”Quality through specialisation” · Obesity – 2 clinics Spine – 3 clinics Orthopaedics –...

”Quality through specialisation”

”Quality through specialisation”2

Important notice

• This document has been produced by Global Health Partner AB (“GHP”) and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person

• No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly, none of the Company, or any of its principal shareholders or subsidiary undertakings or any of such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from use of this document


Agenda

1. Introduction to Global Health Partner2. Business model and strategy 3. Growth strategy and financials4. Relisting process


• Initial listing on AIM introduced in August, 2006

– Initial investors based in the UK

– Company operations located both in UK and Sweden

• Several benefits from listing on a Nordic exchange

– Shareholder base, and interest, increasingly Scandinavian

– Operations focused on the Nordics, and Sweden in particular

– Senior management team and headquarter located in Gothenburg, Sweden

– Improved liquidity through larger interest from institutional investors and private individuals

• Considering new issue in connection with listing on OMX Nordic Exchange Stockholm/First North

Background

AIM listLondon StockExchange

OMX Nordic Exchange Stockholm/

First North


Global Health Partner history

Nordic footprint

UK footprint

Obesity – 2 clinics

Spine – 3 clinics

Orthopaedics – 2 clinics

Dental – 4 clinics

Group functions

2006

2007

2008

(1) Conducts healthcare investments with a clear exit strategy, as opposed to a long-term Service Line strategy

• Founded 2006

• August 2006, listed on the AIM list of the LSE

• The first clinics acquired

– Stockholm Spine Center

– Nordic Dental Implants Clinic

– Gothenburg Medical Center

– In addition, GHP established an agreement to develop a treatment protocol for Obesity with Sahlgrenska University Hospital

• 2007:

– Additional acquisitions of four new clinics – turn around of two clinics

– One start-up of Spine Center Göteborg

– A joint venture agreement to develop business within GHP Investments 1)

• 2008:

– Acquisition of Oradent AB - the largest supplier of oral healthcare services in Sweden

– Opening of a dental clinic in Leeds, GHP’s first UK business

– Start-up of Orthocenter Göteborg

– In September GHP has 11 clinics within 4 Service Lines (historicgrowth ~1 clinic every second month)


Management team

Per Båtelson – Chief Executive

• Age 58

• Co-founder of GHP

• CEO of Capio AB 1993 to 2005

• CEO of Karobio 1986 to 1989

• Extensive experience from pulp and paper, chemical and bio technology industries

• MSc in Physics from Chalmers University

Johan Wachtmeister – Deputy Chief Executive

• Age 49

• Co-founder of GHP and Stockholm Spine Center AB

• CEO of Ledstiernan

• Executive vice president of SEB

• MBA and a MSc degree

Ann-Sofi Lodin - COO

• Age 46

• Long experience in healthcare sector

• Head of Capio Healthcare Nordic 2004 to 2006 and other leading positions within the Capio group

• Controller at Sahlgrenska University Hospital

• Master of Political Science and a degree in Business Administration

Tobias Linebäck - CFO

• Age 34

• Ernst & Young Stockholm and London 2005 to 2006

• Ernst & Young group management company and tax lawyer at Ernst & Young Sweden 1999 to 2004

• Trainee at Munksjö 1998-1999

• Master of Commercial Law


Board of Directors

• Chairman at EAB AB, Jet-Pak Group AB, HMS Networks AB, Rezidor Hotel Group AB and OMX Nordic Exchange Stockholm AB Listing Committee

• Member of the Board of Höganäs AB, Clas Ohlson AB, AB Wilh. Becker, Addtech AB, FerdA/S and Skandinaviska Enskilda Banken SEB AB

• Non Executive Chairman at Apoteket AB, the Swedish public healthcare pharmacy• Chairman at Credentus AB. Also chairman or board member of several subsidiairies of GHP• Member of the Board at Permobil AB, Permobil Holding AB, BC Business Creation AB,

Sentoclone AB, myJoice AB, Sentoclone Therapeutics AB

• Chairman of London Town Plc• Non- executive director of The Corporate Services Group Plc, Digital Marketing Group Plc

