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Interim report January-June 2014: Strong result for the second quarter as well

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  • Good demand in most clinics gives good capacity utilisation
  • Earlier cost-cutting measures continue to have desired effect
  • More stable business operations provide solid foundation for continued development

SECOND QUARTER 2014

  • Revenues amounted to SEK 200.9 million (194.6) and organic growth to 3 percent (7)
  • EBITDA amounted to SEK 18.2 million (16.2)
  • EBITDA margin amounted to 9.1 percent (8.3)
  • Result after tax (EAT) was SEK 9.3 million (6.0)
  • Result per share was SEK 0.11 (0.06)

FIRST HALF YEAR 2014

  • Revenues amounted to SEK 407.5 million (389.6) and organic growth to 5 percent (6)
  • EBITDA amounted to SEK 41.1 million (42.3, adjusted SEK 31.6 million)
  • EBITDA margin amounted to 10.1 percent (adjusted, 8.1)
  • Result after tax (EAT) was SEK 22.1 million (20.2)
  • Result per share was SEK 0.26 (0.24)

THE CEO’S COMMENTS
We are pleased that the positive trend is continuing. Most clinics have a stable position, with strong demand and exciting development projects. It is now important that we take advantage of our strong position in specialist health care and continue to develop. We are therefore working on three areas:

-  We have good demand in most of our clinics and see that there are good opportunities to grow. We are therefore progressing with both acquisitions and organic growth projects. Acquisitions may be within both current and new specialities, but within existing geographies. Organic growth consists above all of infrastructure projects, which are quite time-consuming as they involve long planning times and because extension and rebuilding work must not disturb business operations too much.

-  Unfortunately, we have some business operations that do not live up to their potential and we have therefore implemented a number of changes in senior management at clinic level and are working on action plans. We can see good long-term potential in all these business operations.

-  We must be better at showing what we do and what we represent. GHP has excellent clinics that both deliver high quality and help society to reduce its costs. We must be better at explaining this, both in order to attract patients and co-workers and also from a political point of view.

The new more efficient organisation is beginning to take form and we feel that despite the lower cost structure we are in a good position to be able to deliver in all these areas. The fact that Easter this year largely fell in the second quarter and that the comparative figures contain a positive effect from a reverse supplementary consideration means that the actual improvement is larger than it looks. Even if we can see that several of our clinics can achieve better financial results, we are still satisfied with the results in both the first and second quarters.

The public debate has unfortunately continued to develop in a negative direction and with a great lack of facts. There are good campaigns such as the Association of Private Care Providers’ “We make a difference”, which successfully elucidates the contribution of the private alternatives. However, it seems to be difficult to get a more nuanced picture across in the media. Naturally there are care providers that are not so good in the private sector as well, but our view is that most problems in privately run welfare come from the lack of demands on the part of the County Councils and the poorly designed payment systems, even if things have improved in recent years. We are constantly working to help to create better procurement processes and free choice of care. However, we do not expect that the political debate will have any major negative impact on GHP, irrespective of the result of the General Election. GHP is a long-term health care provider that always gives priority to quality and therefore welcomes increased demands from both purchasers of health care and patients.

15 July 2014
Gothenburg
Global Health Partner AB (publ)

The Board and CEO

Queries should be addressed to:
Daniel Öhman, CEO, phone: +46-708 55 37 07
Tobias Linebäck, CFO and Head of Investor Relations, phone: +46-708 55 37 19

GHP is an internationally active healthcare provider that operates specialist clinics in a select number of diagnostic 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 diagnostic area produce increased efficiency and higher quality, which is the cornerstone of GHP's business philosophy – “Quality through Specialisation”. GHP’s shares are traded on the Small Cap list of NASDAQ OMX Stockholm under the abbreviation “GHP”.

Global Health Partner AB (publ) | www.globalhealthpartner.com
Corp. ID No. 556757-1103 | Södra Hamngatan 45 | SE-411 06 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 15 July 2014 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 interim report. When in doubt, the Swedish wording prevails.

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Global Health Partner ghp healthcare provider specialist clinics quality through specialisation Tobias Linebäck Daniel Öhman with the patient at the centre Interim report January-June 2014

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