first step in expanding its pre-
sence and services to the Swedish market. The deal brings together two industry leading platforms that complement
each other in terms of people, service offering and geographical network and provides significant potential for value
creation.
Immediately before obtaining control, Terveystalo Healthcare’s ownership in Feelgood was 2.8 percent. The carrying
amount of previous ownership corresponded to its fair value at the acquisition date and the business combination
achieved in stages did not have an impact on the profit and loss. Feelgood has been consolidated to the Group’s finan-
cial statements from the end of June 2021 onwards.
The following tables summarize the consideration transferred, acquisition date fair values of the assets acquired and
liabilities assumed, non-controlling interest and the cash flow impact of the acquisition.
Identifiable assets acquired and liabilities assumed, non-controlling interest and goodwill
EUR mill.
Property, plant and equipment
Right-of-use assets
Other intangible assets
Deferred tax assets
Other non-current assets
Trade and other receivables
Cash and cash equivalents
Financial liabilities
Lease liabilities
Deferred tax liabilities
47.2
47.2
Other non-current liabilities (pension obligations)
Trade and other liabilities
Total identifiable net assets acquired
Non-controlling interest
Goodwill
Cash flow impact of the acquisition
EUR mill.
Cash paid
Less: cash and cash equivalents acquired
Cash flow impact at the acquisition date
Acquisition of non-controlling interests
Total cash flow impact of the acquisition
2.0
10.7
18.1
0.1
0.1
16.6
2.7
-3.9
-9.9
-3.7
-1.9
-12.2
18.6
12.8
41.4
47.2
-2.7
44.5
12.7
57.2
Consideration transferred
EUR mill.
Purchase price, payable in cash
Total consideration transferred
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The non-controlling interest from the acquisition has been recognized at fair value. The fair value of the non-cont-
rolling interest was determined based on the consideration of SEK 5.70 offered by Terveystalo Healthcare in the cash
offer and the number of shares held by the minority at the acquisition date. After the acquisition date, Terveystalo has
acquired the remaining non-controlling interests and reached a 100 percent ownership in Feelgood in December 2021.
In 2022, no measurement period adjustments have been made to Feelgood acquisition.
Customer relationships, trademarks and technology-related intangible assets were recognized in the determination
of fair values and the combined fair value of these assets was measured at EUR 18.0 million. A deferred tax liability of
EUR 3.7 million was recognized for the beforementioned assets. The fair values of customer relationships and trade-
marks have been determined through the use of an income approach, which requires an estimate or forecast of expe-
cted future cash flows. The fair value of technology has been determined using the estimated replacement cost. The
acquisition resulted in a goodwill amounting to EUR 41.4 million. The goodwill is attributable to skills of the workforce
and synergies expected to be achieved. The recognized goodwill is not deductible for tax purposes.
The fair value of the acquired trade and other receivables amounts to EUR 16.6 million, which materially corresponds
to their carrying amount and for which the risk of impairment has been deemed non-significant.
The Group incurred acquisition-related expenses of EUR 1.5 million related to consulting and valuation services. The
expenses have been included in other operating expenses in the consolidated statement of income.
The revenue recognized from the acquisition during the year 2021 was EUR 36.9 million and the impact to the result
of the period was EUR -0.7 million.
If the acquisition had occurred on 1 January 2021, management estimates that the Group’s consolidated revenue
during the year 2021 would have been EUR 1,194.1 million and the consolidated result for the period would have been
EUR 80.7 million.
141
Other acquisitions
•
On 28 February 2021 Terveystalo Healthcare Oy acquired 100 percent of the shares of the therapy service provider
Attentio Oy.
• On 28 February 2021 Terveystalo Healthcare Oy acquired 100 percent of the shares of the dental clinic Espoon
Keskuksen Hammaslääkärit Oy.
• On 31 March 2021 Terveystalo Healthcare Oy acquired 100 percent of the shares of the advanced child welfare ser-
vice provider Keltaisen Kartanon Kuntoutus Oy.
• On 30 April 2021 Terveystalo Healthcare Oy acquired 100 percent of the shares of the medical clinic Helsinki
Hospital Oy.
• On 31 August 2021 Terveystalo Healthcare Oy acquired 100 percent of the shares of the therapy service provider
Sivupersoona Oy.
• On 31 August 2021 Suomen Terveystalo Oy acquired the business of Fysiopiste Mervi Nivukoski.
• On 1 September 2021 Feelgood Företagshälsovård AB acquired 100 percent of the Swedish occupational health pro-
vider Dalarnas Företagshälsa AB.
• On 1 October 2021 Terveystalo Healthcare Oy acquired 100 percent of the shares of the advanced child welfare
service provider Hoitokoti Ankkuri Oy and an indirect 100 percent ownership in Ankkurin Huoltamo Oy, Jyväskylän
Lastensuojelupalvelut Oy, Terapiatelakka Oy ja Lastensuojelupalvelut Väylä Oy.
• On 29 October Suomen Terveystalo Oy acquired 94 percent of the shares of the medical clinic Medimar Skandinavia
Ab. A non-controlling interest of EUR 15 thousand was recognized in the acquisition. The non-controlling interest is
measured based on the proportionate share of the acquired identifiable net assets.
• On 30 November Terveystalo Healthcare Oy acquired 100 percent of the shares of the Suomen Hierojakoulut Oy.
The following table summarizes the acquisition date fair values of the consideration transferred as well as the
recognized amounts of assets acquired and liabilities assumed at the acquisition date. The statement of financial posi-
tion of acquired companies has been prepared in accordance with IFRS and Terveystalo’s accounting principles in all
material respect. The information in following table has been consolidated, because the acquisitions are not material
individually.
Consideration transferred
EUR mill.
Purchase price, payable in cash
Contingent consideration
Total consideration transferred
24.0
7.3
31.4
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4. Revenue
The Group's distribution of revenue is based on the customer types. The Group does not have customers whose reve-
nue exceeds 10 percent of the Group's total revenue. Terveystalo offers its primary and outpatient secondary health
care services to three distinct customer groups: corporate customers, private customers and public customers.
Corporate customers constitute Terveystalo’s largest customer group. Terveystalo’s corporate customers consist
of the company’s occupational health care customers, excluding municipal occupational health care customers. The
company provides statutory occupational health services and other occupational health and well-being services for
corporate customers of all sizes. Terveystalo is the largest provider of occupational healthcare services in Finland in
terms of revenue and the number of end-users. Terveystalo provides occupational healthcare services for over 27,000
companies.
Private customers are Terveystalo’s second-largest customer group. Private customers include private individuals
and families. The company’s strong brand, easy access to services without long waiting times, leading service portfolio
for private customers, families, and senior citizens, and personalized digital services give Terveystalo a competitive edge
over public health care services and encourage customers to invest in their own health. Services for private customers
are paid for either by the customers themselves or by their insurance companies.
Terveystalo’s public customer group is made up of Finnish public sector organizations, such as municipalities, muni-
cipal federations, and hospital districts, as well as municipal occupational health care customers. Terveystalo’s broad
nationwide platform, digital offering, good reputation, and established brand, as well as its thorough expertise and
experience in health care services throughout the chain of care, make Terveystalo an attractive partner for the public
sector. Terveystalo’s services for public sector customers are mainly financed from budgets of municipalities, municipal
federations, and hospital districts. The services offered to public sector customers include full and partial outsourcings,
health care staffing services, specialized care services, other health care services, as well as occupational health care
services for municipalities, municipal federations, and hospital districts.
Identifiable assets acquired and liabilities assumed
EUR mill.
Cash and cash equivalents
Intangible assets
Property, plant and equipment
Right-of-use assets
Inventories
Trade and other receivables
Financial liabilities
Lease liabilities
Trade and other payables
Deferred tax liabilities
Total identifiable net assets acquired
Goodwill
3.6
5.5
0.9
7.2
0.2
3.5
-0.8
-7.2
-6.6
-1.0
5.4
26.0
As a result of these business combinations, a goodwill amounting to EUR 26.0 million was recognized. The goodwill is
attributable to skills of the workforce and synergies expected to be achieved. EUR 0.4 million of the recognized goodwill
is deductible in taxation. The cash flow impact of the acquisitions was EUR 20.3 million.
In these business combinations, the Group has acquired customer relationships. The fair value of customer contracts
and related customer relationships included in other intangible assets has been determined on the basis of the esti-
mated duration of customer relationships and the discounted net cash flows from existing customer contracts.
The fair value of the acquired trade and other receivables amounted to EUR 3.5 million, for which the risk of impair-
ment has been deemed as non-significant.
The Group has incurred acquisition-related expenses of EUR 0.9 million related to transfer tax, consulting, valuation
or equivalent services. The expenses have been included in other operating expenses.
The contributed revenue recognized from the acquisitions during 2021 was EUR 15.7 million and the impact to the
profit for the period was EUR 0.7 million.
If the acquisition had occurred on 1 January 2021, management estimates that the Group’s consolidated revenue in
2021 would have been EUR 1,176.6 million and the consolidated result for the period would have been EUR 79.2 million.
142
TerveystaloAnnual Report 2022 5. Segment information
Terveystalo’s operating segments are Capital region, Central units, Regional units and Sweden and other. The Group
reports the operating segments in Finland as one reportable segment based on the IFRS 8 aggregation criteria, as the
same services are offered in all Finnish regions, customer types are similar, methods used to provide services are similar
and the regulatory environment and operational risks are the same. Terveystalo’s reportable segments are:
Year 2022
Sustainability
Corporate Governance
Financials
Dissagregation of revenue
EUR mill.
Corporate
Private
Public
Outsourcing
Staffing services
Service sales, occupational health and others
Finland
Sweden and other *
Total
1.1.–31.12.2022
1.1.–31.12.2021
511.7
339.4
315.2
122.2
89.8
103.3
1,166.2
92.8
1,259.1
481.7
333.2
302.8
121.1
87.6
94.0
1,117.7
36.9
1,154.6
Timing of satisfying performance obligations
EUR mill.
At a point in time
Over time
Total
1.1.–31.12.2022
1.1.–31.12.2021
1,134.4
124.6
1,259.1
1,030.1
124.5
1,154.6
• Finland
• Sweden and other
Segment information
1.1–31.12.2022
EUR mill.
Revenue
Total revenue
Adjusted EBITA
Depreciations
Segment information
1.1–31.12.2021
EUR mill.
Revenue
* Consists of Group’s operations in Sweden, Estonia and the Netherlands. The impact of Estonia and the Netherlands to the revenue of the
financial year has not been material.
Revenues from external customers
revenues from transactions with other operating segments of the
same entity
Balances in the statement of financial position
EUR mill.
Contract assets
Contract liabilities
The Group will satisfy performance obligations related to the contract liabilities within one year.
143
31 Dec 2022
31 Dec 2021
12.8
10.3
15.0
6.1
Revenues from external customers
revenues from transactions with other operating segments of the
same entity
Total revenue
Adjusted EBITA
Depreciations
Finland
Sweden
and other
Internal
eliminations
Total
1,166.2
0.0
1,166.2
102.3
66.2
92.8
0.2
93.0
2.8
6.6
-
1,259.1
-0.2
-0.2
-
-
-
1,259.1
105.2
72.8
Finland
Sweden
and other
Internal
eliminations
Total
1,117.7
0.1
1,117.7
140.2
62.3
36.9
0.2
37.2
0.8
2.8
-
1,154.6
-0.3
-0.3
-
-
-
1,154.6
141.0
65.1
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Reconciliation of the total of the reportable segment's
adjusted EBITA to the Group's profit before taxes
EUR mill.
Profit before taxes
Share of profits in associated companies
Net finance expenses
Amortisation and impairment losses
Adjustments*
Adjusted EBITA
1.1–31.12.2022
1.1–31.12.2021
30.9
0.1
2.9
62.0
9.2
105.2
100.7
0.3
9.0
26.6
4.3
141.0
*Addittional information on adjustment is presented in the note 34.
Non-current assets by geographical areas
Non-current assets include property, plant and equipment, right-of-use assets, goodwill, other intangible assets,
investment properties and investments in associates.
31 Dec 2022
31 Dec 2021
1,206.3
74.8
1,281.1
1,197.8
71.6
1,269.4
EUR mill.
Finland
Sweden and other
Total
144
6. Other operating income
EUR mill.
Rental income
Gains on sale of property, plant and equipment
Other items
Total
7. Materials and services
EUR mill.
Purchases of materials
Change in inventories
External services
Total
8. Employee benefit expenses
EUR mill.
Wages and salaries
Share-based payments
Pension expenses - defined contribution plans
Other social security costs
Total
Number of personnel at the end of the reporting period
1.1.–31.12.2022
1.1.–31.12.2021
1.1
0.3
1.2
2.7
1.2
0.2
2.1
3.4
1.1.–31.12.2022
1.1.–31.12.2021
-44.1
0.2
-481.8
-525.7
-34.8
-0.6
-453.4
-488.9
1.1.–31.12.2022
1.1.–31.12.2021
-379.5
-2.0
-61.0
-12.5
-455.0
10,933
-314.1
-1.9
-50.6
-11.7
-378.2
9,805
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
9. Depreciation, amortization and impairment
10. Other operating expenses
Specification of other operating expenses
EUR mill.
Depreciation and amortization by asset type
Intangible assets
Trademarks
Customer relationships
Other intangible assets
Total
Property, plant and equipment
Buildings
Machinery and equipment
Improvement to premises
Total
Right-of-use assets
Investment property
Depreciation and amortization total
Impairment losses by asset groups
Other intangible assets
Machinery and equipment
Other property, plant and equipment
Improvement to premises
Associated companies
Impairment total
Total depreciation, amortization and impairment losses
145
1.1.–31.12.2022
1.1.–31.12.2021
EUR mill.