Priory Health Care Group and Watford Leisure Plc

• Non Executive Director of Mando AB Heartscape Inc and Doxa• Investor Growth Capital, Vice President• Joachim Werr is a licensed physician and holds a PhD from Karolinska Institutet

• Chairman of Scandinavian Management insitute AB (MiL Institute)• Member of the board of Clas Ohlson AB, Stadium AB, K-Utveckling AB, Stampen AB,

Scandinavian Management Institute AB, Wet Pot Systems AB, Björn Borg AB, mkt media aband tidningsbolaget Promedia I Mellansverige AB and Liberala Tidningar i Mellansverige AB

Per BåtelsonCEO

Urban JanssonChairman

Andrew Wilson

Joachim Werr

Lottie Svedenstedt


1. Introduction to Global Health Partner2. Business model and strategy3. Growth strategy and financials4. Relisting process

Agenda


The “old” concept of the general hospital … and the next step

• The general hospital model has number of deficiencies and cost disadvantages

– Physician value and roles are downgraded in large hospitals

– Complex organisations loose focus and control

– Treatment based on episodes is not optimal

– Single customer units are vulnerable

– Technology and know-how transfer takes 10-15 years

Why Global Health Partner? What is needed?

• Quality through specialisation - niche focus on special diagnosis/treatment areas

• High volume – full complexity – the entire treatment value chain

• Several cooperating clinics in the same diagnosis/treatment area

• Possibility to attract the best clinicians and co-workers

• Independence from care agreements –catering to all customers

• Open and transparent benchmarking


Global Health Partner strategic foundation

• Global Health Partner’s strategy can be summarised in the four main pillars stated below:

Quality throughspecialisation –Service Lines

• Focus

• Expertise – volumes

• Qualification to drive volume

• Superb outcome and efficiency

• Customer service

• Leverage knowledge across clinics

• Control of full care cycle – high continuity

Partnershipmodel

• Partners – only leading experts

• Aligned interests –minority equity participation

• Accelerated ownership

• Qualified peer network

• Active effort to minimize drawbacks from minorities, e.g. on tax and cash management

Decentralisedbusiness model

• Lean overhead

• Rapid adoption to market conditions

• Autonomous clinics with committed leadership

• Qualified but limited support from corporate office

• Dedicated Service Line heads

• Shared service expertise

• Transparent KPI benchmarking between Service Line clinics

Rapid growth inselected markets

• Presence in markets with:

– High prevalence in relevant treatment areas

– Deficient public offering

– Attractive customer base

– High patient awareness

• Growth

– Acquisitions

– Start-ups

– Organic

• Scandinavian origin


Global Health Partner’s criteria for choosing Service Lines

OrthopaedicsObesityDentalSpine

• Unmet and growing demand

• Poor existing medical outcomes versus golden standard

• Scarcity of top specialist

• High barriers of entry

• Threshold revenue generation per specialist

• Reasonable chance to establish regional dominance

• Scale and duplication synergies

• Potential to cater for the “full care cycle”

• Elective healthcare, not emergency healthcare


Press

“Ökning av fetmaoperationerväntas”(September 1, 2008)

News: Britain is sickliest nation in Europe - Childhood obesity rises 50 per cent in a decade(October 23, 2007)

“Obesity threatens UK”(October 23, 2007)


Global Health Partner Service Lines and Clinics

SPINE DENTAL OBESITY ORTHOPAEDICS

• Spine Center Göteborg

• Specialistkliniken förDentala Implantat

• Vita Bariatric Clinic Stockholm

• Orthocenter Stockholm (StockholmSpecialistvård)

• Stockholm Spine Center

• Vestnorsk OrtopediskSykehus

• Specialisttandvårdenclinic, Sophiahemmet

• Skånegatan clinic

• Specialistkliniken förimplantat och käk-kirurgi i Norrköping

• The Concord Dental Implant Clinic

• Vita Bariatric Clinic Skåne

• Orthocenter Göteborg

SPINE DENTAL OBESITY ORTHOPAEDICS


Global Health Partner organisation

• Global Health Partner organised along four highly specialised service lines - enables cross-clinic efficiency, quality and scale supported by an experienced central organisation:

