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%
Revenue 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. 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%)
Profit/(Loss) 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 27.7%.
  • 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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