Good morning, everybody, and welcome to Tervastalos, Results Call and Webcast for the Financial Year 2019. My name is Kathy Gosson, and I'm in charge of Investor Relations here at Telstra. Today, we have our new CEO, Villego, and our CFO, Ilklauryla, presenting the results And additionally, we have a special guest today from our largest Finnish employer Esso Group who will give a case example on our collaboration. With our further ado, I'll give the speech over to Bill, but just as a reminder, we have Q and A session after the presentation and we'll take questions through the phone lines and through the webcast.
Thank you, Kathy. Good morning from my behalf as well. Happy to be here, first time presenting Terrestrial results Let's start from the overall view on 2019. Which we can state was a financially and operationally excellent year. Looking at the revenue growth, We exceeded EUR 1,000,000,000 during 2019, which is a great landmark, obviously.
Putting things a little bit into perspective comparing to 2015. We have doubled our revenues it's a great, great achievement by this company. Couple of key KPIs, which I want to comment shortly, first of all, obviously, revenue growth then adjusted EBITA, we slightly missed last year's EBITA percentage but taking into account the integration of Atento, which is, from a structure point of view, lower margin base as I we deemed this as a good result still. Number of physician appointments in millions growth was 6%. And this one needs to be put into a perspective in a way that number of physicians in Finland and the net growth, annually is around 1%.
And this is now apples to apples comparison. Excluding attend related outsourcings, dental and staffing businesses, So, 6% growth means that we have been able to gain more than our fair share from the market. And this is really, really important going forward. We are, gaining more than our share. And everybody knows how our strain this physician supply, today is So this is a really important and positive for us going forward.
Remote appointments growth rate, 60% is, that's a high number, obviously, figure itself 150,000 appointment is not, at the high end of a scale yet, but growth rate is high. And my expectation for this year actually is that this is going to be exceeding, and this is going to be a tipping point here in a way for digital services to properly scale up, and we are geared for this change. And we are seeing seeing a lot of supply and a lot of demand coming to our new services. NPS customer experience KPI, all time high, so 72.4, which is, as I said, all time high. And this, again, putting this one into a perspective, the utilization rate of our appointments and our services have been all time high.
So against that fact, us able, being able to give excellent service, better service than in previous years is very, very good achievement from our organization. It's very easy to give, excellent service when you have, low utilization rate and decreasing number of customers. But in this environment. And in our case, this is really, really positive and really, really good from our people. Then, of course, our scale when it comes to employers, this is growing rapidly.
We are a big employer due to especially due to M and A activities, especially due to Attendo integration. But all in all, a very, very strong year from a terawest dollar and, 360 view of our operations and our final sale numbers of speak to same language, we are going strong. Then As a new CEO, of course, I need to take a little bit of outside in view on our Organization operations also, a lot of questions are obviously popping up around what are we going to do next? What is our strategy going forward, this is sort of stating the obvious quality is going to be in core of our operations and in, core of our strategy going forward as well. I come from, aviation industry, which is, as you know, highly, highly quality driven, quality systems, safety related systems are, world leading in that industry, taking outside in view, a terrorist tower from this angle, I can say that, value base of our organization, albeit people is solid, people are taking, quality, be it operational quality, medical quality or customer experience to their heart and acting accordingly.
So this is a very strong foundation. Also our systems when it comes to our quality systems are working, in I would say they are mature they are working properly, they are working well, they are supporting our development going forward. So this has been a very very, very, very positive finding from my my behalf. Assessing our operations further and what are we going to do next a little bit in more detail? I think you are familiar with our sort of overall conceptual description of our operations, we have talked about and Ilkka has been talking about this, funnel view through our different layers of services.
And this is going to be very important also going forward. We have we need to be able to serve efficiently and with good customer experience, basically 3 different customer segments and, different layers in our service chain. And what it requires going forward is that we develop and strengthen our sort of system skills, our core brain, which manages, customer flows, manages our supply and matches supply supply with the demand. And in this area, we have been investing in this, but we continue investing in this one even more going forward. Utilization rate in our funnel in different services, they are already a very high Everybody knows that this is, efficient, supply continues to be a bottleneck We need to be able to further increase the utilization rate, but we also need to be smart in a way that we in our sort of analytical, system layer, we analyze each and every transaction so that we need from a individual customer level, what kind of services optimal for him or her and what kind of services at the same time optimal for our business and our service chain.
