Annual Financial Statement for ESEF 2020

TERVEYSTALO 
PLC
Report of the Board of Directors and consolidated financial statements 
31 December 2023 
(Unofficial translation)

2 
Terveystalo 
Group’s 
Report of 
the Board 
of Directors 
and Consolidated 
Financial Statements 
31 December 
2023 
Report of the Board of the Directors
 
...................................................................................................................... 
4 
Calculation of financial ratios and alternative performance 
measures 
..................................................................... 
37 
Reconciliation of alternative performance measures ............................................................................................... 
39 
Consolidated financial statements, 
IFRS 
Consolidated statement of comprehensive income 
.................................................................................................. 
42 
Consolidated statement of financial position ............................................................................................................ 
43 
Consolidated statement of cash flows ...................................................................................................................... 
44 
Consolidated statement of changes in equity 
........................................................................................................... 
45 
1. Corporate information 
........................................................................................................................................... 
46 
2. Accounting policies for the consolidated financial statements ............................................................................. 
46 
 
2.1 Basis of preparation 
.......................................................................................................................................... 
46 
 
2.2 Application of new and amended IFRSs and new 
IFRIC agenda decisions 
.................................................... 
46 
 
2.3 Critical accounting estimates and judgments ................................................................................................... 
47 
 
2.4 Principles of consolidation ................................................................................................................................ 
48 
 
2.5 Foreign currency transactions .......................................................................................................................... 
50 
 
2.6 Property, plant 
and equipment ......................................................................................................................... 
50 
 
2.7 Investment properties ....................................................................................................................................... 
50 
 
2.8 Goodwill and other intangible assets 
................................................................................................................ 
51 
 
2.9 Impairment 
........................................................................................................................................................ 
52 
 
2.10 Leases ............................................................................................................................................................ 
52 
 
2.11 Financial 
assets and liabilities ........................................................................................................................ 
53 
 
2.12 Inventories ...................................................................................................................................................... 
54 
 
2.13 Employee benefits .......................................................................................................................................... 
54 
 
2.14 Provisions and contingent liabilities 
................................................................................................................ 
55 
 
2.15 Revenue recognition 
....................................................................................................................................... 
55 
 
2.16 Segment information ...................................................................................................................................... 
56 
 
2.17 Government grants 
......................................................................................................................................... 
56 
 
2.18 Operating profit 
............................................................................................................................................... 
56 
 
2.19 Earnings per share ......................................................................................................................................... 
57 
 
2.20 Income taxes .................................................................................................................................................. 
57 
3. Business combination 
........................................................................................................................................... 
58 
4. Segment information............................................................................................................................................. 
61 
5. Revenue ............................................................................................................................................................... 
62 
6. Other operating income ........................................................................................................................................ 
64 
7. Material and services 
............................................................................................................................................ 
64 
8. Employee benefit expenses ................................................................................................................................. 
64 
9. Depreciation, amortization and impairment .......................................................................................................... 
65 
10. Other operating expenses .................................................................................................................................. 
65 
11. Financial income 
and expenses ......................................................................................................................... 
66 
12. Taxes .................................................................................................................................................................. 
66 
 
12.1 Income taxes .................................................................................................................................................. 
66 
 
12.2 Deferred tax assets and liabilities 
................................................................................................................... 
67 
13. Earnings per share ............................................................................................................................................. 
69 
14. Tangible 
assets 
................................................................................................................................................... 
70 
 
14.1 Property, plant 
and equipment ....................................................................................................................... 
70 
 
14.2 Right of-use-assets 
......................................................................................................................................... 
71 
 
14.3 Lease liabilities ............................................................................................................................................... 
71 
15. Intangible assets 
................................................................................................................................................. 
73 
16. Impairment testing of cash-generating units including 
goodwill 
......................................................................... 
74 
17. Investment properties ......................................................................................................................................... 
76 
18. Associated companies 
........................................................................................................................................ 
77 
19. Share-based payments ...................................................................................................................................... 
77 
20. Financial assets and liabilities – carrying amount, fair value 
and fair value hierarchy 
....................................... 
80 

3 
21. Financial risks 
..................................................................................................................................................... 
81 
 
21.1. Financial risk management 
............................................................................................................................ 
81 
 
21.2. Interest rate risk currency risk ....................................................................................................................... 
81 
 
21.3 Credit risk. 
...................................................................................................................................................... 
82 
 
21.4. Liquidity risk 
.................................................................................................................................................. 
82 
 
21.5. Capital management ..................................................................................................................................... 
83 
22. Trade and other receivables and contract 
assets .............................................................................................. 
84 
23. Cash and cash equivalents ................................................................................................................................ 
85 
24. Share capital and invested non-restricted equity reserve .................................................................................. 
86 
25. Financial liabilities 
............................................................................................................................................... 
87 
26. Trade and other payables 
................................................................................................................................... 
88 
27. Provisions ........................................................................................................................................................... 
88 
28. Defined benefit plans 
.......................................................................................................................................... 
89 
29. Collateral and contingent liabilities ..................................................................................................................... 
90 
30. Related party transactions 
.................................................................................................................................. 
90 
31. Group companies ............................................................................................................................................... 
94 
32. Subsequent events 
............................................................................................................................................. 
96 
Parent company’s financial statements, 
FAS 
Parent company’s statement of income ................................................................................................................... 
97 
Parent company’s statement of financial position .................................................................................................... 
98 
Parent company’s statement of cash flows .............................................................................................................. 
99 
Parent company’s accounting policies and 
measurement and recognition principles and methods ....................... 
99 
Notes to the parent company’s financial statements .............................................................................................. 
100 
Signatures to the financial statements and Board of 
Director’s report
 
.......................................................... 
106 

4 
Report of the Board 
of Directors 
 
Operating environment
Target 
markets 
In 2023, demand for healthcare services in Finland continued to be strong. Seasonal variations in demand and booking rates 
normalised 
compared to the exceptional comparison period. Demand for basic laboratory 
services largely normalised to pre-pandemic levels. As the 
pandemic receded, customer visits were focused on brick-and-mortar 
as the demand for COVID-19 testing, digital services, and remote 
appointments declined materially year-on-year. 
Demand from corporate and insurance customers remained 
strong. In the public-pay market, staffing 
services saw continued strong 
demand. In the second half of the year, demand for 
out-of-pocket dental care 
services and massage services was dampened by weaker 
consumer confidence and purchasing power. 
The public-pay private-provision market 
is yet to see a broader increase in demand and new, 
smaller tenders have been limited to digital services. 
In Sweden, increased economic uncertainty during the second half of the year affected 
the demand for organisation and leadership 
consultation and harmful use rehabilitation services, which are more sensitive to macroeconomic 
changes. 
Terveystalo 
continued to invest in the recruitment of professionals 
throughout the year and was successful in steadily increasing supply. 
To 
strengthen supply, development 
efforts were increasingly shifted towards 
solutions that enhance the work and productivity of 
professionals. 
A tight labour market and inflation created increasing pressure 
on operating costs, including wages, throughout 2023. The overall 
employment remains decent. However, 
significant changes could affect the demand for occupational health services in Finland. 
The long-term growth prospects for Terveystalo’s 
addressable markets in Finland and Sweden are solid; the underlying demand is strong, 
and megatrends, such as the ageing population, digitalisation of healthcare, and lengthening queues in public healthcare, 
support growth in 
the future. As the most preferred employer, 
Terveystalo 
is well-positioned to drive growth going forward, 
supported by its strong market 
position. 
The impacts of inflation 
Despite the stabilised inflation, some procurement categories 
had continued cost pressure. Terveystalo 
has actively negotiated with its 
suppliers to limit the impact of inflation on costs. Electricity prices levelled off from the comparison 
period. 
One of the key areas of the profit improvement program 
is to fight inflation and reduce costs in selected product and service categories. 
A tight labour market, and continued inflation put upward pressure 
on wages in healthcare services. In the private healthcare sector, 
a two-
year collective agreement is binding for the duration of 1 May 2022 
- 30 April 2024, which applies to Terveystalo's 
largest group of 
employees, nurses. In 2022, salary increases were 2.0 percent from 1 October 
2022 onwards, and for 2023, the increases were in total 2.95 
percent and came into effect on 1 November 2023. In addition, the agreed, 
one-time instalment of 450 euros was paid in June 2023. In 
other professions, wage inflation is also present. The large 
majority of the physicians who work in Terveystalo 
are private practitioners 
(approximately 96 percent), who are not in employment with the company. 
Terveystalo 
implements commercial initiatives to mitigate the effect 
of inflation as a part of the profit improvement program. 
The 
successful pricing actions impact both 2023 and 2024 financials. 

 
5 
The treatment queues and regulatory environment in Finland 
The contraction of non-urgent care during COVID-19 restrictions 
resulted in a significant treatment gap for 
other illnesses. Treatment 
queues for specialised care have continued to grow. 
In August 2023, close to 178,000 patients were waiting for access to public provision 
of 
non-urgent specialised medical care according to Finnish Institute 
for Health and Welfare (THL). Of those patients, more 
than 30,500 (17.2 
percent) had been waiting for more than half a year to get treatment. 
In August 2023, the number of patients who had been waiting for 
more than half a year for treatment had grown by 9,400 from April 2023. 
The responsibility for the organisation of social and healthcare services was transferred 
to the 21 wellbeing services counties and the City of 
Helsinki at the beginning of 2023. The wellbeing services county councils decide on the service strategies, principles of the service network, 
service level of emergency services, budget and financial planning of the well-being services county, 
and appointment of members to 
governing bodies. The wellbeing services counties have launched smaller tenders for 
example digital service solutions, but no decisions on 
larger tenders from the private sector 
have so far been made. 
The government program published in the summer of 2023 aims to increase cooperation 
between private and public healthcare and to 
improve the effectiveness and cost-efficiency of 
the healthcare system. As a first concrete 
measure, the government decided to raise Kela 
reimbursements. The new Kela reimbursements came into 
effect on 1 January 2024 (
https://www.kela.fi/medical 
-expenses
). In total, Kela 
compensations will be increased by 500 million between 2024 and 2027, of which the state's financial contribution is 335 million. 
The aim of 
increasing the reimbursements is to shorten the treatment queues in primary care. The measures 
of the government program are 
estimated to support the growth of demand for private 
service production and will bring new opportunities for the implementation of 
publicly funded and privately provided services. 
Impact of the global political situation and conflicts 
The direct impacts of political tensions and conflicts, such as the war in Ukraine, 
have been minimal to Terveystalo. 
The company does not 
have business operations in or with Ukraine, Israel, or countries that 
are subject to sanctions. The indirect financial impact arises from high 
inflation and potential disruptions in the supply chain and financial markets. The indirect economic impacts are visible in weakened 
consumer confidence and purchasing power. 
The impacts may also have a delayed economic impact through declining employment, which 
could negatively impact the demand for Terveystalo’s 
services. 

6 
Guidance for 
2024 
Terveystalo 
estimates its revenue for 2024 to grow (2023: 
EUR 1,286 million) and its adjusted EBITA margin to 
be between 10.1 and 11.5 
percent (9.8 percent in 2023). 
The estimates are based on the end of 2023 projections for inflation, consumer demand and employment, 
normal morbidity, and a 
predictable labour market in Finland. The estimates include the impact of the successful completion of 
the profit improvement program and 
an annual decrease of approximately EUR 10 million in revenue in the Portfolio 
Businesses segment's outsourcing business. The Sweden 
segment's revenue is expected to decline due to macro weakness 
and the exchange rate is expected to 
remain stable. The estimates do not 
include significant acquisitions or divestments. 
Financial targets 
Terveystalo’s 
financial targets are: 
●
annual revenue growth of at least 5 percent through organic 
growth and acquisitions 
●
an adjusted EBITA margin of at 
least 12 percent in 2025 
●
net debt/adjusted EBITDA ratio of 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 consider Terveystalo’s 
long-term development potential and financial position.
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7 
Key figures 
Terveystalo Group, MEUR 
2023 
2022 
2021 
Revenue 
1,286.4 
1,259.1 
1,154.6 
Adjusted EBITDA, * 
1)
200.2 
178.0 
206.1 
Adjusted EBITDA, % * 
1)
15.6 
14.1 
17.8 
EBITDA 
1)
179.2 
168.8 
201.8 
EBITDA, % 
1)
13.9 
13.4 
17.5 
Adjusted EBITA * 
1)
125.6 
105.2 
141.0 
Adjusted EBITA, % * 
1)
9.8 
8.4 
12.2 
EBITA 
1)
104.4 
95.9 
136.7 
EBITA, % 
1)
8.1 
7.6 
11.8 
Adjusted operating profit (EBIT) * 
1)
93.1 
73.4 
114.4 
Adjusted operating profit (EBIT), % * 
1)
7.2 
5.8 
9.9 
Operating profit (EBIT) 
-14.7 
33.9 
110.1 
Operating profit (EBIT), % 
-1.1 
2.7 
9.5 
Return on equity (ROE), % 
1)
-7.6 
4.1 
13.6 
Equity ratio, % 
1)
36.5 
40.2 
42.2 
Earnings per share, EUR 
-0.33 
0.19 
0.63 
Net debt 
598.1 
566.6 
519.0 
Gearing, % 
1)
116.0 
95.7 
85.2 
Net debt/Adjusted EBITDA 
1)
3.0 
3.2 
2.5 
Total assets 
1,419.5 
1,479.4 
1,448.6 
Average personnel FTE 
6,426 
6,552 
5,643 
Personnel (end of period) 
9,824 
10,933 
9,805 
Private practitioners (end of period) 
6,092 
5,928 
5,754 
Adjusted EBITDA, excluding IFRS 16 * 
1)
142.8 
122.2 
156.9 
Net debt, excluding IFRS 16 
379.0 
386.8 
340.6 
Net debt/Adjusted EBITDA, excluding IFRS 16 * 
1)
2.7 
3.2 
2.2 
* 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. 
Share
-
related key 
figures 
Share-related key figures 
2023 
2022 
2021 
Equity per share, EUR 
4.1 
4.7 
4.8 
Earnings per share, EUR 
-0.33 
0.19 
0.63 
Dividend per share, EUR 
0.30 
0.28 
0.28 
Dividend payout ratio, % 
190.9 %* 
145.0 % 
44.3 % 
* In 2023, the dividend payout ratio of adjusted earnings 
per share (0.47 EUR) was 63.8 percent. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8 
Financial development 
Revenue 
The Group’s revenue for 
2023 
increased by 2.2 percent year-on-year and amounted to 
EUR 1,286.4 (1,259.1) million. The Healthcare 
Services segment revenue increased by 5.7 percent and was EUR 948.6 (897.8) million. The revenue 
increase was mainly driven by 
improved sales mix and successful pricing actions. 
Visits to laboratory services decreased substantially year-on-year 
as COVID testing decreased. A total of approximately 
6,800 (335,000) 
COVID-19 tests were performed
1)
. Revenue from other laboratory services increased year-on-year. 
Revenue from surgical operations and 
imaging services grew year-on-year. 
The Portfolio Businesses segment revenue decreased by 8.1 percent 
million due to expired outsourcing contracts and was EUR 267.2 
(290.7) million. The revenue from Sweden decreased by 0.4 percent and came 
to EUR 92.5 (92.8) million. Without the currency effect, the 
revenue grew by 7.2 percent. 
Acquisitions increased revenue in Sweden by approximately 
EUR 4.6 million. 
1) Excludes sample collection services
Revenue, MEUR 
2023 
2022 
Change, 
percent 
Healthcare Services
948.6
897.8
5.7
Portfolio Businesses
267.2
290.7
-8.1
Sweden
92.5
92.8
-0.4
Eliminations
-21.8
-22.2
-1.7
Total 
1,286.4
1,259.1
2.2
Financial performance 
and cash 
flow 
The Group’s adjusted earnings for 2023
 
before interest, taxes, 
amortization, and impairment losses (EBITA) 
increased by 19.4 percent to 
EUR 125.6 (105.2) million, representing 9.8 (8.4) percent of revenue. Profitability 
improved in all business areas. Profitability was 
strengthened by normalization of the sales mix, successful pricing actions, and the progress of the profit 
improvement program. 
Adjusted EBITA, MEUR 
2023 
2022 
Change, 
Healthcare Services
109.0
99.2
9.9
Portfolio Businesses
8.7
3.5
149.4
Sweden
3.7
2.6
42.5
Other
4.2
-0.1
>200.0
Total 
125.6
105.2
19.4
Section Other reported figures mainly consist of 
parent company expenses, unallocated 
Group level adjustments, and provisions. 
Material expenses and service purchasing increased by 2.0 percent year-on-year 
and amounted to EUR 536.2 (525.7) million. Employee 
benefit expenses decreased by 1.8 percent year-on-year and amounted to 
EUR 447.0 (455.0) million due to the actions of the profit 
improvement program, lower sick leaves, and terminated 
outsourcing contracts. The decrease was partially offset 
by recruitment and salary 
increases. Other operating expenses increased by 14.2 percent to 
EUR 128.2 (112.3) million mainly due to advisory fees of the profit 
improvement program, as well as higher costs related 
to rents and premises. 

9 
The Group’s adjusted EBITDA increased 
by 12.5 percent year-on-year to EUR 
200.2 (178.0) million. Adjusted EBIT amounted to EUR 93.1 
(73.4) million. Operating result (EBIT) came to EUR -14.7 (33.9) million. The operating result was 
weakened by EUR 84.6 million write-offs 
related to goodwill and to purchase price allocations relating to public 
outsourcing customer relationships within the Portfolio 
Businesses. 
In the comparison period, impairment of other intangible assets EUR 28.9 million decreased the operating profit. 
Net financing costs increased to EUR 24.2 (2.9) million due to the increased interest 
rate, as well as the increase in the fair value of interest 
rate hedges during the comparison period. The result before tax 
was EUR -38.9 (30.9) million. Income taxes were EUR -3.3 (6.5) million. The 
result for the reporting period amounted to EUR -42.2 (24.4) million, and earnings per share were EUR 
-0.33 (0.19). 
Cash flow from operating activities increased to EUR 158.0 (140.9) million due to improved 
profitability and timing differences in corporate 
tax payments. Growth was dampened by growth in working capital 
employed. 
Cash flow from investing activities decreased to EUR -44.2 (-93.9) million. The change from the comparison period mainly consisted 
of a 
decrease in M&A activities and investments in intangible assets. 
Cash flow from financing activities amounted to EUR -116.2 (-44.6) million.
The change from the comparison period was mainly due to 
refinancing and increased net financial expenses during the reporting period. 
Profit improvement programs 
During the fourth quarter of 2022, Terveystalo 
launched a profit improvement program, which aims for an inflation-adjusted, 
annualised 
(run-rate) EBITA 
improvement of at least EUR 50 million by the end of 2024. The program progressed 
well, and the overall target was 
exceeded ahead of schedule. The measures implemented by the end of the reporting period are estimated 
to have an annual run-rate 
impact of over EUR 60 million on profitability. The adjusted 
EBITA impact of the program 
during the fourth quarter was approximately EUR 
13 million and during 2023 EUR 37 million. 
During the fourth quarter of 2022, a profit improvement program 
was launched in Sweden targeting a structural change in the profitability 
in 2025. 
The total costs related to the programs in 2022–2024 
are estimated to be EUR 30-35 million. The costs are related 
to restructuring and 
advisory fees. Advisory fees are tied to the results achieved by the programs. 
The costs of the programs are treated as items affecting 
comparability. The costs of 
the programs, treated as items affecting 
comparability, were 
EUR 5.3 million during the fourth quarter and EUR 
21.7 million during 2023. 
Financial position
Terveystalo’s 
liquidity position is good. Cash and cash equivalents at the end of the reporting period amounted to EUR 37.7 (40.2) million. 
The total assets of the Group amounted to EUR 1,419.5 (1,479.4) million. 
Equity attributable to owners of the parent company totalled 
EUR 515.4 (592.0) million. 
Gearing (including lease liabilities) was 116.0 (97.7) percent and net debt amounted to EUR 598.1 (566.6)
million. The increase in net debt is 
mainly due to lease liabilities. Net debt, excluding IFRS 16 (lease liabilities) amounted to EUR 379.0 (386.8) million. The average 
maturity of 
Terveystalo's 
financial loans was 3.0 (2.3) years at the end of the fourth quarter of 2023, and the weighted average 
interest rate for 
the 
quarter was 4.8 (1.2) percent. During the reporting period, the company fulfilled the covenant 
requirement included in its financing 
agreements reflecting relative indebtedness. 
During the reporting period, the company signed an agreement for a long-term loan of EUR 135 million linked 
to sustainability targets and 
refinanced the current revolving credit facility. 
The loan is a bullet loan, and the maturity of the loan is three years supplemented by an 
extension option of one year. 
EUR 125 million of the loan was withdrawn and used to refinance bank loans maturing during 2023 and 2024. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10 
In connection with the refinancing, the company agreed on the refinancing of a EUR 40 million revolving credit facility 
maturing in 2024. The 
maturity of the syndicated credit revolving facility is three 
years supplemented by an extension option of one year. 
During the second quarter of 2023, Terveystalo 
issued senior unsecured sustainability-linked notes in the aggregate principal amount 
of 
EUR 100 million. The notes will mature on 1 June 2028 and carry initially a fixed annual interest of 5.375 percent. 
The notes were listed on 
the official list maintained by Nasdaq Helsinki Ltd on 5 June 2023. 
At the end of the reporting period, the unused part of credit based on financing agreements and bank accounts with a credit facility 
amounted to EUR 98.0 (99.6) million. 
Return on equity for financial year was -7.6 (4.1) percent. The equity ratio 
was 36.5 (40.2) percent. In accordance with the 2023 Annual 
General Meeting’s decision, a dividend of EUR 0.28 per share has been paid based on the balance sheet adopted for the fiscal year 
ending 
31 December 2022. The dividend was paid in two instalments. The first dividend instalment was 
paid to shareholders on 3 April 2023 and 
the second dividend instalment on 9 October 2023. 
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, particularly in the 
summer months. The number of business days influences the revenue and earnings development, particularly when comparing quarterly 
performance. There was 251 (253) working days in 2023. In 2024, there are 252 working days. 
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. 
Number of working days by quarter 
2022 
2023 
2024 
Q1
63 
64 
63 
Q2
61 
60 
61 
Q3
66 
65 
66 
Q4
63 
62 
62 
Full year 
253 
251 
252 
Investments and 
acquisitions
Net investments* in 2023, including M&A, amounted to EUR 43.9 (94.1) million. The Group’s 
net capital expenditure, excluding M&A, 
amounted to EUR 40.2 (60.0) million. The investments consisted mainly of investments 
in digital application and service development, IT 
system projects, medical equipment, and network. The relative 
share of intangible investments in gross investments 
decreased year-on-
year.
During the second quarter, Terveystalo 
subsidiary, Feelgood Svenska 
AB, entered into agreements for two 
acquisitions. Feelgood acquired 
Växjö Hälsoforum and Quality Care's operations, 
of which the former was finalised during the third quarter and the latter during the 
fourth 
quarter. 
* Net investments do not include increases 
in right-of-use assets related 
to leases for business premises. Net investments 
include the acquisition of non-controlling interests. 
Development expenses 
Capitalised development expenses in 2023 were EUR 23.2 (16.4) million and were included in other intangible assets.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11 
Personnel 
The number of Terveystalo’s 
employed staff on 31 December 2023 in Finland was 8,950 (10 100), in Sweden 874 (833) and in total 9,824 
(10,933). In FTEs, the average number of personnel in Finland was 5,596 (5,865), in Sweden 829 (687) and in total 6,426 (6,552). 
The 
number of private practitioners in Finland was 5,987 (5,822), in Sweden 105 (106) and in total 
6,092 (5,928). The number of employees in 
Finland was affected by a reduction in the number of employees working in COVID 
-19 related services, the measures of the profit 
improvement program and the termination of outsourcing contracts. 
Reporting segments 
Starting from 1 January 2023, Terveystalo 
has changed its financial reporting structure to better highlight the performance of 
Terveystalo's 
businesses. The new reporting structure reflects Terveystalo's 
new operating model and is aligned with the way the company’s 
management follows the operational performance of Terveystalo's 
businesses. Terveystalo 
Group comprises of three reporting segments: 
Healthcare Services, Portfolio Businesses, and Sweden.
Healthcare Services 
Healthcare Services business segment offers customers in Finland integrated care paths from preventive occupational health 
services to 
primary care services and to different fields of specialized care, diagnostic, and day surgery. 
In Healthcare Services, Terveystalo 
aims for 
industry-leading profitability and the best care outcomes.
Key figures
2023 
2022 
Change, % 
Revenue, MEUR 
948.6 
897.8 
5.7 
EBITA, MEUR 
107.1 
93.8 
14.2 
EBITA, 
% 
11.3 % 
10.4 % 
0.8 %-p. 
Adjusted EBITA, MEUR 
109.0 
99.2 
9.9 
Adjusted EBITA, % of revenue 
11.5 % 
11.0 % 
0.4 %-p. 
The revenue from Healthcare Services for 2023
 
increased by 5.7 percent and was EUR 948.6 (897.8) million. 
The revenue from corporate customers 
increased by 7.9 percent to EUR 564.0 (522.9) million. Revenue from preventive 
occupational health 
services
1)
 
increased year-on-year. 
Revenue from healthcare appointments also increased, even though the sales from 
COVID-related 
services dropped year-on-year. 
The revenue from consumers increased by 6.4 percent 
to EUR 296.1 (278.4) million. Revenue increased 
especially due to higher sales from services produced for insurance companies. The revenue from 
public sector customers decreased by 8.3 
percent to EUR 88.5 (96.4) million due to terminated contracts and ending of COVID 
-related services sales. Revenue from services provided 
for municipal occupational health customers grew due to successful pricing actions. 
The revenue from appointment services increased by 11.2 percent to 
EUR 618.3 (556.3) million mainly due to improved customer mix and 
successful pricing actions. The number of physical appointments increased slightly year-on-year. 
The number of remote appointments 
decreased by 19.0 percent due to the COVID-related digital visits during the comparison 
period. Revenue from diagnostics services 
(laboratory and imaging) decreased by 8.2 percent and was EUR 229.6 (250.0) million. The number of laboratory 
visits decreased clearly 
from the comparison period when there was a high number of COVID tests done. Excluding COVID 
testing, the number of laboratory visits 
increased from the comparison period. The revenue from other services increased by 10.0 percent 
and was EUR 100.7 (91.5) million driven 
by surgical operations. 
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 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12 
counselling; participation in the planning and implementation 
of measures that maintain work ability; promotion 
of coping at work and, when necessary, 
referrals to rehabilitation 
in case of reduced work ability; guidance in first 
aid preparedness at the workplace; and assessment 
and monitoring of the quality and impact of occupational 
healthcare activities.
Healthcare Services, revenue by customer groups, and services 
Revenue, MEUR 
2023 
2022 
Change, % 
By customer 
Corporate
564.0
522.9
7.9
Consumer
296.1
278.4
6.4
Public sector
88.5
96.4
-8.3
By service 
Appointments
618.3
556.3
11.2
Diagnostics
229.6
250.0
-8.2
Other
100.7
91.5
10.0
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.
Consumer customers
 
are Terveystalo’ 
s third-largest customer group. Consumer 
customers include private individuals and families. 
Services for consumers are paid for either by 
the 
customers themselves or by their insurance companies.
The services offered to 
public sector
 
customers include specialized care services, 
other healthcare services produced in the clinic network, 
as well as occupational 
health services for 
the public sector. Outsourcing 
and staffing services are included in Portfolio 
Businesses, 
Healthcare Services, number of visits
Visits 
2023 
2022 
Change, % 
Appointments 
6,069,111 
6,351,339 
-4.4 
Physical appointments
4,750,619 
4,723,915 
0.6 
Remote appointments
1,318,492 
1,627,424 
-19.0 
Diagnostics 
1,285,980 
1,460,908 
-12.0 
Other 
48,984 
41,278 
18.7 
Total 
7,404,075 
7,853,525 
-5.7 
In 2023
, 
adjusted earnings before interest, taxes, 
amortization, and impairment losses (EBITA)
 
