MLP CARE Completed the Year With Growth Above Expectations in 2018

PR77761

ISTANBUL, March 8, 2019 /PRNewswire=KYODO JBN/ --

     MLP ("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 2018 Q4 2017 Change

Revenue               3,132 2,576   21.6%     880     703    25.3%

Comparable1 Revenue   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 Adj.

EBITDA                  530   409   29.7%     155     126    22.9%

Adj. Margin (%)        17.4% 15.9% 155bps    18.5%   18.0% 51bps

Adj. EBITDAR2           748   598   25.1%     215     176    22.2%

Adj. Margin (%)        23.9% 23.2% 68bps     24.4%   25.0% (62bps)

Net Profit/(Loss)      (104) (133) (21.9%)      39    (60) (165.7%)

Net Profit/(Loss)

Normalized for

FX Losses (Including

Hedging Cost)           142    35  300.1%     (1)      21 (102.5%)

    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."

    ENQUIRIES

    For financial reports and further information regarding MLP Care, please

visit our website at http://investor.mlpcare.com/en or you may contact:

     Dr. Deniz Can Yuecel

    Strategy and Investor Relations Director

    T +90 212 227 5555 (Ext: 1148)

    E deniz.yucel@mlpcare.com

    Logo - https://mma.prnewswire.com/media/832651/MLP_Care_Logo.jpg

Source:  MLP CARE