External services
-4.5
-4.8
-20.9
-30.1
-0.0
-14.6
-5.9
-20.5
-52.4
-0.0
-103.0
-30.5
-0.8
-
-0.2
-0.4
-31.9
-134.9
-4.5
-10.0
-10.8
-25.3
-0.0
-13.6
-5.5
-19.2
-45.9
-0.0
-90.3
-0.0
0.0
-0.0
-0.0
-1.2
-1.3
-91.7
Operating and maintenance expenses for premises and equipment
ICT expenses
Non-statutory personnel expenses
Leases and charges
Travel expenses
Marketing and communication
Acquisition-related expenses
Other costs
Total
Auditor's fees
In thousands of EUR
Audit and auditor's statements based on laws and regulations
Audit, KPMG
Auditor's statements based on laws and regulations, KPMG
Total
Non audit services
Tax services, KPMG
Other services, KPMG
Total
Auditor's fees total
1.1.–31.12.2022
1.1.–31.12.2021
-3.7
-22.6
-39.7
-7.1
-5.1
-6.5
-8.5
-1.6
-17.4
-112.3
-3.0
-19.2
-31.7
-4.8
-4.1
-4.3
-7.3
-2.3
-12.3
-89.2
1.1.–31.12.2022
1.1.–31.12.2021
-387.9
-13.4
-401.4
-2.8
-49.5
-52.3
-453.6
-302.5
-4.6
-307.1
-2.2
-34.5
-36.7
-343.8
Auditor's fees have been presented excluding value-added tax. Non-audit services paid for the parent company’s auditor,
KPMG Oy Ab, were 52 (37) thousand euros in total.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
11. Financial income and expenses
Reconciliation of the Group's tax rate to the Finnish tax rate
EUR mill.
Interest income on loans and other receivables
Dividend income
Change in fair value of interest rate derivatives. no hedge accounting
Total financial income
Interest expense on loans from financial institutions
Interest expenses on lease liabilities
Other financial expenses
Total financial expenses
Net finance expenses
12. Taxes
12.1 Income taxes
Income taxes in the statement of income
EUR mill.
Current tax for the reporting year
Income taxes for previous periods
Change in deferred taxes
Total income taxes
146
1.1.–31.12.2022
1.1.–31.12.2021
0.3
0.0
7.1
7.5
-5.9
-3.9
-0.5
-10.4
-2.9
0.3
0.0
0.6
0.8
-5.5
-3.9
-0.5
-9.9
-9.0
EUR mill.
Profit or loss before taxes
Tax using the parent company's tax rate
Tax rates in foreign jurisdictions
Tax exempt income
Non-deductible expenses
Share of profit in associated companies
Recognition of previously unrecognized tax losses
Tax losses for which no deferred taxes are recognized
Taxes from previous periods
Other
Total income taxes in the statement of income
1.1.–31.12.2022
1.1.–31.12.2021
30.9
-6.2
-0.0
0.2
-0.5
-0.0
0.2
-0.2
0.0
0.0
-6.5
100.7
-20.1
0.0
0.2
-0.8
-0.1
0.1
0.0
0.1
0.3
-20.3
1.1.–31.12.2022
1.1.–31.12.2021
-8.3
0.0
1.8
-6.5
-23.4
-0.0
3.1
-20.3
12.2 Deferred tax assets and liabilities
Deferred tax assets 2022
EUR mill.
Provisions
Tax losses carried forward
Leases
Interest rate derivatives
Other temporary differences
Total
1 Jan 2022
Business combi-
nations
Recognized in
the statement
of income
Translation
differences
31 Dec 2022
1.5
0.0
1.4
0.2
2.3
5.4
-
-
0.0
-
-
0.0
0.1
1.8
0.0
0.4
-0.2
2.0
-
-
-0.0
-
-0.0
-0.0
1.6
1.8
1.4
0.7
2.1
7.7
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Deferred tax liabilities 2022
Deferred tax liabilities 2021
EUR mill.
1 Jan 2022
Reversal of goodwill amortization
Business combinations
Depreciation difference
Loan withdrawal expense
Interest rate derivatives
Other temporary differences
Total
2.9
23.5
1.3
0.1
0.1
0.6
28.5
Business
combinations
Recognized in
the statement
of income
Translation
differences
31 Dec 2022
EUR mill.
1 Jan 2021
Business
combinations
Recognized in
the statement
of income
Translation
difference
31 Dec 2021
-
1.2
-
-
-
-
1.2
0.1
-3.4
1.2
-0.0
1.9
0.2
-0.1
-
-0.1
-
-
-
-0.0
-0.1
3.0
21.1
2.5
0.1
2.0
0.8
29.5
Reversal of goodwill amortization
Business combinations
Depreciation difference
Loan withdrawal expense
Interest rate derivatives
Other temporary differences
Total
2.8
22.4
0.6
0.2
-
0.1
26.0
-
4.2
-
-
-
0.5
4.6
0.1
-3.1
0.8
-0.1
0.1
0.0
-2.2
-
-0.0
-
-
-
-0.0
-0.0
2.9
23.5
1.3
0.1
0.1
0.6
28.5
The Group has no material deductible temporary differences, unused tax losses or unused tax credits
for which no deferred tax asset has been recognized.
The Group has no material deductible temporary differences, unused tax losses or unused tax credits
for which no deferred tax asset has been recognized.
Deferred tax assets 2021
13. Earnings per share
EUR mill.
Provisions
Leases
Interest rate derivatives
Other temporary differences
Total
1 Jan 2021
Business
combinations
Recognized in
the statement
of income
Translation
difference
31 Dec 2021
1.4
1.2
0.2
1.6
4.4
-
0.0
-
0.0
0.1
0.2
0.1
0.0
0.6
0.9
-
-0.0
-
-0.0
-0.0
1.5
1.4
0.2
2.3
5.4
Result attributable to the equity holders of the company, EUR mill.
Weighted average number of outstanding shares, in thousands
Diluted average number of outstanding shares, in thousands
Basic earnings per share for result attributable to the equity holders of the company, EUR
Diluted earnings per share for result attributable to the equity holders of the company, EUR
1.1.–31.12.2022
1.1.–31.12.2021
24.4
126,508
127,037
0.19
0.19
80.5
127,180
127,700
0.63
0.63
147
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
14. Property. plant and equipment
2022
EUR mill.
Acquisition cost 1 Jan 2022
Business combination
Additions
Disposals
Translation differences
Transfers between items
Acquisition cost 31 Dec 2022
Accumulated depreciation and
impairment losses 1 Jan 2022
Depreciation
Impairment losses
Translation differences
Accumulated depreciation and
impairment losses 31 Dec 2022
Carrying amount 1 Jan 2022
Carrying amount 31 Dec 2022
Land and water,
buildings and
constructions
Machinery and
equipment
Improvement
to premises
Other tangible
assets and
advances paid
2.1
0.2
-
-
-0.0
-
2.3
-1.1
-0.0
-
0.0
-1.2
1.0
1.2
144.4
0.4
20.0
-0.4
-0.2
1.0
165.1
-101.7
-14.6
-0.8
0.1
-117.1
42.6
47.9
55.0
0.5
4.9
-
-0.0
4.0
64.4
-29.6
-5.9
-0.2
0.0
-35.8
25.4
28.7
3.0
0.0
6.1
-0.0
-0.0
-4.9
4.2
-
-
-
-
-
2.9
4.2
148
2021
EUR mill.
Land and water,
buildings and
constructions
Machinery and
equipment
Improvement
to premises
Other tangible
assets and
advances paid
Acquisition cost 1 Jan 2021
2.1
127.4
Total
204.4
1.1
31.0
-0.4
-0.2
0.1
Business combination
Additions
Disposals
Translation differences
Transfers between items
236.0
Acquisition cost 31 Dec 2021
Accumulated depreciation and
impairment losses 1 Jan 2021
Depreciation and
impairment losses
Accumulated depreciation and
impairment losses 31 Dec 2021
Carrying amount 1 Jan 2021
Carrying amount 31 Dec 2021
-132.4
-20.6
-1.0
0.1
-154.0
72.0
82.0
-
-
-
-
-
2.1
-1.1
-0.0
-1.1
1.0
1.0
2.6
13.5
-0.4
-0.0
1.3
144.4
-88.1
-13.6
-101.7
39.3
42.6
49.5
0.4
1.7
-0.0
-0.0
3.4
55.0
-24.1
-5.5
-29.6
25.5
25.4
1.8
0.0
5.8
-
-
-4.7
3.0
-
-
-
1.8
2.9
Total
180.8
3.0
21.1
-0.5
-0.0
-
204.4
-113.3
-19.2
-132.4
67.6
72.0
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
14.1 Right of-use-assets
2022
EUR mill.
Acquisition cost 1 Jan 2022
Business combination
Additions
Disposals
Translation differences
Acquisition cost 31 Dec 2022
Accumulated depreciation and impairment losses 1 Jan 2022
Depreciation for the reporting period
Translation differences
Accumulated depreciation and impairment losses 31 Dec 2022
Carrying amount 1 Jan 2022
Carrying amount 31 Dec 2022
Premises
Other right-
of-use assets
278.7
4.4
54.5
-4.7
-1.3
331.7
-119.0
-48.8
0.3
-167.5
159.7
164.2
41.1
-
0.8
-0.3
-
41.5
-28.3
-3.5
0.0
-31.8
12.7
9.7
Total
319.8
4.4
55.3
-5.0
-1.3
373.1
-147.3
-52.3
0.3
-199.3
172.5
173.9
149
2021
EUR mill.
Acquisition cost 1 Jan 2021
Business combination
Additions
Disposals
Translation differences
Acquisition cost 31 Dec 2021
Accumulated depreciation and impairment losses 1 Jan 2021
Depreciation for the reporting period
Accumulated depreciation and impairment losses 31 Dec 2021
Carrying amount 1 Jan 2021
Carrying amount 31 Dec 2021
14.2 Lease liabilities
2022
EUR mill.
Non-current lease liabilities
Current lease liabilities
Total lease liabilities
2021
EUR mill.
Non-current lease liabilities
Current lease liabilities
Total lease liabilities
Premises
234.9
17.3
29.7
-3.0
-0.1
278.7
-76.8
-42.2
-119.0
158.1
159.7
Other right-
of-use assets
38.9
0.6
1.8
-0.2
-0.0
41.1
-24.6
-3.7
-28.3
14.3
12.7
Premises
Other lease
liabilities
124.2
43.7
167.9
9.0
2.8
11.8
Premises
Other lease
liabilities
120.0
43.4
163.3
11.4
3.7
15.1
Total
273.8
17.9
31.5
-3.2
-0.1
319.8
-101.4
-45.9
-147.3
172.4
172.5
Total
133.2
46.5
179.8
Total
131.4
47.1
178.5
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
15. Intangible assets
2022
EUR mill.
Acquisition cost 1 Jan 2022
Business combination
Additions
Reclassifications
Translation differences
Acquisition cost 31 Dec 2022
Accumulated amortizations and impair-
ment losses 1 Jan 2022
Amortization
Impairment losses*
Translation differences
Accumulated amortizations and impair-
ment losses 31 Dec 2022
Carrying amount 1 Jan 2022
Carrying amount 31 Dec 2022
Goodwill
Customer
relationships
Trademarks
Other intangible
assets and
advances paid
Total
2021
EUR mill.
Goodwill
Customer
relationships
Trademarks
916.6
34.4
-
-
-3.5
947.5
-68.0
-
-
-
-68.0
848.6
879.5
166.5
2.0
-
-
-0.7
167.8
-107.4
-10.2
-
0.1
-117.5
59.1
50.3
88.8
111.0
1,282.9
Acquisition cost 1 Jan 2021
-
-
-
-0.1
88.7
-33.7
-4.8
-
0.0
-38.5
55.1
50.2
4.1
26.1
-0.1
-0.9
40.4
26.1
-0.1
-5.2
Business combination
Additions
Disposals
Translation differences
140.2
1,344.2
Acquisition cost 31 Dec 2021
-50.0
-15.1
-30.5
-259.1
-30.1
-30.5
0.1
0.2
-95.6
61.0
44.6
-319.6
1,023.8
1,024.7
Accumulated amortizations and impair-
ment losses 1 Jan 2021
Amortization and impairment losses for the
reporting period
Accumulated amortizations and impair-
ment losses 31 Dec 2021
Carrying amount 1 Jan 2021
Carrying amount 31 Dec 2021
849.8
67.3
-
-
-0.4
916.6
-68.0
-
-68.0
781.8
848.6
154.2
12.3
-
-
-0.1
166.5
-97.3
-10.0
-107.4
56.9
59.1
82.9
6.0
-
-
-0.1
88.8
-29.2
-4.5
-33.7
53.6
55.1
Other intangible
assets and
advances paid
Total
80.9
1,167.8
5.1
25.1
-0.0
-0.0
90.6
25.1
-0.0
-0.5
111.0
1,282.9
-39.3
-233.9
-10.8
-25.3
-50.0
41.6
61.0
-259.1
933.9
1,023.8
*Includes approx. EUR 29 million impairment related to discontinued sub-project of the basic IT system development.
150
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
15.1 Development expenditure
Other intangible assets include development expenditure as follows:
16. Impairment testing of cash-generating
units including goodwill
2022
EUR mill.
Acquisition cost 1 Jan 2022
Business combination
Additions
Translation differences
Acquisition cost 31 Dec 2022
Accumulated amortizations and impairment losses 1 Jan 2022
Amortization and impairment losses
Accumulated amortizations and impairment losses 31 Dec 2022
Carrying amount 1 Jan 2022
Carrying amount 31 Dec 2022
2021
EUR mill.
