Interim report January-September 2014: Positive EBITDA for third quarter despite holiday period


  · 8 percent organic growth
  · Adjusted EBITA has more than doubled during the first nine months of the
year
  · 57 percent of GHP’s revenues so far during 2014 stem from other sources of
revenue than Swedish County Councils

Third quarter 2014

  · Sales revenues amounted to SEK 150.2 million (139.7) and organic growth to 8
percent (8)
  · EBITDA amounted to SEK 1.2 million (-1.1)
  · EBITDA margin amounted to 0.8 percent (-0.8)
  · Result after tax (EAT) was SEK -6.9 million (-12.0)
  · Result per share was SEK -0.11 (-0.20)

January - September 2014

  · Sales revenues amounted to SEK 557.7 million (529.3) and organic growth to 5
percent (7)
  · EBITDA amounted to SEK 42.3 million (41.2, adjusted 31.7)
  · EBITDA margin amounted to 7.6 percent (adjusted 6.0)
  · Result after tax (EAT) was SEK 15.2 million (8.1)
  · Result per share was SEK 0.16 (0.05)

The CEO’s comments
Continuing good demand and an efficient organisation are maintaining the
improvement in results that we have seen during the past quarters. The third
quarter is a challenge as the demand for specialist care goes down during the
holiday period and the surgical wards at our clinics are closed for the summer
holidays. We are therefore pleased to be able to deliver a positive EBITDA for
Q3, something which we have not done for a long time.

The work in our areas of focus - growth, profitability in existing clinics and
GHP’s identity – is continuing. In the growth area we have several exciting
projects and we hope that one or two of them will come to fruition during the
coming six months. During Q3 we opened our new doctors’ office at Garnisonen in
Stockholm. Stockholm Spine Center and Ortho Center Stockholm will be able to
grow their business there in 35 new doctors’ offices. Together with the new free
choice of care for rehab, this is an opportunity for Stockholm Spine Center to
increase the range of treatments offered by also being able to take care of the
very severest back cases that we cannot treat through surgery.

As regards profitability in our existing clinics, we continue to do work on the
clinics that are still some way from fulfilling their potential. We are also
working on new agreements and structures on the supplier and customer side so as
to cut costs and grow. The work on profitability in existing clinics is crucial
if we are to manage the threat of a drop in profitability as a result of the
development of prices in combination with annual cost increases.

You can see one of the results of the work on GHP’s identity in this interim
report. We have a new logotype that links our clinics and clearly shows that
they are a part of GHP. We are continuing to work on being even better at
displaying our quality and informing about GHP, and you will see the results of
this in the coming months.

The Government and the Left Party launched their agreement on “profits in
welfare” during the past quarter. The agreement is formulated in general terms
and it is difficult to know what the enquiry will lead to. This agreement
involves both opportunities and risks for GHP: opportunities as we have long
sought higher demands from the County Councils and as a period of concern can
lead to decreased competition with regard to growth opportunities; and risks as
it causes our partners concern and as a curbing of future dividends could affect
the desire to invest in GHP. However, 57 percent of our revenues come from other
sources than public sector health care customers, which should mean, even in the
more negative scenarios, that curbs on the paying of dividends will not be an
obstacle to GHP’s future dividends.

In the meantime we are working on holding up our business as a good example,
where we with relatively good profitability benefit society by contributing with
high quality at the same time as we save the taxpayers money.

31 October 2014
Gothenburg
Global Health Partner AB (publ)

Daniel Öhman
CEO
Queries should be addressed to:
Daniel Öhman, CEO, Tel: +46-708 55 37 07
Tobias Linebäck, CFO and Head of Investor Relations, Tel: +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) | 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 | www.ghp.se

Global Health Partner AB is required to publish the information herein according
to the Swedish Securities Market Act. This information was published on 31
October 2014 at 8.00 a.m. CET.

This is a translation of the Swedish version of the interim report. When in
doubt, the Swedish wording prevails.

Anhänge

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