SPINESpine surgery and

rehabilitation

Global Health Partner Central Functions

DENTALSpecialist dentistry

OBESITYObesity treatment and

surgery

ORTHOPAEDICSSports traumatology and

prosthetic surgery

• Full range of treatments

• Currently operates two clinics in Sweden and one in Norway

• Leading position in Swedish market with ~20% market share

• Holistic specialist dentistry – e.g. implantology and bone and tissue reconstruction

• Currently operates five clinics, four in Sweden and one in the UK

• Aim to establish leading clinic chain in Scandinavia & UK

• All treatments modalities – surgery, medical and cognitive

• Currently operates two clinics in Sweden

• Aim to capture large expected growth driven by epidemic increase in obesity

• Operating in two segments:

– Sports medicine –all subspecialties

– Hip and knee -artroplastics(implants) and revisions (secondary implants)

• Currently operates two clinics in Sweden

• One of the major providers in Sweden –scale essential

• Central functions like CEO, COO, CFO, IR, Service Line managements, property, M&A/documentation and start-up resources

• Currently dedicated Service Line functions only for two Service Lines

• Given GHP’s expansion strategy, substantial central scale effects are expected


Global Health Partner - Partners

SPINE

DENTAL

OBESITY

ORTHOPAEDICS

Stockholm Spine CenterTycho Tullberg

Stockholm Spine CenterVibeke Blecher

Spine Center GöteborgÅke Blixt

Spine Center GöteborgOlle Hägg

Spine Center GöteborgBengt Lind

Stockholm Spine CenterBjörn Brandt

Stockholm Spine CenterSvante Berg

Specialistkliniken för implantat & käkkirurgiSten Andersson

Specialistkliniken för Dentala implantatThomas Kallus

Nordic Dental Implant ClinicThomas Nordin

Nordic Dental Implant ClinicRoland Nilsson

Vita Bariatric Clinic StockholmGöran Lundegårdh

Orthocenter MotalaBengt Horn

Ortho-Spine Center ÄngelholmHerbert Franzén

Ortho-Spine Center ÄngelholmBengt Sturesson

Orthocenter MotalaKrister Djerf

Orthocenter MotalaJan Lindquist

Orthocenter GöteborgUlf Nordenson

Orthocenter GöteborgLars Carlsson

Orthocenter StockholmIngmar Gladh

Orthocenter StockholmMats Heidvall

Ortho-Spine Center ÄngelholmLars Wahlström

Orthocenter GöteborgLars Regnér

Orthocenter GöteborgLeif Swärd

Partner Clinic

“I am proud to work with GHP and I am convinced that the idea of building a brand standing for highly specialised, high quality care, in different disciplines is correct. Per Båtelson is very encouraging and has a special power to inspire people. He also has a track-record of building successful company structuresin this area”(Thomas Nordin)

“GHP combines the advantages of global strength and local entrepreneurship”

(Krister Djerf)

“After twenty years in public health care sector it was time to develop a private outpatient clinic that we could run as we believe in a optimal way. GHP was the natural partner in this development with their focus on clinical results, medical development and science as the key to success, as well as our freedom to manage the clinic in order to achieve the best results.”(Vibeke Blecher )

“To be a partner in the GHP group is hopefully a possibility to spread our successful ultiprofessionalrehabilitation model to other parts of Sweden and Europe. This in order to gain a growth of GHP and a sustainable platform for our rehab model in other potential clinics, all in the best interest of our patients”(Ulf Nordenson)

“The opportunity to work in a network of state of the art,specialist driven, spinal clinics provides unique possibilities todevelop our clinical skills and researh potential.”(Åke Blixt)


1. Introduction to Global Health Partner2. Business model and strategy3. Growth strategy and financials4. Relisting process

Agenda


Global Health Partner – positioned for substantial growth

Base case in healthcare –Demographics and new R&D

Accelerated growth –GHP start-ups and acquisitions

Growth drivers Indicative growth p.a.