Acquisition cost 1 Jan 2021
Business combination
Additions
Acquisition cost 31 Dec 2021
Accumulated amortizations and impairment losses 1 Jan 2021
Amortization
Accumulated amortizations and impairment losses 31 Dec 2021
Carrying amount 1 Jan 2021
Carrying amount 31 Dec 2021
151
Goodwill is not amortized but it is tested for impairment at least annually.
Goodwill arising from business combinations has been allocated to cash-generating units as shown in the table
below. Geographical areas consist of units with their own budgets and performance measurement, but they use shared
resources and are centrally managed.
31 Dec 2022
EUR mill.
Regional units
Capital region
Central units
Sweden and other
Total
31 Dec 2021
Goodwill
%
EUR mill.
Goodwill
386.4
256.7
193.1
43.3
879.5
43.9%
29.2%
22.0%
4.9%
Regional units
Capital region
Central units
Sweden and other
100.0%
Total
385.2
237.0
184.1
42.3
848.6
%
45.4%
27.9%
21.7%
5.0%
100.0%
In financial years 2021 and 2022 there were four cash generating units. The fourth cash generating unit, Sweden and
other, was formed in the Group due to the Feelgood acquisition in 2021. The recoverable amounts of the cash-genera-
ting units are based on value-in-use calculations which have been calculated using discounted cash flow projections.
The key assumptions used in the calculations are terminal period revenue growth rate, profitability (EBIT%) and the
discount rate. The projections are based on the budgets and estimates for the years 2023–2026, including the long-
term growth, which have been approved by the management.
18.2
0.1
16.4
-0.2
34.5
-5.2
-7.8
-13.0
12.8
21.6
6.4
2.1
9.7
18.2
-2.9
-2.6
-5.5
3.5
12.8
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
The assumptions used in
impairment calculations in 2022
The length of impairment testing period
Terminal period revenue growth rate
Profitability (EBIT%) during the terminal period
Discount rate (Pre-tax WACC)
Discount rate (Post-tax WACC)
The assumptions used in
impairment calculations in 2021
The length of impairment testing period
Terminal period revenue growth rate
Profitability (EBIT%) during the terminal period
Discount rate (Pre-tax WACC)
Discount rate (Post-tax WACC)
Regional
units
4 years
2.0%
9.2%
8.0%
6.8%
Regional
units
4 years
2.0%
9.7%
6.5%
5.6%
Capital region
Central units
Sweden
and other
4 years
4 years
4 years
2.0%
11.9%
8.0%
6.8%
2.0%
11.4%
8.0%
6.8%
2.0%
4.7%
6.8%
5.8%
Capital region
Central units
Sweden
and other
4 years
4 years
4 years
2.0%
11.7%
6.5%
5.6%
2.0%
10.1%
6.5%
5.6%
2.0%
5.4%
6.1%
5.2%
Revenue growth during the terminal period is based on a flat growth factor which corresponds to long-term target
inflation of the European Central Bank. Profitability during the terminal period is based on the assumed organic growth
under normal market situation, general development in health care services market and long-term estimates by the
Group’s management.
The discount rate used in impairment testing has been Pre-tax WACC of which the components are risk-free interest
rate, risk premiums, industry-specific beta, industry-specific cost of debt, and industry specific equity / debt ratios.
Based on the impairment testing, there is no need for recognition of impairment losses. All cash generating units’
value in use exceeded their carrying amount.
Sensitivity analysis
The Group has assessed the sensitivity of the impairment testing to the effect of the most critical assumptions used in
the calculation. The table below shows the required change in a single assumption that the recoverable amount would
fall below the carrying amount.
Variable
Terminal period revenue growth rate
Regional Units
Capital Regions
Central Unit
Sweden and other
Profitability (EBIT%) during the terminal period
Regional Units
Capital Regions
Central Unit
Sweden and other
Discount rate (Pre-tax WACC)
Regional Units
Capital Regions
Central Unit
Sweden and other
2022
2021
Decrease over 2.4 percentage points
Decrease over 4.1 percentage points
Decrease over 9.3 percentage points Decrease over 12.4 percentage points
Decrease over 12.7 percentage points Decrease over 15.1 percentage points
Decrease over 4.5 percentage points
Decrease over 3.7 percentage points
Decrease over 3.3 percentage points
Decrease over 5.6 percentage points
Decrease over 8.4 percentage points
Decrease over 9.7 percentage points
Decrease over 8.9 percentage points
Decrease over 8.7 percentage points
Decrease over 2.3 percentage points
Decrease over 2.8 percentage points
Increase over 2.6 percentage points
Increase over 4.4 percentage points
Increase over 9.0 percentage points
Increase over 10.9 percentage points
Increase over 11.7 percentage points
Increase over 12.8 percentage points
Increase over 3.9 percentage points
Increase over 3.5 percentage points
When assessing the recoverable amounts of cash generating units, management believes that no reasonably possible
change in any of the key variables used would lead to a situation where the recoverable amount of the cash generating
units would fall below their carrying amount.
152
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
18. Associated companies
Terveystalo has the following associated companies which are all consolidated using the equity method. The Group has
no individually material associates.
Associated companies 31. Dec 2022
Terveyden Tuottajat Oy
Domicile
Ownership
Voting rights
Finland
0.0%
48.2%
Summarized financial information on associated companies
EUR mill.
Carrying amount
Group's share of total comprehensive income
2022
0.0
-0.1
2021
0.6
-0.3
17. Investment properties
Carrying amount of investment properties
EUR mill.
Carrying amount at the beginning of the period
Depreciation
Carrying amount at the end of the period
Income and expenses related to investment properties
EUR mill.
Rental income from investment properties
Operating expenses for investment properties
Total
1.1.–31.12.2022
1.1.–31.12.2021
0.5
-0.0
0.5
0.5
-0.0
0.5
1.1.–31.12.2022
1.1.–31.12.2021
0.1
-0.0
0.1
0.1
-0.0
0.1
Income and expenses relating to investment properties are presented based on the Group’s ownership in the investment properties.
There are no other contractual obligations related to investment properties.
Fair values of investment properties
Investment
Koy Jyväskylän Väinönkatu 30
Value per m2
(In thousands
of euro)
0.4–0.5
556–679
m2
1,348
The value of Kiinteistö Oy Jyväskylän Väinönkatu has been determined based on the Group’s share of ownership
(16.81%).
153
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
19. Share-based payments
Performance Share Plan 2021
Performance Share Plan is targeted to Terveystalo’s key employees. The long-term share-based payment plan is based
on a rolling 3-year performance period structure, with a new performance period starting each year, if so decided by the
Board. The Board decides on the participants, performance measures and targets as well as earning opportunities on an
annual basis. Rewards are conditional on the fulfilment of a three-year service condition and performance conditions
tied to financial targets that are set separately. The reward is granted as a gross number of Terveystalo shares, including
a cash portion for taxes and tax-related expenses arising from the reward to the employee. The reward is settled as net
shares. The plan is fully accounted for as an equity settled share-based payment. Under the plan, two (2) performance
periods 2021-2023 and 2022-2024 have been launched. The impact of the Performance Period 2021-2023 to the
result for the period has been EUR 0.9 million and the expected total cost of the plan is EUR 3.4 million. 45 persons are
included in the arrangement the Performance Period 2021-2023. The impact of the Performance Period 2022-2024 to
the result for the period has been EUR 0.6 million and the expected total cost of the plan is EUR 2.3 million. 63 persons
are included in the arrangement for the Performance Period 2022-2024.
Bridge Plan
Bridge Plan is targeted for President and CEO. Rewards are conditional on the fulfilment of a two-year service condition
and performance conditions tied to financial targets that are set separately. The reward is granted as a gross number of
Terveystalo shares including a cash portion for taxes and tax-related expenses arising from the reward to the employee.
The reward is settled as net shares. The plan is fully accounted for as an equity settled share-based payment. The plan’s
impact to the result for the period has been EUR 0.3 million and the expected total cost of the plan is EUR 0.5 million.
Performance Share Plan 2021
Grant date
Maximum number of share awards
Outstanding at 1 Jan 2022
Granted share awards during the period
Forfeited share awards during the period
Exercised share awards during the period
Outstanding at 31 Dec 2022
Fair value of the share award at grant date
End of the performance period
End of the vesting period, expected
Vesting conditions
Exercised
154
2022–2024
1 Apr 2022
683,085
-
683,085
105,221
-
577,864
9.2
28 Feb 2025
31 Mar 2025
Service condition. total
Shareholder Return (TSR)
2021–2023
1 Apr 2021
642,000
598,000
14,556
126,000
-
486,556
12.6
29 Feb 2024
31 Mar 2024
Service condition, total
Shareholder Return (TSR),
productivity and digital sales
In shares and cash
In shares and cash
Bridge Plan
Grant date
Maximum number of share awards
Outstanding at 1 Jan 2022
Granted share awards during the period
Forfeited share awards during the period
Exercised share awards during the period
Outstanding at 31 Dec 2022
Fair value of the share award at grant date
End of the performance period
End of the vesting period, expected
Vesting conditions
Exercised
2021–2022
24 May 2021
58,600
-
58,600
-
-
58,600
14.1
28 Feb 2023
31 Mar 2023
Service condition, total
Shareholder Return (TSR),
productivity and digital sales
In shares and cash
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Performance Share Plan 2018-2020
Performance Share Plan 2018–2020 is targeted to Terveystalo’s key employees. The plan consists of three vesting
periods which consists of a one-year performance period and a two-year waiting period. The performance periods are
calendar years 2018, 2019 and 2020. Rewards are conditional on the fulfilment of a three-year service condition and
performance conditions tied to financial targets that are set separately. The reward is granted as a gross number of
Terveystalo shares, including a cash portion for taxes and tax-related expenses arising from the reward to the employee.
The reward is settled as net shares. The plan is fully accounted for as an equity settled share-based payment. No rewards
were earned on the basis of the performance periods 2018 and 2020. During the reporting period the shares earned
from the performance period 2019 were paid to the participants at the end of a 2-year vesting period. The plan’s impact
to the result for the period has been EUR 0.3 million. 68 persons were included in the arrangement until the plan end.
Restricted Share Plan
Restricted Share Plan offers individually selected employees an opportunity to earn a fixed number of shares after a
vesting period. Rewards are conditional on the fulfilment of a service condition during the vesting period. The reward
is granted as a gross number of Terveystalo shares, including a cash portion for taxes and tax-related expenses arising
from the reward to the employee. The reward is settled as net shares. The plan is fully accounted for as an equity settled
share-based payment. Two (2) vesting periods have been launched in the plan. At the reporting period end, three (3)
persons were included in the arrangement. The impact to the result of the vesting periods 2021-2023 and 2022-2024
has been EUR 0.0 million and the expected total cost of the plan is EUR 0.1 million.
Performance Share Plan 2018-2020
2020
2019
2018
Restricted Share Plan
30 April 2020
27 March 2019
30 Jan 2018
Grant date
660,836
-
-
-
-
-
8.8
943,000
519,674
-
-
519,674
-
9.0
943,000
Maximum number of share awards
-
-
-
-
-
Outstanding at 1 Jan 2022
Granted share awards during the period
Forfeited share awards during the period
Exercised share awards during the period
Outstanding at 31 Dec 2022
6.9
Fair value of the share award at grant date
31 Dec 2020
31 Dec 2019
31 Dec 2018
End of the performance period
Not applicable
8 Mar 2022
Not applicable
End of the vesting period, expected
Service condition. total Shareholder Return (TSR) and profitability
Vesting conditions
In shares and cash
Exercised
Grant date
Maximum number of share awards
Outstanding at 1 Jan 2022
Granted share awards during the period
Forfeited share awards during the period
Exercised share awards during the period
Outstanding at 31 Dec 2022
Fair value of the share award at grant date
End of the performance period
End of the vesting period
Vesting conditions
Exercised
155
2022–2024
22 Jun 2022
2021–2023
15 Apr 2021
68,309
-
3,000
-
-
3,000
9.5
-
64,200
7,000
-
-
-
7,000
11.2
-
31 Mar 2025
31 Mar 2024
Service condition
Service condition
In shares and cash
In shares and cash
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
20. Financial assets and liabilities – carrying amount,
fair values and fair value hierarchy
Financial assets and liabilities classified at fair value hierarchy level 3 consist of unquoted equity investments and contingent considerations
from business combinations. The measurement of unquoted equity investments is based on the managements estimate of future cash flows
arising from the investments and the measurement of contingent considerations is based on the amounts specified in purchase agreements
and the management estimate on whether the consideration will be realized. The effect on earnings arising from the changes of fair values of
financial assets and liabilities classified at fair value hierarchy level 3 has been EUR -2.4 million (2021: EUR 0.5 million).
