Year-end report 2015: A quarter of investments and development for the future

  · GHP International won a large procurement process in the United Arab
Emirates
  · Strong organic growth of approximately 10 percent in the fourth quarter
(full year 7 percent)
  · Investments in integrated care solutions in collaboration with insurance
companies
  · Continued focus on work on profitability and efficiency out in the clinics

Important events after closing day

  · As part of the process of strengthening and broadening GHP’s position in
Stockholm, GHP acquires 70 percent of Urologcentrum

Fourth quarter 2015

  · Sales revenues increased to SEK 229.9 million (209.9) and organic growth
amounted to 10 percent (1)
  · EBITDA amounted to SEK 13.7 million (18.0)
  · EBITDA margin amounted to 6.0 percent (8.6)
  · Result after tax (EAT) was SEK 13.0 million (16.4)
  · Result per share amounted to SEK 0.19 (0.20)

Full year 2015

  · Sales revenues increased to SEK 820.0 million (767.6) and organic growth
amounted to 7 percent (4)
  · EBITDA amounted to SEK 52.5 million (60.3)
  · EBITDA margin amounted to 6.4 percent (7.9)
  · Result after tax (EAT) was SEK 27.3 million (31.6)
  · Result per share amounted to SEK 0.33 (0.36)

CEO’s comments
GHP’s strong organic growth continues. Growth of as much as 10 percent in the
fourth quarter shows how very attractive our business is. We also incurred costs
of approximately SEK 6 million during the fourth quarter in two areas which I am
convinced will be important for GHP’s future development – integrated care
solutions with insurance companies and GHP International. These investments have
been very well received and it is assessed that they have great growth and
profitability potential. We continued our work on profitability and efficiency
out in the clinics during the quarter.

Integrated care solutions with insurance companies are our undertaking to
develop new health care flows and reimbursement structures in partnership with
our customers. Procurement processes today are based on reimbursement per
measure taken, without any consideration of what actually benefits the patient.
Through closer collaboration with our customers we can find new solutions, with
a more efficient use of resources and where patients receive faster and more
effective care. I am convinced that this is the direction in which health care
will move in the future and GHP has a very strong position here through our
focus on specialised clinics with well-thought-out health care flows. For GHP
this means securer revenues and more attractive workplaces where each employee
can work on what is of real benefit. This also leads to further strengthening of
the company’s market position.

GHP International is our undertaking in the Middle East where we mainly work on
a management contract basis. We have run a diabetes clinic in the United Arab
Emirates for seven years. Now that we have won a considerably larger contract to
also run two accident and emergency hospitals, our revenues from the region will
increase considerably. We will also have the presence needed to further grow in
the region. The aim is that GHP International will become a relatively
independent operation which is an expert in winning and running management
contracts in the region. GHP International will be a good addition to our Nordic
business and here our Nordic way of thinking and reputation will be of great
benefit.

We have continued to develop our work on efficiency. It is crucial that we can
manage the fall in prices that we have seen in most markets and can develop our
efficiency faster than prices fall. One of our main strategies is the “task
force” group that we have built up centrally. These are experts at supporting
our personnel in the clinics: they leave no stone unturned and draw up
development plans. This is something we have become very good at and over the
past six months we have drawn up plans for several clinics which are now being
implemented. Ortho Center Skåne is the business operation that has had the
greatest losses in recent years. We have now re-negotiated our agreements, which
means that we will save a number of million kronor annually.

As the Swedish government abolished the so-called “queue billion” paid out to
County Councils at the beginning of the year, there is a risk that this will
lead to some County Councils placing patients in increasingly long queues and
that they will put in orders to purchase health care more sporadically. This
particularly affects weaker patient groups such as patients in need of obesity
surgery, which hit GHP Bariatric Center Stockholm hard in the fourth quarter.
Developments are by and large going our way, however. Patients are being given
greater and greater opportunities to choose care provider, not least due to the
new Patient Act, and demand for health care is increasing. With our focus on
integrated care solutions with insurance companies, a successful start for GHP
International as well as our efficiency work with the clinics, I am convinced
that GHP has favourable conditions to develop strongly during the next few
years. In addition, we are also looking at profitable acquisitions that can be
developed, such as Urologcentrum, which was acquired at the beginning of 2016.

24 February 2016
Gothenburg
GHP Specialty Care AB (publ)

The Board
Queries should be addressed to:
Daniel Öhman, CEO, Tel: +46 708 55 37 07
Susanna Laursen, Acting CFO, Tel: +46 709 61 64 64
GHP is an internationally active health care provider that operates specialist
clinics in a select number of diagnostic areas through the application of a
business model that is unique in the health care industry, where leading doctors
become partners and shareholders. Each clinic specialises in a particular
patient group, and this leads to increased efficiency and higher quality. This
is the cornerstone of GHP’s business philosophy – “Quality through
specialisation”. GHP shares are traded on the Small Cap list of Nasdaq Stockholm
under the ticker symbol “GHP”.

GHP Specialty Care 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

GHP Specialty Care AB (publ) is required to publish the information herein
according to the Swedish Securities Market Act. This information was published
on 24 February 2016 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.