increased by 9.9 percent and amounted to 
EUR 109.0 (99.2) million, representing 11.5 (11.0) percent of revenue. The drop in COVID-19 testing 
volumes had a negative impact on 
profitability, whereas successful 
pricing actions and improved sales mix in non-COVID-related services strengthened 
the profitability. The 
profit improvement program targeting at 
least 50-million-euro annualised (run-rate) EBITA 
improvement by the end of 2024, progressed 
well and the overall target was exceeded 
ahead of schedule. The measures implemented by the end of the reporting period are estimated 
to have an annual run-rate impact of over EUR 60 million on profitability. 
The adjusted EBITA impact of 
the program during 2023 was EUR 
37 million. 
Portfolio Businesses 
The Portfolio Businesses segment consists of business areas that aim for independent value creation utilising Terveystalo’s 
capabilities 
according to their needs. Portfolio Businesses include public sector outsourcing, staffing services, and dental 
care, as well as other businesses 
such as public sector digital services, rehabilitation, child welfare, and massage services, as well as interpretation services. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13 
Key figures 
2023 
2022 
Change, % 
Revenue, MEUR 
267.2 
290.7 
-8.1 
EBITA, MEUR 
8.3 
2.0 
>200.0 
EBITA, % 
3.1 % 
0.7 % 
2.4 %-p. 
Adjusted EBITA, MEUR 
8.7 
3.5 
149.4 
Adjusted EBITA, % of revenue 
3.3 % 
1.2 % 
2.1 %-p. 
Portfolio Businesses, revenue by services 
Revenue, MEUR 
2023 
2022 
Change, % 
Outsourcing services
91.1 
118.7 
-23.3 
Staffing services
84.7 
84.1 
0.6 
Dental care
54.5
52.2 
4.3 
Other
36.9 
35.6 
3.7 
Total 
267.2
290.7
-8.1
In the Portfolio Businesses, revenue in 2023 
decreased by 8.1 percent and amounted to EUR 267.2 (290.7) million. Revenue from 
outsourcing services decreased by 23.3 percent due to terminated outsourcing contracts 
and amounted to EUR 91.1 (118.7) million. 
Revenue from staffing services increased by 0.6 percent 
driven by growth in the demand for specialised care and amounted to EUR 
84.7 
(84.1) million. Higher demand for specialist care services had a positive impact on revenue. Revenue 
from nurse staffing decreased due to a 
decrease in COVID-related services year-on-year. 
Revenue from dental care increased by 4.3 percent 
and amounted to EUR 54.5 (52.2) 
million. Revenue from other services increased by 3.7 percent and amounted to EUR 36.9 (35.6) 
million. 
In 2023
, 
adjusted earnings before interest, taxes, 
amortization, and impairment losses (EBITA)
 
increased to EUR 8.7 (3.5) million, 
representing 3.3 (1.2) percent of revenue. Termination 
of low-margin outsourcing contracts, successful pricing actions, cost 
cutting, as well 
as increased demand improved profitability year-on-year. 
Higher costs of specialised care in outsourcing services, as well as inflation 
impacted negatively. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14 
Sweden 
The Sweden segment consists of Feelgood subsidiaries’ operations in Sweden, which are focused on occupational health and consultation 
for 
organisational management and harmful use. In Sweden, Terveystalo 
aims for profitable growth in the medium and long term. 
Key figures
2023 
2022 
Change, % 
Revenue, MEUR 
92.5 
92.8 
-0.4 
EBITA, MEUR 
2.1 
1.9 
10.1 
EBITA, % 
2.3 % 
2.0 % 
0.2 %-p. 
Adjusted EBITA, MEUR 
3.7 
2.6 
42.5 
Adjusted EBITA, % of revenue 
4.0 % 
2.8 % 
1.2 %-p. 
In the Sweden segment, revenue in 2023
 
decreased by 0.4 percent and amounted to EUR 92.5 (92.8) million. The weakening of 
the 
Swedish krona from the comparison period had a negative impact on revenue. Without the currency 
effect, the revenue grew by 7.2 
percent. Demand was at a good level during the first half of the year, 
particularly in organisational leadership consultation and harmful use 
rehabilitation services. During the third quarter, 
the demand for preventive occupational health services started to 
pick up slower after the 
holiday period than the previous year. 
During the second half of the year, the increased 
economic uncertainty affected the demand for 
services, which are sensitive to macroeconomic changes. Acquisitions increased revenue in Sweden by approximately 
EUR 4.6 million. 
In 2023
, 
adjusted earnings before interest, taxes, 
amortization, and impairment losses (EBITA)
 
increased by 42.5 percent to EUR 3.7 (2.6) 
million, representing 4.0 (2.8) percent of revenue. Profitability was 
strengthened by increased operational efficiency. 
During the fourth 
quarter, a profit improvement 
program was launched in the business area targeting a structural 
change in the profitability in 2025. 
Statement of non-financial information 
Terveystalo 
is the largest private health care service provider in Finland in terms of 
revenue and network and a leading occupational health 
provider in the Nordic region. Terveystalo 
employs in total over 15,500 health and well-being professionals. The company 
is listed on the 
Helsinki Stock Exchange and has predominantly Finnish ownership. In 2023, Terveystalo 
had 1.2 million individual customers in Finland and 
some 7.6 million customer visits were made. 
Terveystalo’s 
mission is to fight for a healthier life by focusing on meaningful matters. 
Terveystalo’s 
strategy is to deliver integrated, 
data-
driven outpatient and preventive care with best-in-class 
care outcomes and people experience. The key targets 
are to reach industry-
leading profitability and to have a net positive impact on society. 
Terveystalo’s 
values constitute the foundation for all Terveystalo’s 
operations. 
Terveystalo 
reports on its sustainability work as part of the Annual Report. This section summarizes the key themes, 
targets, and results. 
The double materiality assessment conducted in 2023 serves as the foundation for Terveystalo’s 
sustainability efforts and the specifies the 
information included in sustainability reporting. Terveystalo’s 
material sustainability themes are related to Terveystalo’s 
consumers and end 
users, own workforce and ethical business conduct. In addition, Terveystal 
o 
promotes sustainable consumption and climate action. 
Terveystalo’s 
sustainability efforts are guided by the company’s 
Code of Conduct, values, and strategic goals as well as the material 
sustainability themes based on the double materiality assessment. Terveystalo 
is committed to the UN Guiding Principles on Business and 
Human Rights, the conventions of the International Labour Organisation (ILO), 
and the Ten Principles of the UN Global Compact. 
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 customers 
in the future. 

15 
The most significant risks related to material sustainability themes 
are assessed and 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 for and demand for 
healthcare services continues to 
grow. The main sustainability risks 
are related to the availability of health care professionals 
and thus access to care. The company mitigates 
these risks by, among other things, automating routine tasks, 
using technology, and allocating resources 
according to the need for care. In 
addition, the company continues to strengthen its position as the most attractive 
workplace in the industry by developing, among other 
things, multi-professional cooperation, and leadership.
Terveystalo 
believes it can leverage its position as the most attractive employer 
in 
the industry to grow faster than the market. 
Good health and well-being 
The core of Terveystalo’s 
operations and the company’s key positive 
impact is the provision of appropriate, high-quality, 
effective, and safe 
care for all customers. Terveystalo 
is a pioneer in data-driven integrated care. The company 
uses data to support care and target effective 
prevention and continuously measures the effectiveness of 
care and the benefits to the customer. 
The company's integrated care model 
provides fast access to care, links the differ 
ent stages of care into seamless multi-professional 
and multi-channel care paths, and actively 
guides the patient, supporting continuity of care throughout the care paths. Terveystalo’s 
digital solutions play a key role in integrated 
care 
paths and their development. 
Quality is managed at all 
levels of the organisation 
 
The cornerstones of Terveystalo’s 
quality management system are patient safety 
and the national legislation governing the industry. 
Quality is managed on all levels of the organisation. The quality system ensures fast 
access to care and 
patient safety, a high-quality and 
continuously evolving customer experience, data 
protection and security, compliance, and 
continuous improvement of the effectiveness 
of care. 
Terveystalo’s operations are guided by 
the company’s operating policy, 
quality policy, internal control and 
risk management policy, self-auditing 
program, Code of Conduct, and 
data protection and information security 
policy. The harmonised processes and 
procedures that ensure patient safety 
and high-quality care are documented 
in Terveystalo’s integrated management system. 
Policies and procedures on the 
data protection of patient 
data are documented in the 
Data Protection Handbook for 
patient care. Terveystalo’s operations are 
also guided by the ISO 
9001:2015 quality 
management system, the Current Care 
Guidelines and
the laws and regulations governing 
the industry and the operations 
of private service providers, 
and customer agreements. 
Targets 
for quality and effectiveness 
of care 
Terveystalo 
has defined three 
key targets 
to promote the achievement 
of Terveystalo’s 
quality objectives. 
Two of the 
targets are also 
included in the sustainability 
-linked financing 
framework published 
in 2023.
Effective care for 
mental health issues 
Mental health issues are among the three most common diagnosis categories in Terveystalo 
and are a significant cause of human suffering, 
related sickness absences, and early retirement in Finland. Providing appropriate 
and effective treatment for 
mental health problems is one 
of the priorities of Terveystalo's 
medical quality development. Patients who receive brief psychotherapy 
recover faster than those given 
only sick leave and/or medication. Patients who go through 
brief psychotherapy also have fewer 
sickness absences. Terveystalo 
aims to 
increase the use of brief psychotherapy in occupational healthcare in the treatment 
of people diagnosed with depression or anxiety 
disorders. When more patients receive care at an early stage, 
resources for long-term rehabilitative psychotherapy 
are freed up for those 
who need it due to the severity of their condition. Terveystalo 
has systematically developed mental 
health care paths and increased the 
proportion of patients referred to brief psychotherapy. 
Terveystalo’s 
target is to increase the share of occupational healthcare 
patients diagnosed with anxiety or depression and who are referred 
to brief psychotherapy to 25 percent by 2026. In 2023, the share 
of occupational health patients referred to brief 
psychotherapy was 12.6 
(8.5) percent of all occupational health patients diagnosed with anxiety or depression. Total 
number of diagnoses of depression and anxiety 
in occupational health was 87,335 (80,702). The results achieved in 2023 were in line with the target. 

 
 
 
 
 
 
 
 
16 
Excellent customer experience
NPS (Net Promoter Score) is Terveystalo’s 
most important indicator of the quality of the customer experience. Terveystalo 
aims to stand out 
by providing an excellent experience in all customer encounters. 
The company develops its services by listening to customers 
and utilising 
new technology. NPS expresses the share of 
Terveystalo’s 
patients who would recommend Terveystalo’s 
services to others. Terveystalo’s 
NPS is exceptionally high compared to the industry average 
(38), and maintaining this performance requires a continuous effort. 
Terveystalo’s 
target is to maintain a customer satisfaction 
score (NPS) of at least 83. In 2023, the NPS for appointments was 84.8 (82.7). 
Effective care at every 
visit 
Terveystalo 
uses PEI indicator (Patient Enablement Instrument) to measure the appointment 
-specific effectiveness of care. PEI measures 
the customer’s perception of coping with their illness or condition after an appointment, i.e. whether the customer 
feels that they can cope 
with their symptom or illness much better, 
better, 
same as before, or worse after the appointment (on a scale of 1–4). 
The aim of collecting 
individual customer feedback is to improve both the customer experience and the professional 
experience. The PEI indicator is commonly 
used in primary healthcare, and it has been selected by the Finnish Institute for Health and Welfare 
(THL) as one of the key indicators for 
measuring the effectiveness of Finnish healthcare in the future. 
Terveystalo’s 
target is to maintain an appointment-specific 
PEI index of at least 2.9. In 2023, the PEI index was 2.9 (2.9). Approximately 
60 
percent of Terveystalo's 
customers feel they cope better or much better with 
their illness after an appointment. 
Target 
Indicator (KPI) 
Scope of application 
Target level 
Target year 
Baseline 
2023 
2022 
2021 
Increase the share of 
occupational healthcare 
patients diagnosed with 
anxiety or depression 
and who are referred to 
brief psychotherapy to 
25% by 2026 1) 
The share of 
occupational 
healthcare patients 
diagnosed with 
anxiety or 
depression and who 
are referred to brief 
psychotherapy 
Occupational 
healthcare customers 
in Finland 
25% 
2026 
2022 
12.6% 
8.5% 
6.2% 
Maintain a customer 
satisfaction score (NPS) 
of at least 83 2) 
NPS (Net Promoter 
Score) for 
appointments 
Terveystalo’s 
customers, who have 
visited appointments 
in Finland 
At least 83 
Continuous 
2022 
84.8 
82.7 
83.0 
Maintain an 
appointment-specific 
PEI index 3) of at least 
2.9 
PEI index (Patient 
Enablement 
Instrument) 
Terveystalo’s 
customers, who have 
visited doctor’s 
appointments in 
Finland 
At least 2.9 
Continuous 
2022 
2.9 
2.9 
- 
1) Occupational healthcare patients with a diagnosis 
of depression or anxiety and who are referred 
to brief psychotherapy / Occupational healthcare 
patients with a diagnosis of 
depression or anxiety. 
2) NPS measures the individual patient's experience 
of the service received shortly after the service experience. 
The patient is asked to assess 
how likely (on a scale of 0–10) they 
are 
to recommend Terveystalo’s 
services. The Net Promoter Score is calculated by subtracting 
the share of those who gave a score of 0–6 (detractors) 
from the share of those gave a 
score of 9–10 (promoters). 
3) The PEI index (Patient Enablement 
Instrument) is used to measure whether 
the customer feels that they are able to 
cope with their symptom or illness 
much better, better, 
same 
as before, or worse after the appointment. 
The scale is 1–4. 

 
 
17 
In addition to the aforementioned targets, Terveystalo 
continuously measures its clinical, experienced and process results based on 
international best practices and publishes its continuously updated quality indicators 
on its 
website
. The progress against the quality targets 
is monitored by Terveystalo’s 
Quality Steering Group on a quarterly basis. 
Responsible work 
Competent and committed personnel form the foundation 
for Terveystalo’s 
operations. There are shortages of competent 
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. 
A key strategic goal for 
Terveystalo 
is to ensure that the company has enough health and well-being professionals 
to meet the growing demand and achieve its strategic targets. 
Terveystalo 
aims to be the best and most attractive employer in its industry. 
Terveystalo’s 
attractiveness as an employer and the occupational well-being and job satisfaction 
of the people who work at Terveystalo 
constitute the foundation for all operations. Terveystalo 
strives to strengthen its attractiveness as 
a workplace by providing professionals 
with interesting and meaningful work, competitive pay, 
diverse career, 
and development opportunities, and ensuring that professionals can 
work smoothly and focus on meaningful matters. Equality, 
fairness and non-discrimination are core principles. In 2023, Terveystalo 
was 
rated by industry professionals as the most popular employer 
in Finland for the fourth consecutive time. 
1) Universum employer survey 2023
At the end of 2023, Terveystalo 
had 8,950 (10,100) employees and 5,987 (5,822) independent private practitioners in its operations 
in 
Finland. In Sweden, Terveystalo’s 
subsidiary Feelgood had 874 (833) employees and 105 (106) private practitioners. The 
number of 
employees in Finland was affected by a reduction in the number of employees working 
in COVID-19 related services, the measures of the 
profit improvement program and the termination of outsourcing 
contracts.
Terveystalo’s 
operating principles concerning human resources management 
Terveystalo 
has drawn up operating principles for managing material impacts on its personnel. Terveystalo’s 
Code of Conduct includes key 
principles concerning equality, fairness and non-discrimination. In accordance 
with Finnish law, Terveystalo 
respects the right of its 
employees to be members of trade unions or similar advocacy organisations 
and participate in their activities.
Terveystalo 
also respects the 
collective bargaining rights of employees. Eighty percent of Terveystalo’s 
employees in Finland are covered by collective labour agreements. 
In Sweden, the corresponding figure is 100 percent. 
Terveystalo’s 
work community development plan includes targets and actions for developing and 
maintaining professional competence and 
promoting occupational well-being. The development plan also includes Terveystalo’s 
equality and non-discrimination plan. Pay equality is 
assessed and promoted as part of the work community development plan. Gender, 
for example, cannot be a factor that influences pay. 
Terveystalo’s 
working group on equality became operational at the beginning of 2023. Its aim is to promote 
equality in Terveystalo’s 
work 
communities and customer encounters. 
One of the areas of Terveystalo’s 
people strategy is the development of meaningful and competitive incentive and remuneration 
models 
that strengthen the performance and commitment of professionals 
and Terveystalo’s 
attractiveness as an employer. 
Terveystalo’s 
remuneration principles are set out in the remuneration policy and are based on performance, 
fairness and competitiveness. The aim is to 
ensure that Terveystalo 
is an attractive employer for motivated 
and skilled professionals. Remuneration must support the achievement 
of 
Terveystalo’s 
strategic targets, incentivise behaviour that 
is consistent with Terveystalo’s 
values, and reward excellent performance. 
Terveystalo’s 
goal is to be the best and most attractive employer in its industry 
Terveystalo’s 
goal is to be the best and most attractive employer in its industry for 
all 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 Terve 
ystalo’s 
professionals, including private practitioners. In the survey, 
the employee Net Promoter Score (eNPS) is used as a key indica 
tor of well-being 
and coping at work. The eNPS figure indicates the proportion of the employees and private 
practitioners who would recommend 
Terveystalo 
as a workplace to others. In the 2023 professional survey, 
the eNPS recommendation index was 19 (28). In 2023, Terveystalo 

 
 
 
 
18 
implemented changes to its operating model and streamlined organisational 
structures in connection with a profit improvement program. 
These changes had a negative impact on the eNPS. Terveystalo’s 
long-term strengths include well-functioning work communities, effective 
cooperation and good team leadership. These were perceived increasingly 
positively. The willingness to continue working 
at Terveystalo 
also remained at a good level. The target is for the eNPS indicator 
to be at least 25 in 2025.
Target 
Indicator (KPI) 
Scope of 
application 
Target 
level 
Target 
year 
Base 
year 
2023 
2022 
Being the industry’s 
best and most 
attractive employer 
Employee Net 
Promoter Score 
(eNPS) 
Terveystalo’s 
employees and 
private 
practitioners 
25 
2025 
2022 
 
19 
28 
The employee Net Promoter Score (eNPS) indicates 
the proportion of the personnel and private practitioners 
who would recommend Terveystalo 
as a 
workplace to others. 
Well-being and strong work communities
The core of Terveystalo’s 
people strategy is to build strong work communities with a humanely efficient 
working culture where people have 
high job satisfaction and their work is smooth and productive. To 
achieve this, Terveystalo 
looks after the health and safety of the personnel 
by providing occupational health services that exceed the legal requirements and by continuously 
developing the safety culture in work 
communities. Nurturing a healthy work-life balance is part of a humanely efficient working culture. Terveystalo’s 
work communities are 
equal, non-discriminatory, and diverse. Good and 
effective supervisory work is a key factor 
in performance and job satisfaction, and it is 
strengthened by supporting and training supervisors.
Occupational safety 
The occupational safety 
of Terveystalo’s 
personnel in Finland 
is developed and managed 
at the Group level, 
taking company-specific 
and 
business-specific differences 
into account. The 
different levels 
of the organisation 
know and recognize 
their responsibilities 
concerning 
ensuring occupational 
safety in compliance 
with Finnish legislation. 
Terveystalo’s 
goal is to be a 
safer working environment 
every day. 
The development of occupational 
safety at Terveystalo 
is focused on the 
identification, 
prevention, and 
mitigation of 
health hazards and 
adverse health 
impacts arising from 
working conditions, 
as well as protecting 
and promoting the 
safety, 
work ability, 
and health of 
employees. An annual 
action plan is drawn 
up for the development 
of occupational safety. 
In 2023, the goal was 
to develop the 
systematic 
management of occupational 
safety at the 
individual, unit, business, 
and Group levels 
by, for 
example, clarifying 
responsibilities related 
to occupational safety, 
ensuring careful orientation 
training, and increasing 
occupational safety 
management 
through supervisory work. 
A new operating 
model for the risk 
assessment of work 
tasks was introduced 
in 2023. 
All occupational accidents 
and commuting accidents 
at Terveystalo 
are reported and 
investigated. 
The operational 
safety is further 
developed with the 
help of safety 
observations. Terveystalo 
has not had any occupational 
accidents or commuting 
accidents resulting 
in 
death or severe 
injury for years. 
The accident frequency 
in Finland in 2023 was 
20 (18). 
In Sweden (Feelgood), 
occupational health 
and safety are 
organised following 
the Swedish legislation. 
The certified ISO 
45001 
occupational health and 
safety system 
guides the operations. 
The number of accidents 
in Sweden in 2023 
was 16 (13). 
Occupational healthcare 
Occupational healthcare 
plays a key 
role in the identification 
of health risk factors 
and the prevention 
of illnesses. In 
Finland, Terveystalo’s 
occupational healthcare 
and occupational safety 
are organised 
on a company-specific 
and regional basis 
in accordance with 
Finnish 
legislation. According 
to the law, 
the employer shall 
arrange occupational 
healthcare at its 
own expense to 
prevent and control 
health 
risks and problems 
related to work 
and working conditions 
and to protect 
and promote the 
safety, 
working capacity, 
and health of 
employees. 
In addition to the 
statutory requirements, 
Terveystalo 
provides its employees 
in Finland with a comprehensive 
range of primary 

19 
healthcare, speciali 
sed care, and well 
-being services, such 
as occupational physiotherapy 
and services that support 
mental well-being. 
Short-term psychotherapy 
is also a part of Terveystalo’s 
occupational health 
services. 
Terveystalo 
itself provides occupational 
healthcare services 
to its personnel 
throughout Finland. 
Terveystalo’s 
occupational 
health 
services are certified 
under ISO 9001:2015 
quality certificate 
. 
In the occupational 
health services, significant 
focus is placed on 
maintaining the personnel’s 
work ability and the 
treatment of 
illnesses. 
Sickness absences among 
the personnel 
decreased from the 
previous year, 
and the sickness absence 
rate in Finland 
was 4.0 (5.2) percent 
of hours worked. 
In Sweden (Feelgood), 
occupational healthcare 
is organised in 
accordance with 
Swedish legislation. 
Operations are 
certified by ISO 45001 
occupational health and 
safety system. 
In Sweden, the sickness 
absence rate 
was 4.8 (5.5) in 2023. 
 
Work-life balance
A healthy work-life balance supports the well-being, productivity, 
and job satisfaction of the personnel. As an employer, 
Terveystalo 
strives 
to support its personnel in reconciling work and private life. All Terveystalo 
employees are entitled to statutory leave. In 2023, the share 
of 
employees taking statutory leave was 
7.4 percent of all employees, of whom 8.1 percent were women and 4.2 percent men. Work 
at 
Terveystalo 
is flexible and location-independent. Work goals and effectiveness 
determine the where and how the work is performed. 
Professional growth and focusing on 
meaningful matters
Terveystalo 
offers its employees and private practitioners 
high-quality training in various areas. Skills development aims at strong and up-
to-date professional skills and excellent leadership.
In 2023, Terveystalo 
organised training in Finland on average 11.7 hours 
per employee.
In addition to internal training, Terveystalo 
cooperates in research and education with several 
universities and promotes youth employment 
through trainee programs. 
To enable smooth and efficient way 
of working for professionals, the structures, tools, and processes are 
continuously developed. In 2023, 
all of Terveystalo’s 
occupational health customers were given access to the Symptom Assessment 
tool, a CE-marked medical device that 
makes the use of occupational healthcare services smoother in the event of illness. The Symptom Assessment tool 
supports the work of 
healthcare professionals by taking care of certain routine 
tasks on the professional’s 
behalf, allowing them to allocate more time to 
customer encounters. 
Ethical business conduct
Ethical, responsible and compliant conduct of business is essential in Terveystalo’s 
operations. Terveystalo’s 
operations are guided by the 
legislation governing the sector and private healthcare services, as well as the regulations and requirements 
established by the authorities. 
In addition, the work of healthcare professionals is guided by their own ethical codes of conduct. 
The Code of Conduct provides a framework that helps ensure compliance with Terveystalo’s 
values and internal guidelines as well as 
applicable legislation. The Code of Conduct also reflects Terveystalo’s 
commitments to its key stakeholders. Terveystalo 
is committed to 
promoting ethical business practices and requires that all the company’s 
operations are conducted in compliance with the applicable laws 
and regulations. In addition to compliance with legislation and Terveystalo’s 
Code of Conduct, Terveystalo 
is committed to the UN Guiding 
Principles on Business and Human Rights, the conventions of the International Labour Organisation 
(ILO) and the Ten Principles of 
the UN 
Global Compact. Terveystalo 
continuously develops its compliance program and the related 
processes and controls to ensure that they 
correspond to the changes in the operating environment. 
Terveystalo’s 
Code of Conduct comprises Terveystalo’s 
key principles regarding anti-bribery and anti-corruption, 
compliance with fair 
competition and environmental requirements, ensuring privacy 
and patient safety, 
employee equality, 
non-discrimination, and the freedom 
of association, as well as the reporting of misconduct, among other things. 
Terveystalo 
Group also expects its suppliers to observe high standards of sustainable 
business concerning ethical, social and environmental 
perspectives, as well as occupational health and safety. 
Each year, 
Terveystalo 
purchases services, materials, and supplies for its clinics from 

 
20 
approximately 5,000 suppliers. Of these, the 190 largest suppliers 
account for about 80 percent of total purchasing expenditure. 
The largest 
procurement categories are subcontracted 
services, such as cleaning, consulting, and laboratory services, ICT procurement, renting of 
business premises, pharmaceutical products, and healthcare supplies and equipment. 
Terveystalo 
Group’s Supplier Code of Conduct sets out the minimum requirements 
that all suppliers and partners need to satisfy to engage 
in business with Terveystalo 
and its subsidiaries. All Terveystalo’s 
contract suppliers and suppliers participating in tendering processes 
are 
required to accept Terveystalo’s 
Supplier Code of Conduct. Terveystalo’s 
Supplier Code of Conduct was updated in 2023. The Supplier Code 
of Conduct is available on the Terveystalo 
website. 
One important aspect 
of Terveystalo’s 
culture of doing 
the right thing is 
that everyone who 
acts on behalf of or 
with Terveys 
talo, and 
every customer, 
partner and supplier, 
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 suspected 
of violating the Code 
of Conduct. Terveystalo 
has online 
training on the Code 
of Conduct aimed at 
everyone in the organisation. 
The training includes 
instructions on highlighting 
and reporting 
misconduct. Actual or 
suspected violations 
of the Code of Conduct 
must be reported 
to the supervisor, 
the supervisor’s supervisor, 
or 
Terveystalo’s 
Legal & Compliance 
department. Suspected 
misconduct can also 
be reported via Terveystalo’s 
reporting channel 
(WhistleB), 
which is open to everyone. 
In 2023, Terveystalo 
received a total 
of 13 (19) reports through 
the reporting channel. 
Of the reports 
received 
in 2023 whose investigation 
has been completed, 
a violation of the 
Code of Conduct was 
observed in two 
instances, which led 
to a 
disciplinary process. 
For certain reports 
received late 
in the year, 
the investigations 
are still ongoing. 
The findings from 
the reports and 
completed investigations 
have been taken into 
consideration 
in the development 
of Terveystalo’s 
processes. 
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 value chain or 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 Organisation (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 
service providers, suppliers and other partners are 
expected to observe the same principles and respect internationally recognised human rights. Human 
rights principles are included in 
Terveystalo’s 
Code of Conduct and Supplier Code of Conduct.
Targets 
related to ethical business 
Terveystalo 
measures the realisation of ethical and responsible business at Terveystalo 
and in its value and supply chain.
 
Everyone at Terveystalo 
is required to observe the Code of Conduct, regardless of their business unit or role 
in the company. The target 
is 
for all Terveystalo 
employees to have completed Terveystalo’s 
training on the Code of Conduct and correct action. In 2023, 72 (69) percent 
of Terveystalo’s 
employees in permanent, full-time employment relationship completed the training. The figures include Terveystalo’s 
Finnish operations. 
Contractual suppliers and suppliers participating in tendering processes must 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 environmental responsibility. 
The target is for 100 percent of Terveystalo’s 
key suppliers to have approved 
the Supplier Code of Conduct. At the end of 2023, 81 (80) percent of key suppliers representing 
80 percent of Terveystalo’s 
total 
procurement for operations in Finland had approved the Supplier Code of 
Conduct. The figures include Terveystalo’s 
Finnish operations. 
Target 
Indicator (KPI) 
Scope of application 
Target level 
Target year 
2023 
2022 
All employees have 
completed training on the 
Code of Conduct and 
correct action 
Percentage of 
employees in 
permanent, full-time 
employment 
relationship who 
have completed 
the training relative 
Terveystalo’s 
Finnish 
operations 
100% 
Continuous 
72%
1)
69%
1)

 
21 
to all employees in 
permanent, full-time 
employment 
relationship 1) 
Key suppliers accounting 
for over 80% of total 
procurement have 
approved the Supplier 
Code of Conduct 
Percentage of 
suppliers who 
have approved the 
Supplier Code of 
Conduct 2) 
 
Terveystalo’s 
Finnish 
operations 
100% 
Continuous 
81% 
80% 
1)
The figures are not comparable due to the training completion 
periods not being of equal length and due to 
change in the group of personnel whose course 
completions are 
reported. The new compliance course was 
introduced and moved to a new online platform 
in spring 2023. The figures for 2023 only include completions 
after the course was 
revised and only completions of
employees in permanent, full-time employment 
relationship in Finnish operations. The figures for 
2022 also include course completions that 
took place in the second half of 2021 and, in 
addition to course completions of employees 
in permanent, full-time employment relationship, also 
course completions of other 
employees in Finnish operations. 
2)
Terveystalo measures 
the share of suppliers who have approved the Supplier 
Code of Conduct from Terveystalo’s 
key suppliers representing approximately 
80 percent of the 
total procurement expenditure of Terveystalo’s 
operations in Finland. The procurement expenditure 
does not include expenses related to fees 
paid to private practitioners, 
purchases for operations in Sweden, one-off 
purchases or purchases of low significance.
 