And this is going to be, very much in the core of development, going forward and part of our strategy also. We are very good when I'm again assessing our capabilities and skills, taking still a little bit off an outside in view I can say when comparing our skills and capabilities, even globally, I can say that we are sort of masters of, managing care change. Finnish System has educated us in this area more than, I would say, any other system in the world or globally. We can assess customers, and their needs. We can guide them through our service layers very efficiently and give very good supply and response whenever ever need it.
And this is this one of our key strengths. Our strategy, consideration, obviously, will take a take a look at the other aspect as well. World is changing and obviously, tervestal as well is taking more consumer centric view And, we are, developing a dialogue and a dialogue constant dialogue with our customers, so that we are, partner with our customers also when they are not having any acute needs, in our services, but also also in between. And I think we are very, very well positioned to do that because we are dealing with an area, which is very sensitive, very close to the heart for our customers, and we can be the most trusted partner for the consumer base, I'm sure of that. Then obviously, we are looking at the M and A activities as well and also assessing if the market and service scope, which we are currently serving is the 1 that we will stick also in the future.
We have, let's say, our eyes open. We will, come out with our strategy on 27th May with the Capital Markets Day and then obviously we will have more to say about this, but I'm sure it is going to be interesting. And looking at the elements, looking our strength, looking at the capabilities and competencies in house already today, we are very well positioned, for our renewed strategy going forward. We have a case example today, as said, Sanlamari Muhlena from S Group, will give a flavor what kind of solutions, can be achieved when thermostat capabilities, flexibility when it comes to one customer segment and one customer in particular, when we are matching our sort of ideas, our needs and our capabilities, what can really in practice be achieved and how we at the same time serving our customers customers, customers and our business. Please welcome Sonamari.
Thank you. Thank you. My name is Donna Maramoulonen, and I work in S Group. And they're as a director of well-being held and And my job is to serve our 2019 corporate our 2019 regional cooperatives that makes us, we would say the biggest one of the biggest companies in Finland. So this case is actually, I'm telling you about our cooperation with Fervastala when we wanted to start our metal supporting the mental health of our employees.
This is there are a few pictures of our business we are mainly in Retail Business And Service Sector. Wide service range in a huge resource, have to say. And like I said, we are the largest private employer in Finland. We have 40,000 employees and business also in Russian. Tonia, but of course, mainly in Finland.
And we started a few years ago, the program called young mind at work. And the reason we started it is that 23 percent of our employees are under twenty five years old, so 10,000 employees. And in that time, we saw that the mental disorders and the challenges with mind started to grow. Also pictures, the pictures what we were looking at Finland, but also our pictures And so we wanted to react as soon as possible. And so we gathered the experts in Derivos, Tallo, and started to work together and innovate together what we should do when we are facing that challenge.
Here's the picture of Whole Finland. Within this challenge. So mental disorders became the largest course of sickness. Allowing states in Finland, And I believe that this is the kind of same kind of picture in whole Northern Europe at least at the moment. But the main picture is here.
I'm very, very happy the way we been able to cooperate and very, very happy the way that we have been innovating together with the experts of thermostat And so within this program, young minded work, we actually created this mental report model that we have now been piloting in a couple of companies in S group. And this case that I'm now telling you is about SOK, which is our how to say central administrative company that serves whole S group. And these are the factors that actually include in our mental health support, mental support model. And I would like to point out this, organizational and leadership culture, which is very, very important in this model. Supervisors training adapted work practices for supporting recovery for mental disorders, meaning that the employees don't have to stay for so long, for a sick leave.