Financial assets
and liabilities at
fair value
Financial assets
and liabilities at
amortized cost
Carrying
amount
Fair
value
Fair value
hierarchy
0.3
0.8
-
-
-
9.9
11.0
-
-
5.6
-
-
-
5.0
3.4
14.0
0.3
0.8
0.3
0.8
Level 2
Level 3
-
-
106.9
12.8
40.2
-
159.9
379.2
3.9
-
40.0
4.2
49.0
-
-
106.9
106.9
12.8
40.2
9.9
12.8
40.2
9.9
170.9
170.9
379.2
379.2
3.9
5.6
40.0
4.2
49.0
5.0
3.4
3.9
5.6
40.0
4.2
49.0
5.0
3.4
476.2
490.2
490.2
EUR mill. 31 Dec 2021
Financial assets
Non-current
Loan receivables
Unquoted equity investments
Current
Trade receivables
Contract assets
Level 2
Cash and cash equivalents
Interest rate derivatives
Total
Financial liabilities
Non-current
Loans from financial institutions
Hire purchase liabilities
Contingent considerations
Current
Loans from financial institutions
Hire purchase liabilities
Trade payables
Contingent considerations
Interest rate derivatives
Total
Level 3
Level 3
Level 2
Financial assets
and liabilities
at fair value
Financial assets
and liabilities at
amortized cost
Carrying
amount
Fair
value
Fair value
hierarchy
0.1
0.8
-
-
-
0.6
1.6
-
-
5.4
-
-
-
2.8
1.2
9.4
-
-
103.4
15.0
38.1
-
156.5
0.1
0.8
0.1
0.8
Level 2
Level 3
103.4
103.4
15.0
38.1
0.6
15.0
38.1
0.6
158.1
158.1
Level 2
249.8
249.8
249.8
8.1
-
115.6
5.3
57.1
-
-
8.1
5.4
8.1
5.4
Level 2
Level 3
115.6
115.6
5.3
57.1
2.8
1.2
5.3
57.1
2.8
1.2
Level 3
Level 2
435.8
445.2
445.2
EUR mill. 31 Dec 2022
Financial assets
Non-current
Loan receivables
Unquoted equity investments
Current
Trade receivables
Contract assets
Cash and cash equivalents
Interest rate derivatives
Total
Financial liabilities
Non-current
Loans from financial institutions
Hire purchase liabilities
Contingent considerations
Current
Loans from financial institutions
Hire purchase liabilities
Trade payables
Contingent considerations
Interest rate derivatives
Total
156
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
21. Financial risks
21.1 Financial risk management
The Group is exposed to various financial risks in its normal business activities. The objective of the Group’s risk mana-
gement is to minimize the negative effects of changes in the financial markets on the Group’s result and valuation. The
Group’s main financial risks are interest rate risk, credit risk and liquidity risk. The Group’s risk management principles
are approved by the Board of Directors and the Group’s financial department is responsible for the implementation
of the principles. The Group’s financial department identifies and assesses risks and acquires instruments needed to
hedge against them.
21.2 Interest rate risk and currency risk
The Group’s interest rate risk arises from its loans from financial institutions issued at a floating rate. In 2022, the
Group’s average interest rate for loans from financial institutions has been 1.2 percent (2021: 0.9 percent). If the inte-
rests would have been one percentage point higher it would have caused an increase of EUR 3.9 million in interest
expenses during the year 2022. (2021: EUR 3.7 million).
The Group does not apply hedge accounting according to IFRS 9. The Group’s subsidiaries have the following open
interest rate derivative contracts at the reporting date:
• Interest rate swap agreements based on which the Group pays fixed 2.94; 0.21; 0.48; 0.19 and 2.92 percent
interest rate and receives variable interest on EUR 30.0; 30.0; 50.0; 50.0 and 50.0 million loan capital.
Besides Finland, the Group has operations in Sweden and to a minor extent in Estonia and the Netherlands and is
thereby exposed to currency risk arising from Swedish krona. As billing and purchasing of the Group companies is
conducted in the local currency, the transaction risk exposure for Terveystalo is insignificant. During the year 2022,
the Group incurred foreign exchange losses of EUR 0.1 million (2021: EUR 0.4 million). However, the group is exposed
to exchange rate translation differences, which are booked in other comprehensive income that may be reclassified as
profit or loss.
21.3 Credit risk
The majority of the Group’s incoming cash flows are payments from established institutions, public sector and com-
panies with appropriate credit rating. However, the Group’s trade receivables include credit risk. Credit risk is managed
mainly by monitoring the customer’s credit rating on a regular basis and by co-operating with collection agencies. In
addition, the Group’s customers include private people whose invoicing is primarily carried out in connection with the
rendering of services.
The Group has no major customer specific risk concentrations and its credit risk is diversified. Credit risk is managed
by monitoring the amount, maturity distribution and turnover of trade receivables. Credit risk is also monitored on a
client by client basis.
The Group has assessed the potential impact of Covid-19 to credit risk of trade receivables. Based on the assess-
ment, the Group’s view is that the credit risk has not significantly increased.
The Group’s maximum credit risk is equal to the carrying amount of financial assets at the reporting date. The
maturity distribution of the Group’s trade receivables is disclosed in note 22 Trade and other receivables.
21.4 Liquidity risk
The Group aims to assess and monitor continuously the amount of funding required by business operations, in order
to ensure sufficient liquidity to finance its operations, to repay maturing loans as well as to carry out investments and
acquisitions of companies according to the growth strategy. The Group’s cash and cash equivalents comprise cash in
bank accounts, cash in hand and cash payments not yet recorded into the Group’s bank accounts (cash in transit) at the
reporting date.
The Group manages liquidity risk by monitoring unused liquidity reserves and forecasting future cash flows.
The Group has an overdraft facility and undrawn credit facilities, of which EUR 99.6 million remained unused at the
reporting date (2021: EUR 55.5 million).
The table below presents a contractual maturity analysis of financial liabilities. The cash flow figures are
undiscounted and they include both interest payments and repayments of principals. Interest payments which are
based on variable rates have been presented using variable rates as of the end of the reporting date.
157
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Maturity analysis of liquidity risk
31 Dec 2022
EUR mill.
Loans from financial
institutions
Lease liabilities
Hire purchase liabilities
Trade payables
Interest rate derivatives
Total
31 Dec 2021
EUR mill.
Loans from financial institu-
tions
Lease liabilities
Hire purchase liabilities
Trade payables
Interest rate derivatives
Total
Carrying
amount
Contractual
cash flows
1 year
1–2 years
2–5 years
419.2
179.8
8.0
49.0
3.4
659.4
446.9
191.9
8.2
49.0
2.9
52.3
49.9
4.3
49.0
0.1
220.3
43.2
2.6
-
1.9
151.5
74.8
1.3
-
0.9
698.5
155.6
267.9
228.5
46.4
Carrying
amount
Contractual
cash flows
1 year
1–2 years
2–5 years
365.4
178.5
13.3
57.1
1.2
615.4
373.5
186.4
13.7
57.1
1.4
118.6*
48.9
5.5
57.1
1.1
631.9
231.2
42.8
42.0
4.3
-
0.2
89.4
212.0
72.8
3.8
-
0.0
288.6
22.8
Over 5
years
22.5
24.0
-
-
-
Over 5
years
-
22.8
-
-
-
21.5 Capital management
The objective of the Group’s capital management is to support business operations and to ensure competitive opera-
ting conditions with optimal capital structure, as well as to enable the implementation of the strategy.
In addition to operative cash flows, the capital structure is managed by potential share issues, acquisition of treasury
shares by increase or repayment of financial liabilities, possible conversions between equity and financial liabilities, as
158
well as through operative decisions on investments and growth and potential disposals of assets in order to reduce liabi-
lities.
The development of the Group’s capital structure is monitored, amongst other things, with the following: change in
net debt, ratio of net debt to operating margin, and the cash flow forecast.
The Group’s net debt to equity ratio (gearing) was 95.7 percent at the reporting date (2021: 85.2 percent). The ratio
is calculated by dividing interest bearing net debt with equity. The net debt includes interest bearing liabilities less inte-
rest bearing receivables and cash and cash equivalents. The Group’s interest bearing liabilities were EUR 607.0 million
at the reporting date (2021: EUR 557.2 million). A significant part of the interest bearing liabilities consists of loans from
financial institutions.
The Group’s loan agreements include a covenant, based on which creditors can demand an immediate repayment
of the loans if a certain covenant limit is breached. The covenant relates to the ratio between EBITDA and net debt. The
Group has met all covenant terms and conditions during the reporting period and at the reporting date.
22. Trade and other receivables and contract assets
Carrying amounts of trade and other receivables and contract assets
EUR mill.
Non-current
Loan receivables
Total non-current receivables
Current
Trade receivables
Other receivables
Prepaid expenses
Contract assets
Total
2022
2021
0.3
0.3
106.9
2.1
21.0
12.8
142.9
0.1
0.1
103.4
2.0
7.9
15.0
128.3
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Specification of prepaid expenses
Ageing of trade receivables and recognized credit losses
EUR mill.
Derivatives
Current tax receivables
Other prepaid expenses
Total
2022
2021
9.9
4.5
6.5
21.0
0.6
0.1
7.3
7.9
During the reporting period the Group has recognized final credit losses and expected credit losses on trade receivables
and contract assets through the statement of income totaling EUR 1.9 million (2021: EUR 1.6 million). Impairment loss
provision is based on a simplified approach. Estimated impairment loss rates have been calculated using historical infor-
mation of actual impairment losses, and the current conditions and the Group’s view of the economic conditions over
the expected lives of the receivables have been taken into account.
2021
EUR mill.
Contract assets
Not past due
Past due
Less than 30 days
31–90 days
91–180 days
Over 180 days
Based on the Group’s view, the carrying amount of trade receivables corresponds to the maximum credit risk if the
Total
contractual parties are unable to meet their obligations related to trade receivables.
Trade
receivables
total
Expected
credit loss
Recognized
expected
credit loss
Carrying
amount
15.0
92.0
6.5
2.1
1.7
2.8
120.1
-0.1%
-0.1%
-0.3%
-1.1%
-6.4%
-50.9%
-0.0
-0.1
-0.0
-0.0
-0.1
-1.4
-1.6
15.0
91.9
6.5
2.1
1.6
1.4
118.4
The fair value of other receivables and prepaid expenses corresponds with their carrying amount.
Information about credit risk related to trade receivables is stated in note 21 Financial risks.
Ageing of trade receivables and recognized credit losses
2022
EUR mill.
Contract assets
Not past due
Past due
Less than 30 days
31–90 days
91–180 days
Over 180 days
Total
Trade receivables and
contract assets total
Expected
credit loss
Recognized
expected
credit loss
Carrying
amount
12.8
95.0
7.3
2.3
1.0
3.2
121.6
0.0%
-0.1%
-0.4%
-1.2%
-5.9%
-55.5%
0.0
-0.1
0.0
0.0
-0.1
-1.8
-1.9
12.8
95.0
7.3
2.3
1.0
1.4
119.7
Information about credit risk related to trade receivables is stated in note 21 Financial risks.
159
23. Cash and cash equivalents
The Group’s cash and cash equivalents on 31 December 2022, amounting to EUR 40.2 million (2021: EUR 38.1 million)
consist of cash in hand and bank as well as, cash payments on the bank settlement account at the reporting date.
The carrying amounts in the statement of financial position correspond to the maximum amount of credit risk if the
contractual parties are unable to meet their obligations. However, no significant counterparty risks are associated with
cash and cash equivalents. The fair value of cash and cash equivalents correspond to their carrying amounts.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
24. Share capital and invested non-restricted equity reserve
Number of
outstanding
shares,
1.000 pcs
Number of
treasury
shares,
1.000 pcs
Number
of shares
total,
1.000 pcs
127,307
730
128,037
-1,000
126,307
126,307
241
1,000
1,730
1,730
-241
-
128,037
128,037
-
-1,000
-1,000
Share
capital
Invested
non-restricted
equity reserve
Treasury
shares
0.1
-
0.1
0.1
-
-
492.8
-
492.8
492.8
-
-
-6.7
-11.3
-18.0
-18.0
2.2
-
Total
486.1
-11.3
474.9
474.9
2.2
-
126,548
489
127,037
0.1
492.8
-15.8
477.1
EUR mill.
1 Jan 2021
Acquisition of
treasury shares
31 Dec 2021
1 Jan 2022
Acquisition of
treasury shares
Cancellation of
treasury shares
31 Dec 2022
Shares and share capital
On 31 December 2022, the amount of shares is 127,036,531 of which amount of outstanding shares is 126,547,995
and amount of treasury shares is 488,536.
The Company has a single share class. The shares have no nominal value. All shares issued have been paid in full.
Each share has one vote at the Annual General Meeting and equal rights to dividend and other distribution of assets.
Terveystalo PLC’s share is listed on Nasdaq Helsinki Oy. The trading code is TTALO. Terveystalo PLC’s shares belong to
the book-entry system maintained by Euroclear Finland Oy.
Invested non restricted equity reserve
Invested non-restricted equity reserve consists of other investments similar to equity and the subscription price of
shares to the extent that it has not been recorded in share capital according to specific resolution. According to the
current Finnish Companies Act subscription price of new shares is recognized in the share capital, unless it has not been
according to Issuance Resolution fully or partly recognized in invested non-restricted equity reserve.
Distributable funds
On 31 December 2022, the distributable funds of the parent company totaled EUR 530.8 million including the profit
of the financial period 2022 of EUR 23.7 million. The Board of Directors proposes to the Annual General Meeting that a
dividend of EUR 0.28 (0.28) per share totaling EUR 35.4 (35.6) million be paid based on the statement of financial posi-
tion adopted for the financial year ended 31 December 2022. The dividend would be paid in two instalments as follows:
• The first dividend instalment of EUR 0.14 per share would be paid to the shareholders who are registered in the
shareholders' register of the Company maintained by Euroclear Finland Ltd on the record date of the first dividend
instalment on 27 March 2023. The Board of Directors proposes that the first dividend instalment would be paid on
3 April 2023.
• The second dividend instalment of EUR 0.14 per share would be paid to shareholders who are registered in the
shareholders' register of the Company maintained by Euroclear Finland Ltd on the record date of the second divi-
dend instalment on 2 October 2023. The Board of Directors proposes that the second dividend instalment would
be paid on 9 October 2023. The Board of Directors also proposes that the Annual General Meeting would autho-
rise the Board of Directors to resolve, if necessary, on a new record date and date of payment for the second divi-
dend instalment should the rules of Euroclear Finland Ltd or statutes applicable to the Finnish book-entry system
change or otherwise so require.
