Aino Health AB (publ): Year-end report 19 May 2016 - 31 December 2016
Press release from Aino Health AB
Aino Health AB (publ) 559063-5073
Year-end report 19 May 2016 - 31 December 2016
- The Group's total costs for product development, restructuring, internationalization and certain costs related to the listing of Aino Health on OMX NASDAQ First North has been recorded during the year as charged against Aino's subsidiary in Finland.
- The group was founded on September 19, 2016, and since no revenues were generated during the year in Sweden and Germany, the Finnish subsidiary of Aino accounted for the entire Group's reported net sales for the fiscal year but reported only TSEK 5,532 for the period October 1 - December 31, 2016, according to the consolidated financial statements. The corresponding result after financial items was TSEK -5,981.
- The Finnish subsidiary had for the full year 2016 revenues of TSEK 25,460 with a profit after financial items of TSEK -3,099 in accordance with the costs recorded. Revenues increased by ten per cent (in local currency) compared with 2015. The Finnish operation is expected to be profitable in 2017.
Period 19/5 2016 - 31/12 2016
- The group's net turnover amounted to TSEK 5,532. Other operating income was TSEK 789.
- The group's profit/loss before tax amounted to TSEK -5,981. The result was mainly affected by the listing of the company's shares on OMX NASDAQ First North, recruitment of key personnel and preparation for international expansion.
- Profit/loss per share for the group was SEK -1.1.
Fourth quarter 2016
- The group's net turnover amounted to TSEK 5,532. Other operating income was TSEK 789. All sales were attributable to the Finnish subsidiary.
- The group's profit/loss before tax amounted to TSEK -5,248.
- Profit/loss per share for the group was SEK -1.0.
Word from the CEO
2016 was an exciting year for Aino Health. The most important event was our listing on OMX NASDAQ First North on December 16. The IPO was over-subscribed, which is a confirmation that the market sees our strategy, our digital platform and IT-based services for reducing sickness absence and reduce related costs as relevant and important. Our business concept and solution Corporate Health Management is timely.
In Finland, in spite of the country's poor economic situation, we succeeded in increasing net sales by ten per cent during 2016. Customer satisfaction is continuously at a high level: 4.5 on a five-point scale. We received the renewed confidence of the Finnish postal service, Posti, in helping them to handle the processing involved in long-term sickness absence and also had positive feedback on the pilot projects we performed for two local authorities, which promises well for the future. Demand is good and I believe we will continue to increase sales in Finland according to plan.
Our market studies and analyses in Finland, Sweden and Germany show that the need to address sickness absence, the reasons behind ill health and the safety of staff are a clear issue for company management. Sickness absence makes a company's financial and strategic goals difficult to achieve. Our new strategies not only help our clients to manage the process, they also help them to address the causes behind the rising sickness absence figures.
Our mission is to help companies to create a healthier work environment with the individual at the centre. Nobody should need to become ill because they work and no company should need to suffer increased costs caused by sickness absence. Creating a good workplace is the key to attracting and keeping proficient employees. Finding new talent, and keeping the talent you have, demands a good work environment and a company that treats its employees in a good way.
I am proud of what we have been able to achieve in 2016. The board has now approved our expansion plan and strategy for Sweden and Germany. We have restructured our organisation in Finland so as to be better at meeting customer needs and addressing the opportunities that we identified when working on our new strategy in the autumn. Now that we are introducing a new chapter in our history, it is important that we have a scalable digital platform, our HealthDesk and HealthManager and the experience of more than a million health-promoting measures from our 150 customers behind us.
We gained our first customer in Sweden just before Christmas, which convinces me that we are on the right path. Now that we have begun 2017, the focus is on building the Swedish and German organisations to vigorously increase sales. The first initial contacts and sales meetings with potential customers have been positive. There is great potential for growth in Sweden and Germany; we are ahead of schedule in establishing what is needed to achieve our commercial goals.
I would like to thank all our shareholders for their confidence in connection with our IPO in the autumn. As I promised earlier, it is my expectation that our start-ups in Sweden and Germany will lead to positive cash flow within two years of start-up and that our existing business operation in Finland will continue to grow with good profitability. Nothing that has so far occurred has caused me to doubt that.
CEO Aino Health AB
This information is such information that Aino Health AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set below, at February 17, 2017 at 08:30 CET.
For more information, please contact:
Jyrki Eklund, CEO Aino Health
Phone: +358 40 042 4221
About Aino Health
Aino Health is the leading solution provider in Corporate Health Management; we are for private and public organisations what doctors are for people. The company's complete system of IT-based services reduce sick leave, related costs and deliver long term prosperity, increased productivity and employee engagement by adopting health, wellbeing and safety as an everyday activity.
Aino Health AB (publ) is listed at OMX NASDAQ First North (Ticker: AINO). Erik Penser AB is the Certified Advisor to the company.