And they are able to come back to work even that they are not haven't recovered totally yet. Occupational psychology consultation, pre psych therapy psychotherapy and this new decatel services, Mail in Chaty and Spari. And actually the last part is the one that was invented in this program. And the resource that we have now we are now seeing from this model I have to say in this part that we are just starting, and that we haven't been implementing this model in a whole S group yet. But we have very promising results within those companies who have taken this model into use So in SOK, we have 1700 employees that are experts, very highly educated experts, Usally, we have been able to decrease about 20%.
Our cyclis sickness absent season, sick leave days caused by mental disorders. We have invested 49,000 in approved psychotherapies and the digital services, Mail and Sapiens. So our cost savings are about 1,440,000 in sickness absences. And when we are when we are able to take the model into use in OS Group, we can of course think of totally different numbers. As much as we can trust that this model really works.
And in the end, We have learned some lessons. And also, I think this is very important when we are creating something together with with the customers are creating something together with some anybody, that is always a process where we have to learn. We have had very successful cooperation and joint development and seamless cooperation when we're towards shared towards their targets. And we always have to have shared targets when we are working together. No single entity, such as individual or employer supervisor organization or occupational health care service can solve this mental this issue with these mental disorders.
This is a huge issue in the whole country. Cost savings in sickness days are higher than the costs for supporting mental health. And we are very satisfied, of course, for that. And despite very encouraging results in SLCO, like I said before, S group is still in the beginning and we are we want to very strongly support our company to take this model into use. And also, it is very important that all parties in the society participate in this square.
Otherwise, the employees, individuals, and entire country will have a huge bill to pay. Thank you. Is there some questions or do you want them to ask in the end? Okay. Yes.
Thank you.
Thank you, Sanlamay. I think there's excellent example of, also terabytes of capabilities whenever there's a new requirement or even a challenge, we are very fast. We are very, very, very agile. We can tap into our capabilities and come up with the solution and beat whichever customer group this is very much, very much in the core of our terawest, our fast response, fast scaling of, service. Then going forward with the Q4 highlights, Ilkka earlier commented this one to be a little bit boring because every customer group is growing and sort of no drama in this one, but that's a good thing, a broad scale of growth across all customer groups, which we can see in detail, in the next slide, Then new processes and digital solutions, this is very important.
I talked about this system layer sort of central brain of the thermostat we are developing heavily that at the same time, we are bringing new customer related solutions, developing our customer interface. Of course, this requires investments and we are sort of in a phase where we are investing in new terawatts that are quite a bit and that one will yield, results later on. As I said, also afford 2019, profitability remained at a strong level and a strong cash flow which is very typical for Terrace dollar, and that allows us to propose a dividend of a per share, which is quite a big increase compared to last year. I said, strong growth, strong organic growth and then our tender together, yielded growth in all of all of our customer segments, couple of comments, from these ones, corporate customers, demand remains steady. There are certain polarizations going on with that market so that they are more sort of, more ambitious companies like SS Group, which we had a case example, just a minute ago, who are really investing in this occupational health care from a business case point of view and really taking taking ambitious stands.
And then of course there are companies who are, putting a lot of effort on cost only. And so market is going to different directions at the moment. When it comes to private customers, presenting the strongest growth in our our portfolio very strong Q4 for private customer growth, when it comes to public segment, obviously growth due to a tender deal. But looking forward, maybe I will comment that one later, but I think public sector is also sort of wakening up after waiting for a long, long time for a sort of renewal. Profitability, Q4, adjusted EBITA, which is our core KPI financially, 31,900,000 and adjusted EBITDA percentage 11.9 slightly down from Q4 2018 due to at Tendon at Tendon and then sales mix, changes and also our investments in the areas that I just described.
Asset due to our strong cash flow position, we are in a place where we can opposed, dividend to be higher than than, historically for the restow. Market outlook, a couple of words around that one. As I said, corporate customers We are seeing, seeing, as a steady market segment, polarization going on, private customers, we are seeing growth and we are seeing us gaining market share in that segment, which is really important. And market is changing, but, throughout the rest of our history, basically, we have been seeing a fair amount of a terawest dollar, when terawestar has grown, terawest dollar has also been able to gain more than its fair share of the market. So that should continue also going forward.