 
22 
Anti-corruption and anti-bribery 
In the area of anti-corruption and anti-bribery, Terveystalo 
complies with the law and other applicable regulations and guidelines. 
Terveystalo 
is also committed to the UN Global Compact initiative and its anti-corruption principles. Terveystalo’s 
operations are guided by 
the Code of Conduct, which includes anti-corruption and anti-bribery guidelines regarding, for example, 
giving and accepting gifts and 
hospitality as well as the avoidance of conflicts of interest.
All of Terveystalo’s 
contract suppliers and suppliers participating in tendering processes are 
required to accept Terveystalo’s 
Supplier Code 
of Conduct, which includes anti-corruption and anti-bribery guidelines and requirements, among other things. 
According to Terveystalo’s 
Code of Conduct gifts or other benefits that could affect business decisions or have considerable 
personal or 
financial value are not given or accepted in Terveystalo. 
Terveystalo’s 
Code of Conduct dictates that the company does not support political 
activities. Terveystalo 
does not make financial contributions to political parties or organisations, 
directly or indirectly, nor does Terveystalo 
fund the election campaigns of individual candidates. 
Observed or suspected 
misconduct related 
to the Code of Conduct, 
can be reported 
anonymously at 
http://www.report.whistleb.com/en/terveystalo
. 
No cases of corruption or bribery were reported in 2023. Terveystalo 
continues to develop 
its anti-corruption and anti-bribery compliance 
program and related processes to reflect 
the changes in its operating environment. 
Ensuring patient data protection and information security
The protection of privacy and data protection is the responsibility 
of everyone working at Terveystalo 
and everyone working on behalf of 
Terveystalo. 
The company pays special attention to the appropriate 
and legally compliant processing of personal data. Terveystalo 
provides 
its personnel with training and instructions on the processing of personal data and emphasises the confidentiality 
and protection of patient 
data. Terveystalo 
introduced a revised online data protection course 
for all employees in the fall of 2023. 
At Terveystalo, 
patient data is stored in information security-certified 
patient information systems. 
Terveystalo’s 
patient information 
systems in Finland are category A systems 
and they have undergone information security certification 
following the regulations related to 
providing Kanta services. In addition, Terveystalo’s 
data protection and information security are regularly audited under the 
ISO 9001:2015 
certification, both internally and by an external party. 
Terveystalo 
applies the appropriate physical, technical and administrative 
protection measures to protect data from 
misuse. These 
measures include, among other things, control and filtering of network traffic, 
use of encryption techniques and secure data centres, 
appropriate access control, controlled granting 
of access rights and supervising their use, issuing instructions to personnel participating in 
personal data processing, and risk management related to the planning, implementation, 
and maintenance of 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. 
Terveystalo 
creates value for its stakeholders 
Responsible business is also financially profitable and sustainable. Terveystalo 
creates value for its customers, society, 
and our shareholders 
by continuously developing the clinical, operational, and experienced quality of its services, enabling faster access to 
care, reducing sickness 
absences, and employing directly and indirectly more than 15,500 professionals. The most significant 
cash flows from Terveystalo’s 
operations consist of revenue from service sales, purchases from suppliers of goods 
and services, salaries paid to our personnel, fees paid to 
private practitioners, taxes, 
investments, and dividends paid to the shareholders. 
In 2023, Terveystalo’s 
revenue and other operating income totalled EUR 1,290.6 (1,261.8) million. The goods, materials, and services 
purchased from suppliers amounted to EUR 536.2 (525.7) million. Salaries and remuneration amounted 
to EUR 375.7 (381.5) million. Net 
financial expenses to creditors amounted to EUR 24.2 (2.9) million. Dividends paid to our shareholders 
in 2023 based on the results of the 
previous fiscal year amounted to EUR 35.4 (35.4) million. Terveystalo 
invested a total of EUR 40.2 (58.5) million to business development. 

23 
In 2023, Terveystalo’s 
tax footprint totalled EUR 212.1 (235.7) million. The tax footprint 
is an indicator of the total tax revenue and tax 
-like 
charges generated for society by Terveystalo’s 
business activities. In addition, Terveystalo 
paid a total of EUR 380.1 (340.6) million in fees to 
private practitioners, who pay their individual taxes 
separately. 
The taxes paid by private practitioners 
are not included in Terveystalo’s 
tax 
footprint. 
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 operations in 2030. The conservation and sustainable 
use of natural resources in Terveystalo’s 
supply chains 
are promoted by minimising the generation of waste in all of Terveystalo’s 
operations and forwarding all waste to be recovered. 
Digital 
services enable simultaneously improving access to care and reducing customers’ travel 
times and the emissions generated by travel. 
Based on the results of the 2023 double materiality assessment, climate change is not one of Terveystalo’s 
material sustainability topics. 
This is because Terveystalo’s 
carbon footprint is not significant due to the nature of its operations. 
The service sector is considered to be 
low in emissions due to its low energy intensity. 
The impacts of climate change and adaptation to climate change do not present 
significant 
risks or opportunities to Terveystalo’s 
business or strategy. However, 
for the sake of transparency and the continuity of reporting, 
Terveystalo 
reports key information on its environmental 
impacts. 
Terveystalo’s 
environmental policy 
Terveystalo 
Group’s environmental 
policy describes the environmental principles that all employees, managers, officials, board 
members, 
consultants and other personnel working under the management of Terveystalo 
Group are expected to follow. 
Terveystalo 
operates in line with the principles of sustainable development to reduce and eliminate 
environmental risks. In addition to 
being committed to the Group’s 
environmental policy, 
Terveystalo 
is committed to full compliance with the applicable legislation, the 
regulations issued by the authorities, industry operating practices that ensure occupational safety 
and patient safety, 
and the continuous 
improvement of environmentally friendly operating 
practices. 
Adverse environmental impacts are prevented 
by, for example, 
reducing energy consumption and transitioning to carbon-neutral energy, 
reducing the volume of waste created in operations and increasing 
our recycling rate, optimising the life cycle of healthcare 
equipment, 
taking environmental perspectives into account 
in the travel and car policy, 
as well as developing digital services. In addition, adverse 
environmental impacts are prevented 
by planned pharmaceutical services, taking environmental perspectives into 
account in centralised 
procurement with efficient inventory management and by taking 
sustainable development and environmental perspectives 
into account in 
network and business premises projects. 
Terveystalo’s 
environmental program covers 
all clinics in Finland and its appropriateness is evaluated in quality management and 
environmental management system 
audits. Terveystalo’s 
environmental management system 
is certified under the ISO 14001 standard. 
The standard provides a framework for 
the continuous development of processes and practices that minimise negative environmental 
impacts. In 2023, ISO 14001:2015 environmental certification was expanded to cover 
all of the units in Terveystalo’s 
medical clinic network 
in Finland. Some of the Feelgood operating locations in Sweden are also ISO 14001:2015 certified. 
Zero emissions from own operations 2023 
Terveystalo’s 
goal is to reduce its carbon footprint so that its own operations will generate 
zero emissions in 2030. A further goal is to 
reduce direct and indirect CO
2
 
emissions (Scope 1 and Scope 2) by 80 percent by 2025 (using 2018 as the baseline). As regards energy 
consumption, the goal is for green electricity to account for 
100 percent of purchased electricity. In addition, the company 
aims to minimise 
the generation of waste and ensure the recycling and recovery 
of waste in all its operations. 

 
 
24 
Target 
Indicator (KPI) 
Scope of application 
Target 
level 
Target 
year 
Base 
year 
level 
Base year 
2023 
2022 
2021 
Zero emissions from 
own operations 2030 1) 
Reduction of direct 
(Scope 1) and indirect 
(Scope 2) greenhouse 
gas emissions 
compared to 2018 
Finnish and Swedish 
operations 
-100 % 
2030 
6,316.8 
2018 
-56 % 
-76 % 
-89 % 
Reduce direct and 
indirect CO
2
 
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 
Finnish and Swedish 
operations 
-80 % 
2025 
6,316.8 
2018 
2755,4 
1 544,1 
664,0 
Purchase 100% green 
electricity by 2025 2) 
Share of green 
electricity of all 
purchased electricity, 
% 
Finnish and Swedish 
operations 
100 % 
2025 
62 % 
2020 
70 % 
72 % 
89 % 
Minimise waste in all 
operations and forward 
all waste to be 
recovered 
The recovery rate of 
waste generated at 
Terveystalo units, % 3) 
Finnish operations 
100 % 
2025 
99 % 
2020 
100 % 
100 % 
100 % 
The recycling rate of 
waste generated at 
Terveystalo units, % 3) 
Finnish operations 
100 % 
2025 
61 % 
2020 
68 % 
67 % 
64 % 
1) Scope 2 emissions are market-based. 
The market-based Scope 2 emission 
calculation takes into account 
the green electricity guarantees of origin purchased by 
Terveystalo, 
which 
in 2023 covered approximately 70 (72) percent 
of the electricity consumption. The emissions 
of the remaining purchased electricity have been calculated 
using the residual mix 
emission factors for Finland and Sweden (AIB, 
European Residual Mixes). Finland's residual emission 
factor increased by 83% from 2022 due 
to a higher share of fossil fuels in the 
residual mix (Finland's residual emission factor in 
2022 was 0.285 kgCO2e/kWh and in 
2023 0.5208 kgCO2e/kWh). The market 
-based Scope 2 emissions for 2022 have been 
recalculated for Finland, because Terveystalo 
purchased the green electricity guarantee of 
origin for the period 1 September - 31 December 
2022 at the beginning of 2023. From 
2022 onwards, the figures for energy use and 
carbon footprint also include the Swedish 
operations. The figures for 2021 include only the Finnish 
operations. 
2) In units where Terveystalo 
purchases electricity itself. 
3) Excludes waste fractions that cannot 
be recycled or recovered under any circumstances, 
such as hazardous waste. 
Terveystalos’s 
carbon 
footprint
In 2023, Terveystalo’s carbon footprint in 
Finland from Scope 1 and 2 
emissions (market-based) was 2,716.0 (1,401.9) tCO
2
e. In 
Sweden, Feelgood’s Scope 1 and 
2 emissions totalled 39.4 
(142.2) tCO
2
e. Terveystalo’s carbon 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. Terveystalo develops the measurement 
of its impacts throughout the 
value 
chain and works with its key suppliers 
to reduce the emissions generated 
by the value chain. 
 
Terveystalo reports the direct (Scope 1) 
and indirect (Scope 2) greenhouse gas 
emissions arising from its operations 
– and part of its 
indirect Scope 3 emissions 
– in accordance with the GHG 
Protocol. Emissions from Swedish operations have 
been reported starting 
from 2022. 

25 
Scope 1 
As Terveystalo 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 fleet of cars controlled 
by Terveystalo and the trucks 
used for imaging operations. The emissions 
arising from the company’s own driving and 
driving under its direct control 
are calculated based on fuel consumption. 
In 2023, Scope 
1 CO
2
 
emissions in Finland totalled 137.5 
(134.5) tCO
2
e. In Sweden, Scope 1 
emissions were 18.2 (39.9) tCO
2
e. 
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 2023, a 
total of 16,171 (15,841) MWh of 
electricity was 
purchased for the properties controlled by 
Terveystalo in Finland. The company’s 
electricity portfolio (electricity purchased for 
properties) has been zero-CO
2 
green electricity since the beginning 
of 2020. Zero CO
2
 
electricity purchased in Finland for 
the 
consumption year 2023 totalled 11,220 
(11,395)) MWh, which corresponds to approximately 
69 (72) 
percent 
of the electricity 
consumption of the company’s operations in 
Finland. The amount of electricity purchased 
to properties not included in the 
electricity portfolio totalled 4,951 (4,447) 
MWh, which corresponds to 2,578.5 (1,267.4) 
tCO
2
e (market-based). The growth in the 
market-based Scope 2 emissions is 
mainly due to an 83 
percent increase in the Finland's residual 
emission factor used in the 
emissions calculation from the comparison 
period1). The amount of purchased electricity 
outside the electricity portfolio in 
Finland 
increased by approximately 11 percent, which also 
affected the Scope 2 emissions 
growth from the comparison period. 
In Swedish 
operations, 2,081 (1,328) MWh of electricity 
was purchased for properties controlled by 
Feelgood, of which approximately 74 
percent (67 percent) was zero CO
2
 
green electricity. The Scope 2 emissions 
from purchased electricity in Sweden 
totalled 21.1 
(102.3) tCO
2
e. Terveystalo’s target is for green 
electricity to account for 100 
percent of purchased electricity by 2025.
1) Scope 2 emissions are market-based. 
The market-based Scope 2 emission 
calculation takes into account 
the green electricity guarantees of origin purchased by 
Terveystalo, 
which 
in 2023 covered approximately 70 (72) percent 
of the electricity consumption. The emissions 
of the remaining purchased electricity have been calculated 
using the residual mix 
emission factors for Finland and Sweden (AIB, 
European Residual Mixes). Finland's residual emission 
factor increased by 83 percent from 
2022 due to a higher share of fossil fuels 
in 
the residual mix (Finland's residual emission factor 
in 2022 was 0.285 kgCO2e/kWh and 
in 2023 0.5208 kgCO2e/kWh). The market 
-based Scope 2 emissions for 2022 have been 
recalculated for Finland, because Terveystalo 
purchased the green electricity guarantee of 
origin for the period 1 September - 31 December 
2022 at the beginning of 2023. 
Scope 3
For indirect Scope 3 emissions, Terveystalo 
reports emissions arising from work-related travel by 
employees and emissions from the 
waste generated by the company’s operations. 
Terveystalo aims to avoid unnecessary work-related 
travel by encouraging to favour remote 
meetings whenever possible. 
Terveystalo’s personnel in Finland flew 
a total of 0.8 (0.7) million 
kilometres in work-related travel, corresponding to 
85.5 (84.1) 
tCO
2
e. Reimbursable work-related travel by Terveystalo’s 
personnel in Finland totalled 2.7 (2.6) 
million kilometres, corresponding to 
448.2 (440.8) tCO
2
e. Terveystalo encourages its personnel to 
choose low-emissions vehicles as company cars. 
The average emissions 
of the company cars used by 
Terveystalo in Finland amount to 
64 (72) gCO
2
e/km. In Sweden, work-related travel 
by air generated 
60.8 (45.1) tCO
2
e in emissions. The total 
emissions from work-related travel by 
the personnel in Sweden amounted to 
260.4 (262.6) 
tCO
2
e. 
Terveystalo’s goal is to minimise 
mixed waste in all of Terveystalo’s operations 
and forward as large a 
share of waste as possible to 
be recovered. The indirect emissions arising from 
waste in Finland amounted to 
42.6 (41.7) tCO
2
e. In Sweden, the amount of waste 
generated and emissions from waste are 
very low since waste is mainly 
generated in offices. The emissions arising 
from waste in 
Sweden totalled 3.4 (2.1) tCO
2
e. 
Terveystalo’s 
CO
2
 
emissions intensity is low due 
to the nature of the 
Group’s operations. In 2023, Terveystalo’s emissions 
intensity 
(Scope 1 and 2, market-based) 
relative to revenue was 2.1 (1.2) 
gCO
2
e/EUR. Relative to the number of 
employees, the emissions 
intensity was 0.4 (0.2) tCO
2
e. The figures also include Terveystalo’s operations 
in Sweden. 
 

26 
EU taxonomy reporting 
The EU taxonomy is a classification system 
for sustainable finance that establishes criteria for 
determining environmentally 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 environmentally sustainable. 
The regulation sets out six environmental 
objectives: climate change mitigation, climate change adaptation, 
sustainable use and protection of water and marine resources, transition 
to a circular economy, 
prevention and reduction of pollution, and protection and restoration of 
biodiversity and ecosystems. Economic 
activities that contribute to one of these objectives without harming others can be considered environmentally 
sustainable under certain 
criteria. Large companies must report the share of sustainable business in their business in accordance with taxonomy 
criteria. 
At present, EU taxonomy 
mainly concerns the economic activities that play the most important role in achieving the environmental 
objectives. 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. 
Only one of Terveystalo’ 
s businesses is classified in taxonomy (12.1 Residential care activities). 
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 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 
objectives. 
As a result of the assessment, the significance of Terveystalo’ 
s taxonomic functions is negligible in terms of indicators. The key 
figures are 
the share of taxonomy-eligible and taxonomy 
-aligned operations (percent) in terms of revenue, operating costs, 
and investments. 
According to the company's estimate, one percent of 
Terveystalo’s 
revenue, operating costs and investments are 
eligible with the current 
taxonomy and 99 percent are non-eligible. The share of 
revenue is calculated by dividing the revenue from child welfare 
services 
(taxonomy-eligible activity) by the Group's total consolidated 
revenue. The share of investments (CapEX) 
is calculated by dividing the 
investments made in child welfare services during the year (renovation 
of apartments, investments in machinery and equipment) by the net 
investments of the company, 
excluding acquisitions. The share of operating expenditure (OpEx) 
is calculated by dividing the operating 
expenditure for child welfare services by the total operating 
expenditure of the group (excluding depreciation and amortisation). 
Furthermore, zero percent of Terveystalo’s 
revenue, operating costs and investments are 
taxonomy-aligned, and 100 percent are non-
taxonomy-aligned. The evaluation according to 
the EU-taxonomy classification system 
described above has been performed through an 
internal assessment by representatives of the Sustainability 
and Finance organisation. 

 
27 
Proportion of turnover from products or services associated with Taxonomy-aligned economic activities 2023
1 January - 31 December 2023 
2023 
Substantial contribution criteria 
DNSH criteria (“Does Not Significantly 
Harm”) 
 
Economic Activities (1) 
Code 
(2) 
Turnover (3) 
Propor
tion of 
turnov
er, 
year N 
(4) 
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water (13)
Pollution (14)
Circular 
Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy
-
aligned (A.1.) or 
-
eligible (A.2.) turnover, year N
-
1 (18)
Category enabling a
ctivity (19)
Category transitional activity (20)
 
MEUR 
% 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y/N 
Y/N 
Y/
N 
Y/
N 
Y/
N 
Y/N 
Y/N 
% 
E 
T 
A TAXONOMY-ELIGIBLE ACTIVITIES 
A.1 Environmentally sustainable activities (Taxonomy 
-aligned) 
 
Turnover of environmentally sustainable 
activities (Taxonomy-aligned) (A.1) 
 
Of which enabling 
 
Of which transitional 
 
A.2 Taxonomy-eligible but not environmentally 
sustainable activities (not Taxonomy 
-aligned activities) 
 
EL; N/EL 
EL; N/EL 
EL; N/EL 
EL; N/EL 
EL; N/EL 
EL; N/EL 
 
Child welfare services 
CCA 
12.1 
 
12 
1 % 
 
1 % 
 
Turnover of Taxonomy 
-eligible but not 
environmentally sustainable activities 
(not Taxonomy-aligned activities) (A.2) 
 
12 
1 % 
 
1 % 
 
A Turnover of Taxonomy 
-eligible 
activities (A1.+A.2) 
 
B TAXONOMY-NON-ELIGIBLE ACTIVITIES 
 
Turnover of Taxonomy 
-non-eligible 
activities 
 
1 274 
99 % 
 
99 % 
 
TOTAL 
 
1 286 
100 % 
 
100 
%

 
28 
Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities 2023
1 January - 31 December 
2023 
2023 
Substantial contribution criteria 
DNSH criteria (“Does Not Significantly Harm”) 
 
Economic Activities (1) 
Code 
(2) 
Cap
Ex 
(3) 
Proportion of CapEx, year N (4)
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biod
iversity (10)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy
-
aligned (A.1.) or 
-
eligible 
(A.2.) 
CapEx, year N
-
1 (18)
Categ
ory enabling activity (19)
Category transitional activity (20)
 
MEU
R 
% 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
% 
E 
T 
A. TAXONOMY-ELIGIBLE ACTIVITIES 
A.1 Environmentally sustainable activities (Taxonomy 
-aligned) 
 
CapEx of environmentally sustainable 
activities (Taxonomy-aligned) (A.1) 
 
Of which enabling 
 
Of which transitional 
 
A.2 Taxonomy-eligible but not environmentally 
sustainable activities (not Taxonomy 
-aligned activities) 
 
KEL; 
E/KEL 
KEL; 
E/KEL 
KEL; 
E/KEL 
KEL; 
E/KEL 
KEL; 
E/KEL 
KEL; 
E/KEL 
 
Child welfare services 
CCA 
12.1 
0 
0 % 
 
1 % 
 
- 
 
CapEx of Taxonomy-eligible but not 
environmentally sustainable activities 
(not Taxonomy-aligned activities) 
(A.2) 
0 
0 % 
 
1 % 
 
A. CapEx of Taxonomy-eligible 
activities (A1.+A.2) 
 
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES 
 
CapEx of Taxonomy-non-eligible 
activities 
40 
100 
% 
 
99 % 
 
TOTAL 
40 
100 
% 
 
100 
%

 
29 
Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities 2023
1 January - 31 
December 2023 
2023 
Substantial contribution criteria 
DNSH criteria (“Does Not Significantly Harm”) 
 
Economic Activities (1) 
Code 
(2) 
OpE
x (3) 
Proporti
on of 
OpEx, 
year N 
(4) 
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Pollution (8)
Circ
ular Economy (9)
Biodiversity (10)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy
-
aligned (A.1.) or 
-
eligible 
(A.2.) 
OpEx, year N
-
1 (18)
Category enabling activity (19)
Category transitional activity (20)
 
MEU
R 
% 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y; N; 
N/EL 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
Y/N 
% 
E 
T 
A TAXONOMY-ELIGIBLE ACTIVITIES 
A.1 Environmentally sustainable activities (Taxonomy 
-aligned) 
 
OpEx of environmentally 
sustainable activities (Taxonomy-
aligned) (A.1) 
 
Of which enabling 
 
Of which transitional 
 
A.2 Taxonomy-eligible but not environmentally 
sustainable activities (not Taxonomy 
-aligned activities) 
 
KEL; 
E/KEL 
KEL; 
E/KEL 
KEL; 
E/KEL 
KEL; 
E/KEL 
KEL; 
E/KEL 
KEL; 
E/KEL 
 
Child welfare services 
CCA 
12.1 
10 
1 % 
 
1 % 
 
OpEx of Taxonomy-eligible but 
not environmentally sustainable 
activities (not Taxonomy-aligned 
activities) (A.2) 
10 
1 % 
 
1 % 
 
A OpEx of Taxonomy-eligible 
activities (A1.+A.2) 
 
B TAXONOMY-NON-ELIGIBLE ACTIVITIES 
 
OpEx of Taxonomy-non-eligible 
activities 
1101 
99 % 
 
99 % 
 
TOTAL 
 
100 % 
 
100 
%

 
 
 
 
 
 
 
 
 
 
 
 
30 
Form 1: Nuclear power and fossil gas related activities 
 
Nuclear power-related activities 
1. 
The undertaking carries out or finances research, development, demonstration and 
deployment of innovative power generation facilities that produce energy through a 
nuclear reaction with minimum waste in the fuel cycle, or has responsibilities related to 
such activities. 
NO 
2. 
The undertaking carries out or finances the construction and safe operation of new 
nuclear installations for the production of electricity or process heat, including for district 
heating or industrial processes such as hydrogen production, and the improvement of 
their safety, using the best available technology, 
or has responsibilities relating to such 
activities. 
NO 
3. 
The undertaking carries out or finances the safe operation of existing nuclear installations 
for the production of electricity or process heat, including for district heating or industrial 
processes such as the production of hydrogen from nuclear energy, and the improvement 
of their safety, or has responsibilities relating to such operations. 
NO 
 
Fossil gas related activities 
4. 
The undertaking carries out or finances the construction or operation of electricity 
generation plants using fossil gaseous fuels, or has liabilities related to such activities. 
NO 
5. 
The undertaking carries out, finances or has responsibilities for the construction, 
rehabilitation and operation of combined heat or cooling and power plants using fossil 
gaseous fuels. 
NO 
6. 
The undertaking undertakes, finances or has responsibilities for the construction, 
rehabilitation and operation of heating or cooling plants using fossil gaseous fuels. 
NO 
Shares and 
shareholders 
Terveystalo 
Plc has one share series (TTALO), which is listed 
on Nasdaq Helsinki Ltd. At the end of 2023, Terveystalo’s 
market value was EUR 
983 (794) million and the closing price was EUR 7.74 (6.25). During 2023, the highest price of Terveystalo’s 
share was EUR 8.53 (11.94), the 
lowest price was EUR 6.43 (6.06), and the average price was EUR 7.50 (9.41). A total 
of 20.6 (29.5) million shares were traded. At the end of 
the reporting period, the number of Terveystalo 
shares registered in the Trade 
Register was 127,036,531 (127,036,531). The total number 
of shareholders was 34,025 (30,938) at the end of 2023. Terveystalo 
and its subsidiaries hold 480,230 (488,536) own shares for reward 
purposes, corresponding to 0.4 percent of all outstanding shares. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 
The largest registered shareholders 
on 31 December 2023 
Name 
Number of shares 
% of shares 
Votes 
% of votes 
Varma Mutual Pension Insurance Company
 
22,151,945 
17.44
 
22,151,945 
17.44
Rettig Group AB
 
21,153,191 
16.65
 
21,153,191 
16.65
Pohjola Insurance Ltd
 
10,530,332 
8.29
 
10,530,332 
8.29
Hartwall Capital 
 
8,231,690 
6.48
 
8,231,690 
6.48
OP Life Assurance Company Ltd
 
7,155,854 
5.63
 
7,155,854 
5.63
Skandinaviska Enskilda Banken AB
 
5,733,851 
4.51 
 
5,733,851 
4.51 
Ilmarinen Mutual Pension Insurance Company
 
5,119,495 
4.03
 
5,119,495 
4.03
Local Tapiola Mutual Insurance Company
 
2,600,000 
2.05
 
2,600,000 
2.05
Elo Mutual Pension Insurance Company
 
2,508,000 
1.97 
 
2,508,000 
1.97 
Evli Finnish Small Cap Fund
 
1,967,033 
1.55
 
1,967,033 
1.55
Ten largest in total
 
87,151,391 
 
68.60 
 
87,151,391 
 
68.60 
The list is based on the register of shareholdings maintained by Euroclear, 
and it does not include nominee-registered shares. 
Distribution of ownership 31 December 2023
Number of shares 
Number of 
shareholders 
% of 
shareholders 
Number of 
securities 
% of 
securities 
Number of 
votes 
% of 
votes 
1–100
15,740
46.26
701,279
0.55
701,279
0.55
101–500
12,677
37.26
3,188,040
2.51
3,188,040
2.51
501–1,000
2,927
8.60
2,246,249
1.77
2,246,249
1.77
1,001–5,000
2,156
6.34
4,431,586
3.49
4,431,586
3.49
5,001–10,000
241
0.71
1,763,531
1.39
1,763,531
1.39
10,001–50,000
206
0.61
4,627,671
3.64
4,627,671
3.64
50,001–100,000
27
0.08
2,109,499
1.66
2,109,499
1.66
100,001–500,000
29
0.09
6,428,528
5.06
6,428,528
5.06
500,001–
22
0.06
101,540,148
79.93
101,540,148
79.93
Total
34,025
100.00
127,036,531
100.00
127,036,531
100.00
of which nominee-
registered
11
0.03
9,214,087
7.25
9,214,087
7.25
Non-transferred, total
0
0
0
0
0
In general account
0
0
0
0
In special accounts, total
0
0
0
0
Total issued
127,036,531
100.00
127,036,531
100.00
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
32 
Shareholder groups, 31 December 2023 
Shareholders by sector 
Number of shares 
% of shares 
Households
13,337,151
11.32
Public entities
31,236,163
26.51
Financial and insurance institutions
30,372,798
25.78
Companies
17,898,422
15.19
Non-profit institutions
3,747,089
3.18
Foreign owners
21,230,821
18.02
Total
117,822,444
100.00
Nominee-registered 
9,214,087
7.25
Management shareholding, 31 December 2023 
Name 
Position 
Number of 
shares 
% of shares 
% of votes 
Kari Kauniskangas
Chairman of the Board of Directors 
21,802 
0.02 % 
0.02 % 
Matts Rosenberg
Member of the Board of Directors 
14,498 
0.01 % 
0.01 % 
Carola Lemne
Member of the Board of Directors 
5,126 
0.00 % 
0.00 % 
Kristian Pullola
Member of the Board of Directors 
8,207 
0.01 % 
0.01 % 
Katri Viippola
Member of the Board of Directors 
11,453 
0.01 % 
0.01 % 
Ari Lehtoranta
Member of the Board of Directors 
6,504 
0.01 % 
0.01 % 
Sofia Hasselberg
Member of the Board of Directors 
2,499 
0.00 % 
0.00 % 
Ville Iho
President and CEO 
13,306 
0.01 % 
0.01 % 
Juuso Pajunen
Chief Financial Officer 
19,000 
0.01 % 
0.01 % 
Petri Bono
Chief Medical Officer 
2,087 
0.00 % 
0.00 % 
Henri Mäenalanen
Interim Executive Vice President, Healthcare Services 
2,230 
0.00 % 
0.00 % 
Stefan Kullgren
Executive Vice President of the Swedish Business Area 
0 
0.00 % 
0.00 % 
Ilari Richard
Senior Vice President, Digital Services 
3,134 
0.00 % 
0.00 % 
Mikko Tainio
Senior Vice President, Portfolio Businesses 
5,596 
0.00 % 
0.00 % 
Minttu Sinisalo
Senior Vice President, Human Resources 
1,400 
0.00 % 
0.00 % 
Management shareholding in total 
116,842 
0.09 % 
0.00 % 
Number of shares total 
127,036,531 
100.00 % 
100.00 % 
Notifications of major shareholdings
During 2023, Terveystalo 
Plc did not receive any notifications pursuant to Chapter 9, Section 5 of the Finnish Securities Markets 
Act. 
The Board’s authorizations
The Board has been authorized to resolve 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 12,703,653 own shares in total, 
which corresponds to 
approximately 10 percent of all shares in the Company. 
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. The authorization covers a maximum of 12,703,653 own shares in total, which corresponds 
to 
approximately 10 percent of all shares in the Company. 
Authorizations were not used during the financial period. 

