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08.03.2019 – 10:00

MLP Care

MLP CARE Completed the Year With Growth Above Expectations in 2018

Istanbul (ots/PRNewswire)

MLP Sagl?k Hizmetleri A.S. ("MLP Care") (BIST: MPARK), the leading private healthcare service provider in Turkey, today announces its financial results for the full year ended December 31, 2018.

(TL millon)   2018  2017  Change  Q4    Q4    Change  
                                  2018  2017          
Revenue       3,132 2,576 21.6%   880   703   25.3%   
Comparable1   3,045 2,576 18.2%   840   703   19.5%   
Adj. EBITDA2  505   409   23.5%   152   126   20.3%   
Adj. Margin   16.1% 15.9% 25bps   17.3% 18.0% (71bps) 
Comparable1   530   409   29.7%   155   126   22.9%   
Adj. EBITDA                                           
Adj.          17.4% 15.9% 155bps  18.5% 18.0% 51bps   
Margin (%)                                            
Adj. EBITDAR2 748   598   25.1%   215   176   22.2%   
Adj. Margin   23.9% 23.2% 68bps   24.4% 25.0% (62bps) 
Net           (104) (133) (21.9%) 39    (60)  (165.7%)
Net           142   35    300.1%  (1)   21    (102.5%)
for FX Losses                                         
Hedging Cost)                                          

1 Excluding the contribution from hospitals opened in 2018

2 Based on Reported EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization) /EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, Rent Expenses) adjusted for one-time (income) / expenses, net and non-cash GAAP provision expenses

Financial Highlights

- In Q4 2018, revenues increased to TL880 million, up by 25.3% vs. Q4
  2017. Revenues in 2018 were TL3,132 million, up by 21.6% vs. last 
  year (2017: TL2,576 million). When revenues of managed hospitals 
  were included, revenue growth in Q4 2018 was 29.1% and in 2018 was 
- Adj. EBITDA increased by 20.3% in Q4 2018, bringing 2018 EBITDA 
  growth to 23.5% vs. last year. 
- When normalized for the negative EBITDA contribution from hospitals
  opened in 2018, comparable EBITDA growth was 22.9% in Q4 2018 and 
  29.7% in 2018. 
- In 4Q 2018, a net profit of TL39 million was recorded due to strong
  operational performance, lower financial expenses and FX losses. 
- A net loss of TL104 million was recorded in 2018 due to the TL245 
  million of FX losses from the hard currency denominated debt (2017:
  Net loss: TL133 million, FX losses: TL168 million). Net profit 
  normalized for FX losses increased from TL35 million in 2017 to 
  TL142 million in 2018. 
- The net debt/Adj. EBITDA ratio declined to 2.5x at the end of 2018 
  compared to 3.4x a year ago. 

Operating Highlights

- The ramp up of the new hospitals opened in 2018 is on track. 
- Continued focus on maintaining strong growth in medical tourism 
  (11% of in total revenues in 2018 vs. 7% last year). 
- All of the FX denominated hospital building lease agreements 
  converted to TL as of October 2018. 
- Efficiency initiatives in place to improve margins. 

Dr. Muharrem Usta, Chairman and Chief Executive Officer of MLP Care, commented:

"We are very pleased to complete 2018 with delivering operational results above expectations and fulfilling promises given to investors during the initial public offering.

"We have focused on the successful ramp up of the two new hospitals opened in 2018 as well as operational improvements to increase patient satisfaction and effective cost management across all our hospitals. Our foreign medical tourism revenues maintained its high growth momentum in 2018. In the last quarter of 2018, we posted net profit thanks to continued growth in EBITDA and appreciation of TL.

"We, as MLP Care, will continue to focus on initiatives for further operational efficiency and to create value for our patients and stakeholders as well as our country."


For financial reports and further information regarding MLP Care, please visit our website at or you may contact:

Dr. Deniz Can Yücel    
Strategy and Investor  
Relations DirectorT +90
212 227 5555 (Ext:     
1148) E       

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Original content of: MLP Care, transmitted by news aktuell