The dividend proposed by the Board of Directors to the Annual General Meeting is not deducted from distributable
equity until approved by the Annual General Meeting of Shareholders.
No material changes have taken place in the company’s financial position since the end of the financial year. The
liquidity of the company is good and the proposed allocation of funds, in the view of the Board of Directors, does not
endanger the company's solvency.
160
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
EUR mill.
Loans from financial
institutions
Hire purchase liabili-
ties
Lease liabilities
Total
EUR mill.
Loans from financial
institutions
Hire purchase liabili-
ties
Lease liabilities
Total
25. Financial liabilities
1 Jan 2022
Cash
flows
Business
combinations
Other
changes
Translation
differences
31 Dec 2022
Non-cash changes
365.4
13.3
178.5
557.2
53.8
-5.3
-49.3
-0.8
-0.4
-
-0.0
-0.4
419.2
8.0
179.8
607.0
0.5
-
4.4
4.9
-0.2
-
46.2
46.0
Non-cash changes
26. Trade and other payables
Carrying amounts of trade and other payables
EUR mill.
Trade payables
Other payables
Contract liabilities
Interest rate derivatives
Accrued expenses
Total
Specification of other payables
1 Jan 2021
Cash
flows
Business
combinations
Other
changes
Translation
differences
31 Dec 2021
371.9
17.6
178.5
567.9
-11.5
-5.9
-42.4
-59.8
4.8
-
17.1
21.9
0.3
1.6
25.3
27.1
-0.0
-
-0.0
-0.0
365.4
13.3
178.5
557.2
EUR mill.
Doctor's fee liabilities
VAT liabilities
Other
Total
The Group’s loan agreements include a covenant, based on which creditors can demand an immediate repayment of
the loans if a certain covenant limit is breached. The covenant relates to the ratio between EBITDA and net debt. The
Group has met all covenant terms and conditions during the reporting period and at the reporting date.
Specification of accrued expenses
EUR mill.
Personnel-related accrued expenses
Interest liabilities
Other
Total
161
2022
49.0
81.9
10.3
3.4
78.7
223.2
2022
48.2
24.0
9.7
81.9
2022
71.4
1.5
5.8
78.7
2021
57.1
75.9
6.1
1.2
73.9
214.1
2021
44.6
20.8
10.6
75.9
2021
67.1
0.2
6.6
73.9
TerveystaloAnnual Report 2022 28. Defined benefit plans
The Group has defined benefit plans in Sweden in the Feelgood subgroup. These consists of PSA and PA-KL plans which
are closed and for which all the participants have either retired or left the Group. There are no assets related to the
Group’s defined benefit plans. The defined benefit plans determine the amount of pension to be paid and the benefits
to be paid for disability and at termination of employment. The benefits in these plans are usually based on the length of
employment and the level of final salary. The weighted average duration of the defined benefit obligations was 8 years
at the reporting date.
Summary of the impact of the defined benefit plans in the financial statements
Year 2022
Sustainability
Corporate Governance
Financials
27. Provisions
Carrying amounts of provisions
EUR mill.
Non-current provisions
Current provisions
Total
EUR mill.
Onerous contracts
Other provisions
Total
2022
8.3
3.2
11.5
2022
7.1
4.4
11.5
Changes in provisions during the financial year 2022
EUR mill.
1 Jan 2022
Increase in provisions
Used provisions
31 Dec 2022
Onerous contracts
Other provisions
6.6
2.2
-1.7
7.1
4.4
0.6
-0.6
4.4
Changes in provisions during the financial year 2021
2021
8.5
2.5
11.0
2021
6.6
4.4
11.0
Total
11.0
2.8
-2.3
11.5
EUR mill.
Present value of the defined benefit obligations
Expenses related to defined benefit plans
Remeasurements of defined benefit obligations
Reconciliation of the defined benefit obligation
EUR mill.
1 Jan
Business combinations
Interest expense (+) / income (-)
Benefits paid
Remeasurement of the obligation
EUR mill.
1 Jan 2021
Increase in provisions
Used provisions
31 Dec 2021
162
Onerous contracts
Other provisions
Total
Actuarial gain (-) / loss (+) from change in financial assumptions
Actuarial gain (-) / loss (+) from change in demographic assumptions
5.8
2.0
-1.2
6.6
4.3
0.6
-0.5
4.4
10.1
2.6
-1.7
11.0
Experience adjustment gain (-) / loss (+)
Translation differences
31 Dec
2022
1.3
0.0
-0.2
2021
1.7
0.0
-0.1
2022
2021
1.7
-
0.0
-0.1
-
-0.2
-
-0.1
1.3
-
1.9
0.0
-0.1
-
-0.1
-
-0.0
1.7
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Applied actuarial assumptions
%
Discount rate
Inflation
2022
3.80
1.90
2021
1.20
2.20
The discount rate is determined based on the yield of Swedish housing market bonds which have a length that approximates the Group’s pen-
sion obligations.
Sensitivity analysis of the relevant actuarial assumptions’
impact on defined benefit obligation
EUR mill.
0.5%-point increase in the principal assumption
Discount rate
Inflation
0.5%-point decrease in the principal assumption
Discount rate
Inflation
2022
2021
-0.0
0.0
0.0
-0.0
-0.1
0.1
0.1
-0.1
An external actuary has performed the sensitivity analysis for one variable at a time while holding all other variables
constant and regardless of the actual volatility of the given variable. Consequently, the purpose of the analysis is not to
quantify expected change in the defined benefit obligation but to illustrate the sensitivity of the value of the obligation
to these variables.
29. Collateral and contingent liabilities
EUR mill.
Business mortgages
Total
Securities for own debts
Deposits
Guarantees
Total
31 Dec 2022
31 Dec 2021
11.4
11.4
0.5
0.4
0.9
11.4
11.4
0.2
0.9
1.1
30. Related party transactions
Group’s related parties
The Group’s related parties include the parent company as well as subsidiaries and associated companies. In addition,
related parties include also the members of the Board of Directors, Group management and the CEO as well as their
close family members and entities in which they have control or joint control. Related party transactions which are not
eliminated in the preparation of Terveystalo’s consolidated financial statements are presented as related party transac-
tions.
The relationships of the parent company and the subsidiaries are disclosed in note 31 Group companies.
Related party transactions
2022
Associated companies
Other related parties
Total:
Sales
Purchases
Receivables
Payables
0.6
-
0.6
10.6
-
10.6
0.3
-
0.3
1.0
-
1.0
163
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Sales
Purchases
Receivables
Payables
2022
2021
1,134.8
1,276.4
Members of the Board until 7 April 2022
Annual fee
settled
in cash
Annual fee
settled in
shares
Meeting
fees
Other
financial
benefits*
Annual fee
settled
in cash
Annual fee
settled in
shares
Meeting
fees
Other
financial
benefits*
Remuneration to
Board of Directors,
in thousands
of euro
Kari Kauniskangas
(Chairman of the
board)
Kristian Pullola
Katri Viippola
Carola Lemne**
Matts Rosenberg**
52.5
31.2
24.9
24.9
31.2
35.0
20.8
16.6
16.6
20.8
19.0
14.2
15.5
14.7
10.4
Members of the Board of Directors until 10 October 2022
Dag Andersson
41.5
0.0
13.8
Niko Mokkila
Åse Aulie Michet
Tomas Von Rettig
0.0
0.0
0.0
0.0
0.0
0.0
3.8
4.4
5.1
Members of the Board of Directors until 25 March 2021
Lasse Heinonen
-
-
-
Total
206.2
109.8
100.7
* Other financial benefits include transfer tax fees for the annual fees paid in shares
** Member of the Board of Directors from 2022
0.6
0.3
0.3
0.3
0.3
0.0
0.0
0.0
0.0
-
1.8
50.5
30.0
23.9
-
-
34.0
20.2
16.1
-
-
15.0
12.5
15.0
-
-
23.9
16.1
15.3
23.9
23.9
30.0
16.1
16.1
20.2
15.0
16.4
17.0
-
-
3.1
206.0
138.7
109.3
0.5
0.3
0.3
-
-
0.3
0.3
0.3
0.3
-
2.2
2021
Associated companies
Other related parties
Total:
Compensation for the key management
Remuneration for CEO, in thousands of euro
Fixed pay
Short-term incentives
Other benefits
Share-based payments
Pensions (statutory)
Total
Renumeration for the CEO is presented on an accrual basis.
Remuneration to members of the
Executive team( excluding CEO), in thousands of euro
Fixed pay
Other benefits
Short-term incentives
Share-based payments
Termination benefits
Pensions (statutory)
Total
Renumeration to members of the Executive team is presented on an accrual basis.
164
0.7
-
0.7
12.5
-
12.5
0.2
-
0.2
2022
393.6
105.0
6.4
546.9
82.9
1.1
-
1.1
2021
400.0
433.8
-
306.7
136.0
2022
1,638.5
28.1
146.1
730.9
305.9
301.6
3,151.1
2021
1,754.1
41.8
880.2
611.6
-
436.5
3,724.3
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Bonus Scheme
The Company operates a bonus scheme, which is determined by the Board of Directors of the Company upon the
recommendation of the Remuneration Committee. The CEO and the members of the Executive Team are eligible to
participate in the bonus scheme in accordance with the Company’s bonus policy. Annual bonuses are payable based on
the attainment of key performance targets of the Company. The key performance targets of the CEO and the Executive
Team are based on the Company’s adjusted EBITA as well as the individual business and performance targets. The indivi-
dual business and performance targets are set by the manager of the participant in the bonus scheme.
The Board of Directors of Terveystalo Plc has resolved to establish a share-based incentive plan directed to the
Group’s key employees. More information on the share-based incentive plan is presented in note 19 Share-based pay-
ments.
Management holdings
Name
Kari Kauniskangas
Matts Rosenberg
Carola Lemne
Kristian Pullola
Katri Viippola
Ville Iho
Juuso Pajunen
Petri Bono
Siina Saksi
Position
Chairman of the Board of Directors
Member of the Board of Directors
Member of the Board of Directors
Member of the Board of Directors
Member of the Board of Directors
President and CEO
Chief Financial Officer
Chief Medical Officer
Chief Operating Officer, Healthcare Services
Marja-Leena Tuomola
Chief Commercial Officer, Healthcare Services
Senior Vice President, Digital Business
Senior Vice President, Portfolio Businesses
Senior Vice President, Human Resources
Kati Sulin
Mikko Tainio
Minttu Sinisalo
165
31 Dec 2022
16,532
11,366
2,627
5,075
8,954
5,000
12,000
7,587
60,380
1,000
-
518
-
31. Group companies
The Group’s parent company is Terveystalo Plc domiciled in Finland.
Subsidiaries as at 31 December 2022
Company name
Alna Sverige AB
EAM TTALO Holding Oy*
Evalua International Ltd. Oy
Evalua Nederland B.V.
Feelgood Företagshälsa Dalarna AB
Feelgood Företagshälsovård AB
Feelgood Jobbhälsan AB
Feelgood Länshälsan AB
Feelgood Sjukvård AB
Feelgood Svenska AB
Idavallen AB
Kunnon Syke Oy
Ludus Oy Tutkimus- ja Kuntoutuspalvelut
Länshälsan Skåne AB
Medicin Direkt Östersund AB
Medimar Scandinavia Ab
Nämndemansgården i Sverige AB
Rela Estonia OÜ
Rela-hierojat Oy
Saimaan Urheilufysioterapia Oy
Sauma Lastensuojelupalvelut Oy
Sivupersoona Oy
Domicile
Group's share
Group's voting rights
Finland
Finland
Finland
Netherlands
Sweden
Sweden
Sweden
Sweden
Sweden
Sweden
Sweden
Finland
Finland
Sweden
Sweden
Finland
Sweden
Estonia
Finland
Finland
Finland
Finland
100.0%
0.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
0.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Company name
Somia Reality Oy
Suomen Hierojakoulut Oy
Suomen Terveystalo Oy
Terveystalo Estonia OÜ
Terveystalo Healthcare Holding Oy
Terveystalo Healthcare Oy
Terveystalo Julkiset palvelut Oy
Terveystalo Kuntaturva Oy
Terveystalo Tactus Oy
The Drawing Room AB
TT Ålands Tandläkarna Ab
Domicile
Group's share
Group's voting rights
Finland
Finland
Finland
Estonia
Finland
Finland
Finland
Finland
Finland
Sweden
Finland
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
*Evli Asset Management holds the ownership and voting rights of EAM TTALO Holding Oy by legal terms, but according to the agreement Ter-
veystalo has control over the company and acts as the principal, whereas EAM is an agent through the holding company. Based on this control
arising from contractual terms, the holding company is consolidated into the Group's IFRS financial statements as a structured entity.
31.1 Changes in the Group structure
Financial year 2022
The following mergers took place during the financial year 2022:
• 30.4.2022 Attentio Oy merged with Suomen Terveystalo Oy.
• 1.6.2022 Vantaan Työterveys Oy merged with Suomen Terveystalo Oy.
• 31.8.2022 Lapin Liikuntaklinikka Oy merged with Suomen Terveystalo Oy.
• 31.8.2022 Hierojakoulu Relaxi Oy merged with Suomen Hierojakoulut Oy.
• 31.8.2022 Feelgood Primärvård AB merged with Feelgood Företagshälsovård AB.
• 31.8.2022 Feelgood Online AB merged with Feelgood Företagshälsovård AB.
• 31.8.2022 Feelgood Företagshälsovård Östersund AB merged with Feelgood Företagshälsovård AB.
• 31.8.2022 Feelgood Företagshälsovård Blekinge AB merged with Feelgood Företagshälsovård AB.
• 31.8.2022 Feelgood Företagshälsovård Södra AB merged with Feelgood Företagshälsovård AB.