And as said earlier, public segment, there are, let's say, public sector is sort of, wakening up there. There's a lot of needs, for our services, even though the, the system view from, from a government side is still not clear, but, there's no way, I think that, public sector could go on without increasing the services, mote from private actors like like tervesto. And now over to yield with details.
Good morning, on on my behalf as well. And, like usually then we will, take a closer look on the financial and some operational KPIs as well. Starting from the annual sort of, operational and corporate responsibility related KPIs On the left hand side, you can see some of the gatekeepers related to operations and on from the from the middle to right hand side, you can see some responsibility numbers, which, of course, are also important part of the, part of the economic development of the thermostat as well. From the, operational numbers, we you can see that we have talking a lot about the scale and the scalability of the sort of the fee for service type of health care business where we are operating in Here you can see that number of the units has increased to 10.7% and even though the number of the customers has remained rather stable, the number of the visits and the visits to physician, like, really already mentioned, has increased quite considerably compared to the market numbers. And therefore, we believe we have been able to gain share also in 2019.
And as a reminder, these numbers are sort of, related to our existing, sort of the health care center network, which excludes outsourcing, staffing, massage therapist, dental business, etcetera, etcetera. So there's no way to make a concrete conclusions on prices, but for the for the number of the visits you development you can see here. 2nd, highlight on this that I would like to raise is the sickness absence which has it has continued to decline is now 3.7% which is obviously in a sort of employee incentive business like ours is very important. The next one to highlight is the CO2 footprint, at least in the Finnish context we are the first one to able to report that as well. And, and, hopefully, that will encourage both private companies and public health care sector as well to report that.
And hopefully, we will have a fierce competition data health care providers to able to decline that number. As you can see, the biggest proportion in our case from the CO2 footprint comes from electricity and, and that will decrease considerably during this year because we have changed our electricity portfolio to clean electricity. From the economic perspective, the tax footprint has increased considerably as as the sort of term, deferred tax losses have been used and now we are in been positioned. And obviously, of course, because the result has increased as well and the number of the employees, which also relates to the fact that we are, even in Finnish terms quite big. Payer of the salaries and fees to the employees.
Then on the quarterly development, profitability wise like Vile already mentioned, the good profitability development continued also in Q4, so that the EBITA margin was at 11.8 versus 13.7% last year. The number of the working days is the same. But obviously, the Attendo was not included in during that time and, and, the like mentioned already during Q3 result, a meeting that we had that the comparison period that Q4 in 2018 was was really good, and that's why that's why we had a tough comparison period, but also like Will said, we are investing heavily now in our IT and digitalization and out of sort of the same for our overheads. Which will have impact on the cost structure, as well, which is sort of investing for the future. And also one other means being to bertoff mentioned is that the sales mix, sales mix, develops continuously in the direction that as we have said that when the well-being services increases and the preventive services increase and also this quarter, the sort of the doctor appointment increase It means that the appointment driven business is increasing relatively speaking to lapse emitting and surgeries, which have impact on the overall margin development as well going forward.
On the next slide, you can see, the operating leverage, like before, Even though that the comparison period is a bit difficult to sort of compare with because attendance numbers are not included in there, you can see that if taking those, more cleaner line items like at operating expenses or materials into services, Those have increased less than the top line, which further sort of elaborates that the fact that that, the fee for service type of businesses is a scaling 1 and that same trend will also continue in the future although this year has been a bit more difficult to compare with the last year. On the balance sheet side, probably one thing to highlight here is that, we updated our financial target related to leverage ratio, that was purely based on technical update based on the IFRS 16, the previous one was 3 times, EBITDA a leverage ratio now, the updated financial target is 3.5, including those rental liabilities, And as you can see, in addition to the fact that we were able to see our growth target, we are also growth target and our dividend target, we are also below our financial target when it comes to the leverage ratio, which gives us of course room to maneuver and invest in the future opportunities.
