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Interim report January-June 2011: Stable profitability

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SECOND QUARTER 2011

  • Revenues increased by 14 percent to SEK 180.4 million (158.5)
  •  The operating result amounted to SEK 13.0 million (15.3)
  • The result before tax amounted to SEK 11.9 million (15.7)
  • The result after tax amounted to SEK 8.4 million (10.2)
  • The result per share amounted to SEK 0.09 (0.09)
  • Organic growth of 6 percent (18)
  •  Acquisition of OPA, orthopaedic and spine surgery business in Århus, Denmark after the end of the period

FIRST HALF YEAR 2011

  • Revenues increased by 20 percent to SEK 359.3 million (299.1)
  • The operating result amounted to SEK 23.4 million (20.0)
  • The result before tax amounted to SEK 21.7 million (21.3)
  • The result after tax amounted to SEK 14.4 million (12.5)
  • The result per share amounted to SEK 0.14 (0.08)
  • Organic growth of 12 percent (15)

THE CEO’S COMMENTS
Revenues increased by 14 percent, which meant that the second quarter displayed somewhat weaker growth than previous year. This was primarily due to a continuing unfavourable patient mix in several clinics. Demand is generally strong, but the average revenue per patient is lower than during the previous year. This has an adverse effect on revenues as well as operating result. We have also spent significant resources on preparations to change the infrastructure in order to increase capacity in some of our clinics.

Spine and orthopaedic clinics continue to display good results. However, expansion of infrastructure is needed to increase capacity. The dental clinics show a mixed picture: two are doing very well but the third one has decreased its volumes over the past half year. The reasons are above all the harsh market situation for complex implant treatments, but also staff shortages. The arrhythmia clinic in Stockholm continues to display good results.

Within the Bariatrics area, the Swedish clinics have a good inflow of patients but the price level has fallen at the same rate as the percentage of publicly funded patients has increased at the cost of private paying patients. Considerable work is ongoing to reduce the resources spent and to also increase productivity. It is pleasing that the newly started clinics show good cost control, with a somewhat lower effect on costs than planned.

The market situation, above all in Sweden and Finland, appears to be further gaining in strength due to the implementation of the free choice of hospital care (vårdval). This was confirmed not least during the past Almedalen politicians’ week in Visby.

After the end of the period, on 13 July, we acquired OPA, Ortopædisk Privathospital Aarhus A/S in Århus, Denmark. OPA is a specialist clinic operative within orthopaedics and spine surgery, and it complements our existing clinics in these areas very well. Profitability has been affected by the downturn in the Danish market, but the clinic, with its very good capacity and high quality, is well equipped to continue to be an important centre in Jylland and to also further strengthen its position in the time ahead.

19 July 2011
Gothenburg
Global Health Partner AB (publ)

Per Båtelson
CEO

Queries should be addressed to:
Per Båtelson, CEO, phone +46 705 95 57 00
Tobias Linebäck, CFO, phone +46 708 55 37 19
Anna Ahlberg, Head of Investor Relations, phone +46 708 55 38 35

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 19 July 2011 at 8.00 a.m. CET.

This is a translation of the Swedish version of the press release. When in doubt, the Swedish wording prevails.

This report has not been the subject of review by the company’s auditor.

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