• 30.9.2022 Jyväskylän lastensuojelupalvelut Oy merged with Jyväskylän Hoitokoti Ankkuri Oy.
• 30.9.2022 Lastensuojelupalvelut Väylä Oy merged with Jyväskylän Hoitokoti Ankkuri Oy.
• 30.9.2022 Ankkurin Huoltamo Oy merged with Jyväskylän Hoitokoti Ankkuri Oy.
• 30.9.2022 Terapiatelakka Oy merged with Jyväskylän Hoitokoti Ankkuri Oy.
• 31.10.2022 OMT-Klinikka Kokkola Oy merged with Suomen Terveystalo Oy.
• 31.10.2022 Aktiivi-Fysioterapia Tampere Oy merged with Suomen Fysiogeriatria Oy.
• 31.10.2022 Mimmin Terapia Oy merged with Suomen Fysiogeriatria Oy.
• 31.10.2022 toi.minna Oy merged with Suomen Fysiogeriatria Oy.
• 1.11.2022 Suomen Fysiogeriatria Oy merged with Suomen Terveystalo Oy.
• 30.11.2022 Keltaisen Kartanon Kuntoutus Oy merged with Jyväskylän Hoitokoti Ankkuri Oy.
• 30.11.2022 Into Terveys Oy merged with Suomen Terveystalo Oy.
Financial year 2021
The following mergers took place during the financial year 2021:
• 31.3.2021 MedInari Oy merged with Suomen Terveystalo Oy.
• 31.5.2021 VitalMed Oy merged with Suomen Terveystalo Oy.
• 31.8.2021 Espoon Keskuksen Hammaslääkärit Oy merged with Suomen Terveystalo Oy.
• 30.9.2021 Helsinki Hospital Oy merged with Suomen Terveystalo Oy.
• 31.12.2021 Rela-group Oy merged with Rela-hierojat Oy.
166
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
32. Group's key financial ratios
Terveystalo Group, EUR mill.
2022
2021
2020
Terveystalo Group, EUR mill.
2022
2021
2020
Average personnel FTE
Personnel (end of period)
Private practitioners (end of period)
Adjusted EBITDA, excluding IFRS 16 * 1)
Net debt, excluding IFRS 16
Net debt/Adjusted EBITDA, excluding IFRS 16 * 1)
6,552
10,933
5,928
122.2
386.8
3.2
5,643
9,805
5,754
156.9
340.6
2.2
4,900
8,253
5,057
118.0
312.4
2.6
* Adjustments are material items outside the ordinary course of business, and these relate to acquisition-related expenses, restructuring-
related expenses, gain / losses on sale of assets (net), impairment losses, strategic projects and other items affecting comparability.
1) Alternative performance measure. Terveystalo presents alternative performance measures as additional information to financial measures
defined in IFRS. Those are performance measures that the company monitors internally, and they provide management, investors, securities
analysts and other parties significant additional information related to the company's results of operations, financial position and cash flows.
These should not be considered in isolation or as a substitute to the measures under IFRS.
1,259.1
1,154.6
178.0
14.1
168.8
13.4
105.2
8.4
95.9
7.6
73.4
5.8
33.9
2.7
4.1
40.2
0.19
566.6
95.7
3.2
206.1
17.8
201.8
17.5
141.0
12.2
136.7
11.8
114.4
9.9
110.1
9.5
13.6
42.2
0.63
519.0
85.2
2.5
986.4
162.8
16.5
158.3
16.1
101.9
10.3
97.4
9.9
71.6
7.3
67.2
6.8
8.2
42.1
0.36
490.9
85.9
3.0
1,479.4
1,448.6
1,361.0
Revenue
Adjusted EBITDA, * 1)
Adjusted EBITDA, % * 1)
EBITDA 1)
EBITDA, % 1)
Adjusted EBITA * 1)
Adjusted EBITA, % * 1)
EBITA 1)
EBITA, % 1)
Adjusted operating profit (EBIT) * 1)
Adjusted operating profit (EBIT), % * 1)
Operating profit (EBIT)
Operating profit (EBIT), %
Return on equity (ROE), % 1)
Equity ratio, % 1)
Earnings per share (€)
Net debt
Gearing, % 1)
Net debt/Adjusted EBITDA 1)
Total assets
167
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
33. Calculation of financial ratios and
alternative performance measures
Net debt/Adjusted EBITDA (LTM) *
=
Interest-bearing liabilities - interest-bearing
receivables and cash and cash equivalents
Adjusted EBITDA (LTM)
Financial ratios
Earnings per share,
(EUR)
=
Profit for the period attributable to owners of the parent company
Average number of shares during the period
Net debt/Adjusted EBITDA (LTM),
excluding IFRS 16 *
=
Interest-bearing liabilities excluding lease liabilities -
interest-bearing receivables and cash and cash equivalents
Adjusted EBITDA (LTM), excluding IFRS 16
Terveystalo presents alternative performance measures as additional information to the financial measures defined in
IFRS. Those are performance measures that the company monitors internally and they provide significant additional
information related to the company's results of operations, financial position and cash flows to the management, inves-
tors, securities analysts and other parties. These should not be considered in isolation or as a substitute to the measu-
res under IFRS.
Alternative performance measures to the statement of income
The company presents the following alternative performance measures to the statement of income, as in the
company's view, they increase understanding of the company's results of operations. In addition, the adjusted
alternative performance measures are widely used by analysts, investors and other parties and facilitates comparability
between periods.
Alternative performance measures to the statement of financial position
The company presents the following alternative performance measures to the statement of financial position as they
are, in the company's view, useful indicators of the company's ability to obtain financing and service its debt.
Adjusted EBITDA *
=
Earnings Before Interest, Taxes, Depreciation, Amortisation,
Impairment losses and adjustments
Return on equity, %
=
Profit/loss for the period (LTM)
Equity (including non-controlling interest) (average)
Equity ratio, %
=
Equity (including non-controlling interest)
Total assets - advances received
Gearing, %
=
Interest-bearing liabilities - interest-bearing
receivables and cash and cash equivalents
Equity
168
Adjusted EBITDA, % *
=
Earnings Before Interest, Taxes, Depreciation, Amortisation,
Impairment losses and adjustments
x 100%
x 100%
x 100%
Adjusted EBITA *
Adjusted EBITA, % *
=
=
Revenue
Earnings Before Interest, Taxes, Amortisation,
Impairment losses and adjustments
Earnings Before Interest, Taxes, Amortisation,
Impairment losses and adjustments
Revenue
x 100%
x 100%
Adjusted operating profit (EBIT) *
=
Earnings Before Interest, Taxes and Share of profits in
associated companies, and adjustments
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Adjusted operating profit (EBIT), % * =
in associated companies and adjustments
Earnings Before Interest, Taxes and Share of profits
Revenue
x 100%
EBITDA
=
Earnings Before Interest, Taxes, Depreciation
and Amortisation and Impairment losses
EBITDA, %
=
Earnings Before Interest, Taxes, Depreciation
and Amortisation and Impairment losses
Revenue
x 100%
EBITA
=
Earnings Before Interest, Taxes, Amortisation
and Impairment losses
EBITA, %
=
Earnings Before Interest, Taxes,
Amortisation and Impairment losses
Revenue
Operating profit (EBIT)
=
Earnings Before Interest, Taxes and Share of profits
in associated companies
Operating profit (EBIT), %
=
in associated companies
Earnings Before Interest, Taxes and Share of profits
Revenue
x 100%
x 100%
Adjusted EBITDA, excluding IFRS 16 * =
Earnings Before Interest, Taxes, Depreciation, Impairment
losses and adjustments, excluding IFRS 16 lease adjustments
* Adjustments are material items outside the ordinary course of business and these relate to acquisition-related expenses. restructuring-
related expenses. gains and losses on sale of assets (net). impairment losses. strategic projects and other items affecting comparability.
169
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
34. Reconciliation of alternative performance measures
Return on equity, %
Profit/loss for the period
Equity (including non-controlling interest) (average)
Return on equity, %
Equity ratio, %
Equity (including non-controlling interest)
Total assets
Advances received
Equity ratio, %
Gearing, %
Interest-bearing liabilities
Interest-bearing receivables and cash and cash equivalents
Equity
Gearing, %
Net debt /Adjusted EBITDA
Interest-bearing liabilities
Interest-bearing receivables and cash and cash equivalents
Adjusted EBITDA
Net debt / Adjusted EBITDA
170
2022
24.4
600.4
4.1
2022
592.0
1,479.4
7.1
40.2
2022
607.0
40.4
592.0
95.7
2022
607.0
40.4
178.0
3.2
2021
80.4
590.1
13.6
2021
608.9
1,448.6
6.1
42.2
2021
557.2
38.2
608.9
85.2
2021
557.2
38.2
206.1
2.5
2020
45.8
556.3
8.2
2020
571.4
1,361.0
2.2
42.1
2020
568.0
77.1
571.4
85.9
2020
568.0
77.1
162.8
3.0
Adjusted EBITDA, EUR mill.
Profit (loss) for the period
Income tax expense
Share of profits in associated companies
Net finance expenses
Depreciation. amortization and impairment losses
Adjustments*
Adjusted EBITDA
Adjusted EBITDA, %
Adjusted EBITDA
Revenue
Adjusted EBITDA, %
Adjusted EBITA, EUR mill.
Profit (loss) for the period
Income tax expense
Share of profits in associated companies
Net finance expenses
Amortization and impairment losses
Adjustments*
Adjusted EBITA
2022
24.4
6.5
0.1
2.9
134.9
9.2
178.0
2022
178.0
1,259.1
14.1
2022
24.4
6.5
0.1
2.9
62.0
9.2
2021
2020
80.4
20.3
0.3
9.0
91.7
4.3
45.8
10.8
0.6
10.0
91.2
4.5
206.1
162.8
2021
206.1
1,154.6
17.8
2020
162.8
986.4
16.5
2021
2020
80.4
20.3
0.3
9.0
26.6
4.3
45.8
10.8
0.6
10.0
30.3
4.5
105.2
141.0
101.9
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Adjusted EBITA, %
Adjusted EBITA
Revenue
Adjusted EBITA, %
Adjusted operating profit (EBIT), EUR mill.
Profit (loss) for the period
Income tax expense
Share of profits in associated companies
Net finance expenses
Adjustments*
Adjusted EBIT
Adjusted operating profit (EBIT), %
Adjusted EBITA
Revenue
Adjusted EBIT, %
EBITDA, EUR mill.
Profit (loss) for the period
Income tax expense
Share of profits in associated companies
Net finance expenses
Depreciation. amortization and impairment losses
EBITDA
171
2022
105.2
1,259.1
8.4
2022
24.4
6.5
0.1
2.9
39.5
73.4
2022
73.4
1,259.1
5.8
2022
24.4
6.5
0.1
2.9
134.9
168.8
2021
141.0
1 154.6
12.2
2021
80.4
20.3
0.3
9.0
4.3
114.4
2021
114.4
1,154.6
9.9
2020
101.9
986.4
10.3
EBITDA, %
EBITDA
Revenue
EBITDA, %
2020
EBITA, EUR mill.
45.8
10.8
0.6
10.0
4.5
71.6
2020
71.6
986.4
7.3
Profit (loss) for the period
Income tax expense
Share of profits in associated companies
Net finance expenses
Amortization and impairment losses
EBITA
EBITA, %
EBITA
Revenue
EBITA, %
2021
2020
Operating profit (EBIT), EUR mill.
80.4
20.3
0.3
9.0
91.7
45.8
10.8
0.6
10.0
91.2
Profit (loss) for the period
Income tax expense
Share of profits in associated companies
Net finance expenses
EBIT
201.8
158.3
2022
168.8
1,259.1
13.4
2022
24.4
6.5
0.1
2.9
62.0
95.9
2022
95.9
1,259.1
7.6
2022
24.4
6.5
0.1
2.9
33.9
2021
201.8
1,154.6
17.5
2021
80.4
20.3
0.3
9.0
26.6
136.7
2021
136.7
1,154.6
11.8
2021
80.4
20.3
0.3
9.0
110.1
2020
158.3
986.4
16.1
2020
45.8
10.8
0.6
10.0
30.3
97.4
2020
97.4
986.4
9.9
2020
45.8
10.8
0.6
10.0
67.2
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Operating profit, (EBIT), %
EBIT
Revenue
EBIT, %
2022
33.9
1,259.1
2.7
2021
110.1
1,154.6
9.5
2020
67.2
986.4
6.8
Net debt/Adjusted EBITDA, excluding IFRS 16
Interest-bearing liabilities
Interest-bearing receivables and cash and cash equivalents
Adjusted EBITDA
Net debt/Adjusted EBITDA, excluding IFRS 16
2022
427.2
40.4
122.2
3.2
2021
378.8
38.2
156.9
2.2
2020
389.5
77.1
118.0
2.6
Adjustments based on subject area* , EUR mill.
2022
2021
2020
Acquisition-related expenses 1)
Restructuring-related expenses 2)
Gain on sale of asset
Impairment losses
Strategic projects and other items affecting to comparability
Adjustments
Adjustments based on account group* , EUR mill.
