Year-end report 2013: Improved underlying operating result
ET | Source:Global Health Partner AB
· New organisation under implementation with a view to increasing efficiency
· One-off costs amounting to SEK 9.9 million and goodwill write-down amounting
to SEK 30 million
· Completed organizational change at the head office is estimated to result in
yearly cost savings of SEK 9 million
FOURTH QUARTER 2013
· Revenues increased to SEK 208.4 million (205.8) and the organic growth
amounted to 4 percent (2)
· EBITDA amounted to SEK 8.5 million (17.3), adjusted EBITDA to 18.4 million
· Adjusted EBITDA-margin amounted to 9 percent (8)
· The result after tax (EAT) amounted to SEK -33.2 million (4.6)
· The result per share amounted to SEK -0.54 SEK (0.04)
WHOLE YEAR 2013
· Revenues increased to SEK 737.7 million (723.3) and the organic growth
amounted to 6 percent (0)
· EBITDA amounted to SEK 49.7 million (29.6), adjusted EBITDA to SEK 50.1
· Adjusted EBITDA-margin amounted to 7 percent (4)
· The result after tax (EAT) amounted to SEK -25.1 million (-59.1)
· The result per share amounted to SEK -0.50 (-0.94)
THE CEO’S COMMENTS
During 2013 we have seen positive results from the actions taken to increase
profitability. EBITDA for the whole year has improved by around SEK 20 million
to SEK 50 million. However, even if several clinics displayed good improvement
during the year, there is still room for improvement of results in the Group.
Since the change in management in the fourth quarter, we have focused on
decreasing head office costs and to organize us more efficient. As many of the
areas where we have synergies, such as infrastructure, networks, sales and
regulations, are geographically focused, we have gone over to a geographic
structure where the business area managers are responsible for a region.
Moreover, we have created a clinical support group where we have gathered
analysis, implementation, IT and market resources. The aim of this is to create
more effective project-based support. This restructuring and the overhaul of our
other costs have created a more efficient organization enabling us to reduce
central costs by SEK 9 million on an annual basis.
Market development has been two-edged. The price structure varies a great deal
depending on geography and speciality, but in general terms price development
was negative during 2013. At the same time we have had a good inflow of
patients, largely due to patients using their rights and actively choosing us,
and we have therefore been able to avoid the most negative bidding wars. We
continue to work on our quality development and in the future we will be even
better at showing our quality, something which is becoming increasingly
important to reach patients. Our goal is to be patients’ first choice, at the
same time as our model and constant development allow us to maintain a very high
level of efficiency.
We are now focusing on developing the business and see good opportunities for
profitable growth, primarily from the acquisition of businesses which are
leaders in their field and match our focus. The expansion will be in existing
geographies in current and new specialities.
We enter 2014 with good self-confidence as we have learnt from our history and
made adjustments, and we now have a good foundation to stand on. The starting
point for GHP’s business is that elective specialist health care is run most
efficiently and with the highest quality in focused centres specialised in the
specific patient group. This is combined with partnership, decentralisation and
collaboration between the clinics, which results in fleet-footed businesses with
committed doctors where we learn from each other.
20 February 2014
Global Health Partner AB (publ)
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
Global Health Partner 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 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
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 20
February 2014 at 7.30 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.
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