33 
Dividend Policy 
and distribution 
of profits 
for 2023 
proposed by 
the Board
The objective of Terveystalo’s 
Dividend Policy is to distribute a minimum of 40 percent of earnings per share in dividends. The current 
financial performance, development potential, financial position, and capital requirements are 
taken into account. In 2023, earnings per 
share were EUR -0.33 (0.19). 
The parent company’s distributable funds totalled 
EUR 535.9 (530.8) million, of which EUR 40,5 (23,7) million is result for the financial year. 
The Board of Directors proposes to the Annual General Meeting that a dividend of 
EUR 0,30 (0.28) per share totaling EUR 38.0 (35.4) million 
be paid based on the balance sheet adopted for the financial year ended 31 December 2023. The dividend would be paid in two 
installments as follows: 
The first dividend installment of EUR 0.15 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 28 March 2024. The Board 
of 
Directors proposes that the first dividend installment would 
be paid on 8 April 2024. 
The second dividend installment of EUR 0.15 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 9 October 2024. The Board of 
Directors proposes that the second dividend installment would 
be paid on 16 October 2024. 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. 
Decisions of 
the Annual 
General Meeting 
2023 and 
the first 
Board meeting
The Annual General Meeting of Terveystalo 
Plc was held on 23 March 2023 in Helsinki, Finland. The Annual General Meeting adopted the 
financial statements for the fiscal year 2022 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.
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 35.4 million with the current number of shares) be paid based on the balance sheet adopted for 
the fiscal year 
ended 31 December 2022. 
The dividend was paid in two instalments as follows: 
●
The first dividend instalment of EUR 0.14 per share was paid to shareholders 
who are registered in the shareholders' register 
of 
the Company maintained by Euroclear Finland Oy on the record date of 
the first dividend instalment 27 March 2023. The first 
dividend instalment was paid to shareholders on 3 April 2023. 
●
The second dividend instalment of EUR 0.14 per share was paid to shareholders who are registered 
in the shareholders' register of 
the Company maintained by Euroclear Finland Oy on the record date of 
the second dividend instalment 2 October 2023. The 
second dividend instalment was paid on 9 October 2023. The Annual General Meeting authorized the Board 
of Directors to 
resolve, if necessary, on a new record 
date and date of payment for the second dividend instalment 
should the rules of Euroclear 
Finland Oy or statutes applicable to the Finnish book-entry system 
change or otherwise so require. 
The number of members of the Board of Directors was confirmed to be seven (7). 
Kari Kauniskangas, Carola Lemne, Kristian Pullola, 
Matts 
Rosenberg, and Katri Viippola were re-elected as members 
of the Board, and Sofia Hasselberg and Ari Lehtoranta were 
elected as new 
members of the Board for a term that ends at the end of the Annual General Meeting 2024. 
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 

 
34 
authorization covers a maximum of 12,703,653 shares, which corresponds to approximately 
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 maximum of 12,703,653 shares, which corresponds to approximately 
10 percent of all shares in the Company. 
These 
authorizations are effective until the end of the next Annual General 
Meeting, however no longer than until 30 June 2024. 
As proposed by the Board of Directors, the Annual General Meeting resolved 
to authorize the Board of Directors to 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 2024, however 
no longer than for a period of 18 months from the date of the 
resolution of the Annual General Meeting. 
In its organizing meeting, the new Board of Directors Terveystalo's 
Board of Directors 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, 
Katri Viippola and Sofia Hasselberg were elected members. Kari Kauniskangas 
was elected Chairman of the Remuneration Committee and 
Carola Lemne and Ari Lehtoranta were elected members. 
Changes in Terveystalo’s 
Executive Team 
As of 1 January 2023, Terveystalo's 
organisation has consisted of three business areas: Healthcare Services, Portfolio 
Businesses, and 
Sweden. 
Ilari Richardt was appointed Senior Vice President of Digital Services and a member of the Executive Team 
as of 29 March 2023 as Kati Sulin 
left the Company. 
Henri Mäenalanen was appointed as the Chief Operating Officer of Terveystalo 
Healthcare Services as of 12 April 2023 as Siina Saksi left the 
Company.
 
Terveystalo 
announced changes to the Executive Team 
on 31 October 2023. Sari Heinonen, b.1976, PhD, Marketing, was appointed 
Executive Vice President of the Healthcare Services Business Area and a member of Terveystalo's 
Executive Team 
as of 5 February 2024. 
Chief Operating Officer Henri Mäenalanen served as interim EVP of the Healthcare Services business area until Sari Heinonen took up her 
position, after which he will took over the position of Executive Vice President of Portfolio 
Businesses. Stefan Kullgren, who started as 
Executive Vice President of the Swedish Business Area and CEO of Feelgood 
AB on 1 October 2023, was appointed as a member of 
Terveystalo's 
Executive Team 
as of 1 November 2023. 
In addition to the above-mentioned executives, Terveystalo's 
Executive team includes Petri Bono, Chief Medical 
Officer, Juuso Pajunen, 
Chief Financial Officer and Minttu Sinisalo, Senior Vice President of People and Careers. 
All the above report to President, and CEO Ville Iho.
Corporate governance 
Terveystalo 
Plc’s Corporate Governance Statement, 
Remuneration Policy, 
and Remuneration Report for 2023 will be published as part of 
the Annual Report 22 February 2024. 
Events after the end of the reporting period
Terveys 
talo's Board of Directors 
has approved a new performance period 
covering the years 2024-2026 of the long-term 
share-based incentive plan for key 
personnel 
Terveystalo 
Plc's Board of Directors has approved a new performance period covering 
the years 2024-2026 of the long-term share-based 
incentive plan for key personnel. 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 implementing Terveystalo's 
strategy by offering them a competitive, 
share-based incentive program. 
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. The Board decides on the participants, performance measures, and targets 
as well as 

 
35 
earning opportunities on an annual basis. Terveystalo 
published the establishment of the program and its main terms in a stock exchange 
release on 3 December 2020. 
Performance Period 2024-2026 of the 
Performance Share Plan (PSP) 
During the performance period 2024-2026, the participants are awarded for successful shareholder 
value creation. The performance 
indicators based on which share rewards may 
be paid to 90 percent of the participants are absolute and relative (compared 
to the OMX HKI 
benchmark CAP GI index) Total 
Shareholder Return. For 10 percent of the participants, the value creation is measured by EBITA 
(adjusted 
earnings before interest, taxes, 
and amortization) of the business area or independent business that they lead.
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 2024–2026 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 achieved. 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 reward, after which the remaining net 
amount is paid to the participants in shares. 
No more than approximately 75 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 2024-2026 of the 
Restricted Share Plan (RSP) 
The purpose of the Restricted Share Plan is to function 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 
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. 
The order in which the risks 
are presented does not describe the magnitude of the impact of the risks' realization or the probability of 
their occurrence. 
●
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 involves 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 operating 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 potential technical faults and disturbances. 
●
The company may not be able to find suitable acquisition targets or expansion opportunities 
under favourable terms, and the 
integration of acquisition targets is not necessarily realized 
as planned. 
●
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. 

36 
●
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, claims for 
damages, and endanger reputation. 
●
Pandemics or epidemics and related restrictive measures may 
adversely 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. 
Risk management at Terveystalo 
and risks related to the company’s business are 
described in more detail on the company’s website 
and in 
the company’s Annual Review. 
Annual General 
Meeting in 
2024 
Terveystalo 
Plc's Annual General Meeting (AGM) is planned to be held on Tuesday 26 March 
2024. The meeting will be convened by the 
company's Board of Directors separately 
at a later date. 
Terveystalo 
Plc 
Board of Directors
 

 
 
 
 
 
 
37 
Calculation of financial ratios and alternative performance measures 
Financial ratios 
Earnings per share, (EUR) 
= 
Profit for the period attributable to owners of the parent 
company 
Average number of shares during the period 
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, 
investors, securities analysts and other 
parties. These should not be considered 
in isolation or as a substitute to the measures under 
IFRS. 
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. 
Return on equity, % 
= 
Profit/loss for the period (LTM) 
x 100% 
Equity (including non-controlling interest) (average) 
Equity ratio, % 
= 
Equity (including non-controlling interest) 
x 100% 
Total assets - advances received 
Gearing, % 
= 
Interest-bearing liabilities - interest-bearing receivables and 
cash and cash 
equivalents 
x 100% 
Equity 
Net debt/Adjusted EBITDA (LTM) * 
= 
Interest-bearing liabilities - interest-bearing receivables and 
cash and cash 
equivalents 
Adjusted EBITDA (LTM) 
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 
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. 
Adjusted EBITDA* 
= 
Earnings Before Interest, Taxes, Depreciation, Amortisation, Impairment losses 
and adjustments 

 
 
 
 
 
 
38 
Adjusted EBITDA, %* 
= 
Earnings Before Interest, Taxes, Depreciation, Amortisation, Impairment losses 
and adjustments 
x 100% 
Revenue 
Adjusted EBITA* 
= 
Earnings Before Interest, Taxes, Amortisation, Impairment losses and adjustments 
Adjusted EBITA, %* 
= 
Earnings Before Interest, Taxes, Amortisation, Impairment losses and 
adjustments 
x 100% 
Revenue 
Adjusted operating profit (EBIT)* 
= 
Earnings Before Interest, Taxes and Share of profits in associated companies, 
and adjustments 
Adjusted operating profit (EBIT), %* 
= 
Earnings Before Interest, Taxes and Share of profits in associated companies, 
and adjustments 
x 100% 
Revenue 
EBITDA 
= 
Earnings Before Interest, Taxes, Depreciation and Amortisation and Impairment losses 
EBITDA, % 
= 
Earnings Before Interest, Taxes, Depreciation and Amortisation and Impairment 
losses 
x 100% 
Revenue 
EBITA 
= 
Earnings Before Interest, Taxes, Amortisation and Impairment losses 
EBITA, % 
= 
Earnings Before Interest, Taxes, Amortisation and Impairment losses 
x 100% 
Revenue 
Operating profit (EBIT) 
= 
Earnings Before Interest, Taxes and Share of profits in associated companies 
Operating profit (EBIT), % 
= 
Earnings Before Interest, Taxes and Share of profits in associated companies 
x 100% 
Revenue 
Adjusted EBITDA, excluding IFRS 16 * 
= 
Earnings Before Interest, Taxes, Depreciation, Amortisation, 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. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
39 
Reconciliation of alternative performance measures 
Return on equity, % 
2023 
2022 
2021 
Net income 
-42.2 
24.4 
80.4 
Equity (including non-controlling interest) (average) 
553.7 
600.4 
590.1 
Return on equity, % 
-7.6 
4.1 
13.6 
Equity ratio, % 
2023 
2022 
2021 
Equity (including non-controlling interest) 
515.4 
592.0 
608.9 
Total assets 
1,419.5 
1,479.4 
1,448.6 
Advances received 
6.4 
7.1 
6.1 
Equity ratio, % 
36.5 
40.2 
42.2 
Gearing, % 
2023 
2022 
2021 
Interest-bearing liabilities 
635.8 
607.0 
557.2 
Interest-bearing receivables and cash and cash equivalents 
37.7 
40.4 
38.2 
Equity 
515.4 
178.0 
608.9 
Gearing, % 
116.0 
95.7 
85.2 
Net debt /Adjusted EBITDA 
2023 
2022 
2021 
Interest-bearing liabilities 
635.8 
607.0 
557.2 
Interest-bearing receivables and cash and cash equivalents 
37.7 
40.4 
38.2 
Adjusted EBITDA 
200.2 
178.0 
206.1 
Net debt / Adjusted EBITDA 
3.0 
3.2 
2.5 
Adjusted EBITDA, EUR mill. 
2023 
2022 
2021 
Net income 
-42.2 
24.4 
80.4 
Income tax expense 
3.3 
6.5 
20.3 
Share of profits in associated companies 
0.0 
0.1 
0.3 
Net finance expenses 
24.2 
2.9 
9.0 
Depreciation, amortisation and impairment losses 
193.8 
134.9 
91.7 
Adjustments* 
21.1 
9.2 
4.3 
Adjusted EBITDA 
200.2 
178.0 
206.1 
Adjusted EBITDA, % 
2023 
2022 
2021 
Adjusted EBITDA 
200.2 
178.0 
206.1 
Revenue 
1,286.4 
1,259.1 
1,154.6 
Adjusted EBITDA, % 
15.6 
14.1 
17.8 
. 
Adjusted EBITA, EUR mill. 
2023 
2022 
2021 

 
40 
Net income 
-42.2 
24.4 
80.4 
Income tax expense 
3.3 
6.5 
20.3 
Share of profits in associated companies 
0.0 
0.1 
0.3 
Net finance expenses 
24.2 
2.9 
9.0 
Amortisation and impairment losses 
119.1 
62.0 
26.6 
Adjustments* 
21.2 
9.2 
4.3 
Adjusted EBITA 
125.6 
105.2 
141.0 
Adjusted EBITA, % 
2023 
2022 
2021 
Adjusted EBITA 
125.6 
105.2 
141.0 
Revenue 
1,286.4 
1,259.1 
1,154.6 
Adjusted EBITA, % 
9.8 
8.4 
12.2 
Adjusted operating profit (EBIT), EUR mill. 
2023 
2022 
2021 
Net income 
-42.2 
24.4 
80.4 
Income tax expense 
3.3 
6.5 
20.3 
Share of profits in associated companies 
0.0 
0.1 
0.3 
Net finance expenses 
24.2 
2.9 
9.0 
Adjustments* 
107.8 
39.5 
4.3 
Adjusted EBIT 
93.1 
73.4 
114.4 
Adjusted operating profit (EBIT), % 
2023 
2022 
2021 
Adjusted EBIT 
93.1 
73.4 
114.4 
Revenue 
1,286.4 
1,259.1 
1,154.6 
Adjusted EBIT, % 
7.2 
5.8 
9.9 
EBITDA, EUR mill. 
2023 
2022 
2021 
Net income 
-42.2 
24.4 
80.4 
Income tax expense 
3.3 
6.5 
20.3 
Share of profits in associated companies 
0.0 
0.1 
0.3 
Net finance expenses 
24.2 
2.9 
9.0 
Depreciation, amortisation and impairment losses 
193.8 
134.9 
91.7 
EBITDA 
179.2 
168.8 
201.8 
EBITDA, % 
2023 
2022 
2021 
EBITDA 
179.2 
168.8 
201.8 
Revenue 
1,286.4 
1,259.1 
1,154.6 
EBITDA, % 
13.9 
13.4 
17.5 
EBITA, EUR mill. 
2023 
2022 
2021 
Net income 
-42.2 
24.4 
80.4 
Income tax expense 
3.3 
6.5 
20.3 
Share of profits in associated companies 
0.0 
0.1 
0.3 
Net finance expenses 
24.2 
2.9 
9.0 
Amortisation and impairment losses 
119.1 
62.0 
26.6 
EBITA 
104.4 
95.9 
136.7

 
41 
EBITA, % 
2023 
2022 
2021 
EBITA 
104.4 
95.9 
136.7 
Revenue 
1,286.4 
1,259.1 
1,154.6 
EBITA, % 
8.1 
7.6 
11.8 
Operating profit (EBIT), EUR mill. 
2023 
2022 
2021 
Net income 
-42.2 
24.4 
80.4 
Income tax expense 
3.3 
6.5 
20.3 
Share of profits in associated companies 
0.0 
0.1 
0.3 
Net finance expenses 
24.2 
2.9 
9.0 
EBIT 
-14.7 
33.9 
110.1 
Operating profit, (EBIT), % 
2023 
2022 
2021 
EBIT 
-14.7 
33.9 
110.1 
Revenue 
1,286.4 
1,259.1 
1,154.6 
EBIT, % 
-1.1 
2.7 
9.5 
Adjustments based on subject area* , EUR mill. 
2023 
2022 
2021 
Acquisition-related expenses 
1)
-0.8 
2.8 
3.1 
Restructuring-related expenses 
2)
3.2 
1.5 
0.3 
Impairment losses 
80.8 
30.3 
- 
Strategic projects and other items affecting to comparability 
18.8 
5.0 
0.8 
Adjustments 
101.9 
39.5 
4.3 
Adjustments based on account group* , EUR mill. 
2023 
2022 
2021 
Other operating income 
-0.8 
-0.1 
-0.4 
Personnel expenses 
3.1 
1.3 
0.3 
Other operating expenses 
18.7 
8.0 
4.4 
Depreciation and impairment 
86.7 
30.3 
- 
Deferred tax 
-5.9 
- 
- 
Adjustments 
101.9 
39.5 
4.3 
Adjusted EBITDA, excluding IFRS 16 
2023 
2022 
2021 
Net income 
-42.2 
24.4 
80.4 
Income tax expense 
3.3 
6.5 
20.3 
Share of profits in associated companies 
0.0 
0.1 
0.3 
Net finance expenses 
24.2 
2.9 
9.0 
Depreciation, amortisation and impairment losses 
193.8 
134.9 
91.7 
Adjustments* 
21.1 
9.2 
4.3 
IFRS 16 lease expense adjustment 
-57.4 
-55.8 
-49.2 
Adjusted EBITDA, excluding IFRS 16 
142.8 
122.2 
156.9 
Net debt/Adjusted EBITDA, excluding IFRS 16 
2023 
2022 
2021 
Interest-bearing liabilities 
416.7 
427.2 
378.8 
Interest-bearing receivables and cash and cash equivalents 
37.7 
40.4 
38.2

 
42 
Adjusted EBITDA 
142.8 
122.2 
156.9 
Net debt/Adjusted EBITDA, excluding IFRS 16 
2.7 
3.2 
2.2 
* 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

 
43 
Consolidated financial statements, IFRS 
Consolidated statement of comprehensive income 
EUR mill. 
Note 
1.1.-31.12.2023 
1.1.-31.12.2022 
Revenue 
4, 5 
1,286.4
1,259.1
Other operating income 
6 
4.2
2.7
Materials and services 
7 
-536.2
-525.7
Employee benefit expenses 
8 
-447.0
-455.0
Depreciation, amortisation and impairment losses 
9 
-193.8
-134.9
Other operating expenses 
10 
-128.2
-112.3
Operating result 
-14.7
33.9
Financial income 
11 
1.2
7.5
Financial expenses 
11 
-25.4
-10.4
Net finance expenses 
-24.2
-2.9
Share of results in associated companies 
0.0
-0.1
Result before taxes 
-38.9
30.9
Income tax expense 
12 
-3.3
-6.5
Net income 
-42.2
24.4
Profit attributable to 
Owners of the parent company 
-42.2
24.4
Non-controlling interests 
-
0.0
Other comprehensive adjustments 
Items that may be reclassified to profit or loss 
 
Translation differences from foreign operations 
0.1
-5.3
Items that will not be reclassified to profit or loss 
 
Remeasurements of post-employment benefit 
obligations 
28 
-0.1
0.2
Other comprehensive income for the period, net 
of tax 
0.0
-5.1
Total comprehensive income 
-42.2
19.3
Total comprehensive income attributable to: 
Owners of the parent company 
-42.2
19.3
Non-controlling interest 
-
0.0
Earnings per share for profit attributable to the 
shareholders of the parent 
company, in euro 
Basic earnings per share 
13 
-0.33
0.19
Diluted earnings per share 
13 
-0.33
0.19
The notes are an integral part of the Consolidated 
financial statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
44 
Consolidated statement of financial position 
EUR mill. 
Note 
31 Dec 
2023 
31 Dec 
2022 
ASSETS 
Non-current assets 
Property, plant and equipment 
14 
84.2
82.0
Right-of-use assets 
14 
212.1
173.9
Goodwill 
15, 16 
823.5
879.5
Intangible assets 
15 
100.0
145.2
Investment properties 
17 
0.3
0.5
Investments in associates 
18 
0.0
0.0
Loan receivables 
20 
0.0
0.3
Deferred tax assets 
12 
6.0
7.7
Other non-current assets 
20 
0.8
0.8
Total non-current assets 
1,226.8
1,289.8
Current assets 
Inventories 
7.1
6.6
Trade and other receivables 
22 
143.1
138.4
Current tax receivables 
4.8
4.5
Cash and cash equivalents 
23 
37.7
40.2
Total current assets 
192.6
189.7
TOTAL ASSETS 
1,419.5
1,479.4
EQUITY AND LIABILITIES 
Equity attributable to equity holders of the 
Company 
Share capital 
0.1
0.1
Invested non-restricted equity reserve 
492.8
492.8
Treasury shares 
-15.7
-15.8
Translation differences 
-5.2
-5.3
Retained earnings 
43.4
120.2
Equity attributable to equity holders of the Company 
total 
515.4
592.0
Non-controlling interest 
-
0.0
TOTAL EQUITY 
515.4
592.0
Non-current liabilities 
Non-current financial liabilities 
20, 21, 25 
394.4
383.1
Non-current lease liabilities 
14, 21, 25 
172.6
133.2
Deferred tax liabilities 
12 
20.2
29.5
Provisions 
27 
2.8
8.3
Other liabilities 
13.7
16.2
Total non-current liabilities 
603.7
570.3
Current liabilities 
Current financial liabilities 
20, 21, 25 
22.3
44.2
Current lease liabilities 
14, 21, 25 
46.5
46.5
Current tax liabilities 
3.6
0.0
Provisions 
27 
3.3
3.2
Trade and other payables 
26 
224.7
223.2
Total current liabilities 
300.3
317.1
TOTAL LIABILITIES 
904.1
887.4
TOTAL EQUITY AND LIABILITIES 
1,419.5
1,479.4
The notes are an integral part of the consolidated 
financial statements. 

 
45 
Consolidated statement of cash flows 
EUR mill. 
Note 
1.1.-31.12.2023 
1.1.-31.12.2022 
Cash flows from operating activities 
Profit before income taxes 
-38.9
30.9
Adjustments for 
Non-cash transactions 
 
Depreciation, amortisation and impairment 
losses 
9 
193.8
134.9
 
Change in provisions 
27 
-2.1
0.5
 
Other non-cash transactions 
-6.7
-4.1
Gains and Losses on sale of property, plant, equipment and other 
changes 
-0.2
-0.3
Net finance expenses 
11 
24.2
2.9
Changes in working capital 
 
Trade and other receivables 
-8.7
1.6
 
Inventories 
-0.5
-0.2
 
Trade and other payables 
2.5
0.4
Interests received 
1.2
0.3
Income taxes paid 
-6.6
-26.0
Net cash from operating activities 
158.0
140.9
Cash flows from investing activities 
Acquisition of subsidiaries, net of cash acquired 
3 
-4.0
-34.9
Acquisition of property, plant and equipment 
-24.6
-30.2
Acquisition of intangible assets 
-16.4
-29.0
Proceeds from the disposal of associates 
-
0.1
Sale of business operation, net of cash disposed of 
0.3
-
Acquisition of business operations, net of cash 
acquired 
3 
-0.3
-0.7
Proceeds from sale of property, plant and equipment 
0.8
0.7
Dividends received 
0.0
0.0
Net cash from investing activities 
-44.2
-93.9
Cash flows from financing activities 
Acquisition of non-controlling interests 
3 
-0.1
-0,0
Proceeds from non-current borrowings 
25 
224.6
169.5
Repayment of non-current borrowings 
25 
-210.0
-40.0
Proceeds from current borrowings 
25 
26.8
41.0
Repayment of current borrowings 
25 
-47.1
-116.7
Payment of lease liabilities 
25 
-50.9
-49.3
Payment of hire purchase liabilities 
25 
-4.3
-5.3
Interests and other financial expenses paid 
-19.9
-8.4
Dividends paid 
-35.4
-35.4
Net cash from financing activities 
-116.2
-44.6
Net change in cash and cash equivalents 
-2.4
2.3
Cash and cash equivalents at 1 January 
40.2
38.1
Exchange rate differences 
-0.1
-0.3
Cash and cash equivalents at 31 December 
37.7
40.2
The notes are an integral part of these Consolidated 
financial statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
46 
Consolidated statement of changes in equity 
 
Equity attributable to owners of the parent 
company 
EUR mill. 
Share 
capital 
Invested 
non-
restricted 
equity 
reserve 
Treasury 
shares 
Retained 
earnings 
Translation 
differences 
Total 
Non-
controlling 
interests 
Total 
equity 
Equity 1 Jan 2023 
0.1
492.8
-15.8
120.2
-5.3
592.0
0.0
592.0
Comprehensive income 
Net income 
-
-
-
-42.2
-
-42.2
-
-42.2
Other comprehensive income 
-
-
-
-0.1
0.1
0.0
-
0.0
Transactions with owners 
 
Share-based payments 
-
-
0.1
1.3
-
1.4
-
1.4
 
Dividends 
-
-
-
-35.4
-
-35.4
-
-35.4
Transactions with non-controlling 
interests 
Transactions with non-controlling 
interest 
-
-
-
-
-
-
-0,0
-0,0
Other 
Other corrections* 
-
-
-
-0.4
-
-0.4
-
-0.4
Equity 31 Dec 2023 
0.1
492.8
-15.7
43.5
-5.2
515.4
-
515.4
* Correction to previous financial years figures. 
 
Equity attributable to owners of the parent 
company 
EUR mill. 
Share 
capital 
Invested 
non-
restricted 
equity 
reserve 
Treasury 
shares 
Retained 
earnings 
Translation 
differences 
Total 
Non-
controlling 
interests 
Total 
equity 
Equity 1 Jan 2022 
0.1
492.8
-18.0
134.8
-0.8
608.9
0.0
608.9
Comprehensive income 
Net income 
-
-
-
24.4
-
24.4
0.0
24.4
Other comprehensive income 
-
-
-
-0.5
-4.5
-5.1
-
-5.1
Transactions with owners 
Share-based payments 
-
-
2.2
-3.0
-
-0.8
-
-0.8
Dividends 
-
-
-
-35.4
-
-35.4
-
-35.4
Transactions with non-controlling 
interests 
Transactions with non-controlling 
interest 
-
-
-
-
-
-
0,0
0.0
Equity 31 Dec 2022 
0.1
492.8
-15.8
120.2
-5.3
592.0
0.0
592.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
47 
COMPANY INFORMATION 
Name of reporting entity or other means of identification 
Terveystalo Oyj
Country of incorporation 
Finland
Legal form of entity 
Public Limited Company
Domicile of entity 
Finland
Address of entity's registered office 
Jaakonkatu 3 A 00100 Helsinki
Principal place of business 
Finland and Sweden 
Description of nature of entitys operations and 
principal 
activities 
Terveystalo offers comprehensive wellbeing services, primary 
healthcare and specialized medical care services for corporate and 
private customers as well as the public sector.
Name of parent entity 
Terveystalo Oyj
 
1. Corporate information 
Terveystalo 
Plc 
is 
a 
Finnish 
public 
limited 
liability 
company 
organised 
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 
24 
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 
and 
leading occupational 
health 
provider in 
Nordic 
region. 
The 
company 
offers 
general 
practice 
and 
specialist 
medical 
care, 
diagnostic 
services, 
outpatient 
surgery, dental services 
and other adjacent services to corporate, private and public 
sector customers.
 
