Interim report January-March 2014: Strong result during the first quarter

• Doubled EBITA compared with the previous year (excluding capital gain)
• Great demand resulted in good bed occupancy.
• Cost-cutting measures already had an impact in the first quarter

FIRST QUARTER 2014

• Revenues increased to SEK 206.6 million (195.0) and organic growth to 6 percent (1)
• EBITDA amounted to SEK 22.9 million (26.1), and the adjusted EBITDA to SEK 22.9 million (15.4)
• Adjusted EBITDA margin amounted to 11.1 percent (7.9)
• Result after tax (EAT) amounted to SEK 12.8 million (14.2)
• The result per share amounted to SEK 0.15 (0.18)

THE CEO’S COMMENTS
We are very pleased to see that the positive development from previous quarters has been maintained, with doubled EBITA excluding the capital gain from the sale of our business in Bergen in Norway during the same period last year. It is worth noting that Easter is a little later this year, which had a positive effect on clinics’ results during the first quarter and is expected to have a correspondingly negative effect during the second quarter. We estimate that the effect amounts to a couple of million Swedish kronor.

The improvement comes from all business areas and is above all a result of the fact that we have been good at attracting patients at the same time as we have kept down our costs. The strong demand means that most of our clinics are operating at high capacity levels, which results in good efficiency. The improvement in results occurred in a market that continues to be challenging, where prices in general are going down or standing still. This requires us to continue the work on improving efficiency, above all by reviewing our hospital care chains in their entirety and how we can work there in a smarter way in order to reduce the resources used. Our model of a decentralised organisation, partnership and central project resources affords us good opportunities to drive this work together with the medical profession.

Organic growth is 6 percent, but there is also a certain Easter effect here too. At the same time we see good opportunities to continue the organic growth. We are working to increase capacity in several of our clinics; amongst other things, we are going to extend Stockholm Spine Center’s city unit so that we are more easily accessible and can expand our rehab business operations.

Public debate focuses a great deal on profits in the welfare system. In our opinion this focus is malplaced bearing in mind that by and large there are no other areas in society where we believe that a monopoly gives the highest quality and greatest efficiency. Hospital care, and in particular specialist hospital care, is a complex business that presents great challenges and where competition really can drive development. However, this does not mean that all private care is good, just as not all public health care is good; clear demands must be made of care providers and good follow-up is necessary. In our view, most politicians working closely with questions involving health care, irrespective of party affiliation, see that private care really contributes to the development of society. This is particularly true of GHP. Our focus on high quality and efficient health care truly creates benefits for society.

28 April 2014
Gothenburg
Global Health Partner AB (publ)

Daniel Öhman
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 | 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 28 April 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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