Mehiläinen continued its profitable growth during 2017 and customer satisfaction reached the highest level of all time.

Mehiläinen’s revenue continued to grow significantly for the third consecutive year. The revenue of the Mehiläinen Group grew EUR 165.5 million (28.0%) over the previous year, reaching EUR 755.5 million. The growth almost tripled Mehiläinen’s profit, which reached EUR 37.4 million. The growth in revenue and profit is expected to continue during the year 2018.

Key Figures of the result 2017

  • Revenue grew 28.0% over the previous year reaching EUR 755.5 million (2016: EUR 590.1 million). Revenue growth excluding acquisitions was 9.5%. 
  • ​​Underlying EBITDA1) grew 44.2% over the previous year reaching EUR 92.8 million (2016: EUR 64.4 million). Underlying EBITDA as a percentage of revenue was 12.3% (10.9%).
  • EBITDA grew 51.9% over the previous year reaching EUR 85.0 million (2016: EUR 55.9 million). EBITDA as a percentage of revenue was 11.2% (9.5%).
  • Underlying EBITA2) grew 55.7% over the previous year reaching EUR 73.3 million (2016: EUR 47.1 million). Underlying EBITA as a percentage of revenue was 9.7% (8.0%).
  • EBITA3) grew 69.3% over the previous year reaching EUR 65.4 million (2016: EUR 38.6 million). EBITA as a percentage of revenue was 8.7% (6.5%).
  • Operating profit grew 79.6% over the previous year reaching EUR 59.4 million (2016: EUR 33.1 million). Operating profit as a percentage of revenue was 7.9% (5.6%).
  • Profit for the financial year grew 183.6% over the previous year reaching EUR 37.4 million (2016: EUR 13.2 million).
  • Tax footprint4) grew 21.0% over the previous year reaching EUR 154.1 million (2016: EUR 127.3 million).
  • Corporate taxes for the financial year grew 65.4% over the previous year reaching EUR 7.5 million (2016: EUR 4.5 million).
  • Net cash flow from operating activities grew 101.8% over the previous year reaching EUR 61.3 million (2016: EUR 30.4 million).
  • Net cash flow from subsidiaries and business acquisitions was EUR 65.5 million (2016: EUR 41.1 million).
  • Investments in tangible and intangible assets were EUR 20.6 million (2016: EUR 18.0 million).
  • Average number of personnel grew 30.8% over the previous year reaching 5888 full-time employees (2016: 4502). The Group’s personnel, measured as full-time equivalents, numbered already 6393 at the end of December 2017. Including part-time employees, the Group employs a total of more than 14 000 employees and private practitioners.
  • Net Promoter Score (NPS) was 88 (2016: 86).

1) Underlying EBITDA is operating profit before depreciation, amortisation, impairment losses and items affecting comparability.

2) Underlying EBITA is operating profit before depreciation and amortisation arisen in business combinations, impairment losses and items affecting comparability.

3) Operating profit before depreciation and amortisation arisen in business combinations and impairment losses.

4) Tax footprint including employer’s contributions. The tax footprint of the private practitioners operating at Mehiläinen comes on top of the Mehiläinen’s tax footprint. The tax footprint of the private practitioners amounts to an estimated EUR 52.8 million (2016: EUR 43.3 million).

Annual Report

Annual Report 2017

Annual Report 2017 (for printing)