~5%

~5-10%+(more in e.g. Obesity

or other segment markets)

GHP specific growth drivers

~30%+

High growth in selected niche treatments –GHP Service Lines


Acquisitions and Start-ups

• Financing - cash, bank loans and equity issue

• Financial effect – significant goodwill due to limited fixed assets

• Ownership stakes – today ranging from 41-100 per cent

• GHP always aims to be majority owner

• Put/Call option for acquiring minorities

• Short start-up time

• Acquisition multiples approximately 3-7x clinic EBIT

ACQUISITIONS START-UPS

• Return on investment compared to large first generation healthcare providers attractive – low acquisition multiples vs. consolidated margins and start-ups with even higher return

• Future growth fuelled by adding more Service Lines and entering “larger” markets (e.g. Germany)

• Examples of “infrastructure driven” acquisitions of low performing clinics and subsequent turn-around (new surgeons, GHP Service Line) or start-up

• Green field clinics

• Less capital required - historical capital investments ranged from 5-20 MSEK

• Longer start-up time compared to acquisitions –need to secure right personnel, premises, etc.

• Likely more than acquisitions in future

• Start-up costs per clinic estimates MSEK ~5-10 depending on Service Line

• Time to full establishment approximately 2-3 years

VS


Global Health Partner – Partnership model example

• Global Health Partner ownership ~70%

• Partners: ~3 surgeons owning 10% each (other surgeons and employees have ordinary employments)

• A partner has an individual right to sell her/his shares (put-option) after a pre-defined number of years (often year 5)

• GHP also has the right to buy a partner’s shares (call-option)

• Exit valuation principle typically clinic’s EBIT times a multiple plus net debt - 50% paid based on period up until transaction, 50% paid based on period after transaction

• GHP pays partners with shares or cash

• On-going dividends and/or re-leveraging of individual clinics reduces focus on exit dates from partner perspective


Global Health Partner Revenue and operating profit

0

50

100

150

200

250

300

2006 2007 2007 H1 2007 H2 2008 H1

Revenue

MSEK

EBIT (excl central costs) 13.6 23.0 14.5 8.5 26.5EBIT margin 17.5% 8.3% 10.8% 5.8% 13.7%

EBIT (incl central costs) -4.1 -16.2 -5.5 -10.7 3.6EBIT margin neg. neg. neg. neg. 1.9%

• H2 normally weaker than H1 - suffering from the fact that most clinics close their business during July and parts of August

+258% (y-o-y)

+1%

+41%(sequential)


Global Health Partner revenue

Insurance, 12%

Private, 23%

Public , 65%

Orthopaedics, 27%

Dental, 17%

Obesity, 8%

Spine, 48%

GHP revenue split by customer group Jan-June 2008 GHP revenue split by Service Line Jan-June 2008

• Well diversified revenue sources • Diversified clinic base


Global Health Partner Service Line financials

GBP informationSEK information

Revenue 2007 (GBPm) 2006 (GBPm)Spine 93.4 59.8 7.7 4.4 9.8 3.7Dental 33.7 20.7 2.8 1.5 2.6 1.2Orthopaedic 52.6 51.0 4.3 3.7 6.9 0.8Obesity 15.0 7.6 1.3 0.6 1.2 -Corporate1) - 0.4 - 0.0 - -Total 194.7 139.4 16.1 10.2 20.5 5.7

Operating segment contribution

Spine 19.1 8.5 1.6 0.6 1.2 0.8Dental 5.1 5.1 0.4 0.4 0.5 0.3Orthopaedic 2.5 -1.2 0.2 -0.1 -0.1 -0.1Obesity -0.2 2.1 0.0 0.2 0.2 -Total 26.5 14.5 2.2 1.1 1.8 1.0

Corporate expenses2) -22.9 -20.0 -1.9 -1.5 -3.0 -1.3Operating profit (loss) 3.6 -5.5 0.3 -0.4 -1.2 -0.3

Net income (loss) -2.4 -5.5 -0.2 -0.4 -0.9 -1.0

Attributable to -Shareholders' equity -7.2 -6.9 -0.6 -0.5 -1.1 -1.1-Minority interests 4.8 1.4 0.4 0.1 0.2 0.11) Extraordinary (consultancy) revenues in GHP Ltd in 2007.

2) Corporate expenses is the part of the central costs that has not been allocated to any of the segments.