In 
its 
meeting 
on 
13 
February 
2024, 
the 
Board 
of 
Directors 
of 
Terveystalo 
Plc 
approved 
the 
publishing 
of 
these 
consolidated 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 
prepared in compliance with the IAS and IFRS standards 
as well as the SIC and IFRIC interpretations 
in force on 31 
December 2023. 
The consolidated 
financial statements 
also comply 
with the 
regulations of 
Finnish accounting 
and 
company legislation 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 
consequently the sum of individual figures may deviate from the 
presented aggregate figure.
2.2 Application of new and amended IFRSs and new 
IFRIC agenda decisions 

New and amended standards applied in the financial year 
2023 
The 
Group 
has 
applied 
as 
from 
1 January 
2023 
the 
following 
new 
and 
amended 
standards 
that 
have 
come 
into 
effect: 
●
 
Amendments 
to 
IAS 
1 
– 
Disclosure
of 
Accounting 
Policies
: 
The 
amendments 
clarify 
the 
application 
of 
materiality to disclosure of accounting policies. 
●
 
Amendments 
to 
IAS 
8 
– 
Definition 
of 
Accounting 
Estimates
: 
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. 
●
 
Amendments to 
IAS 12 
– 
Deferred Tax 
related to 
Assets and 
Liabilities arising 
from a 
Single Transaction
: 
The 
amendments 
narrow 
the 
initial 
recognition 
exemption 
(IRE) 
and 
clarify 
that 
the 
exemption 
does 
not 
apply 
to 
transactions 
such 
as 
leases 
and 
decommissioning 
obligations 
which 
give 
rise 
to 
equal 
and 
offsetting temporary differences. 
●
 
Amendments to IAS 
12 – 
International Tax 
Reform — 
Pillar Two 
Model Rules
: The amendments 
give relief 
from accounting 
for deferred 
taxes arising 
from the 
OECD’s 
(Organisation 
for Economic 
Co-operation 
and 
Development) international 
tax reform 
and require 
new disclosures 
to compensate 
for the 
potential loss 
of 
information resulting from the relief. 
The 
impacts 
of 
the 
above-mentioned 
amendments 
on 
Terveystalo’s 
consolidated 
financial 
statements 
have 
not 
been significant. 
New and 
amended standards 
applied in 
the financial 
year 2023 
that have 
no impact 
on Terveystalo’s 
consolidated 
financial statements: 
●
 
IFRS 
17 
Insurance 
Contracts
, 
including 
Amendments 
Initial 
Application 
of 
IFRS 
17 
and 
IFRS 
9 
– 
Comparative Information
Adoption of new and amended standards and interpretations 
applicable in future financial years 
At 
the 
publication 
day 
of 
this 
Group 
consolidated 
financial 
statements, 
Terveystalo 
has 
not 
applied 
following 
new 
and amended standards and interpretations that are effective 
in future periods: 
●
 
Amendments to 
IFRS 16 
– 
Lease Liability 
in a 
Sale and 
Leaseback
 
(effective for 
financial years 
beginning 
on or after 1 January 2024, early application is permitted) 
●
 
Amendments 
to 
IAS 
1 
– 
Classification 
of 
Liabilities 
as 
Current 
or 
Non-current 
Date; 
Classification 
of 
Liabilities 
as 
Current 
or 
Non-current 
– 
Deferral 
of 
Effective 
Date; 
Non-current 
Liabilities 
with 
Covenants*
(effective for financial years beginning on or after 1 January 
2024, early application is permitted) 
●
 
Amendments 
to 
IAS 
7 
and 
IFRS 
7 
– 
Supplier 
Finance 
Arrangements
* 
(effective 
for 
financial 
years 
beginning on or after 1 January 2024, early application 
is permitted) 
●
 
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 
impact 
on 
above-mentioned 
standards 
and 
amendments 
on 
Terveystalo’s 
consolidated 
financial 
statements 
are not expected to be significant. 
New and 
amended standards 
and interpretations 
applicable in 
future financial 
years that 
are not 
expected to 
have 
impact on Terveystalo’s 
consolidated financial statements: 
●
 
Amendments 
to 
IAS 
21 
– 
Lack 
of 
Exchangeability*
 
(effective 
for 
financial 
years 
beginning 
on 
or 
after 
1 
January 2025, early application is permitted) 
* = not yet endorsed for use by the European Union 
as of 31 December 2023.

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 
assumptions 
about 
future 
events 
related, 
among 
other 
things, 
to 
the 
expected 
development 
of 
the 
Group's 
economic 
environment 
in 
terms 
of 
sales 
and 
cost 
level. 
However, 
it 
is 
possible 
that 
the 
realised 
outcomes 
differ 
from the 
estimates and 
assumptions used 
in the 
financial statements. 
In addition, 
the application 
of the 
accounting 
policies requires judgement, 
especially when the current 
IFRS standards have alternative 
accounting, valuation and 
presentation methods. 
The Group 
monitors 
the realisation 
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 recogni 
sed 
in 
the 
period 
when 
the 
estimate 
or 
assumption 
is revised, 
and 
in 
the 
future periods if the change affects the subsequent 
periods. 
The most important issues requiring management’s judgement 
are presented below: 
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 
determine 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 recognised as long-term lease contracts. 
Provisions 
The 
most 
significant 
provisions 
in 
the 
statement 
of 
financial 
position 
relate 
mainly 
to 
loss-making 
contracts. 
Management makes estimates mainly concerning the 
total loss of the loss-making contracts. 
The critical accounting estimates are presented below: 
Intangible assets in connection with business combinations 
IFRS 3 
requires 
the 
acquirer 
to 
recognise 
intangible 
assets 
separately 
from 
goodwill, 
if 
certain 
criteria 
are 
met. 
Recognising 
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 

50 
payments 
and 
is 
based 
on 
potential 
scenarios 
for 
future 
returns, 
amounts 
paid 
under 
different 
scenarios 
and 
the 
probability of each scenario. 
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 appropriate, the estimated recoverable amounts 
may differ from the actual results.
 
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 
company. 
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 
commences until the date on which control ceases. 
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 
recognised 
as 
an 
expense 
as 
incurred. Transactions treated separately 
from the acquisition are recognised 
through the income statement and are 
not 
included 
in 
the 
consideration 
transferred. 
Any 
contingent 
consideration 
is 
measured 
at 
fair 
value 
and 
it 
is 
classified either 
as a 
liability or 
equity. 
Contingent consideration 
classified as 
a liability 
is measured 
at fair 
value at 
the 
end 
of 
reporting 
period 
and 
the 
resulting 
profit 
or 
loss 
is 
recognised 
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 
recognised 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 recognised in profit or loss. 
Intra-group transactions, 
receivables, liabilities 
and unrealised 
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 transactions 
– 
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 recognised 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.
 

51 
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 
recognised 
at 
cost, 
which 
includes 
transaction 
cost. 
If 
the 
Group’s 
share 
of 
the 
associated 
company’s 
losses 
exceeds 
the 
carrying 
amount 
of 
the 
investment, 
the 
investment 
is 
recognised 
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. 
Unrealised 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 expenses. 
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 
whether 
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 recognised 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 
recognised 
amounts 
in 
other 
comprehensive 
income 
and 
the 
value 
of 
the 
investment 
in 
the 
consolidated financial statements are recognised 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 recogni 
sed 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 
currency, 
and thus 
its statement 
of income, 
statement 
of cash 
flows and 
statement 
of financial 
position have 
been 
translated 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 recognised 
in other comprehensive income
2.6 Property, plant 
and equipment 
Items of property, 
plant and equipment are 
measured at cost less accumulated 
depreciation and impairment losses. 
Depreciation 
is 
recognised 
on 
a 
straight-line 
basis 
over 
the 
estimated 
useful 
lives 
of 
items 
of 
property, 
plant 
and 
equipment. Land is not depreciated. 
The estimated useful lives are as follows:
 
Magnetic resonance imaging equipment 
10 years 
Buildings 
10–40 years 
Machinery and equipment 
2–7 years 

52 
Improvements to office premises 
3–10 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.
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 
capitalises 
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 
depreciation period.
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 
transferred, 
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.
Intangible assets 
Intangible assets include software 
and licenses, as well as 
acquired companies’ customer relationships, 
trademarks 
and 
other 
intangible 
assets. 
Intangible 
assets 
are 
recognised 
initially 
at 
cost 
if 
the 
cost 
of 
the 
asset 
can 
be 
measured 
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. 
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. 

53 
Amortisation periods used for intangible assets are as follows:
Immaterial rights 
3–7 years 
Software 
3–5 years 
Customer agreements and related customer relationships 
3–12 years 
Trademarks 
20 years or shorter useful life 
Other intangible assets 
3–5 years
Research and development 
Research 
expenditure 
are 
recognised 
as 
an 
expense 
as 
incurred 
in 
the 
statement 
of 
income. 
Development 
expenditure 
are 
capitalised 
as 
intangible 
assets 
when 
certain 
capitalisation 
criteria 
are 
met. 
Development 
expenditure 
that 
do 
not 
qualify 
for 
the 
capitalisation 
are 
recognised 
as 
an 
expense. 
The 
estimated 
useful 
lives 
of 
capitalised 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 
indications 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 
cash-generating units, 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 
estimated 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 
recognised 
when 
the 
carrying 
amount 
of 
an 
asset 
exceeds 
its 
recoverable 
amount. 
The 
impairment loss is recognised in 
the statement of income. If 
impairment loss is related to a 
cash generating unit, the 
impairment loss is allocated first to reduce the carrying 
amount of any goodwill allocated to the cash 
generating unit, 
and 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 
amortisation, is 
reassessed when 
an impairment 
loss is 
recognised. The 
impairment loss 
recognised 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 recognised. Impairment 
loss recognised 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 
recognises 
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.

54 
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 
consideration. A 
lessee recognises 
a right-of-use asset 
and a lease 
liability on statement 
of financial position 
at the 
lease commencement 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 judgment, 
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 recognise 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 
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 estimated useful lives of right-of-use 
assets are 1-16 years. 
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 recognised 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 
commencement date. 
The Group uses 
an 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 
guarantee, and 
the exercise 
price under 
a purchase 
option that 
Terveystalo 
is reasonably 
certain to 
exercise. 
Subsequently 
a 
lease 
liability 
is 
measured 
at 
amortised 
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 remeasured 
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 

55 
The 
Group’s 
financial 
assets 
are 
classified 
at 
fair 
value 
through 
the 
statement 
of 
income 
or, 
at 
amortised 
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 
instruments and 
loan receivables. 
Realised 
or unreali 
sed gains 
and losses 
arising from 
changes in 
fair values 
are 
recognised in the statement of income in the period in 
which they are incurred. 
Financial 
assets 
at 
amortised 
cost 
consist 
of 
trade 
receivables 
and 
other 
receivables. 
They 
are 
measured 
at 
amortised 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 2022 
or 2023. 
The 
financial 
asset 
is 
derecognised 
when 
the 
contractual 
rights 
to 
the 
cash 
flows 
expire, 
or 
the 
financial 
asset 
is 
transferred 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 amortised 
cost. 
Financial 
liabilities 
at 
fair 
value 
through 
the 
statement 
of 
income 
comprise 
derivative 
liabilities 
and 
contingent 
considerations. 
Realised 
or 
unrealised 
gains 
and 
losses 
arising 
from 
changes 
in 
fair 
values 
are 
recognised 
the 
statement of income in the period in which they are incurred. 
Financial liabilities 
at amorti 
sed cost 
include loans 
from financial 
institutions, bonds, 
lease liabilities, 
hire purchase 
liabilities 
and 
trade 
and 
other 
payables. 
They 
are 
initially 
recognised 
at 
fair 
value 
which 
is 
based 
on 
the 
consideration 
received. 
Transaction 
costs 
are 
included 
in 
the 
initial 
amount 
recognised 
and 
subsequently 
the 
financial liability is measured at amortised cost using 
the effective interest method. 
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 
2022 or 2023. 
Financial liability 
is derecognised 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.
2.12 Inventories 
Inventories 
are 
measured 
at 
the 
lower 
of 
cost 
and 
net 
realisable 
value. 
The 
cost 
of 
inventories 
is 
determined 
by 
using FIFO (first in, first out) method. Net realisable value 
is the cost of inventory less obsolescence allowance.
2.13 Employee benefits 
Pension benefits 

56 
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 
recognised 
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 benefits 
and 
bears 
the 
risk 
of change 
in 
the 
value 
of 
plan 
liability 
and 
assets. 
The 
liability 
recognised 
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. 
Actuarial gains 
and losses 
related to 
remeasurements of 
a defined 
benefit plan 
are recognised 
directly in 
the other 
comprehensive income. 
Interest and 
other expenses 
related to 
defined benefit 
plans are 
recognised 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 
recognised directly 
in the 
statement of 
income when 
the plan 
amendment or curtailment occurs.
Share-based payment transactions 
The 
benefits 
granted 
in 
accordance 
with 
the 
incentive 
plan 
are 
measured 
at 
fair 
value 
at 
the 
grant 
date 
and 
are 
expensed 
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 
recognised 
as 
an 
increase 
in 
equity. 
The cash-settled 
share-based incentives 
are valued 
at fair 
value at 
each reporting 
date until 
the settlement 
date and recognised 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 
accordance 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 
recognised 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 
recognised 
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 
recognised 
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 contingent liability. 
Contingent liabilities are disclosed in the notes.
2.15 Revenue recognition 

57 
The 
Group’s 
revenue 
consists 
mainly 
of 
occupational 
healthcare 
services, 
general 
practice 
and 
clinic 
hospital 
operations, 
dental 
services 
as 
well 
as 
diagnostic 
services. 
The 
Group 
also 
provides 
diverse 
primary 
healthcare, 
special 
healthcare, 
child welfare 
and 
digital healthcare 
services 
for public 
sector 
as well 
as 
amongst 
other 
things, 
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 
performance 
obligations. 
The 
terms 
of 
payment 
and 
payment 
periods 
in 
customer 
contracts 
vary, 
but 
payment 
time 
is 
nonetheless 
clearly 
below 
one 
year. 
Consequently, 
customer 
contracts do 
not include 
a significant 
financing component. 
Revenue is 
recognised 
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 recognised 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 
recognised 
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 recognising 
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 recognised 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 
recognises 
revenue 
on 
a 
gross 
basis. 
Fees 
related to purchasing these services are recognised in materials 
and services expenses.
2.16 Segment information 
Terveystalo 
has 
changed 
its 
operating 
model 
that 
came 
into 
effect 
at 
the 
beginning 
of 
the 
year 
2023, 
and, 
as 
a 
result, 
the 
financial 
reporting 
structure 
to 
better 
highlight 
the 
performance 
of 
Terveystalo's 
businesses. 
The 
new 
reporting 
structure 
reflects 
Terveystalo's 
new 
operating 
model 
and 
is 
aligned 
with 
the 
way 
the 
company’s 
chief 
operating 
decision 
maker 
follows 
the 
operational 
performance 
of 
Terveystalo's 
businesses. 
Terveystalo 
Group 
comprises 
of 
three 
operating 
segments 
that 
are 
reportable 
segments: 
Healthcare 
Services, 
Portfolio 
Businesses, 
and Sweden. 
Monitoring of 
profitability is 
primarily based 
on operating 
segments. In 
addition, Terveystalo 
provides 
disclosure 
on 
revenue 
for 
Healthcare 
Services 
on 
customer 
and 
service 
level 
and 
for 
Portfolio 
Businesses 
on 
service level. 
Terveystalo’s 
chief 
operating 
decision 
maker 
is 
the 
CEO 
who 
is 
monitoring 
the 
operating 
results 
of 
operating 
segments for 
the purpose 
of assessing 
performance and 
making decisions 
about resource 
allocation. Key 
financial 
performance measures of the segments 
comprise primarily revenue and 
segment adjusted earnings before 
interest, 
taxes, amortisation and 
impairment (EBITA) 
. 
The evaluation of 
segment performance 
and allocation of 
resources is 
primarily based 
on segment 
adjusted EBITA 
which the 
management 
estimates the 
most relevant 
measure for 
this 
purpose. 
Healthcare Services offers 
customers in Finland 
integrated care paths 
from preventive occupational 
health services 
to 
primary 
care 
services 
and 
to 
different 
fields 
of 
specialized 
care, 
diagnostic, 
and 
day 
surgery. 
In 
Healthcare 
Services, Terveystalo 
aims for industry-leading profitability and the best care 
outcomes. 
The 
Portfolio 
Businesses 
segment 
consists 
of 
business 
areas 
that 
aim 
for 
independent 
value 
creation 
utilising 
Terveystalo’s 
capabilities 
according to 
their 
needs. 
Portfolio 
Businesses 
include 
public sector 
outsourcing, 
staffing 
services, 
and 
dental 
care, 
as 
well 
as 
other 
businesses 
such 
as 
public 
sector 
digital 
services, 
rehabilitation, 
child 
welfare, and massage services, as well as sign language interpretation 
services. 

58 
The Sweden segment 
consists of Feelgood 
subsidiaries’ operations 
in Sweden, which 
are focused on 
occupational 
health and consultation for 
organizational management and 
harmful use. In Sweden, 
Terveystalo 
aims for profitable 
growth in the medium and long term. 
In addition to operating 
segments, Terveystalo 
provides information for 
Other section. Other 
reported figures mainly 
consist of parent company expenses as well as unallocated 
Group level adjustments and provisions.
 
2.17 Government grants 
Government grants 
are presented in 
other operating income 
as far as 
they do not 
relate to acquired 
assets. Grants 
are recognised when 
there is reasonable 
assurance that grants 
will be received, and 
the Group will comply 
with the 
conditions 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 
adding 
other 
operating 
income 
to 
revenue, 
deducting 
costs 
related 
to 
materials 
and 
services, 
deducting 
costs 
related to employee benefits, depreciation, amortisation 
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 
share-
based incentive plan has a dilution effect related to 
the earnings per share.
2.20 Income taxes 
Income 
taxes 
primarily 
include 
current 
and 
deferred 
taxes. 
Tax 
related 
to 
items 
recognised 
directly 
in equity 
or in 
other comprehensive income is also 
recognised 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 
recognised 
in 
respect 
of 
all 
temporary 
differences 
between 
the 
carrying 
amounts 
of 
assets 
and 
liabilities 
for 
financial 
reporting 
purposes 
and 
the 
amounts 
in 
taxation. 
Deferred 
tax 
is 
not 
recognised 
in 
the 
initial 
recognition 
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 
recognised 
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 
capitalised customer relationships 
and trademarks, and to provisions 
related primarily to 
loss making contracts. 
A deferred tax asset 
is recognised 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.

59 
3. Business Combinations 
During the year 2023, the Group has made one corporate 
acquisition and one business acquisition. 
On 15 August 2023 Feelgood Företagshälsovård 
AB acquired 100 percent of the occupational health 
provider Växjö 
Hälsoforum AB. 
On 2
October 2023 Feelgood Sjukvård AB acquired the 
occupational health care business of Quality Care 
AB. 
The 
following 
table 
summarises 
the 
acquisition 
date 
fair 
values 
of 
the 
consideration 
transferred 
as 
well 
as 
the 
recognised 
amounts 
of 
assets 
acquired 
and 
liabilities 
assumed 
at 
the 
acquisition 
date. 
The 
statement 
of 
financial 
position 
of 
acquired 
companies 
has 
been 
prepared 
in 
accordance 
with 
IFRS 
and 
Terveystalo’s 
accounting 
principles 
in 
all 
material 
respect. 
The 
following 
table 
is 
preliminary, 
and 
the 
information 
has 
been 
consolidated, 
because the acquisitions are not material individually.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consideration transferred 
EUR mill. 
Purchase price, payable in cash 
0.6 
Contingent consideration 
0.5 
Total consideration transferred 
1.0 
Identifiable assets acquired and liabilities assumed 
EUR mill. 
Cash and cash equivalents 
0.2 
Intangible assets 
0.1 
Property, plant and equipment 
0.0 
Right-of-use assets 
0.3 
Trade and other receivables 
0.1 
Lease liabilities 
-0.3 
Trade and other payables 
-0.3 
Deferred tax liabilities 
0.0 
Total identifiable net assets acquired 
0.0 
Goodwill 
1.0
As a 
result of 
these 
business 
combinations, 
a preliminary 
goodwill 
amounting 
to 
EUR 1.0 
million was 
recognised. 
The goodwill is 
attributable to skills 
of the workforce 
and synergies expected 
to be achieved. 
EUR 0.7 million 
of the 
recognised goodwill 
is deductible 
in taxation. 
Cashflow impact 
of the 
acquisitions made 
during 2023 
was EUR 
-0.3 
million. 
In 
these 
business 
combinations, 
the 
Group 
has 
acquired 
customer 
relationships. 
The 
fair 
value 
of 
customer 
contracts and 
related customer 
relationships included 
in 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 
the 
acquired 
trade 
and 
other 
receivables 
amounted 
to 
EUR 
0.1 
million, 
for 
which 
the 
risk 
of 
impairment has been deemed as non-significant. 
The 
Group 
has 
incurred 
acquisition-related 
expenses 
of 
EUR 
0.1 
million 
related 
to 
consulting, 
valuation 
or 
equivalent services. The expenses have been included 
in other operating expenses. 

The contributed 
revenue recognised 
from the 
acquisitions during 
the year 
2023 was 
EUR 0.4 
million and 
loss was 
EUR 0.0 million. 
If the acquisition had occurred 
on 1 January 2023, management 
estimates that the Group’s 
consolidated revenue in 
2023 would 
have been 
EUR 1,286.9 
million and 
the consolidated 
result for 
the period 
would have 
been EUR 
-42.2 
million.

61 
Business Combinations 2022 
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 
provider Vantaan Työterveys 
Oy. 
On 
1 
February 
2022 
Feelgood 
Företagshälsovård 
AB 
acquired 
100 
percent 
of 
the 
Swedish 
occupational 
health 
provider Länshälsan Uppsala Ab. 
On 
31
March 
2022 
Terveystalo 
Healthcare 
Oy 
acquired 
100 
percent 
of 
the 
shares 
of 
the 
physiotherapy 
service 
provider Lapin Liikuntaklinikka Oy. 
On 
31
March 
2022 
Terveystalo 
Healthcare 
Oy 
acquired 
100 
percent 
of 
the 
shares 
of 
the 
physiotherapy 
service 
provider OMT Klinikka Kokkola Oy. 
On 
31
March 
2022 
Terveystalo 
Healthcare 
Oy 
acquired 
100 
percent 
of 
the 
shares 
of 
the 
physiotherapy 
and 
occupational 
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 
provider Nämndemansgården AB and its subsidiaries. 
On 
31
May 
2022 
Terveystalo 
Healthcare 
Oy 
acquired 
100 
percent 
of 
the 
shares 
of 
the 
physiotherapy 
service 
provider Into Te 
rveys 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. 
The 
following 
table 
summarises 
the 
acquisition 
date 
fair 
values 
of 
the 
consideration 
transferred 
as 
well 
as 
the 
recognised 
amounts 
of 
assets 
acquired 
and 
liabilities 
assumed 
at 
the 
acquisition 
date. 
The 
statement 
of 
financial 
position 
of 
acquired 
companies 
has 
been 
prepared 
in 
accordance 
with 
IFRS 
and 
Terveystalo’s 
accounting 
principles in 
all material 
respect. The 
information has 
been consolidated, 
because the 
acquisitions are 
not material 
individually.
 

62 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consideration transferred 
EUR mill. 
Purchase price, payable in cash 
37.8 
Contingent consideration 
5.1 
Total consideration transferred 
42.9 
Identifiable assets acquired and liabilities assumed 
EUR mill. 
Cash and cash equivalents 
4.4 
Intangible assets 
6.0 
Property, plant and equipment 
1.1 
Right-of-use assets 
4.4 
Deferred tax assets 
0.2 
Inventories 
0.2 
Trade and other receivables 
5.2 
Financial liabilities 
-0.5 
Lease liabilities 
-4.4 
Trade and other payables 
-6.2 
Deferred tax liabilities 
-1.1 
Interest bearing liabilities 
-0.1 
Total identifiable net assets acquired 
8.9 
Goodwill 
34.0
As a result of these business combinations, 
a preliminary goodwill amounting to EUR 
34.0 million was recognized in 
2022. In 
2023, effect 
to goodwill 
arising 
from corporate 
acquisitions 
made in 
year 
2022 was 
EUR 
0.3 million. 
The 
goodwill 
is 
attributable 
to 
skills 
of 
the 
workforce 
and 
synergies 
expected 
to 
be 
achieved. 
EUR 
1.0 
million 
of 
the 
recognised goodwill is deductible 
in taxation. Cashflow 
impact of the acquisitions 
made during 2022 was 
EUR -32.9 
million. 
In 
2023, 
cash 
flow 
effect 
from 
corporate 
acquisitions 
made 
in 
year 
2022 
was 
EUR 
-4.0 
million 
due 
to 
adjustments to purchase prices and additional purchase prices 
paid. 
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 
impairment 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 
recognised 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.

 
63 
4. Segment information 
Terveystalo 
Group’s 
operating 
segments 
are 
Healthcare 
Services, 
Portfolio 
Businesses, 
and 
Sweden. 
These 
are 
also reportable segments and operating segments are 
not aggregated.
 
Segment information 
1.1.-31.12.2023 
Healthcare 
services 
Portfolio 
Businesse
s 
Sweden 
Segments 
total 
Other 
Internal 
eliminatio
ns 
Total 
EUR mill. 
Revenue 
Revenues from external customers 
933.5 
260.7 
92.3 
1,286.4 
- 
- 
1,286.4 
Revenues from transactions with other operating segments 
of the same entity 
15.1 
6.5 
0.2 
21.8 
- 
-21.8 
- 
Total revenue 
948.6 
267.2 
92.5 
1,308.2 
- 
-21.8 
1,286.4 
Adjusted EBITA 
109.0 
8.7 
3.7 
121.4 
4.2 
- 
125.6 
Depreciations 
5.9 
1.0 
6.9
13.8 
60.9 
- 
74.6 
 
1.1.-31.12.2022 
Healthcare 
services 
Portfolio 
Businesse
s 
Sweden 
Segments 
total 
Other 
Internal 
eliminatio
ns 
Total 
EUR mill. 
 
Revenue 
Revenues from external customers 
882.5 
284.0 
92.6 
1,259.1 
- 
- 
1,259.1 
Revenues from transactions with other operating segments 
of the same entity 
15.3 
6.7 
0.2 
22.2 
- 
-22.2 
- 
Total revenue 
897.8 
290.7 
92.8 
1,281.3 
- 
-22.2 
1,259.1 
Adjusted EBITA 
99.2 
3.5 
2.6 
105.3 
-0.1 
- 
105.2 
Depreciations 
5.6 
0.9 
6.6
13.1 
59.7 
- 
72.8 
 
Reconciliation of the total of the reportable segment's adjusted EBITA to the Group's profit before taxes 
12/31/2023 
12/31/2022 
EUR mill. 
Profit before taxes 
-38.9 
30.9 
Share of profits in associated companies 
0.0 
0.1 
Net finance expenses 
24.2 
2.9

64 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortisation and impairment losses 
119.1 
62.0 
Adjustments 
21.2 
9.2 
Other 
-4.2 
0.1 
Adjusted EBITA 
121.4 
105.3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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. 
EUR mill. 
31 Dec 
2023 
31 Dec 
2022 
Finland 
1,144.7 
1,206.3 
Sweden 
75.3 
74.8 
Total 
1,220.0 
1,281.1
5. Revenue 
The 
Group's 
distribution 
of 
revenue 
is 
based 
on 
three 
segments: 
Healthcare 
Services, 
Portfolio 
Businesses, 
and 
Sweden. 
For 
more 
information 
on 
segments, 
refer 
to 
Note 
4, 
Segment 
information. 
The 
revenue 
of 
Healthcare 
Services 
is divided 
by services 
and customer 
groups. 
The revenue 
of Portfolio 
Businesses 
is divided 
by services. 
Terveystalo 
offers 
its 
primary 
and 
outpatient 
secondary 
health 
care 
services 
to 
three 
distinct 
customer 
groups: 
corporate 
customers, 
private 
customers, 
and 
public 
customers. 
The 
Group 
does 
not 
have 
customers 
whose 
revenue exceeds 10 percent of the Group's total revenue. 
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. 
 
