Year-end report 2012: Improved results in the business
- Cost-cutting measures beginning to have an effect
- Strong patient flow in all spine and orthopaedic clinics
- Decreased vulnerability as a result of greater proportion of free-choice and insurance company patients
- Divestment of businesses has contributed to stronger balance sheet and an improved financial position
FOURTH QUARTER 2012
- Revenues increased by 10 percent to SEK 205.8m (186.8)
- EBITDA amounted to SEK 17.3m (10.8)
- The operating result before goodwill write-downs (EBITA) amounted to SEK 9.5m (3.5)
- The operating result (EBIT) amounted to SEK 9.5m (-26.5)
- The result before tax (EBT) amounted to SEK 6.8m (-27.7)
- The result after tax (EAT) amounted to SEK 4.6m (-29.4)
- The result per share amounted to SEK 0.04 (-0.46)
WHOLE YEAR 2012
- Revenues increased by 7 percent to SEK 723.3m (675.2)
- EBITDA amounted to SEK 29.6m (41.7)
- The operating result before goodwill write-downs of SEK 36.8m (EBITA) amounted to SEK -4.0m (15.2)
- The operating result (EBIT) amounted to SEK -40.8m (-14.8)
- The result before tax (EBIT) amounted to SEK -52.3m (-18.7)
- The result after tax (EAT) amounted to SEK -59.1m (-28.6)
- The result per share amounted to SEK -0.94 (-0.51)
THE CEO’S COMMENTS
We are very pleased with how we ended the year. Sales were the highest they have ever been for a single quarter in Global Health Partner’s history. Results also increased substantially, which is due, amongst other things, to lower costs, both at the Group level and in the clinics. We took several important steps during the year, even if sales and profits are still not at a satisfactory level. The most important thing is our increasing focus, both geographically and operationally.
Our main geographic focus is now to conduct specialist healthcare mainly in the Nordic region. As a consequence of this focus we have now sold several clinics, including the businesses in Prague and Cairo. At the same time we have acquired new clinics during the year which complement our current business, for example a gastro clinic at Odenplan in Stockholm and an orthopaedic clinic in Gildhøj in Denmark. We also opened an orthopaedic clinic in Malmö that specialises in sports injuries and hand surgery, Ortho Center Skåne, and during the spring a new gastroenterology clinic was started, Gastro Center Göteborg.
These are businesses that are in line with our main focus since we have a high level of expertise in these areas, and there are opportunities here to create considerable synergies in terms of the revenue and cost side.
We see continuing price pressure in specialist healthcare across the board, partly since a growing part of healthcare in the Nordic region is handled by private clinics. At the same time Global Health Partner benefits from the fact that the quality perspective is being given increasing prominence in the public debate, which hopefully will result in a shift of focus from price to quality in public procurement processes.
We are increasingly focusing on achieving synergies and reduced costs in our business. We have accomplished a good deal here, but there is still a lot of fine-tuning that remains to be done. It is a matter of all the time being more and more efficient.
There is good underlying growth in our field, so it is also important to attract patients to the clinics through the public system, via insurance companies and not least where patients themselves are able to choose. The development of increasing patient power will be to our advantage. The Patient Power Inquiry was presented recently, and it proposes, amongst other things, a new patient law that will clarify patients’ options and give patients more power and freedom to choose their own healthcare. In addition it can be noted that the free choice of hospital care (“vårdvalet”) is having an increasing impact, above all in Stockholm where, for example, it is the turn of spine surgery and orthopaedics this autumn, something that we assess is in our favour.
During 2013 we will continue to develop and expand the business in line with our strategy at the same time as we will continue with our internal process of becoming more efficient, so as to be able to achieve synergies as far as possible, both on the cost side and the revenue side.
26 February 2013
Global Health Partner AB (publ)
Queries should be addressed to:
Marianne Dicander Alexandersson, CEO, phone: +46-31 712 53 09
Tobias Linebäck, CFO and Head of Investor Relations, phone: +46-708 55 37 19
Global Health Partner is an internationally active healthcare provider that operates specialist clinics in a select number of treatment areas through the application of a business model that is unique in the healthcare industry, where leading doctors become partners and shareholders. Multiple clinics with high patient volumes within the same area of treatment produce increased efficiency and higher quality, which is the cornerstone of Global Health Partner's business philosophy – “Quality through Specialisation”. Global Health Partner’s shares are traded on the Small Cap list at NASDAQ OMX Stockholm under the abbreviation “GHP”.
Global Health Partner AB (publ) | www.globalhealthpartner.com
Corp. ID No. 556757-1103 | Östra Hamngatan 26-28 | SE-411 09 Gothenburg | Sweden
Tel +46-31 712 53 00 | Fax +46-31 313 13 21
Global Health Partner AB is required to publish the information herein according to the Swedish Securities Market Act. This information was published on 26 February 2013 at 8.00 a.m. CET.
This report has not been the subject of review by the company’s auditor.
This is a translation of the Swedish version of the Year-end report. When in doubt, the Swedish wording prevails.