Jan-June 2008 (SEKm)

Jan-June 2007 (SEKm)

Jan-June 2008 (GBPm)


• Minority interest have large impact on current profitability:

– Profitable clinics imply minority profits despite low group profitability due to high group central costs and investments in growth opportunities

– Going forward, low growth in central costs assumed

– Hence, minority share of operating profit/net income expected to decrease over time

• Central costs (~40 MSEK 2007) are allocated to ~1/3 to clinics and ~2/3 devoted to create future growth (e.g. acquisitions and start-ups)


Global Health Partner Group balance sheet summary

• Large goodwill as a result of the acquisition strategy

• Net debt of SEK 25 million

GBP informationSEK information

AssetsTotal non-current assets 508.7 364.6 42.7 26.5 32.6 24.4Of which Goodwill 405.1 337.1 34.0 24.5 28.0 22.6Cash and cash equivalents 173.9 302.6 14.6 22.0 18.0 12.6Other Current assets 87.0 64.7 7.3 4.7 5.0 3.3Total assets 769.6 731.9 64.6 53.2 55.6 40.3

Equity and liabilitiesTotal shareholders' equity 449.1 470.5 37.7 34.2 35.1 22.5Minority interests 21.4 13.8 1.8 1.0 1.4 0.3Other non-interest bearing liabilities 100.1 60.5 8.4 4.4 4.8 3.6Interest bearing borrowings 200.0 187.1 16.7 13.6 14.3 13.9Total equity and liabilities 769.6 731.9 64.6 53.2 55.6 40.3

Key Data

Equity ratio (%) 61.1 66.2 61.1 66.2 65.6 56.6Share of risk bearing capital 62.7 67.5 62.7 67.5 66.2 57.8Net debt 25.0 -115.6 2.1 -8.4 -3.7 1.1Working capital in relation to revenue (%) 62.4 215.1 64.0 213.7 89.3 193.0

30 June 2008 (GBPm)

30 June 2007 (GBPm)

31 Dec 2007 (GBPm)

31 Dec 2006 (GBPm)

30 June 2008 SEKm

30 June 2007 SEKm


1. Introduction to Global Health Partner2. Business model and strategy 3. Growth strategy and financials4. Relisting process

Agenda


• Global Health Partner has expanded, and will continue to expand, through acquisitions and greenfield start-ups

• Considering new issue in connection with listing on OMX Nordic Exchange Stockholm/First North - no immediate capital need envisaged from on-going business

• Global Health Partner’s primary objective is to list on the OMX Nordic Exchange Stockholm.

• Indicative time table:

− AIM delisting September 16

− Listing on OMX Nordic Exchange Stockholm/First North in early October

− Potential placing to take place between delisting and listing

Relisting process


Share price and ownership

AIM Share price development Shareholder structure

• Current share price: 14.1 SEK/120 pence

• 1 month average share price: 14.1 SEK/120 pence

Shares traded, ´000Share price, pence Owner Share

Hosar International Limited 17.3%Metroland BVBA 16.5%Investor Growth Capital 16.4%EFG Bank 8.4%Johan Wachtmeister incl. comp. 6.9%Per Båtelsson incl. comp. 6.0%Irish Life International 4.8%Other 25.0%

Large transactions since listings4:

• On December 21, 2007, Investor Growth Capital acquired 8,500,000 shares from Hosar International Limited. Share price SEK 15.67 (120 pence)

• New issue of shares on February 20, 2007 – primarily to Metroland. Share price SEK 13.79 (100 pence)

• New issue of shares when listing on AIM, August 16, 2006 to UK and Scandinavian investors. Share price SEK 8.16 (60 pence)

Current Market Cap: 791.7 SEKm/67.4 GBPm

No of outstanding shares: 56 145 488

1) No. of shares including convertible debenture expected to be converted on September 18: 59,516,074

2) Hosar International: Investment company owned by Lord Ashcroft

3) Metroland BVBA: Investment company founded by Bo Wahlström

4) Two other relevant transactions: (1) Issue of 266,355 ordinary shares at 130 pence on July 16, 2008, to certain clinicians in connection with internal reorganisation (2) Acquisition of Oradent AB financed by issue of 1,444,000 shares at 122 pence on April 16, 2008

2)

3)1)