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 
personalised 
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 
organisations, 
such 
as 
municipalities, 
municipal federations, 
and hospital districts, 
as well as 
municipal occupational 
health care customers. 
The services 
offered 
to 
public 
sector 
customers 
include 
full 
and 
partial 
outsourcings, 
health 
care 
staffing 
services, 
specialised 
care services, 
other health 
care services, 
as well 
as occupational 
health care 
services for 
municipalities, municipal 
federations, and hospital districts.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dissagregation of revenue 
EUR mill. 
1.1.-31.12.2023 
1.1.-31.12.2022 
Healthcare services 
948.6 
897.8 
Portfolio Businesses 
267.2 
290.7 
Sweden 
92.5 
92.8 
Eliminations 
-21.8 
-22.2 
Eliminations 
1,286.4 
1,259.1 

65 
 
Healthcare services, revenue 
EUR mill. 
1.1.-31.12.2023 
1.1.-31.12.2022 
By customer 
Corporate 
564.0 
522.9 
Consumer 
296.1 
278.4 
Public sector 
88.5 
96.4 
Total 
948.6 
897.8 
By service 
Appointments 
618.3 
556.3 
Diagnostics 
229.6 
250.0 
Other 
100.7 
91.5 
Total 
948.6 
897.8 
Portfolio Businesses, revenue 
EUR mill. 
1.1.-31.12.2023 
1.1.-31.12.2022 
Outsourcing services 
91.1 
118.7 
Staffing services 
84.7 
84.1 
Dental care 
54.5 
52.2 
Other 
36.9 
35.6 
Total 
267.2 
290.7
 
Timing of satisfying performance obligations 
EUR mill. 
1.1.-31.12.2023 
1.1.-31.12.2022 
At a point in time 
1,192.9 
1,134.4 
Over time 
93.5 
124.6 
Total 
1,286.4 
1,259.1
 
Balances in the statement of financial position 
EUR mill. 
31 Dec 2023 
31 Dec 2022 
Contract assets 
10.2 
12.8 
Contract liabilities 
8.8 
10.3
The Group will satisfy performance obligations related to the contract liabilities within one 
year.
 
6. Other operating income 
EUR mill. 
1.1.-31.12.2023 
1.1.-31.12.2022 
Rental income 
0.9 
1.1 
Gains on sale of property, plant and equipment 
0.2 
0.3 
Other items 
3.1 
1.2 
Total 
4.2 
2.7
 
7. Materials and services 
EUR mill. 
1.1.-31.12.2023 
1.1.-31.12.2022 
Purchases of materials 
-40.8 
-44.1

66 
 
Change in inventories 
0.5 
0.2 
External services 
-495.9 
-481.8 
Total 
-536.2 
-525.7
 
8. Employee benefit expenses 
EUR mill. 
1.1.-31.12.2023 
1.1.-31.12.2022 
Wages and salaries 
-374.3 
-379.5 
Share-based payments 
-1.4 
-2.0 
Pension expenses — defined contribution plans 
-58.7 
-61.0 
Other social security costs 
-12.6 
-12.5 
Total 
-447.0 
-455.0 
Number of personnel at the end of the reporting 
period 
9,824 
10,933
 
9. Depreciation, amortisation and impairment 
EUR mill. 
1.1.-31.12.2023 
1.1.-31.12.2022 
Depreciation and amortization by asset type 
Intangible assets 
 
Trademarks 
-4.7 
-4.5 
 
Customer relationships 
-9.4 
-4.8 
 
Other intangible assets 
-18.2 
-20.9 
Total 
-32.2 
-30.1 
Property, plant and equipment 
 
Buildings 
-0,0 
-0,0 
 
Machinery and equipment 
-14.9 
-14.6 
 
Improvement to premises 
-6.4 
-5.9 
Total 
-21.3 
-20.5 
Right-of-use assets 
-53.3 
-52.4 
Investment property 
-0,0 
-0,0 
Depreciation and amortisation total 
-107.0 
-103.0 
Impairment losses by asset groups 
 
Goodwill 
-57.3 
- 
 
Customer relationships 
-29.3 
- 
 
Other intangible assets 
-0,0 
-30.5 
 
Machinery and equipment 
-0,0 
-0.8 
 
Improvement to premises 
-0,0 
-0.2 
 
Investment property 
-0.2 
- 
 
Associated companies 
- 
-0.4 
Impairment total 
-86.9 
-31.9 
Total depreciation, amortisation and impairment losses 
-193.8 
-134.9
 
10. Other operating expenses 
Specification of other operating expenses

67 
 
EUR mill. 
1.1.-31.12.2023 
1.1.-31.12.2022 
External services 
-22.7 
-3.7 
Operating and maintenance expenses for premises 
and equipment 
-25.1 
-22.6 
ICT expenses 
-40.4 
-39.7 
Non-statutory personnel expenses 
-7.4 
-7.1 
Leases and charges 
-4.9 
-5.1 
Travel expenses 
-6.9 
-6.5 
Marketing and communication 
-8.7 
-8.5 
Acquisition-related expenses 
-0.1 
-1.6 
Other costs 
-12.0 
-17.4 
Total 
-128.2 
-112.3
 
Auditor's fees 
In thousands of euro 
1.1.-31.12.2023 
1.1.-31.12.2022 
Audit and auditor's statements based on laws 
and regulations 
 
Audit, KPMG 
-481.1 
-387.9 
 
Auditor's statements based on laws and regulations, 
KPMG 
-11.0 
-13.4 
Total 
-492.1 
-401.4 
Non audit services 
 
Tax services, KPMG 
-4.3 
-2.8 
 
Other services, KPMG 
- 
-49.5 
Total 
-4.3 
-52.3 
Auditor's fees total 
-496.4 
-453.6 
Auditor's fees have been presented excluding value-added 
tax. Non-audit services paid for the parent company’s auditor, KPMG Oy Ab, 
were 
4 (52) thousand euros in total.
 
11. Financial income and expenses 
EUR mill. 
1.1.-31.12.2023 
1.1.-31.12.2022 
Interest income on loans and other receivables 
1.2 
0.3 
Dividend income 
0.0 
0.0 
Change in fair value of interest rate derivatives, no 
hedge accounting 
- 
7.1 
Total financial income 
1.2 
7.5 
Interest expense on loans from financial institutions 
-14.3 
-5.9 
Interest expense on bonds 
-3.2 
- 
Interest expenses on lease liabilities 
-5.2 
-3.9 
Change in fair value of interest rate derivatives, no 
hedge accounting 
-1.9 
- 
Other financial expenses 
-0.9 
-0.5 
Total financial expenses 
-25.4 
-10.4 
Net finance expenses 
-24.2 
-2.9
12. Taxes 
 
12.1 Income taxes

68 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income taxes in the statement of income 
EUR mill. 
1.1.-31.12.2023 
1.1.-31.12.2022 
Current tax for the reporting year 
-10.8 
-8.3 
Income taxes for previous periods 
-0.1 
0.0 
Change in deferred taxes 
7.6 
1.8 
Total income taxes 
-3.3 
-6.5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of the Group's tax rate to the Finnish tax rate 
EUR mill. 
1.1.-31.12.2023 
1.1.-31.12.2022 
Profit or loss before taxes 
-38.9 
30.9 
Tax using the parent company's tax rate 
7.8 
-6.2 
Tax rates in foreign jurisdictions 
-0,0 
-0,0 
Tax exempt income 
0.6 
0.2 
Non-deductible expenses 
-11.7 
-0.5 
Share of profit in associated companies 
0.0 
-0,0 
Recognition of previously unrecognised tax losses 
0.2 
0.2 
Tax losses for which no deferred taxes are recognised 
-0.2 
-0.2 
Taxes from previous periods 
-0.1 
0.0 
Other 
0.1 
0.0 
Total income taxes in the statement of income 
-3.3 
-6.5
 
Global minimum top-up tax (Pillar 2) 
Terveystalo 
Group has assessed the impacts of Global minimum top-up tax (Pillar 2) regulation on the taxation of its Group 
companies. Besides Finland, the Group has operations in Sweden and to a minor extent in Estonia. In Finland and in Sweden 
effective tax rate is above global minimum top-up tax rate of 15%. Thefore the Group is not expecting to pay top tax due to Pillar 2 
minimum top-up tax regulation. 
The Group has applied a temporary mandatory relief from deferred tax accounting that arises from international tax reform 
enforcement legislation.
 
 
 
 
 
 
 
 
 
 
 
 
 
12.2 Deferred tax assets and liabilities 
Deferred tax assets 2023 
EUR mill. 
1 Jan 2023 
Business 
combinations 
Recognised 
in the 
statement 
of income 
Translatio
n 
difference
s 
31 Dec 2023 
Provisions 
1.6 
- 
-0.4 
- 
1.2 
Tax losses carried forward 
1.8 
- 
-0.3 
- 
1.5 
Leases 
1.4 
0.0 
0.1 
0.0 
1.5 
Interest rate derivatives 
0.7 
- 
-0.7 
- 
0.0 
Other temporary differences 
2.1 
- 
-0.4 
- 
1.8 
Total 
7.7 
0.0 
-1.7 
0.0 
6.0
 
 
Deferred tax liabilities 2023 

69 
 
 
 
 
 
 
 
 
 
 
 
 
EUR mill. 
1 Jan 2023 
Business 
combinations 
Recognised 
in the 
statement 
of income 
Translatio
n 
difference
s 
31 Dec 2023 
Reversal of goodwill amortisation 
3.0 
- 
0.2 
- 
3.2 
Business combinations 
21.1 
0.0 
-9.3 
-0,0 
11.9 
Depreciation difference 
2.5 
- 
0.8 
- 
3.3 
Loan withdrawal expense 
0.1 
- 
0.1 
- 
0.2 
Interest rate derivatives 
2.0 
- 
-1.0 
- 
0.9 
Other temporary differences 
0.8 
- 
-0,0 
- 
0.8 
Total 
29.5 
0.0 
-9.2 
-0,0 
20.2 
The Group has no material deductible temporary differences, unused tax losses or unused tax credits for 
which no deferred tax asset has been recognised.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred taxes from lease agreements 
EUR mill. 
1 Jan 2023 
Business 
combinations 
Additions 
Disposals 
Recognised 
in the 
statement of 
income 
31 Dec 
2023 
Deferred tax asset 
36.2 
0.1 
22.8 
-3.5 
-10.7 
44.8 
Deferred tax liability 
-34.8 
-0.1 
-22.8 
3.5 
10.8 
-43.3 
Total 
1.4 
0.0 
0.0 
-0,0 
0.1 
1.5
 
 
 
 
 
 
 
 
 
 
 
 
Deferred tax assets 2022 
EUR mill. 
1 Jan 2022 
Recognise
d in the 
statement 
of income 
Translation 
difference 
31 Dec 2022 
Provisions 
1.5 
0.1 
- 
1.6 
Tax losses carried forward 
0.0 
1.8 
- 
1.8 
Leases 
1.4 
0.0 
-0,0 
1.4 
Interest rate derivatives 
0.2 
0.4 
- 
0.7 
Other temporary differences 
2.3 
-0.2 
-0,0 
2.1 
Total 
5.4 
2.0 
-0,0 
7.7
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred tax liabilities 2022 
EUR mill. 
1 Jan 2022 
Business 
combinations 
Recognise
d in the 
statement 
of income 
Translation 
difference 
31 Dec 2022 
Reversal of goodwill amortisation 
2.9 
- 
0.1 
- 
3.0 
Business combinations 
23.5 
1.2 
-3.4 
-0.1 
21.1 
Depreciation difference 
1.3 
- 
1.2 
- 
2.5 
Loan withdrawal expense 
0.1 
- 
-0,0 
- 
0.1 
Interest rate derivatives 
0.1 
- 
1.9 
- 
2.0 
Other temporary differences 
0.6 
- 
0.2 
-0,0 
0.8 

70 
 
 
 
 
Total 
28.5 
1.2 
-0.1 
-0.1 
29.5 
The Group has no material deductible temporary differences, unused tax losses or unused tax credits for 
which no deferred tax asset has been recognised.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred taxes from lease agreements 
EUR mill. 
1 Jan 2022 
Business 
combinations 
Additions 
Disposals 
Recognised 
in the 
statement of 
income 
Translatio
n 
difference 
31 Dec 
2022 
Deferred tax asset 
35.9 
0.9 
11.1 
-1.1 
-10.5 
-0.1 
36.2 
Deferred tax liability 
-34.5 
-0.9 
-11.1 
1.1 
10.5 
0.1 
-34.8 
Total 
1.4 
0.0 
0.0 
0.0 
0.0 
-0,0 
1.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13. Earnings per share 
1.1-31.12.2023 
1.1-31.12.2022 
Result attributable to the equity holders of the 
company, EUR mill. 
-42.2 
24.4 
Weighted average number of outstanding shares, in thousands 
126,555 
126,508 
Diluted average number of outstanding shares, in 
thousands 
127,037 
127,037 
Basic earnings per share for result attributable 
to the equity holders of the company, EUR 
-0.33 
0.19 
Diluted earnings per share for result attributable 
to the equity holders of the company, 
EUR 
-0.33 
0.19

 
71 
 
14. Tangible assets 
14.1 Property, plant and 
equipment 
2023 
Land and 
water, 
buildings and 
constructions 
Machinery 
and 
equipment 
Improvement to 
premises 
Other tangible 
assets and 
advances paid 
Total 
EUR mill. 
Acquisition cost 1 Jan 2023 
2.3 
165.1 
64.4 
4.2 
236.0 
Business combination 
- 
0.0 
- 
- 
0.0 
Additions 
- 
13.8 
1.7 
8.8 
24.3 
Disposals 
- 
-0.5 
-0.1 
- 
-0.6 
Translation differences 
0.0 
0.0 
0.0 
0.0 
0.0 
Transfers between items 
- 
1.2 
10.6 
-11.8 
- 
Acquisition cost 31 Dec 2023 
2.3 
179.7 
76.6 
1.1 
259.7 
Accumulated depreciation and impairment 
losses 1 Jan 2023 
-1.2 
-117.1 
-35.8 
- 
-154.0 
Depreciation 
-0,0 
-14.9 
-6.4 
- 
-21.3 
Impairment losses 
- 
-0,0 
-0,0 
- 
-0,0 
Translation differences 
-0,0 
-0,0 
-0,0 
- 
-0,0 
Accumulated depreciation and impairment 
losses 31 Dec 2023 
-1.2 
-132.1 
-42.2 
- 
-175.5 
Carrying amount 1 Jan 2023 
1.2 
47.9 
28.7 
4.2 
82.0 
Carrying amount 31 Dec 2023 
1.2 
47.5 
34.5 
1.1 
84.2
. 
 
2022 
Land and 
water, 
buildings and 
constructions 
Machinery 
and 
equipment 
Improvement to 
premises 
Other tangible 
assets and 
advances paid 
Total 
EUR mill. 
Acquisition cost 1 Jan 2022 
2.1 
144.4 
55.0 
3.0 
204.4 
Business combination 
0.2 
0.4 
0.5 
0.0 
1.1 
Additions 
- 
20.0 
4.9 
6.1 
31.0 
Disposals 
- 
-0.4 
- 
-0,0 
-0.4 
Translation differences 
-0,0 
-0.2 
-0,0 
-0,0 
-0.2 
Transfers between items 
- 
1.0 
4.0 
-4.9 
0.1 
Acquisition cost 31 Dec 2022 
2.3 
165.1 
64.4 
4.2 
236.0 
Accumulated depreciation and impairment 
losses 1 Jan 2022 
-1.1 
-101.7 
-29.6 
- 
-132.4 
Depreciation and impairment losses 
-0,0 
-14.6 
-5.9 
- 
-20.6 
Impairment losses 
- 
-0.8 
-0.2 
- 
-1.0 
Translation differences 
0.0 
0.1 
0.0 
- 
0.1 
Accumulated depreciation and impairment 
losses 31 Dec 2022 
-1.2 
-117.1 
-35.8 
- 
-154.0 
Carrying amount 1 Jan 2022 
1.0 
42.6 
25.4 
2.9 
72.0 
Carrying amount 31 Dec 2022 
1.2 
47.9 
28.7 
4.2 
82.0

 
72 
 
14.2 Right of-use-assets 
2023 
Premises 
Other right-of-
use assets 
Total 
EUR mill. 
Acquisition cost 1 Jan 2023 
331.7 
41.5 
373.1 
Business combination 
0.3 
- 
0.3 
Additions 
108.2 
0.6 
108.9 
Disposals 
-16.5 
-1.2 
-17.7 
Translation differences 
0.2 
0.0 
0.3 
Acquisition cost 31 Dec 2023 
424.0 
40.9 
464.9 
Accumulated depreciation and impairment 
losses 1 Jan 2023 
-167.5 
-31.8 
-199.3 
Depreciation for the reporting period 
-50.2 
-3.1 
-53.3 
Translation differences 
-0.2 
-0,0 
-0.2 
Accumulated depreciation and impairment 
losses 31 Dec 2023 
-217.9 
-34.9 
-252.8 
Carrying amount 1 Jan 2023 
164.2 
9.7 
173.9 
Carrying amount 31 Dec 2023 
206.1 
6.0 
212.1
 
2022 
Premises 
Other right-of-
use assets 
Total 
EUR mill. 
Acquisition cost 1 Jan 2022 
278.7 
41.1 
319.8 
Business combination 
4.4 
- 
4.4 
Additions 
54.5 
0.8 
55.3 
Disposals 
-4.7 
-0.3 
-5.0 
Translation differences 
-1.3 
- 
-1.3 
Acquisition cost 31 Dec 2022 
331.7 
41.5 
373.1 
Accumulated depreciation and impairment 
losses 1 Jan 2022 
-119.0 
-28.3 
-147.3 
Depreciation for the reporting period 
-48.8 
-3.5 
-52.3 
Translation differences 
0.3 
0.0 
0.3 
Accumulated depreciation and impairment 
losses 31 Dec 2022 
-167.5 
-31.8 
-199.3 
Carrying amount 1 Jan 2022 
159.7 
12.7 
172.5 
Carrying amount 31 Dec 2022 
164.2 
9.7 
173.9
 
14.3 Lease liabilities 
2023 
Premises 
Other lease 
liabilities 
Total 
EUR mill. 
Non-current lease liabilities 
166.8 
5.8 
172.6 
Current lease liabilities 
44.0 
2.5 
46.5 
Total lease liabilities 
210.8 
8.3 
219.1 
The group has lease agreements that involve repair 
or renovation responsibilities related to the 
leased premises, which may result in changes to 
the 
future rental level. 
2022 
Premises 
Other lease 
liabilities 
Total 
EUR mill. 
Non-current lease liabilities 
124.2 
9.0 
133.2 
Current lease liabilities 
43.7 
2.8 
46.5 
Total lease liabilities 
167.9 
11.8 
179.8

 
73 
 
15. Intangible assets 
2023 
Goodwill 
Customer 
relationships 
Trademarks 
Other 
intangible 
assets and 
advances 
paid 
Total 
EUR mill. 
Acquisition cost 1 Jan 2023 
947.5 
167.8 
88.7 
140.2 
1,344.2 
Business combination 
1.3 
0.1 
- 
- 
1.4 
Additions 
- 
- 
- 
16.3 
16.3 
Disposals 
-0,2 
- 
- 
-0,0 
-0.2 
Translation differences 
0.1 
0.0 
0.0 
0.1 
0.2 
Acquisition cost 31 Dec 2023 
948.8 
167.8 
88.7 
156.6 
1,361.9 
Accumulated amortisations and impairment losses 
1 Jan 
2023 
-68.0 
-117.5 
-38.5 
-95.6 
-319.6 
Amortisation 
- 
-9.4 
-4.7 
-18.2 
-32.2 
Impairment losses* 
-57.3 
-29.3 
- 
-0,0 
-86.6 
Translation differences 
- 
-0,0 
-0,0 
-0.1 
-0.1 
Accumulated amortisations and impairment losses 
31 
Dec 2023 
-125.3 
-156.2 
-43.2 
-113.9 
-438.6 
Carrying amount 1 Jan 2023 
879.5 
50.3 
50.2 
44.6 
1,024.7 
Carrying amount 31 Dec 2023 
823.5 
11.6 
45.6 
42.8 
923.4 
* As a result of the impairment test, EUR 
55.3 million write-offs related to goodwill and EUR 29.3 
million write-offs to purchase price allocations 
relating to public outsourcing customer relationships 
within the Portfolio Businesses segment public 
payor CGU were made. The impaired goodwill 
was recognised mainly in the acquisition of Attendo 
Healthcare Services in 2018. Customer relationship 
write-offs relate solely to the legacy 
Outsourcing business, acquired in the Attendo transaction 
that is gradually being phased out. In 
addition during the year an EUR 2.0 million 
impairment of goodwill made related to reorganisation 
of Portfolio businesses in connection to sale 
of business operations.
 
2022 
Goodwill 
Customer 
relationships 
Trademarks 
Other 
intangible 
assets and 
advances 
paid 
Total 
EUR mill. 
Acquisition cost 1 Jan 2022 
916.6 
166.5 
88.8 
111.0 
1,282.9 
Business combination 
34.4 
2.0 
- 
4.1 
40.4 
Additions 
- 
- 
- 
26.1 
26.1 
Reclassifications 
- 
- 
- 
-0.1 
-0.1 
Translation differences 
-3.5 
-0.7 
-0.1 
-0.9 
-5.2 
Acquisition cost 31 Dec 2022 
947.5 
167.8 
88.7 
140.2 
1,344.2 
Accumulated amortisations and impairment losses 
1 Jan 
2022 
-68.0 
-107.4 
-33.7 
-50.0 
-259.1 
Amortisation 
- 
-10.2 
-4.8 
-15.1 
-30.1 
Impairment losses* 
- 
- 
- 
-30.5 
-30.5 
Translation differences 
- 
0.1 
0.0 
0.1 
0.2 
Accumulated amortisations and impairment losses 
31 
Dec 2022 
-68.0 
-117.5 
-38.5 
-95.6 
-319.6 
Carrying amount 1 Jan 2022 
848.6 
59.1 
55.1 
61.0 
1,023.8 
Carrying amount 31 Dec 2022 
879.5 
50.3 
50.2 
44.6 
1,024.7 
* Includes approx. EUR 29 million impairment related 
to discontinued sub-projects of the basic IT system 
development.
Development expenditure 
Other intangible assets include development expenditure as follows:

 
 
 
 
 
 
 
 
 
74 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023 
EUR mill. 
Acquisition cost 1 Jan 2023 
34.5 
Additions 
12.4 
Transfers from advance payments 
10.8 
Translation differences 
0.1 
Acquisition cost 31 Dec 2023 
57.8 
Accumulated amortisations and impairment losses 
1 Jan 2023 
-13.0 
Amortisation and impairment losses 
-12.2 
Accumulated amortisations and impairment losses 
31 Dec 2023 
-25.2 
Carrying amount 1 Jan 2023 
21.6 
Carrying amount 31 Dec 2023 
32.6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2022 
EUR mill. 
Acquisition cost 1 Jan 2022 
18.2 
Business combination 
0.1 
Additions 
6.8 
Transfers from advance payments 
9.6 
Translation differences 
-0.2 
Acquisition cost 31 Dec 2022 
34.5 
Accumulated amortisations and impairment losses 
1 Jan 2022 
-5.2 
Amortisation and impairment losses 
-7.8 
Accumulated amortisations and impairment losses 
31 Dec 2022 
-13.0 
Carrying amount 1 Jan 2022 
12.8 
Carrying amount 31 Dec 2022 
21.6
16. Impairment testing of cash-generating units including 
goodwill 
Goodwill is not amortised but it is tested for impairment 
at least annually. 
Terveystalo 
has changed 
its operating 
model that 
came into 
effect in 
2023, and, 
as a 
result, the 
financial reporting 
structure has 
changed. Previously 
cash-generating 
units were 
divided based 
on regions. 
The basis 
for impairment 
testing in 2023 
is, for the 
first time, the 
new management and 
reporting structure 
introduced at the 
beginning of 
the 
year, 
where 
Terveystalo 
Group 
consists 
of 
three 
operating 
segments: 
Healthcare 
Services, 
Portfolio 
Businesses, 
and Sweden. 
Healthcare 
Services and 
Sweden are 
also cash 
-generating units. 
The Portfolio 
Businesses segment 
includes 
Public 
and 
Private 
payor 
cash-generating 
units. 
Comparison 
figures 
are 
not 
presented 
due 
to 
changed 
reporting structure. 
Healthcare Services 
and Sweden 
consist of 
units with 
their own 
budgets and 
performance 
measurement, 
and are 
centrally 
managed. 
Portfolio 
Businesses 
are 
managed 
as 
a 
whole, 
they 
partly 
share 
resources 
and 
are 
centrally 
managed, but 
cash flows 
generated, marketing 
functions and 
identifiable assets 
are different 
for Public 
and Private 
payors. 
As 
a 
result 
of 
the 
impairment 
test, 
the 
Group 
made 
EUR 
55.3 
million 
impairment 
related 
to 
goodwill 
in 
Portfolio 
Businesses 
Public 
payor 
cash-generating 
unit. 
The 
impaired 
goodwill 
was 
recognised 
mainly 
in 
the 
acquisition 
of 
Attendo Healthcare 
Services 
in 2018. 
After the 
impairment, 
the remaining 
goodwill related 
to Portfolio 
Businesses 
Public payor cash-generating unit amounts to EUR 146.4 
million in total. 
Based 
on 
impairment 
testing 
calculations 
performed, 
there 
is 
no 
impairment 
needs 
to 
goodwill 
for 
other 
cash-
generating units. For those cash-generating units, recoverable 
amounts exceeded their carrying amounts. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
75 
Goodwill 
arising 
from 
business 
combinations 
has 
been 
allocated 
to 
cash-generating 
units 
as 
shown 
in 
the 
table 
below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
. 
31 Dec 2023 
31 Dec 2023 
EUR mill. 
Goodwill 
% 
Impairment 
Healthcare Services 
603.6 
73.3 % 
- 
Portfolio Businesses, Public payor 
146.4 
17.8 % 
55.3 
Portfolio Businesses, Private payor 
29.1 
3.5 % 
- 
Sweden 
44.4 
5.4 % 
- 
Total 
823.5 
100.0 % 
55.3
In 
financial 
year 
2023 
there 
were 
four 
cash 
generating 
units 
in 
total. 
The 
recoverable 
amounts 
of 
the 
cash-
generating 
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 
2024–2027, 
including the long-term growth, which have been approved 
by the management.
 