Other operating income
Materials and services costs
Personnel expenses
Other operating expenses
Impairment
Adjustments
Adjusted EBITDA, excluding IFRS 16
Profit (loss) for the period
Income tax expense
Share of profits in associated companies
Net finance expenses
Depreciation. amortization and impairment losses
Adjustments*
IFRS 16 lease expense adjustment
Adjusted EBITDA, excluding IFRS 16
172
2.8
1.5
-
30.3
5.0
39.5
2022
-0.1
-
1.3
8.0
30.3
39.5
2022
24.4
6.5
0.1
2.9
134.9
9.2
-55.8
122.2
3.1
0.3
-
0.8
4.3
2021
-0.4
-
0.3
4.4
-
4.3
0.5
1.6
-0.1
2.5
4.5
2020
-0.5
1.8
1.3
1.9
-
4.5
2021
2020
80.4
20.3
0.3
9.0
91.7
4.3
-49.2
156.9
45.8
10.8
0.6
10.0
91.2
4.5
-44.8
118.0
* Adjustments are material items outside the ordinary course of business, and these relate to acquisition-related expenses,
restructuring-related expenses, gain /losses on sale of assets (net), impairment losses, strategic projects and other items
affecting comparability.
1) Including transaction costs and expenses from integration of acquired businesses
2) Including restructuring of network and business operations
35. Subsequent events
Terveystalo Plc's Board of Directors has approved a new performance period covering years 2023-2025 of the long-term
share-based incentive plan for key personnel.
The Performance Share Plan is based on a rolling 3-year performance period structure, with a new performance
period starting at the beginning of each year if so decided by the Board. During the performance period 2023-2025, the
performance indicators on the basis of which share rewards may be paid are absolute Total Shareholder Return (TSR)
and relative TSR (compared to the OMX HKI benchmark CAP GI index). The maximum number of shares to be paid based
on this plan is 640,000 shares. Taxes and tax-like payments to the recipient are deducted from the share reward, after
which the remaining net amount is paid to the participants in shares.
Performance Period 2023-2025 of the Restricted Share Plan (RSP). The purpose of the Restricted Share Plan is to
act as a supplementary structure for separately selected key personnel of Terveystalo in special situations. The share
rewards will be paid in Terveystalo Plc shares after the end of the performance period, provided that the individual
participants are still employed by Terveystalo. The maximum number of shares to be paid based on this plan is 64,000
shares.
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Parent company's
financial statement, FAS
Parent company’s income statement
EUR
Revenue
Materials and supplies
Employee benefit expenses
Wages and salaries
Social security expenses
Pension expenses
Other social security expenses
Depreciation, amortization and impairment losses
Other operating expenses
Operating loss
Financial income and expenses
Other interest and financial income
From group companies
From others
Other interest and financial expenses
To group companies
To others
Loss before appropriations and taxes
Appropriations
Increase/decrease in depreciation in excess of plan
Group contributions
Taxes
Profit for the period
173
Note
1.1.–31.12.2022
1.1.–31.12.2021
1.1
1.2
1.4
1.5
1.6
1,622,050
-1,851
517,094
-1,333
-1,446,798
-1,741,835
-128,348
-21,741
-8,199
-4,804,758
-4,789,646
1,629
10
-10,753
-215,450
-247,805
-33,539
-136
-1,699,187
-3,206,740
3,478
56
-15,888
-22,655
-5,014,210
-3,241,749
-8,937
34,634,000
-5,952,627
23,658,227
-
58,000,000
-10,954,938
43,803,313
Parent company’s statement of financial position
EUR
ASSETS
Non-current assets
Property, plant and equipment
Machinery and equipment
Investments
Holdings in group companies
Total non-current assets
Current assets
Receivables from group companies
Prepayments and accrued income
Total current assets
TOTAL ASSETS
EQUITY AND LIABILITIES
Equity
Share capital
Invested non-restricted equity reserve
Retained earnings
Profit for the period
Total equity
Appropriations
Depreciation in excess of plan
Total appropriations
Liabilities
Current liabilities
Trade payables
Liabilities to group companies
Other liabilities
Accruals and deferred income
Total liabilities
TOTAL EQUITY AND LIABILITIES
Note
31 Dec 2022
31 Dec 2021
2.1
2.2
2.3
2.4
2.5
2.6
60,753
227
516,818,244
516,818,244
516,878,997
516,818,471
41,133,012
603,637
65,338,343
233,545
41,736,649
65,571,888
558,615,647
582,390,359
80,000
80,000
493,503,962
493,503,962
13,632,562
23,658,227
5,262,687
43,803,313
530,874,751
542,649,963
8,937
8,937
-
-
1,541,585
25,190,668
25,159
974,548
274,515
33,052,398
113,610
6,299,873
27,731,959
39,740,396
558,615,647
582,390,359
TerveystaloAnnual Report 2022 1.1.–31.12.2022
1.1.–31.12.2021
EUR
1.1.–31.12.2022
1.1.–31.12.2021
-68,726
-68,726
-363
-363
-
-11,248,346
-7,870,194
22,330,218
58,000,000
35,500,000
-35,433,439
-33,099,698
-224,564
-35,008
14,471,803
13,447,166
-
-
-
-
-
-
Year 2022
Sustainability
Corporate Governance
Financials
Parent company's statement of cash flows
EUR
Cash flows from operating activities
Profit for the period before income taxes
Adjustments
Depreciations according to plan
Non-cash transactions
Financial income and expenses
Change in working capital
Change in trade and other receivables
Change in trade and other payables
Taxes
Cash flows from investing activities
29,610,853
54,758,251
Purchase of tangible and intangible items
Net cash from investing activities
8,199
136
Cash flows from financial activities
-34,625,063
-58,000,000
Acquisition of treasury shares
224,564
35,008
Change in group account
469,239
455,667
446,604
406,664
Received group contribution
Dividends paid
Interest and other financial expenses paid
-10,546,536
-11,093,468
Net cash from financial activities
Net cash from operating activities
-14,403,077
-13,446,803
Net change in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December
174
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Notes to the statement of income
1.1 Revenue
EUR
Finland
Sweden
Total
2022
1,593,045
29,005
1,622,050
1.2 Depreciation, amortization and impairment losses
EUR
Accounting policies of parent company’s financial statements
The financial statements of Terveystalo Oyj are prepared in accordance with Finnish Accounting Standards (FAS).
Measurement and recognition principles and methods
Holdings in group companies
The carrying amount of holdings in group companies consists of historical costs less impairments. If the estimated
future cash flows generated by a non-current asset are expected to be permanently lower than the balance of carrying
amount, an adjustment to the value must be made to write-down the difference as an expense. If the basis for the
impairment can no longer be justified at the reporting date, it is reversed.
Property, plant and equipment, and depreciation
The carrying amount of property, plant and equipment consists of historical costs less depreciation and other deduc-
tions. Property, plant and equipment are depreciated using straight-line depreciation based on the expected useful life
of the asset.
The depreciation is based on the following expected useful lives:
Machinery and equipment: 5 years
175
Depreciation
Total
1.3 Personnel
Average number of personnel during financial year
1.4 Other operating expenses
EUR
External services
ICT expenses
Non-statutory personnel expenses
Leases
Travel expenses
Marketing and communication
Other costs
Total
2021
469,436
47,658
517,094
2021
-136
-136
2021
4
2021
-699,055
-23,453
-110,159
-6,813
-21,730
-177,298
-660,679
2022
-8,199
-8,199
2022
4
2022
-3,535,145
-33,527
-126,093
-13,121
-33,135
-239,655
-824,083
-4,804,758
-1,699,187
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Auditor's fees
EUR
Audit and auditor's statements based on laws and regulations
Audit, KPMG
Auditor's statements based on laws and regulations, KPMG
Auditor's fees total
1.5 Financial income and expenses
EUR
Other interest and financial income
From group companies
From others
Total
Other interest and financial expenses
To group companies
To others
Total
1.6 Appropriations
EUR
Increase/decrease in depreciation in excess of plan
Group contributions received
Appropriations total
176
2022
2021
Notes to the statement of the financial position
2.1 Property, plant and equipment
Machinery and equipment
-76,000
-
-76,000
2022
1,629
10
1,639
-10,753
-215,450
-226,203
-72,740
-1,551
-74,291
2021
3,478
56
3,534
-15,888
-22,655
-38,542
2022
-8,937
2021
0
34,634,000
58,000,000
34,625,063
58,000,000
EUR
Acquisition cost 1 Jan
Additions
Acquisition cost 31 Dec
Accumulated depreciation and impairment losses 1 Jan
Depreciation for the period
Accumulated depreciation and impairment losses 31 Dec
Carrying amount 1 Jan
Carrying amount 31 Dec
2.2 Investments
Holdings in group companies
EUR
Acquisition cost 1 Jan
Acquisition cost 31 Dec
Carrying amount 1 Jan
Carrying amount 31 Dec
2022
38,888
68,726
107,614
-38,661
-8,199
-46,861
227
60,753
2021
38,525
363
38,888
-38,525
-136
-38,661
-
227
2022
2021
516,818,244
516,818,244
516,818,244
516,818,244
516,818,244
516,818,244
516,818,244
516,818,244
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Parent company ownerships:
Holdings in group companies
Terveystalo Healthcare Holding Oy
2.3 Receivables from group companies
EUR
Trade receivables
Group contribution receivables
Prepayments and accrued income
Total
2.4 Changes in equity
Restricted equity
Share capital
EUR
At the beginning of the period
At the end of the period
Total restricted equity
Unrestricted equity
Invested non-restricted equity reserve
EUR
At the beginning of the period
At the end of the period
177
2022
100%
2021
100%
2022
586,503
2021
629,752
34,634,000
58,000,000
1,417,878
6,708,591
36,638,381
65,338,343
2022
80,000
80,000
80,000
2021
80,000
80,000
80,000
2022
2021
493,503,962
493,503,962
493,503,962
493,503,962
Retained earnings
EUR
Retained earnings at the beginning of the period
Dividends paid
Acquisition of treasury shares
Retained earnings at the end of the period
Profit for the period
Total unrestricted equity
Total equity
Distributable equity
EUR
Invested non-restricted equity reserve
Retained earnings
Profit for the period
Total
Shares and share capital
2022
2021
49,066,001
49,610,731
-35,433,439
-33,099,698
-
-11,248,346
13,632,562
23,658,227
5,262,687
43,803,313
530,794,751
542,569,963
530,874,751
542,649,963
2022
2021
493,503,962
493,503,962
13,632,562
5,262,687
23,658,227
43,803,313
530,794,751
542,569,963
On 31 December 2022, the amount of shares is 127,036,531 of which 488,536 is held by EAM TTALO Holding Oy, a
company which is under the control of Terveystalo PLC.
The company has a single share class. The shares have no nominal value. All shares issued have been paid in full.
Each share has one vote at the Annual General Meeting and equal rights to dividend and other distribution of assets.
Terveystalo PLC’s share is listed on Nasdaq Helsinki Oy. The trading code is TTALO. Terveystalo PLC’s shares belong to
the book-entry system maintained by Euroclear Finland Oy.
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
Invested non restricted equity reserve
2.5.3 Accruals and deferred expenses
Invested non-restricted equity reserve consists of other investments similar to equity and the subscription price of sha-
res to the extent that it has not been recorded in share capital according to specific resolution. According to the current
Finnish Companies Act, subscription price of new shares is recognized in the share capital, unless it has not been accor-
ding to Issuance Resolution fully or partly recognized in invested non-restricted equity reserve.
EUR
Personnel-related accrued expenses
Income tax liability
Total
2.5 Liabilities
2.5.1 Current liabilities
EUR
Trade payables
Other liabilities to group companies
Other liabilities
Accruals
Total
2.5.2 Liabilities to Group companies
EUR
Trade payables
Group account payables
Accruals and deferred income
Total
178
Other notes
3. Collateral and other contingent liabilities
EUR
Suretyship
Guarantees
2022
1,541,585
2021
274,515
25,190,668
33,052,398
25,159
974,548
113,610
6,299,873
27,731,959
39,740,396
2022
-
2021
263,318
24,918,886
32,789,081
271,781
-
25,190,668
33,052,398
2022
271,105
429,014
700,120
2021
847,935
5,451,938
6,299,873
2022
2021
420,000,000
361,400,000
81,927
400,734
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
Signatures to the financial statements and Board of Director’s report
Auditors note
Helsinki, 9 February 2023
A report on the audit has been issued today.
Kari Kauniskangas
Chairman of the Board of Directors
Kristian Pullola
Member of the Board of Directors
Helsinki, 9 February 2023
Katri Viippola
Member of the Board of Directors
Matts Rosenberg
Member of the Board of Directors
KPMG Oy Ab
Audit firm
Carola Lemne
Member of the Board of Directors
Ville Iho
President and CEO
Henrik Holmbom
Authorised Public Accountant
179
TerveystaloAnnual Report 2022
Year 2022
Sustainability
Corporate Governance
Financials
This document is an English translation of the Finnish auditor’s report.
Only the Finnish version of the report is legally binding.
Auditor’s Report
To the Annual General Meeting of Terveystalo Plc
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Terveystalo Plc (business identity code 2575979-3) for the year ended
31 December 2022. The financial statements comprise the consolidated statement of financial position, statement
of comprehensive income, statement of changes in equity, statement of cash flows and notes, including a summary
of significant accounting policies, as well as the parent company’s balance sheet, income statement, statement of
cash flows and notes.
To our best knowledge and understanding, the non-audit services that we have provided to the parent company
and group companies are in compliance with laws and regulations applicable in Finland regarding these services, and
we have not provided any prohibited non-audit services referred to in Article 5(1) of EU regulation 537/2014. The
non-audit services that we have provided have been disclosed in note 10 to the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In our opinion
•
the consolidated financial statements give a true and fair view of the group’s financial position, financial perfor-
mance and cash flows in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU
• the financial statements give a true and fair view of the parent company’s financial performance and financial posi-
tion in accordance with the laws and regulations governing the preparation of financial statements in Finland and
comply with statutory requirements.
Our opinion is consistent with the additional report submitted to the Audit Committee.