0

50

100

150

200

250

8/16/20

0610/16/200612/16/2006

2/16/20

074/1

6/2007

6/16/20

078/1

6/2007

10/16/2

00712

/16/200

72/1

6/2008

4/16/20

086/1

6/2008

8/16/20

08

0

50

100

150

200

250

Traded volume GHP Share price OMX Small Cap Index FTSE AIM 100 Index


Appendix

A. OperationsB. Financials


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140

2006 2007 2007 H1 2008H1

Revenue

Global Health Partner Service Lines - Spine

• 20,000 spine procedures in the Nordic, of which Sweden ~7,000-8,000

• Annual growth rate ~5-10% in relatively mature Nordic countries

• Specialised high-quality patient centresproviding full range of treatments – spine surgery and rehabilitation

• Leading position in Sweden with ~20% market share

37%

90%

63%

GHP Ownership*

18Bergen, NorwayVestnorsk Ortopedisk Sykehus

73Stockholm, SwedenStockholm Spine Center

6Gothenburg, SwedenSpine Center Göteborg

EmployeesLocationClinic

Expected growth development

Business overview Financials

*Ownership after taking into account the indirect minority ownership

MSEK


Global Health Partner Service Lines - Dental

• Given new Dental reimbursement, hard to assess the growth

• However, large potential for growth exists

• Specialised dental centres providing holistic dentistry – e.g. implantology and bone and tissue reconstruction

• Aim to establish leading clinic chain in Scandinavia & UK

100%

100%

41%

51%

51%

GHP Ownership*

3Leeds, UKThe Concord Dental Implant Clinic

7Norrköping, Sweden

Specialistkliniken för implantat och käkkirurgi i Norrköping

34Nacka, SwedenSpecialistkliniken för Dentala Implantat

4Stockholm, SwedenSkånegatan clinic

9Stockholm, SwedenSpecialisttandvården clinic, Sophiahemmet



Business overview

0

20

40

60

80

100

120

140

2006 2007 2007 H1 2008H1

Revenue

Financials


MSEK


Global Health Partner Service Lines - Obesity

• Drastic increase in obese individuals in Western countries, e.g. 10% of the population in Sweden

• ~10,000 bariatric surgeries in Sweden p.a.

• Market growth rates of up to ~30%

• Provides bariatric, treatment and prevention of obesity, including all treatments under one roof

• Aim to capture large expected growth driven by epidemic increase in obesity

98%

65%

GHP Ownership*

1Lund, SwedenVita Bariatric Clinic Skåne

4Stockholm, SwedenVita Bariatric Clinic Stockholm



Business overview

0

20

40

60

80

100

120

140

2006 2007 2007 H1 2008H1

Revenue

Financials


MSEK


Global Health Partner Service Lines - Orthopaedics

• Approximately 19,000 hip replacements and 12,000 knee replacements in Sweden p.a. of which private providers account for ~5%

• 5% vs. 10% growth p.a. expected in hip and knee replacements respectively

• Provides holistic range of orthopaedictreatments including surgery, diagnostics and post operative treatment – e.g. hip and knee replacements

• One of the major providers in Sweden – scale essential

80%

79%

GHP Ownership*

47Gothenburg, Sweden

Orthocenter Göteborg

32Stockholm, SwedenOthocenter Stockholm (StockholmSpecialistvård)



Business overview Financials

0

20

40

60

80

100

120

140

2006 2007 2007 H1 2008H1

Revenue


MSEK


Global Health Partner’s position in the healthcare universe

Financier:e.g. county councils(Sw. Landsting)

Provider:e.g. Capio, Carema

Financier:e.g. Insurance companies orprivate patients

Provider:Private clinics withine.g. plastic surgery

FINANCING

PROVISION

Financier:e.g. county councils(Sw. Landsting)

Provider:e.g. Public hospitals

Financier:e.g. Insurance companies orprivate patients

Provider:e.g. Public hospitals

Private Public

Private

Public

Healthcare Market Structure

GHP’s position

• Global Health Partner has a first mover advantage

• Majority of competition from public incumbents (inefficient university hospitals)


How Global Health Partner fits into the “new” healthcare world

NICHE FOCUS

• Service Line focus • Currently 4 – more to follow

High volume

• Specialised treatment areas• Efficiency and experience

Attract the best

• Value upside participation• Autonomous clinics – lighter governance model• Active R&D agenda• Patient empowerment