Development of the leverage ratio you can see on this slide continues to be declining obviously because of the strong cash flow that we have been able to generate and increasing result Also, as mentioned before, one of the, sort of the important KPIs related to to sort of, the operational efficiency is also net working capital development in this business. And as you can see, that, that Wholesale has remained rather stable. And like before, the same trend further has continued when it comes to the investments, like mentioned many times, the intangible investments which relates to IT and, IT, IT infrastructure and digitalization has continuously increased and increased the LTM number now up to EUR 18,000,000, although the rest of the sort of the investments even though that we have grown quite considerably compared to 2018 Q2, has remained rather stable. So the investments, which is growing, is the intangible investments, not so heavily on machinery and meter in premises as you can see from the longer trend as well. Finally, few words on the, on the targets for this year, we, like mentioned, we have renewed our financing package.
With the sustainability linked financing, and there's a 3 target, 3 KPIs, which which we are targeting at and the numbers and the target levels, you can see here. So one is the net promoter score. NPS and E NPS, which relates to employee, sort of satisfaction and then there is a mixed waste intensity, which is one of the most important sort of the, environment like APS for the health care And if we are able to achieve those targets, obviously, then our interest expenses will further decline during this year. And the following. Finally, some information regarding the financial reporting and coming IR events.
And then I think that we have time for the Q and A.
Thank you, Ilkhan Bill. Do we have any questions from the phone lines?
So, ladies and gentlemen, if you have a question from the speakers, And we have our first question from Mr. Panal Eighty Macky Thank you.
I have 3 questions. First one is on price pressure in occupational health care that you mentioned in the report, can you comment that the magnitude of this, how much our prices down, how large part of your business is impacted by this and what has changed in the market after Q3, what is driving this?
Should we take all those 3 or they could take me 1 by 1?
But it's the same topic, but three questions.
Okay. So regarding the pricing, we will see the magnitude of that in the future. But like Ville mentioned, there's a sort of it's it's it's it's going to 2 directions, actually. So one is that there is a, there is a company that are more price sensitive and then there are more and more companies like we have said many times that are investing heavily on well-being and preventive services. So in that sense, that the net result of that, can already be seen in the result and will further be seen in the future result But the magnitude of those 2 different sort of developments is quite difficult to say at the moment, but But, I don't want to overdram, I'll decide it, in occupational health care, it's good to remember that, that sort of the churn within the occupational health care customers is clearly less than 10% closer to 5%.
And therefore, the impact is, is not that dramatic. It's not that fast. It's a more sort of the trend so that the 3 corporates are buying different kind of sort of service levels.
Yeah. And I would add that, this is, from our point of view, it is more a term thing to, new and varying customer needs. So, basically, it's natural that the basic services for in any business, basic services, there will be price pressure. But luckily also in this business, they are, there's a vast need for additional services and new service concept. As we, for example, heard from S Group, and it's, our internal sort of job and unchallenged to adjust to new and annotating customer needs.
And price competition in occupational health cases has all obviously always been been tight. And of course, that's why we need that scale and we need that growth that we are able to sort of, improve our cost efficiency as well.
Thank you. My second question was on the digitalization investments, much do you expect your cost level overall to increase in 2020 compared to last year?
The role of tamp, the overall rule of thumb is typically for the IT investments is that, that invested comes with $0.20 OpEx costs during the next year. So that's the sort of the general rule of thumb. But if you have a software investment of 1,000,000, you will have a sort of some sort of maintenance or other sort of expenses of 200,000 following on that investment. So that's how it typically calls and develops over time.
Thank you. My final question is on the public sector segment. What is the combined revenue of the outsourced in contracts that have ended at the beginning of this year and what do you expect to end, later?
We haven't published the exact number, but it's dozens of millions, but it should be noted that, that, those contracts will continue on a lower level. So even though that those lots outsourcing contracts in will end, we will continue providing services to same customers in a sort of smaller scope So the net impact for the profitability is not that high as the top line development.
And maybe coming back to my maybe coming back to my earlier comment on the activity in this segment. So the so scale of, sort of deals that are out there right now, excluding this one, Pei Hohek, whatever, it's in English. There's one outsourcing. Deal contemplated in the marketplace. But other than that, they are smaller in scale, but the number of needs and requests and questions from public customers that it's increasing.
So activities is increasing.
Thank you. So we
have another question, from Alex Gibson from Morgan Stanley. Please go ahead, sir.