Materiality
The scope of our audit was influenced by our application of materiality. The materiality is determined based on our
professional judgement and is used to determine the nature, timing, and extent of our audit procedures and to evaluate
the effect of identified misstatements on the financial statements as a whole. The level of materiality we set is based
on our assessment of the magnitude of misstatements that, individually or in aggregate, could reasonably be expected
to have influence on the economic decisions of the users of the financial statements. We have also taken into account
misstatements that in our opinion are material for qualitative reasons for the users of the financial statements.
Basis for Opinion
Key Audit Matters
We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good auditing
practice are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our
report.
We are independent of the parent company and of the group companies in accordance with the ethical requirements
that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
The significant risks of material misstatement referred to in the EU Regulation No 537/2014 point (c) of Article 10(2)
are included in the description of key audit matters below.
We have also addressed the risk of management override of internal controls. This includes consideration of whether
there was evidence of management bias that represented a risk of material misstatement due to fraud.
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The key
audit matter
How the matter was
addressed in the audit
The key
audit matter
How the matter was
addressed in the audit
Valuation of Goodwill and acquisition related Intangible Assets
(Accounting Principles for the Consolidated Financial Statements and the Notes 3, 15 and 16)
Revenue Recognition
(Accounting Principles for the Consolidated Financial Statements and the Note 4)
•
•
We assessed the key assumptions used
in the impairment tests, such as pro-
fitability, discount rate and long-term
growth rate. To analyse the forecasts, we
applied professional judgement in tes-
ting the key assumptions and assessing
the resulting effects on the sensitivity
analysis.
We involved KPMG valuation specialists
when assessing the appropriateness of
the assumptions used and the technical
accuracy of the calculations. This inclu-
ded a comparison to external
market and industry forecasts.
In respect of the acquisition-related
intangible assets we evaluated the
recognition and recoverability of these
assets by assessing the related calcula-
tions and the underlying assumptions.
• In addition, we considered the appropri-
ateness of the disclosures in respect of
goodwill, impairment testing and acqui-
sition related intangible assets.
•
• The consolidated revenue amounted to 1.259 M€ million and
consist of numerous types of individual service transactions
and service combinations generated to various customer and
payer groups in multiple business locations. Volumes of sales
transactions processed in the IT systems are substantial and
Terveystalo also uses a number of
service pricing models and client contract templates.
• Given the variety and large number of sales transactions,
revenue recognition is considered a key audit matter.
• As part of our audit procedures, we eva-
luated the sales-related internal control
environment, as well as tested the effe-
ctiveness of the key controls. We also
performed substantive audit procedu-
res, using e.g. data-analytics.
• We tested the effectiveness of the
processes to record sales transactions
as well as the sales pricing and invoicing
processes. We also tested inclusion of
relevant transactions in the appropriate
period in order to assess the accuracy of
revenue recognition.
• We evaluated the IT systems relevant for
revenue recognition.
• We tested controls over cash trans-
actions such as reconciliation routines.
• We considered the appropriateness of
the disclosures presented for revenue in
the consolidated financial statements.
•
At the year-end 2022 the goodwill amounted to 880 M€
and accounted for 59% of the consolidated total assets
and for 149% of the consolidated equity. In 2022 goodwill
has increased with 31 M€.
• Goodwill is tested for impairment at least annually. An
impairment is recognised when the recoverable amount
is less than the carrying value of the asset.
• Terveystalo determines recoverable amounts for
impairment tests based on value in use. Preparation
of cash flow projections underlying impairment tests
requires management judgments for profitability, long-
term growth rate and discount rate.
• The acquisition-related recognised assets for customer
relationships and trademark and at the year-end 2022
were in total 101 M€. These assets have finite useful
lives and are amortised on a straight-line basis over
their expected useful lives.
• Given the high level of management judgment related to
the forecasts used and the significant carrying amounts
involved, valuation of goodwill and acquisition related
intangible assets is considered a key audit matter.
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Responsibilities of the Board of Directors and the Managing Director (CEO)
for the Financial Statements
The Board of Directors and the Managing Director (CEO) are responsible for the preparation of consolidated financial
statements that give a true and fair view in accordance with International Financial Reporting Standards (IFRS) as
adopted by the EU, and of financial statements that give a true and fair view in accordance with the laws and regulations
governing the preparation of financial statements in Finland and comply with statutory requirements. The Board of
Directors and the Managing Director (CEO) are also responsible for such internal control as they determine is necessary
to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, the Board of Directors and the Managing Director (CEO) are responsible for
assessing the parent company’s and the group’s ability to continue as a going concern, disclosing, as applicable, mat-
ters relating to going concern and using the going concern basis of accounting. The financial statements are prepared
using the going concern basis of accounting unless there is an intention to liquidate the parent company or the group
or cease operations, or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
good auditing practice will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of the financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain pro-
fessional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
parent company’s or the group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s (CEO) use of the going
concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the parent company’s or the group’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention
in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the parent company or the group to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events so that the financial state-
ments give a true and fair view.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activi-
ties within the group to express an opinion on the consolidated financial statements. We are responsible for the
direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requi-
rements regarding independence, and communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the mat-
ter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits
of such communication.
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Other Reporting Requirements
Information on our audit engagement
We have acted as auditors appointed by the Annual General Meeting uninterrupted for eleven years. Terveystalo Plc
became a public interest entity on 13 October 2017.
Other Information
The Board of Directors and the Managing Director (CEO) are responsible for the other information. The other informa-
tion comprises the report of the Board of Directors and the information included in the Annual Report, but does not
include the financial statements and our auditor’s report thereon. We have obtained the report of the Board of Directors
prior to the date of this auditor’s report, and the Annual Report is expected to be made available to us after that date.
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other information identified
above and, in doing so, consider whether the other information is materially inconsistent with the financial statements,
or our knowledge obtained in the audit, or otherwise appears to be materially misstated. With respect to the report of
the Board of Directors, our responsibility also includes considering whether the report of the Board of Directors has
been prepared in accordance with the applicable laws and regulations.
In our opinion, the information in the report of the Board of Directors is consistent with the information in the finan-
cial statements and the report of the Board of Directors has been prepared in accordance with the applicable laws and
regulations.
If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s
report, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Helsinki, 9 February 2023
KPMG OY AB
Henrik Holmbom
Authorised Public Accountant, KHT
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Information for shareholders
Annual General Meeting 2023
Annual General Meeting of Terveystalo Plc will be held on Thursday, 23 March 2023 at 3.00 p.m. (EET) in the event cen-
ter Pikku Finlandia at Karamzininranta 4, 00100 Helsinki, Finland. The reception of participants and the distribution of
voting tickets will commence at the meeting venue at 2:00 p.m. (EET).
Shareholders and their proxy representatives may also exercise their voting rights by voting in advance.
A shareholder who has the right to participate and who has registered for the Annual General Meeting can follow
the meeting via webcast. Instructions for following the webcast are available on the Company's website at
https://www.terveystalo.com/Annual-General-Meeting-2023 as of 17 February 2023 at the latest. It is not possible
to ask questions, make counterproposals, otherwise address the meeting, or vote via the webcast, and following the
meeting via webcast is not considered participation in the Annual General Meeting or exercise of shareholders' rights.
The notice to General Meeting of Shareholders, as well as the Board of Directors’ proposals to the General Meeting
have been published in stock exchange releases and on Terveystalo’s website:
https://www.terveystalo.com/Annual-General-Meeting-2023.
The right to attend
Each shareholder, who on the record date of the General Meeting, 13 March 2023, is registered in the Company’s sha-
reholders’ register maintained by Euroclear Finland Oy, has the right to participate in the Annual General Meeting. A
shareholder whose shares are registered on his/her personal Finnish book-entry account or equity savings account is
registered in the Company’s shareholders’ register. Shareholders may also participate in the Annual General Meeting by
way of proxy representation.
184
Registration and advance voting
Registration for the meeting and advance voting will begin on 17 February 2023 and a shareholder who is registered in
the Company’s shareholders’ register and who wishes to participate in the Annual General Meeting must register for the
meeting and, if applicable, vote in advance no later than by 17 March 2023 at 4.00 p.m. (EET) by which time the registra-
tion and possible advance votes must be received.
Shareholders with a Finnish book-entry account may register from 9.00 a.m. (EET) on 17 February 2023 until 4.00
p.m. (EET) on 17 March 2023 by the following manners:
a) through the Company's website at https://www.terveystalo.com/Annual-General-Meeting-2023
When shareholders who are natural persons log into the service of Euroclear Finland Oy through the Company's web-
site, they are directed to the strong electronic authentication. Strong electronic authentication can be conducted with
online banking codes or a mobile certificate. Thereafter, the shareholder can register for the Annual General Meeting,
authorize a proxy representative and vote in advance in one session.
For shareholders that are legal persons, no strong electronic authentication is required. However, shareholders that
are legal persons must provide a book-entry number and other required information. If the shareholders that are legal
persons use suomi.fi electronic authorization, registration requires strong electronic identification, that can be con-
ducted with online banking codes or a mobile certificate, from the authorized proxy representative.
b) by regular mail or email
A shareholder may send a notice of attendance to Euroclear Finland Oy by regular mail to Euroclear Finland Oy,
Yhtiökokous/Terveystalo Oyj, P.O. Box 1110, FI-00101 Helsinki or by email to yhtiokokous@euroclear.eu.
In connection with the registration, a shareholder is required to provide the requested information, such as his/her
name, personal identification number/date of birth or business ID, address, telephone number and e-mail address as
well as the name and date of birth of a possible authorized proxy representative, legal representative or assistant. The
personal data given to the Company and Euroclear Finland Oy will be used only in connection with the General Meeting
TerveystaloAnnual Report 2022 Year 2022
Sustainability
Corporate Governance
Financials
and with the processing of related registrations. A shareholder, their possible authorized proxy representative,
legal representative, or assistant must be able to prove their identity and/or right of representation at the Annual
General Meeting.
Proposal for the distribution of profits
The parent company’s distributable funds totaled EUR 530.8 (542.6) million, of which EUR 23.7 (43.8) million is
profit for the financial year. The Board of Directors proposes to the Annual General Meeting that a dividend of EUR
0.28 (0.28) per share totaling EUR 35.4 (35.4) million be paid based on the balance sheet adopted for the financial
year ended 31 December 2022. The dividend would be paid in two installments as follows:
•
The first dividend installment of EUR 0.14 per share would be paid to the shareholders who are registered
in the shareholders' register of the Company maintained by Euroclear Finland Ltd on the record date of the
first dividend installment on 27 March 2023. The Board of Directors proposes that the first dividend install-
ment would be paid on 3 April 2023.
• The second dividend installment of EUR 0.14 per share would be paid to shareholders who are registered
in the shareholders' register of the Company maintained by Euroclear Finland Ltd on the record date of the
second dividend installment on 2 October 2023. The Board of Directors proposes that the second dividend
installment would be paid on 9 October 2023. The Board of Directors also proposes that the Annual General
Meeting would authorize the Board of Directors to resolve, if necessary, on a new record date and date of
payment for the second dividend installment should the rules of Euroclear Finland Ltd or statutes applicable
to the Finnish book-entry system change or otherwise so require.
Basic share information
Listing: Nasdaq Helsinki Oy
Trading ticker: TTALO
ISIN code: FI4000252127
Sector: Health care
Number of shares on December 31, 2022: 127,036,531
Financial reporting in 2023
In 2023, Terveystalo will publish financial information as follows:
Q1
Interim Report
January – March 2023
28 April 2023
H1
Half-yearly Report
January – June 2023
18 July 2023
Q3
Interim Report
January – September 2023
27 October 2023
The Financial reviews 2023 will be published at approximately 9:00 a.m. EET.
Financial reports are published in Finnish and English.
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Contact information
Investor relations
Please email flagging notifications to:
investors@terveystalo.com
Vice president, communications, ir&cr
Kati Kaksonen, puh. +358 10 345 2034
kati.kaksonen@terveystalo.com
Terveystalo Group services
and management
Terveystalo Piazza
Jaakonkatu 3 A, 6th floor
00100 Helsinki, Finland
Silent period
Terveystalo observes a silent period of 30 days prior to the publication of interim reports and the year-end
result. During the silent period, Terveystalo does not comment on any business-related matters or meet with
any representatives of the capital markets.
Capital Markets day 2023
Terveystalo will arrange Capital Markets Day on 10 May 2023 in Helsinki.
Changes of address
Euroclear Finland Ltd maintains lists of Terveystalo Plc’s shares, shareholders, and options. Shareholders
who wish to make changes to their personal and contact information are kindly asked to contact their own
account operator directly. Terveystalo does not make such updates.
Evaluation of Terveystalo as an investment
According to our knowledge, the following analysts follow Terveystalo Group regularly. The list is not necessarily
exhaustive. Terveystalo assumes no responsibility for any opinions of the analysts following the company.
Carnegie Iiris Theman
+358 (0)9 618 71 241
iiris.theman@carnegie.fi
Jefferies James Vane-Tempest
+44 207 029 8275
jvane-tempest@jefferies.com
SEB Jutta Rahikainen
+358 9 616 28 713
jutta.rahikainen@seb.fi
Danske Bank Sami Sarkamies
+358 10 546 2169
sami.sarkamies@danskebank.com
Nordea Joni Sandvall
+358 9 5300 5484
joni.sandvall@nordea.com
KeplerCheuvreux, Jon Berggren
+ 46 8 723 51 76
jberggren@keplercheuvreux.com
Inderes Olli Vilppo
+358 (0)40 761 9380
olli.vilppo@inderes.fi
OP Carlo Gylling
+358 10 252 4392
carlo.gylling@op.fi
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TERVEYSTALO OYJ
Jaakonkatu 3 A, 6th floor
00100 Helsinki, Finland
Vaihde: 030 633 11
www.terveystalo.com