 
 
 
 
The assumptions used in impairment calculations 
in 2023 
Healthcare 
Services 
Portfolio 
Businesses, 
Public payor 
Portfolio 
Businesses, 
Private payor 
Sweden 
The length of impairment testing period 
4 years 
4 years 
4 years 
4 years 
Terminal period revenue growth rate 
2.0 % 
2.0 % 
2.0 % 
2.0 % 
Profitability (EBIT %) during the terminal period 
13.2 % 
5.3 % 
6.2 % 
5.2 % 
Discount rate (Pre-tax WACC) 
9.6 % 
10.9 % 
9.6 % 
8.0 % 
Discount rate (Post-tax WACC) 
8.1 % 
9.1 % 
8.1 % 
6.8 %
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. 
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 
2023 
Terminal period revenue growth rate 
Healthcare Services 
Decrease over 17.1 percentage points 

 
 
 
76 
Portfolio Businesses, Public payor 
Not applicable 
Portfolio Businesses, Private payor 
Decrease over 10.2 percentage points 
Sweden 
Decrease over 1.0 percentage points 
Profitability (EBIT %) during the terminal period 
Healthcare Services 
Decrease over 10.6 percentage points 
Portfolio Businesses, Public payor 
Not applicable 
Portfolio Businesses, Private payor 
Decrease over 4.2 percentage points 
Sweden 
Decrease over 0.9 percentage points 
Discount rate (Pre-tax WACC) 
Healthcare Services 
Increase over 14.3 percentage points 
Portfolio Businesses, Public payor 
Not applicable 
Portfolio Businesses, Private payor 
Increase over 8.9 percentage points 
Sweden 
Increase over 1.0 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 
units 
would 
fall 
below 
their 
carrying 
amount 
in 
Healthcare 
Services 
or 
Portfolio 
Businesses, 
Private 
payor 
cash-
generating units. 
In Portfolio 
Businesses, 
Public payor 
cash-generating 
unit the 
value in 
use is 
equivalent 
to 
book 
value 
of 
assets 
at 
the 
time 
of 
impairment 
testing 
and 
in 
consequence 
sensitivity 
analysis 
does 
not 
apply 
to 
this 
cash-generating unit. 
According to the 
impairment testing, 
for Sweden cash-generating 
unit, changes in 
critical assumptions presented 
in 
table 
above 
would 
lead 
to 
carrying 
amount 
of 
assets 
to 
be 
equivalent 
to 
recoverable 
amount. 
Sweden 
cash-
generating unit’s carrying amount of assets 
at the time of impairment testing was EUR 65.3 million.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17. Investment properties 
Carrying amount of investment properties 
EUR mill. 
1.1-31.12.2023 
1.1-31.12.2022 
Carrying amount at the beginning of the period 
0.5 
0.5 
Impairment 
-0.2 
- 
Depreciation 
-0.0 
-0.0 
Carrying amount at the end of the period 
0.3 
0.5
 
 
 
 
 
 
 
 
 
 
 
 
Income and expenses related to investment properties 
EUR mill. 
1.1-31.12.2023 
1.1-31.12.2022 
Rental income from investment properties 
0.1 
0.1 
Operating expenses for investment properties 
-0.0 
-0.0 
Total 
0.0 
0.1 

 
 
 
 
 
 
 
 
77 
 
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 
m2 
Value per m2 (In thousands of euro) 
Total value (In thousands 
of euro) 
Koy Jyväskylän Väinönkatu 30 
1,348 
0.2 
269 
The value of Kiinteistö Oy Jyväskylän Väinönkatu has been 
determined based on the Group’s share of 
ownership 
(16.81 %).
 
 
 
 
 
 
 
 
 
 
 
 
 
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 2023 
Domicile 
Ownership 
Voting rights 
Terveyden Tuottajat Oy 
Finland 
0.0 % 
48.2 %
 
 
 
 
 
 
 
 
 
 
 
Summarised financial information on associated companies 
EUR mill. 
2023 
2022 
Carrying amount 
0.0 
0.0 
Group's share of total comprehensive income 
0.0 
-0.1
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 three 
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, 
three 
(3) 
performance 
periods 
2021–2023, 
2022–2024 
and 
2023-2025 
have 
been 
launched. The 
impact of 
the Performance 
Period 2021–2023 
to the 
result for 
the period 
has been 
EUR 0.4 
million 
and the expected total cost of the plan is EUR 
2.5 million. 37 persons are included in the Performance 
Period 2021–
2023 arrangement. The impact of 
the Performance Period 2022–2024 
to the result for the period 
has been EUR 0.5 
million 
and 
the 
expected 
total 
cost 
of 
the 
plan 
is 
EUR 
1.9 
million. 
51 
persons 
are 
included 
in 
the 
Performance 
Period 2022–2024 
arrangement. The 
impact of 
the Performance 
Period 2023–2025 
to the 
result for 
the period 
has 
been 
EUR 
0.4 
million 
and 
the 
expected 
total 
cost 
of 
the 
plan 
is 
EUR 
1.6 
million. 
55 
persons 
are 
included 
in 
the 
Performance Period 2023–2025 arrangement.
 
Performance Share Plan 2021 
2023-2025 
2022-2024 
2021-2023 
Grant date 
3 Apr 2023 
1 Apr 2022 
1 Apr 2021 
Maximum number of share awards 
640,000 
683,085 
642,000 
Outstanding at 1 Jan 2023 
- 
577,864 
486,556 
Granted share awards during the period 
582,000 
- 
- 
Forfeited share awards during the period 
49,000 
121,890 
94,000 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
78 
Exercised share awards during the period 
- 
- 
Outstanding at 31 Dec 2023 
533,000 
455,974 
392,556 
Fair value of the share award at grant date 
6.6 
9.2 
12.6 
End of the performance period 
28 Feb 2026 
28 Feb 2025 
29 Feb 2024 
End of the vesting period, expected 
31 Mar 2026 
31 Mar 2025 
31 Mar 2024 
Vesting conditions 
Service 
condition, 
total 
Shareholder 
Return 
(TSR) 
Service 
condition, 
total 
Shareholder 
Return 
(TSR) 
Service 
condition, 
total 
Shareholder 
Return 
(TSR), 
productivity 
and 
digital sales 
Exercised 
In 
shares 
and cash 
In 
shares 
and cash 
In shares and cash
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 ended 
during the 
year 2023 
and in consequence, 
the shares 
earned were 
granted 
according 
to 
realization 
of 
the 
plan’s 
conditional 
performance 
measures. 
The 
plan’s 
impact 
to 
the 
result 
for 
the 
period has been EUR 0.0 million.
 
 
 
 
 
 
Bridge Plan 
2021-2022 
Grant date 
24 May 2021 
Maximum number of share awards 
58,600 
Outstanding at 1 Jan 2023 
58,600 
Granted share awards during the period 
- 
Forfeited share awards during the period 
50,294 
Exercised share awards during the period 
8,306 
Outstanding at 31 Dec 2023 
- 
Fair value of the share award at grant date 
14.1 
End of the performance period 
28 Feb 2023 
End of the vesting period 
10 Mar 2023 
Vesting conditions 
Service 
condition, 
total 
Shareholder 
Return (TSR), productivity and digital 
sales 
Exercised 
In shares and cash
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. 
Three 
(3) 
vesting 
periods 
have 
been 
launched 
in 
the 
plan. 
At 
the 
reporting period 
end, twelve 
(12) persons were 
included in the 
arrangement. The 
impact to the 
result of the 
vesting 
periods 2021–2023, 
2022–2024 and 2023-2025 
has been EUR 0. 
1 
million and the 
expected total cost of 
the plan is 
EUR 0.4 million.
 
 
Restricted Share Plan 
2023-2025 
2022-2024 
2021-2023 
Grant date 
3 Apr 2023 
22 Jun 2022 
15 Apr 2021 
Maximum number of share awards 
64,000 
68,309 
64,200 
Outstanding at 1 Jan 2023 
- 
3,000 
7,000 
Granted share awards during the period 
29,000 
6,000 
- 

 
79 
Forfeited share awards during the period 
- 
- 
- 
Exercised share awards during the period 
- 
- 
- 
Outstanding at 31 Dec 2023 
29,000 
9,000 
7,000 
Fair value of the share award at grant date 
6,6 
9.5 
11.2 
End of the performance period 
28 Feb 2026 
28 Feb 2025 
29 Feb 2024 
End of the vesting period, expected 
31 Mar 2026 
31 Mar 2025 
31 Mar 2024 
Vesting conditions 
Service 
condition 
Service 
condition 
Service condition 
Exercised 
In 
shares 
and 
cash 
In 
shares 
and 
cash 
In shares and cash
 
20. Financial assets and liabilities – carrying amount, fair values and fair value hierarchy 
EUR mill. 31 Dec 2023 
Financial assets 
and liabilities at 
fair value 
Financial assets and 
liabilities at 
amortised cost 
Carrying 
amount 
Fair value 
Fair value 
hierarchy 
Financial assets 
Non-current 
 
Loan receivables 
0.0 
- 
0.0 
0.0 
Level 2 
 
Unquoted equity investments 
0.8 
- 
0.8 
0.8 
Level 3 
Current 
 
Trade receivables 
- 
127.6 
127.6 
127.6 
 
Cash and cash equivalents 
- 
37.7 
37.7 
37.7 
 
Interest rate derivatives 
4.8 
- 
4.8 
4.8 
Level 2 
Total 
5.6 
165.3 
170.8 
170.8 
Financial liabilities 
Non-current 
 
Loans from financial institutions 
- 
294.0 
294.0 
294.0 
Level 2 
 
Bonds 
- 
99.1 
99.1 
102.7 
Level 1 
 
Hire purchase liabilities 
- 
1.3 
1.3 
1.3 
Level 2 
 
Contingent considerations 
3.3 
- 
3.3 
3.3 
Level 3 
Current 
 
Loans from financial institutions 
- 
19.8 
19.8 
19.8 
Level 2 
 
Hire purchase liabilities 
- 
2.5 
2.5 
2.5 
Level 2 
 
Trade payables 
- 
49.5 
49.5 
49.5 
 
Contingent considerations 
2.6 
- 
2.6 
2.6 
Level 3 
 
Interest rate derivatives 
0.1 
- 
0.1 
0.1 
Level 2 
Total 
6.0 
466.2 
472.2 
475.7 
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 realised. 
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 1,6 million 
(2022: EUR -2,4 million).

 
 
 
 
 
 
 
80 
 
Terveystalo issued a senior unsecured sustainability-linked bonds in the aggregate principal 
amount of EUR 100 million. Bonds will 
mature on 1 June 2028 and carry initially a fixed 
annual interest of 5.375 per cent. Nasdaq 
Helsinki admitted the Bonds to trading on 
the official list of Nasdaq Helsinki on 5 June 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUR mill. 31 Dec 2022 
Financial assets 
and liabilities at 
fair value 
Financial assets and 
liabilities at 
amortised cost 
Carrying 
amount 
Fair value 
Fair value 
hierarchy 
Financial assets 
Non-current 
 
Loan receivables 
0.3 
- 
0.3 
0.3 
Level 2 
 
Unquoted equity investments 
0.8 
- 
0.8 
0.8 
Level 3 
Current 
 
Trade receivables 
- 
106.9 
106.9 
106.9 
 
Contract assets 
- 
12.8 
12.8 
12.8 
 
Cash and cash equivalents 
- 
40.2 
40.2 
40.2 
 
Interest rate derivatives 
9.9 
- 
9.9 
9.9 
Level 2 
Total 
11.0 
159.9 
170.9 
170.9 
Financial liabilities 
Non-current 
 
Loans from financial institutions 
- 
379.2 
379.2 
379.2 
 
Hire purchase liabilities 
- 
3.9 
3.9 
3.9 
Level 2 
 
Contingent considerations 
5.6 
- 
5.6 
5.6 
Level 3 
Current 
 
Loans from financial institutions 
- 
40.0 
40.0 
40.0 
 
Hire purchase liabilities 
- 
4.2 
4.2 
4.2 
 
Trade payables 
- 
49.0 
49.0 
49.0 
 
Contingent considerations 
5.0 
- 
5.0 
5.0 
Level 3 
 
Interest rate derivatives 
3.4 
- 
3.4 
3.4 
Level 2 
Total 
14.0 
476.2 
490.2 
490.2 
.
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 
management 
is 
to 
minimise 
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 
2023, the 
Group’s 
average 
interest 
rate 
for 
loans 
from 
financial 
institutions 
has 
been 
4.0
percent 
(2022: 
1.2 
percent). 
If 
the 
interests 
would 
have 
been 
one 
percentage 
point 
higher 
it 
would 
have 
caused 
an 
increase 
of 
EUR 
4.1 
million 
in 
interest expenses during the year 2023. (2022: EUR 3.9 
million). 

81 
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, 
0.48 
and 2.92 
percent 
interest 
rate and receives variable interest on EUR 30.0, 50.0 
and 50.0 million loan capital. 
●
 
Interest 
rate 
swap 
agreements 
based 
on 
which 
the 
Group 
pays 
variable 
interest 
rate 
and 
receives 
fixed 
interest on EUR 15.0 and 25.0 million loan capital. 
Besides Finland, 
the Group 
has operations 
in Sweden 
and to 
a minor 
extent in 
Estonia 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 
2023, 
the 
Group 
incurred foreign 
exchange 
change of 
EUR 0.0 
million 
(2022: EUR 
-0.1 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 
companies 
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’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 Refinancing risk and Liquidity risk 
The 
group 
aims 
to 
ensure 
sufficient 
liquidity 
through 
efficient 
cash 
management 
and 
adequate 
credit 
limits. 
Refinancing 
risk 
is managed 
through 
a balanced 
portfolio 
that 
includes 
loans 
with 
sufficiently 
long 
maturities. 
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 98.0 million 
remained unused 
at the 
reporting date (2022: EUR 99.6 million). 
The Group 
has EUR 
412.1 million 
of bank 
loans. Uncertainty 
in financial 
markets may 
cause the 
cost of 
financing 
needed 
for 
the 
group’s 
business 
operations 
to 
rise 
or 
become 
more 
difficult 
to 
obtain. 
The 
Group 
may 
not 
necessarily obtain financing on competitive terms 
or at all, and it may not be able 
to fulfill its obligations according to 
the financing arrangements. 
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.

 
 
 
 
82 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maturity analysis of liquidity risk 
31 Dec 2023 
EUR mill. 
Carrying amount 
Contractual cash 
flows 
1 year 
1–2 years 
2–5 years 
Over 5 years 
Loans from financial institutions 
313.8 
331.6 
15.8 
137.0 
167.6 
11.2 
Bonds 
99.1 
124.5 
5.4 
5.4 
113.6 
- 
Lease liabilities 
219.1 
226.5 
51.5 
47.4 
83.8 
43.9 
Hire purchase liabilities 
3.8 
3.8 
2.6 
1.2 
0.1 
- 
Trade payables 
49.5 
49.5 
49.5 
- 
- 
- 
Interest rate derivatives 
0.1 
0.4 
0.3 
0.4 
-0.4 
- 
Total 
688.6 
728.6 
122.5 
188.8 
362.1 
55.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 Dec 2022 
EUR mill. 
Carrying amount 
Contractual cash 
flows 
1 year 
1–2 years 
2–5 years 
Over 5 years 
Loans from financial institutions 
419.2 
446.9 
52.3 
220.3 
151.5 
22.5 
Lease liabilities 
179.8 
191.9 
49.9 
43.2 
74.8 
24.0 
Hire purchase liabilities 
8.0 
8.2 
4.3 
2.6 
1.3 
- 
Trade payables 
49.0 
49.0 
49.0 
- 
- 
- 
Interest rate derivatives 
3.4 
2.9 
0.1 
1.9 
0.9 
- 
Total 
659.4 
698.5 
155.6 
267.9 
228.5 
46.4
.
21.5 Capital management 
The 
objective 
of 
the 
Group’s 
capital 
management 
is 
to 
support 
business 
operations 
and 
to 
ensure 
competitive 
operating 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 
well 
as 
through 
operative 
decisions 
on 
investments 
and 
growth 
and 
potential 
disposals 
of 
assets 
in 
order to reduce 
liabilities. 
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 
116,0 
percent 
at 
the 
reporting 
date 
(2022: 
95.7 
percent). 
The 
ratio is 
calculated by 
dividing interest 
-bearing net 
debt with 
equity. 
The net 
debt includes 
interest-bearing liabilities 
less interest-bearing 
receivables and 
cash and 
cash equivalents. 
The Group’s 
interest-bearing liabilities 
were EUR 
635.8 million 
at 
the 
reporting 
date 
(2022: 
EUR 
607.0 
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 

83 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUR mill. 
2023 
2022 
Non-current 
Loan receivables 
0.0 
0.3 
Total non-current receivables 
0.0 
0.3 
Current 
Trade receivables 
117.4 
106.9 
Other receivables 
2.3 
2.1 
Prepaid expenses 
8.4 
6.5 
Derivative assets 
4.8 
9.9 
Contract assets 
10.2 
12.8 
Total 
143.1 
138.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Specification of prepaid expenses 
EUR mill. 
2023 
2022 
Personnel related prepaid expenses 
0.0 
0.0 
Other prepaid expenses 
8.4 
6.5 
Total 
8.4 
6.5
During 
the 
reporting 
period 
the 
Group 
has 
recognised 
final 
credit 
losses 
and 
expected 
credit 
losses 
on 
trade 
receivables and 
contract assets 
through the 
statement of 
income totaling 
EUR 2.1 million 
(2022: EUR 
1.9 million). 
Impairment loss provision 
is based on a 
simplified approach. Estimated 
impairment 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. 
Based on the 
Group’s view, 
the carrying 
amount of trade 
receivables corresponds 
to the maximum 
credit risk 
if the 
contractual parties are unable to meet their obligations 
related to trade receivables. 
The fair value of other receivables and prepaid expenses corresponds 
with their carrying amount.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ageing of trade receivables and recognised credit losses 
2023 
EUR mill. 
Trade receivables and 
contract assets total 
Expected credit loss 
Recognised expected 
credit loss 
Carrying amount 
Contract assets 
10.2 
0.0 % 
-0,0 
10.2 
Not past due 
101.9 
-0.1 % 
-0.1 
101.8 
Past due 
 
Less than 30 days 
10.4 
-0.4 % 
-0,0 
10.3 
 
31–90 days 
2.4 
-1.3 % 
-0,0 
2.4 
 
91–180 days 
1.8 
-8.4 % 
-0.2 
1.6 
 
Over 180 days 
3.0 
-61.3 % 
-1.8 
1.1 
Total 
129.7 
-2.1 
127.6 

84 
Information about credit risk related to trade receivables is stated in note 21 Financial risks.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ageing of trade receivables and recognised credit losses 
2022 
EUR mill. 
Trade receivables total 
Expected credit loss 
Recognised expected 
credit loss 
Carrying amount 
Contract assets 
12.8 
0.0 % 
-0,0 
12.8 
Not past due 
95.0 
-0.1 % 
-0.1 
95.0 
Past due 
 
Less than 30 days 
7.3 
-0.4 % 
-0,0 
7.3 
 
31–90 days 
2.3 
-1.2 % 
-0,0 
2.3 
 
91–180 days 
1.0 
-5.9 % 
-0.1 
1.0 
 
Over 180 days 
3.2 
-55.5 % 
-1.8 
1.4 
Total 
121.6 
-1.9 
119.7 
Information about credit risk related to trade receivables is stated in note 21 Financial risks.
23. Cash and cash equivalents 
The 
Group’s 
cash 
and 
cash 
equivalents 
on 
31 December 
2023, 
amounting 
to 
EUR 
37.7 
million 
(2022: 
EUR 
40.2 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
24. Share capital and invested non-restricted equity reserve 
EUR mill. 
Number of 
outstanding 
shares, 1,000 
pcs 
Number 
of 
treasury 
shares, 
1,000 
pcs 
Number 
of shares 
total, 
1,000 pcs 
Share capital 
Invested non-
restricted equity 
reserve 
Treasury 
shares 
Total 
1 Jan 2022 
126,307 
1,730 
128,037 
0.1 
492.8 
-18.0 
474.9 
Acquisition of treasury 
shares 
241 
-241 
- 
- 
- 
2.2 
2.2 
Cancellation of treasury 
shares 
- 
-1,000 
-1,000 
- 
- 
- 
- 
31 Dec 2022 
126,548 
489 
127,037 
0.1 
492.8 
-15.8 
477.1 
1 Jan 2023 
126,548 
489 
127,037 
0.1 
492.8 
-15.8 
477.1 
Acquisition of treasury 
shares 
8 
-8 
- 
- 
- 
0.1 
0.1 
Cancellation of treasury 
shares 
- 
- 
- 
- 
- 
- 
- 

85 
 
 
 
 
 
 
 
 
 
 
 
 
31 Dec 2023 
126,556 
480 
127,036 
0.1 
492.8 
-15.7 
477.2
Shares and share capital 
On 31 December 2023, the amount 
of shares is 127,036,531 of which 
amount of outstanding shares is 
126,556,301 
and amount of treasury shares is 480,230. 
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 
dividends 
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 recogni 
sed in the share 
capital, unless it 
has not 
been according to Issuance Resolution fully or partly recognised 
in invested non-restricted equity reserve.
Distributable funds 
On 31 December 2023, 
the distributable funds 
of the parent company 
totalled EUR 535.9 
million including the 
profit 
of the 
financial 
period 2023 
of EUR 
40.5 million. 
The Board 
of Directors 
proposes 
to the 
Annual 
General 
Meeting 
that 
a 
dividend 
of 
EUR 
0.30
 
(
0.28
) 
per 
share 
totaling 
EUR 
38.0
 
(35.4) 
million 
be 
paid 
based 
on 
the 
statement 
of 
financial 
position 
adopted 
for 
the 
financial 
year 
ended 
31 
December 
2023. 
The 
dividend 
would 
be 
paid 
in 
two 
instalments as follows: 
●
 
The first 
dividend installment 
of EUR 
0.15 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 
28 
March 
2024. 
The 
Board 
of 
Directors 
proposes 
that 
the 
first 
dividend 
installment would be paid on 8 April 2024. 
●
 
The second 
dividend installment 
of EUR 
0.15 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 
9 October 
2024. The 
Board of Directors 
proposes that 
the second 
dividend 
installment 
would 
be 
paid 
on 
16 
October 
2024. 
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. 
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.
 
 
 
 
 
 
25. Financial liabilities 
Non-cash changes 

 
86 
 
EUR mill. 
1 Jan 2023 
Cash flows 
Business 
combinations 
Other changes 
Translation 
differences 
31 Dec 2023 
Loans from financial institutions 
419.2 
-105.2 
- 
-0.2 
- 
313.8 
Bonds 
- 
99.6 
- 
-0.5 
- 
99.1 
Hire purchase liabilities 
8.0 
-4.3 
- 
- 
- 
3.8 
Lease liabilities 
179.8 
-50.9 
0.3 
90.4 
-0.5 
219.1 
Total 
607.0 
-60.8 
0.3 
89.7 
-0.5 
635.7
 
. 
Non-cash changes 
EUR mill. 
1 Jan 2022 
Cash flows 
Business 
combinations 
Other changes 
Translation 
differences 
31 Dec 2022 
Loans from financial institutions 
365.4 
53.8 
0.5 
-0.2 
-0.4 
419.2 
Hire purchase liabilities 
13.3 
-5.3 
- 
- 
- 
8.0 
Lease liabilities 
178.5 
-49.3 
4.4 
46.2 
-0,0 
179.8 
Total 
557.2 
-0.8 
4.9 
46.0 
-0.4 
607.0
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.
 
26. Trade and other payables 
Carrying amounts of trade and other payables 
EUR mill. 
2023 
2022 
Trade payables 
49.5 
49.0 
Other payables 
80.1 
81.9 
Contract liabilities 
8.8 
10.3 
Derivative liabilities 
0.1 
3.4 
Accrued expenses 
86.2 
78.7 
Total 
224.7 
223.2
 
Specification of other payables 
EUR mill. 
2023 
2022 
Doctor's fee liabilities 
48.5 
48.2 
VAT 
liabilities 
23.3 
24.0 
Other 
8.3 
9.7 
Total 
80.1 
81.9
 
Specification of accrued expenses 
EUR mill. 
2023 
2022 
Personnel-related accrued expenses 
74.0 
71.4

 
87 
 
Interest liabilities 
6.3 
1.5 
Other 
5.9 
5.8 
Total 
86.2 
78.7
 
27. Provisions 
Carrying amounts of provisions 
EUR mill. 
2023 
2022 
Non-current provisions 
2.8 
8.3 
Current provisions 
3.3 
3.2 
Total 
6.1 
11.5
 
EUR mill. 
2023 
2022 
Onerous contracts 
4.1 
7.1 
Other provisions 
2.0 
4.4 
Total 
6.1 
11.5
 
Changes in provisions during the financial year 2023 
EUR mill. 
Onerous 
contracts 
Other 
provisions 
Total 
1 Jan 2023 
7.1 
4.4 
11.5 
Increase in provisions 
1.1 
0.9 
2.1 
Used provisions 
-4.1 
-3.4 
-7.5 
31 Dec 2023 
4.1 
2.0 
6.1
 
Changes in provisions during the financial year 2022 
EUR mill. 
Onerous 
contracts 
Other 
provisions 
Total 
1 Jan 2022 
6.6 
4.4 
11.0 
Increase in provisions 
2.2 
0.6 
2.8 
Used provisions 
-1.7 
-0.6 
-2.3 
31 Dec 2022 
7.1 
4.4 
11.5
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 7 years at the reporting date.

88 
 
Summary of the impact of the defined benefit plans in the financial statements 
EUR mill. 
2023 
2022 
Present value of the defined benefit obligations 
1.3 
1.3 
Expenses related to defined benefit plans 
0.0 
0.0 
Remeasurements of defined benefit obligations 
0.1 
-0.2
 
Reconciliation of the defined benefit obligation 
EUR mill. 
2023 
2022 
1 Jan 
1.3 
1.7 
Interest expense (+) / income (-) 
0.1 
0.0 
Benefits paid 
-0.1 
-0.1 
Remeasurement of the obligation 
Actuarial gain (-) / loss (+) from change in financial 
assumptions 
0.1 
-0.2 
Translation differences 
0.0 
-0.1 
31 Dec 
1.3 
1.3
 
Applied actuarial assumptions 
% 
2023 
2022 
Discount rate 
3.70 
3.80 
Inflation 
1.70 
1.90 
The discount rate is determined based on the 
yield of Swedish housing market bonds which have 
a length that approximates the Group’s 
pension obligations. 
.
 
Sensitivity analysis of the relevant actuarial assumptions’ impact on defined benefit obligation 
EUR mill. 
2023 
2022 
0.5%-point increase in the principal assumption 
Discount rate 
-0,0 
-0,0 
Inflation 
0.0 
0.0 
0.5%-point decrease in the principal assumption 
Inflation 
-0,0 
-0,0 
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. 
31 Dec 2023 
31 Dec 2022 
Business mortgages 
7.5 
11.4 
Total 
7.5 
11.4

 
 
 
 
 
 
 
 
 
89 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities for own debts 
Deposits 
0.2 
0.5 
Guarantees 
0.2 
0.4 
Total 
0.4 
0.9
As part of the normal development and maintenance 
of its branch and hospital network, 
the Group has entered into a 20-
year lease agreement with an estimated annual rent 
of EUR 3.5 million. The transfer of control 
of the lease property is 
planned to take place in 2027.
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. 
The relationships of the parent company and the subsidiaries 
are disclosed in note 31 
Group companies
.
 
 
 
 
 
 
 
 
 
 
 
Related party transactions 
2023 
Sales 
Purchases 
Receivables 
Payables 
Associated companies 
0.6 
9.7 
0.2 
0.8 
Other related parties 
0.0 
- 
- 
- 
Total 
0.6 
9.7 
0.2 
0.8
 
 
 
 
 
 
 
 
2022 
Sales 
Purchases 
Receivables 
Payables 
Associated companies 
0.6 
10.6 
0.3 
1.0 
Total 
0.6 
10.6 
0.3 
1.0
 
 
 
 
 
 
 
 
 
 
Compensation for the key management 
Remuneration for CEO, in thousands of euro 
2023 
2022 
Fixed pay 
397.7 
393.6 
Other benefits 
12.3 
6.4 
Short-term incentives 
402.2 
105.0 
Share-based payments 
348.1 
546.9 
Pensions (statutory) 
133.4 
82.9 
Total 
1,293.7 
1,134.8 
Renumeration for the CEO is presented on an accrual basis.
 
 
 
Remuneration to members of the Executive team 
(excluding CEO), in thousands of euro 
2023 
2022 
Fixed pay 
1,348.3 
1,638.5 
Other benefits 
28.7 
28.1 

 
 
 
 
 
 
 
 
90 
 
 
 
 
Short-term incentives 
606.7 
146.1 
Share-based payments 
412.1 
730.9 
Termination benefits 
226.3 
305.9 
Pensions (statutory) 
330.7 
301.6 
Total 
2,952.8 
3,151.1 
Renumeration to members of the Executive team is presented on an accrual basis.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remuneration to Board of 
Directors, in thousands of euro 
2023 
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* 
Kari Kauniskangas (Chairman of 
the board) 
52.5 
35.0 
18.7 
0.6 
52.5 
35.0 
19.0 
0.6 
Kristian Pullola 
31.2 
20.8 
11.7 
0.3 
31.2 
20.8 
14.2 
0.3 
Katri Viippola 
24.9 
16.6 
13.7 
0.3 
24.9 
16.6 
15.5 
0.3 
Matts Rosenberg 
31.2 
20.8 
12.4 
0.3 
31.2 
20.8 
10.4 
0.3 
Carola Lemne 
24.9 
16.6 
18.0 
0.3 
24.9 
16.6 
14.7 
0.3 
Lehtoranta Ari** 
24.9 
16.6 
8.5 
0.3 
- 
- 
- 
- 
Hasselberg Sofia** 
24.9 
16.6 
15.4 
0.3 
- 
- 
- 
- 
Members of the Board of 
Directors until 10 October 2022 
Dag Andersson 
- 
- 
- 
- 
41.5 
0.0 
13.8 
0.0 
Members of the Board until 7 April 
2022 
Niko Mokkila 
- 
- 
- 
- 
0.0 
0.0 
3.8 
0.0 
Åse Aulie Michet 
- 
- 
- 
- 
0.0 
0.0 
4.4 
0.0 
Tomas Von 
Rettig 
- 
- 
- 
- 
0.0 
0.0 
5.1 
0.0 
Total 
214.5 
143.0 
98.1 
2.3 
206.2 
109.8 
100.7 
1.8 
* Other financial benefits include transfer tax fees 
for the annual fees paid in shares. 
** Member of the Board of Directors from 2023. 
.
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 individual 
business and 
performance targets 
are set 
by the 
manager of 
the participant 
in 
the bonus scheme. 