Hi, thanks for taking the questions. I have 2. Please can you talk about the changes of the keller reimbursement in the corporate customer segment, I realized there's incentives, to provide more preventative care but with lower reimbursement available for general medicine medical care, do you expect to see that driving negative mix and margins. And then I have one more question, which is a bit more high level. This is about the investments in technology that you've made over the years, it's clearly been very successful, but it seems there's an acceleration and a step up in the industry would you agree that the cost of customer acquisition is going up?
And where is that incremental spend going exactly?
If I take the first one first to
tell our reimbursement,
the change is such a way that that, that, without going to the details of the numbers, that they will provide more reimbursement for the preventive services before they had a capped amount both for the Cygnus care and preventive. And now it's fierce sort of more reimbursement for the preventive services. And our conclusion on that is that at that fold a small enterprises, it will not have any impact because, they are not, they don't have a sort of when you call the small enterprises, they don't have a HR sort of function existing. And therefore, most likely will not have a greater impact on those. For the large corporates, we believe that it will also not have a major impact because the sort of the maximum cap amount will most likely, be fulfilled anywhere.
But for the medium sized corporates, which already have some sort of HR functions and which are able to steer their sort of needs and demand there, it would most likely have a positive, slight positive, impact on the demand of the preventive services. And therefore, overall, I would say that there is no dramatic impact on that either, but slightly increasing, impact for the further ongoing trend, which is that the increase in preventive and well-being services. And that will sort of further enhance that development. For the Cygnus Care, I don't believe that it will have any negative impact either because, when people are sick, they are sick and they need some, some, some sort of medical help and or assistant for that. And that's why we believe that it will not have a dramatic impact on that And the next one was related to IT,
cost of IT. I sorry, I missed the last part of the question. So it was related to cost of IT. And development going forward.
Yes, sure. So it's more about the cost of customer acquisition effectively having to have a better and better IT system to actually gain that customer of your competition or being able to treat that customer. And then related to the IT investments that you're making now, where is the incremental spend going exactly? Is it just reinforcing what you have? Is it the the, the cyber security elements that you had in the quarter just understanding where you're putting the IT investment?
Where the money costs money, money, first of all, is to start with where the money costs money costs, I take, again, in in all areas basically. We are renewed, like Sabi, during the last quarter, we renewed, our system for the occupational health care nurses. We have renewed our bookkeeping systems, our back office systems, etcetera, etcetera. So it calls both for this sort of the infrastructure and the renewing of that, but also, a lot of money goes also for the digital development pit and mobile app and mobile development, albeit remote services, etcetera, etcetera, or services for our health care professional. So it's a sort of, I would say, wide scope of different kind of development activities, which relates to IT.
Yes, I could comment further on that one. So as I said earlier, Ana, ilkka said also we are working on different areas of our IT, sort of integrating our systems, integrating our network in creating our service flows and customer flows in a way is one part, then putting new services and for example, apps to our customer front line, obviously, is another. And, assessing a Tervest place and capabilities in this scheme, I would say that we are ahead of the market. Especially when it comes to sort of holistic view and connecting the knots between different services. It's quite easy to come up with very narrow, narrow scope and a narrow service, for example, an app for a service, but really connecting the system network that we have today requires skills, requires investment, and we are I would say, ahead of market in that area.
And one more comment further to elaborate on that, that the reasoning why we are also renewing our infrastructure can be seen on this slide. If you think about it that way, that our scale has doubled since 2015. And obviously, all the sort of the IT infra has not been renewed since that obviously as you scale, as you grow, you have to sort of upgrade, overall all the systems that are that you are operating with and that sort of comes with the growth as well.
Sorry, I was just going to say, and stepping back and taking all of the elements, do you think this next year you will see margins margin expansion or will the costs of the investments weigh on margins next year? And you may see a step back before the efficiencies come through.
As you know, we don't sort of provide margin forecast for the following year. We only have mentioned that we believe that for the corporate customer, that could sort of positive development trends further continues and for the private customer strong strong demand is there and will further further continues. Then on the cost structure, obviously, these elements will have, have an impact on those that well, but, but, like, like we have said, our midterm target is still the same that it has been before, and, that's where we are targeting at, at least.