All customers

• All healthcare reimbursement sources/financiers accepted:– Public – county councils or state level insurance funds– Private – insurance/ private companies– Private – individuals

Benchmarking

• Transparent Key Performance Indicators (KPIs)• Best practice

Cross-cliniccooperation

• Sharing of research and development area• Consistent training and knowledge development

The need The Global Health Partner solution

Niche focus


A. OperationsB. Financials

Appendix


Global Health Partner Group income statement

Revenue and other operating incomeRevenue 194.7 139.5 16.1 10.2 20.5 5.7Other operating income 6.0 9.5 0.5 0.7 0.9 0.3

200.7 149.0 16.6 10.9 21.4 6.0

Materials and consumables –52.0 –35.5 –4.3 –2.6 –5.6 –1.7Other operating expenses –46.0 –38.3 –3.8 –2.8 –5.8 –1.8Employee benefit expenses –94.3 –75.2 –7.8 –5.5 –10.3 –1.8Depreciation and amortisation –4.8 –5.5 –0.4 –0.4 –0.9 –0.3

Operating profit (loss) 3.6 –5.5 0.3 –0.4 –1.2 –0.3

Share of net profit (loss) of associates 4.8 5.5 0.4 0.4 1 0.2Financial income –7.2 –5.5 –0.6 –0.4 –0.8 –0.6Financial costs (incl FX effects) –1.2 0 –0.1 0 –0.2 0

-308 15 84

Profit (loss) before tax 0 –5.5 0 –0.4 –1.2 –0.7Income tax expenses –2.4 0 –0.3 0 0.2 –0.3Profit (loss) for the period –2.4 –5.5 –0.2 –0.4 –0.9 –1.0

Attributable toShareholders' equity –7.2 –6.9 –0.6 –0.5 –1.1 –1.1Minority interests 4.8 1.4 0.4 0.1 0.2 0.1

30 June 2008 SEKm

30 June 2007 SEKm



Full year 2007 (GBPm)

Full year 2006 (GBPm)


Global Health Partner Group balance sheet

Assets

Intangible assets 405.1 339.8 34.0 24.7 28.0 23.0Of which Goodwill 405.1 337.1 34.0 24.5 28.0 22.6Property, plants and equipment 69.1 19.3 5.8 1.4 2.5 2.5Deferred income tax assets 3.6 – 0.3 – – –Investments in assocoates 4.8 1.4 0.4 0.1 0.2 –Available-for-sale financial assets 19.1 – 1.6 – 1.5 –Other non-current assets 7.1 4.1 0.6 0.3 0.4 0.4Total non-current assets 508.7 364.6 42.7 26.5 32.6 32.6

Current assets

Trade and other receivables 87.0 64.7 7.3 4.7 5.0 5.0Other current receivables – – – – 0.3 0.3Cash and cash equivalents 173.9 302.6 14.6 22.0 18.0 12.6Total current assets 260.9 367.3 21.9 26.7 23.0 15.9

Total assets 769.6 731.9 64.6 53.2 55.6 40.3

Equity and liabilities

Shareholders' equity 449.1 470.5 37.7 34.2 35.1 22.5Minority interests 21.4 13.8 1.8 1.0 1.4 0.3Total equity 470.5 484.3 39.5 35.2 36.5 22.8

Liabilities

Long-term interest bearing borrowing 148.8 170.6 12.4 12.4 13.0 12.0Long-term non-interest bearing liabilities – – – – 1.1 –Deferred taxation 11.9 9.6 1.0 0.7 0.3 0.5Short-term interest bearing borrowings 51.2 16.5 4.3 1.2 1.3 1.9Short-term non-interest bearing liabilities 88.2 50.9 7.4 3.7 3.4 3.1Total liabilities 299.1 247.6 25.1 18.0 19.1 17.5

Total equity and liabilities 769.6 731.9 64.6 53.2 55.6 40.3

30 June 2008 SEKm

30 June 2007 SEKm

30 June 2008 (GBPm)

30 June 2007 (GBPm)

31 Dec 2007 (GBPm)

31 Dec 2006 (GBPm)

Date post:	08-Jan-2020
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”Quality through specialisation” · Obesity – 2 clinics Spine – 3 clinics Orthopaedics –...

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