91 
The Board of 
Directors of 
Terveystalo 
Plc has resolved 
on share-based 
incentive plans 
directed to 
the Group’s 
key 
employees. More information on the share-based incentive 
plans is presented in note 19
 
Share-based payments.
 
 
 
 
 
 
 
 
 
Management holdings 
Name 
Position 
31 Dec 2023 
Kari Kauniskangas 
Chairman of the Board of Directors 
21,802 
Matts Rosenberg 
Member of the Board of Directors 
14,498 
Carola Lemne 
Member of the Board of Directors 
5,126 
Kristian Pullola 
Member of the Board of Directors 
8,207 
Katri Viippola 
Member of the Board of Directors 
11,453 
Ari Lehtoranta 
Member of the Board of Directors 
6,504 
Sofia Hasselberg 
Member of the Board of Directors 
2,499 
Ville Iho 
President and CEO 
13,306 
Juuso Pajunen 
Chief Financial Officer 
19,000 
Petri Bono 
Chief Medical Officer 
2,087 
Henri Mäenalanen 
Interim Executive Vice President, Healthcare Services 
2,230 
Stefan Kullgren 
Executive Vice President of the Swedish Business Area 
- 
Ilari Richard 
Senior Vice President, Digital Services 
3,134 
Mikko Tainio 
Senior Vice President, Portfolio Businesses 
5,596 
Minttu Sinisalo 
Senior Vice President, Human Resources 
1,400
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31. Group companies 
The Group’s parent company is Terveystalo 
Plc domiciled in Finland. 
Subsidiaries as at 31 December 2023 
Company name 
Domicile 
Group's share 
Group's voting 
rights 
Alna Sverige AB 
Sweden 
100.0 % 
100.0 % 
EAM TTALO Holding Oy* 
Finland 
0.0 % 
0.0 % 
Feelgood Företagshälsa Dalarna AB 
Sweden 
100.0 % 
100.0 % 
Feelgood Företagshälsovård AB 
Sweden 
100.0 % 
100.0 % 
Feelgood Hälsoforum AB 
Sweden 
100.0 % 
100.0 % 
Feelgood Länshälsan AB 
Sweden 
100.0 % 
100.0 % 
Feelgood Sjukvård AB 
Sweden 
100.0 % 
100.0 % 
Feelgood Svenska AB 
Sweden 
100.0 % 
100.0 % 
Idavallen AB 
Sweden 
100.0 % 
100.0 % 
Länshälsan Skåne AB 
Sweden 
100.0 % 
100.0 % 
Medimar Scandinavia Ab 
Finland 
100.0 % 
100.0 % 
Nämndemansgården i Sverige AB 
Sweden 
100.0 % 
100.0 % 
Rela-hierojat Oy 
Finland 
100.0 % 
100.0 % 
Sauma Lastensuojelupalvelut Oy 
Finland 
100.0 % 
100.0 % 

92 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sivupersoona Oy 
Finland 
100.0 % 
100.0 % 
Suomen Hierojakoulut Oy 
Finland 
100.0 % 
100.0 % 
Suomen Terveystalo Oy 
Finland 
100.0 % 
100.0 % 
Terveystalo Estonia OÜ 
Estonia 
100.0 % 
100.0 % 
Terveystalo Healthcare Holding Oy 
Finland 
100.0 % 
100.0 % 
Terveystalo Healthcare Oy 
Finland 
100.0 % 
100.0 % 
Terveystalo Julkiset palvelut Oy 
Finland 
100.0 % 
100.0 % 
Terveystalo Kuntaturva Oy 
Finland 
100.0 % 
100.0 % 
Terveystalo Tactus 
Oy 
Finland 
100.0 % 
100.0 % 
TT Ålands Tandläkarna Ab 
Finland 
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 
Terveystalo 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.
Changes in the Group structure 
Financial year 2023 
The following mergers took place during the financial year 
2023: 
●
 
31.1.2023 Kunnon Syke Oy merged with Suomen Terveystalo 
Oy. 
●
 
28.2.2023 Ludus Oy merged with Suomen Terveystalo 
Oy. 
●
 
31.3.2023 Saimaan Urheilufysioterapia Oy merged with 
Suomen Te 
rveystalo Oy. 
●
 
31.5.2023 Evalua International Ltd Oy merged with Suomen 
Terveystalo 
Oy. 
●
 
31.8.2023 Somia Reality Oy merged with Suomen Terveystalo 
Oy. 
●
 
30.9.2023 Feelgood Jobbhälsan AB merged with Feelgood 
Företagshälsovård AB. 
●
 
30.9.2023 Medicin Direkt Östersund AB merged with Feelgood 
Sjukvård AB. 
●
 
30.9.2023 The Drawing Room AB merged with Nämndemansgården 
Sverige AB. 
The following company’s operations have ceased 
during the financial year 2023: 
●
 
22.2.2023 Evalua Nederland B.V. 
●
 
31.12.2023 Rela Estonia ÖU 
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. 

93 
●
 
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.
32. Subsequent events 
Terveystalo's 
Board of 
Directors has 
approved a 
new performance 
period covering 
the years 
2024-2026 of 
the 
long-term 
share-based 
incentive 
plan 
for 
key 
personnel 
Terveystalo 
Plc's Board 
of Directors 
has approved 
a new 
performance period 
covering the 
years 2024-2026 
of the 
long-term 
share-based 
incentive 
plan 
for 
key 
personnel. 
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 
implementing Terveystalo's 
strategy by offering them a competitive, share-based 
incentive program. 
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. 
The 
Board 
decides 
on 
the 
participants, 
performance measures, 
and targets 
as well as 
earning opportunities 
on an annual 
basis. Terveystalo 
published the 
establishment of the program and its main terms in a stock 
exchange release on 3 December 2020. 
Performance Period 2024-2026 of the Performance 
Share Plan (PSP) 
During the 
performance period 
2024-2026, the 
participants are 
awarded for 
successful shareholder 
value creation. 
The performance indicators based 
on which share rewards 
may be paid to 90% of 
the participants are absolute and 
relative 
(compared 
to 
the 
OMX 
HKI 
benchmark 
CAP 
GI 
index) 
Total 
Shareholder 
Return. 
For 
10% 
of 
the 
participants, the 
value creation 
is measured 
by EBITA 
(adjusted earnings 
before interest, 
taxes, and 
amortization) 
of the business area or independent business that they 
lead. 
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 2024–2026 
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 
achieved. 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 reward, after which 
the remaining net amount 
is paid to the 
participants in shares. 
No more 
than 
approximately 
seventy 
(75) 
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 2024-2026 of the Restricted 
Share Plan (RSP) 
The purpose 
of 
the 
Restricted 
Share 
Plan 
is to 
function 
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.

 
95 
Parent company's financial statement, FAS 
Parent company’s income statement 
EUR 
Note 
1.1.-31.12.2023 
1.1.-31.12.2022 
Revenue 
1.1 
11,487,798 
1,622,050 
Materials and supplies 
-1,684 
-1,851 
Employee benefit expenses 
 
Wages and salaries 
-1,889,541 
-1,446,798 
 
Social security expenses 
 
Pension expenses 
-232,335 
-128,348 
 
Other social security expenses 
-153,776 
-21,741 
Depreciation, amortisation and impairment losses 
1.2 
-18,227 
-8,199 
Other operating expenses 
1.4 
-20,555,877 
-4,804,758 
Operating loss 
-11,363,642 
-4,789,646 
Financial income and expenses 
1.5 
 
Other interest and financial income 
 
From group companies 
3,194,991 
1,629 
 
From others 
- 
10 
 
Other interest and financial expenses 
 
To group companies 
-1,126,839 
-10,753 
 
To others 
-3,833,481 
-215,450 
Loss before appropriations and taxes 
-13,128,972 
-5,014,210 
Appropriations 
1.6 
 
Increase/decrease in depreciation in excess of 
plan 
-16,959 
-8,937 
 
Group contributions 
63,777,000 
34,634,000 
Taxes 
-10,132,230 
-5,952,627 
Profit for the period 
40,499,784 
23,658,227 
Parent company’s statement of financial position 
EUR 
Note 
31 Dec 2023 
31 Dec 2022 
ASSETS 
Non-current assets 
Property, plant and equipment 
2.1 
 
Machinery and equipment 
86,887 
60,753

 
96 
Investments 
 
Holdings in group companies 
2.2 
516,818,244 
516,818,244 
Loan receivables from group companies 
2.3 
100,000,000 
- 
Total non-current assets 
616,905,132 
516,878,997 
Current assets 
 
Receivables from group companies 
2.3 
87,022,736 
41,133,012 
 
Prepayments and accrued income 
2.4 
1,030,499 
603,637 
Total current assets 
88,053,235 
41,736,649 
TOTAL ASSETS 
704,958,366 
558,615,647 
EUR 
Note 
31 Dec 2023 
31 Dec 2022 
EQUITY AND LIABILITIES 
Equity 
2.5 
 
Share capital 
80,000 
80,000 
 
Invested non-restricted equity reserve 
493,503,962 
493,503,962 
 
Retained earnings 
1,855,024 
13,632,562 
Profit for the period 
40,499,784 
23,658,227 
Total equity 
535,938,771 
530,874,751 
Appropriations 
 
Depreciation in excess of plan 
25,896 
8,937 
Total appropriations 
25,896 
8,937 
Liabilities 
2.6 
Non-current liabilities 
 
Bonds 
100,000,000 
- 
Current liabilities 
 
Trade payables 
2,296,985 
1,541,585 
 
Liabilities to group companies 
56,730,930 
25,190,668 
 
Other liabilities 
35,585 
25,159 
 
Accruals and deferred income 
9,930,200 
974,548 
Total liabilities 
168,993,700 
27,731,959 
TOTAL EQUITY AND LIABILITIES 
704,958,366 
558,615,647

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
97 
Parent company's statement of cash flows 
EUR 
1.1.-31.12.2023 
1.1.-31.12.2022 
Cash flows from operating activities 
Profit for the period before income taxes 
50,631,069 
29,610,853 
Adjustments 
 
Depreciations according to plan 
18,227 
8,199 
 
Non-cash transactions 
-60,564,902 
-34,625,063 
 
Financial income and expenses 
1,765,330 
224,564 
Change in working capital 
 
Change in trade and other receivables 
-16,767,585 
469,239 
 
Change in trade and other payables 
878,760 
455,667 
Taxes 
-4,464,873 
-10,546,536 
Net cash from operating activities 
-28,503,974 
-14,403,077 
Cash flows from investing activities 
Acquisition of tangible and intangible assets 
-44,361 
-68,726 
Granted loan receivables to subsidiary 
-100,000,000 
- 
Net cash from investing activities 
-100,044,361 
-68,726 
Cash flows from financial activities 
Change in group bank account 
31,521,429 
-7,870,194 
Proceeds of long-term borrowings 
99,594,000 
- 
Received group contribution 
34,634,000 
58,000,000 
Dividends paid 
-35,435,764 
-35,433,439 
Interest and other financial expenses paid 
-1,765,330 
-224,564 
Net cash from financial activities 
128,548,335 
14,471,803 
Net change in cash and cash equivalents 
- 
- 
Cash and cash equivalents at 1 January 
- 
- 
Cash and cash equivalents at 31 December 
- 
- 
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 

 
98 
The 
carrying 
amount 
of 
property, 
plant 
and 
equipment 
consists 
of 
historical 
costs 
less 
depreciation 
and 
other 
deductions. 
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. 
Notes to the statement of income 
1.1 Revenue 
EUR 
2023 
2022 
Finland 
11,455,589 
1,593,045 
Sweden 
32,209 
29,005 
Total 
11,487,798 
1,622,050 
1.2 Depreciation, amortisation and impairment losses 
EUR 
2023 
2022 
Depreciation 
-18,227 
-8,199 
Total 
-18,227 
-8,199 
1.3 Personnel 
Average number of personnel during financial year 
4 
4 
1.4 Other operating expenses 
EUR 
2023 
2022 
External services 
-19,452,524 
-3,535,145 
ICT expenses 
-36,242 
-33,527 
Non-statutory personnel expenses 
-109,863 
-126,093 
Leases 
-14,731 
-13,121 
Travel expenses 
-51,977 
-33,135 
Marketing and communication 
-201,761 
-239,655 
Other costs 
-688,779 
-824,083 
Total 
-20,555,877 
-4,804,758 
Auditor's fees 
EUR 
2023 
2022 
Audit and auditor's statements based on laws 
and regulations 
 
Audit, KPMG 
-101,000 
-76,000 
Auditor's fees total 
-101,000 
-76,000

 
99 
1.5 Financial income and expenses 
EUR 
2023 
2022 
Other interest and financial income 
From group companies 
3,194,991 
1,629 
From others 
- 
10 
Total 
3,194,991 
1,639 
Other interest and financial expenses 
To group companies 
-1,126,839 
-10,753 
To others 
-3,833,481 
-215,450 
Total 
-4,960,321 
-226,203 
1.6 Appropriations 
EUR 
2023 
2022 
Increase/decrease in depreciation in excess of plan 
-16,959 
-8,937 
Group contributions received 
63,777,000 
34,634,000 
Appropriations total 
63,760,041 
34,625,063 
Notes to the statement of the financial position 
2.1 Property, plant and equipment 
Machinery and equipment 
EUR 
2023 
2022 
Acquisition cost 1 Jan 
107,614 
38,888 
Additions 
44,361 
68,726 
Acquisition cost 31 Dec 
151,975 
107,614 
Accumulated depreciation and impairment losses 
1 Jan 
-46,861 
-38,661 
Depreciation for the period 
-18,227 
-8,199 
Accumulated depreciation and impairment losses 
31 Dec 
-65,087 
-46,861 
Carrying amount 1 Jan 
60,753 
227 
Carrying amount 31 Dec 
86,887 
60,753 
 
2.2 Investments 
Holdings in group companies 
EUR 
2023 
2022

 
100 
Acquisition cost 1 Jan 
516,818,244 
516,818,244 
Acquisition cost 31 Dec 
516,818,244 
516,818,244 
Carrying amount 1 Jan 
516,818,244 
516,818,244 
Carrying amount 31 Dec 
516,818,244 
516,818,244 
Parent company ownerships: 
Holdings in group companies 
2023 
2022 
Terveystalo Healthcare Holding Oy 
100% 
100% 
2.3 Receivables from group companies 
EUR 
2023 
2022 
Loan receivables 
100,000,000 
- 
Total 
100,000,000 
- 
EUR 
2023 
2022 
Non-current receivables 
4,418,475 
4,494,632 
Trade receivables 
827,512 
586,503 
Group contribution receivables 
63,777,000 
34,634,000 
Prepayments and accrued income* 
17,999,749 
1,417,878 
Total 
87,022,736 
41,133,012 
* 2023 including rechargeable management fees 
EUR 14.8 million and interest receivables EUR 3.2 
million 
2.4 Prepayments and accrued income 
EUR 
2023 
2022 
VAT 
receivables 
477,423 
393,681 
Prepayments and accrued income 
553,076 
209,957 
Total 
1,030,499 
603,637 
2.5 Changes in equity 
Restricted equity 
Share capital 
EUR 
2023 
2022 
At the beginning of the period 
80,000 
80,000 
At the end of the period 
80,000 
80,000 
Total restricted equity 
80,000 
80,000 
Unrestricted equity 
Invested non-restricted equity reserve

 
101 
EUR 
2023 
2022 
At the beginning of the period 
493,503,962 
493,503,962 
At the end of the period 
493,503,962 
493,503,962 
Retained earnings 
EUR 
2023 
2022 
Retained earnings at the beginning of the period 
37,290,789 
49,066,001 
Dividends paid 
-35,435,764 
-35,433,439 
Retained earnings at the end of the period 
1,855,024 
13,632,562 
Net income 
40,499,784 
23,658,227 
Total unrestricted equity 
535,858,771 
530,794,751 
Total equity 
535,938,771 
530,874,751 
Distributable equity 
EUR 
2023 
2022 
Invested non-restricted equity reserve 
493,503,962 
493,503,962 
Retained earnings 
1,855,024 
13,632,562 
Net income 
40,499,784 
23,658,227 
Total 
535,858,771 
530,794,751 
Shares and share capital 
On 31 December 
2023, the amount 
of shares is 
127,036,531 of which 
480,230 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 
dividends 
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 recognised 
in the share capital, unless it 
has not 
been according to Issuance Resolution fully or partly recognised 
in invested non-restricted equity reserve. 
2.6 Liabilities 
2.6.1 Non-current liabilities 
EUR 
2023 
2022 
Bonds 
100,000,000 
-

 
102 
Total 
100,000,000 
- 
Terveystalo Plc issued senior unsecured sustainability-linked notes in the aggregate principal 
amount of EUR 100 
million in June 2023. The Notes will mature 
on 1 June 2028 and carry initially a fixed 
annual interest of 5.375 per 
cent. The notes were listed on the official list maintained 
by Nasdaq Helsinki Ltd on 5 June 2023. 
2.6.2 Current liabilities 
EUR 
2023 
2022 
Trade payables 
2,296,985 
1,541,585 
Other liabilities to group companies 
56,730,930 
25,190,668 
Other liabilities 
35,585 
25,159 
Accruals 
9,930,200 
974,548 
Total 
68,993,700 
27,731,959 
2.6.3 Liabilities to Group companies 
EUR 
2023 
2022 
Trade payables 
265,918 
- 
Group bank account payables 
56,440,316 
24,918,886 
Accruals and deferred income 
24,697 
271,781 
Total 
56,730,930 
25,190,668 
2.6.4 Accruals and deferred expenses 
EUR 
2023 
2022 
Personnel-related accrued expenses 
841,720 
271,105 
Other 
2,845,628 
274,428 
Interest liabilities 
3,195,139 
- 
Income tax liability 
3,047,713 
429,014 
Total 
9,930,200 
974,548 
Other notes 
3. Collateral and other contingent liabilities 
EUR 
2023 
2022 
Suretyship* 
305,000,000 
420,000,000 
Guarantees 
81,927 
81,927 
* Suretyship given by Terveystalo Oyj to subsidiaries financial institution loans.

103 
Signatures to the financial statements and Board of 
Director’s report 
Helsinki, 13 February 2024 
Kari Kauniskangas 
Kristian Pullola 
Chairman of the Board of Directors 
Member of the Board of Directors 
Katri Viippola 
Matts Rosenberg 
Member of the Board of Directors 
Member of the Board of Directors 
Carola Lemne 
Ari Lehtoranta 
Member of the Board of Directors 
Member of the Board of Directors 
Sofia Hasselberg 
Ville Iho 
Member of the Board of Directors 
President and CEO 
AUDITORS NOTE 
A report on the audit has been issued today. 
Helsinki, 13 February 2024 
KPMG Oy Ab 
Audit firm 
Henrik Holmbom 
Authorised Public Accountant 
This document is an English translation of 
the Finnish auditor’s report. Only the 
Finnish version of the report is legally binding. 

104 
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 
2023. 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 
material 
accounting policy information, as 
well as the parent company’s 
balance sheet, income statement, 
statement of cash 
flows and notes.
In our opinion
— 
the 
consolidated 
financial 
statements 
give 
a 
true 
and 
fair 
view 
of 
the 
group’s 
financial 
position, 
financial 
performance and cash flows in accordance with IFRS 
Accounting Standards as adopted by the EU 
— 
the financial 
statements 
give 
a true 
and 
fair 
view 
of 
the 
parent 
company’s 
financial 
performance 
and 
financial 
position 
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.
Basis for Opinion
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.
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.
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.
Key Audit Matters
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.

 
 
 
 
 
 
 
105 
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) 
— 
At 
the 
year-end 
2023 
the 
goodwill 
amounted 
to 
824 
M€ 
and 
accounted 
for 
58 
% 
of 
the 
consolidated 
total 
assets 
and 
for 
160 % of the consolidated equity. 
— 
The 
acquisition-related 
recognised 
assets 
for 
customer 
relationships 
and 
trademark 
and 
at 
the 
year-end 
2023 
were 
in 
total 
57 
M€. 
— 
in 
2023 
Terveystalo 
has 
changed 
the 
operational 
model 
and 
financial 
reporting 
structure. 
Accordingly, 
the 
composition 
of 
the 
cash-generating 
units 
changed 
and 
goodwill 
was 
reallocated 
to 
the 
new 
cash-
generating units. 
— 
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. 
— 
As 
a 
result 
of 
the 
impairment 
tests, 
the 
Group 
recognized 
a 
55 
M€ 
million 
impairment related 
to goodwill 
and a 
29 M€ 
impairment 
related 
to 
customer 
relationships 
for 
the 
Portfolio 
Businesses 
Public payor cash-generating unit. 
— 
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. 
— 
We 
assessed 
the 
key 
assumptions 
used 
in 
the 
impairment 
tests, 
such 
as 
profitability, 
discount rate 
and 
long-term 
growth rate. 
To 
analyse 
the 
forecasts, 
we 
applied 
professional 
judgement 
in 
testing 
the 
key 
assumptions 
and 
assessing 
the 
resulting 
effects on the sensitivity analysis. 
— 
We 
assessed 
the 
appropriateness 
of 
the 
assumptions 
used 
and 
the 
technical 
accuracy of the calculations. 
This included a 
comparison 
to 
external 
market 
and 
industry 
forecasts. 
— 
In 
addition, 
we 
considered 
the 
appropriateness 
of 
the 
disclosures 
in 
respect 
of 
goodwill, 
impairment 
testing 
and 
acquisition related intangible assets. 
Revenue Recognition (Accounting Principles for the Consolidated 
Financial Statements and 
the Note 5) 
— 
The 
consolidated 
revenue 
for 
2023 
amounted 
to 
1.286 
M€ 
million 
and 
consist 
of 
numerous 
types 
of 
individual 
service 
transactions 
and 
service 
combinations
— 
As 
part 
of 
our 
audit 
procedures, 
we 
evaluated 
the 
sales-related 
internal 
control 
environment, 
as 
well 
as 
tested 
the 
key 
controls. 
We 
also 
performed 
substantive 

 
 
 
106 
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. 
audit procedures. 
— 
We 
tested 
the 
processes 
to 
record 
sales 
transactions 
as 
well 
as 
the 
sales 
pricing 
and 
invoicing 
processes. 
We 
assessed 
the 
appropriateness 
of the 
revenue 
recognition 
for the sales transactions. 
— 
We 
evaluated 
the 
IT 
systems 
relevant 
for 
revenue recognition. 
— 
We 
considered 
the 
appropriateness 
of 
the 
disclosures 
presented 
for 
revenue 
in 
the 
consolidated financial statements. 
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 IFRS Accounting 
Standards 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, 
matters 
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 
professional 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 

107 
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 
statements give a true and fair view. 
— 
Obtain 
sufficient 
appropriate 
audit 
evidence 
regarding 
the 
financial 
information 
of 
the 
entities 
or 
business 
activities 
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 
requirements 
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 
matter 
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.
Other Reporting Requirements
Information on our audit engagement
We 
have 
acted 
as auditors 
appointed 
by the 
Annual 
General 
Meeting 
uninterrupted 
for 
twelve 
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 
information 
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 
financial 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, 13 February 2024
KPMG Oy Ab

108 
HENRINK HOLMBOM 
Authorised Public Accountant, KHT
Independent Auditor’s Reasonable Assurance Report 
on 
Terveystalo 
Plc’s ESEF Financial Statements
To 
the Board of Directors of Terveystalo Plc
We 
have 
undertaken 
a 
reasonable 
assurance 
engagement 
in 
respect 
of 
whether 
the 
consolidated 
financial 
statements 
for 
the 
year 
ended 
31 
December, 
2023 
included 
in 
the 
digital 
financial 
statements 
7437001AEZHLL3UEX093-2023-12-31-en.zip 
of 
Terveystalo 
Plc 
(Business 
ID 
2575979-3) 
have 
been 
marked 
up 
with iXBRL markups 
in accordance with 
the requirements 
of Article 4 
of EU Delegated 
Regulation 2018/815 
(ESEF 
RTS). 
The Responsibility of the Board of Directors and Managing Director 
The Board of Directors and Managing 
Director are responsible for preparing the 
report of the Board of Directors 
and 
financial 
statements 
(ESEF 
financial 
statements) 
that 
comply 
with 
the 
requirements 
of 
ESEF 
RTS. 
This 
responsibility includes:
— 
preparation of ESEF financial statements in XHTML format 
in accordance with Article 3 of the ESEF RTS 
— 
marking 
up 
the 
primary 
statements 
and 
the 
notes 
to 
the 
consolidated 
financial 
statements, 
and 
the 
company 
identification data included 
in the ESEF financial 
statements with iXBRL 
tags in accordance 
with Article 4 
of the 
ESEF RTS; and 
— 
ensuring consistency between ESEF financial statements and 
audited financial statements. 
The 
Board 
of 
Directors 
and 
the 
Managing 
Director 
are 
also 
responsible 
for 
such 
internal 
control 
as 
they 
deem 
necessary to prepare the ESEF financial statements in 
accordance with the requirements of the ESEF RTS.
Auditor’s Independence and Quality Management
We are independent 
of the company 
in accordance with 
the ethical requirements 
applicable in Finland, 
which apply 
to 
the 
engagement 
we 
have 
performed, 
and 
we 
have 
fulfilled 
our 
other 
ethical 
responsibilities 
in 
accordance 
with 
these requirements.
The 
auditor 
applies 
International 
Standard 
on 
Quality 
Management 
ISQM 
1, 
which 
requires 
the 
firm 
to 
design, 
implement and operate a system 
of quality management including 
policies or procedures regarding 
compliance with 
ethical requirements, professional standards and applicable 
legal and regulations requirements.
Auditor’s Responsibility
In accordance with 
the Engagement 
Letter our responsibility 
is to express 
an opinion on 
whether the marking 
up of 
the consolidated financial 
statements included 
in the ESEF 
financial statements comply 
in all material 
respects with 
the 
Article 
4 
of 
the 
ESEF 
RTS. 
We 
conducted 
our 
reasonable 
assurance 
engagement 
in 
accordance 
with 
International Standard on Assurance Engagements 3000
.
The engagement involves procedures to obtain evidence 
whether;
— 
the primary 
statements of 
the consolidated 
financial statements 
included in 
the ESEF 
financial statements 
are, 
in all material respects, marked up with iXBRL tags in accordance 
with Article 4 of the ESEF RTS, and; 
— 
whether the 
notes to 
the consolidated 
financial statements 
and the 
company identification 
data included 
in the 
ESEF financial 
statements data, 
have been 
marked up, 
in all 
material respects, 
with iXBRL 
tags in 
accordance 
with Article 4 of the ESEF RTS; and 
— 
whether the ESEF financial statements and the audited financial statements 
are consistent with each other. 

109 
The 
nature, 
timing 
and 
the 
extent 
of 
procedures 
selected 
depend 
on 
practitioner’s 
judgement. 
This 
includes 
the 
assessment 
of 
the 
risks 
of 
material 
departures 
from 
the 
requirements 
set 
out 
in 
the 
ESEF 
RTS, 
whether 
due 
to 
fraud or error.
We believe that the evidence we have obtained is sufficient 
and appropriate to provide a basis for our opinion.
Opinion
In 
our 
opinion, 
the 
primary 
statements 
of 
the 
consolidated 
financial 
statements, 
the 
notes 
to 
the 
consolidated 
financial statements 
and the 
company identification 
data included 
in the 
ESEF financial 
statements 
of Terveystalo 
Plc 
identified 
as 
7437001AEZHLL3UEX093-2023-12-31-en.zip 
for 
the 
year 
ended 
31 
December, 
2023 
are, 
in 
all 
material respects, marked up in compliance with the 
ESEF Regulatory Technical 
Standard.
Our 
audit 
opinion 
on 
the 
audit 
of 
the 
consolidated 
financial 
statements 
of 
Terveystalo 
Plc 
for 
the 
year 
ended 
31 
December, 
2023 is 
set out 
in our 
Auditor’s Report 
dated 13 
February, 
2024. In 
this report, 
we do 
not express 
any 
audit opinion or other assurance conclusion on the consolidated 
financial statements.
Helsinki 21 February, 
2024
KPMG OY AB 
Henrik Holmbom 
Authorised Public Accountant, KHT 