Thanks.
So we have no further question from the phone. Sorry.
Thanks. I think we have questions from the room. So may go ahead.
Thanks, Sam Zarkames, Nordea Markets. I have three questions. Firstly, starting from Q4 margin development, I think we already discussed the impact from IT Investments, but can you still elaborate on the sales mix change relative to earlier quarters.
What happens if you would exclude the Octend those trees and the public piece If in overall, the development is such that the appointment driven business speed physician appointment or be other sort of care professional, be it a nurse, be it a psychotherapist, nutritionist, etcetera, etcetera. When that sort of volume is increasing faster than the relative volume of the surgeries or diagnostics it will have an impact on the margin as well because the appointment driven business typically in our business includes that private practitioner fee. And that's what that's why it has a has a sort of lower margin level than in other sort of, character and pieces. And that trend has, continued already. And, and, like, like certain, like, mentioned before, we expect it to further continue and, and will therefore have a, a further impact on when we go forward far.
Okay. And then my second question would be about organic growth. I think you discussed this related to group level and also for the public segment, can you share some light into organic development within private and corporate segments?
So, overall, if you take a look at the numbers, we said that we have, for the full year numbers, we exceeded the financial targets 6 to 8 and it was slightly below 10%. So there is a quite narrow sort of spectrum between 8% 8% 10% for the full year. For the Q4, like we know, the here is the public organic growth which is at 11.5. For the corporate segment that, that, 5.8 is it's almost organic. It's the below last decimal, the impact of the of the Atento acquisitions.
So that organic and the impact of the private business, the acquisition impact for the private business in Q4 from the dental piece of the Attendo was 9%. So if you would exclude those, you can sort of the rough numbers for the Q4 as well, which is then again, slightly below that, that was somewhat below that 10%.
Okay, thanks. Very helpful. And then final question, you've been in the press recently regarding this information security incident Can you tell us what happened and, what are the sort of recovery actions you're taking to solve the issue?
Okay. So we had an incident, time course of that. It was around 1 week ago. So where it surfaced, that one of, bad actor had been fishing some individual details of our customers, not medical details, but basically last parts of last four digit of social security number, that was the target. And it was from our booking system which has no sort of funnel to, to, medical data.
So we were dealing on only with the personal identification data. And, we, of course, had that information, analyzed that one put a strong response in place and now we as the only private operator in this industry are applying strong electronic identification for our bookings as well. I think it's a it was for me sort of, of course, not very welcome incident as such, but a good demo ration of organization's capability to really fast come up with solutions. And also, as I mentioned before, of the value based people are taking this one's really related to heart and then taking this one's really, really seriously.
Okay. Thanks. No further questions.
Yes. Anna Irisgemond from Carnegie Just one question. The government is planning to cut the KLR reimbursements for private health care What is your view on this and what kind of sales impact could you expect?
Well, we have been Of course, discussing this, this, analyzing this one, it's, going to be the impact from our point of view out from our assessment is going to be, very mild if, if, if anything, we are talking about the 50 if we are talking about private sector, the changes as we understand them, if they would fully go through, would represent 2% price increase for private customers and taking into account the, sort of, price elasticity of 2% when you actually don't even touch the face value of your pricing, and basically no real alternative, it's going to be, in our view, at max very, very mild.
Okay. Thank you. Thanks. And we have one question from the webcast. What is the total value of lease liabilities under the IFRS 16 and how much real estate do you have on the balance sheet as freehold?
The real estate liability is that 100 and 78,700,000. And practically speaking, we don't own any any real estates. There's only a real some really minor, real estates that we own in some smaller municipalities in Finland, but practically speaking, we don't own. We operate in a in a rental facilities and the impact countries in
questions either through the phone lines or from the room?
No, we have no further question from the phone line. But ladies and gentlemen, I would like to remind you that, you know, if you wish to have a question, please press 0 and 1 on your telephone keypad. So it seems that we have no further question. Thank
you.